First Trust Horizon Managed Volatility Small/Mid ETF
$35.66+0.07 (+0.18%)
- 0.80%
- $5M
- +5.7%
- 4.57%
- 0M sh
- $35.45
- low $35.00high $39.82
The ETF.net HSMV Grade
C
Score 40 out of 100
- 30 of 48
Score 40 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.F16 out of 100Rank 40 of 48Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B60 out of 100Rank 19 of 44Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C51 out of 100Rank 22 of 48Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B61 out of 100Rank 23 of 48Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 21 of 48
Our read on HSMV
CSmall and mid caps are where the swings live. HSMV screens them for low expected volatility, holding roughly 200 names picked by Horizon rather than an index. Small/mid exposure with the sharp edges sanded down.
The Fund seeks capital appreciation by investing at least 80% of its net assets in U.S.-listed small- and/or mid-capitalization common stocks that Horizon believes have low future expected volatility.
Why people hold it
- Low-volatility screening applied where volatility bites: at least 80% of net assets go to US small/mid cap stocks Horizon judges to have low future expected volatility.ftportfolios.com
- Actively managed, so the low-vol call is a live judgment by the sub-adviser instead of a rule waiting on the next scheduled index rebalance.ftportfolios.com
- Roughly 200 holdings spread the bet across the small/mid universe, and the fund distributes on a quarterly schedule.
Worth knowing
- The 0.80% expense ratio runs above the typical actively managed US equity fund and several times the cost of cheap core options like DFAU (0.12%) and AVLC (0.15%).
- A small asset base and thin trading tend to mean wider bid-ask spreads than household-name ETFs, which matters most on larger orders.
- Low expected volatility is a target, not a floor. This is still a stock fund that moves with small and mid caps, and it has only been trading since 2020.
HSMV Holdings
- Stocks
- 151
- 16%
- INGR
Sectors
- Real Estate20.9%
- Financials18.3%
- Industrials13.2%
- Utilities11.6%
- Consumer Staples10.4%
- Materials6.5%
- Consumer Discretionary6.1%
- Health Care6.1%
- Energy3.9%
- Technology2.0%
- Communication1.0%
Geography
- United States98.18%
- Sweden0.93%
- Bermuda0.89%
HSMV Performance
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.
HSMV$10,566
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.
| Period | HSMV |
|---|---|
| Year to date | +3.5% |
| 1 month | −3.2% |
| 3 months | −4.7% |
| 1 year | +5.7% |
| 3 years | +9.6% |
| 5 years | +3.9% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | HSMV |
|---|---|---|
| 2026 YTD | +3.5% | |
| 2025 | +1.6% | |
| 2024 | +13.2% | |
| 2023 | +5.0% | |
| 2022 | −9.4% | |
| 2021 | +23.7% | |
| 2020 | +34.7% |
HSMV in the news
HSMV Dividends
- 4.57%
- $1.63
- $1.05 per share
- Quarterly
Distribution history
HSMV Risk
- 12.9%
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.
- 0.38
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.
- −19.2%
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.
- 0.59
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HSMV Cost
0.80%
HSMV0.80%
- The middle half of US Active Small/Mid-Cap funds
- Median 0.59%
38 of the 47 US Active Small/Mid-Cap funds charge less.
Other funds in US Active Small/Mid-Cap
- CBSMCBrandes U.S. Small-Mid Cap Value ETFExpense ratio 0.70%1 year return +19.2%
- CMMIDMFS Active Exchange Traded Funds Trust - MFS Active Mid Cap ETFExpense ratio 0.59%1 year return +8.8%
- CHWSMHotchkis & Wiley SMID Cap Diversified Value FundExpense ratio 0.55%1 year return +18.9%
- DGRNJFundstrat Granny Shots US Small- & Mid-Cap ETFExpense ratio 0.75%1 year return —
- DNBSMNeuberger Berman Small-Mid Cap ETFExpense ratio 0.75%1 year return +13.1%