First Trust Managed Futures Strategy Fund
FMF
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- First Trust Managed Futures Strategy Fund (FMF) is an actively managed exchange-traded fund that seeks positive absolute returns uncorrelated with major asset classes through a global macro alternatives strategy focused on managed futures. The fund pursues its objective by investing primarily in commodity futures (approximately 50%), currency futures (25%), and equity index futures (25%), taking long and short positions; it also allocates to short-term fixed income securities, including U.S. government and agency securities, sovereign debt of non-U.S. countries, and money market instruments, often through derivatives and a wholly-owned Cayman Islands subsidiary for commodity exposure. Shares trade on the NYSE Arca exchange under the ticker FMF, with a net expense ratio of 0.99%. Launched on August 1, 2013, and domiciled in the United States, FMF is advised by First Trust Advisors L.P. and distributed by First Trust Portfolios L.P., both headquartered in Wheaton, Illinois, with additional offices in Austin, Texas, and Franklin, Tennessee. The fund targets institutional and retail investors seeking diversification from traditional equities and fixed income, operating globally across commodity, currency, and equity futures markets without geographic restrictions on underlying exposures. In recent developments, First Trust Advisors L.P. announced distributions for FMF and numerous other exchange-traded funds in December 2025, reflecting ongoing income generation amid market volatility. The firm also proposed reorganizations of select Vest Financial funds into First Trust products in October 2025, signaling strategic expansion in alternatives, though FMF itself was not directly involved; no specific acquisitions, new product launches, or partnerships directly impacting FMF were reported in the last 1-2 years.