First Eagle Investments Expands Active ETF Platform with Launch of Small Cap Equity and Core Municipal Bond ETFs

New actively managed ETFs widen access to First Eagle's differentiated equity and fixed income capabilities.

New York, July 1, 2026 — First Eagle Investments today announced the launch of two actively managed exchange-traded funds (ETFs)—the First Eagle Small Cap Equity ETF (NYSE Arca: FESC) and the First Eagle Core Municipal ETF (NYSE Arca: FECM). The launch further expands the firm's active ETF platform and provides investors with greater access to First Eagle's differentiated investment capabilities through the ETF structure.

FESC and FECM build on the continued growth of First Eagle's ETF business, which surpassed $3 billion in assets under management earlier this year . First Eagle's ETF platform now includes six actively managed ETFs spanning global, international, US, mid cap, small cap and municipal bond exposures. The expansion reflects strong demand from financial advisors for First Eagle's differentiated investment approach through the ETF structure and underscores the firm's commitment to delivering research-driven, benchmark-agnostic investment capabilities through transparent, liquid and tax-efficient vehicles.

The First Eagle Small Cap Equity ETF (FESC) seeks to provide long-term growth of capital through a focused portfolio of small cap companies selected using First Eagle's disciplined, catalyst-driven value approach. Managed by Bill Hench, with Suzanne Franks and Adam Mielnik serving as Associate Portfolio Managers, the strategy emphasizes bottom-up fundamental research and active security selection, seeking opportunities where the market may be underappreciating a company's “intrinsic value” or its potential for change due to the presences of catalysts such as management changes, business-cycle improvements, product innovation and operational enhancements.

The First Eagle Core Municipal ETF (FECM) seeks to provide current income exempt from regular federal income taxes, with capital appreciation as a secondary objective. Managed by John Miller and David Blair, the fund leverages First Eagle's municipal credit expertise through an actively managed portfolio that is primarily investment grade and diversified across sectors, issuers and maturities. The investment team combines top-down market analysis with rigorous bottom-up credit research to identify attractive opportunities while actively managing duration, credit exposure and portfolio risk.

"We believe delivering our active, benchmark-agnostic strategies in ETF form helps us meet advisors where they are and how they prefer to build portfolios today," said Frank Riccio, Head of US Wealth Solutions at First Eagle Investments. "FECM brings the expertise of John Miller and the municipal credit team to the ETF vehicle for the first time. FESC extends our well-established First Eagle small cap capability to the ETF space, where actively managed options remain limited.”

The new ETFs reflect First Eagle's longstanding investment philosophy, which emphasizes fundamental research, independent thinking, active risk management and a focus on long-term capital appreciation. By delivering these capabilities through ETFs, First Eagle seeks to provide investors and advisors with flexible access to actively managed products designed to navigate changing market environments and uncover opportunities beyond traditional index-based approaches.

With the launch of FESC and FECM, First Eagle continues to broaden its active ETF lineup while remaining focused on helping investors pursue long-term investment objectives through differentiated active management. The new funds join the First Eagle Global Equity ETF (FEGE), First Eagle Overseas Equity ETF (FEOE), First Eagle US Equity ETF (USFE) and First Eagle Mid Cap Equity ETF (FEMD).

All or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals.

Shareholders that are generally exempt from US federal income tax, such as shareholders investing through tax qualified accounts and nonresident aliens or foreign entities, will not gain additional tax benefit from the exempt-interest dividends that are expected to be paid by the Fund or gain any other tax benefit. Because the Fund’s pre-tax returns generally will be lower than those of funds that own taxable debt instruments of comparable quality, an investment in the Fund may not be suitable investment for those kinds of investors. These are among factors to be considered when deciding whether to invest this is not a comprehensive list. A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria.

The opinions expressed are not necessarily those of the firm. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security. Past performance is not indicative of future results.

Risk Disclosures

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

¹ First Eagle ETF assets under management surpassed $3 billion as of May 18, 2026.

“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 Small Cap Equity ETF

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.

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.

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.

First Eagle Core Municipal ETF

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

The information is not intended to provide and should not be relied on for accounting or tax advice. Any tax information presented is not intended to constitute an analysis of all tax considerations.

Municipal bonds are subject to credit risk, interest rate risk, liquidity risk and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors’ rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

The fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

The Fund may be subject to the risk that an issuer will exercise its right to pay principal (call) on a debt obligation (such as a convertible security) that is held by the Fund earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to re-invest in lower yielding securities.

The Fund may engage in various options transactions in which the Fund typically seeks to limit investment risk by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise unrealizable gains if the market prices do not move as expected.

All investments involve the risk of loss of principal.

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 844-442-3367. The prospectus or summary prospectus should be read carefully before investing.

FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product. 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.

© 2026 First Eagle Investment Management, LLC. All rights reserved.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $213 billion in assets under management as of March 31, 2026*. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com

Total AUM shown is pro forma to include the acquisition of Diamond Hill Capital Management, which closed on April 22, 2026.

All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change. Some offerings may not be available in all jurisdictions.

*The total AUM listed above represents the combined AUM and assets under advisement of First Eagle Investment Management, LLC, First Eagle Separate Account Management, LLC, Napier Park Global Capital (Napier Park), Regatta Loan Management (RLM, an advisory affiliate of Napier Park), Napier Park CMV (CMV, an advisory affiliate of Napier Park), First Eagle Alternative Credit (FEAC), and Diamond Hill Capital Management, LLC as of 31-Mar-2026. It includes $3.6 billion in committed/non-fee-paying capital from Napier Park, inclusive of assets managed by RLM and CMV, and $0.9 billion in committed/non-fee-paying capital from FEAC. For CLO warehouses, AUM represents maximum commitment (loan par value). As of 5-Sep-2025, Napier Park and FEAC investment activities are unified under Napier Park’s brand and management. First Eagle Alternative Credit, LLC is a distinct registered investment advisor within the Napier Park platform, acting in sub-advisory capacity to a number of First Eagle’s registered funds.

Media Contacts

First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com 

Becky Wolfson
212-698-3349 
becky.wolfson@firsteagle.com