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Launched · SEC filings

FM Focus Equity ETF

FMCXNYSE ArcaFirst ManhattanD

$35.200.00 (0.00%)

As of Nov 2, 2026, 10:00 AM ET

D35/ 100

Rank 95 of 126 in US Active Equity

D35/100Rank 95 of 126inUS Active Equity
Intraday session: up, 1 prints from 35.20 to 35.20. Range 35.20 to 35.20. Use the arrow keys to read each point.35.2035.2035.2035.2010 AM12 PM2 PM4 PM
Expense ratio
0.72%
Fund size
$115M
1Y total return
+1.3%
Yield · Last 12 months
0.30%
Holdings
29
Avg volume · 30D
208 sh
52W range
low $31.29high $37.73
Launched
Filings
SEC EDGAR

The ETF.net FMCX Grade

Based on 5 of 6 pillars

D

Score 35 out of 100

Category
US Active Equity⁠
Rank
95 of 126
Six-pillar profile for FMCX. Scores out of 100: Cost 43, Risk 41, Mission not scored, Tradability 6, Holdings 36, Durability 59. Strongest: Durability (59). Weakest: Tradability (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.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C43 out of 100
    Rank 72 of 126

  • 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.
    C41 out of 100
    Rank 86 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F6 out of 100
    Rank 125 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D36 out of 100
    Rank 102 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 59 of 126

Our read on FMCX

ETF.net Research

In short

DA rare active ETF that keeps its cards face down: FMCX runs 25-35 high-conviction US stocks and files holdings quarterly like a mutual fund, with a verified intraday value published every second. First Manhattan's first fund, launched 2022.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  • Non-transparent by design: holdings go to the SEC quarterly, not daily, while a verified intraday value ticks every second so market makers can still price shares.sec.gov
  • Genuinely concentrated: 25-35 US exchange-listed common stocks of any market cap under normal conditions, picked by First Manhattan's research bench. No closet indexing.sec.gov
  • At 0.72%, the fee sits near the category median for US active equity, even with a concentrated, individually researched portfolio behind it.
  • Brings a long-established private advisory firm's separate-account research process into an ETF wrapper; FMCX was the firm's debut fund in 2022.businesswire.com

Worth knowing

  • Thinly traded. Spreads and premiums or discounts to fair value carry more weight here than at high-volume peers, and larger orders can move the price.
  • You see the portfolio quarterly, not every morning. That is the trade for the structure: more weight on the manager's process, less on your own eyeballs.sec.gov
  • Cost sits well above the category's cheapest top-graded options, such as DFAU at 0.12% and AVLC at 0.15%, which spread risk across far more names.

FMCX Performance

Launched Apr 22, 2022

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$10,125
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FMCX $10,125. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – 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 FMCX. Periods over one year show the average yearly return.
PeriodFMCX
Year to date+2.3%
1 month−2.8%
3 months−2.9%
1 year+1.3%
3 yearsper year+16.2%
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 FMCX
YearReturn barFMCX
2026 YTD+2.3%
2025+11.3%
2024+19.1%
2023+21.9%
2022−11.6%

History from Apr 25, 2022

FMCX in the news

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 Oct 30, 2026.
0.30%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

$10,000 in FMCX 3 years ago paid $467 in dividends.

FMCX Risk

Risk pillarC41 out of 100Rank 86 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
13.9%
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.
0.84
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.
−17.7%
54 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.

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

FMCX Cost

Compare FMCX and TACU

Overpaying vs TACU, cheapest in US Active Equity

$13,957

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

  • FMCX 0.72%

    $13,957

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • FMCX 0.72%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530FMCX $13,957TACU $0

Year by year

YearFMCXTACUOverpaying
10$1,284$0$1,284
20$4,888$0$4,888
30$13,957$0$13,957

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