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
28.2 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) | $28 |
| 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 +
| FABRINET | 1.6 % |
| US DOLLAR | 1.5 % |
| BLOOM ENERGY CORPORATION CLASS A | 1.5 % |
| AEROVIRONMENT INC | 1.4 % |
| XOMETRY, INC. CLASS A | 1.3 % |
| MA-COM TECHNOLOGY SOLUTIONS | 1.3 % |
| GUARDANT HEALTH, INC. | 1.2 % |
| IRHYTHM TECHNOLOGIES, INC. | 1.2 % |
| BOOT BARN HOLDINGS INC | 1.1 % |
| PIPER JAFFRAY COS | 1.1 % |
Constituent Breakdown
| Number of holdings | 201 |
| Herfindahl-Hirschman Index | 66 |
| Wgt avg mkt cap (mns) | $8,051 |
| Large cap (>$10bn) | 26.9% |
| Mid cap ($2-10bn) | 55.1% |
| Small cap (<$2bn) | 10.3% |
| Developed mkts. | 94.0% |
| Emerging mkts. | 0.3% |
Country Exposure
 |
UNITED STATES | 86.8 % |
 |
CANADA | 3.0 % |
 |
CAYMAN ISLANDS | 1.6 % |
 |
ISRAEL | 1.1 % |
 |
IRELAND | 0.7 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 17.4% | 19.6% | 30.2% | 16.7% | -- | -- | -- | 4.2% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | -- | 0.0% |
| Total Returns | 17.4% | 19.6% | 30.2% | 16.7% | -- | -- | -- | 4.2% | Ann. Volatility | 26.5% | 26.1% | 22.7% | 21.6% | -- | -- | -- | 24.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.31 | 77% |
| MSCI EAFE | 0.55 | 18% |
| MSCI Emg Mkts | 0.29 | 6% |
Liquidity Measures
| Avg. volume (000) | 3 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.42% |
Technical Indicators
| Recent close | $22.59 |
| 30d moving avg. | $23.96 |
| Annualized volatility | 19.3% |
| Relative strength (RSI) | 48 |
| Short interest | 0.2% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| FNY | First Trust Mid Cap Growth AlphaDEX Fund | 28.6% | -25 bp | +2.3% |
| IWO | iShares Russell 2000 Growth ETF | 26.9% | -71 bp | +0.9% |
| VTWG | Vanguard Russell 2000 Growth ETF | 25.6% | -85 bp | +1.0% |
| ISCG | iShares Morningstar Small-Cap Growth ETF | 23.0% | -89 bp | +3.1% |
| VBK | Vanguard Small-Cap Growth ETF | 21.8% | -88 bp | +1.9% |
| BKSE | BNY Mellon US Small Cap Core Equity ETF | 19.7% | -91 bp | +6.1% |
| BBSC | JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 18.7% | -86 bp | +4.2% |
| FFOX | FundX Future Fund Opportunities ETF | 18.4% | +5 bp | +4.3% |
| PSC | Principal U.S. Small-Cap ETF | 18.4% | -57 bp | +7.2% |
| RSSL | Global X Russell 2000 ETF | 18.2% | -87 bp | +4.3% |
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
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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 11/18/2025
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
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
0.3%
Cat. Avg
5.8%
ALTAR Score™ Calculation
Category Overview
There are 1003 funds in the US Equity category, with an average ALTAR Score™
of 5.8% and a standard deviation of
2.4%. MMSC's ALTAR Score™ is approximately
2.3 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