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Launched · SEC filings

The Free Markets ETF

FMKTNYSE ArcaD

$21.79−0.01 (−0.03%)

As of Oct 13, 2026, 1:10 PM

D32/ 100

Rank 21 of 22 in US Thematic

D32/100Rank 21 of 22inUS Thematic
Intraday session: down, 4 prints from 21.79 to 21.79. Range 21.71 to 21.79. Use the arrow keys to read each point.21.7221.7421.7610 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$10M
1Y total return
−4.8%
Yield · Last 12 months
Data unavailable
Holdings
43
Avg volume · 30D
0M sh
NAV per share
$21.82
52W range
low $19.55high $24.45
Launched
Filings
SEC EDGAR

The ETF.net FMKT Grade

Based on 5 of 6 pillars

D

Score 32 out of 100

Category
US Thematic⁠
Rank
21 of 22
Six-pillar profile for FMKT. Scores out of 100: Cost 10, Risk 25, Mission not scored, Tradability 68, Holdings 55, Durability 40. Strongest: Tradability (68). Weakest: Cost (10). Based on 5 of 6 pillars.

Score 32 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.
    F10 out of 100
    Rank 19 of 22

  • 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.
    D25 out of 100
    Rank 20 of 22

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B68 out of 100
    Rank 6 of 22

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 11 of 22

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C40 out of 100
    Rank 13 of 22

Our read on FMKT

ETF.net Research

DA 2025 newcomer with an unusually wide brief: long-term total returns, no index to track. The Free Markets ETF is a bet on manager judgment rather than a rulebook, and it costs 0.76% a year.

Stated mandate

The Fund seeks long-term total returns.

Why people hold it

  1. 01No declared index means no rulebook. The managers can pursue long-term total returns wherever they see them instead of hugging a fixed theme basket.
  2. 02Built around total return, not income. Distributions land on an annual or semiannual schedule, so the portfolio carries the story rather than the payout calendar.
  3. 03Still a small fund, so positions can be reshaped without the size constraints that come with running billions.

Worth knowing

  1. 01At 0.76%, it costs more than thematic peers such as LRND (0.14%) and TECB (0.30%). Active discretion is what you are paying the difference for.
  2. 02Small asset base and light trading can mean wider bid-ask spreads, so entry and exit mechanics matter more here than in a heavily traded fund.
  3. 03Launched in 2025 with no benchmark index, so there is little history and no yardstick to check the portfolio against. It currently sits in the lower part of its thematic peer group.

FMKT Holdings

As of Sep 27, 2026
Asset class
Stocks
Holdings
43
Top-10 weight
45%
Largest holding
HOOD5.5%

Geography

  • United States96.25%
  • Ireland2.23%
  • United Kingdom1.08%
  • Canada0.44%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001HOODRobinhood Markets Inc5.49%5,250$634K337
002ADMArcher-Daniels-Midland Co5.31%7,491$613K336
003WELLWelltower Inc5.05%2,496$583K339
004IBKRInteractive Brokers Group Inc4.65%5,983$537K302
005ORCLOracle Corp4.63%3,833$535K447
006EMEEMCOR Group Inc4.53%695$523K326
007MSFTMicrosoft Corp4.04%937$467K815
008BIIBBiogen Inc3.98%2,029$459K324
009—First American Government Obligations Fund 12/01/20313.63%419,767$420K529
010INTCIntel Corp3.58%3,249$414K511
011CRCLCircle Internet Group Inc3.25%4,042$376K158
012DEDeere & Co3.06%508$353K357
013PLTRPalantir Technologies Inc2.90%1,739$335K525
014CFGCitizens Financial Group Inc2.88%5,130$332K296
015BXBlackstone Inc2.76%2,717$318K296

Showing 1–15 of 43 holdings

FMKT Performance

Launched Jun 9, 2025

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.Not enough history yet.
FMKT$9,521
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. FMKT $9,521. SPY $12,044. Use the arrow keys to read each point.$8,261$10,301$12,340Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for FMKT. Periods over one year show the average yearly return.
PeriodFMKT
Year to date+1.0%
1 month−2.7%
3 months−0.8%
1 year−4.8%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 FMKT
YearReturn barFMKT
2026 YTD+1.0%
2025+11.0%

History from Jun 10, 2025

FMKT in the news

Filtered to FMKT · US Thematic

FMKT Dividends

Last payment
$0.46 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.46. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.46

FMKT Risk

How much the fund’s monthly returns vary, scaled to a year.
14.2%
Annualised · 15 months to Sep 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.
0.12
vs 3-month T-bills · 15 months to Sep 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.
−17.8%
16 months · trough Apr 2026
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.
1.00
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.

FMKT Cost

Expense ratio0.75%
  • The middle half of US Thematic funds
  • Median 0.35%

18 of the 22 US Thematic funds charge less.

FMKT costs $75.00 a year on $10,000. The median US Thematic fund costs $35.00.

Other funds in US Thematic

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