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 Sep 04, 2026

Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
681937520 JPMORGAN US GOVT MM 34,960 100.00 $34,960.04 1.35%
LPG Y2106R110 DORIAN LPG LTD COMMON STOCK USD 0.01 530 53.57 $28,392.10 1.09%
RELY 75960P104 REMITLY GLOBAL INC COMMON STOCK USD 0.0001 1,046 26.92 $28,158.32 1.08%
ABCB 03076K108 AMERIS BANCORP COMMON STOCK USD 1 319 85.83 $27,379.77 1.05%
HNGE 433313103 HINGE HEALTH INC COMMON STOCK USD 0.00001 283 90.76 $25,685.08 0.99%
BKD 112463104 BROOKDALE SENIOR LIVING INC COMMON STOCK USD 0.01 2,113 11.94 $25,229.22 0.97%
KWR 747316107 QUAKER CHEMICAL CORP 155 160.33 $24,851.15 0.96%
CDNA 14167L103 CAREDX INC COMMON STOCK USD 0.001 492 49.86 $24,531.12 0.94%
IBP 45780R101 INSTALLED BUILDING PRODUCTS INC COMMON STOCK USD 103 237.70 $24,483.10 0.94%
ONB 680033107 OLD NATIONAL BANCORP/IN COMMON STOCK USD 0 946 25.84 $24,439.91 0.94%
PNTG 70805E109 PENNANT GROUP INC/THE COMMON STOCK USD 0.001 617 38.54 $23,779.18 0.92%
AX 05465C100 AXOS FINANCIAL INC COMMON STOCK USD 0.01 245 97.04 $23,774.80 0.91%
REPX 76665T102 RILEY EXPLORATION PERMIAN INC COMMON STOCK USD 552 42.09 $23,233.68 0.89%
CMC 201723103 COMMERCIAL METALS CO COMMON STOCK USD 0.01 333 68.75 $22,893.75 0.88%
NVGS Y62132108 NAVIGATOR HOLDINGS LTD COMMON STOCK USD 1,012 22.62 $22,891.44 0.88%
MUR 626717102 MURPHY OIL CORP COMMON STOCK USD 1 609 37.32 $22,727.88 0.87%
TALO 87484T108 TALOS ENERGY INC COMMON STOCK USD 1,303 17.29 $22,528.87 0.87%
BRZE 10576N102 BRAZE INC COMMON STOCK USD 0.0001 676 33.25 $22,477.00 0.86%
AEIS 007973100 ADVANCED ENERGY INDUSTRIES INC COMMON STOCK USD 81 274.30 $22,218.30 0.86%
MTW 563571405 MANITOWOC CO INC/THE COMMON STOCK USD 0.01 1,056 20.45 $21,595.20 0.83%
SPB 84790A105 SPECTRUM BRANDS HOLDINGS INC 244 88.41 $21,572.04 0.83%
HRI 42704L104 HERC HOLDINGS INC COMMON STOCK USD 0.01 154 138.94 $21,396.76 0.82%
CON 20603L102 CONCENTRA GROUP HOLDINGS PARENT INC COMMON STOCK 618 34.51 $21,327.18 0.82%
LPX 546347105 LOUISIANA-PACIFIC CORP COMMON STOCK USD 1 314 67.73 $21,267.22 0.82%
LAD 536797103 LITHIA MOTORS INC COMMON STOCK USD 0 56 378.98 $21,222.88 0.82%
SBCF 811707801 SEACOAST BANKING CORP OF FLORIDA COMMON STOCK USD 617 34.38 $21,212.46 0.82%
MRVI 56600D107 MARAVAI LIFESCIENCES HOLDINGS INC COMMON STOCK USD 2,860 7.37 $21,078.20 0.81%
DORM 258278100 DORMAN PRODUCTS INC COMMON STOCK USD 0.01 161 129.66 $20,875.26 0.80%
FLYW 302492103 FLYWIRE CORP COMMON STOCK USD 0.0001 1,103 18.70 $20,626.10 0.79%
CECO 125141101 CECO ENVIRONMENTAL CORP COMMON STOCK USD 0.01 277 74.35 $20,594.95 0.79%
FUL 359694106 HB FULLER CO COMMON STOCK USD 1 378 53.67 $20,287.26 0.78%
DCO 264147109 DUCOMMUN INC COMMON STOCK USD 0.01 121 166.52 $20,148.92 0.78%
CENX 156431108 CENTURY ALUMINUM CO COMMON STOCK USD 0.01 423 47.51 $20,096.73 0.77%
ROG 775133101 ROGERS CORP COMMON STOCK USD 1 158 126.29 $19,953.82 0.77%
KALU 483007704 KAISER ALUMINUM CORP COMMON STOCK USD 0.01 124 160.77 $19,935.48 0.77%
CYRX 229050307 CRYOPORT INC COMMON STOCK USD 0.001 1,255 15.86 $19,904.30 0.77%
SMBK 83190L208 SMARTFINANCIAL INC COMMON STOCK USD 1 383 51.84 $19,854.72 0.76%
OIS 678026105 OIL STATES INTERNATIONAL INC COMMON STOCK USD 0.01 2,228 8.86 $19,740.08 0.76%
SIMO 82706C108 SILICON MOTION TECHNOLOGY CORP ADR USD 0.01 83 235.70 $19,563.10 0.75%
MAMA 56146T103 MAMA'S CREATIONS INC COMMON STOCK USD 1,214 15.96 $19,375.44 0.75%
VECO 922417100 VEECO INSTRUMENTS INC COMMON STOCK USD 0.01 453 42.55 $19,275.15 0.74%
COLB 197236102 COLUMBIA BANKING SYSTEM INC COMMON STOCK USD 0 632 30.45 $19,244.40 0.74%
LFST 53228F101 LIFESTANCE HEALTH GROUP INC COMMON STOCK USD 0.01 1,496 12.83 $19,193.68 0.74%
HZO 567908108 MARINEMAX INC COMMON STOCK USD 0.001 366 52.16 $19,090.56 0.73%
AIN 012348108 ALBANY INTERNATIONAL CORP COMMON STOCK USD 0.001 304 62.59 $19,027.36 0.73%
PWP 71367G102 PERELLA WEINBERG PARTNERS COMMON STOCK USD 0.0001 1,123 16.93 $19,012.39 0.73%
LOCO 268603107 EL POLLO LOCO HOLDINGS INC COMMON STOCK USD 0.01 1,266 15.00 $18,990.00 0.73%
CHEF 163086101 CHEFS' WAREHOUSE INC/THE COMMON STOCK USD 0.01 166 114.21 $18,958.86 0.73%
HSTM 42222N103 HEALTHSTREAM INC COMMON STOCK USD 0 636 29.74 $18,914.64 0.73%
SBLK Y8162K204 STAR BULK CARRIERS CORP COMMON STOCK USD 0.01 584 31.87 $18,612.08 0.72%
AMRC 02361E108 AMERESCO INC COMMON STOCK USD 0.0001 815 22.77 $18,557.55 0.71%
AXS G0692U109 AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD 0.0125 180 101.40 $18,252.00 0.70%
MGNI 55955D100 MAGNITE INC COMMON STOCK USD 0.00001 737 24.63 $18,152.31 0.70%
GFF 398433102 GRIFFON CORP COMMON STOCK USD 0.25 183 97.75 $17,888.25 0.69%
GLNG G9456A100 GOLAR LNG LTD COMMON STOCK USD 1 344 51.99 $17,884.56 0.69%
LXU 502160104 LSB INDUSTRIES INC COMMON STOCK USD 0.1 1,590 11.23 $17,855.70 0.69%
ABM 000957100 ABM INDUSTRIES INC COMMON STOCK USD 0.01 377 47.23 $17,805.71 0.69%
DCOM 25432X102 DIME COMMERCIAL BANCSHARES INC COMMON STOCK USD 433 40.93 $17,722.69 0.68%
STNG Y7542C130 SCORPIO TANKERS INC COMMON STOCK USD 0.01 221 80.11 $17,704.31 0.68%
SM 78454L100 SM ENERGY CO COMMON STOCK USD 0.01 460 37.38 $17,194.80 0.66%
SONO 83570H108 SONOS INC COMMON STOCK USD 0.001 1,059 16.16 $17,113.44 0.66%
HLIT 413160102 HARMONIC INC COMMON STOCK USD 0.001 1,467 11.61 $17,024.54 0.66%
NGS 63886Q109 NATURAL GAS SERVICES GROUP INC COMMON STOCK USD 463 35.67 $16,515.21 0.64%
NTGR 64111Q104 NETGEAR INC COMMON STOCK USD 0.001 782 21.09 $16,492.38 0.63%
BCC 09739D100 BOISE CASCADE CO COMMON STOCK USD 0.01 213 77.12 $16,426.56 0.63%
FLOC 342909108 FLOWCO HOLDINGS INC COMMON STOCK USD 0.0001 760 21.44 $16,294.40 0.63%
RDNT 750491102 RADNET INC COMMON STOCK USD 0.0001 218 74.62 $16,267.16 0.63%
TKR 887389104 TIMKEN CO/THE COMMON STOCK USD 0 134 121.09 $16,226.06 0.62%
ALKT 01644J108 ALKAMI TECHNOLOGY INC COMMON STOCK USD 0.001 804 20.09 $16,152.36 0.62%
VLY 919794107 VALLEY NATIONAL BANCORP COMMON STOCK USD 0 1,146 13.90 $15,929.40 0.61%
AXGN 05463X106 AXOGEN INC COMMON STOCK USD 0.01 330 47.10 $15,543.00 0.60%
CBT 127055101 CABOT CORP COMMON STOCK USD 1 190 81.19 $15,426.10 0.59%
GHM 384556106 GRAHAM CORP COMMON STOCK USD 0.1 178 85.96 $15,300.88 0.59%
SANM 801056102 SANMINA CORP COMMON STOCK USD 0.01 78 195.69 $15,263.82 0.59%
TDC 88076W103 TERADATA CORP COMMON STOCK USD 0.01 528 28.79 $15,201.12 0.58%
LNC 534187109 LINCOLN NATIONAL CORP COMMON STOCK USD 0 332 45.66 $15,159.12 0.58%
IIIN 45774W108 INSTEEL INDUSTRIES INC COMMON STOCK USD 0 486 31.05 $15,090.30 0.58%
GTES G39104107 GATES INDUSTRIAL CORP LTD COMMON STOCK USD 0.01 596 25.19 $15,013.24 0.58%
IPI 46121Y201 INTREPID POTASH INC COMMON STOCK USD 0.001 366 40.91 $14,973.06 0.58%
RRBI 75686R202 RED RIVER BANCSHARES INC COMMON STOCK USD 143 103.49 $14,799.07 0.57%
BDC 077454106 BELDEN INC COMMON STOCK USD 0.01 124 118.92 $14,746.08 0.57%
GO 39874R101 GROCERY OUTLET HOLDING CORP COMMON STOCK USD 0.001 1,194 12.30 $14,686.20 0.57%
CALM 128030202 CAL-MAINE FOODS INC COMMON STOCK USD 0.01 193 76.03 $14,673.79 0.56%
ATRC 04963C209 ATRICURE INC COMMON STOCK USD 0.001 278 52.46 $14,583.88 0.56%
NPO 29355X107 ENPRO INC COMMON STOCK USD 0.01 49 295.27 $14,468.23 0.56%
TRNS 893529107 TRANSCAT INC COMMON STOCK USD 0.5 165 85.70 $14,139.68 0.54%
GBCI 37637Q105 GLACIER BANCORP INC COMMON STOCK USD 0.01 304 46.36 $14,093.44 0.54%
SIBN 825704109 SI-BONE INC COMMON STOCK USD 0.0001 751 18.64 $13,998.64 0.54%
SNDA 140475203 SONIDA SENIOR LIVING INC COMMON STOCK USD 0.01 369 37.88 $13,977.72 0.54%
VSEC 918284100 VSE CORP COMMON STOCK USD 0.05 67 202.58 $13,572.86 0.52%
WEN 95058W100 WENDY'S CO/THE COMMON STOCK USD 0.1 1,716 7.88 $13,522.08 0.52%
SKY 830830105 CHAMPION HOMES INC COMMON STOCK USD 0.028 156 86.11 $13,433.16 0.52%
WNC 929566107 WABASH NATIONAL CORP COMMON STOCK USD 0.01 941 14.26 $13,418.66 0.52%
ATRO 046433108 ASTRONICS CORP COMMON STOCK USD 0.01 179 74.53 $13,340.87 0.51%
PLXS 729132100 PLEXUS CORP COMMON STOCK USD 0.01 55 242.07 $13,313.85 0.51%
TNC 880345103 TENNANT CO COMMON STOCK USD 0.375 188 70.34 $13,223.92 0.51%
ITRI 465741106 ITRON INC COMMON STOCK USD 0 138 95.55 $13,185.90 0.51%
TTMI 87305R109 TTM TECHNOLOGIES INC COMMON STOCK USD 0.001 114 115.39 $13,154.46 0.51%
VSH 928298108 VISHAY INTERTECHNOLOGY INC COMMON STOCK USD 0.1 421 30.45 $12,819.45 0.49%
FLS 34354P105 FLOWSERVE CORP COMMON STOCK USD 1.25 166 77.19 $12,813.54 0.49%
SRTA 092667104 STRATA CRITICAL MEDICAL INC COMMON STOCK USD 2,376 5.37 $12,759.12 0.49%
STVN T9224W109 STEVANATO GROUP SPA COMMON STOCK USD 616 20.54 $12,652.64 0.49%
UMH 903002103 UMH PROPERTIES INC REIT USD 0.1 793 15.95 $12,648.35 0.49%
NPKI 651718504 NPK INTERNATIONAL INC COMMON STOCK USD 0.01 951 13.12 $12,477.12 0.48%
TRS 896215209 TRIMAS CORP COMMON STOCK USD 0.01 320 38.85 $12,432.00 0.48%
TRN 896522109 TRINITY INDUSTRIES INC COMMON STOCK USD 0.01 442 28.11 $12,424.62 0.48%
OGS 68235P108 ONE GAS INC COMMON STOCK USD 154 80.54 $12,403.16 0.48%
ONTO 683344105 ONTO INNOVATION INC COMMON STOCK USD 0 49 252.46 $12,370.54 0.48%
UFPI 90278Q108 UFP INDUSTRIES INC COMMON STOCK USD 0 146 83.20 $12,147.20 0.47%
NMIH 629209305 NMI HOLDINGS INC COMMON STOCK USD 0.01 267 45.39 $12,119.13 0.47%
CVLG 22284P105 COVENANT LOGISTICS GROUP INC COMMON STOCK USD 0.01 353 34.31 $12,111.43 0.47%
JBTM 477839104 JBT MAREL CORP COMMON STOCK USD 0.01 102 117.64 $11,999.28 0.46%
SDRL G7997W102 SEADRILL LTD COMMON STOCK USD 0.01 239 50.07 $11,966.73 0.46%
CAKE 163072101 CHEESECAKE FACTORY INC/THE COMMON STOCK USD 0.01 111 107.18 $11,896.98 0.46%
UTI 913915104 UNIVERSAL TECHNICAL INSTITUTE INC COMMON STOCK USD 550 21.60 $11,880.00 0.46%
ARLO 04206A101 ARLO TECHNOLOGIES INC COMMON STOCK USD 0.001 881 13.48 $11,875.88 0.46%
ESI 28618M106 ELEMENT SOLUTIONS INC COMMON STOCK USD 0.01 333 34.98 $11,648.34 0.45%
DIN 254423106 DINE BRANDS GLOBAL INC COMMON STOCK USD 0.01 358 32.17 $11,516.86 0.44%
BKH 092113109 BLACK HILLS CORP COMMON STOCK USD 1 157 73.30 $11,508.10 0.44%
AORT 228903100 CRYOLIFE, INC 445 25.62 $11,400.90 0.44%
HCSG 421906108 HEALTHCARE SERVICES GROUP INC COMMON STOCK USD 519 21.71 $11,267.49 0.43%
ASYS 032332504 AMTECH SYSTEMS INC COMMON STOCK USD 0.01 782 14.37 $11,237.34 0.43%
BHE 08160H101 BENCHMARK ELECTRONICS INC COMMON STOCK USD 0.1 154 71.21 $10,966.34 0.42%
DGII 253798102 DIGI INTERNATIONAL INC COMMON STOCK USD 0.01 155 70.28 $10,893.40 0.42%
AMN 001744101 AMN HEALTHCARE SERVICES INC COMMON STOCK USD 0.01 325 33.41 $10,858.25 0.42%
ASTE 046224101 ASTEC INDUSTRIES INC COMMON STOCK USD 0.2 256 42.40 $10,854.40 0.42%
ORI 680223104 OLD REPUBLIC INTERNATIONAL CORP COMMON STOCK USD 1 253 42.26 $10,690.52 0.41%
IIIV 46571Y107 I3 VERTICALS INC COMMON STOCK USD 0.0001 634 16.54 $10,486.36 0.40%
HUN 447011107 HUNTSMAN CORP COMMON STOCK USD 0.01 1,100 9.40 $10,340.00 0.40%
TEX 880779103 TEREX CORP COMMON STOCK USD 0.01 160 62.76 $10,041.60 0.39%
PUMP 74347M108 PROPETRO HOLDING CORP COMMON STOCK USD 891 11.24 $10,014.84 0.39%
EXTR 30226D106 EXTREME NETWORKS INC COMMON STOCK USD 0.001 455 21.89 $9,959.95 0.38%
NVST 29415F104 ENVISTA HOLDINGS CORP COMMON STOCK USD 0.01 354 27.59 $9,766.86 0.38%
AVAH 05356F105 AVEANNA HEALTHCARE HOLDINGS INC COMMON STOCK USD 716 13.64 $9,766.24 0.38%
OUT 69007J304 OUTFRONT MEDIA INC REIT USD 0.01 334 29.07 $9,709.38 0.37%
AIR 000361105 AAR CORP COMMON STOCK USD 1 77 125.66 $9,675.82 0.37%
ASO 00402L107 ACADEMY SPORTS & OUTDOORS INC COMMON STOCK USD 221 43.68 $9,653.28 0.37%
ATEC 02081G201 ALPHATEC HOLDINGS INC COMMON STOCK USD 0.0001 1,023 9.33 $9,544.59 0.37%
SKT 875465106 TANGER INC REIT USD 0.01 253 37.15 $9,398.95 0.36%
OSIS 671044105 OSI SYSTEMS INC COMMON STOCK USD 0 45 206.62 $9,297.90 0.36%
CDRE 12763L105 CADRE HOLDINGS INC COMMON STOCK USD 0.01 299 29.88 $8,934.12 0.34%
DNOW 67011P100 DNOW INC COMMON STOCK USD 0.01 561 15.80 $8,863.80 0.34%
NTCT 64115T104 NETSCOUT SYSTEMS INC COMMON STOCK USD 0.001 234 37.50 $8,775.00 0.34%
NX 747619104 QUANEX BUILDING PRODUCTS CORP COMMON STOCK USD 464 18.76 $8,704.64 0.33%
ADTN 00486H105 ADTRAN HOLDINGS INC COMMON STOCK USD 0.01 1,190 7.15 $8,508.50 0.33%
STC 860372101 STEWART INFORMATION SERVICES CORP COMMON STOCK USD 122 69.63 $8,494.86 0.33%
ESAB 29605J106 ESAB CORP 113 74.70 $8,441.10 0.32%
FIP 35953C106 FTAI INFRASTRUCTURE INC COMMON STOCK USD 0.01 2,411 3.37 $8,125.07 0.31%
ENSG 29358P101 ENSIGN GROUP INC/THE COMMON STOCK USD 0.001 47 172.09 $8,088.23 0.31%
COHU 192576106 COHU INC COMMON STOCK USD 1 170 45.98 $7,816.60 0.30%
RDN 750236101 RADIAN GROUP INC COMMON STOCK USD 0.001 212 36.81 $7,803.72 0.30%
CERT 15687V109 CERTARA INC COMMON STOCK USD 0.01 954 8.13 $7,756.02 0.30%
HL 422704106 HECLA MINING CO COMMON STOCK USD 0.25 364 21.21 $7,720.44 0.30%
MC 60786M105 MOELIS & CO COMMON STOCK USD 0.01 110 69.14 $7,605.40 0.29%
CENTA 153527205 CENTRAL GARDEN & PET CO COMMON STOCK USD 0.01 208 36.06 $7,500.48 0.29%
WAY 946784105 WAYSTAR HOLDING CORP COMMON STOCK USD 0.01 282 26.08 $7,354.56 0.28%
ACLS 054540208 AXCELIS TECHNOLOGIES INC COMMON STOCK USD 0.001 66 110.37 $7,284.42 0.28%
CTOS 23204X103 CUSTOM TRUCK ONE SOURCE INC 805 8.94 $7,196.70 0.28%
CMCO 199333105 COLUMBUS MCKINNON CORP/NY COMMON STOCK USD 0.01 387 18.25 $7,062.75 0.27%
LRN 86333M108 STRIDE INC COMMON STOCK USD 0.0001 82 85.80 $7,035.60 0.27%
MMSI 589889104 MERIT MEDICAL SYSTEMS INC COMMON STOCK USD 0 78 88.57 $6,908.46 0.27%
INVX 457651107 INNOVEX INTERNATIONAL INC COMMON STOCK USD 0.01 223 30.80 $6,868.40 0.26%
DY 267475101 DYCOM INDUSTRIES INC COMMON STOCK USD 0.3333333 23 295.56 $6,797.88 0.26%
CDE 192108504 COEUR MINING INC COMMON STOCK USD 0.01 310 21.65 $6,711.50 0.26%
AADX 03815J107 APPLIED AEROSPACE & DEFENSE INC COMMON STOCK USD 528 12.53 $6,615.84 0.25%
MTDR 576485205 MATADOR RESOURCES CO COMMON STOCK USD 0.01 110 59.72 $6,569.20 0.25%
LYTS 50216C108 LSI INDUSTRIES INC COMMON STOCK USD 0 322 20.11 $6,475.42 0.25%
WRBY 93403J106 WARBY PARKER INC-CLASS A 275 23.29 $6,404.75 0.25%
EYE 63845R107 NATIONAL VISION HOLDINGS INC COMMON STOCK USD 0.01 375 16.87 $6,326.25 0.24%
UCTT 90385V107 ULTRA CLEAN HOLDINGS INC COMMON STOCK USD 0.001 95 66.59 $6,326.05 0.24%
COUR 22266M104 COURSERA INC COMMON STOCK USD 0.00001 1,047 6.01 $6,292.47 0.24%
VITL 92847W103 VITAL FARMS INC COMMON STOCK USD 0.0001 596 10.10 $6,019.60 0.23%
TWI 88830M102 TITAN INTERNATIONAL INC COMMON STOCK USD 0 717 7.64 $5,477.88 0.21%
TTAM B9151N105 TITAN AMERICA SA COMMON STOCK USD 353 15.21 $5,369.13 0.21%
PGNY 74340E103 PROGYNY INC COMMON STOCK USD 0.0001 201 26.61 $5,348.61 0.21%
MEC 578605107 MAYVILLE ENGINEERING CO INC COMMON STOCK USD 266 19.43 $5,168.38 0.20%
EVER 30041R108 EVERQUOTE INC COMMON STOCK USD 0.001 198 25.31 $5,011.38 0.19%
CALX 13100M509 CALIX INC COMMON STOCK USD 135 37.07 $5,004.45 0.19%
TILE 458665304 INTERFACE INC COMMON STOCK USD 0.1 112 36.36 $4,072.32 0.16%
ANGO 03475V101 ANGIODYNAMICS INC COMMON STOCK USD 0.01 245 15.47 $3,790.15 0.15%
FTK 343389409 FLOTEK INDUSTRIES INC COMMON STOCK USD 0.0001 123 23.74 $2,920.02 0.11%
RES 749660106 RPC INC COMMON STOCK USD 0.1 443 6.47 $2,866.21 0.11%
KODK 277461406 EASTMAN KODAK CO COMMON STOCK USD 0.01 276 9.15 $2,525.40 0.10%
CASH 10 100.00 $10.12 0.00%
  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. 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.

Subscribe

Receive updates and articles of interest to you

Contact Us

Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  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.