First Trust Mid Cap US Equity Select ETF
RNMC
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- First Trust Mid Cap US Equity Select ETF (RNMC) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield (before the fund's fees and expenses) of a dividend-selected, tier-weighted index of mid-cap U.S. equities. The fund tracks the Nasdaq Riskalyze US Mid Cap Index, a modified equal-weighted index designed to provide a diversified portfolio of dividend-paying U.S. mid-cap securities, with approximately 101 holdings focused on the mid-cap segment (typically companies with market capitalizations between $2 billion and $10 billion) of the U.S. equity market; it emphasizes tiered weighting based on dividend selection criteria and maintains a net expense ratio of 0.60%. RNMC targets investors seeking exposure to mid-cap blend equities with a dividend focus, primarily through small- and mid-cap U.S. companies across various sectors, including financials, industrials, technology, and consumer discretionary, with over 98% allocation to U.S.-domiciled firms. Launched on June 20, 2017, RNMC is managed by First Trust Advisors L.P., a federally registered investment advisor founded in 1991 and headquartered in Wheaton, Illinois. The fund operates as a series of First Trust Exchange-Traded Fund VI, with assets under management of approximately $15.85 million to $23 million and quarterly dividend distributions; its portfolio features weighted average market capitalization around $12.4 billion, blending mid-cap (38-40%) with some large-cap (over 50%) and small-cap exposure. First Trust Advisors L.P. serves as the advisor, with The Bank of New York Mellon Corporation acting as administrator, and the fund trades on the Nasdaq exchange. In June 2024, First Trust announced and implemented significant changes to RNMC, including a shift in its investment strategy from tracking the Nasdaq Riskalyze US Mid Cap Index to the SMID Capital Strength Index, alongside a name change to First Trust SMID Capital Strength ETF and a ticker symbol update to FSCS effective June 10, 2024. These modifications, approved by shareholders, aimed to enhance the fund's focus on SMID (small- and mid-cap) capital strength metrics while maintaining its core dividend-oriented, tier-weighted approach to U.S. equities. No major acquisitions, partnerships, or funding rounds specific to RNMC have been reported in the last 1-2 years, though First Trust Advisors continues to oversee approximately $299 billion in assets under management or supervision across its broader ETF and investment product lineup as of September 2025. The fund remains active under its legacy RNMC identifier in certain databases despite the rebranding.