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AFOS

GradeBNASDAQ Global Market

ARS Focused Opportunity Strategy ETF

Active Equity · ARS · Inception 2025-06-25 · SEC filings

$45.32−0.61 (−1.32%)

As of Sep 23, 2026, 2:07 PM EDT

History starts Jun 26, 2025.
Intraday session: down, 26 prints from 45.93 to 45.32. Range 45.25 to 45.85. Use the arrow keys to read each point.$45.20$45.40$45.60$45.8010 AM12 PM2 PM4 PM
Expense ratio
0.45%
Fund size
$303M
1Y return
+51.2%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$45.65
52W range
low $29.62high $48.00

The ETF.net AFOS Grade

B

60/ 100

Rank 43 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for AFOS. Scores out of 100: Cost 72, Risk 47, Mission not scored, Tradability 59, Holdings 45, Durability 59. Strongest: Cost (72). Weakest: Holdings (45). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 72
    Category rank35/127 · top 28%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank78/126 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank43/127 · top 34%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 45
    Category rank85/124 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank56/127 · top 44%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on AFOS

ETF.net Research

BA boutique manager's high-conviction list in ETF form: ARS runs a focused, go-anywhere US portfolio across small, mid and large caps, hunting companies it reads as well positioned and underpriced, for 0.45% a year.

Stated mandate

The fund seeks long-term capital growth through an actively managed portfolio that identifies well-positioned and undervalued companies across small-, mid-, and large-capitalization ranges.

Why people hold it

  1. 01Actively managed and actually focused: a concentrated set of US names picked across the whole cap range, not an index fund in stock-picker clothing.
  2. 02The 0.45% fee undercuts the typical actively managed US equity ETF, so the manager's picks clear a lower cost hurdle each year.
  3. 03Dates to 2014, giving it a live record through real markets rather than a launch-week backtest.
  4. 04Sits in the upper half of its active US equity peer group, with cost and staying power doing much of the lifting.

Worth knowing

  1. 01Thinly traded. Spreads can be wider than on giant index funds, and the fill you get depends on when you trade.
  2. 02A focused book cuts both ways: with fewer names, a single position moves the fund far more than it would in a 500-stock index.
  3. 03No declared index to measure against, and cash comes back once or twice a year rather than monthly.

AFOS Holdings

As of Sep 20, 2026, 9:33 AM
Asset class
Stocks
Holdings
—
Top-10 weight
46%
Largest holding
MPC7.6%

Geography

  • United States91.88%
  • Denmark3.32%
  • Ireland2.52%
  • Canada2.28%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MPCMarathon Petroleum Corp7.61%53,823$23M391
002—First American Government Obligations Fund 12/01/20315.54%16,633,510$17M625
003GOOGLAlphabet Inc4.52%38,877$14M704
004NEMNewmont Corp4.52%109,955$14M428
005NVDANVIDIA Corp4.47%60,370$13M828
006MUMicron Technology Inc4.35%12,867$13M655
007LRCXLam Research Corp4.14%43,176$12M591
008FCXFreeport-McMoRan Inc3.96%166,399$12M368
009WDCWestern Digital Corp3.74%25,439$11M478
010MSFTMicrosoft Corp3.53%21,444$11M792
011GEVGE Vernova Inc3.41%10,903$10M473
012BABoeing Co/The3.35%50,716$10M305
013BXBlackstone Inc3.30%79,304$10M299
014EOGEOG Resources Inc3.26%67,868$10M397
015RALRalliant Corp3.16%139,794$10M123

Showing 1–15 of 32 holdings

AFOS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

AFOS$15,122
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. AFOS $15,122. SPY $11,723. Use the arrow keys to read each point.$9,045$12,571$16,097Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for AFOS. Periods over one year show the average yearly return.
PeriodAFOS
Year to date+33.6%
1 month−0.6%
3 months−2.3%
1 year+51.2%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for AFOS
YearReturn barAFOS
2026 YTD+33.6%
2025+36.1%

History from Jun 26, 2025

AFOS in the news

ETF.net Research hasn’t filed on AFOS yet — coverage lands here as it’s written.

AFOS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.10. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.10

AFOS Risk

How much the fund’s monthly returns vary, scaled to a year.
19.7%
Annualised · 14 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
2.45
vs 3-month T-bills · 14 months to Aug 2026
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.

The largest fall from a peak to the low that followed.
−11.8%
14 months · trough Jul 2026
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.

How strongly the fund’s returns move with its asset-class index.
1.33
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

AFOS Cost

Expense ratio0.45%
  • The middle half of US Active Equity funds
  • Median 0.70%

33 of the 124 US Active Equity funds charge less.

AFOS costs $45.00 a year on $10,000. The median US Active Equity fund costs $70.00.