Skip to content
etf.net

FEMD

GradeDNew York Stock Exchange Arca

First Eagle Mid Cap Equity ETF

Active Equity · First Eagle · Inception 2026-01-27 · SEC filings

$34.68+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Jan 28, 2026.History starts Jan 28, 2026.
Intraday session: up, 6 prints from 34.42 to 34.68. Range 34.42 to 34.68. Use the arrow keys to read each point.$34.40$34.50$34.60Sep 17Sep 18Sep 21Sep 22Sep 23
Expense ratio
0.75%
Fund size
$4M
1Y return
—
Yield · Last 12 months
—
Holdings
66
Volume · 30D
0M sh
NAV per share
$34.54
52W range
low $32.43high $38.40

The ETF.net FEMD Grade

D

26/ 100

Rank 56 of 66 in US Active Value⁠

Confidence Medium

Six-pillar profile for FEMD. Scores out of 100: Cost 18, Risk 7, Mission not scored, Tradability 24, Holdings 78, Durability 32. Strongest: Holdings (78). Weakest: Risk (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 26 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned26This cap took−0Published score26 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 18
    Category rank52/66 · bottom quartile

  • 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.
    FScore 7
    Category rank60/62 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 24
    Category rank53/66 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 78
    Category rank10/66 · top 15%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 32
    Category rank55/66 · bottom quartile

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

Our read on FEMD

ETF.net Research

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

  1. 01The 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
  2. 020.55% buys active management and sits right at the median for its active value peer group, so the First Eagle name carries no premium.
  3. 03Mid 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

  1. 01Systematic routes to the same asset class cost less: Avantis' AVMV charges 0.20% for rules-based U.S. mid-cap value.
  2. 02A 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.
  3. 03The stated goal is long-term growth of capital. Income is not part of the design.

FEMD Holdings

As of Sep 21, 2026, 4:09 AM
Asset class
Stocks
Holdings
66
Top-10 weight
24%
Largest holding
THC3.0%

Geography

  • United States94.56%
  • Canada3.74%
  • Cayman Islands0.85%
  • Hong Kong0.84%
The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001THCTENET HEALTHCARE CORP COMMON STOCK USD 0.052.98%431$113K216
002PRPERMIAN RESOURCES2.62%4,367$99K202
003PSXPHILLIPS 66 COMMON STOCK USD2.49%346$95K368
004TRGPTARGA RESOURCES CORP COMMON STOCK USD 0.0012.41%312$91K340
005GEHCGE HEALTHCARE TECHNOLOGIES INC COMMON STOCK USD2.37%1,403$90K303
006ABCBAMERIS BANCORP COMMON STOCK USD 12.27%1,031$86K131
007VOYAVOYA FINANCIAL INC COMMON STOCK USD 0.012.24%836$85K165
008WDAYWORKDAY INC COMMON STOCK USD 0.0012.18%427$83K389
009DGXQUEST DIAGNOSTICS INC COMMON STOCK USD 0.012.15%331$82K306
010GBCIGLACIER BANCORP INC COMMON STOCK USD 0.012.15%1,824$81K120
011OKEONEOK INC COMMON STOCK USD 0.012.02%819$77K325
012NLYANNALY CAPITAL MANAGEMENT INC REIT2.00%3,601$76K164
013RFREGIONS FINANCIAL CORP COMMON STOCK USD 0.011.96%2,606$74K310
014TDCTERADATA CORP COMMON STOCK USD 0.011.96%2,569$74K150
015CNSCOHEN & STEERS INC COMMON STOCK USD 0.011.94%998$74K128

Showing 1–15 of 66 holdings

FEMD Performance

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

FEMD$9,129
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. FEMD $9,129. SPY $10,415. Use the arrow keys to read each point.$8,949$9,755$10,561Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 FEMD. Periods over one year show the average yearly return.
PeriodFEMD
Year to dateFund launched this year—
1 month−6.0%
3 months−8.7%
1 yearFund is under 1 year old—
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 FEMD
YearReturn barFEMD
2026 YTD−0.6%

History from Jan 28, 2026

FEMD in the news

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

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 Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Jan 2026. No distributions yet.

FEMD Risk

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.
0.69
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.

FEMD Cost

Expense ratio0.75%
  • The middle half of US Active Value funds
  • Median 0.55%

51 of the 66 US Active Value funds charge less.

FEMD costs $75.00 a year on $10,000. The median US Active Value fund costs $55.00.