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MGMT

GradeDNew York Stock Exchange Arca

Ballast Small/Mid Cap ETF

Active Equity · Ballast · Inception 2020-12-02 · SEC filings

$49.26−0.26 (−0.53%)

As of Sep 23, 2026, 2:18 PM EDT

Intraday session: down, 49 prints from 49.52 to 49.26. Range 49.09 to 49.52. Use the arrow keys to read each point.$49.10$49.20$49.40$49.5010 AM12 PM2 PM4 PM
Expense ratio
1.17%
Fund size
$167M
1Y return
+12.1%
Yield · Last 12 months
0.30%
Volume · 30D
0M sh
NAV per share
$49.17
52W range
low $40.77high $52.30

The ETF.net MGMT Grade

D

28/ 100

Rank 41 of 48 in US Active Small/Mid-Cap⁠

Confidence Medium

Six-pillar profile for MGMT. Scores out of 100: Cost 2, Risk 45, Mission not scored, Tradability 48, Holdings 35, Durability 65. Strongest: Durability (65). Weakest: Cost (2). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 28 of 100 sits in the D 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 2
    Category rank47/48 · 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.
    CScore 45
    Category rank28/44 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 48
    Category rank24/48 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 35
    Category rank39/48 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank13/48 · top 27%

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

Our read on MGMT

ETF.net Research

DA boutique, hand-picked take on US small and mid caps. Ballast's managers hunt companies they judge underpriced against their growth, in a corner of the market where cheap index trackers do most of the volume.

Stated mandate

The fund seeks long-term growth by investing primarily in equity securities of small and midsize U.S. companies that the adviser considers underpriced relative to their expected growth.

Why people hold it

  1. 01Genuinely active, not an index in disguise. The mandate is stock-by-stock: US small and midsize companies the adviser considers underpriced relative to their expected growth.
  2. 02Different lane from its category's heavyweights. The largest active US equity ETFs (DFAU, DFAC, AVLC) sit in large-cap core; MGMT works the smaller, less-covered end of the market.
  3. 03Live since December 2020, so it carries a multi-year record through a full rate cycle inside a standard 1940 Act ETF wrapper.

Worth knowing

  1. 01Costs 1.10% a year, roughly double the typical active US equity ETF. That is a real annual hurdle the stock picking has to clear.
  2. 02Small fund, light tape. It trades thinly next to the category's giants, so spreads can widen and limit orders matter more than they would in a mega-fund.
  3. 03No index to grade it against. Results ride on the manager's judgment about what is underpriced, which is harder to monitor than a rules-based portfolio.

MGMT Holdings

As of Sep 20, 2026, 10:07 AM
Asset class
Stocks
Holdings
—
Top-10 weight
30%
Largest holding
NRP4.7%

Sectors

  • Industrials24.8%
  • Technology14.8%
  • Energy14.4%
  • Financials13.7%
  • Materials10.1%
  • Consumer Discr.7.5%
  • Health Care6.8%
  • Communication3.3%
  • Cons. Staples2.9%
  • Real Estate1.5%

Geography

  • United States96.81%
  • Luxembourg1.74%
  • Canada1.45%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NRPNatural Resource Partners, L.P.4.71%72,151$8M19
002CLMBClimb Global Solutions, Inc.3.87%232,445$6M58
003AGMFederal Agricultural Mortgage Corporation3.29%24,938$6M89
004AZZAZZ, Inc.2.94%37,054$5M142
005CBNKCapital Bancorp, Inc.2.89%135,001$5M54
006MBINMerchants Bancorp2.78%89,527$5M101
007CVCOCavco Industries, Inc.2.65%8,352$4M121
008KOSKosmos Energy Ltd.2.64%1,621,150$4M78
009ECVTEcovyst, Inc.2.34%374,783$4M82
010CCSIConsensus Cloud Solutions, Inc.2.31%110,754$4M75
011GEOGEO Group, Inc. (The)2.31%121,586$4M95
012LSTRLandstar System, Inc.2.29%22,502$4M176
013MTUSMetallus, Inc.2.20%192,501$4M95
014BCOBrink's Company (The)2.19%34,490$4M134
015MMEDMiniMed Group, Inc.2.16%166,095$4M44

Showing 1–15 of 56 holdings

MGMT Performance

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

MGMT$11,206
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. MGMT $11,206. SPY $11,723. Use the arrow keys to read each point.$9,155$10,588$12,021Sep 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 MGMT. Periods over one year show the average yearly return.
PeriodMGMT
Year to date+11.7%
1 month−4.1%
3 months−0.4%
1 year+12.1%
3 years+14.0%per year
5 years+7.5%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 MGMT
YearReturn barMGMT
2026 YTD+11.7%
2025+7.0%
2024+12.9%
2023+17.9%
2022−14.5%
2021+40.8%
2020+5.4%

History from Dec 3, 2020

MGMT in the news

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

MGMT 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.
0.30%Last 12 months
Payout per share
$0.15Last 12 months
Last payment
$0.15 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 30, 2021 $0.10; Dec 29, 2022 $0.29; Dec 28, 2023 $0.43; Dec 30, 2024 $0.21; Dec 30, 2025 $0.15. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 5, 2026$0.15
Dec 30, 2024Jan 6, 2025$0.21
Dec 28, 2023Jan 3, 2024$0.43
Dec 29, 2022Jan 5, 2023$0.29
Dec 30, 2021Jan 5, 2022$0.10

MGMT Risk

How much the fund’s monthly returns vary, scaled to a year.
17.3%
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.
0.56
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.
−24.9%
Trough Sep 2022
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.
0.85
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.

MGMT Cost

Expense ratio1.17%
  • The middle half of US Active Small/Mid-Cap funds
  • Median 0.55%

45 of the 47 US Active Small/Mid-Cap funds charge less.

MGMT costs $117.00 a year on $10,000. The median US Active Small/Mid-Cap fund costs $55.00.