Key Takeaways
- • First Trust Managed Futures Strategy Fund (FMF) holds a diversified portfolio of 9 exchange-traded funds spanning semiconductors, emerging markets, precious metals, and commodities, with $259.32 million in assets under management as of April 2026.
- • Semiconductor exposure dominates FMF's holdings, with five positions in chip-related ETFs (SOXX, FTXL, XSD, SMH, PSI) representing the fund's largest sector concentration and showing gains of 1.40% to 2.10% on the reporting date.
- • FMF employs a multi-asset allocation strategy with 50% commodity exposure, 25% currency allocation, and 25% equity weighting, designed to generate positive returns uncorrelated with broad market equity and fixed-income benchmarks.
- • Emerging markets and commodity-linked positions comprise substantial portfolio weight, including positions in copper miners (COPX), gold explorers (GOEX), Latin America equities (FLBR, FLLA, FLN), and India small-cap exposure (SMIN, INCO), reflecting the fund's managed futures tactical approach.
- • The fund maintains institutional backing with 81 institutional owners, indicating significant adoption among professional asset allocators despite modest daily trading volume of $28.28 thousand and tight premium/discount spread of 0.10%.
Summary
First Trust Managed Futures Strategy Fund (FMF), an actively managed ETF, maintains a strategically diversified portfolio concentrated across commodity-linked, emerging market, and technology sector positions. As of April 2026, the fund's $259.32 million asset base is deployed across nine core holdings designed to deliver returns with minimal correlation to traditional equity and fixed-income markets.
The portfolio reveals significant overweight to semiconductor exposure, with five distinct ETF positions capturing the sector from multiple angles. These include the iShares Semiconductor ETF (SOXX), First Trust Nasdaq Semiconductor ETF (FTXL), State Street SPDR S&P Semiconductor ETF (XSD), VanEck Semiconductor ETF (SMH), and Invesco Semiconductors ETF (PSI)—collectively representing the fund's largest sector allocation. All semiconductor holdings posted positive single-day performance ranging from 1.40% to 2.10%, suggesting tactical conviction in the technology cycle.
FMF's strategic framework allocates 50% to commodities, 25% to currency exposure, and 25% to equity positions. This allocation is evident in the fund's substantial positions in commodity-related ETFs including Global X Copper Miners ETF (COPX, +2.40%), Global X Gold Explorers ETF (GOEX, +0.99%), and iShares MSCI Global Gold Miners ETF (RING, +1.58%). These holdings provide inflation hedging and commodity beta exposure typical of managed futures strategies.
Emerging market and international equity exposure comprises a secondary pillar of the portfolio. Positions include Franklin FTSE Brazil ETF (FLBR), Franklin FTSE Latin America ETF (FLLA), iShares MSCI Turkey ETF (TUR), Columbia India Consumer ETF (INCO), and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS), among others. This geographic diversification aligns with the fund's objective of capturing growth opportunities outside developed markets while maintaining exposure to emerging currency movements.
The fund operates with institutional credibility, supported by 81 institutional owners and shareholders on record. Despite modest daily volume of $28.28 thousand, FMF trades at a 0.10% discount to net asset value, indicating efficient pricing and tight bid-ask spreads suitable for institutional deployment.
The portfolio reveals significant overweight to semiconductor exposure, with five distinct ETF positions capturing the sector from multiple angles. These include the iShares Semiconductor ETF (SOXX), First Trust Nasdaq Semiconductor ETF (FTXL), State Street SPDR S&P Semiconductor ETF (XSD), VanEck Semiconductor ETF (SMH), and Invesco Semiconductors ETF (PSI)—collectively representing the fund's largest sector allocation. All semiconductor holdings posted positive single-day performance ranging from 1.40% to 2.10%, suggesting tactical conviction in the technology cycle.
FMF's strategic framework allocates 50% to commodities, 25% to currency exposure, and 25% to equity positions. This allocation is evident in the fund's substantial positions in commodity-related ETFs including Global X Copper Miners ETF (COPX, +2.40%), Global X Gold Explorers ETF (GOEX, +0.99%), and iShares MSCI Global Gold Miners ETF (RING, +1.58%). These holdings provide inflation hedging and commodity beta exposure typical of managed futures strategies.
Emerging market and international equity exposure comprises a secondary pillar of the portfolio. Positions include Franklin FTSE Brazil ETF (FLBR), Franklin FTSE Latin America ETF (FLLA), iShares MSCI Turkey ETF (TUR), Columbia India Consumer ETF (INCO), and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS), among others. This geographic diversification aligns with the fund's objective of capturing growth opportunities outside developed markets while maintaining exposure to emerging currency movements.
The fund operates with institutional credibility, supported by 81 institutional owners and shareholders on record. Despite modest daily volume of $28.28 thousand, FMF trades at a 0.10% discount to net asset value, indicating efficient pricing and tight bid-ask spreads suitable for institutional deployment.
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