Abacus FCF Small Cap Leaders ETF

Abacus FCF Small Cap Leaders ETF (ABLS) tracks the Abacus FCF Small Cap Leaders Index: up to 50 U.S. small companies scored on free cash flow return on invested capital, or how much spare cash a business generates from the money invested in it. It is concentrated (Argan Inc. alone was 11.8% of assets on July 31, 2026) and tiny, with $464,508 in net assets. It charges 0.39% after a 0.20% fee waiver.

• Over the year to Oct 27, 2026, ABLS returned +7.7%.
• The deepest fall in its price history was 19.3% (Feb 19, 2025 to Mar 26, 2026), recovered by Jun 18, 2026.

As of Jul 31, 2026, the fund held 46 securities; the ten largest made up 50.14% of assets. It also reported 3.51% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors withdrew a net $899K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.97%, +12.92%, -3.52%.

ABLS tracks the Abacus FCF Small Cap Leaders Index. Its provider, Abacus FCF Indexes LLC, is affiliated with the fund's adviser, a potential conflict of interest the prospectus discloses. Eligible stocks must be US-listed, trade enough shares, come from companies that reported free cash flow, net income and revenue within the past year, and be small-cap, defined as $7.4 billion or less in market value as of September 30, 2025.

The adviser's Abacus FCF Leaders Model scores each stock on free cash flow return on invested capital: cash left after running and reinvesting in the business, relative to the capital invested. It weighs factors such as capital spending, accruals (profits booked before cash arrives) and cash-flow margins. Scores are adjusted for risk using each stock's price swings over the prior 12 months, then combined with each company's market value. Stocks are added until they cover over 90% of total weight or hit 50 names, then reweighted.

The index and fund are rebalanced each quarter, adding and dropping stocks, with a 25% turnover cap; the prospectus reports 83% portfolio turnover. The fund may use exchange-traded futures but held no derivatives as of July 31, 2026. It is non-diversified, so single holdings can be large: Argan Inc was 11.8% that day. As of September 30, 2025, the index was concentrated in information technology.

• ABLS charges 0.39% a year.
• Of that, 0.59% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.2% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $719 over 10 years (assuming a 5% annual return).

As of July 31, 2026, it held a concentrated, non-diversified basket of 46 small U.S. companies, and its trading record is short, so it fits a small slice of a portfolio rather than its core.

ABLS could add a tilt toward small U.S. companies with strong free cash flow. Its trading record starts in February 2025, after the 2008, 2020 and 2022 downturns, though the prospectus reports a 19.78% loss for 2022, its worst year shown. Since trading began, its deepest drop was 19.3%, from February 19, 2025, to March 26, 2026; it recovered by June 18, 2026, about 2.8 months later. Cashing out near that low would have locked in losses.

Distributions are paid quarterly. The trailing yield was 12.9% as of October 27, 2026, unusually high for a stock fund, so it can reflect one-off payouts that may not repeat. The prospectus warns the fund is less tax efficient than other ETFs. The expense ratio is 0.39% after a fee waiver. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.

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