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FMF vs ISMF

First Trust Managed Futures Strategy Fund

FMFCNYSE Arca

Ishares Managed Futures Active ETF

ISMFBCboe

Overlap

Expense ratio

ISMF −0.18pt a year

FMF0.98%ISMF0.80%

Avg volume · 30D

FMF 2.1×the volume

FMF48.3KISMF23.4K

FMF vs ISMF Performance

Nov 3, 2025 – Nov 3, 2026

+12.3%FMF+11.2%ISMF

Nov 3, 2025 to Nov 3, 2026. FMF +12.3%. ISMF +11.2%. Use the arrow keys to read each point.0%2.5%5%7.5%15%Nov 2025May 2026Nov 2026
Expense ratio
FMF 0.98%
ISMF 0.80%, better
Fund size
FMF $298M
ISMF $37M
1Y total return
FMF +12.3%, better
ISMF +11.2%
Yield (12M)
FMF 4.82%
ISMF No data
Holdings
FMF 37
ISMF 17
Avg volume (30D)
FMF 48.3K sh, better
ISMF 23.4K sh
NAV per share
FMF $51.36
ISMF $28.03
52W range

ETF.net Grade

FMF: Cost 20, Risk 69, Mission not scored, Tradability 67, Holdings 55, Durability 77. ISMF: Cost 63, Risk 88, Mission not scored, Tradability 60, Holdings not scored, Durability 46.
Pillar letters and Scores for FMF, ISMF, with each pillar’s weight
PillarFMFISMF
Cost30% weightF20B63Higher
Mission25% weightNot scoredNot scored
Risk15% weightB69A88Higher
Tradability15% weightB67HigherB60
Holdings10% weightB55Not scored
Durability5% weightA77HigherC46

Rank among Managed Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FMF and ISMF are both graded against the same 14 Managed Futures funds, so their Grades compare head to head.

Managed Futures⁠

Category · 14 funds
See all 14 ›

ISMF ranks 3rd and FMF 7th of 14 funds in the Managed Futures Category.

  1. Rank 1AIMFInvesco Managed Futures Strategy ETFScore 81
  2. Rank 2AWTMFWisdomTree Managed Futures Strategy FundScore 75
  3. Rank 3BISMFIshares Managed Futures Active ETFScore 66
  4. Rank 4BJPFPJPMorgan Managed Futures Plus ETFScore 63
  5. Rank 6BDBMFiMGP DBi Managed Futures Strategy ETFScore 59
  6. Rank 7CFMFFirst Trust Managed Futures Strategy FundScore 46
  7. Rank 8CCTASimplify Managed Futures Strategy ETFScore 45

Our read on each fund

ETF.net Research

FMFCFirst Trust Managed Futures Strategy Fund

ISMFBIshares Managed Futures Active ETF

In short

FMF One of the original managed futures ETFs, trading since 2013: long, short or flat across commodity, currency, equity index and Treasury futures, aiming at returns that don't track stocks or bonds.

ISMF No data

Stated mandate

FMF The Fund seeks positive returns that are not directly correlated with broad equity or fixed-income market returns. It primarily uses exchange-listed futures, including through a wholly owned Cayman Islands subsidiary, and may take long or short positions across global futures markets.

ISMF No data

Why people hold it

  • FMF Running since 2013, one of the earliest ETFs to package a trend-following futures playbook that had mostly lived inside hedge funds.etfstrategy.com
  • Goes long, short or flat across commodity, currency, equity index and global debt futures, including Treasuries, so falling trends are tradable too.ftportfolios.com
  • Actively run against a diversification mandate: positive returns not directly correlated to broad equity or fixed income markets. No index to hug.
  • Holds its futures through a wholly owned Cayman subsidiary, the plumbing that lets a fund wrapper carry this much derivatives exposure. Pays quarterly.

ISMF No data

Worth knowing

  • FMF At 0.98% a year it prices above the category median of 0.82%, with cheaper takes on the same idea in WTMF (0.65%) and JPFP (0.59%).
  • Thinly traded for an ETF, so the spread and a limit order matter more here than on a mega-cap index fund.
  • Manager signals drive the outcome, and it sits in the lower half of a crowded managed futures group on our overall read.

ISMF No data

Full FMF profile⁠

Full ISMF profile⁠

FMF vs ISMF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FMF vs ISMF Cost

Overpaying FMF vs ISMF

$3,016

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FMF 0.98%

    $18,362

  • ISMF 0.80%

    $15,346

$10,000
30 years

Cost over time

  • FMF 0.98%
  • ISMF 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FMF $18,362ISMF $15,346

Year by year

YearFMFISMFOverpaying
10$1,729$1,422$307
20$6,504$5,393$1,111
30$18,362$15,346$3,016

Expense ratio

  • 0.98%FMF
  • 0.80%ISMF, cheaper
  • Middle half of Managed Futures funds
  • Median 0.85%

ISMF 5th cheapest of 14 funds

FMF 12th cheapest of 14 funds

FMF vs ISMF Dividends

Last 12 months to Nov 3, 2026
Yield (12M)
FMF 4.82%
ISMF No data
Payout (12M)
FMF $2.48
ISMF No data
Last payment
FMF $0.23
ISMF $1.64
Ex-dividend
FMF Sep 24, 2026
ISMF Dec 16, 2025
Paid on
FMF Sep 30, 2026
ISMF Dec 19, 2025
Frequency
FMF Quarterly
ISMF Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

FMFQuarterly · 24 paymentsAll FMF payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Dec 21, 2017 $0.39; Mar 22, 2018 $0.02; Dec 18, 2018 $0.69; Dec 13, 2019 $0.45; Dec 24, 2020 $0.0074; Jun 24, 2021 $0.0001; Dec 23, 2021 $1.49; Jun 24, 2022 $0.0021; Dec 15, 2022 $0.19; Mar 24, 2023 $0.28; Jun 27, 2023 $0.35; Sep 22, 2023 $0.38; Dec 15, 2023 $0.41; Mar 21, 2024 $0.35; Jun 27, 2024 $0.39; Sep 26, 2024 $0.23; Dec 17, 2024 $1.34; Mar 27, 2025 $0.24; Jun 26, 2025 $0.28; Sep 25, 2025 $0.27; Dec 16, 2025 $1.84; Mar 26, 2026 $0.19; Jun 25, 2026 $0.23; Sep 24, 2026 $0.23. Use the arrow keys to read each point.$0$22017202020232026YTD
ISMFIrregular · 1 paymentAll ISMF payments⁠
One bar per payment. 1 payment from 2017 to 2026 YTD. Dec 16, 2025 $1.64. Use the arrow keys to read each point.$0$22017202020232026YTD

FMF vs ISMF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FMF 7.3%ISMF 6.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
FMF 0.34ISMF 1.10since Apr 2025
Worst fallMax drawdown, 5 years
FMF −15.0%ISMF −4.2%since Mar 2025
Market sensitivityBeta, 5 years
FMF 0.11ISMF 0.23

FMF and ISMF in the news

All news⁠

Popular comparisons

  • FMFCvsIMFA

    First Trust Managed Futures Strategy Fund · Invesco Managed Futures Strategy ETF

    Expense ratio
    0.98% · 0.65%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ISMFBvsIMFA

    Ishares Managed Futures Active ETF · Invesco Managed Futures Strategy ETF

    Expense ratio
    0.80% · 0.65%
    Category
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  • FMFCvsWTMFA

    First Trust Managed Futures Strategy Fund · WisdomTree Managed Futures Strategy Fund

    Expense ratio
    0.98% · 0.66%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ISMFBvsWTMFA

    Ishares Managed Futures Active ETF · WisdomTree Managed Futures Strategy Fund

    Expense ratio
    0.80% · 0.66%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FMFCvsJPFPB

    First Trust Managed Futures Strategy Fund · JPMorgan Managed Futures Plus ETF

    Expense ratio
    0.98% · 0.59%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ISMFBvsJPFPB

    Ishares Managed Futures Active ETF · JPMorgan Managed Futures Plus ETF

    Expense ratio
    0.80% · 0.59%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.