LALT Fees and Costs — First Trust Multi-Strategy Alternative ETF
Data updated: 2026-07-22
The net expense ratio is 1.18%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3K in broker commissions, 0.0210% of average net assets, and portfolio turnover was 31%.
LALT Fees and Expenses
Annual operating expenses and sales charges of LALT. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.18% |
| Fee waiver | — |
| Net expense ratio | 1.18% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
LALT Costs Over Time
On $10,000 invested in LALT, assuming 5% a year before costs, total costs come to $748 over 5 years, cutting the return by 1.26% 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 1.18%) | $124 | $386 | $668 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $412 | $748 |
| Value after costs | $10,374 | $11,164 | $12,015 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
LALT Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0210%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $23.1M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
LALT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $1K | 40.82% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $1K | 30.25% |
| GOLDMAN SACHS & CO. LLC | $504 | 14.91% |
| OLD MISSION MARKETS LLC | $342 | 10.11% |
| Jane Street Execution Services, LLC | $113 | 3.36% |
| CANTOR FITZGERALD & CO. | $18 | 0.54% |
LALT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $13.7M | 59.19% |
| BOFA SECURITIES, INC. | $4.2M | 18.33% |
| Jane Street Execution Services, LLC | $3.1M | 13.59% |
| VIRTU AMERICAS LLC | $2.1M | 8.88% |
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.