First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) is a US small-cap ETF. As of October 9, 2026, ETF Copilot scores MMSC 5.2 out of 10 — highest on Growth (8.4), lowest on Quality (0.8). It trades at 25.9 times earnings, against its own median of 28.5. Its ten largest holdings are 11% of the fund.
What stands out in MMSC's data
U.S. small-cap growth stocks, picked by a team of active managers.
Trades at a richer price than the typical small-cap fund — you pay more for each dollar of earnings.
Its trailing P/E multiple of 25.9x is well above the small-cap median of 16.6x, and the 0.9% expense ratio adds to the cost of holding it.
An active small-cap sleeve that has recently beaten its category — past results, not a forecast.
Why did MMSC move this week? It fell 1.0% in the week to October 9, 2026 — Twist Bioscience and Bandwidth drove it
MMSC fell 1.0% in the week to October 9, 2026. The holdings that moved it most were Twist Bioscience (−15.3%), Bandwidth (−16.4%) and Praxis Precision Medicines (−12.1%); Fastly (+13.5%) pushed the other way.
How is MMSC rated? ETF Copilot scores First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) 5.2 out of 10
As of October 9, 2026, ETF Copilot scores First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) 5.2 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 5.2 / 10
- Growth: 8.4 / 10
- Value: 7.9 / 10
- Risk: 1.8 / 10
- Quality: 0.8 / 10
- Return: 5.3 / 10
Is MMSC expensive right now? It trades at 25.9 times earnings, against its own median of 28.5
As of October 9, 2026, MMSC is cheaper than 69% of its own 61 monthly readings since 2021 — 19 of those months were cheaper than today.
Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.
What's inside MMSC? 28% Tech
What's inside MMSC: Size (Large 1%, Mid 54%, Small 45%); Geography (International 10%, US 90%); Tech 27.6%; Semiconductors 8.2%; Memory 1.5%.
What are MMSC's top holdings? The ten largest are 11% of the fund
Xometry, Twist Bioscience, Jfrog, Zeta Global, Firstcash, Guardant Health, Repligen, Varonis Systems, Travere Therapeutics and Protagonist Therapeutics are MMSC's largest holdings, in that order.
More concentrated than 88% of US Small Cap ETFs.
Half of MMSC's weight sits in its 65 largest positions, and once those weights are taken into account it behaves like 164 equally weighted holdings.
What is MMSC's expense ratio? 0.95% a year
As of October 9, 2026, MMSC charges 0.95% a year and holds $52M in assets across 201 positions.
| Measure | MMSC |
|---|---|
| Expense ratio | 0.95% |
| Assets under management | $52M |
| Holdings | 201 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/mmsc
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