DYNF vs FMCX

DYNFAiShares U.S. Equity Factor Rotation Active ETF

FMCXDFM Focus Equity ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

FMCX A rare active ETF that keeps its cards face down: FMCX runs 25-35 high-conviction US stocks and files holdings quarterly like a mutual fund, with a verified intraday value published every second. First Manhattan's first fund, launched 2022.

Stated mandate

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

FMCX The Fund seeks long-term capital appreciation.

Why people hold it

• DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
• 0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
• A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
• Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

• FMCX Non-transparent by design: holdings go to the SEC quarterly, not daily, while a verified intraday value ticks every second so market makers can still price shares.sec.gov
• Genuinely concentrated: 25-35 US exchange-listed common stocks of any market cap under normal conditions, picked by First Manhattan's research bench. No closet indexing.sec.gov
• At 0.72%, the fee sits near the category median for US active equity, even with a concentrated, individually researched portfolio behind it.
• Brings a long-established private advisory firm's separate-account research process into an ETF wrapper; FMCX was the firm's debut fund in 2022.businesswire.com

Worth knowing

• DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
• Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
• Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

• FMCX Thinly traded. Spreads and premiums or discounts to fair value carry more weight here than at high-volume peers, and larger orders can move the price.
• You see the portfolio quarterly, not every morning. That is the trade for the structure: more weight on the manager's process, less on your own eyeballs.sec.gov
• Cost sits well above the category's cheapest top-graded options, such as DFAU at 0.12% and AVLC at 0.15%, which spread risk across far more names.

Full DYNF profile⁠

Full FMCX profile⁠