Rockefeller U.S. Small-Mid Cap ETF

Rockefeller U.S. Small-Mid Cap ETF (RSMC) is an actively managed fund. A manager hand-picks U.S. small and mid-sized companies, and the fund held 45 stocks as of July 31, 2026. Two things set it apart from similar funds: cost and concentration. Its 0.75% expense ratio is the highest of seven comparable funds, which average 0.47%. Its 10 largest holdings made up about 32% of assets.

• Over the year to Oct 27, 2026, RSMC returned +2.4%, 6th of 7 among similar funds.
• Its worst full calendar year was 2025 (-1.0%); its best was 2025 (-1.0%).
• The deepest fall in its price history was 22.3% (Nov 25, 2024 to Apr 8, 2025), recovered by Apr 17, 2026.

As of Jul 31, 2026, the fund held 45 securities; the ten largest made up 31.51% of assets, and 2.23% sat in cash and money-market holdings.

• Over the three months to Jul 31, 2026, investors withdrew a net $9.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.27%, +4.06%, -2.81%.

RSMC does not track an index. Its sub-adviser picks the stocks. At least 80% of net assets must be in U.S. small- and mid-cap companies, meaning companies whose size falls within the range of the Russell 2500 Index. As of July 31, 2025, that range ran from about $66 million to $28 billion in market value. Up to 20% can go outside that range. The fund may also own some non-U.S. companies, including through American Depositary Receipts (ADRs), which are U.S.-traded shares that stand in for foreign stocks.

The manager looks for companies whose revenue and earnings growth can be bought at an attractive price compared with that growth and with peers. It weighs competitive advantages, growth potential, management quality, balance sheet strength and valuation. It aims to hold companies through their growth stages. It trims or sells a stock when the original reason for owning it no longer applies, when fundamentals or valuation change, or when the company grows above roughly $20 billion.

The fund is "non-diversified," so it can put more money into fewer names. As of July 31, 2026, its largest positions were HA Sustainable Infrastructure Capital (3.8%), StoneX Group (3.7%) and FirstCash Holdings (3.4%), and it held no derivatives. The prospectus reports portfolio turnover of 86%. That means a large share of the portfolio changes over a year.

• RSMC charges 0.75% a year, versus an average of 0.47% for the similar funds below (7th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

A concentrated, actively managed basket of 45 smaller U.S. stocks with a high fee and a short record fits better as a small add-on than as a foundation.

RSMC could add smaller U.S. companies that large-company index funds barely own. Its record is short. It launched on October 10, 2024, so it was not around for the 2008, 2020 or 2022 downturns. Its deepest drop was 22.3%, from November 25, 2024, to April 8, 2025. It took about 12 months, until April 17, 2026, to get back to its earlier high. Its only full calendar year, 2025, returned about -1%. Anyone forced to sell shares during a slide like that would lock in losses. The fund recorded no distributions, so it provides no income. Under the SEC's standard example, its 0.75% expense ratio costs about $77 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.

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