Oakmark U.S. Large Cap ETF

Oakmark U.S. Large Cap ETF (OAKM) is an actively managed fund. Instead of tracking an index, it holds about 40 large U.S. companies chosen with Oakmark's value approach. Its largest holdings lean heavily toward financial stocks such as Citigroup, State Street and Capital One. Its 0.59% expense ratio is higher than the 0.43% average of the funds most similar to it, and it has only traded since December 2024.

• Over the year to Oct 27, 2026, OAKM returned +12.9%, 4th of 7 among similar funds.
• Its worst full calendar year was 2025 (+21.4%); its best was 2025 (+21.4%).
• The deepest fall in its price history was 15.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.

As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 36.98% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $39.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.64%, -0.71%, +0.33%.

OAKM does not follow an index. Its managers must keep at least 80% of net assets in U.S. large companies. The prospectus defines a large company as one at least as big as the smallest company in the Russell 1000 Index, whose range ran from $1.0 billion to $3.8 trillion as of December 31, 2025. The managers use value investing. That means buying stocks priced well below their estimate of "intrinsic value," which is the price a knowledgeable buyer would pay for the whole business. They also look for free cash flow, earnings that grow steadily, and managers who own stock and think like owners.

The research is "bottom-up," meaning it starts with individual companies rather than economic forecasts, and analysts often visit the companies. Each stock gets a buy price and a sell price. The fund usually sells once a stock's price nears the managers' value estimate. There is no scheduled rebalancing, and portfolio turnover was 11%, which points to fairly little trading. The fund typically holds fewer than 40 companies. As of June 30, 2026, it held 40, and the top 10 made up about 37% of assets. Citigroup (4.1%), Keurig Dr Pepper (4.0%) and Delta Air Lines (3.9%) were the largest.

The fund uses no leverage, options or derivatives. It may create and redeem shares for cash rather than by swapping stocks, so it could be less tax-efficient than ETFs that swap stocks.

• OAKM charges 0.59% a year, versus an average of 0.43% for the similar funds below (5th of 7, cheapest first).
• Of that, 0.64% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.05% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $794 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed value fund with a heavy weight in financials and less than two years of history, so it fits best as a smaller holding alongside a broader core.

OAKM launched in December 2024. It therefore has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 21.28%. Its deepest drop was 15.2%, from February 19 to April 8, 2025, and it was back at its old high by June 26, 2025, about 2.6 months later. That was a short, mild test. A 40-stock fund with a large stake in financials could fall harder in a downturn led by banks, which matters for anyone who may have to sell shares in a bad year. Income is small: the trailing yield was 0.62% as of October 27, 2026, paid once a year. In the SEC's standard $10,000 example, costs come to $794 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).