FRI Fees and Costs — First Trust S&P REIT Index Fund
Data updated: 2026-08-21
The net expense ratio is 0.50%: a 0.30% management fee plus 0.21% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4K in broker commissions, 0.0029% of average net assets, and portfolio turnover was 6%.
FRI Fees and Expenses
Annual operating expenses and sales charges of FRI. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.51% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.50% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FRI Costs Over Time
On $10,000 invested in FRI, assuming 5% a year before costs, total costs come to $318 over 5 years, cutting the return by 0.53% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $174 | $318 |
| Value after costs | $10,447 | $11,402 | $12,445 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
FRI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0029%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $68.2M
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
FRI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $2K | 42.55% |
| MIZUHO SECURITIES USA LLC | $861 | 19.18% |
| GOLDMAN SACHS & CO. LLC | $633 | 14.10% |
| OLD MISSION MARKETS LLC | $506 | 11.27% |
| CANTOR FITZGERALD & CO. | $298 | 6.63% |
| BOFA SECURITIES, INC. | $265 | 5.90% |
| BTIG, LLC | $17 | 0.39% |
FRI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $32.4M | 47.52% |
| BOFA SECURITIES, INC. | $13.6M | 20.00% |
| VIRTU AMERICAS LLC | $9.7M | 14.23% |
| RBC CAPITAL MARKETS, LLC | $5.6M | 8.17% |
| GOLDMAN SACHS & CO. LLC | $5.5M | 8.07% |
| JANE STREET CAPITAL, LLC | $1.4M | 1.99% |
| PARAMOUNT GROUP, INC. | $6K | 0.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.