First Trust Horizon Managed Volatility Small/Mid ETF
$37.00−0.13 (−0.35%)
- Expense ratio
- 0.80%
- Fund size
- $9M
- 1Y return
- +4.5%
- Yield · Last 12 months
- 1.96%
- Holdings
- 150
- Volume · 30D
- 0M sh
- NAV per share
- $37.12
- 52W range
The ETF.net HSMV Grade
Score 40 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 16Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 59Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 48Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 61Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 62Category rank
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
- 150
- 16%
- INGR
Sectors
- Real Estate21.5%
- Financials18.6%
- Industrials13.0%
- Utilities11.5%
- Cons. Staples10.1%
- Materials6.2%
- Consumer Discr.6.2%
- Health Care5.9%
- Energy3.9%
- Technology2.0%
- Communication1.0%
Geography
- United States98.15%
- Sweden0.96%
- 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.
HSMV$10,450
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.
| Period | HSMV |
|---|---|
| Year to date | +4.9% |
| 1 month | −4.7% |
| 3 months | −0.4% |
| 1 year | +4.5% |
| 3 years | +9.4% |
| 5 years | +4.4% |
| 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 | +4.9% | |
| 2025 | +1.6% | |
| 2024 | +13.2% | |
| 2023 | +5.0% | |
| 2022 | −9.4% | |
| 2021 | +23.7% | |
| 2020 | +34.7% |
HSMV in the news
HSMV Dividends
- 1.96%
- $0.73
- $0.15 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 25, 2026 | Jun 30, 2026 | $0.15 |
| Mar 26, 2026 | Mar 31, 2026 | $0.12 |
| Dec 12, 2025 | Dec 31, 2025 | $0.31 |
| Sep 25, 2025 | Sep 30, 2025 | $0.15 |
| Jun 26, 2025 | Jun 30, 2025 | $0.15 |
| Mar 27, 2025 | Mar 31, 2025 | $0.10 |
| Dec 13, 2024 | Dec 31, 2024 | $0.25 |
| Sep 26, 2024 | Sep 30, 2024 | $0.12 |
| Jun 27, 2024 | Jun 28, 2024 | $0.11 |
| Mar 21, 2024 | Mar 28, 2024 | $0.04 |
| Dec 22, 2023 | Dec 29, 2023 | $0.18 |
| Sep 22, 2023 | Sep 29, 2023 | $0.10 |
HSMV Risk
- 12.8%
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 0.55%
39 of the 47 US Active Small/Mid-Cap funds charge less.