Skip to content
etf.net

FMCX

GradeDNew York Stock Exchange Arca

FM Focus Equity ETF

Active Equity · First Manhattan · Inception 2022-04-22 · SEC filings

$36.69−0.02 (−0.04%)

As of Sep 22, 2026, 3:58 PM EDT

History starts Apr 25, 2022.
Intraday session: down, 4 prints from 36.71 to 36.67. Range 36.67 to 36.71. Use the arrow keys to read each point.$36.68$36.69$36.7010 AM12 PM2 PM4 PM
Expense ratio
0.72%
Fund size
$118M
1Y return
+3.6%
Yield · Last 12 months
0.29%
Volume · 30D
0M sh
NAV per share
$36.64
52W range
low $31.29high $37.73

The ETF.net FMCX Grade

D

36/ 100

Rank 98 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for FMCX. Scores out of 100: Cost 45, Risk 39, Mission not scored, Tradability 7, Holdings 38, Durability 59. Strongest: Durability (59). Weakest: Tradability (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 36 of 100 sits in the D 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.
    CScore 45
    Category rank70/127 · mid-pack

  • 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.
    DScore 39
    Category rank92/126 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 7
    Category rank123/127 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank95/124 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank57/127 · top 45%

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

Our read on FMCX

ETF.net Research

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.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 01Real 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
  2. 02Plain plumbing: a 1940 Act fund holding U.S. common stocks under a one-line mandate, long-term capital appreciation.
  3. 03Trading since 2022, so there is an actual multi-year record to read instead of a backtest.

Worth knowing

  1. 01The 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.
  2. 02Thinly traded, so spreads can be wider and limit orders matter more than they would with a mega-cap tracker.
  3. 03Non-diversified by design: one name can move the whole portfolio. Concentration cuts both ways.mutualfunds.combloomberg.com

FMCX Holdings

As of Sep 20, 2026, 9:58 AM
Asset class
Stocks
Holdings
—
Top-10 weight
54%
Largest holding
CASH10.4%

Sectors

  • Technology31.2%
  • Industrials21.3%
  • Consumer Discr.15.5%
  • Financials13.6%
  • Health Care9.3%
  • Communication5.3%
  • Materials3.8%

Geography

  • United States89.70%
  • United Kingdom3.63%
  • Switzerland2.99%
  • Netherlands2.62%
  • Japan1.06%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH10.38%0$12M414
002MSFTMicrosoft Corporation6.63%15,652$8M792
003GEGE Aerospace5.69%21,225$7M404
004INTCIntel Corp.5.38%58,513$6M492
005KKRKKR & Co. Inc.5.21%61,819$6M271
006AMZNAmazon.com, Inc.4.87%22,418$6M720
007HONHoneywell International Inc.4.41%25,092$5M355
008BRK-ABerkshire Hathaway Inc.4.22%6$5M12
009AVGOBroadcom Inc.3.83%12,552$4M732
010ORLYO'Reilly Automotive, Inc.3.56%49,103$4M341
011CRMSalesforce, Inc.3.35%16,258$4M457
012LINLinde plc3.25%8,272$4M272
013GEVGE Vernova Inc.3.12%3,912$4M473
014CBChubb Limited2.68%9,174$3M239
015UNHUnitedHealth Group Incorporated2.67%8,327$3M474

Showing 1–15 of 31 holdings

FMCX Performance

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

FMCX$10,358
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. FMCX $10,358. SPY $11,723. Use the arrow keys to read each point.$8,598$10,297$11,996Sep 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 FMCX. Periods over one year show the average yearly return.
PeriodFMCX
Year to date+6.6%
1 month−0.2%
3 months−0.3%
1 year+3.6%
3 years+16.3%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 FMCX
YearReturn barFMCX
2026 YTD+6.6%
2025+11.3%
2024+19.1%
2023+21.9%
2022−11.6%

History from Apr 25, 2022

FMCX in the news

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

FMCX 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.
0.29%Last 12 months
Payout per share
$0.11Last 12 months
Last payment
$0.03 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2022–2026

One bar per payment. 9 payments from 2022 to 2026 YTD. Jun 24, 2022 $0.0095; Dec 16, 2022 $0.25; Jun 23, 2023 $0.04; Dec 15, 2023 $0.32; Jun 24, 2024 $0.03; Dec 16, 2024 $0.63; Jun 24, 2025 $0.04; Dec 16, 2025 $0.08; Jun 24, 2026 $0.03. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 29, 2026$0.03
Dec 16, 2025Dec 22, 2025$0.08
Jun 24, 2025Jun 30, 2025$0.04
Dec 16, 2024Dec 23, 2024$0.63
Jun 24, 2024Jul 1, 2024$0.03
Dec 15, 2023Dec 26, 2023$0.32
Jun 23, 2023Jul 3, 2023$0.04
Dec 16, 2022Dec 27, 2022$0.25
Jun 24, 2022Jul 5, 2022$0.0095

FMCX Risk

How much the fund’s monthly returns vary, scaled to a year.
14.1%
Annualised · 36 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.
0.76
vs 3-month T-bills · 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.
−17.7%
52 months · trough Apr 2025
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.
0.99
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.

FMCX Cost

Expense ratio0.72%
  • The middle half of US Active Equity funds
  • Median 0.70%

66 of the 124 US Active Equity funds charge less.

FMCX costs $72.00 a year on $10,000. The median US Active Equity fund costs $70.00.