MMSC Fees and Costs — First Trust Multi-Manager Small Cap Opportunities ETF
Data updated: 2026-07-22
The net expense ratio is 0.95%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.0403% of average net assets, and portfolio turnover was 84%.
MMSC Fees and Expenses
Annual operating expenses and sales charges of MMSC. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| 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 |
MMSC Costs Over Time
On $10,000 invested in MMSC, assuming 5% a year before costs, total costs come to $620 over 5 years, cutting the return by 1.04% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $620 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
MMSC 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): 0.0403%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $13.2M
- Portfolio turnover (prospectus): 84%
- Securities lending: none during the year
MMSC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $3K | 34.83% |
| BTIG, LLC | $2K | 21.49% |
| CANTOR FITZGERALD & CO. | $2K | 20.41% |
| GOLDMAN SACHS & CO. LLC | $1K | 11.10% |
| RBC CAPITAL MARKETS, LLC | $731 | 7.43% |
| MIZUHO SECURITIES USA LLC | $466 | 4.74% |
MMSC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ABN AMRO Clearing USA LLC | $9.9M | 75.24% |
| CITADEL SECURITIES LLC | $3.2M | 24.31% |
| Aspen Technology, Inc. | $59K | 0.45% |
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.