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Launched · SEC filings

First Trust Managed Futures Strategy Fund

FMFNYSE ArcaFirst TrustC

$50.71−0.83 (−1.61%)

As of Nov 4, 2026, 2:45 PM ET

C46/ 100

Rank 8 of 16 in Managed Futures

C46/100Rank 8 of 16inManaged Futures
Intraday session: down, 64 prints from 51.54 to 50.71. Range 50.48 to 51.22. Use the arrow keys to read each point.51.0051.2051.4010 AM12 PM2 PM4 PM
Expense ratio
0.98%
Fund size
$298M
1Y total return
+12.3%
Yield · Last 12 months
4.82%
Holdings
37
Avg volume · 30D
48.3K sh
52W range
low $46.42high $54.15
Launched
Filings
SEC EDGAR

The ETF.net FMF Grade

Based on 5 of 6 pillars

C

Score 46 out of 100

Category
Managed Futures⁠
Rank
8 of 16
Six-pillar profile for FMF. Scores out of 100: Cost 20, Risk 69, Mission not scored, Tradability 67, Holdings 55, Durability 77. Strongest: Durability (77). Weakest: Cost (20). Based on 5 of 6 pillars.

Score 46 of 100 falls in the C 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.
    F20 out of 100
    Rank 12 of 16

  • 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.
    B69 out of 100
    Rank 5 of 15

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 out of 100
    Rank 2 of 16

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 1 of 6

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 4 of 16

Our read on FMF

ETF.net Research

In short

COne of the original managed futures ETFs, trading since 2013: long, short or flat across commodity, currency, equity index and Treasury futures, aiming at returns that don't track stocks or bonds.

Stated mandate

The Fund seeks positive returns that are not directly correlated with broad equity or fixed-income market returns. It primarily uses exchange-listed futures, including through a wholly owned Cayman Islands subsidiary, and may take long or short positions across global futures markets.

Why people hold it

  • Running since 2013, one of the earliest ETFs to package a trend-following futures playbook that had mostly lived inside hedge funds.etfstrategy.com
  • Goes long, short or flat across commodity, currency, equity index and global debt futures, including Treasuries, so falling trends are tradable too.ftportfolios.com
  • Actively run against a diversification mandate: positive returns not directly correlated to broad equity or fixed income markets. No index to hug.
  • Holds its futures through a wholly owned Cayman subsidiary, the plumbing that lets a fund wrapper carry this much derivatives exposure. Pays quarterly.

Worth knowing

  • At 0.98% a year it prices above the category median of 0.82%, with cheaper takes on the same idea in WTMF (0.65%) and JPFP (0.59%).
  • Thinly traded for an ETF, so the spread and a limit order matter more here than on a mega-cap index fund.
  • Manager signals drive the outcome, and it sits in the lower half of a crowded managed futures group on our overall read.

FMF Performance

Launched Aug 1, 2013

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

FMF$11,231
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,158
Nov 3, 2025 to Nov 3, 2026. FMF $11,231. SPY $11,158. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 3, 2025 – Nov 3, 2026

Returns run to the Nov 3, 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 FMF. Periods over one year show the average yearly return.
PeriodFMF
Year to date+10.9%
1 month−1.0%
3 months+4.1%
1 year+12.3%
3 yearsper year+6.9%
5 yearsper year+5.2%
10 yearsper year+3.0%

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 FMF
YearReturn barFMF
2026 YTD+10.9%
2025+4.6%
2024+8.2%
2023−0.2%
2022+5.2%
2021+3.6%
2020+5.7%

FMF in the news

FMF 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 Nov 3, 2026.
4.82%Last 12 months
Payout per share
$2.48Last 12 months
Last payment
$0.23 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 24 payments from 2017 to 2026 YTD. Dec 21, 2017 $0.39; Mar 22, 2018 $0.02; Dec 18, 2018 $0.69; Dec 13, 2019 $0.45; Dec 24, 2020 $0.0074; Jun 24, 2021 $0.0001; Dec 23, 2021 $1.49; Jun 24, 2022 $0.0021; Dec 15, 2022 $0.19; Mar 24, 2023 $0.28; Jun 27, 2023 $0.35; Sep 22, 2023 $0.38; Dec 15, 2023 $0.41; Mar 21, 2024 $0.35; Jun 27, 2024 $0.39; Sep 26, 2024 $0.23; Dec 17, 2024 $1.34; Mar 27, 2025 $0.24; Jun 26, 2025 $0.28; Sep 25, 2025 $0.27; Dec 16, 2025 $1.84; Mar 26, 2026 $0.19; Jun 25, 2026 $0.23; Sep 24, 2026 $0.23. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 24, 2026Sep 30, 2026$0.23
Jun 25, 2026Jun 30, 2026$0.23
Mar 26, 2026Mar 31, 2026$0.19
Dec 16, 2025Dec 31, 2025$1.84
Sep 25, 2025Sep 30, 2025$0.27
Jun 26, 2025Jun 30, 2025$0.28
Mar 27, 2025Mar 31, 2025$0.24
Dec 17, 2024Dec 31, 2024$1.34
Sep 26, 2024Sep 30, 2024$0.23
Jun 27, 2024Jun 28, 2024$0.39
Mar 21, 2024Mar 28, 2024$0.35
Dec 15, 2023Dec 29, 2023$0.41

See all 25 payments⁠

$10,000 in FMF 10 years ago paid $2,185 in dividends.⁠

FMF Risk

Risk pillarB69 out of 100Rank 5 of 15 in Managed Futures
How much the fund’s monthly returns vary, scaled to a year.
7.3%
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.
0.34
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.
−15.0%
Trough Mar 2023
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.
0.11
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.

FMF Cost

Compare FMF and JPFP

Overpaying vs JPFP, cheapest in Managed Futures

$6,727

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

  • FMF 0.98%

    $18,362

  • JPFP 0.59% Cheapest

    $11,635

$10,000
30 years

Cost over time

  • FMF 0.98%
  • JPFP 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FMF $18,362JPFP $11,635

Year by year

YearFMFJPFPOverpaying
10$1,729$1,058$671
20$6,504$4,051$2,453
30$18,362$11,635$6,727

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