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Launched · SEC filings

First Eagle Mid Cap Equity ETF

FEMDNYSE ArcaFirst EagleD

$36.08+0.35 (+0.99%)

As of Nov 2, 2026, 3:38 PM ET

D35/ 100

Rank 51 of 66 in US Active Value

D35/100Rank 51 of 66inUS Active Value
Intraday session: up, 69 prints from 35.73 to 36.08. Range 35.73 to 36.18. Use the arrow keys to read each point.35.8035.9036.0036.2010 AM12 PM2 PM4 PM
Expense ratio
0.55%*
Fund size
$4M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
60
Avg volume · 30D
1.41K sh
52W range
low $32.43high $38.40
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Feb 1, 2027. Without it: 0.75%.

The ETF.net FEMD Grade

Based on 5 of 6 pillars

D

Score 35 out of 100

Category
US Active Value⁠
Rank
51 of 66
Six-pillar profile for FEMD. Scores out of 100: Cost 41, Risk 6, Mission not scored, Tradability 31, Holdings 76, Durability 32. Strongest: Holdings (76). Weakest: Risk (6). Based on 5 of 6 pillars.

Score 35 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
36
This cap took
0
Published Score
35 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C41 out of 100
    Rank 36 of 66

  • 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.
    F6 out of 100
    Rank 63 of 65

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D31 out of 100
    Rank 52 of 66

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A76 out of 100
    Rank 11 of 66

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D32 out of 100
    Rank 56 of 66

Our read on FEMD

ETF.net Research

In short

DFirst Eagle takes its value discipline down the market cap ladder: an active mid-cap fund hunting companies whose problems look temporary or fixable, with a visible catalyst attached. Stock picking, not a cheapness screen. It launched in 2026.

Stated mandate

The fund seeks long-term growth of capital and uses a bottom-up fundamental process for U.S. mid-cap companies, focusing on transitory or fixable issues and identifiable catalysts.

Why people hold it

  • The process is judgment, not a filter: bottom-up work on U.S. mid caps with transitory or fixable issues and an identifiable catalyst, marketed as Catalyst-Driven Value.firsteagle.com
  • 0.55% buys active management and sits right at the median for its active value peer group, so the First Eagle name carries no premium.
  • Mid cap is the whole mandate, not a tilt. It measures itself against the Russell Mid Cap Value and Russell Mid Cap indexes rather than a large-cap yardstick.firsteagle.com

Worth knowing

  • Systematic routes to the same asset class cost less: Avantis' AVMV charges 0.20% for rules-based U.S. mid-cap value.
  • A 2026 launch with a small asset base. There is no long record to judge, and young, thinly traded funds can show wider spreads, so limit orders earn their keep.
  • The stated goal is long-term growth of capital. Income is not part of the design.

FEMD Holdings

Holdings pillarA76 out of 100Rank 11 of 66 in US Active Value
Asset class
Stocks
Holdings
60
Top-10 weight
25%
Largest holding
THC3.0%

Geography

  • United States95.37%
  • Canada3.75%
  • China0.88%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1THCTenet Healthcare Corp Common Stock USD 0.052.95%431$117K228
2GEHCGe Healthcare Technologies Inc Common Stock USD2.71%1,403$107K308
3GBCIGlacier Bancorp Inc Common Stock USD 0.012.53%2,049$100K123
4ARAntero Resources Corp Common Stock USD 0.012.47%2,367$97.5K152
5TRGPTarga Resources Corp Common Stock USD 0.0012.46%312$97.1K355
6DGXQuest Diagnostics Inc Common Stock USD 0.012.42%378$95.6K309
7PSXPhillips 66 Common Stock USD2.40%346$94.7K392
8STESteris PLC Common Stock USD 752.37%404$93.8K270
9SNSharkninja Inc Common Stock2.33%440$92K188
10TDCTeradata Corp Common Stock USD 0.012.25%2,569$88.9K152
11BKHBlack Hills Corp Common Stock USD 12.24%1,088$88.6K146
12CAHCardinal Health Inc Common Stock USD 02.20%346$86.9K374
13PRPermian Resources2.18%3,374$86.3K217
14CPCanadian Pacific Kansas City Ltd Common Stock Cad2.17%970$85.7K38
15WDAYWorkday Inc Common Stock USD 0.0012.11%427$83.5K407

Showing 1–15 of 60 holdings

FEMD Performance

Launched Jan 27, 2026

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.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
FEMD$9,835
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. FEMD $9,835. SPY $10,141. Use the arrow keys to read each point.$9,500$10,000$10,500Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 FEMD. Periods over one year show the average yearly return.
PeriodFEMD
Year to dateFund launched this yearNo data
1 month+5.5%
3 months−1.7%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
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 FEMD
YearReturn barFEMD
2026 YTD+2.4%

History from Jan 28, 2026

FEMD in the news

FEMD 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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Jan 2026. No distributions yet.

FEMD Risk

Risk pillarF6 out of 100Rank 63 of 65 in US Active Value
How much the fund’s monthly returns vary, scaled to a year.
Launched Jan 2026; fills in after 12 months
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.
Launched Jan 2026; fills in after 12 months
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.
Launched Jan 2026; fills in after 12 months
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.
0.75
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.

FEMD Cost

Compare FEMD and WTV

Overpaying vs WTV, cheapest in US Active Value

$8,384

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

  • FEMD 0.55%

    $10,904

  • WTV 0.12% Cheapest

    $2,520

$10,000
30 years

Cost over time

  • FEMD 0.55%
  • WTV 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530FEMD $10,904WTV $2,520

Year by year

YearFEMDWTVOverpaying
10$988$220$768
20$3,790$859$2,931
30$10,904$2,520$8,384
How the 0.55% is worked out

Full fee 0.75%− waiver 0.20%= you pay 0.55%

The waiver ends Feb 1, 2027. After that the fee is 0.75% unless First Eagle renews it. Source: prospectus, Jan 2026.

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