Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
First Trust Multi-Manager Small Cap Opportunities ETF
$26.40−0.14 (−0.53%)
- 0.95%
- $52M
- +14.3%
- 0.00%
- 0M sh
- $26.90
- low $22.18high $29.62
The ETF.net MMSC Grade
D
Score 28 out of 100
- 33 of 41
Score 28 of 100 falls in the D 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.F5 out of 100Rank 39 of 41Mission
Whether the fund did what it promised, tested against its stated mandate.A73 out of 100Rank 6 of 10Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F20 out of 100Rank 36 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C54 out of 100Rank 19 of 41Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B55 out of 100Rank 23 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A71 out of 100Rank 10 of 41
Our read on MMSC
DTwo 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.
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 Holdings
- Stocks
- 203
- 15%
- XMTR
Sectors
- Technology28.7%
- Health Care24.7%
- Industrials18.8%
- Financials8.9%
- Consumer Discretionary8.2%
- Energy4.7%
- Consumer Staples2.7%
- Materials1.9%
- Communication1.1%
- Real Estate0.3%
Geography
- United States91.36%
- Canada1.94%
- United Kingdom1.24%
- Ireland1.21%
- Israel1.12%
- Hong Kong1.03%
- Cayman Islands0.72%
- Netherlands0.39%
- 1.00%
MMSC Performance
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.Not enough history yet.
MMSC$11,430
Returns run to the Oct 12, 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.
| Period | MMSC |
|---|---|
| Year to date | +10.9% |
| 1 month | −1.9% |
| 3 months | −7.7% |
| 1 year | +14.3% |
| 3 years | +20.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MMSC |
|---|---|---|
| 2026 YTD | +10.9% | |
| 2025 | +15.4% | |
| 2024 | +22.2% | |
| 2023 | +18.7% | |
| 2022 | −31.0% | |
| 2021 | +1.0% |
MMSC in the news
MMSC Dividends
- 0.00%
No distributions in the last 12 months.
Distribution history
MMSC Risk
- 20.0%
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.
- 0.81
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.
- −40.8%
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.
- 1.34
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MMSC Cost
0.95%
MMSC0.95%
- The middle half of US Active Small-Cap funds
- Median 0.55%
36 of the 39 US Active Small-Cap funds charge less.
Other funds in US Active Small-Cap
- DALILArgent Focused Small Cap ETFExpense ratio 0.74%1 year return +9.1%
- DLITLSimplify Piper Sandler US Small-Cap PLUS Income ETFExpense ratio 0.91%1 year return +26.8%
- DFESCFirst Eagle Small Cap Equity ETFExpense ratio 0.85%1 year return —
- DAFSCabrdn Focused U.S. Small Cap Active ETFExpense ratio 1.09%1 year return +27.4%
- FTMFSMotley Fool Small-Cap Growth ETFExpense ratio 0.85%1 year return −1.1%