FM Focus Equity ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About FMCX
The Fund is an actively managed exchange-traded fund (“ETF”) that, during normal market conditions,seeks to invest in approximately 25-35 U.S. exchange-traded common stocks of companies that are listed on U.S. national securities exchangesand trade contemporaneously with the shares of the Fund (the “Shares”). From time to time, the Fund may hold a greater numberof common stocks. Thereis no targeted market capitalization for the common stocks held by the Fund. The Fund may also hold concentrated positions in commonstocks, although the Fund’s guidelines provide that no single investment should generally be more than 10% of the Fund’sportfolio at acquisition (calculated based on initial cost and without regard to later appreciation). TheAdviser identifies investments for the Fund that it believes possess durable competitive advantages (i.e., business assets orabilities that provide superior long-term value to a company’s customers versus its competitors), earn higher than average returnson capital, treat shareholders like partners, and have opportunities to reinvest excess cash profits at above-average rates of return.The Adviser identifies these companies from those listed on U.S. national securities exchanges through fundamental research conductedby the portfolio manager and the Adviser’s research department focusing on (i) business quality (including an assessment of thepotential drivers and threats to the durability of competitive advantage and long-term growth prospects), (ii) quality of management(including executive compensation and incentives), (iii) quality of earnings, and (iv) cash flow generation. Once an investment opportunityis identified, the Adviser seeks to purchase the shares at valuations that are favorable relative to the quality of the company’sbusiness, its earnings, and the Adviser’s expectation for long-term growth in value-per-share. The Fund also expects to investin short-term, U.S. government securities.Generally,the Fund focuses on making long-term investments. However, the Adviser may sell a security, without limitation, when: 1) a securityno longer meets the Adviser’s investment criteria or the requirements of the Fund’s (as defined below) or its Exchangelisting requirements; 2) a portfolio company’s long-term earnings and reinvestment prospects deteriorate; 3) the Adviser losesconfidence in the leadership and governance of a portfolio company; 4) a new security is judged to be comparatively more attractivethan a current position; and/or 5) the valuation of a security appears excessively higher than the Adviser’s estimates oflong-term value. The Fund is authorized to invest solely in securities listed on U.S. exchanges. As a result, the portfolio will becomprised primarily of issuers domiciled in the U.S., but it may include exchange-traded American Depositary Receipts(“ADRs”) registered with the SEC that trade contemporaneously with the Shares and holdings in other ETFs that provideexposure to foreign companies that have the same durable competitive advantages described above. TheFund is non-diversified, which means that a meaningful portion of the Fund’s assets may be invested in the securities of a smallernumber of companies and/or a more limited number of sectors than a diversified fund. Although the Fund normally holds a focused portfolioof equity securities, the Fund is not required to be fully invested in such securities and may maintain a meaningful portion of its totalassets in cash and cash equivalent securities (comprised exclusively of short-term U.S. Treasury securities, government money marketfunds and repurchase agreements). TheFund is an actively managed, nontransparent ETF that does not seek to replicate the performance of a specified index. A primary differencefor the Fund, compared to traditional ETFs, is that each broker-dealer or other financial intermediary that enters into an agreementwith the Fund’s distributor to serve as authorized participant for the Fund (each, an “Authorized Participant”) establishesand maintains an account through which it conducts creations and redemptions without knowing the identities of the securities purchasedor sold in its account (a “Confidential Account”) with an agent selected by the Authorized Participant and approved by theFund (an “AP Representative”). All creation and redemption activity, whether in-kind, partially in-kind, partially cash orall cash, must be conducted by an Authorized Participant through a Confidential Account and an AP Representative. The Authorized Participantsprovide the Fund securities comprising a proportionate share of the Fund’s portfolio holdings in connection with each in-kind creation(the “Creation Basket”) and receive securities comprising a proportionate share of the Fund’s portfolio holdings inconnection with each in-kind redemption (the “Redemption Basket”) but do not know the identity of the Fund’s CreationBasket or Redemption Basket. Eachday, the Fund or the Fund’s custodian transmits the Creation Basket to each AP Representative. Pursuant to a contract (the “ConfidentialAccount Agreement”), the AP Representative is prohibited from disclosing the Creation Basket and the Redemption Basket to the AuthorizedParticipant and cannot use the identity or weighting of the securities in the Creation Basket or the Redemption Basket for any purposeother than executing creations and redemptions. The Confidential Account enables Authorized Participants to transact in the underlyingsecurities of the Creation Basket or the Redemption Basket through their AP Representatives and further enables Authorized Participantsto engage in in-kind creation or redemption activity without knowing the identity or weighting of those securities or the compositionof the Fund’s portfolio generally. Likeother ETFs, the Fund creates and redeems Shares only through Authorized Participants and only in bundles of Shares (comprised of5,000 shares or more in the case of the Fund) which are referred to as a “Creation Unit.” All orders to purchase orredeem Creation Units must be placed by or through an Authorized Participant that has entered into an authorized participantagreement (“AP Agreement”) with the Fund’s distributor, Northern Lights Distributors, LLC (the“Distributor”) using the Authorized Participant’s Confidential Account at the AP Representative. TheFund operates in reliance on an exemptive order from the SEC (the “Order”), which presently limits the types of investmentsthat the Fund may hold to those listed in the Fund’s application for the Order. Under the terms of the Order, the Fund is permittedto invest only in the following investments, which, if listed, must trade on a U.S. exchange contemporaneously with the Shares: ETFs,exchange-traded notes, exchange-listed common stocks, exchange-traded preferred stocks, exchange-traded ADRs, exchange-traded real estateinvestment trusts, exchange-traded commodity pools, exchange-traded metal trusts, exchange-traded currency trusts and U.S. exchange-tradedfutures for which the reference asset is one in which the Fund may invest directly or, in the case of an index future traded on a U.S.exchange, is based on an index, the components of which are a type of asset in which the Fund could invest directly; as well as cashand cash equivalents (which are short-term U.S. Treasury securities, government money market funds, and repurchase agreements). The Fund’sinvestment strategies and practices, including those listed above, are subject to these limitations. The Adviser does not intend to investin all of the types of instruments authorized by the Order. In that regard, the Fund is not expected to invest in futures contracts,exchange-traded commodity pools, exchange-traded metal trusts, exchange-traded notes or exchange-traded currency trusts. For more informationabout the Order, please see pages 2 and 9 of the Statement of Additional Information.
FMCX News
Data for FMCX is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.