First Manhattan Excelsior ETFs

ACTIVELY MANAGED EQUITY ETFs THAT INVEST IN THE HIGHEST-CONVICTION IDEAS OF FIRST MANHATTAN'S EXPERIENCED, DEDICATED RESEARCH TEAM

FMCX

FM Focus Equity ETF

FM Focus Equity ETF (FMCX) seeks to invest in companies that possess durable competitive advantages, earn higher-than-average returns on capital, manage the business like owners, treat shareholders like partners, and have opportunities to reinvest cash profits at attractive rates of return.

FMCX comprises a tax-efficient, actively managed portfolio of large- and mid-cap predominantly U.S. stocks positioned for long-term compounding, low turnover, and competitive fees.

Explore FMCX

FMCE

FM Compounders Equity ETF

FM Compounders Equity ETF (FMCE), through rigorous fundamental research and bottom-up stock selection, seeks to invest in businesses that we believe are highly resilient and capable of reliably generating and compounding free cash flow.

FMCE comprises an actively managed, focused portfolio with a target of 25-35 U.S. publicly traded equities. The ETF strives for tax efficiency with competitive fees.

Explore FMCE
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Through various operating subsidiaries, FMC Group Holdings LP (“First Manhattan”) provides a range of brokerage and investment advisory services. First Manhattan Securities LLC (Member SIPC, FINRA, NYSE, and MSRB), a wholly owned subsidiary of First Manhattan, is a registered broker-dealer. First Manhattan Co. LLC, a wholly owned subsidiary of First Manhattan, is an investment adviser registered with the SEC. None of First Manhattan, its affiliates, and its or their personnel provide banking services or legal, tax, or accounting advice.

Risk and Additional Disclosures

Investors should consider the investment objective, risks, and charges and expenses of the Fund(s) before investing. The prospectus and summary prospectus contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained at 888.530.2448 or fmexcelsioretfs.com.

Index performance does not represent the Fund’s performance. It is not possible to invest directly in an index.

S&P 500 Index: The S&P 500 Index is a stock market index that tracks the performance of 500 large companies listed on stock exchanges in the United States.

Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

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30-Day SEC Yield

A non-money market fund’s SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund’s hypothetical annualized income as a percentage of its assets. A security’s income, for the purposes of this calculation, is based on the current market yield to maturity (for bonds) or projected dividend yield (for stocks) of the fund’s holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund’s actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days.

Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

  • You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.


The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance.

For additional information regarding the distinctive attributes and risks of the ETF, see Risk and Additional Disclosures.