At a glance
FGSM charges 0.82% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $51.0M in assets, the 8th largest of that group; it paid 0.7% of its price in distributions over the past 12 months, semiannual.
The short version
Frontier Asset Global Small Cap Equity ETF (FGSM) is an actively managed fund of funds: it owns a handful of other small-company stock ETFs that cover U.S. and international markets. Its 0.82% expense ratio pays for a manager to choose which ETFs to hold and how much of each, rather than following one index. The fund is small, with about $51 million in net assets as of July 31, 2026, and it launched only in December 2024.
Price history
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FGSM — 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 | |
|---|---|---|---|---|---|---|
| FGSM official prospectus, to Dec 31, 2025 | — | +21.56% | — | — | — | — |
| FGSM price data to Oct 27, 2026 | +1.8% | — | — | — | — | — |
- The deepest fall in its price history was 6.3% (Aug 14, 2026 to Oct 14, 2026), not yet recovered.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 6 securities; the ten largest made up 99.94% of assets.
| Fund held | Weight | |
|---|---|---|
| AVANTIS INTL S/C VALUE ETF MUTUAL FUND | 27.14% | |
| ISHARES CORE S&P SMALL-CAP E MUTUAL FUND | 22.39% | |
| ISHARES US SMALLCAP EQUITY F MUTUAL FUND | 18.59% | |
| ISHARES INTERNATIONAL SMALL MUTUAL FUND | 14.03% | |
| AVANTIS US SMALL CAP VALUE MUTUAL FUND | 11.69% | |
| NEUBERGER SMALL-MID CAP ETF MUTUAL FUND | 6.09% |
By country
United States 99.94%By asset type
Stocks 99.94%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $9.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.49%, +1.66%, +2.34%.
How it works
FGSM does not track an index. The adviser, Frontier Asset Management, builds the portfolio from other ETFs, usually six to twelve of them. In normal conditions at least 80% of net assets goes to small-company stocks. The fund counts a company as small if, when bought, its size falls within the range of the Morningstar Developed Markets Small Cap Index. At least 40% of total assets must be in non-U.S. companies, spread across at least three countries including the U.S. Emerging markets are allowed, and up to 20% can go to mid-size companies.
The team sets the overall mix with mean variance optimization. This is a math model that looks for the blend of asset classes with the highest expected return for a given level of price swings. It weighs expected returns, volatility and how the pieces move together. The team then picks ETFs using number-based screens and interviews with each ETF's managers, and it judges whether each manager has a real edge. It also favors low-cost exposure.
As of July 31, 2026, the fund held six ETFs. Avantis International Small Cap Value made up 27.1%, iShares Core S&P Small-Cap 22.4% and an iShares U.S. small-cap equity fund 18.6%. An iShares international small-cap fund held 14.0%, Avantis U.S. Small Cap Value 11.7% and a Neuberger small-mid cap ETF 6.1%. Portfolio turnover was 5%, so the lineup changes slowly. The prospectus sets no fixed rebalancing schedule.
What it really costs
- FGSM charges 0.82% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Of that, 0.6% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $84 in the first year and $1,014 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FGSM | $84 | $262 | $455 | $1,014 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It adds a small slice of U.S. and international small-company stocks, which swing more than large companies, through a young, small, actively run fund.
FGSM could add small-company and international stocks alongside a core holding of large U.S. companies. Its record is too short to show how it holds up in a real downturn. It launched in December 2024, after the 2008, 2020 and 2022 sell-offs. In its only full calendar year, 2025, it returned 21.32%, and its worst quarter was -2.44%. Price data from June 2026 onward shows a 6.3% drop from August 14 to October 14, 2026, which had not recovered as of October 27, 2026. Small-company stocks can fall hard, so anyone who may need to sell in a bad year would want other assets to draw on. Income is small: the yield was 0.7% as of October 27, 2026, paid twice a year. In the SEC's standard example, the fund costs $84 in the first year on $10,000. 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 one fund that combines U.S. and international small-company stocks, with at least 40% of assets outside the U.S.
- People who would rather have a manager choose and weight ETFs from Avantis, iShares and Neuberger than follow a single small-cap index.
- Long-term holders who can ride out small-cap swings and need little income, given the 0.7% yield as of October 27, 2026.
Look elsewhere if
- Cost-focused investors, since the 0.82% expense ratio pays for a mix of six widely available ETFs they could build themselves.
- Investors who want a long track record: FGSM launched in December 2024 and has not been tested by a bear market.
- Those wary of very small funds: net assets were about $51 million as of July 31, 2026, after $9.9 million of outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FGSM this fund | 0.82% | $51.0M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does FGSM invest in?
FGSM invests in other ETFs, not directly in stocks. As of July 31, 2026, it held six, all focused on small companies. The largest were Avantis International Small Cap Value (27.1%), iShares Core S&P Small-Cap (22.4%) and an iShares U.S. small-cap equity fund (18.6%). The rest were an iShares international small-cap fund, Avantis U.S. Small Cap Value and a Neuberger small-mid cap ETF. At least 40% of assets must be in non-U.S. companies.
What is FGSM's expense ratio?
FGSM's expense ratio is 0.82%, according to its prospectus filed February 27, 2026. The management fee accounts for 0.60% of that. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, total costs would be about $84 after one year, $262 after three, $455 after five and $1,014 after ten. That is more than many single small-cap index ETFs charge, because a manager chooses the mix.
Does FGSM pay dividends?
Yes. FGSM pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $0.24 per share, a yield of 0.7%. That income is low, which is common for small-company stock funds, since many smaller firms reinvest their profits instead of paying them out. Anyone looking for regular retirement income would get little of it here. The fund's stated goal is long-term total return, not income.
How has FGSM performed since it launched?
FGSM returned 21.32% in calendar 2025, its first full year, according to its prospectus. Its one-year average annual return to December 31, 2025, was 21.56%. Its strongest quarter gained 10.53% (ending June 30, 2025), and its weakest lost 2.44% (ending March 31, 2025). In 2026 the fund was up 1.8% year to date as of October 27, 2026. That is a partial year and covers too little time to judge the strategy.
Is FGSM an index fund or actively managed?
FGSM is actively managed. Frontier Asset Management uses a model to set the mix of asset classes. It then chooses six to twelve ETFs based on their past risk-adjusted returns, reviews of their managers and their cost. FGSM uses the Morningstar Developed Markets Small Cap Index only to decide which companies count as small, not as a list to copy. Results depend on the adviser's choices, so they can differ from the small-cap market's in either direction.