UCON Fees and Costs — First Trust Smith Unconstrained Bond ETF
Data updated: 2026-07-22
The net expense ratio is 0.86%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.0M in broker commissions, 0.0316% of average net assets, and portfolio turnover was 305%.
UCON Fees and Expenses
Annual operating expenses and sales charges of UCON. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.86% |
| Fee waiver | — |
| Net expense ratio | 0.86% |
| 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 |
UCON Costs Over Time
On $10,000 invested in UCON, assuming 5% a year before costs, total costs come to $559 over 5 years, cutting the return by 0.94% 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 0.86%) | $90 | $282 | $490 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $94 | $307 | $559 |
| Value after costs | $10,406 | $11,269 | $12,204 |
| Impact on return, per year | 0.94% | 0.94% | 0.94% |
UCON 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): 0.0316%
- Total broker commissions: $1.0M
- Bought from dealers (principal trades, not a cost): $21.3B
- Portfolio turnover (prospectus): 305%
- Securities lending: none during the year
UCON Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Pershing LLC | $885K | 88.45% |
| MORGAN STANLEY & CO. LLC | $40K | 3.96% |
| GOLDMAN SACHS & CO. LLC | $34K | 3.38% |
| J.P. MORGAN SECURITIES LLC | $16K | 1.58% |
| CREDIT AGRICOLE SECURITIES (USA), INC. | $9K | 0.89% |
| WELLS FARGO SECURITIES, LLC | $8K | 0.84% |
| CITIGROUP GLOBAL MARKETS INC. | $6K | 0.61% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $1K | 0.15% |
| BOFA SECURITIES, INC. | $1K | 0.14% |
| CITADEL SECURITIES LLC | $42 | 0.00% |
UCON Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $3.1B | 16.89% |
| GOLDMAN SACHS & CO. LLC | $2.7B | 14.51% |
| WELLS FARGO SECURITIES, LLC | $2.2B | 12.28% |
| BOFA SECURITIES, INC. | $2.1B | 11.65% |
| CITADEL SECURITIES LLC | $1.9B | 10.49% |
| CitiGroup Global Markets Inc. | $1.7B | 9.10% |
| J.P. Morgan Securities LLC | $1.5B | 8.24% |
| DEUTSCHE BANK SECURITIES, INC. | $1.5B | 8.22% |
| Mizuho Securities USA LLC | $829.2M | 4.52% |
| BARCLAYS CAPITAL, INC. | $751.9M | 4.10% |
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.