MMSC
First Trust Multi-Manager Small Cap Opportunities ETF
MMSC is an actively managed ETF that utilizes a multi-manager approach to provide exposure to small-cap US growth stocks.
US
EQUITY
Active
MANAGEMENT STYLE
24.6 M
ASSETS UNDER MGMT
95 bp
EXPENSES
Fund Basics
| Fund sponsor | First Trust |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 13, 2021 |
| Assets (mns) | $25 |
| Expense ratio | 95 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CYBERARK SOFTWARE LTD. | 2.2 % |
| BELLRING BRANDS, INC. CLASS A | 2.1 % |
| US DOLLAR | 2.1 % |
| PALOMAR HOLDINGS, INC. | 2.0 % |
| KRATOS DEFENSE & SECURITY | 1.9 % |
| LEONARDO DRS, INC. | 1.4 % |
| SPROUTS FARMERS MARKET INC | 1.4 % |
| OLLIE'S BARGAIN OUTLET HOLDINGS INC | 1.3 % |
| FMC TECHNOLOGIES INC | 1.1 % |
| NATERA INC | 1.0 % |
Constituent Breakdown
| Number of holdings | 204 |
| Herfindahl-Hirschman Index | 74 |
| Wgt avg mkt cap (mns) | $6,287 |
| Large cap (>$10bn) | 17.7% |
| Mid cap ($2-10bn) | 62.9% |
| Small cap (<$2bn) | 18.4% |
| Developed mkts. | 99.3% |
| Emerging mkts. | 0.7% |
Country Exposure
 |
UNITED STATES | 85.6 % |
 |
ISRAEL | 3.6 % |
 |
CANADA | 2.0 % |
 |
BRAZIL | 0.6 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -5.2% | 3.2% | 13.4% | 4.0% | -- | -- | -- | -1.3% |
| Dividend Yield | -7.2% | -10.1% | -4.9% | -3.5% | -- | -- | -- | 1.8% |
| Total Returns | -12.4% | -7.0% | 8.5% | 0.5% | -- | -- | -- | 0.5% | Ann. Volatility | 22.0% | 20.2% | 19.1% | 23.0% | -- | -- | -- | 23.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.15 | 81% |
| MSCI EAFE | 0.87 | 46% |
| MSCI Emg Mkts | 0.56 | 19% |
Liquidity Measures
| Avg. volume (000) | 14 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.27% |
| ADV of underlying (mns) | $11,040 |
Technical Indicators
| Recent close | $18.23 |
| 30d moving avg. | $18.01 |
| Annualized volatility | 22.3% |
| Relative strength (RSI) | 42 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MMSC |
Expenses vs. MMSC |
ALTAR Score™ vs. MMSC |
|---|---|---|---|---|
| FNY | First Trust Mid Cap Growth AlphaDEX Fund | 24.6% | -25 bp | +2.5% |
| VTWG | Vanguard Russell 2000 Growth ETF | 24.5% | -80 bp | +1.1% |
| VBK | Vanguard Small-Cap Growth ETF | 24.3% | -88 bp | +1.5% |
| IWO | iShares Russell 2000 Growth ETF | 23.6% | -71 bp | +1.0% |
| ISCG | iShares Morningstar Small-Cap Growth ETF | 22.1% | -89 bp | +2.5% |
| IJK | iShares S&P Mid-Cap 400 Growth ETF | 16.8% | -78 bp | +5.9% |
| IVOG | Vanguard S&P Mid-Cap 400 Growth ETF | 16.7% | -80 bp | +5.9% |
| MDYG | SPDR S&P 400 Mid Cap Growth ETF | 16.4% | -80 bp | +6.0% |
| RSSL | Global X Russell 2000 ETF | 16.4% | -87 bp | +4.6% |
| VTWO | Vanguard Russell 2000 ETF | 16.3% | -85 bp | +4.7% |
Risk and Returns: MMSC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/25/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
MMSC
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
MMSC
0.7%
Cat. Avg
6.5%
ALTAR Score™ Calculation
Category Overview
There are 953 funds in the US Equity category, with an average ALTAR Score™
of 6.5% and a standard deviation of
2.7%. MMSC's ALTAR Score™ is approximately
2.2 standard deviations
below
the category average. This places MMSC in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
MMSCSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| MMSC (95 bp) Percentile rank | 80 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MMSC | 95.0 | 27.1 | 122.1 |
| Peer Avg. | 46.6 | 19.2 | 65.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .