AFSM
First Trust Active Factor Small Cap ETF
AFSM is an actively managed portfolio of US small-cap companies that exhibit exposure to one or more investing factors.
US
EQUITY
Active
MANAGEMENT STYLE
35.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | First Trust |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 04, 2019 |
| Assets (mns) | $36 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CARPENTER TECHNOLOGY | 1.1 % |
| SKYWEST INC | 1.1 % |
| INTERDIGITAL INC | 1.1 % |
| CORCEPT THERAPEUTICS INC | 1.1 % |
| BANCORP INC/THE | 1.0 % |
| CATALYST PHARMACEUTICAL PART | 1.0 % |
| SPROUTS FARMERS MARKET INC | 0.9 % |
| ARCHROCK INC. | 0.9 % |
| DAKTRONICS INC | 0.8 % |
| CREDO TECHNOLOGY GROUP HOLDING LTD. | 0.8 % |
Constituent Breakdown
| Number of holdings | 321 |
| Herfindahl-Hirschman Index | 47 |
| Wgt avg mkt cap (mns) | $3,798 |
| Large cap (>$10bn) | 5.2% |
| Mid cap ($2-10bn) | 57.9% |
| Small cap (<$2bn) | 36.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
UNITED STATES | 93.7 % |
 |
BERMUDA | 2.0 % |
 |
IRELAND | 1.7 % |
 |
LUXEMBOURG | 0.6 % |
Historical Performance
Standardized Performance (as of 12/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 10.5% | 10.5% | 16.2% | 3.7% | -- | -- | 7.1% | Volatility | 18.8% | 19.4% | 19.1% | 21.3% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.10 | 71% |
| MSCI EAFE | 1.04 | 62% |
| MSCI Emg Mkts | 0.67 | 26% |
Liquidity Measures
| Avg. volume (000) | 11 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.59% |
| ADV of underlying (mns) | $7,793 |
Technical Indicators
| Recent close | $31.11 |
| 30d moving avg. | $31.70 |
| Annualized volatility | 22.8% |
| Relative strength (RSI) | 46 |
| Short interest (ETF) | 1.6% |
| Short interest (underlying) | 6.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. AFSM |
Expenses vs. AFSM |
ALTAR Score™ vs. AFSM |
|---|---|---|---|---|
| PSC | Principal U.S. Small-Cap ETF | 32.9% | -37 bp | -0.5% |
| FLQS | Franklin U.S. Small Cap Multifactor Index ETF | 29.0% | -40 bp | +0.1% |
| OMFS | Invesco Russell 2000 Dynamic Multifactor ETF | 29.0% | -36 bp | -0.6% |
| ROSC | Hartford Multifactor Small Cap ETF | 28.8% | -41 bp | +2.4% |
| GSSC | Goldman Sachs Activebeta U.S. Small Cap Equity ETF | 27.8% | -55 bp | -1.5% |
| JPSE | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 26.5% | -46 bp | +1.2% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 26.0% | -60 bp | +1.7% |
| AVUV | Avantis U.S. Small Cap Value ETF | 25.9% | -50 bp | +2.7% |
| FESM | Fidelity Enhanced Small Cap ETF | 25.6% | -47 bp | -4.5% |
| SQLV | Royce Quant Small-Cap Quality Value ETF | 25.3% | -15 bp | +1.6% |
Risk and Returns: AFSM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 1/22/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
AFSM
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
AFSM
6.0%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 970 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.5%. AFSM's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places AFSM in the 58th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
AFSMSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| AFSM (75 bp) Percentile rank | 61 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| AFSM | 75.0 | 59.0 | 134 |
| Peer Avg. | 47.0 | 20.8 | 67.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .