Overview
Investment Philosophy
The team focuses on mid-cap companies with characteristics such as turnarounds, emerging growth and undervalued companies, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.
Mid Cap Fundamental InvestorsLong-tenured, seasoned team with the disciplined temperament for mid cap investing.
Catalyst Driven ValueDisciplined process focused on mid cap opportunities, demonstrating strong fundamentals and identifiable catalysts for growth.
Volatility Leads to OpportunityA team and process that lean into volatile markets which they believe are well-positioned for recoveries.
Portfolio Characteristics
| Net Assets as of Jun 18, 2026 | $3,384,865 |
| Shares Outstanding as of Jun 18, 2026 | 90,001 |
| Number of Holdings | 65 |
| Weighted Average Market Cap | $22,652MM |
| Median Market Cap | $15,254MM |
| Price/Earnings Ratio | 24.86 |
| Price/Book Ratio | 3.33 |
| Active Share | 92.1% |
- As of Apr 30, 2026
Our Process
The team uses a bottom-up process, building the portfolio stock by stock.
- 01Narrow the Universe
The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.
- 02Conduct Fundamental Research
The team aims to identify companies that have low multiples and a potential catalyst for improvement.
Low Multiples- The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
- Holdings typically fall into at least one category below:
- Turnarounds
- Emerging growth
- Undervalued companies
Catalyst for Improvement- Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
- Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
- New management
- More favorable business cycle
- Margin improvement
- Product innovation
- 03Construct Portfolio
- Diversified with approximately 40-70 holdings
- Annual turnover expected 10%–20%
Disclosures
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.
Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.
Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).
Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.
Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.
Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.
Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.
Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.
Performance
Average Annual Returns
| Ticker | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FEMD NAV | -- | 0.31% | -0.88% | -- | -- | -- | -- | 3.16% | 0.75% | 0.55% | Jan 27, 2026 | ||
| FEMD Market Price | -- | 0.31% | -0.77% | -- | -- | -- | -- | 3.20% | 0.75% | 0.55% | Jan 27, 2026 | ||
| Russell Mid Cap Value Index | -- | 2.32% | 4.51% | -- | -- | -- | -- | 8.59% | -- | -- | -- | ||
| Russell Mid Cap Index | -- | 2.85% | 4.52% | -- | -- | -- | -- | 7.29% | -- | -- | -- | ||
| FEMD NAV | -- | -8.27% | -- | -- | -- | -- | -- | -4.54% | 0.75% | 0.55% | Jan 27, 2026 | ||
| FEMD Market Price | -- | -8.25% | -- | -- | -- | -- | -- | -4.57% | 0.75% | 0.55% | Jan 27, 2026 | ||
| Russell Mid Cap Value Index | -- | -5.06% | -- | -- | -- | -- | -- | -1.34% | -- | -- | -- | ||
| Russell Mid Cap Index | -- | -5.33% | -- | -- | -- | -- | -- | -2.94% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
Investors should consider the investment objectives, risks, and charges and expenses of the First Eagle ETFs carefully before investing. A prospectus, which contains this and other information about the funds, may be obtained by calling 844-422-3367. The prospectus or summary prospectus should be read carefully before investing.
ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.55% of the Fund’s average daily net assets. These contractual limitations are in effect until February 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the “Trust”).
First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. First Eagle ETFs are Distributed by Quasar Distributors, LLC.
Portfolio
ETF Holdings
As of Jun 22, 2026
| Stock Ticker | CUSIP/Other | Security Name | Shares | Price | Market Value | Weightings |
|---|---|---|---|---|---|---|
| TTMI | 87305R109 | TTM TECHNOLOGIES INC COMMON STOCK USD 0.001 | 444 | 216.44 | $96,099.36 | 2.84% |
| SIMO | 82706C108 | SILICON MOTION TECHNOLOGY CORP ADR USD 0.01 | 253 | 321.66 | $81,379.98 | 2.40% |
| NVT | G6700G107 | NVENT ELECTRIC PLC COMMON STOCK USD 0.01 | 450 | 177.02 | $79,659.00 | 2.35% |
| ENTG | 29362U104 | ENTEGRIS INC | 432 | 178.77 | $77,228.64 | 2.28% |
| UCTT | 90385V107 | ULTRA CLEAN HOLDINGS INC COMMON STOCK USD 0.001 | 622 | 121.28 | $75,436.16 | 2.23% |
| AEIS | 007973100 | ADVANCED ENERGY INDUSTRIES INC COMMON STOCK USD | 200 | 372.59 | $74,518.00 | 2.20% |
| ONTO | 683344105 | ONTO INNOVATION INC COMMON STOCK USD 0 | 217 | 333.76 | $72,425.92 | 2.14% |
| URI | 911363109 | UNITED RENTALS INC COMMON STOCK USD 0.01 | 64 | 1,076.81 | $68,915.84 | 2.04% |
| LPX | 546347105 | LOUISIANA-PACIFIC CORP COMMON STOCK USD 1 | 875 | 77.56 | $67,865.00 | 2.01% |
| COHR | 19247G107 | COHERENT CORP COMMON STOCK USD 0 | 172 | 389.57 | $67,006.04 | 1.98% |
| TRGP | 87612G101 | TARGA RESOURCES CORP COMMON STOCK USD 0.001 | 256 | 258.58 | $66,196.48 | 1.96% |
| GNRC | 368736104 | GENERAC HOLDINGS INC COMMON STOCK USD 0.01 | 237 | 279.15 | $66,158.55 | 1.95% |
| PR | 71424F105 | PERMIAN RESOURCES | 3,573 | 18.43 | $65,850.39 | 1.95% |
| RHP | 78377T107 | RYMAN HOSPITALITY PROPERTIES INC REIT USD 0.01 | 526 | 125.15 | $65,828.90 | 1.94% |
| FLEX | Y2573F102 | FLEX LTD COMMON STOCK USD 0 | 444 | 147.61 | $65,538.84 | 1.94% |
| EVR | 29977A105 | EVERCORE INC COMMON STOCK USD 0.01 | 176 | 371.72 | $65,422.72 | 1.93% |
| PFGC | 71377A103 | PERFORMANCE FOOD GROUP CO COMMON STOCK USD 0.01 | 626 | 103.62 | $64,866.12 | 1.92% |
| RRX | 758750103 | REGAL REXNORD CORP COMMON STOCK USD 0.01 | 282 | 226.78 | $63,951.96 | 1.89% |
| PLXS | 729132100 | PLEXUS CORP COMMON STOCK USD 0.01 | 210 | 299.97 | $62,993.70 | 1.86% |
| FLS | 34354P105 | FLOWSERVE CORP COMMON STOCK USD 1.25 | 768 | 81.70 | $62,745.60 | 1.85% |
| THC | 88033G407 | TENET HEALTHCARE CORP COMMON STOCK USD 0.05 | 353 | 172.57 | $60,917.21 | 1.80% |
| WDAY | 98138H101 | WORKDAY INC COMMON STOCK USD 0.001 | 506 | 116.93 | $59,166.58 | 1.75% |
| CP | 13646K108 | CANADIAN PACIFIC KANSAS CITY LTD COMMON STOCK CAD | 687 | 86.03 | $59,102.61 | 1.75% |
| OKE | 682680103 | ONEOK INC COMMON STOCK USD 0.01 | 671 | 85.03 | $57,055.13 | 1.69% |
| SN | G8068L108 | SHARKNINJA INC COMMON STOCK | 391 | 140.84 | $55,068.44 | 1.63% |
| HRI | 42704L104 | HERC HOLDINGS INC COMMON STOCK USD 0.01 | 352 | 155.12 | $54,602.24 | 1.61% |
| CLH | 184496107 | CLEAN HARBORS INC COMMON STOCK USD 0.01 | 189 | 288.60 | $54,545.40 | 1.61% |
| FTAI | G3730V105 | FTAI AVIATION LTD COMMON STOCK USD 1 | 197 | 276.11 | $54,393.67 | 1.61% |
| BDC | 077454106 | BELDEN INC COMMON STOCK USD 0.01 | 432 | 123.26 | $53,248.32 | 1.57% |
| CNS | 19247A100 | COHEN & STEERS INC COMMON STOCK USD 0.01 | 711 | 74.88 | $53,239.68 | 1.57% |
| DGX | 74834L100 | QUEST DIAGNOSTICS INC COMMON STOCK USD 0.01 | 271 | 195.00 | $52,845.00 | 1.56% |
| ODFL | 679580100 | OLD DOMINION FREIGHT LINE INC COMMON STOCK USD 0.1 | 239 | 221.04 | $52,828.56 | 1.56% |
| TDY | 879360105 | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD 0.01 | 85 | 619.58 | $52,664.30 | 1.56% |
| DY | 267475101 | DYCOM INDUSTRIES INC COMMON STOCK USD 0.3333333 | 114 | 456.65 | $52,058.10 | 1.54% |
| WPC | 92936U109 | WP CAREY INC REIT USD 0.001 | 720 | 71.22 | $51,278.40 | 1.52% |
| RJF | 754730109 | RAYMOND JAMES FINANCIAL INC COMMON STOCK USD 0.01 | 328 | 155.86 | $51,122.08 | 1.51% |
| EXE | 165167735 | EXPAND ENERGY CORP COMMON STOCK USD 0.01 | 578 | 86.98 | $50,274.44 | 1.49% |
| XPO | 983793100 | XPO INC COMMON STOCK USD 0.001 | 247 | 199.50 | $49,276.50 | 1.46% |
| FN | G3323L100 | FABRINET COMMON STOCK USD 0.01 | 85 | 573.76 | $48,769.60 | 1.44% |
| ONON | H5919C104 | ON HOLDING AG COMMON STOCK USD 0.1 | 1,243 | 38.88 | $48,327.84 | 1.43% |
| LFUS | 537008104 | LITTELFUSE INC COMMON STOCK USD 0.01 | 100 | 479.82 | $47,982.00 | 1.42% |
| WLK | 960413102 | WESTLAKE CORP COMMON STOCK USD 0.01 | 596 | 80.28 | $47,846.88 | 1.41% |
| BKH | 092113109 | BLACK HILLS CORP COMMON STOCK USD 1 | 657 | 72.75 | $47,796.75 | 1.41% |
| RGA | 759351604 | REINSURANCE GROUP OF AMERICA INC COMMON STOCK USD | 226 | 210.54 | $47,582.04 | 1.41% |
| DAL | 247361702 | DELTA AIR LINES INC COMMON STOCK USD 0.0001 | 536 | 84.18 | $45,120.48 | 1.33% |
| QXO | 82846H405 | QXO INC COMMON STOCK USD 0.00001 | 2,506 | 17.76 | $44,506.56 | 1.31% |
| KWR | 747316107 | QUAKER CHEMICAL CORP | 283 | 150.18 | $42,500.94 | 1.26% |
| STE | G8473T100 | STERIS PLC COMMON STOCK USD 75 | 204 | 202.61 | $41,332.44 | 1.22% |
| PHM | 745867101 | PULTEGROUP INC COMMON STOCK USD 0.01 | 318 | 126.96 | $40,373.28 | 1.19% |
| GEHC | 36266G107 | GE HEALTHCARE TECHNOLOGIES INC COMMON STOCK USD | 651 | 61.59 | $40,095.09 | 1.18% |
| ENSG | 29358P101 | ENSIGN GROUP INC/THE COMMON STOCK USD 0.001 | 255 | 153.65 | $39,180.75 | 1.16% |
| CSL | 142339100 | CARLISLE COS INC COMMON STOCK USD 1 | 99 | 360.96 | $35,735.04 | 1.06% |
| FLEX | Y2573F102 | FLEX LTD COMMON STOCK USD 0 | 242 | 147.61 | $35,721.62 | 1.06% |
| PPG | 693506107 | PPG INDUSTRIES INC COMMON STOCK USD 1.66666 | 292 | 118.25 | $34,529.00 | 1.02% |
| BXP | 101121101 | BXP INC REIT USD 0.01 | 532 | 64.70 | $34,420.40 | 1.02% |
| CIGI | 194693107 | COLLIERS INTERNATIONAL GROUP INC COMMON STOCK CAD | 370 | 91.31 | $33,784.70 | 1.00% |
| HLI | 441593100 | HOULIHAN LOKEY INC COMMON STOCK USD 0.001 | 237 | 140.77 | $33,362.49 | 0.99% |
| APD | 009158106 | AIR PRODUCTS AND CHEMICALS INC COMMON STOCK USD 1 | 118 | 280.21 | $33,064.78 | 0.98% |
| LOPE | 38526M106 | GRAND CANYON EDUCATION INC COMMON STOCK USD 0.01 | 210 | 141.59 | $29,733.90 | 0.88% |
| AIR | 000361105 | AAR CORP COMMON STOCK USD 1 | 219 | 134.88 | $29,538.72 | 0.87% |
| CELH | 15118V207 | CELSIUS HOLDINGS INC COMMON STOCK USD 0.001 | 864 | 30.80 | $26,611.20 | 0.79% |
| LAD | 536797103 | LITHIA MOTORS INC COMMON STOCK USD 0 | 90 | 294.85 | $26,536.50 | 0.78% |
| MKTX | 57060D108 | MARKETAXESS HOLDINGS INC COMMON STOCK USD 0.003 | 218 | 120.33 | $26,231.94 | 0.78% |
| 681937520 | JPMORGAN US GOVT MM | 16,222 | 100.00 | $16,222.37 | 0.48% | |
| TXRH | 882681109 | TEXAS ROADHOUSE INC COMMON STOCK USD 0.001 | 86 | 177.75 | $15,286.50 | 0.45% |
| FTAI | G3730V105 | FTAI AVIATION LTD COMMON STOCK USD 1 | 22 | 276.11 | $6,074.42 | 0.18% |
| STE | G8473T100 | STERIS PLC COMMON STOCK USD 75 | 13 | 202.61 | $2,633.93 | 0.08% |
| CASH | 0 | 100.00 | $0.07 | 0.00% |
Allocation by Sector (%)
| Industrials | 26.56% |
| Information Technology | 17.98% |
| Financials | 10.69% |
| Materials | 9.62% |
| Health Care | 9.60% |
| Energy | 7.99% |
| Real Estate | 7.53% |
| Consumer Discretionary | 7.13% |
| Consumer Staples | 2.50% |
| Short-Term, Cash & Cash Equivalents | 0.40% |
| Industrials | 26.44% |
| Information Technology | 14.40% |
| Financials | 14.07% |
| Materials | 10.18% |
| Health Care | 8.79% |
| Consumer Discretionary | 8.35% |
| Energy | 8.32% |
| Real Estate | 7.55% |
| Consumer Staples | 1.44% |
| Short-Term, Cash & Cash Equivalents | 0.47% |
| Industrials | 25.40% |
| Information Technology | 18.38% |
| Financials | 16.12% |
| Health Care | 12.47% |
| Consumer Discretionary | 10.49% |
| Consumer Staples | 4.90% |
| Energy | 3.34% |
| Short-Term, Cash & Cash Equivalents | 2.93% |
| Real Estate | 2.48% |
| Materials | 1.72% |
| Communication Services | 1.38% |
| Utilities | 0.40% |
Allocation by Asset Class (%)
| US Equity | 95.17% |
| International Equity | 4.44% |
| Short-Term, Cash & Cash Equivalents | 0.40% |
| US Equity | 94.71% |
| International Equity | 4.82% |
| Short-Term, Cash & Cash Equivalents | 0.47% |
| Equity | 93.92% |
| Short-Term, Cash & Cash Equivalents | 6.08% |
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.
Percentages may not sum to 100% due to rounding.
Management
Fund Management
-
-
Suzanne Franks
Associate Portfolio Manager and Senior Research AnalystIndustry start:2004Year joined:2021 -
-
-
-
Adam Mielnik
Associate Portfolio Manager and Senior Research AnalystIndustry start:2014Year joined:2021 -
Investment Process
The team uses a bottom-up process, building the portfolio stock by stock.
- 01Narrow the Universe
The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.
- 02Conduct Fundamental Research
The team aims to identify companies that have low multiples and a potential catalyst for improvement.
Low Multiples- The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
- Holdings typically fall into at least one category below:
- Turnarounds
- Emerging growth
- Undervalued companies
Catalyst for Improvement- Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
- Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
- New management
- More favorable business cycle
- Margin improvement
- Product innovation
- 03Construct Portfolio
- Diversified with approximately 40-70 holdings
- Annual turnover expected 10%–20%
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.
Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.
Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).
Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.
Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.
Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.
Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.
Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.
Fees & Minimums
Expense Ratio as of January 27, 2026
Annual Fund Operating Expenses (%)
| Management Fees1 | 0.75% |
| Distribution and/or Service (12b-1) Fee | 0.00% |
| Other Expenses2 | 0.00% |
| Total Annual Fund Operating Expenses (%) | 0.75% |
| Fee Waivers and/or Expense Reimbursement1 | -0.20% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement (%) | 0.55% |
- 1
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.55% of the Fund’s average daily net assets. These contractual limitations are in effect until February 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the “Trust”).
- 2
"Other Expenses" are based on estimated expenses for the current fiscal year; actual expenses may vary.
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.
Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.
Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).
Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.
Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.
Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.
Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.
Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.
Documents
The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.
Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.
Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).
Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.
Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.
Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.
Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.
Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.
Risk Disclosures
All investments involve the risk of loss of principal.
The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity.
The Fund will invest in medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a smaller company's securities, also may be more difficult or expensive to trade. The Fund defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index.
“Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.
The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.