FM Focus Equity ETF
$36.79+0.12 (+0.32%)
- 0.72%
- $118M
- +7.0%
- 0.29%
- 0M sh
- $36.68
- low $31.29high $37.73
The ETF.net FMCX Grade
D
Score 36 out of 100
- 93 of 127
Score 36 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.
Cost
The fund’s net expense ratio, ranked against its category.C46 out of 100Rank 69 of 127Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 92 of 126Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F10 out of 100Rank 123 of 127Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D37 out of 100Rank 99 of 124Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B59 out of 100Rank 60 of 127
Our read on FMCX
DAn actively picked book of roughly 25 to 35 U.S. stocks from First Manhattan, with no index to hug and no diversification requirement. Old-school stockpicking in an ETF wrapper, priced like it.
The Fund seeks long-term capital appreciation.
Why people hold it
- Real concentration: roughly 25 to 35 U.S.-listed stocks picked bottom-up, not 500 names copied from an index. Each holding is big enough to matter.bloomberg.comsec.gov
- Plain plumbing: a 1940 Act fund holding U.S. common stocks under a one-line mandate, long-term capital appreciation.
- Trading since 2022, so there is an actual multi-year record to read instead of a backtest.
Worth knowing
- The 0.70% fee sits well above index-plus rivals such as DFAC (0.17%) and AVLC (0.15%). Stock selection carries the whole argument here.
- Thinly traded, so spreads can be wider and limit orders matter more than they would with a mega-cap tracker.
- Non-diversified by design: one name can move the whole portfolio. Concentration cuts both ways.mutualfunds.combloomberg.com
FMCX Holdings
- Stocks
- 29
- 57%
- Cash
Sectors
- Technology31.2%
- Industrials21.3%
- Consumer Discretionary15.5%
- Financials13.6%
- Health Care9.3%
- Communication5.3%
- Materials3.8%
Geography
- United States89.70%
- United Kingdom3.63%
- Switzerland2.99%
- Netherlands2.62%
- Japan1.06%
FMCX Performance
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.
FMCX$10,702
Returns run to the Oct 12, 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.
| Period | FMCX |
|---|---|
| Year to date | +6.6% |
| 1 month | +0.9% |
| 3 months | +0.2% |
| 1 year | +7.0% |
| 3 years | +16.4% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FMCX |
|---|---|---|
| 2026 YTD | +6.6% | |
| 2025 | +11.3% | |
| 2024 | +19.1% | |
| 2023 | +21.9% | |
| 2022 | −11.6% |
FMCX in the news
FMCX Dividends
- 0.29%
- $0.11
- $0.03 per share
- Twice a year
Distribution history
FMCX Risk
- 13.9%
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.
- 0.83
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.
- −17.7%
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.
- 0.99
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMCX Cost
0.72%
FMCX0.72%
- The middle half of US Active Equity funds
- Median 0.70%
66 of the 123 US Active Equity funds charge less.
Other funds in US Active Equity
- DHTUSHull Tactical US ETFExpense ratio 0.96%1 year return +23.3%
- DADDSHedgeye Index Adds ETFExpense ratio 0.70%1 year return —
- DLQAILG QRAFT AI-Powered U.S. Large Cap Core ETFExpense ratio 0.75%1 year return +19.8%
- DFCUSPinnacle Focused Opportunities ETFExpense ratio 0.81%1 year return +42.3%
- DMSMRMcElhenny Sheffield Managed Risk ETFExpense ratio 1.06%1 year return +6.8%