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FMF

GradeCNew York Stock Exchange Arca

First Trust Managed Futures Strategy Fund

Multi-Asset & Alternatives · First Trust · Inception 2013-08-01 · SEC filings

$52.60+0.32 (+0.61%)

As of Sep 23, 2026, 3:02 PM EDT

Intraday session: up, 46 prints from 52.28 to 52.60. Range 52.16 to 52.77. Use the arrow keys to read each point.$52.20$52.40$52.8010 AM12 PM2 PM4 PM
Expense ratio
0.98%
Fund size
$287M
1Y return
+13.0%
Yield · Last 12 months
4.83%
Holdings
79
Volume · 30D
0M sh
NAV per share
$52.15
52W range
low $46.42high $52.85

The ETF.net FMF Grade

C

46/ 100

Rank 10 of 16 in Managed Futures⁠

Confidence Medium

Six-pillar profile for FMF. Scores out of 100: Cost 17, Risk 68, Mission not scored, Tradability 75, Holdings 61, Durability 79. Strongest: Durability (79). Weakest: Cost (17). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C 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.
    FScore 17
    Category rank13/16 · 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.
    BScore 68
    Category rank5/15 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 75
    Category rank2/16 · top 13%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 61
    Category rank1/4 · top 25%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 79
    Category rank4/16 · top 25%

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

Our read on FMF

ETF.net Research

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

  1. 01Running since 2013, one of the earliest ETFs to package a trend-following futures playbook that had mostly lived inside hedge funds.etfstrategy.com
  2. 02Goes long, short or flat across commodity, currency, equity index and global debt futures, including Treasuries, so falling trends are tradable too.ftportfolios.com
  3. 03Actively run against a diversification mandate: positive returns not directly correlated to broad equity or fixed income markets. No index to hug.
  4. 04Holds its futures through a wholly owned Cayman subsidiary, the plumbing that lets a fund wrapper carry this much derivatives exposure. Pays quarterly.

Worth knowing

  1. 01At 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%).
  2. 02Thinly traded for an ETF, so the spread and a limit order matter more here than on a mega-cap index fund.
  3. 03Manager signals drive the outcome, and it sits in the lower half of a crowded managed futures group on our overall read.

FMF Holdings

As of Sep 21, 2026, 5:09 PM
Asset class
Other
Holdings
79
Top-10 weight
294%
Largest holding
3 MONTH SOFR FUT Dec2747.4%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—3 MONTH SOFR FUT Dec2747.45%-240$-57M1
002—US 2YR NOTE (CBT) Dec2635.68%-211$-43M19
003—EURO-SCHATZ FUT Dec2635.66%-358$-43M2
004—CHF CURRENCY FUT Dec2632.49%-255$-39M3
005—US 5YR NOTE (CBT) Dec2631.82%-368$-38M22
006—JPN 10Y BOND(OSE) Dec2627.20%-41$-33M5
007—C$ CURRENCY FUT Dec2624.42%-410$-29M6
008—US 10YR NOTE (CBT)Dec2622.22%-253$-27M21
009—EURO-BOBL FUTURE Dec2619.86%-186$-24M2
010—EURO-BUND FUTURE Dec2616.86%-147$-20M9
011—JPN YEN CURR FUT Dec2616.66%-250$-20M3
012—EURO FX CURR FUT Dec2615.78%-132$-19M8
013—US ULTRA BOND CBT Dec2614.26%-158$-17M13
014—LME LEAD FUTURE Dec2613.26%-332$-16M2
015—LEAN HOGS FUTURE Dec2611.38%-500$-14M4

Showing 1–15 of 36 holdings

FMF Performance

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

FMF$11,303
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. FMF $11,303. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 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 FMF. Periods over one year show the average yearly return.
PeriodFMF
Year to date+12.0%
1 month+3.1%
3 months+3.1%
1 year+13.0%
3 years+6.3%per year
5 years+5.8%per year
10 years+2.9%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 FMF
YearReturn barFMF
2026 YTD+12.0%
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 Sep 22, 2026.
4.83%Last 12 months
Payout per share
$2.52Last 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. 23 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. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
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
Sep 22, 2023Sep 29, 2023$0.38

FMF Risk

How much the fund’s monthly returns vary, scaled to a year.
7.2%
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.
0.16
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.
−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.

FMF Cost

Expense ratio0.98%
  • The middle half of Managed Futures funds
  • Median 0.85%

10 of the 13 Managed Futures funds charge less.

FMF costs $98.00 a year on $10,000. The median Managed Futures fund costs $85.00.