First Trust Active Factor Small Cap ETF
AFSM
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- First Trust Active Factor Small Cap ETF (AFSM) is an actively managed exchange-traded fund that seeks capital appreciation by investing at least 80% of its net assets in U.S.-listed equity securities issued by small capitalization companies, selected through a multi-factor quantitative methodology emphasizing value, momentum, quality, and low volatility factors with active risk management. The fund holds a diversified portfolio of approximately 324 small-cap stocks across sectors including information technology, industrials, health care, financials, consumer discretionary, and materials, with top holdings such as InterDigital, Inc., Comfort Systems USA, Inc., REV Group, Inc., Halozyme Therapeutics, Inc., and Corcept Therapeutics Inc. as of October 17, 2025; it primarily targets U.S. small-cap equities comprising 97.61% of assets, with minor non-U.S. stock exposure at 2.29% and cash at 0.10%. Launched on December 3, 2019, and domiciled in the United States, AFSM trades on the NYSE Arca exchange under the ticker AFSM with a net expense ratio of 0.75% and total net assets of approximately $47.43 million. First Trust Advisors L.P., the fund's investment adviser and an affiliate of First Trust Portfolios L.P., the distributor, was founded in 1991 and is headquartered in Wheaton, Illinois, with additional offices in Austin, Texas, and Franklin, Tennessee. The firm provides a broad suite of investment products including actively managed ETFs, unit investment trusts, and closed-end funds, with AFSM categorized in the Small Blend Morningstar category and investment style of market cap small and blend. In recent developments, First Trust expanded its actively managed ETF suite to 187 funds as of November 2025 with the launch of ESBG, a new leveraged exposure ETF combining stocks, bonds, and gold, reflecting ongoing portfolio innovation and growth in alternative and hybrid strategies. The firm also announced quarterly distributions for multiple ETFs in December 2025, payable on December 31 with an ex-dividend date of December 16, underscoring stable operational performance amid institutional ownership increases by firms such as Envestnet Asset Management Inc., Truist Financial Corp., and CWM, LLC. No major acquisitions, partnerships, or strategic shifts specific to AFSM were reported in the last 1-2 years, with the fund maintaining its core small-cap factor focus and recent portfolio adjustments including new positions in American Healthcare REIT, Inc., PNM Resources, Inc., and StoneX Group Inc.