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Launched · SEC filings

First Trust Multi-Manager Small Cap Opportunities ETF

MMSCNYSE ArcaFirst TrustF

$26.40+0.09 (+0.32%)

As of Nov 2, 2026, 3:25 PM ET

F24/ 100

Rank 36 of 41 in US Active Small-Cap

F24/100Rank 36 of 41inUS Active Small-Cap
Intraday session: up, 66 prints from 26.32 to 26.40. Range 26.40 to 26.58. Use the arrow keys to read each point.26.3526.4526.5026.5510 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$52M
1Y total return
+8.6%
Yield · Last 12 months
0.00%
Holdings
199
Avg volume · 30D
4.6K sh
52W range
low $22.18high $29.62
Launched
Filings
SEC EDGAR

The ETF.net MMSC Grade

F

Score 24 out of 100

Category
US Active Small-Cap⁠
Rank
36 of 41
Six-pillar profile for MMSC. Scores out of 100: Cost 3, Risk 19, Mission 73, Tradability 37, Holdings 55, Durability 70. Strongest: Mission (73). Weakest: Cost (3). Leans toward Mission and Durability.

Score 24 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F3 out of 100
    Rank 40 of 41

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A73 out of 100
    Rank 7 of 10

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F19 out of 100
    Rank 37 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 25 of 41

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 23 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A70 out of 100
    Rank 11 of 41

Our read on MMSC

ETF.net Research

In short

FTwo small-cap shops, one ticker. Driehaus and Stephens each feed stock ideas to First Trust, which decides how much money each sleeve runs. Active small-cap stock picking priced like the boutique product it is.

Stated mandate

The fund seeks long-term capital appreciation and normally invests at least 80% of its net assets in equity securities issued by small capitalization companies.

Why people hold it

  • Genuinely multi-manager: Driehaus Capital Management and Stephens Investment Management Group both recommend names, and First Trust's investment committee sets each sub-adviser's slice.sec.govftportfolios.com
  • The sub-advisers are non-discretionary. They pitch, First Trust decides and trades, which keeps one desk accountable for what actually lands in the portfolio.sec.gov
  • Roughly 200 holdings, so no single small-cap name drives the fund. Active picking without the single-manager concentration risk.
  • The mandate is written down: at least 80% of net assets in small-cap equities, aiming for long-term capital appreciation. Live since 2021.ftportfolios.com

Worth knowing

  • 0.95% a year is boutique-active pricing, roughly four times the 0.25% charged by systematic small-cap peers like AVUV and AVSC, and well above the active small-cap median.
  • Small asset base and light trading next to the small-cap index giants, so bid-ask spreads can run wider. Limit orders are the standard workaround.
  • Built for capital appreciation, not income. A regular distribution stream has not been part of the profile.

MMSC Performance

Launched Oct 13, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
MMSC$10,862
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MMSC $10,862. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MMSC. Periods over one year show the average yearly return.
PeriodMMSC
Year to date+10.5%
1 month−1.2%
3 months−3.0%
1 year+8.6%
3 yearsper year+22.7%
5 yearsper year+4.4%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MMSC
YearReturn barMMSC
2026 YTD+10.5%
2025+15.4%
2024+22.2%
2023+18.7%
2022−31.0%
2021+1.0%

History from Oct 14, 2021

MMSC in the news

MMSC Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Dec 13, 2024 $0.09. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Dec 13, 2024Dec 31, 2024$0.09

$10,000 in MMSC 5 years ago paid $38.13 in dividends.

MMSC Risk

Risk pillarF19 out of 100Rank 37 of 39 in US Active Small-Cap
How much the fund’s monthly returns vary, scaled to a year.
19.5%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.93
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−40.8%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.34
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

MMSC Cost

Compare MMSC and AVSC

Overpaying vs AVSC, cheapest in US Active Small-Cap

$12,710

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MMSC 0.95%

    $17,869

  • AVSC 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • MMSC 0.95%
  • AVSC 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MMSC $17,869AVSC $5,159

Year by year

YearMMSCAVSCOverpaying
10$1,678$455$1,223
20$6,322$1,769$4,553
30$17,869$5,159$12,710

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