Skip to content
etf.net

SASS

GradeFNew York Stock Exchange Arca

M.D. Sass Concentrated Value ETF

Active Equity · M.D. Sass · Inception 2026-03-04

$23.94−0.12 (−0.49%)

As of Sep 23, 2026, 10:21 AM EDT

History starts Mar 4, 2026.History starts Mar 4, 2026.
Intraday session: down, 2 prints from 24.06 to 23.94. Range 23.94 to 24.06. Use the arrow keys to read each point.$23.98$24.00$24.02$24.0510 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$76M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$23.99
52W range
low $22.70high $25.42

The ETF.net SASS Grade

F

21/ 100

Rank 8 of 8 in US Active Contrarian Value⁠

Confidence Medium

Six-pillar profile for SASS. Scores out of 100: Cost 21, Risk 21, Mission not scored, Tradability 10, Holdings 34, Durability 30. Strongest: Holdings (34). Weakest: Tradability (10). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 21 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 21
    Category rank7/8 · 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 21
    Category rank8/8 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 10
    Category rank8/8 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 34
    Category rank7/7 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 30
    Category rank8/8 · bottom quartile

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

Our read on SASS

ETF.net Research

FA high-conviction take on US value: M.D. Sass runs a concentrated book of large- and mid-cap value names measured against the Russell 1000 Value, leaning on stock picking rather than owning the whole index.

Stated mandate

The Fund seeks long-term capital appreciation through an actively managed, high-conviction U.S. equity strategy focused primarily on large- and mid-capitalization value companies.

Why people hold it

  1. 01Concentrated by design: a high-conviction set of large- and mid-cap value names, so the portfolio can look nothing like the Russell 1000 Value it measures itself against.
  2. 02The mandate is narrow and legible: US stocks, value screen, actively picked. No overseas drift, no factor grab bag.
  3. 03Standard 1940 Act fund plumbing, so shareholders get ordinary 1099 reporting rather than a K-1.

Worth knowing

  1. 01The 0.75% expense ratio sits above the typical active US equity ETF, and the strongest-rated peers in the group (DFAU, AVLC) charge well under 0.20%.
  2. 02Thinly traded on a modest asset base, so spreads can be wider than in megacap index funds. Limit orders matter more here.
  3. 03Concentration cuts both ways: with few holdings, one name's stumble moves the whole fund. It launched in 2026, so the live record is short.

SASS Holdings

As of Sep 20, 2026, 10:16 AM
Asset class
Stocks
Holdings
—
Top-10 weight
58%
Largest holding
AMZN7.1%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AMZNAmazon.com Inc7.13%21,041$5M720
002HSICHenry Schein Inc6.41%56,547$5M196
003CLHCLEAN HARBORS INC COM6.06%14,371$5M161
004COFCapital One Financial Corp5.89%21,785$4M350
005DGXQuest Diagnostics Inc5.78%17,558$4M306
006KNXKnight-Swift Transportation Holdings Inc5.74%64,461$4M153
007AMEAMETEK Inc5.68%17,893$4M314
008PRMBPrimo Brands Corp5.27%192,377$4M103
009ADIAnalog Devices Inc5.00%9,960$4M474
010WMBWilliams Cos Inc/The4.75%49,368$4M361
011WELLWelltower Inc4.74%15,491$4M331
012TPXSomnigroup International Inc4.47%52,779$3M103
013SAROStandardAero Inc4.26%142,908$3M127
014SNXTD SYNNEX Corp4.08%11,482$3M230
015MLMMartin Marietta Materials Inc3.93%5,992$3M241

Showing 1–15 of 24 holdings

SASS Performance

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

SASS$9,616
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. SASS $9,616. SPY $10,415. Use the arrow keys to read each point.$9,360$9,945$10,531Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 SASS. Periods over one year show the average yearly return.
PeriodSASS
Year to dateFund launched this year—
1 month−1.9%
3 months−3.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—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 SASS
YearReturn barSASS
2026 YTD−4.2%

Since listing, Mar 4, 2026

SASS in the news

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

SASS 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.
—Last 12 months
Payout per share
—Last 12 months

Listed Mar 2026. No distributions yet.

SASS Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
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.
—
Launched Mar 2026; fills in after 12 months
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.
—
Launched Mar 2026; fills in after 12 months
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.
0.47
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.

SASS Cost

Expense ratio0.75%
  • The middle half of US Active Contrarian Value funds
  • Median 0.54%

6 of the 8 US Active Contrarian Value funds charge less.

SASS costs $75.00 a year on $10,000. The median US Active Contrarian Value fund costs $54.50.