FMKT vs LRND: Grades, Fees and Holdings Compared

The Free Markets ETF

FMKTDNYSE Arca

NYLI U.S. Large Cap R&D Leaders ETF

LRNDANasdaq

Overlap

4.9%by weight

Expense ratio

LRND −0.62pt a year

FMKT0.76%LRND0.14%

Avg volume · 30D

LRND 15.2×the volume

FMKT2.81KLRND42.7K

FMKT vs LRND Performance

Oct 31, 2025 – Oct 30, 2026

−6.6%FMKT+9.0%LRND

Expense ratio: FMKT 0.76%; LRND 0.14%, better
Fund size: FMKT $10M; LRND $456M
1Y total return: FMKT −6.6%; LRND +9.0%, better
Yield (12M): FMKT No data; LRND 0.34%
Holdings: FMKT 34; LRND 110
Avg volume (30D): FMKT 2.81K sh; LRND 42.7K sh, better
NAV per share: FMKT $21.42; LRND $44.74
52W range

ETF.net Grade

Pillar letters and Scores for FMKT, LRND, with each pillar’s weight
Pillar	FMKT	LRND
Cost30% weight	F10	A100Higher
Mission25% weight	Not scored	B55
Risk15% weight	D36	B62Higher
Tradability15% weight	C49	A80Higher
Holdings10% weight	C44Higher	F22
Durability5% weight	C42	A74Higher

Rank among US Thematic funds

How we build Categories ›

Same Category. FMKT and LRND are both graded against the same 22 US Thematic funds, so their Grades compare head to head.

US Thematic⁠

Category · 22 funds

See all 22 ›

LRND ranks 1st and FMKT 21st of 22 funds in the US Thematic Category.

Rank 1ALRNDNYLI U.S. Large Cap R&D Leaders ETFScore 76
Rank 2ATECBiShares U.S. Tech Breakthrough Multisector ETFScore 71
Rank 20DPTNTCorgi IP Licensing & Royalties ETFScore 38
Rank 21DFMKTThe Free Markets ETFScore 29
Rank 22DUSMDCoreValues America First Technology ETFScore 26

Our read on each fund

ETF.net Research

FMKTDThe Free Markets ETF

LRNDANYLI U.S. Large Cap R&D Leaders ETF

In short

FMKT A 2025 newcomer with an unusually wide brief: long-term total returns, no index to track. The Free Markets ETF is a bet on manager judgment rather than a rulebook, and it costs 0.76% a year.

LRND No data

Stated mandate

FMKT The Fund seeks long-term total returns.

LRND No data

Why people hold it

FMKT No declared index means no rulebook. The managers can pursue long-term total returns wherever they see them instead of hugging a fixed theme basket.
Built around total return, not income. Distributions land on an annual or semiannual schedule, so the portfolio carries the story rather than the payout calendar.
Still a small fund, so positions can be reshaped without the size constraints that come with running billions.

LRND No data

Worth knowing

FMKT At 0.76%, it costs more than thematic peers such as LRND (0.14%) and TECB (0.30%). Active discretion is what you are paying the difference for.
Small asset base and light trading can mean wider bid-ask spreads, so entry and exit mechanics matter more here than in a heavily traded fund.
Launched in 2025 with no benchmark index, so there is little history and no yardstick to check the portfolio against. It currently sits in the lower part of its thematic peer group.

LRND No data

Full FMKT profile⁠

Full LRND profile⁠

FMKT vs LRND Holdings

How FMKT and LRND differ

Overlap by weight

4.9%

Shared holdings make up 8.4% of FMKT and 5.5% of LRND.

Level by level

Holdings2 in both4.9%
Countryby domicile97.7%
Asset classEquity100%

Sector

No Sector split for FMKT.

Country, concentration and asset class

Country by domicile

Country weights in FMKT and LRND, widest gap first
Country	More in FMKTMore in LRND	FMKT	LRND
Israel	FMKT +2.3 points	2.3%	0.0%
United States	LRND +1.8 points	97.7%	99.5%
Other countries (6)	LRND +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

FMKT51.9%
LRND69.4%

Securities held

FMKT33
LRND110

Asset class

FMKT: Equity
LRND: Equity

Holdings

Only in FMKT31
In both2
Only in LRND108

Only in FMKT

31 securities, 91.5% of FMKT by weight

First American Government Obligations Fund 12/01/203111.73%
Welltower Inc5.23%
ConocoPhillips5.15%
Chevron Corp5.12%
Biogen Inc4.55%
Interactive Brokers Group Inc4.39%
Robinhood Markets Inc4.32%
Deere & Co3.04%
Citizens Financial Group Inc3.01%
Murphy Oil Corp2.98%
Blackstone Inc2.94%
Cencora Inc2.93%
Delek US Holdings Inc2.74%
US Bancorp2.69%
Par Pacific Holdings Inc2.59%
PNC Financial Services Group Inc/The2.58%
Intel Corp2.49%
Howmet Aerospace Inc2.32%
Northrop Grumman Corp2.11%
American Tower Corp2.07%
APA Corp2.05%
Teva Pharmaceutical Industries Ltd2.03%
Tyler Technologies Inc2.03%
Tradeweb Markets Inc1.98%
Talos Energy Inc1.97%
CareTrust REIT Inc1.96%
TechnipFMC PLC1.91%
Joby Aviation Inc0.70%
NuScale Power Corp0.69%
Uranium Energy Corp0.66%
Coinbase Global Inc0.59%

Only in LRND

108 securities, 94.5% of LRND by weight

NVIDIA Corporation16.36%
Alphabet Inc. Class A10.92%
Apple Inc.10.31%
Microsoft Corporation8.08%
Amazon.com, Inc.4.56%
Broadcom Inc.4.38%
Meta Platforms Inc Class A4.09%
Advanced Micro Devices, Inc.3.81%
Palantir Technologies Inc. Class A1.96%
Cisco Systems, Inc.1.91%
Applied Materials, Inc.1.43%
Amgen Inc.1.41%
Lam Research Corporation1.38%
PepsiCo, Inc.1.05%
Arista Networks Inc0.98%
QUALCOMM Incorporated0.80%
Marvell Technology, Inc.0.80%
Vertex Pharmaceuticals Incorporated0.79%
Vanguard Information Technology ETF0.75%
State Street Technology Select Sector SPDR ETF0.75%
Fidelity MSCI Information Technology Index ETF0.74%
State Street Communication Services Select Sector SPDR ETF0.72%
Automatic Data Processing, Inc.0.65%
Dell Technologies, Inc. Class C0.62%
VanEck Pharmaceutical ETF0.58%
Vanguard Communication Services ETF0.57%
State Street Consumer Discretionary Select Sector SPDR ETF0.56%
Trane Technologies plc0.51%
ServiceNow, Inc.0.50%
Vertiv Holdings Co. Class A0.50%
Snowflake, Inc.0.50%
Fortinet, Inc.0.46%
Adobe Inc.0.46%
Sherwin-Williams Company0.45%
Illinois Tool Works Inc.0.44%
Colgate-Palmolive Company0.43%
Intuit Inc.0.42%
Cadence Design Systems, Inc.0.42%
Synopsys, Inc.0.41%
Airbnb, Inc. Class A0.39%
Datadog, Inc. Class A0.36%
Garmin Ltd.0.29%
Veeva Systems Inc. Class A0.28%
Monolithic Power Systems, Inc.0.28%
Vylor Inc0.27%
Cash0.27%
Keysight Technologies Inc0.24%
Autodesk, Inc.0.24%
Everpure, Inc. Class A0.20%
Axon Enterprise Inc0.19%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in FMKT and LRND, widest gap first
Holding	More in FMKTMore in LRND	FMKT	LRND
Regeneron Pharmaceuticals IncREGN	FMKT +3.55 points	4.08%	0.53%
Eli Lilly & CoLLY	LRND +0.59 points	4.34%	4.93%

All FMKT holdings⁠All 107 LRND 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.

FMKT vs LRND Cost

Overpaying FMKT vs LRND

$11,724

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

FMKT 0.76%
$14,656
LRND 0.14%
$2,932

Amount$10,000

Years30 years

Cost over time

FMKT 0.76%
LRND 0.14%
Overpaying

Year by year

Year	FMKT	LRND	Overpaying
10	$1,353	$256	$1,097
20	$5,142	$1,000	$4,142
30	$14,656	$2,932	$11,724

Expense ratio

0.76%FMKT
0.14%LRND, cheaper

LRND0.14%FMKT0.76%

0.14%0.87%

Middle half of US Thematic funds
Median 0.35%

LRND cheapest of 22 funds

FMKT 20th cheapest of 22 funds

FMKT vs LRND Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMKT No data; LRND 0.34%
Payout (12M): FMKT No data; LRND $0.15
Last payment: FMKT $0.46; LRND $0.04
Ex-dividend: FMKT Dec 23, 2025; LRND Sep 30, 2026
Paid on: FMKT Dec 24, 2025; LRND Oct 2, 2026
Frequency: FMKT Irregular; LRND Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

FMKTIrregular · 1 paymentAll FMKT payments⁠

LRNDQuarterly · 19 paymentsAll LRND payments⁠

FMKT vs LRND Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMKT 13.8%since Jul 2025LRND 15.9%
Return per unit of riskSharpe ratio, 3 years: FMKT 0.02since Jul 2025LRND 1.13
Worst fallMax drawdown, 5 years: FMKT −17.8%since Jun 2025LRND −25.4%since Feb 2022
Market sensitivityBeta, 5 years: FMKT 1.00LRND 1.06; Market = 1

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