LMBS Fees and Costs — First Trust Low Duration Opportunities ETF
Data updated: 2026-09-24
The net expense ratio is 0.66%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $242K in broker commissions, 0.0049% of average net assets, and portfolio turnover was 268%.
LMBS Fees and Expenses
Annual operating expenses and sales charges of LMBS. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.64% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.66% |
| Fee waiver | — |
| Net expense ratio | 0.66% |
| 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 |
LMBS Costs Over Time
On $10,000 invested in LMBS, assuming 5% a year before costs, total costs come to $419 over 5 years, cutting the return by 0.70% 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $229 | $419 |
| Value after costs | $10,430 | $11,347 | $12,344 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
LMBS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0049%
- Total broker commissions: $242K
- Bought from dealers (principal trades, not a cost): $16.6B
- Portfolio turnover (prospectus): 268%
- Securities lending: none during the year
LMBS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $242K | 99.80% |
| RBC CAPITAL MARKETS, LLC | $319 | 0.13% |
| BTIG, LLC | $164 | 0.07% |
LMBS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $3.1B | 19.86% |
| J.P. Morgan Securities LLC | $2.9B | 18.82% |
| MORGAN STANLEY & CO. LLC | $2.8B | 18.25% |
| CitiGroup Global Markets Inc. | $1.8B | 11.70% |
| BMO CAPITAL MARKETS CORP. | $1.3B | 8.47% |
| Mizuho Securities USA LLC | $1.1B | 6.92% |
| BOFA SECURITIES, INC. | $815.7M | 5.24% |
| BNP PARIBAS SECURITIES CORP. | $766.8M | 4.93% |
| STONEX FINANCIAL INC. | $592.9M | 3.81% |
| WELLS FARGO SECURITIES, LLC | $312.1M | 2.01% |
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.