MFLX Fees and Costs — First Trust Flexible Municipal High Income ETF
Data updated: 2026-09-18
The net expense ratio is 0.49%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $193 in broker commissions, 0.0013% of average net assets, and portfolio turnover was 33%.
MFLX Fees and Expenses
Annual operating expenses and sales charges of MFLX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.49% |
| Fee waiver | — |
| Net expense ratio | 0.49% |
| 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 |
MFLX Costs Over Time
On $10,000 invested in MFLX, assuming 5% a year before costs, total costs come to $310 over 5 years, cutting the return by 0.52% 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 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $52 | $170 | $310 |
| Value after costs | $10,448 | $11,406 | $12,452 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
MFLX 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): 0.0013%
- Total broker commissions: $193
- Bought from dealers (principal trades, not a cost): $10.1M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
MFLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Stifel, Nicolaus & Co., Inc. | $114 | 58.95% |
| GOLDMAN SACHS & CO. LLC | $46 | 23.86% |
| J.P. MORGAN SECURITIES LLC | $21 | 10.86% |
| JONESTRADING | $12 | 6.33% |
MFLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $1.5M | 18.90% |
| Herbert J Sims & Co., Inc. | $1.0M | 13.30% |
| Amber Trader | $965K | 12.43% |
| JEFFERIES LLC | $914K | 11.78% |
| BOFA SECURITIES, INC. | $796K | 10.25% |
| PIPER SANDLER & CO. | $743K | 9.58% |
| MORGAN STANLEY & CO. LLC | $520K | 6.69% |
| RBC CAPITAL MARKETS, LLC | $512K | 6.60% |
| PERSHING LLC | $504K | 6.49% |
| HILLTOP SECURITIES INC. | $308K | 3.97% |
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.