Investment Philosophy

The team focuses on small cap companies with characteristics such as inefficiently valued assets, turnarounds, accelerating growth and overlooked leaders, 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.

  • True Small Cap Specialists

    The seasoned management team has deep experience leveraging opportunities offered by small-cap companies across market cycles

  • Catalyst-Driven Value

    The ETF employs in-house fundamental research in an effort to identify temporarily mispriced companies with potential catalysts for earnings-growth normalization

  • Volatility Leads to Potential Opportunity

    Small cap market inefficiencies can create attractive opportunities for disciplined active investors, and broad portfolio diversification helps mitigate potential downside in a volatile investment universe

Our Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 3,000 US Small Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct 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
      • Inefficiently valued assets
      • Accelerating growth
      • Overlooked leaders

    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
  • 03

    Construct Portfolio

    • Diversified with approximately 100-175 holdings
    • Typical holdings less than $3bn market cap (at purchase)
    • Annual turnover expected 10%–20%

Competitive Advantage

  • Seasoned team of true small cap specialists
  • Time-tested, catalyst-driven value approach
  • Experience to find opportunity in short- and long-term dislocations due to volatility

ETF Holdings

As of Oct 08, 2026

Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
681937520 JPMORGAN US GOVT MM 103,019 100.00 $103,018.59 2.05%
LPG Y2106R110 DORIAN LPG LTD COMMON STOCK USD 0.01 1,058 56.21 $59,470.18 1.19%
ABCB 03076K108 AMERIS BANCORP COMMON STOCK USD 1 638 78.87 $50,319.06 1.00%
HNGE 433313103 HINGE HEALTH INC COMMON STOCK USD 0.00001 510 97.86 $49,908.60 0.99%
PNTG 70805E109 PENNANT GROUP INC/THE COMMON STOCK USD 0.001 1,233 39.62 $48,851.46 0.97%
KWR 747316107 QUAKER CHEMICAL CORP 309 157.33 $48,614.97 0.97%
ROG 775133101 ROGERS CORP COMMON STOCK USD 1 312 153.96 $48,035.52 0.96%
RELY 75960P104 REMITLY GLOBAL INC COMMON STOCK USD 0.0001 2,091 22.93 $47,946.63 0.96%
MRVI 56600D107 MARAVAI LIFESCIENCES HOLDINGS INC COMMON STOCK USD 6,447 7.43 $47,901.21 0.95%
NVGS Y62132108 NAVIGATOR HOLDINGS LTD COMMON STOCK USD 2,024 23.56 $47,685.44 0.95%
CDNA 14167L103 CAREDX INC COMMON STOCK USD 0.001 752 63.04 $47,406.08 0.94%
MTW 563571405 MANITOWOC CO INC/THE COMMON STOCK USD 0.01 2,112 22.05 $46,569.60 0.93%
ONB 680033107 OLD NATIONAL BANCORP/IN COMMON STOCK USD 0 1,892 24.42 $46,202.64 0.92%
AEIS 007973100 ADVANCED ENERGY INDUSTRIES INC COMMON STOCK USD 158 292.25 $46,175.50 0.92%
BKD 112463104 BROOKDALE SENIOR LIVING INC COMMON STOCK USD 0.01 4,225 10.77 $45,503.25 0.91%
CON 20603L102 CONCENTRA GROUP HOLDINGS PARENT INC COMMON STOCK 1,234 36.40 $44,917.60 0.90%
DORM 258278100 DORMAN PRODUCTS INC COMMON STOCK USD 0.01 361 122.87 $44,356.07 0.88%
SANM 801056102 SANMINA CORP COMMON STOCK USD 0.01 201 219.41 $44,101.41 0.88%
BRZE 10576N102 BRAZE INC COMMON STOCK USD 0.0001 1,541 28.46 $43,856.86 0.87%
KALU 483007704 KAISER ALUMINUM CORP COMMON STOCK USD 0.01 287 152.24 $43,692.88 0.87%
CYRX 229050307 CRYOPORT INC COMMON STOCK USD 0.001 2,509 17.35 $43,531.15 0.87%
PLXS 729132100 PLEXUS CORP COMMON STOCK USD 0.01 163 266.57 $43,450.91 0.87%
TALO 87484T108 TALOS ENERGY INC COMMON STOCK USD 2,601 16.66 $43,332.66 0.86%
AX 05465C100 AXOS FINANCIAL INC COMMON STOCK USD 0.01 487 87.68 $42,700.16 0.85%
CMC 201723103 COMMERCIAL METALS CO COMMON STOCK USD 0.01 663 63.25 $41,934.75 0.84%
VECO 922417100 VEECO INSTRUMENTS INC COMMON STOCK USD 0.01 778 53.53 $41,646.34 0.83%
HSTM 42222N103 HEALTHSTREAM INC COMMON STOCK USD 0 1,263 32.10 $40,542.30 0.81%
LPX 546347105 LOUISIANA-PACIFIC CORP COMMON STOCK USD 1 622 64.74 $40,268.28 0.80%
DCO 264147109 DUCOMMUN INC COMMON STOCK USD 0.01 242 165.69 $40,096.98 0.80%
MUR 626717102 MURPHY OIL CORP COMMON STOCK USD 1 1,074 37.25 $40,006.50 0.80%
FLYW 302492103 FLYWIRE CORP COMMON STOCK USD 0.0001 2,203 18.15 $39,984.45 0.80%
SBCF 811707801 SEACOAST BANKING CORP OF FLORIDA COMMON STOCK USD 1,233 31.87 $39,295.71 0.78%
CECO 125141101 CECO ENVIRONMENTAL CORP COMMON STOCK USD 0.01 552 71.16 $39,280.32 0.78%
HRI 42704L104 HERC HOLDINGS INC COMMON STOCK USD 0.01 308 124.42 $38,321.36 0.76%
GLNG G9456A100 GOLAR LNG LTD COMMON STOCK USD 1 779 49.14 $38,280.06 0.76%
HZO 567908108 MARINEMAX INC COMMON STOCK USD 0.001 729 52.47 $38,250.63 0.76%
SMBK 83190L208 SMARTFINANCIAL INC COMMON STOCK USD 1 757 50.04 $37,880.28 0.75%
FUL 359694106 HB FULLER CO COMMON STOCK USD 1 752 49.91 $37,532.32 0.75%
SPB 84790A105 SPECTRUM BRANDS HOLDINGS INC 486 76.95 $37,397.70 0.75%
STNG Y7542C130 SCORPIO TANKERS INC COMMON STOCK USD 0.01 441 84.51 $37,268.91 0.74%
MGNI 55955D100 MAGNITE INC COMMON STOCK USD 0.00001 1,474 25.24 $37,203.76 0.74%
LOCO 268603107 EL POLLO LOCO HOLDINGS INC COMMON STOCK USD 0.01 2,531 14.63 $37,028.53 0.74%
CHEF 163086101 CHEFS' WAREHOUSE INC/THE COMMON STOCK USD 0.01 331 111.01 $36,744.31 0.73%
REPX 76665T102 RILEY EXPLORATION PERMIAN INC COMMON STOCK USD 848 43.21 $36,642.08 0.73%
ABM 000957100 ABM INDUSTRIES INC COMMON STOCK USD 0.01 751 48.75 $36,611.25 0.73%
LFST 53228F101 LIFESTANCE HEALTH GROUP INC COMMON STOCK USD 0.01 2,992 12.11 $36,233.12 0.72%
MAMA 56146T103 MAMA'S CREATIONS INC COMMON STOCK USD 2,808 12.86 $36,110.88 0.72%
NTGR 64111Q104 NETGEAR INC COMMON STOCK USD 0.001 1,563 23.10 $36,105.30 0.72%
TDC 88076W103 TERADATA CORP COMMON STOCK USD 0.01 1,236 29.16 $36,041.76 0.72%
OIS 678026105 OIL STATES INTERNATIONAL INC COMMON STOCK USD 0.01 4,450 8.09 $36,000.50 0.72%
SONO 83570H108 SONOS INC COMMON STOCK USD 0.001 2,115 16.98 $35,912.70 0.72%
AMRC 02361E108 AMERESCO INC COMMON STOCK USD 0.0001 1,629 21.93 $35,723.97 0.71%
AIN 012348108 ALBANY INTERNATIONAL CORP COMMON STOCK USD 0.001 601 59.38 $35,687.38 0.71%
COLB 197236102 COLUMBIA BANKING SYSTEM INC COMMON STOCK USD 0 1,259 28.26 $35,579.34 0.71%
SBLK Y8162K204 STAR BULK CARRIERS CORP COMMON STOCK USD 0.01 1,167 29.69 $34,648.23 0.69%
PWP 71367G102 PERELLA WEINBERG PARTNERS COMMON STOCK USD 0.0001 2,245 15.13 $33,966.85 0.68%
AXS G0692U109 AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD 0.0125 356 95.35 $33,944.60 0.68%
GFF 398433102 GRIFFON CORP COMMON STOCK USD 0.25 359 94.00 $33,746.00 0.67%
GO 39874R101 GROCERY OUTLET HOLDING CORP COMMON STOCK USD 0.001 2,802 11.94 $33,455.88 0.67%
IIIN 45774W108 INSTEEL INDUSTRIES INC COMMON STOCK USD 0 1,126 29.59 $33,318.34 0.66%
HLIT 413160102 HARMONIC INC COMMON STOCK USD 0.001 2,930 11.27 $33,021.10 0.66%
DY 267475101 DYCOM INDUSTRIES INC COMMON STOCK USD 0.3333333 116 282.46 $32,765.36 0.65%
GTES G39104107 GATES INDUSTRIAL CORP LTD COMMON STOCK USD 0.01 1,190 27.41 $32,617.90 0.65%
LXU 502160104 LSB INDUSTRIES INC COMMON STOCK USD 0.1 3,174 10.20 $32,374.80 0.65%
SM 78454L100 SM ENERGY CO COMMON STOCK USD 0.01 911 35.25 $32,112.75 0.64%
BDC 077454106 BELDEN INC COMMON STOCK USD 0.01 293 109.41 $32,057.13 0.64%
SNDA 140475203 SONIDA SENIOR LIVING INC COMMON STOCK USD 0.01 860 36.21 $31,140.60 0.62%
VSH 928298108 VISHAY INTERTECHNOLOGY INC COMMON STOCK USD 0.1 839 36.87 $30,933.93 0.62%
BCC 09739D100 BOISE CASCADE CO COMMON STOCK USD 0.01 422 72.92 $30,772.24 0.61%
NGS 63886Q109 NATURAL GAS SERVICES GROUP INC COMMON STOCK USD 925 33.24 $30,747.00 0.61%
GBCI 37637Q105 GLACIER BANCORP INC COMMON STOCK USD 0.01 716 42.77 $30,623.32 0.61%
TKR 887389104 TIMKEN CO/THE COMMON STOCK USD 0 266 114.91 $30,566.06 0.61%
CENX 156431108 CENTURY ALUMINUM CO COMMON STOCK USD 0.01 841 36.03 $30,301.23 0.60%
GHM 384556106 GRAHAM CORP COMMON STOCK USD 0.1 354 84.34 $29,856.36 0.59%
NPO 29355X107 ENPRO INC COMMON STOCK USD 0.01 93 317.68 $29,544.24 0.59%
ATRC 04963C209 ATRICURE INC COMMON STOCK USD 0.001 553 53.31 $29,480.43 0.59%
TNC 880345103 TENNANT CO COMMON STOCK USD 0.375 446 65.87 $29,378.02 0.59%
TRNS 893529107 TRANSCAT INC COMMON STOCK USD 0.5 330 88.79 $29,300.70 0.58%
RDNT 750491102 RADNET INC COMMON STOCK USD 0.0001 427 68.61 $29,296.47 0.58%
AMN 001744101 AMN HEALTHCARE SERVICES INC COMMON STOCK USD 0.01 796 36.53 $29,077.88 0.58%
FLOC 342909108 FLOWCO HOLDINGS INC COMMON STOCK USD 0.0001 1,519 19.09 $28,997.71 0.58%
TTMI 87305R109 TTM TECHNOLOGIES INC COMMON STOCK USD 0.001 224 128.20 $28,716.80 0.57%
RRBI 75686R202 RED RIVER BANCSHARES INC COMMON STOCK USD 286 100.22 $28,662.92 0.57%
SIBN 825704109 SI-BONE INC COMMON STOCK USD 0.0001 1,499 19.10 $28,630.90 0.57%
VLY 919794107 VALLEY NATIONAL BANCORP COMMON STOCK USD 0 2,290 12.48 $28,579.20 0.57%
UMH 903002103 UMH PROPERTIES INC REIT USD 0.1 1,894 15.03 $28,466.82 0.57%
CBT 127055101 CABOT CORP COMMON STOCK USD 1 377 75.41 $28,429.57 0.57%
ONTO 683344105 ONTO INNOVATION INC COMMON STOCK USD 0 93 304.40 $28,309.20 0.56%
ASYS 032332504 AMTECH SYSTEMS INC COMMON STOCK USD 0.01 1,563 17.60 $27,508.80 0.55%
LNC 534187109 LINCOLN NATIONAL CORP COMMON STOCK USD 0 662 41.00 $27,142.00 0.54%
SIMO 82706C108 SILICON MOTION TECHNOLOGY CORP ADR USD 0.01 92 285.78 $26,291.76 0.52%
DCOM 25432X102 DIME COMMERCIAL BANCSHARES INC COMMON STOCK USD 670 38.57 $25,841.90 0.51%
DIN 254423106 DINE BRANDS GLOBAL INC COMMON STOCK USD 0.01 885 28.96 $25,629.60 0.51%
WNC 929566107 WABASH NATIONAL CORP COMMON STOCK USD 0.01 1,876 13.63 $25,569.88 0.51%
ARLO 04206A101 ARLO TECHNOLOGIES INC COMMON STOCK USD 0.001 2,120 11.95 $25,334.00 0.50%
SKY 830830105 CHAMPION HOMES INC COMMON STOCK USD 0.028 310 81.03 $25,119.30 0.50%
ESI 28618M106 ELEMENT SOLUTIONS INC COMMON STOCK USD 0.01 663 37.17 $24,643.71 0.49%
TRS 896215209 TRIMAS CORP COMMON STOCK USD 0.01 639 38.25 $24,441.75 0.49%
IPI 46121Y201 INTREPID POTASH INC COMMON STOCK USD 0.001 729 33.07 $24,108.03 0.48%
STVN T9224W109 STEVANATO GROUP SPA COMMON STOCK USD 1,232 19.44 $23,950.08 0.48%
CALM 128030202 CAL-MAINE FOODS INC COMMON STOCK USD 0.01 380 62.70 $23,826.00 0.47%
AXGN 05463X106 AXOGEN INC COMMON STOCK USD 0.01 660 36.04 $23,786.40 0.47%
COHU 192576106 COHU INC COMMON STOCK USD 1 335 70.78 $23,711.30 0.47%
BKH 092113109 BLACK HILLS CORP COMMON STOCK USD 1 311 75.84 $23,586.24 0.47%
FLS 34354P105 FLOWSERVE CORP COMMON STOCK USD 1.25 331 70.52 $23,342.12 0.47%
DGII 253798102 DIGI INTERNATIONAL INC COMMON STOCK USD 0.01 309 75.21 $23,239.89 0.46%
ASO 00402L107 ACADEMY SPORTS & OUTDOORS INC COMMON STOCK USD 441 52.62 $23,205.42 0.46%
ITRI 465741106 ITRON INC COMMON STOCK USD 0 270 85.58 $23,106.60 0.46%
CVLG 22284P105 COVENANT LOGISTICS GROUP INC COMMON STOCK USD 0.01 705 32.68 $23,039.40 0.46%
ATRO 046433108 ASTRONICS CORP COMMON STOCK USD 0.01 355 64.63 $22,943.65 0.46%
ALKT 01644J108 ALKAMI TECHNOLOGY INC COMMON STOCK USD 0.001 1,607 14.15 $22,739.05 0.45%
TRN 896522109 TRINITY INDUSTRIES INC COMMON STOCK USD 0.01 882 25.37 $22,376.34 0.45%
OGS 68235P108 ONE GAS INC COMMON STOCK USD 308 72.65 $22,376.20 0.45%
VSEC 918284100 VSE CORP COMMON STOCK USD 0.05 133 167.34 $22,256.22 0.44%
SRTA 092667104 STRATA CRITICAL MEDICAL INC COMMON STOCK USD 4,752 4.68 $22,239.36 0.44%
UFPI 90278Q108 UFP INDUSTRIES INC COMMON STOCK USD 0 289 76.44 $22,091.16 0.44%
DNOW 67011P100 DNOW INC COMMON STOCK USD 0.01 1,431 15.36 $21,980.16 0.44%
UTI 913915104 UNIVERSAL TECHNICAL INSTITUTE INC COMMON STOCK USD 1,100 19.89 $21,879.00 0.44%
TEX 880779103 TEREX CORP COMMON STOCK USD 0.01 402 54.13 $21,760.26 0.43%
NPKI 651718504 NPK INTERNATIONAL INC COMMON STOCK USD 0.01 1,897 11.41 $21,644.77 0.43%
HCSG 421906108 HEALTHCARE SERVICES GROUP INC COMMON STOCK USD 1,036 20.79 $21,538.44 0.43%
NMIH 629209305 NMI HOLDINGS INC COMMON STOCK USD 0.01 531 39.54 $20,995.74 0.42%
SDRL G7997W102 SEADRILL LTD COMMON STOCK USD 0.01 470 44.66 $20,990.20 0.42%
ATEC 02081G201 ALPHATEC HOLDINGS INC COMMON STOCK USD 0.0001 2,046 10.25 $20,971.50 0.42%
JBTM 477839104 JBT MAREL CORP COMMON STOCK USD 0.01 201 104.33 $20,970.33 0.42%
WEN 95058W100 WENDY'S CO/THE COMMON STOCK USD 0.1 3,432 6.11 $20,969.52 0.42%
NVST 29415F104 ENVISTA HOLDINGS CORP COMMON STOCK USD 0.01 908 23.04 $20,920.32 0.42%
ASTE 046224101 ASTEC INDUSTRIES INC COMMON STOCK USD 0.2 509 39.21 $19,957.89 0.40%
WAY 946784105 WAYSTAR HOLDING CORP COMMON STOCK USD 0.01 773 25.77 $19,920.21 0.40%
ESAB 29605J106 ESAB CORP 292 67.12 $19,599.04 0.39%
OUT 69007J304 OUTFRONT MEDIA INC REIT USD 0.01 664 28.93 $19,209.52 0.38%
AORT 228903100 CRYOLIFE, INC 885 21.61 $19,124.85 0.38%
ORI 680223104 OLD REPUBLIC INTERNATIONAL CORP COMMON STOCK USD 1 506 37.71 $19,081.26 0.38%
MTDR 576485205 MATADOR RESOURCES CO COMMON STOCK USD 0.01 360 52.85 $19,026.00 0.38%
BHE 08160H101 BENCHMARK ELECTRONICS INC COMMON STOCK USD 0.1 228 83.23 $18,976.44 0.38%
IIIV 46571Y107 I3 VERTICALS INC COMMON STOCK USD 0.0001 1,261 15.03 $18,952.83 0.38%
CAKE 163072101 CHEESECAKE FACTORY INC/THE COMMON STOCK USD 0.01 176 106.99 $18,830.24 0.38%
NTCT 64115T104 NETSCOUT SYSTEMS INC COMMON STOCK USD 0.001 465 40.07 $18,632.55 0.37%
ADTN 00486H105 ADTRAN HOLDINGS INC COMMON STOCK USD 0.01 2,378 7.76 $18,453.28 0.37%
ACLS 054540208 AXCELIS TECHNOLOGIES INC COMMON STOCK USD 0.001 132 138.40 $18,268.80 0.36%
AVAH 05356F105 AVEANNA HEALTHCARE HOLDINGS INC COMMON STOCK USD 1,431 12.31 $17,615.61 0.35%
SKT 875465106 TANGER INC REIT USD 0.01 506 34.55 $17,482.30 0.35%
OSIS 671044105 OSI SYSTEMS INC COMMON STOCK USD 0 89 194.05 $17,270.45 0.34%
IBP 45780R101 INSTALLED BUILDING PRODUCTS INC COMMON STOCK USD 93 184.40 $17,149.20 0.34%
NX 747619104 QUANEX BUILDING PRODUCTS CORP COMMON STOCK USD 926 18.39 $17,029.14 0.34%
CERT 15687V109 CERTARA INC COMMON STOCK USD 0.01 1,900 8.96 $17,024.00 0.34%
INVX 457651107 INNOVEX INTERNATIONAL INC COMMON STOCK USD 0.01 628 26.92 $16,905.76 0.34%
AADX 03815J107 APPLIED AEROSPACE & DEFENSE INC COMMON STOCK USD 1,481 11.26 $16,676.06 0.33%
PUMP 74347M108 PROPETRO HOLDING CORP COMMON STOCK USD 1,782 9.28 $16,536.96 0.33%
EXTR 30226D106 EXTREME NETWORKS INC COMMON STOCK USD 0.001 663 24.60 $16,309.80 0.32%
ENSG 29358P101 ENSIGN GROUP INC/THE COMMON STOCK USD 0.001 91 169.22 $15,399.02 0.31%
AIR 000361105 AAR CORP COMMON STOCK USD 1 154 99.62 $15,341.48 0.31%
CTOS 23204X103 CUSTOM TRUCK ONE SOURCE INC 1,608 9.44 $15,179.52 0.30%
CDRE 12763L105 CADRE HOLDINGS INC COMMON STOCK USD 0.01 596 24.97 $14,882.12 0.30%
RDN 750236101 RADIAN GROUP INC COMMON STOCK USD 0.001 421 33.70 $14,187.70 0.28%
CENTA 153527205 CENTRAL GARDEN & PET CO COMMON STOCK USD 0.01 406 34.74 $14,104.44 0.28%
WRBY 93403J106 WARBY PARKER INC-CLASS A 550 25.31 $13,920.50 0.28%
LAD 536797103 LITHIA MOTORS INC COMMON STOCK USD 0 48 287.37 $13,793.76 0.27%
FIP 35953C106 FTAI INFRASTRUCTURE INC COMMON STOCK USD 0.01 4,820 2.84 $13,688.80 0.27%
LYTS 50216C108 LSI INDUSTRIES INC COMMON STOCK USD 0 641 20.89 $13,390.49 0.27%
EVER 30041R108 EVERQUOTE INC COMMON STOCK USD 0.001 687 19.39 $13,320.93 0.27%
MMSI 589889104 MERIT MEDICAL SYSTEMS INC COMMON STOCK USD 0 155 85.09 $13,188.95 0.26%
MEC 578605107 MAYVILLE ENGINEERING CO INC COMMON STOCK USD 831 15.41 $12,805.71 0.26%
EYE 63845R107 NATIONAL VISION HOLDINGS INC COMMON STOCK USD 0.01 749 16.82 $12,598.18 0.25%
CMCO 199333105 COLUMBUS MCKINNON CORP/NY COMMON STOCK USD 0.01 772 16.16 $12,475.52 0.25%
STC 860372101 STEWART INFORMATION SERVICES CORP COMMON STOCK USD 243 50.40 $12,247.20 0.24%
HL 422704106 HECLA MINING CO COMMON STOCK USD 0.25 727 16.39 $11,915.53 0.24%
PGNY 74340E103 PROGYNY INC COMMON STOCK USD 0.0001 399 27.55 $10,992.45 0.22%
COUR 22266M104 COURSERA INC COMMON STOCK USD 0.00001 2,092 5.11 $10,690.12 0.21%
CDE 192108504 COEUR MINING INC COMMON STOCK USD 0.01 618 16.50 $10,197.00 0.20%
AVTR 05352A100 AVANTOR INC COMMON STOCK USD 0.01 664 15.35 $10,192.40 0.20%
TWI 88830M102 TITAN INTERNATIONAL INC COMMON STOCK USD 0 1,432 6.85 $9,809.20 0.20%
CALX 13100M509 CALIX INC COMMON STOCK USD 267 35.54 $9,489.18 0.19%
TTAM B9151N105 TITAN AMERICA SA COMMON STOCK USD 705 13.27 $9,355.35 0.19%
TILE 458665304 INTERFACE INC COMMON STOCK USD 0.1 222 34.88 $7,743.36 0.15%
ANGO 03475V101 ANGIODYNAMICS INC COMMON STOCK USD 0.01 487 14.19 $6,910.53 0.14%
FTK 343389409 FLOTEK INDUSTRIES INC COMMON STOCK USD 0.0001 244 28.06 $6,846.64 0.14%
RES 749660106 RPC INC COMMON STOCK USD 0.1 883 5.94 $5,245.02 0.10%
CASH 1,546 100.00 $1,545.54 0.03%
  1. Russell 2000® Index (Gross/Total) measures the performance of the small-cap segment of the US equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. A total-return index tracks price changes and reinvestment of distribution income.

    Russell 2000® Value Index (Gross/Total) measures the performance of the small cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (two-year) growth and lower sales per share historical growth (five-year). A total-return index tracks price changes and reinvestment of distribution income.

  2. 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.

  • Suzanne Franks

    Associate Portfolio Manager and Senior Research Analyst

    Industry start:  
    2004
    Year joined:  
    2021
  • Bill Hench

    Head of Small Cap Team and Portfolio Manager

    Industry start:  
    1992
    Year joined:  
    2021
  • Adam Mielnik

    Associate Portfolio Manager and Senior Research Analyst

    Industry start:  
    2014
    Year joined:  
    2021

Ticker: FESC

Expense Ratio as of June 30, 2026

 

Annual Fund Operating Expenses (%) (expenses that you pay each year as a percentage of the value of your investment)

 

Management Fees1 0.85%
Distribution and/or Service (12b-1) Fee 0.00%
Other Expenses2 0.00%
Total Annual Fund Operating Expenses (%) 0.85%
Fee Waivers and/or Expense Reimbursement1-0.30%
Net 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 June 30, 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.

Fund Information

Fund Profile
Prospectus
  1. 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.

  1. Risk Disclosures

  2. Diversification does not guarantee investment success or protect against investment loss.

    The First Eagle Small Cap Equity ETF is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

  3. The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.

    ETFs are subject to additional risks that investors should be made aware of, including but not limited to: the risk that ETF shares may trade at a premium or discount to the fund's net asset value (NAV); the risk that an active trading market for ETF shares may not develop or be maintained; and the risk that trading in ETF shares may be halted due to market conditions or other reasons.

  4. The Fund will invest in small-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in small-size companies, especially when the Fund is a larger holder of a small company’s securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. The Adviser defines small-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 2000® Index. The Russell 2000® Index is reconstituted annually.

  5. There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments, fluctuations in the value of foreign currency and exchange rates, and adverse changes to government regulations.

  6. A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “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.

  7. All investments involve the risk of loss of principal.

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  1. Investors should consider the investment objectives, risks, and charges and expenses of the First Eagle ETFs carefully before investing. The prospectus and summary prospectus contain this and other information about our funds and may be obtained by visiting our website at www. firsteagle.com or calling us at 844-422-3367. The prospectus or summary prospectus should be read carefully before investing.

  2. 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.