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Launched · SEC filings

First Trust Active Factor Small Cap ETF

AFSMNYSE ArcaFirst TrustC

$38.69−0.39 (−0.99%)

As of Nov 10, 2026, 11:04 AM ET

C46/ 100

Rank 23 of 41 in US Active Small-Cap

C46/100Rank 23 of 41inUS Active Small-Cap
Intraday session: down, 17 prints from 39.07 to 38.69. Range 38.69 to 39.07. Use the arrow keys to read each point.38.8038.9039.0010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$129M
1Y total return
+22.5%
Yield · Last 12 months
0.52%
Holdings
320
Avg volume · 30D
17.5K sh
52W range
low $30.74high $41.63
Launched
Filings
SEC EDGAR

The ETF.net AFSM Grade

Based on 5 of 6 pillars

C

Score 46 out of 100

Category
US Active Small-Cap⁠
Rank
23 of 41
Six-pillar profile for AFSM. Scores out of 100: Cost 23, Risk 55, Mission not scored, Tradability 61, Holdings 72, Durability 75. Strongest: Durability (75). Weakest: Cost (23). Based on 5 of 6 pillars.

Score 46 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F23 out of 100
    Rank 31 of 41

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B55 out of 100
    Rank 18 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 11 of 41

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A72 out of 100
    Rank 12 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A75 out of 100
    Rank 8 of 41

Our read on AFSM

ETF.net Research

In short

CActive management in index-fund clothing. AFSM runs a multi-factor quant model across roughly 300 U.S. small caps, so you get a manager's screens with broad diversification instead of a concentrated stock-picker's book.

Stated mandate

The Fund seeks capital appreciation by investing primarily in U.S.-listed equity securities of small-capitalization companies through an actively managed, multi-factor quantitative approach.

Why people hold it

  • Genuinely active, not a rules-based index in disguise: First Trust's team applies a multi-factor quantitative process to U.S.-listed small caps in pursuit of capital appreciation.ftportfolios.com
  • Roughly 300 names means no single small cap can wreck the portfolio, a real difference from the 40-stock active small-cap funds it competes with.
  • Live since 2019, so the model has a public track record through the 2020 crash and the 2022 drawdown rather than a backtest.
  • Pays shareholders quarterly, and the underlying holdings score well on portfolio quality measures relative to the active small-cap group.

Worth knowing

  • The 0.75% expense ratio is the headline trade-off: well above the typical active U.S. small-cap fund, and about triple systematic rivals like AVUV and AVSC at 0.25%.
  • Thinly traded compared with the category's giants, so bid-ask spreads and order type matter more here than with a household-name small-cap ETF.
  • No benchmark index to grade it against. With an active quant mandate, results ride entirely on the model's factor calls rather than on tracking something.

AFSM Performance

Launched Dec 3, 2019

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

Not enough history yet.
AFSM$12,255
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. AFSM $12,255. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 AFSM. Periods over one year show the average yearly return.
PeriodAFSM
Year to date+19.3%
1 month−2.3%
3 months−4.7%
1 year+22.5%
3 yearsper year+20.0%
5 yearsper year+7.1%
10 yearsFund is under 10 years oldper yearNo data

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 AFSM
YearReturn barAFSM
2026 YTD+19.3%
2025+10.0%
2024+10.5%
2023+22.2%
2022−17.5%
2021+26.1%
2020+8.4%

AFSM in the news

AFSM 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 Nov 9, 2026.
0.52%Last 12 months
Payout per share
$0.20Last 12 months
Last payment
$0.02 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2019–2026

One bar per payment. 24 payments from 2019 to 2026 YTD. Dec 13, 2019 $0.07; Jun 25, 2020 $0.03; Sep 24, 2020 $0.02; Dec 24, 2020 $0.06; Sep 23, 2021 $0.02; Dec 23, 2021 $0.08; Mar 25, 2022 $0.01; Jun 24, 2022 $0.07; Sep 23, 2022 $0.06; Dec 23, 2022 $0.15; Mar 24, 2023 $0.04; Jun 27, 2023 $0.05; Dec 22, 2023 $0.16; Mar 21, 2024 $0.03; Jun 27, 2024 $0.05; Sep 26, 2024 $0.02; Dec 13, 2024 $0.08; Mar 27, 2025 $0.05; Jun 26, 2025 $0.06; Sep 25, 2025 $0.02; Dec 12, 2025 $0.06; Mar 26, 2026 $0.04; Jun 25, 2026 $0.08; Sep 24, 2026 $0.02. Use the arrow keys to read each point.20192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 24, 2026Sep 30, 2026$0.02
Jun 25, 2026Jun 30, 2026$0.08
Mar 26, 2026Mar 31, 2026$0.04
Dec 12, 2025Dec 31, 2025$0.06
Sep 25, 2025Sep 30, 2025$0.02
Jun 26, 2025Jun 30, 2025$0.06
Mar 27, 2025Mar 31, 2025$0.05
Dec 13, 2024Dec 31, 2024$0.08
Sep 26, 2024Sep 30, 2024$0.02
Jun 27, 2024Jun 28, 2024$0.05
Mar 21, 2024Mar 28, 2024$0.03
Dec 22, 2023Dec 29, 2023$0.16

See all 24 payments⁠

$10,000 in AFSM 5 years ago paid $390 in dividends.⁠

AFSM Risk

Risk pillarB55 out of 100Rank 18 of 39 in US Active Small-Cap
How much the fund’s monthly returns vary, scaled to a year.
17.7%
Annualised · 36 months to Oct 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.
0.93
vs 3-month T-bills · to Oct 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.
−28.3%
Trough Sep 2022
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.
1.05
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.

FMP measures it over up to five years of monthly returns.

AFSM Cost

Compare AFSM and AVSC

Overpaying vs AVSC, cheapest in US Active Small-Cap

$9,323

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

  • AFSM 0.75%

    $14,482

  • AVSC 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • AFSM 0.75%
  • AVSC 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530AFSM $14,482AVSC $5,159

Year by year

YearAFSMAVSCOverpaying
10$1,336$455$881
20$5,078$1,769$3,309
30$14,482$5,159$9,323

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