# FMF (First Trust Managed Futures Strategy Fund)

First Trust · Alternatives ETFs · data as of Sep 18, 2026

In the S&P 500’s down weeks over the year to Sep 18, 2026, FMF rose 0.20% a week on average.

## Key facts

- FMF, correlation with the S&P 500: +0.18, as of Sep 18, 2026.
- FMF, beta to the S&P 500: +0.12, as of Sep 18, 2026.
- FMF, down-week capture: −16.2%, as of Sep 18, 2026.
- FMF, against T-bills, 52 weeks: +11.7 pts, as of Sep 18, 2026.
- FMF, net assets: $288m (issuer page, as of Sep 18, 2026).
- FMF, expense ratio: 0.98% (485BPOS XBRL, Apr 30, 2026).

## FMF over each window to Sep 18, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | +4.9% | +2.3% | +2.6 pts |
| 6 months | +6.9% | +18.0% | −11.1 pts |
| 1 year | +15.7% | +16.6% | −0.9 pts |
| 3 years | +21.0% | +78.4% | −57.4 pts |
| Since it listed | +33.5% | +457.5% | −424.0 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | First Trust | ETFIQ |
| Strategy | Managed futures | ETFIQ, from its prospectus |
| Expense ratio | 0.98% | 485BPOS XBRL, Apr 30, 2026 |
| Net assets | $288m | issuer page, as of Sep 18, 2026 |
| Weeks measured | 52, from Sep 19, 2025 to Sep 18, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 22 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.24% | ETFIQ |
| FMF in those weeks, on average | +0.20% | ETFIQ |
| FMF total return over those weeks | +15.3% | ETFIQ |
| T-bills | +3.6% | ETFIQ |
| Listed since | Aug 2, 2013 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### Does FMF move with the S&P 500?

Over the year to Sep 18, 2026, FMF’s weekly returns had a correlation of +0.18 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.12, so for each 1% the index moved it moved about 0.12% the same way.

### What did FMF do when stocks fell?

The S&P 500 fell in 22 of the 52 weeks to Sep 18, 2026, by 1.24% on average. In those weeks FMF rose 0.20% on average, a down-week capture of −16.2%.

### Did FMF earn more than cash?

Over the same 52 weeks FMF returned +15.3% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.6%. FMF finished 11.7 percentage points ahead of it.

### What does FMF cost?

The prospectus expense ratio is 0.98% a year.

### Why is FMF listed as managed futures?

ETFIQ files each fund by what its own prospectus says it does, and FMF’s, filed Apr 30, 2026, describes a managed futures fund.


## Cite this page

ETFIQ, FMF, data as of Sep 18, 2026. https://etfiq.com/funds/fmf
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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