Alger Mid Cap 40 ETF
FRTY
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- Alger Mid Cap 40 ETF (FRTY) is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of mid-cap growth companies demonstrating promising growth potential through Positive Dynamic Change, as identified by fundamental research; the fund maintains a focused portfolio of approximately 40 high-conviction holdings, primarily U.S. stocks across sectors such as technology, healthcare, industrials, and communication services, without daily portfolio disclosure but with a verified intraday indicative value (VIIV) for transparency and arbitrage. FRTY does not track a benchmark index and employs active trading strategies, including selling positions upon reaching target prices or when better opportunities arise, with an expense ratio of 0.60% and assets under management exceeding $100 million as of late 2025. The ETF trades on NYSE Arca and targets institutional and retail investors seeking concentrated mid-cap growth exposure. FRTY, issued by The Alger ETF Trust and managed by Fred Alger Management, LLC (Alger), a pioneer in growth equity investment management founded in 1964 and headquartered in New York City, launched on February 26, 2021, marking Alger's entry into the actively managed ETF space using ActiveShares technology licensed from Precidian Investments. Alger, with approximately $32.8 billion in assets under management, oversees FRTY through portfolio manager Amy Y. Zhang and provides a suite of growth-focused ETFs, including Alger 35 ETF (ATFV), Alger Weatherbie Enduring Growth ETF (AWEG), and newer launches like Alger AI ETF (ALAI) and Alger Concentrated Equity ETF (CNEQ) in April 2024. Subsidiaries such as Weatherbie Capital, acquired in 2017, and Redwood Investments, acquired in 2024, enhance Alger's small/mid-cap and global growth capabilities, though FRTY remains U.S.-centric. Recent developments include Alger's full suite of ETFs surpassing $600 million in assets under management in October 2025, driven by strong performance in growth-oriented strategies amid AI and technology adoption; FRTY itself reported outperformance versus the Russell Midcap Growth Index in Q3 2025, with portfolio updates reflecting continued focus on dynamic mid-cap leaders. In December 2024, FRTY distributed a modest dividend of $0.02 per share, underscoring its growth emphasis over yield. Alger continues expanding its ETF lineup and international presence, including offices in Boston, London, and sales in Singapore, while maintaining non-diversified, high-conviction approaches across its products.