At a glance
FMCE charges 0.71% a year. It has $69.4M in assets; it paid 0.1% of its price in distributions over the past 12 months, semiannual. Its ten largest positions make up 44.7% of the fund, out of 30 in all.
The short version
FM Compounders Equity ETF (FMCE) is an actively managed, nontransparent ETF that holds a focused portfolio of about 25–35 U.S.-listed stocks. Its managers look for companies with durable competitive advantages and strong free cash flow. Unlike most ETFs, it reports its holdings only once a quarter. It charges 0.71% a year, and 15.72% of its assets were in cash and equivalents as of August 31, 2026.
Price history
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FMCE — 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 | |
|---|---|---|---|---|---|---|
| FMCE official prospectus, to Dec 31, 2025 | — | +10.85% | — | — | — | +7.36% |
| S&P 500® Equal Weight Index index, same period | — | +11.43% | — | — | — | +5.64% |
| FMCE price data to Oct 27, 2026 | +4.6% | — | — | — | — | — |
- The deepest fall in its price history was 4.9% (Jul 6, 2026 to Jul 29, 2026), recovered by Aug 4, 2026.
| 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 Aug 31, 2026, the fund held 30 securities; the ten largest made up 44.74% of assets, and 15.72% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 5.95% | |
| KKR & CO. INC | 5.81% | |
| VISA INC | 4.84% | |
| GE AEROSPACE | 4.49% | |
| AMAZON.COM INC | 4.25% | |
| BERKSHIRE HATHAWAY INC | 4.16% | |
| INTEL CORP | 4.14% | |
| THERMO FISHER SCIENTIFIC INC | 4.07% | |
| HONEYWELL AEROSPACE INC | 3.89% | |
| PHILLIPS 66 | 3.15% | |
| UBER TECHNOLOGIES INC | 3.06% | |
| ASML HOLDING NV | 2.90% | |
| MASTERCARD INC | 2.84% | |
| BOOKING HOLDINGS INC | 2.77% | |
| GE VERNOVA INC | 2.70% |
By country
United States 77.93%Netherlands 2.9%Ireland 2.41%Japan 1.06%By asset type
Stocks 84.3%By sector
Sectors of the companies held, for the 72.6% 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 Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.94%, -1.98%, +1.98%.
How it works
FMCE does not track an index. Its adviser picks 25–35 stocks of any size that trade on U.S. exchanges, and it keeps at least 80% of assets in stocks. Most picks are meant to be "compounders." These are steady businesses that keep generating free cash flow and reinvest it at high returns on capital (profit earned on each dollar a company puts to work). The fund may also buy undervalued companies and "special situations," such as restructurings or management changes. Its research looks for good expected returns over three or more years, high-quality businesses, management with sensible pay incentives, and recurring revenue with high margins.
The prospectus does not set a weighting formula. The adviser buys when prices look reasonable for the quality of the business. It sells when a stock no longer meets its criteria, the company's prospects get worse, it loses trust in management, it finds a better idea, or the price looks too high. Turnover was 46%. The fund is non-diversified, so a few stocks can have a big effect on returns. It can also hold a lot of cash in Treasury bills, government money market funds and repurchase agreements.
Holdings are filed with the SEC once a quarter. To help traders price the shares, the fund publishes a verified intraday indicative value every second. The large firms that create and redeem shares do it through confidential accounts, so they never see the basket of stocks. The prospectus warns that this new structure may attract fewer market makers.
What it really costs
- FMCE charges 0.71% a year.
- Of that, 0.7% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $73 in the first year and $883 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FMCE | $73 | $227 | $395 | $883 |
In a retirement portfolio
It is a concentrated, actively managed portfolio of about 30 stocks with a short track record, so it fits better as a smaller holding next to broader core funds.
FMCE could add a focused group of cash-generating companies alongside broader stock funds. It launched in November 2024, so it has no history in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 10.85%. Its weakest quarter was a 0.32% dip in late 2025. Price data starts June 9, 2026. Since then, its deepest drop was 4.9%, from July 6 to July 29, 2026, and it had recovered by August 4. A 30-stock fund could fall much further in a true bear market. That matters for anyone who may need to sell shares in a bad year. Income is minimal: the yield was 0.1% as of October 27, 2026, paid twice a year. In the SEC's standard example, costs on $10,000 are $73 for the first year. 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-picked portfolio of about 30 cash-generating companies, such as Microsoft, KKR and Visa, instead of an index fund.
- People willing to pay 0.71% a year for active stock picking aimed at high returns on capital and management whose interests match shareholders'.
- Long-term holders who can keep it as a smaller position and give a strategy with one full calendar year of results time to prove itself.
Look elsewhere if
- Investors who need income: the trailing yield was 0.1% as of October 27, 2026, paid twice a year.
- People who want to see every holding daily, since this nontransparent ETF reports its portfolio only once a quarter.
- Anyone who wants a record through past bear markets. It launched in November 2024, so it has no history in 2008, 2020 or 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does FMCE pay dividends?
Yes, but very little. FMCE pays twice a year. Its trailing 12-month yield was 0.1% as of October 27, 2026, or about $0.03 per share. The fund aims for long-term growth, not income, and the companies it favors tend to reinvest cash rather than pay it out. Investors who need regular cash from this holding would likely have to sell shares.
What stocks are in FMCE?
As of August 31, 2026, FMCE held 30 stocks. The largest were Microsoft (5.9%), KKR (5.8%), Visa (4.8%), GE Aerospace (4.5%), Amazon (4.3%) and Berkshire Hathaway (4.2%). Intel, Thermo Fisher Scientific, Honeywell Aerospace and Phillips 66 came next. The top 10 made up 44.7% of assets, and 15.7% was in cash and equivalents. The fund reports holdings only once a quarter, so the portfolio may have changed.
What is FMCE's expense ratio?
FMCE's expense ratio is 0.71% a year, according to its prospectus filed June 25, 2026. Almost all of that is a 0.70% management fee. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs come to about $73 after one year, $395 after five years and $883 after ten. That is more than many broad index ETFs charge, and it is the price of active stock picking.
How has FMCE performed against the S&P 500 Equal Weight Index?
The results are mixed, and the record is short. In 2025, FMCE returned 10.85%, a bit behind the 11.43% of the S&P 500 Equal Weight Index, the benchmark named in its prospectus. From its November 11, 2024 launch through December 31, 2025, it averaged 7.36% a year, compared with 5.64% for the index. With just over a year of official results, these figures say little about how the strategy will do over a full market cycle.
Why doesn't FMCE publish its holdings every day?
FMCE is a nontransparent ETF. It files its holdings with the SEC once a quarter instead of posting them daily, which keeps its trades private. To help traders price the shares, it publishes a verified intraday indicative value every second. The large firms that create and redeem shares use confidential accounts and never see the basket of stocks. The prospectus warns that this new setup may attract fewer market makers. In stressed markets, that can mean wider trading spreads and prices that drift from the fund's net asset value.