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FORH

GradeFChicago Board Options Exchange

Formidable ETF

Active Equity · Formidable · Inception 2021-04-28 · SEC filings

$24.02−0.33 (−1.36%)

As of Sep 23, 2026, 1:20 PM EDT

Intraday session: down, 4 prints from 24.35 to 24.02. Range 24.02 to 24.35. Use the arrow keys to read each point.$24.10$24.20$24.3010 AM12 PM2 PM4 PM
Expense ratio
1.19%
Fund size
$19M
1Y return
+0.4%
Yield · Last 12 months
1.80%
Volume · 30D
0M sh
NAV per share
$24.20
52W range
low $23.40high $27.79

The ETF.net FORH Grade

F

14/ 100

Rank 42 of 44 in Global Active Equity⁠

Confidence Medium

Six-pillar profile for FORH. Scores out of 100: Cost 5, Risk 22, Mission not scored, Tradability 3, Holdings 39, Durability 32. Strongest: Holdings (39). Weakest: Tradability (3). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 14 of 100 sits in the F 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 5
    Category rank42/44 · 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.
    FScore 22
    Category rank37/42 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 3
    Category rank43/44 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 39
    Category rank32/43 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 32
    Category rank39/44 · bottom quartile

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

Our read on FORH

ETF.net Research

FMost global equity funds hand you the whole market cheaply. FORH goes the other way: a concentrated, actively picked stock book with an optional tail hedge built from options and volatility-linked funds.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 01Two jobs in one wrapper: active stock selection plus a hedge the manager can switch on using put and call options, volatility-linked ETFs and ETNs.sec.govformidablefunds.com
  2. 02No index to hug. It is actively managed and non-diversified, so a handful of high-conviction names can carry the portfolio.sec.gov
  3. 03Running since 2021, so the strategy has a live record through real market swings rather than a backtest.formidablefunds.com

Worth knowing

  1. 01The 1.19% fee sits well above the median for its global active-equity peers, where index-built rivals like GSWO and AVGE charge a fraction of that.
  2. 02Small and thinly traded, so spreads can be wider and larger orders may move the price more than in a giant index fund.
  3. 03Hedging is not free: options and volatility exposure can drag when markets climb steadily, and concentration cuts both ways.sec.govformidablefunds.com

FORH Holdings

As of Sep 20, 2026, 9:27 AM
Asset class
Other
Holdings
—
Top-10 weight
46%
Largest holding
ACTG10.5%

Sectors

  • Industrials33.3%
  • Technology16.4%
  • Energy16.0%
  • Health Care14.9%
  • Materials11.3%
  • Utilities3.6%
  • Financials2.4%
  • Consumer Discr.2.2%

Geography

  • United States81.25%
  • Canada5.02%
  • United Kingdom3.89%
  • Switzerland2.80%
  • Panama2.57%
  • Cayman Islands2.26%
  • China2.21%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001ACTGACACIA RESEARCH CORP10.50%410,918$2M51
002—TREASURY BILL5.95%1,060,000$1M2
003—TREASURY BILL 09/26 0.000005.75%1,020,000$1M3
004PAASPAN AMERICAN SILVER CORP4.15%14,849$737K30
005VEEVVEEVA SYSTEMS INC-CLASS A3.54%2,379$627K314
006ARLPAlliance Resource Partners L.P.3.40%23,021$602K16
007AVAVAEROVIRONMENT INC3.20%3,476$568K138
008TLNETALEN ENERGY CORP3.12%1,884$553K3
009HSTMHEALTHSTREAM INC3.11%18,871$551K101
010SMSM ENERGY CO2.94%14,105$521K161
011PAGPPLAINS GP HOLDINGS LP-CL A2.81%17,960$498K42
012RGLDROYAL GOLD INC2.79%1,967$495K188
013—ATI INC COMMON STOCK USD.12.79%2,693$495K1
014GNRCGENERAC HOLDINGS INC2.76%2,362$489K215
015VNOMViper Energy, Inc.2.64%10,913$468K139

Showing 1–15 of 46 holdings

FORH Performance

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

FORH$10,040
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. FORH $10,040. 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 FORH. Periods over one year show the average yearly return.
PeriodFORH
Year to date+1.1%
1 month−2.6%
3 months−1.1%
1 year+0.4%
3 years+4.7%per year
5 years+1.7%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 FORH
YearReturn barFORH
2026 YTD+1.1%
2025+16.2%
2024−5.6%
2023−0.7%
2022−1.7%
2021−0.1%

History from Apr 30, 2021

FORH in the news

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

FORH 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.
1.80%Last 12 months
Payout per share
$0.44Last 12 months
Last payment
$0.44 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2021–2026

One bar per payment. 4 payments from 2021 to 2026 YTD. Dec 27, 2021 $0.17; Dec 27, 2022 $0.87; Dec 26, 2023 $0.87; Dec 24, 2025 $0.44. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.44
Dec 26, 2023Dec 28, 2023$0.87
Dec 27, 2022Dec 29, 2022$0.87
Dec 27, 2021Dec 29, 2021$0.17

FORH Risk

How much the fund’s monthly returns vary, scaled to a year.
13.5%
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.
0.03
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.
−20.8%
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.
0.72
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.

FORH Cost

Expense ratio1.19%
  • The middle half of Global Active Equity funds
  • Median 0.69%

41 of the 44 Global Active Equity funds charge less.

FORH costs $119.00 a year on $10,000. The median Global Active Equity fund costs $69.00.