Overview
Investment Philosophy
The US Equity ETF philosophy reflects the teachings of Benjamin Graham and Warren Buffett. We believe there is a persistent market failure to recognize a company’s “intrinsic value.” The Fund attempts to exploit this failure on behalf of our investors through a bottom-up, fundamental investment approach.
Bottom-Up Security SelectionWe look for companies with strong balance sheets, sustainable earnings and effective management stewardship that are at a discount to intrinsic value.
Focus on Absolute ReturnsWe attempt to avoid the permanent impairment of capital and generate long-term positive absolute returns across market cycles.
Flexible, Benchmark-Agnostic ApproachThe Fund has the ability to invest across sectors/industries, market-capitalization ranges, and without regard to a benchmark.
Portfolio Characteristics
| Net Assets as of Jun 17, 2026 | $2,036,183 |
| Shares Outstanding as of Jun 17, 2026 | 60,000 |
| Number of Holdings | 53 |
| Weighted Average Market Cap | $462,676MM |
| Median Market Cap | $44,409MM |
| Price/Earnings Ratio | 19.10 |
| Price/Book Ratio | 2.66 |
| Active Share | 87.1% |
- As of Apr 30, 2026
Our Process
The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.
The investment process involves the following steps:
- 01Analyze, Understand Business Models
Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:
- A company’s market share
- The nature of its products and its business contingencies
- 02Recast Financial Statements
Financial statements are recast because:
- Conservative accounting practices can mask the true earnings power of a company
- In our view, accounting practices are sometimes too liberal
Our goal is to uncover a company’s true economic earnings using only demonstrated results.
- 03Calculate Intrinsic Value
The team places great emphasis on:
- Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
- Cash flow valuation (such as EV/EBIT)
- Investments are made based on significant discounts to what is believed to be a company’s intrinsic value.
- 04Typically Invest for the Long Term
The team typically seeks a discount to what they believe is a company’s intrinsic value*:
- They seek further downside mitigation by determining a “margin of safety”† in each holding
- This “margin of safety”† is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.
Disclosures
- *
“Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
- †
First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.
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).
Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.
Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.
Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.
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.
SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.
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.
Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation.
S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
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 | ||||||||||||
| USFE NAV | -- | 0.61% | -2.39% | -- | -- | -- | -- | -0.55% | 0.79% | 0.45% | Jan 27, 2026 | ||
| USFE Market Price | -- | 0.55% | -2.30% | -- | -- | -- | -- | -0.54% | 0.79% | 0.45% | Jan 27, 2026 | ||
| S&P 500 Index | -- | 5.26% | 10.52% | -- | -- | -- | -- | 9.81% | -- | -- | -- | ||
| USFE NAV | -- | -6.83% | -- | -- | -- | -- | -- | -5.08% | 0.79% | 0.45% | Jan 27, 2026 | ||
| USFE Market Price | -- | -6.85% | -- | -- | -- | -- | -- | -5.17% | 0.79% | 0.45% | Jan 27, 2026 | ||
| S&P 500 Index | -- | -4.98% | -- | -- | -- | -- | -- | -5.85% | -- | -- | -- | ||
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 18, 2026
| Stock Ticker | CUSIP/Other | Security Name | Shares | Price | Market Value | Weightings |
|---|---|---|---|---|---|---|
| GOOG | 02079K107 | ALPHABET INC-CL C - COMMON STOCK USD 0.001 | 281 | 362.10 | $101,750.10 | 5.01% |
| OKE | 682680103 | ONEOK INC COMMON STOCK USD 0.01 | 1,120 | 85.58 | $95,849.60 | 4.71% |
| BNY | 064058100 | BANK OF NEW YORK MELLON CORP/THE COMMON STOCK USD | 563 | 146.07 | $82,237.41 | 4.05% |
| META | 30303M102 | META PLATFORMS INC COMMON STOCK USD 0.000006 | 141 | 567.58 | $80,028.78 | 3.94% |
| BDX | 075887109 | BECTON DICKINSON & CO COMMON STOCK USD 1 | 548 | 141.61 | $77,602.28 | 3.82% |
| ELV | 036752103 | ELEVANCE HEALTH INC COMMON STOCK USD 0.01 | 189 | 391.27 | $73,950.03 | 3.64% |
| PM | 718172109 | PHILIP MORRIS INTERNATIONAL INC COMMON STOCK USD 0 | 370 | 179.44 | $66,392.80 | 3.27% |
| ORCL | 68389X105 | ORACLE CORP COMMON STOCK USD 0.01 | 354 | 183.53 | $64,969.62 | 3.20% |
| HCA | 40412C101 | HCA HEALTHCARE INC COMMON STOCK USD 0.01 | 166 | 388.16 | $64,434.56 | 3.17% |
| CL | 194162103 | COLGATE-PALMOLIVE COMPANY COMMON STOCK USD 1 | 626 | 90.58 | $56,703.08 | 2.79% |
| NEM | 651639106 | NEWMONT CORP COMMON STOCK USD 1.6 | 466 | 105.67 | $49,242.22 | 2.42% |
| CRM | 79466L302 | SALESFORCE.COM INC. | 301 | 155.02 | $46,661.02 | 2.30% |
| XOM | 30231G102 | EXXON MOBIL | 328 | 140.74 | $46,162.72 | 2.27% |
| WY | 962166104 | WEYERHAEUSER CO REIT USD 1.25 | 1,818 | 24.33 | $44,231.94 | 2.18% |
| ADP | 053015103 | AUTOMATIC DATA PROCESSING INC COMMON STOCK USD 0.1 | 177 | 218.76 | $38,720.52 | 1.90% |
| UHS | 913903100 | UNIVERSAL HEALTH SERVICES INC COMMON STOCK USD | 271 | 141.26 | $38,281.46 | 1.88% |
| SLB | 806857108 | SCHLUMBERGER LIMITED | 757 | 50.33 | $38,099.81 | 1.87% |
| WDAY | 98138H101 | WORKDAY INC COMMON STOCK USD 0.001 | 308 | 121.83 | $37,523.64 | 1.85% |
| CMCSA | 20030N101 | COMCAST CORP COMMON STOCK USD 0.01 | 1,644 | 22.69 | $37,302.36 | 1.83% |
| CHRW | 12541W209 | CH ROBINSON WORLDWIDE INC COMMON STOCK USD 0.1 | 174 | 185.20 | $32,224.80 | 1.59% |
| B | 06849F108 | BARRICK MINING CORP COMMON STOCK CAD | 766 | 41.29 | $31,628.14 | 1.56% |
| FNV | 351858105 | FRANCO-NEVADA CORP COMMON STOCK | 139 | 226.93 | $31,543.27 | 1.55% |
| EQR | 29476L107 | EQUITY RESIDENTIAL REIT USD 0.01 | 477 | 64.63 | $30,828.51 | 1.52% |
| BKNG | 09857L108 | BOOKING HOLDINGS INC COMMON STOCK USD 0.008 | 179 | 171.63 | $30,721.77 | 1.51% |
| PPG | 693506107 | PPG INDUSTRIES INC COMMON STOCK USD 1.66666 | 261 | 117.14 | $30,573.54 | 1.50% |
| WTW | G96629103 | WILLIS TOWERS WATSON PLC | 115 | 260.03 | $29,903.45 | 1.47% |
| USB | 902973304 | US BANCORP COMMON STOCK USD 0.01 | 507 | 57.91 | $29,360.37 | 1.44% |
| AXP | 025816109 | AMERICAN EXPRESS CO COMMON STOCK USD 0.2 | 84 | 340.54 | $28,605.36 | 1.41% |
| MDT | G5960L103 | MEDTRONIC PLC COMMON STOCK USD 0.1 | 358 | 78.14 | $27,974.12 | 1.38% |
| 681937520 | JPMORGAN US GOVT MM | 26,780 | 100.00 | $26,779.82 | 1.32% | |
| IFF | 459506101 | INTERNATIONAL FLAVORS & FRAGRANCES INC COMMON | 342 | 75.65 | $25,872.30 | 1.27% |
| BIO | 090572207 | BIO-RAD LABORATORIES INC COMMON STOCK USD 0.0001 | 90 | 284.67 | $25,620.30 | 1.26% |
| IPGP | 44980X109 | IPG PHOTONICS CORP COMMON STOCK USD 0.0001 | 220 | 113.64 | $25,000.80 | 1.23% |
| BRO | 115236101 | BROWN & BROWN INC COMMON STOCK USD 0.1 | 402 | 59.04 | $23,734.08 | 1.17% |
| BXP | 101121101 | BXP INC REIT USD 0.01 | 374 | 63.06 | $23,584.44 | 1.16% |
| BRK/B | 084670702 | BERKSHIRE HATHAWAY INC COMMON STOCK USD 0.0033 | 48 | 491.28 | $23,581.44 | 1.16% |
| NOV | 62955J103 | NOV INC COMMON STOCK USD 0.01 | 1,180 | 19.30 | $22,774.00 | 1.12% |
| EXR | 30225T102 | EXTRA SPACE STORAGE INC REIT USD 0.01 | 157 | 143.92 | $22,595.44 | 1.11% |
| CHTR | 16119P108 | CHARTER COMMUNICATIONS INC COMMON STOCK USD 0.001 | 165 | 132.00 | $21,780.00 | 1.07% |
| EXPD | 302130109 | EXPEDITORS INTERNATIONAL OF WASHINGTON INC COMMON | 135 | 160.61 | $21,682.35 | 1.07% |
| OMC | 681919106 | OMNICOM GROUP INC COMMON STOCK USD 0.15 | 279 | 76.31 | $21,290.49 | 1.05% |
| AEM | 008474108 | AGNICO EAGLE MINES LTD COMMON STOCK CAD 0 | 122 | 172.99 | $21,104.78 | 1.04% |
| DG | 256677105 | DOLLAR GENERAL CORP COMMON STOCK USD 0.875 | 193 | 108.69 | $20,977.17 | 1.03% |
| NE | G65431127 | NOBLE CORP PLC COMMON STOCK USD 0.00001 | 471 | 43.03 | $20,267.13 | 1.00% |
| WAT | 941848103 | WATERS CORP COMMON STOCK USD 0.01 | 56 | 357.00 | $19,992.00 | 0.98% |
| DIS | 254687106 | THE WALT DISNEY COMPANY | 196 | 100.86 | $19,768.56 | 0.97% |
| NTR | 67077M108 | NUTRIEN LTD | 302 | 64.28 | $19,412.56 | 0.95% |
| CMI | 231021106 | CUMMINS INC COMMON STOCK USD 2.5 | 26 | 717.78 | $18,662.28 | 0.92% |
| MSFT | 594918104 | MICROSOFT CORP COMMON STOCK USD 0.00000625 | 49 | 378.91 | $18,566.59 | 0.91% |
| CASH | 18,281 | 100.00 | $18,281.07 | 0.90% | ||
| DE | 244199105 | DEERE & CO COMMON STOCK USD 1 | 31 | 588.47 | $18,242.57 | 0.90% |
| CSL | 142339100 | CARLISLE COS INC COMMON STOCK USD 1 | 53 | 342.10 | $18,131.30 | 0.89% |
| MDT | G5960L103 | MEDTRONIC PLC COMMON STOCK USD 0.1 | 212 | 78.14 | $16,565.68 | 0.81% |
| FISV | 337738108 | FISERV INC COMMON STOCK USD 0.01 | 337 | 48.77 | $16,435.49 | 0.81% |
| HCC | 93627C101 | WARRIOR MET COAL INC COMMON STOCK USD 0.01 | 165 | 95.07 | $15,686.55 | 0.77% |
| FNF | 31620R303 | FIDELITY NATIONAL FINANCIAL INC COMMON STOCK USD | 329 | 46.85 | $15,413.65 | 0.76% |
| CFR | 229899109 | CULLEN/FROST BANKERS INC COMMON STOCK USD 0.01 | 104 | 145.55 | $15,137.20 | 0.74% |
| NE | G65431127 | NOBLE CORP PLC COMMON STOCK USD 0.00001 | 151 | 43.03 | $6,497.53 | 0.32% |
| WTW | G96629103 | WILLIS TOWERS WATSON PLC | 23 | 260.03 | $5,980.69 | 0.29% |
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.
Allocation by Sector (%)
| Health Care | 16.43% |
| Communication Services | 15.29% |
| Energy | 12.41% |
| Financials | 12.28% |
| Information Technology | 10.65% |
| Materials | 9.99% |
| Industrials | 9.07% |
| Consumer Staples | 6.33% |
| Real Estate | 5.59% |
| Short-Term, Cash & Cash Equivalents | 1.97% |
| Health Care | 17.07% |
| Communication Services | 14.93% |
| Energy | 12.67% |
| Financials | 12.17% |
| Information Technology | 10.62% |
| Materials | 10.62% |
| Industrials | 8.01% |
| Consumer Staples | 6.62% |
| Real Estate | 5.45% |
| Short-Term, Cash & Cash Equivalents | 1.83% |
| Materials | 19.23% |
| Health Care | 15.17% |
| Communication Services | 13.36% |
| Information Technology | 10.86% |
| Financials | 9.12% |
| Short-Term, Cash & Cash Equivalents | 8.63% |
| Energy | 7.76% |
| Industrials | 7.38% |
| Consumer Staples | 4.97% |
| Real Estate | 3.12% |
| Consumer Discretionary | 0.39% |
Allocation by Asset Class (%)
| US Equity | 88.87% |
| Gold Related Investments | 6.36% |
| International Equity | 2.81% |
| Short-Term, Cash & Cash Equivalents | 1.97% |
| US Equity | 88.18% |
| Gold Related Investments | 6.83% |
| International Equity | 3.16% |
| Short-Term, Cash & Cash Equivalents | 1.83% |
| US Equity | 70.84% |
| Gold Related Investments | 17.09% |
| Short-Term, Cash & Cash Equivalents | 8.12% |
| International Equity | 2.70% |
| US Fixed Income | 0.89% |
| International Fixed Income | 0.36% |
Allocation by Market Capitalization (%)
| Large Cap | 66.56% |
| Mid Cap | 29.15% |
| Small Cap | 4.29% |
| Large Cap | 65.21% |
| Mid Cap | 30.51% |
| Small Cap | 4.28% |
| Large Cap | 68.60% |
| Mid Cap | 27.20% |
| Small Cap | 4.21% |
Management
Fund Management
-
-
-
Matthew McLennan
Head of Global Value Team and Portfolio ManagerIndustry start:1991Year joined:2008 -
Investment Process
The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.
The investment process involves the following steps:
- 01Analyze, Understand Business Models
Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:
- A company’s market share
- The nature of its products and its business contingencies
- 02Recast Financial Statements
Financial statements are recast because:
- Conservative accounting practices can mask the true earnings power of a company
- In our view, accounting practices are sometimes too liberal
Our goal is to uncover a company’s true economic earnings using only demonstrated results.
- 03Calculate Intrinsic Value
The team places great emphasis on:
- Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
- Cash flow valuation (such as EV/EBIT)
- Investments are made based on significant discounts to what is believed to be a company’s intrinsic value.
- 04Typically Invest for the Long Term
The team typically seeks a discount to what they believe is a company’s intrinsic value*:
- They seek further downside mitigation by determining a “margin of safety”† in each holding
- This “margin of safety”† is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.
Disclosures
- *
“Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
- †
First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.
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).
Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.
Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.
Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.
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.
SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.
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.
Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation.
S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
Fees & Minimums
Expense Ratio as of January 27, 2026
Annual Fund Operating Expenses (%)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
| Management Fees1 | 0.79% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses2 | 0.00% |
| Total Annual Fund Operating Expenses (%) | 0.79% |
| Fee Waiver and/or Expense Reimbursement1 | -0.34% |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.45% |
- 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 0.45% 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).
Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.
Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.
Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.
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.
SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.
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.
Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation.
S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
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).
Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.
Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.
Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.
Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.
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.
SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.
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.
Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation.
S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.
Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.
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 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.
The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.
The Fund may invest in small and 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 small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.
The Fund is a non-diversified ETF, and as a result, an investment in the Fund may expose your money to greater risks than if you invest in a diversified fund. The Fund will invest in a limited number of companies, therefore gains or losses in a particular security may have a greater impact on their share price.