John Hancock Fundamental All Cap Core ETF

John Hancock Fundamental All Cap Core ETF (JHAC) is an actively managed Manulife fund holding about 49 stocks of all sizes, and as a “semi-transparent” ETF it does not publish its full holdings daily. Its manager seeks companies trading well below its estimate of their value. It is tiny, at about $3.5 million in assets as of June 30, 2026, and its 0.72% expense ratio is above the 0.61% average of similar funds.

• Over the year to Oct 27, 2026, JHAC returned +1.0%, 8th of 9 among similar funds.
• Its worst full calendar year was 2025 (+3.4%); its best was 2024 (+23.7%).
• The deepest fall in its price history was 24.4% (Dec 4, 2024 to Apr 8, 2025), recovered by Sep 8, 2025.

As of Jun 30, 2026, the fund held 49 securities; the ten largest made up 45.47% of assets. It also reported 3.34% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.02%, +1.06%, -3.12%.

JHAC is actively managed and does not track an index. At least 80% of net assets goes into stocks of any size, and up to 20% may be foreign. The manager builds company-by-company forecasts of sales, margins and capital needs, seeking growth drivers, durable cash flow, high returns on capital, competitive advantages and strong management.

It looks for both growth and value, estimating each company's intrinsic value, the present worth of its expected future cash flows, and aiming to own shares trading well below it. It sets position sizes itself and may exit when a stock reaches its target valuation, the business weakens or a better idea appears. On June 30, 2026, the fund held 49 stocks; the top 10 made up about 45% of assets. Portfolio turnover of 64%, a gauge of trading, can add costs and taxable distributions.

Under an SEC exemptive order, JHAC is “semi-transparent”: it need not post its full portfolio daily. Instead it publishes a “Tracking Basket” of select disclosed holdings, stocks from its investment universe, representative ETFs and cash, designed to mirror daily performance, plus a measure of how much that basket overlaps the real portfolio. Because traders see a proxy, the share price may stray further from net asset value (NAV, the per-share value of the holdings) than a fully transparent ETF's.

• JHAC charges 0.72% a year, versus an average of 0.61% for the similar funds below (8th of 9, cheapest first).
• Of that, 0.67% is the management fee; the rest covers other fund expenses.
• The fee includes a 4.39% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $4,846 over 10 years (assuming a 5% annual return).

With 49 holdings, about 45% of assets in its top 10, a short record and about $3.5 million in assets as of June 30, 2026, it fits better beside a core fund than as one.

JHAC could add a hand-picked, valuation-driven slice of stocks beside a broad core fund. Launched November 1, 2023, it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its deepest drop was 24.4%, from December 4, 2024, to April 8, 2025, and it recovered about five months later; anyone cashing out shares near that low would have locked in a steep loss. Its weakest full calendar year, 2025, still gained 5%, per the prospectus. Income is small: a 0.57% trailing yield as of October 27, 2026, paid annually.

Its 0.72% expense ratio relies on a fee waiver of 4.39 percentage points; the SEC's standard $10,000 example, which counts the waiver only for its agreed term, shows $74 in year one but $4,846 over 10 years. Past results don't predict the future, and a plan needs to consider the whole portfolio, not one fund.

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