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DFSV vs MMSC

U.S. Small Cap Value Portfolio ETF Class Shares

DFSVANYSE Arca

First Trust Multi-Manager Small Cap Opportunities ETF

MMSCFNYSE Arca

Overlap

Expense ratio

DFSV −0.65pt a year

DFSV0.30%MMSC0.95%

Avg volume · 30D

DFSV 205.0×the volume

DFSV944KMMSC4.6K

3Y return · a year

MMSC +2.8pt

DFSV+19.9%MMSC+22.7%

DFSV vs MMSC Performance

Oct 31, 2025 – Oct 30, 2026

+27.6%DFSV+8.6%MMSC

Oct 31, 2025 to Oct 30, 2026. DFSV +27.6%. MMSC +8.6%. Use the arrow keys to read each point.0%20%Oct 2025Apr 2026Oct 2026
Expense ratio
DFSV 0.30%, better
MMSC 0.95%
Fund size
DFSV $27.8B
MMSC $52M
1Y total return
DFSV +27.6%, better
MMSC +8.6%
Yield (12M)
DFSV 1.38%, better
MMSC 0.00%
Holdings
DFSV 1053
MMSC 199
Avg volume (30D)
DFSV 944K sh, better
MMSC 4.6K sh
NAV per share
DFSV $39.41
MMSC $26.47
52W range

ETF.net Grade

DFSV: Cost 91, Risk 59, Mission 62, Tradability 88, Holdings 80, Durability 97. MMSC: Cost 3, Risk 19, Mission 73, Tradability 37, Holdings 55, Durability 70.
Pillar letters and Scores for DFSV, MMSC, with each pillar’s weight
PillarDFSVMMSC
Cost30% weightA91HigherF3
Mission25% weightB62A73Higher
Risk15% weightB59HigherF19
Tradability15% weightA88HigherD37
Holdings10% weightA80HigherB55
Durability5% weightA97HigherA70

Rank among US Active Small-Cap funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFSV and MMSC are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds
See all 39 ›

DFSV ranks 3rd and MMSC 34th of 39 funds in the US Active Small-Cap Category.

  1. Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
  2. Rank 2AFESMFidelity Enhanced Small Cap ETFScore 85
  3. Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
  4. Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 75
  5. Rank 30DSSCPSMART Small Cap ETFScore 29
  6. Rank 34FMMSCFirst Trust Multi-Manager Small Cap Opportunities ETFScore 24
  7. Rank 35FTMFSMotley Fool Small-Cap Growth ETFScore 23

Our read on each fund

ETF.net Research

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

MMSCFFirst Trust Multi-Manager Small Cap Opportunities ETF

In short

DFSV Small-cap value, spread wide: roughly a thousand of the market's cheaper small companies, measured against the Russell 2000 Value Index. A deeper bench than most rivals carry, at a higher price than the plain index funds beside it.

MMSC Two 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

DFSV The fund seeks long-term capital appreciation.

MMSC 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

  • DFSV Roughly 1,000 holdings spread the small-value bet across the whole opportunity set instead of a handful of names.
  • A multi-billion-dollar fund that trades actively, so getting a position on or off is rarely the hard part.
  • Portfolio construction is the strong suit here: broad, diversified small-cap value exposure, with distributions paid quarterly.
  • The mandate is plainly stated: long-term capital appreciation from US stocks, no side quests.
  • MMSC 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

  • DFSV At 0.30% a year it costs more than the typical US value ETF (median 0.18%), and VTWV runs against the same Russell 2000 Value benchmark for 0.06%.
  • Small-cap value is a bumpier corner than the large-cap value funds anchoring this group (VTV, SCHV), and the ride shows it.
  • Launched in 2022, so its live record is short next to the value funds it sits beside.
  • MMSC 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.

Full DFSV profile⁠

Full MMSC profile⁠

DFSV vs MMSC Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFSV vs MMSC Cost

Overpaying MMSC vs DFSV

$11,720

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

  • DFSV 0.30%

    $6,149

  • MMSC 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DFSV 0.30%
  • MMSC 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MMSC $17,869DFSV $6,149

Year by year

YearDFSVMMSCOverpaying
10$545$1,678$1,133
20$2,113$6,322$4,209
30$6,149$17,869$11,720

Expense ratio

  • 0.30%DFSV, cheaper
  • 0.95%MMSC
  • Middle half of US Active Small-Cap funds
  • Median 0.55%

DFSV 4th cheapest of 39 funds

MMSC 38th cheapest of 39 funds

DFSV vs MMSC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DFSV 1.38%, better
MMSC 0.00%
Payout (12M)
DFSV $0.54
MMSC None
Last payment
DFSV $0.15
MMSC No data
Ex-dividend
DFSV Sep 22, 2026
MMSC No data
Paid on
DFSV Sep 24, 2026
MMSC No data
Frequency
DFSV Quarterly
MMSC No data

Distribution history

Per share, 2022 to 2026, same scale for both

DFSVQuarterly · 19 paymentsAll DFSV payments⁠
One bar per payment. 19 payments from 2022 to 2026 YTD. Mar 22, 2022 $0.0038; Jun 22, 2022 $0.04; Sep 20, 2022 $0.07; Dec 20, 2022 $0.10; Mar 21, 2023 $0.06; Jun 21, 2023 $0.10; Sep 19, 2023 $0.10; Dec 19, 2023 $0.11; Mar 19, 2024 $0.05; Jun 18, 2024 $0.11; Sep 17, 2024 $0.10; Dec 17, 2024 $0.14; Mar 25, 2025 $0.08; Jun 24, 2025 $0.14; Sep 23, 2025 $0.14; Dec 16, 2025 $0.14; Mar 24, 2026 $0.12; Jun 23, 2026 $0.13; Sep 22, 2026 $0.15. Use the arrow keys to read each point.$0$0.1020232026YTD
MMSC1 paymentAll MMSC payments⁠
One bar per payment. 1 payment from 2022 to 2026 YTD. Dec 13, 2024 $0.09. Use the arrow keys to read each point.$0$0.1020232026YTD

DFSV vs MMSC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DFSV 18.4%, betterMMSC 19.5%
Return per unit of riskSharpe ratio, 3 years
DFSV 0.84MMSC 0.93, better
Worst fallMax drawdown, 5 years
DFSV −28.0%since Feb 2022MMSC −40.8%
Market sensitivityBeta, 5 years
DFSV 1.04MMSC 1.34

DFSV and MMSC in the news

All news⁠

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