FMCE

FM Compounders Equity ETF

Overview

Objective

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.

This ETF is different from traditional ETFs – traditional ETFs tell the public what assets they hold each day; this ETF will not. This may create additional risks. For example, since this ETF provides less information to traders, they may charge you more money to trade this ETF’s shares. The price you pay to buy or sell ETF shares on an exchange may not match the value of the ETF’s portfolio. These risks may be even greater in bad or uncertain markets. See the ETF Prospectus for more information. For additional information regarding the distinctive attributes and risks of the ETF, see Risk and Additional Disclosures.

Performance

Inception Date: 11/11/2024

Month-End

Month-end as of 11/30/2024

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

Quarter-End

Quarter-end as of 12/31/2024

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

Month-end as of 11/30/2024

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

Quarter-end as of 12/31/2024

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 888.530.2448.

Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

NAV Return represents the closing price of underlying securities.

Market Return is calculated using the price which investors buy and sell ETF shares in the market.

Composition

As of 05/31/2024

As a percent of total assets. The top ten holdings, industry sectors, and asset allocation are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest and may not be representative of the Fund’s current or future investments. The top ten holdings do not include money market instruments. Portfolio holdings are subject to change and should not be considered investment advice.

How to Buy

FMCE trades intraday on an exchange and is available through various channels, including broker-dealers, investment advisers, and other financial services firms.

Neither First Manhattan nor Northern Lights Distributor, LLC is affiliated with the firms listed. Their listing should not be viewed as a recommendation or endorsement.

Premium/Discount

Fund Data as of Top 10 Holdings Ticker Shares Held Holdings Updated Quarterly + 60-Day lag
FMCX 11/29/2024 KKR & CO INC KKR 57,904.00 8.99%
FMCX 11/29/2024 MICROSOFT CORP MSFT 14,527.00 5.86%
FMCX 11/29/2024 SALESFORCE INC CRM 17,989.00 5.66%
FMCX 11/29/2024 BERKSHIRE HATH-A BRK/A 8.00 5.52%
FMCX 11/29/2024 ORACLE CORP ORCL 28,458.00 5.01%
FMCX 11/29/2024 LOWE'S COS INC LOW 18,847.00 4.89%
FMCX 11/29/2024 GENERAL ELECTRIC GE 26,326.00 4.57%
FMCX 11/29/2024 O'REILLY AUTOMOT ORLY 3,514.00 4.16%
FMCX 11/29/2024 VERALTO CORP VLTO 36,759.00 3.79%
FMCX 11/29/2024 LINDE PLC LIN 8,239.00 3.62%
Calendar Year 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Days Traded at Premium - - - - -
Days Traded at Net Asset Value - - - - -
Days Traded at Discount - - - - -

The Premium/Discount shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”).

The vertical axis on the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart represents past performance and cannot be used to predict future results.

How can the Fund trade at a premium/discount to its NAV? 

The primary explanation is that timing discrepancies can arise between the NAV and the trading price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporation and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund’s underlying assets. The NAV of the Fund is only calculated once a day (normally at 4:00 p.m. Eastern Time). As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.

What causes these time discrepancies?

Close of Trading Times. Although both the NAV and the daily market price of the Fund are generally calculated based on prices at the closing time of the exchange (generally 4:00 p.m. Eastern Time), slight differences in this timing may cause discrepancies.

Time of Last Trade. Trading of the Fund generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. Eastern Time). However, it is important to note that the last trade – from which the closing price is determined – may not occur at exactly 4:00 p.m. Eastern Time. Therefore, changing market sentiment during the time difference may cause the NAV to deviate from the closing price.

In order to view this file, please enter the required information below.

This site uses cookies. By continuing to use this site, you consent to the use of cookies. For more information, please read our Cookie Policy.

You are now entering the First Manhattan Co. Website.
Please click to continue.


Continue to site →

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.