AFSM
First Trust Active Factor Small Cap ETF
AFSM is an actively managed portfolio of US small-cap companies that exhibit exposure to one or more investing factors.
Fund Basics
| Fund sponsor | First Trust |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 04, 2019 |
| Assets (mns) | $4 |
| Expense ratio | 77 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| SUPER MICRO COMPUTER, INC. | 1.3 % |
| ALPHA METALLURGICAL RESOURCES, INC. | 1.3 % |
| E.L.F. BEAUTY, INC. | 1.2 % |
| AMPHASTAR PHARMACEUTICALS INC | 1.1 % |
| ATKORE INTERNATIONAL GROUP INC. | 1.1 % |
| BOISE CASCADE CO | 1.0 % |
| ARCH COAL INC CLASS A | 1.0 % |
| HCC INSURANCE HOLDINGS INC | 1.0 % |
| OTTER TAIL CORP | 0.9 % |
| WEATHERFORD INTERNATIONAL PL | 0.9 % |
Constituent Breakdown
| Number of holdings | 319 |
| Herfindahl-Hirschman Index | 51 |
| Wgt avg mkt cap (mns) | $3,347 |
| Large cap (>$10bn) | 2.6% |
| Mid cap ($2-10bn) | 59.3% |
| Small cap (<$2bn) | 36.9% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 94.8 % |
 |
BERMUDA | 2.0 % |
 |
PUERTO RICO | 1.2 % |
 |
SWITZERLAND | 0.9 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 11.5% | 10.9% | -2.0% | 11.7% | -- | -- | 6.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 74% |
| MSCI EAFE | 0.90 | 64% |
| MSCI Emg Mkts | 0.68 | 33% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.48% |
| ADV of underlying (mns) | $5,051 |
Technical Indicators
| Recent close | $24.07 |
| 30d moving avg. | $24.89 |
| Annualized volatility | 20.7% |
| Relative strength (RSI) | 38 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 6.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. AFSM |
Expenses vs. AFSM |
ALTAR Score™ vs. AFSM |
|---|---|---|---|---|
| PSC | Principal U.S. Small Cap Index ETF | 36.0% | -39 bp | -1.2% |
| JPSE | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 34.0% | -48 bp | -1.3% |
| PLTL | Principal US Small-Cap Adaptive Multi-Factor ETF | 32.0% | -58 bp | -1.2% |
| ROSC | Hartford Multifactor Small Cap ETF | 31.9% | -43 bp | +1.5% |
| FLQS | Franklin LibertyQ U.S. Small Cap Equity ETF | 30.8% | -42 bp | -1.0% |
| AVUV | Avantis U.S. Small Cap Value ETF | 30.8% | -52 bp | +0.7% |
| GSSC | Goldman Sachs Activebeta U.S. Small Cap Equity ETF | 30.6% | -57 bp | -2.2% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 28.8% | -62 bp | -1.3% |
| USVM | VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 28.5% | -52 bp | +0.2% |
| SQLV | Legg Mason Small-Cap Quality Value | 27.8% | -17 bp | +0.6% |
Risk and Returns: AFSM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/20/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
AFSM
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
AFSM
9.5%
Cat. Avg
6.3%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 9.5% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 899 funds in the US Equities category, with an average ALTAR Score™
of 6.3% and a standard deviation of
3.1%. AFSM's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places AFSM in the 85th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
AFSM
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| AFSM | 77.0 | 48.1 | 125.1 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .