MISL Fees and Costs — First Trust Indxx Aerospace & Defense ETF
Data updated: 2026-08-21
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $7K in broker commissions, 0.0027% of average net assets, and portfolio turnover was 22%.
MISL Fees and Expenses
Annual operating expenses and sales charges of MISL. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
MISL Costs Over Time
On $10,000 invested in MISL, assuming 5% a year before costs, total costs come to $380 over 5 years, cutting the return by 0.63% 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 0.60%) | $63 | $197 | $344 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $63 | $208 | $380 |
| Value after costs | $10,437 | $11,368 | $12,383 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
MISL 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): 0.0027%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
MISL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $3K | 45.59% |
| BNP Paribas Securities Corp. | $2K | 23.08% |
| J.P. MORGAN SECURITIES LLC | $1K | 17.33% |
| BTIG, LLC | $881 | 13.08% |
| BOFA SECURITIES, INC. | $60 | 0.89% |
| CANTOR FITZGERALD & CO. | $2 | 0.04% |
MISL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET CAPITAL, LLC | $329.9M | 23.94% |
| BOFA SECURITIES, INC. | $317.1M | 23.01% |
| RBC CAPITAL MARKETS, LLC | $177.8M | 12.90% |
| GOLDMAN SACHS & CO. LLC | $167.0M | 12.12% |
| BNP PARIBAS SECURITIES CORP. | $155.2M | 11.27% |
| CitiGroup Global Markets Inc. | $76.9M | 5.58% |
| VIRTU AMERICAS LLC | $64.0M | 4.65% |
| CITADEL SECURITIES LLC | $47.6M | 3.45% |
| HRT FINANCIAL LP | $22.7M | 1.64% |
| J.P. Morgan Securities LLC | $19.7M | 1.43% |
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.