Key Takeaways
- • FMF trades at approximately $50.90 USD with a net asset value (NAV) of $50.24, reflecting a modest 0.2% discount to NAV as of the most recent quote, indicating efficient pricing relative to underlying holdings.
- • Assets under management stand at $271.46 million with positive fund flows of $92.51 million over the trailing 12 months, demonstrating institutional investor appetite for the managed futures strategy.
- • The fund employs an active management approach with a 0.95% expense ratio, targeting absolute returns uncorrelated to broad equity and fixed-income markets through direct long and short positions in futures across commodities, currencies, and equity indexes.
- • Dividend yield of 5.12% provides regular income distributions treated as ordinary income, with a capital gains tax treatment structure offering long-term capital gains at 20% maximum rate.
- • FMF operates as an open-ended actively managed ETF launched August 1, 2013, managed by First Trust Advisors LP, competing within a specialized managed futures ETF category alongside comparable strategies like DBMF, CTA, and ISMF.
Summary
First Trust Managed Futures Strategy Fund (FMF) is an actively managed exchange-traded fund trading on the AMEX exchange that pursues absolute-return performance through a managed futures approach. The fund constructs a portfolio of direct long and short positions across futures markets spanning commodities, currencies, and equity indexes, designed to generate returns with low correlation to traditional equity and fixed-income asset classes. The strategy's capacity to offset exposures within asset classes differentiates it from passive index approaches and positions it competitively within the managed futures ETF landscape.
As of the most recent pricing data, FMF trades at approximately $50.90 with a net asset value of $50.24, reflecting minimal pricing inefficiency at a 0.2% discount to NAV. The fund manages $271.46 million in assets under management and has experienced positive fund flows of $92.51 million over the trailing 12 months, indicating sustained institutional investor interest. The 52-week trading range extends from $50.78 to $52.44, demonstrating relative stability within managed futures exposure.
The fund operates with a 0.95% expense ratio and distributes regular dividends at a 5.12% indicated yield, treated as ordinary income in the current distribution structure. Long-term capital gains benefit from a maximum federal tax rate of 20%, while short-term gains face a 39.60% maximum rate. The fund structure comprises 5.35 million shares outstanding and carries no underlying index mandate, operating instead under active management discretion. First Trust Advisors LP serves as primary advisor, with First Trust Portfolios LP functioning as distributor. The fund's inception date of August 1, 2013, provides over four years of operating history within the alternative investment space, positioning FMF as an established vehicle for investors seeking tactical diversification through commodity and currency exposure managed on a systematic basis.
As of the most recent pricing data, FMF trades at approximately $50.90 with a net asset value of $50.24, reflecting minimal pricing inefficiency at a 0.2% discount to NAV. The fund manages $271.46 million in assets under management and has experienced positive fund flows of $92.51 million over the trailing 12 months, indicating sustained institutional investor interest. The 52-week trading range extends from $50.78 to $52.44, demonstrating relative stability within managed futures exposure.
The fund operates with a 0.95% expense ratio and distributes regular dividends at a 5.12% indicated yield, treated as ordinary income in the current distribution structure. Long-term capital gains benefit from a maximum federal tax rate of 20%, while short-term gains face a 39.60% maximum rate. The fund structure comprises 5.35 million shares outstanding and carries no underlying index mandate, operating instead under active management discretion. First Trust Advisors LP serves as primary advisor, with First Trust Portfolios LP functioning as distributor. The fund's inception date of August 1, 2013, provides over four years of operating history within the alternative investment space, positioning FMF as an established vehicle for investors seeking tactical diversification through commodity and currency exposure managed on a systematic basis.
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