At a glance
EQTY charges 0.99% a year, above the 0.37% average of the 8 funds most like it (the most expensive of 9). It has $1.43B in assets, the 6th largest of that group; it paid 0.03% of its price in distributions over the past 12 months, annual. Over the past year it returned +11.4% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +20.5% a year. Its ten largest positions make up 41.9% of the fund, out of 39 in all.
The short version
Kovitz Core Equity ETF (EQTY) is an actively managed fund holding 30 to 40 mostly large US companies. Its adviser, Focus Partners Wealth, picks them using a value approach in the style of Benjamin Graham. Its 0.99% expense ratio is the highest in its group of similar funds, which average 0.37%. That fee pays for a manager who buys high-quality businesses when they trade below its own estimate of what they're worth.
Price history
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EQTY +11.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EQTY official prospectus, to Dec 31, 2025 | — | +13.49% | — | +11.61% | +12.09% | — |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| EQTY price data to Oct 27, 2026 | +10.0% | +11.4% | +20.5% | — | — | +16.9% |
- Over the year to Oct 27, 2026, EQTY returned +11.4%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+13.7%); its best was 2023 (+27.0%).
- The deepest fall in its price history was 17.3% (Feb 6, 2025 to Apr 8, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +13.7% | +13.49% |
| 2024 | +19.9% | +19.90% |
| 2023 | +27.0% | +26.85% |
| 2022 | — | -22.74% |
| 2021 | — | +29.87% |
| 2020 | — | +13.51% |
| 2019 | — | +27.03% |
| 2018 | — | -10.69% |
| 2017 | — | +17.12% |
| 2016 | — | +19.81% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0100 | -87.5% |
| 2024 | $0.0800 | +60.0% |
| 2023 | $0.0500 |
What's inside
As of Jul 31, 2026, the fund held 39 securities; the ten largest made up 41.93% of assets, and 2.19% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| CHARLES SCHWAB CORP (THE) | 4.91% | |
| MICROSOFT CORP | 4.61% | |
| VISA INC | 4.57% | |
| AON PLC | 4.33% | |
| INTERCONTINENTAL EXCHANGE INC | 4.22% | |
| ALPHABET INC | 4.19% | |
| PHILIP MORRIS INTERNATIONAL INC | 4.07% | |
| WATERS CORP | 3.73% | |
| ANALOG DEVICES INC | 3.69% | |
| CARRIER GLOBAL CORP | 3.61% | |
| AMAZON.COM INC | 3.42% | |
| DANAHER CORP | 3.22% | |
| MOTOROLA SOLUTIONS INC | 3.13% | |
| SUNBELT RENTALS HOLDINGS INC | 3.07% | |
| JACOBS SOLUTIONS INC | 3.05% |
By country
United States 88.92%Ireland 4.33%Switzerland 2.98%Netherlands 0.8%By asset type
Stocks 97.04%By sector
Sectors of the companies held, for the 71.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $4.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.72%, +0.40%, +3.76%.
How it works
EQTY doesn't track an index. Its adviser, Focus Partners Wealth, LLC, starts with the stocks in the S&P 500, the non-US companies in the S&P Global 100 and the largest quarter of the S&P MidCap 400 (generally $5 billion and up in market value). A qualitative screen favors market leaders with stable products and low capital needs, run by experienced managers who own shares. A quantitative screen then looks for high returns on capital, earnings backed by cash flow, low financial risk and attractive prices. Price is judged with discounted cash flow models, which estimate a business's value from the cash it may produce in the future.
The approach follows Graham's "margin of safety" idea, as later developed by Warren Buffett and Charlie Munger. The fund buys stocks well below the adviser's estimate of their intrinsic value and avoids fast-changing industries. As of July 31, 2026, it held 39 stocks. The 10 largest made up about 42% of assets, and about 89% was in US companies.
With no index to follow, changes depend on the adviser's judgment rather than a fixed rebalancing calendar. The prospectus says falling prices create chances to buy and rising prices create chances to sell. Portfolio turnover was 36%. At least 80% of net assets must be in stocks or stock equivalents such as rights, warrants and convertible securities. The fund held no derivatives as of July 31, 2026.
What it really costs
- EQTY charges 0.99% a year, versus an average of 0.37% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EQTY | $101 | $315 | $547 | $1,213 |
In a retirement portfolio
It holds a spread of large, mostly US quality companies and has moved less than the market, but its concentration and high fee are worth weighing.
EQTY could fill part of a stock allocation with a quality-focused manager. Its beta, a gauge of how much it moves with the market, was 0.78 for the year to October 27, 2026. The ETF began trading in December 2022, so its own price history misses the 2008, 2020 and 2022 sell-offs. Its prospectus reports returns back to 2016, including a 22.74% loss in 2022 and a 29.22% drop in the first quarter of 2020. Since launch, its deepest fall was 17.3%, from February 6 to April 8, 2025, and it recovered by July 2, about 2.8 months later. Anyone forced to sell during a slump like that would lock in losses. Income is minimal: a 0.03% yield, paid once a year. In the SEC's example, $10,000 costs $1,213 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager choosing about 39 quality companies, such as Charles Schwab, Microsoft and Visa, instead of owning the whole market.
- People willing to pay 0.99% a year for a Graham- and Buffett-style value approach focused on avoiding permanent losses.
- Long-term holders who value its 0.78 beta and don't need dividend income from this part of their portfolio.
Look elsewhere if
- Cost-focused investors: SPDR Portfolio S&P 500 Growth ETF (SPYG) charges 0.04%, and similar funds average 0.37%, against EQTY's 0.99%.
- Retirees looking for income, since the trailing yield was 0.03% as of October 27, 2026, paid once a year.
- Those hoping to match the S&P 500: through 2025, the fund's 10-year average annual return of 12.09% trailed the index's 14.82%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EQTY this fund | — | 0.99% | $1.43B | +11.4% | +20.5% |
| LRGG Macquarie Focused Large Growth ETF | 31% | 0.44% | $264.0M | +1.3% | — |
| BAFE Brown Advisory Flexible Equity ETF | 31% | 0.54% | $1.69B | +10.5% | — |
| LRGC AB US Large Cap Strategic Equities ETF | 29% | 0.48% | $1.34B | +10.5% | +23.1% |
| LCF Touchstone US Large Cap Focused ETF | 29% | 0.56% | $64.7M | +8.2% | +20.5% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 24% | 0.04% | $52.99B | +7.2% | +25.3% |
| IVW iShares S&P 500 Growth ETF | 24% | 0.18% | $74.97B | +7.0% | +25.2% |
| TMFC Motley Fool 100 Index ETF | 23% | 0.5% | $2.09B | +9.6% | +28.1% |
Questions investors ask
What is EQTY's expense ratio?
EQTY's expense ratio is 0.99%, according to its prospectus filed February 27, 2026. All of it is management fee, with no waiver. That's the highest among similar funds matched by holdings overlap, which average 0.37%. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs total about $101 after one year, $547 after five years and $1,213 after ten.
Does EQTY pay a dividend?
Yes, but very little. EQTY pays once a year, and its trailing 12-month yield was 0.03% as of October 27, 2026, about $0.01 per share. The fund's stated goal is long-term capital appreciation, not income. Investors who want regular cash from their holdings would need to get it from other funds or by selling shares.
Has EQTY beaten the S&P 500?
Not over longer periods. As of December 31, 2025, the prospectus shows average annual returns of 13.49% over one year, 11.61% over five years and 12.09% over ten years. The S&P 500 returned 17.88%, 14.42% and 14.82% over the same periods. The fund has tended to move less than the market, with a beta of 0.78 for the year to October 27, 2026.
EQTY vs BAFE: what's the difference?
Brown Advisory Flexible Equity ETF (BAFE) shares about 31% of its holdings with EQTY, based on the latest N-PORT reports. BAFE costs 0.54% a year, against EQTY's 0.99%. BAFE had net assets of about $1.69 billion as of June 30, 2026, and EQTY had about $1.43 billion as of July 31, 2026. Over the year to October 27, 2026, EQTY returned 11.4% and BAFE 10.5%.
What stocks does EQTY hold?
As of July 31, 2026, its largest positions were Charles Schwab (4.9%), Microsoft (4.6%), Visa (4.6%), Aon (4.3%), Intercontinental Exchange (4.2%), Alphabet (4.2%) and Philip Morris International (4.1%). The fund held 39 stocks, and the top 10 made up about 42% of assets. About 89% was invested in US companies, and Ireland and Switzerland were the largest foreign stakes.