Portfolio Characteristics

  • As of Sep 30, 2026

Investment Philosophy

Seeks to provide current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the strategy’s primary objective.

  • After-Tax Income Potential

    Municipal securities market offers the potential for higher after-tax income when compared with other fixed income markets.

  • Opportunities to Identify Undervalued Municipal Securities

    Size, depth and other characteristics of the municipal securities market offer significant opportunity set of securities that may be undervalued.

  • Market Inefficiencies

    Scale and intricacy of the municipal securities market often results in pricing anomalies and other inefficiencies on which trading strategies can capitalize.

Portfolio Characteristics

  • As of Sep 30, 2026
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Our Process

The Core Municipal ETF emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

  • 01

    Bottom Up Fundamental Analysis

    Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

    Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

    Strategic inputs include:

    • Credit analysis
    • Security structure
    • Sector analysis
    • Yield curve positioning
  • 02

    Portfolio Construction

    Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit

    Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection

    Portfolio assessment:

    • Position sizing
    • Performance and attribution analysis
    • Duration management
    • Leverage analysis
  • 03

    Sell Discipline

    Team may sell a security if, among other factors, it:

    • Determines a security is overvalued
    • Detects credit deterioration
    • Modifies its portfolio strategy, such as sector or state allocation

    Team may also sell a security when it exceeds the portfolio’s diversification targets

  1. Disclosures

  2. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  3. Definitions

  4. 30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.

    The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.

    The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.

    Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.

    Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.

    Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.

    Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.

    Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.

    The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

    These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.

    A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

    Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Average Annual Returns

FECM
TickerYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense RatioFund Inception Date
GrossNet
FECM NAV --  -3.69%  -4.56% -- -- -- --  -4.56%   0.40%   0.25% Jun 30, 2026
FECM Market Price --  -3.51%  -4.21% -- -- -- --  -4.21%   0.40%   0.25% Jun 30, 2026
S&P Investment Grade Municipal Bond Intermediate Index --  -3.61%  -5.01% -- -- -- --  -4.96% -- -- --
FECM NAV --  -3.69%  -4.56% -- -- -- --  -4.56%   0.40%   0.25% Jun 30, 2026
FECM Market Price --  -3.51%  -4.21% -- -- -- --  -4.21%   0.40%   0.25% Jun 30, 2026
S&P Investment Grade Municipal Bond Intermediate Index --  -3.61%  -5.01% -- -- -- --  -4.96% -- -- --

Source: FactSet; data as of Sep 30, 2026.

Source: FactSet; data as of Sep 30, 2026.

  1. Investors should consider the investment objectives, risks, and charges and expenses of the First Eagle ETFs carefully before investing. A prospectus, which contains this and other information about the funds, may be obtained by calling 844-422-3367. The prospectus or summary prospectus should be read carefully before investing.

    ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

    First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), brokerage commissions,extraordinary items, interest or taxes) ("annual operating expenses") is limited to [ ]% of the Fund's average daily net assets. These contractual limitations are in effect until [June 30, 2027], and may not be terminated prior to that date without the approval of the Board of Trustees (the "Board") of First Eagle ETF Trust (the "Trust").

    First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. First Eagle ETFs are Distributed by Quasar Distributors, LLC. 

ETF Holdings

As of Nov 03, 2026

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
64990KNC3 NEW YORK ST DORM AUTH ST PERS INCOME TAX REV REV 310,000 100.13 $310,414.97 1.81%
45470EHK4 INDIANA FIN AUTH EDL FACS REV BDS 2026 22/OCT/2026 275,000 109.43 $300,927.03 1.76%
646136Y54 NEW JERSEY ST TRANSN TR FD AUTH TRANSN PROGRAM BDS 300,000 100.01 $300,034.98 1.75%
45204F3W3 ILLINOIS FIN AUTH REV BDS 2026 21/JUL/2026 300,000 96.79 $290,368.65 1.70%
196502AT5 COLORADO INTL CTR MET DIST NO 14 LTD TAX GEN OBLIG 275,000 102.89 $282,957.37 1.65%
270083R91 EANES TEX INDPT SCH DIST UNLTD TAX BLDG BDS 2019 A 300,000 89.74 $269,211.27 1.57%
490229AR2 KENT CNTY DEL REV REV BDS 2016 30/JUN/2016 260,000 100.00 $260,012.27 1.52%
34073XKE7 FLORIDA GULF COAST UNIV FING CORP FLA CAP IMPT REV 250,000 103.06 $257,659.60 1.50%
09461AAA8 BLOOMINGTON IND HSG AUTH GEN REV BDS 2026 250,000 102.61 $256,514.45 1.50%
64971XAT5 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE 255,000 100.49 $256,237.95 1.50%
64990FGE8 NEW YORK ST DORM AUTH ST PERS INCOME TAX REV TAX 250,000 100.82 $252,048.53 1.47%
24587SAN9 DELAWARE CNTY OHIO FIN AUTH SPL OBLIG REV DEV BDS 250,000 100.71 $251,783.25 1.47%
486063WJ5 KATY TEX INDPT SCH DIST ULTD TAX SCH BLDG BDS 2017 250,000 100.34 $250,846.33 1.46%
052414RE1 AUSTIN TEX ELEC UTIL SYS REV REV REF BDS 2017 245,000 100.10 $245,236.82 1.43%
483270HS6 KALAMAZOO MICH PUB SCHS GO UNLTD TAX SCH BLDG SITE 235,000 99.73 $234,361.58 1.37%
681937520 JPMORGAN US GOVT MM 232,193 100.00 $232,192.62 1.36%
762244PJ4 RHODE IS ST HEALTH & EDL BLDG CORP REV BDS 2026A 225,000 102.27 $230,103.43 1.34%
64990CJE2 NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 250,000 91.78 $229,453.53 1.34%
45204ESZ2 ILLINOIS FIN AUTH REV BDS 2016 29/SEP/2016 260,000 84.93 $220,806.25 1.29%
615088AP6 MONTROSE COLO SWR UTIL REV BDS 2026 18/MAR/2026 200,000 103.72 $207,430.54 1.21%
66353RCC6 NORTHAMPTON CNTY PA GEN PURP AUTH HOSP REV BDS 225,000 91.20 $205,199.01 1.20%
13033WMN0 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 200,000 102.19 $204,370.54 1.19%
09182TEV5 BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS 205,000 99.21 $203,382.43 1.19%
84136HBT9 SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY 200,000 101.62 $203,245.04 1.19%
119942AB6 BULLHEAD CITY ARIZ CITYCENTRE IMPT DIST IMPT DIST 200,000 101.58 $203,168.58 1.19%
292723CN1 ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV 200,000 100.30 $200,590.18 1.17%
240471PW6 DE KALB CNTY GA HSG AUTH MULTIFAMILY HSG REV GEN 200,000 99.34 $198,683.12 1.16%
671409M64 OAK LAWN ILL GEN OBLIG BDS 2026 26/AUG/2026 200,000 98.34 $196,675.16 1.15%
13013JHM1 CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY 190,000 101.80 $193,423.12 1.13%
566854EV3 MARICOPA CNTY ARIZ POLLUTION CTL CORP POLLUTION 175,000 100.53 $175,929.90 1.03%
4424355Z2 HOUSTON TEX UTIL SYS REV FIRST LIEN REV AND REF 170,000 100.04 $170,060.66 0.99%
13067RGT4 CALIFORNIA ST ENTERPRISE DEV AUTH REV BDS 2026A 165,000 102.42 $168,996.18 0.99%
833708KF6 SOCORRO TEX COMBINATION TAX SURPLUS REV CTFS OF 155,000 104.54 $162,041.31 0.95%
739851FB4 PRATT KANS ELEC SYS REV UTIL BDS 2026 27/AUG/2026 150,000 107.84 $161,761.58 0.94%
01065CAM5 ALABAMA TOLL RD BRDG & TUNL AUTH REV 2026-1 150,000 105.63 $158,443.50 0.92%
915235EZ4 UNIVERSITY WEST ALA UNIV REVS GEN FEE BDS 2026 150,000 105.38 $158,071.56 0.92%
45470YHG9 INDIANA FIN AUTH HEALTH SYS REV BDS 2026 A 150,000 105.00 $157,507.46 0.92%
19078VCU0 COBB CNTY GA DEV AUTH LEASE REV BDS 2020 200,000 78.37 $156,746.58 0.92%
005662PK1 ADAMS CNTY COLO SCH DIST NO 014 GO BDS 2025 145,000 108.05 $156,668.79 0.91%
880157EB4 TEMPLE TEX TAX INCREMENT REINVESTMENT ZONE NO ONE 150,000 104.34 $156,511.58 0.91%
735223BD0 PORT PORT ARTHUR TEX NAV DIST PORT REV AMT BDS 145,000 106.38 $154,247.43 0.90%
844816DD7 SOUTHWEST DUBOIS CNTY IND MULTI-SCH BLDG CORP AD 145,000 105.77 $153,365.69 0.90%
64971XAR9 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE 150,000 100.74 $151,106.43 0.88%
453722NQ9 INDEPENDENCE MO SCH DIST GO REF AND IMPT BDS 2017 150,000 100.56 $150,833.79 0.88%
95737TDP8 WESTCHESTER CNTY N Y LOC DEV CORP REV BDS 2017 150,000 100.38 $150,574.53 0.88%
167560UM1 CHICAGO ILL MET WTR RECLAMATION DIST GTR CHICAGO 150,000 100.17 $150,248.33 0.88%
684594BS2 ORANGE CNTY N Y FDG CORP REV REF BDS 2022A 170,000 87.63 $148,978.65 0.87%
09182TGW1 BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS 140,000 103.22 $144,510.87 0.84%
56052F3E3 MAINE ST HSG AUTH MTG PUR BDS 2026C 06/AUG/2026 150,000 94.18 $141,269.72 0.82%
821691AB8 SHELBY CNTY TENN HEALTH EDL& HSG FAC BRD HEALTH 135,000 103.31 $139,475.10 0.81%
267169GV6 DUVAL CNTY FLA SCH BRD CTFS PARTN REF COPS 2016 A 150,000 91.63 $137,441.99 0.80%
239851DF2 DAYTON OHIO CITY SCH DIST CTFS PARTN COPS 2026 125,000 106.17 $132,707.34 0.77%
5895353M3 MERIDEN CONN GO BDS 2020 B 10/JUL/2020 01/JUL/2038 180,000 72.68 $130,825.84 0.76%
76219MAN8 RHODE IS HEALTH & EDL BLDG CORP PUB SCHS REV FING 120,000 106.05 $127,264.73 0.74%
13048VAQ1 CALIFORNIA MUN FIN AUTH REV REF BDS 2017 125,000 101.02 $126,281.01 0.74%
49952MDC7 KNOX CNTY TENN HEALTH EDL & HSG FACS BRD REV REV 145,000 84.20 $122,090.09 0.71%
344244NL8 FOLEY ALA UTILS BRD UTILS REV REV BDS 2017 125,000 97.15 $121,435.26 0.71%
63608TBN9 NATIONAL FIN AUTH N H SPL REV CAP APPRECIATION BDS 250,000 48.34 $120,852.98 0.71%
882667CD8 TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV 115,000 104.39 $120,044.12 0.70%
63608TBQ2 NATIONAL FIN AUTH N H SPL REV BDS 2026 28/JUL/2026 120,000 99.67 $119,609.00 0.70%
795305AC5 SALISBURY MD SPL OBLIG SPL OBLIG CAB 2007 265,000 44.32 $117,450.44 0.69%
6460663U2 NEW JERSEY ST EDL FACS AUTH REV REF BDS 2017 G 130,000 90.26 $117,336.25 0.68%
592190QW5 METROPOLITAN NASHVILLE ARPT AUTH TENN ARPT REV 110,000 104.35 $114,782.03 0.67%
717817UL2 PHILADELPHIA PA ARPT REV REF BDS 2017 B 115,000 99.31 $114,207.80 0.67%
67756DUM6 OHIO ST HIGHER EDL FAC COMMN REV BDS 02/APR/2020 110,000 100.39 $110,427.77 0.64%
733462AK1 PORT ARANSAS TEX VENUE PROJ REV VENUE PROJ REV BDS 100,000 108.41 $108,407.08 0.63%
49477AAM0 KING CNTY WASH HSG AUTH AFFORDABLE HSG REV GEN 110,000 97.82 $107,597.20 0.63%
69651ABL7 PALM BEACH CNTY FLA HEALTH FACS AUTH HOSP REV BDS 145,000 73.57 $106,679.01 0.62%
593211FZ3 MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV REF BDS 100,000 105.42 $105,415.56 0.62%
97712JBP7 WISCONSIN ST HEALTH & EDL FACS AUTH REV REF BDS 105,000 100.36 $105,380.01 0.62%
9566222E3 WEST VIRGINIA ST HOSP FIN AUTH HOSP REV IMPT BDS 100,000 103.66 $103,660.70 0.61%
74448DCA2 PUBLIC FIN AUTH WIS WT REV BDS 2025E 08/OCT/2026 100,000 102.40 $102,396.34 0.60%
CASH 100,673 100.00 $100,672.80 0.59%
938782GM5 WASHINGTON D C MET AREA TRAN AUTH GROSS REV GROSS 100,000 100.54 $100,544.22 0.59%
896221AF5 TRIMBLE CNTY KY ENVIRONMENTAL FACS REV AMT BDS 100,000 100.54 $100,542.42 0.59%
9397832Q8 WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV BDS 100,000 100.22 $100,221.49 0.59%
09182NCB4 BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV BDS 100,000 100.18 $100,179.22 0.58%
052414RD3 AUSTIN TEX ELEC UTIL SYS REV REV REF BDS 2017 100,000 100.11 $100,107.94 0.58%
64990KNK5 NEW YORK ST DORM AUTH ST PERS INCOME TAX REV REV 100,000 100.10 $100,096.50 0.58%
74443UCT8 PUBLIC FIN AUTH WIS SR LIVING REV BDS 2026 100,000 99.77 $99,771.90 0.58%
213226AE3 COOK CNTY ILL MULTIFAMILY HSG REV BDS 2024 100,000 99.21 $99,210.85 0.58%
19648FHQ0 COLORADO HEALTH FACS AUTH REV IMPT REF BDS 2018 100,000 98.41 $98,408.03 0.57%
84364CAR8 SOUTHERN PLAINS ED COOP NO 915 MINN CTFS PARTN COP 100,000 98.27 $98,265.54 0.57%
114731AT9 BROOME CNTY N Y LOC DEV CORP REV BDS 2020 130,000 74.89 $97,351.28 0.57%
34679CHK1 FORT BEND CNTY TEX LEVEE IMPT DIST N0 6 UNLTD TAX 120,000 80.32 $96,381.60 0.56%
34681WPS7 FORT BEND CNTY TEX MUN UTIL DIST NO 142 ULTD TAX 100,000 95.89 $95,885.11 0.56%
70879QWH2 PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG REV BDS 100,000 94.75 $94,753.95 0.55%
87172NAX6 SYRACUSE N Y INDL DEV AGY PILOT REV REF PILOT REV 100,000 94.41 $94,405.81 0.55%
1845766G6 CLEAR LAKE CITY TEX WTR AUTH SWR SYS COMBX ULTD 100,000 94.38 $94,384.38 0.55%
45203H5R9 ILLINOIS FIN AUTH REV REV REF BDS A 15/OCT/2015 100,000 94.09 $94,085.42 0.55%
39114TBR7 GREAT OAKS CAREER CAMPUSES OHIO BRD ED CTFS PARTN 105,000 89.15 $93,608.71 0.55%
74443DNN7 PUBLIC FIN AUTH WIS EDL FAC REV BDS 2026A 100,000 93.12 $93,121.94 0.54%
452153CH0 ILLINOIS ST GO BDS DECEMBER 2021 B 15/DEC/2021 115,000 79.40 $91,310.67 0.53%
207758XR9 CONNECTICUT ST SPL TAX OBLIG REV TRANSN 90,000 101.41 $91,269.03 0.53%
64966QL24 NEW YORK N Y GO BDS FISCAL 2023B SUB B-1 85,000 103.30 $87,808.43 0.51%
412003AD7 HARDIN CNTY OHIO ECONOMIC DEV FACS REV REF IMPT 100,000 85.67 $85,670.21 0.50%
503768MV2 LA PLATA CNTY COLO SCH DIST NO 9-R DURANGO GO BDS 85,000 99.83 $84,857.66 0.50%
703346BJ4 PATRICK HENRY OHIO LOC SCH DIST CTFS PARTN COPS 100,000 80.05 $80,045.72 0.47%
34683EGE6 FORT BEND CNTY TEX MUN UTIL DIST NO 194 ULTD TAX 100,000 77.80 $77,802.08 0.45%
97712DUF1 WISCONSIN ST HEALTH & EDL FACS AUTH REV BDS 2016 A 90,000 84.31 $75,878.88 0.44%
45204EHX9 ILLINOIS FIN AUTH REV REV REF BDS 2016 A 90,000 83.61 $75,251.48 0.44%
880397BW3 TENNERGY CORP TENN GAS REV SUPPLY BDS 2021 A 75,000 100.30 $75,222.55 0.44%
914391T56 UNIVERSITY LOUISVILLE KY REVS GEN RECEIPTS BDS 100,000 74.29 $74,286.54 0.43%
15567RBN2 CENTRAL UTAH WTR CONSERVANCY DIST WTR REV REF BDS 75,000 98.70 $74,027.30 0.43%
733590PS6 PORT BEAUMONT TEX NAV DIST GO BDS 2018 15/JUL/2018 80,000 91.87 $73,495.04 0.43%
62947YAE1 NEW YORK CNTYS TOB TR IV PASS THROUGH BDS 2005 A 100,000 72.12 $72,120.46 0.42%
955190GS6 WEST PARK MUN UTIL DIST TEX ULTD TAX BDS 2016 90,000 79.68 $71,713.22 0.42%
491309EK2 KENTUCKY HSG CORP SINGLE FAMILY MTG REV BDS 2024A 75,000 95.08 $71,313.22 0.42%
944514N53 WAYNE CNTY MICH ARPT AUTH REV BDS 2023 C 65,000 105.33 $68,462.66 0.40%
45506DEN1 INDIANA ST FIN AUTH REV REV AND REF BDS 2013A 75,000 81.89 $61,419.97 0.36%
723203AX3 PINELLAS CNTY FLA SCH BRD CTFS PARTN COPS 2017A 60,000 100.19 $60,113.65 0.35%
56042RFJ6 MAINE HEALTH & HIGHER EDL FACS AUTH REV REV BDS 65,000 89.30 $58,047.66 0.34%
900190HW2 TURLOCK CALIF IRR DIST REV FIRST PRIORITY SUB REV 50,000 100.26 $50,131.82 0.29%
452650JA3 IMPERIAL CALIF IRR DIST ELEC REV REF REV BDS 50,000 100.10 $50,050.25 0.29%
20774YWB9 CONNECTICUT ST HEALTH & EDL FACS AUTH REV REV BDS 50,000 100.04 $50,021.59 0.29%
93978HFV2 WASHINGTON ST HEALTH CARE FACS AUTH REV BDS 2012A 50,000 98.79 $49,393.10 0.29%
167727ZF6 CHICAGO ILL WASTEWATER TRANSMISSION REV REF BDS B 45,000 100.14 $45,063.21 0.26%
119427BV3 BUFFALO & FT ERIE N Y PUB BRDG AUTH TOLL BRDG SYS 45,000 100.00 $45,001.39 0.26%
392275DL4 GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT 45,000 100.00 $44,998.01 0.26%
64990KMZ3 NEW YORK ST DORM AUTH ST PERS INCOME TAX REV REV 40,000 100.17 $40,067.14 0.23%
775080GB4 ROGERS ARK SALES & USE TAX REV BDS 2018 B 40,000 100.12 $40,049.40 0.23%
084538GV3 BERKS CNTY PA MUN AUTH REV REV BDS 2012 A 50,000 75.01 $37,505.16 0.22%
084538GW1 BERKS CNTY PA MUN AUTH REV REV BDS 2012 A 55,000 67.58 $37,170.80 0.22%
052398HS6 AUSTIN TEX ARPT SYS REV AMT BDS 2022 01/MAY/2022 35,000 101.21 $35,422.30 0.21%
837031UZ4 SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH ECONOMIC DEV 35,000 100.10 $35,036.44 0.20%
45506DF42 INDIANA ST FIN AUTH REV REV BDS 2017 12/JUL/2017 40,000 85.60 $34,238.74 0.20%
45528UJ77 INDIANAPOLIS IND LOC PUB IMPT BD BK BDS 2019 I-1 30,000 100.88 $30,264.68 0.18%
13034ASG6 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 30,000 100.79 $30,236.09 0.18%
581714VZ2 MC KINNEY TEX WTRWKS & SWR REV REV REF AND IMPT 30,000 100.57 $30,171.14 0.18%
646066Z78 NEW JERSEY ST EDL FACS AUTH REV BDS 2017 F 40,000 75.24 $30,094.31 0.18%
60534TLM5 MISSISSIPPI DEV BK SPL OBLIG SPL OBLIG BDS 2013A 30,000 97.30 $29,191.19 0.17%
71780UBK5 PHILADELPHIA PA ENERGY AUTH CITY SVC AGREEMENT REV 25,000 104.42 $26,104.15 0.15%
60637AJY9 MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV 25,000 100.07 $25,017.63 0.15%
87172NBC1 SYRACUSE N Y INDL DEV AGY PILOT REV REF PILOT REV 30,000 83.21 $24,963.11 0.15%
47325RAT6 JEFFERSON CNTY N Y CIVIC FAC DEV CORP REV BDS 30,000 71.85 $21,554.74 0.13%
25476FUH9 DISTRICT COLUMBIA GO REF BDS 2017 A 01/JUN/2017 20,000 100.75 $20,150.80 0.12%
60637AGN6 MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV 20,000 98.60 $19,719.50 0.12%

Allocation by Sector (%)

Hospital: 12.82%
Higher Education: 11.23%
Gas Forward Contract: 7.83%
Appropriation: 7.45%
General Obligation: 7.05%
Airport: 6.08%
Student Housing: 4.38%
Toll Highway/Bridge/Tunnel: 4.36%
School District: 3.93%
Water & Sewer: 3.21%
Other: 31.68%
Source: FactSet; data as of Sep 30, 2026.
Hospital 12.82%
Higher Education 11.23%
Gas Forward Contract 7.83%
Appropriation 7.45%
General Obligation 7.05%
Airport 6.08%
Student Housing 4.38%
Toll Highway/Bridge/Tunnel 4.36%
School District 3.93%
Water & Sewer 3.21%
Economic/Industrial Development 3.07%
Income Tax 2.92%
Public Power System 2.51%
General Obligation District (Other) 2.22%
Miscellaneous Tax 2.02%
Metro Development District 1.92%
Tax Increment Financing 1.89%
General Revenue Tax-Guaranteed 1.82%
Appropriation (Self) 1.69%
Municipal Utility District 1.64%
State Single-Family Housing 1.46%
Continuing Care Retirement Community 1.39%
Assisted Living 1.37%
Port/Marina 1.04%
Payments in Lieu of Taxes (PILOT) 0.82%
Public Transportation 0.72%
Bond Bank 0.71%
Local Multi-Family Housing 0.71%
Private/Religious School 0.67%
Tobacco Master Settlement Agreement 0.51%
Municipal Utility (Mixed) 0.36%
Loan Pool 0.22%
Hospital 16.25%
Higher Education 9.37%
Airport 8.96%
Gas Forward Contract 7.48%
School District 7.43%
Appropriation 6.09%
General Obligation 5.60%
Student Housing 4.19%
Toll Highway/Bridge/Tunnel 3.61%
Income Tax 2.67%
Public Power System 2.38%
Municipal Utility District 2.15%
General Obligation District (Other) 2.11%
Metro Development District 1.85%
Appropriation (Self) 1.77%
Tax Increment Financing 1.77%
General Revenue Tax-Guaranteed 1.74%
Economic/Industrial Development 1.73%
Miscellaneous Tax 1.54%
Water & Sewer 1.49%
State Single-Family Housing 1.44%
Continuing Care Retirement Community 1.34%
Assisted Living 1.32%
State Multi-Family Housing 1.17%
Port/Marina 0.99%
Payments in Lieu of Taxes (PILOT) 0.76%
Local Multi-Family Housing 0.70%
Bond Bank 0.67%
Private/Religious School 0.64%
Tobacco Master Settlement Agreement 0.48%
Municipal Utility (Mixed) 0.33%

Allocation by State (%)

Texas: 12.25%
Illinois: 11.34%
New York: 10.16%
Alabama: 9.10%
Florida: 6.88%
California: 6.15%
Colorado: 3.66%
District of Columbia: 3.20%
New Jersey: 3.13%
Pennsylvania: 2.77%
Other: 31.37%
Source: Perform; data as of Sep 30, 2026.
Texas 12.25%
Illinois 11.34%
New York 10.16%
Alabama 9.10%
Florida 6.88%
California 6.15%
Colorado 3.66%
District of Columbia 3.20%
New Jersey 3.13%
Pennsylvania 2.77%
Arizona 2.75%
Ohio 2.67%
Wisconsin 2.57%
Georgia 1.90%
Delaware 1.86%
Connecticut 1.72%
Kentucky 1.69%
New Hampshire 1.61%
Michigan 1.58%
Rhode Island 1.55%
Washington 1.43%
Indiana 1.39%
Maine 1.37%
Tennessee 1.34%
Massachusetts 1.20%
Kansas 1.09%
Missouri 1.01%
Maryland 0.82%
Minnesota 0.67%
South Carolina 0.61%
Utah 0.34%
Mississippi 0.20%
Illinois 12.44%
Texas 11.88%
New York 9.01%
Florida 6.70%
Alabama 6.66%
California 6.32%
Colorado 4.67%
Michigan 4.01%
Connecticut 3.63%
New Jersey 2.95%
Kentucky 2.94%
Pennsylvania 2.67%
Arizona 2.65%
Ohio 2.59%
Wisconsin 2.48%
Georgia 2.02%
Delaware 1.73%
Indiana 1.72%
New Hampshire 1.55%
Washington 1.38%
Maine 1.35%
Missouri 1.32%
Tennessee 1.31%
South Carolina 1.25%
Massachusetts 1.10%
Kansas 1.05%
Maryland 0.77%
Minnesota 0.65%
North Carolina 0.33%
Oklahoma 0.33%
Utah 0.33%
Mississippi 0.19%
Illinois 12.44%
Texas 11.88%
New York 9.01%
Florida 6.70%
Alabama 6.66%
California 6.32%
Colorado 4.67%
Michigan 4.01%
Connecticut 3.63%
New Jersey 2.95%
Kentucky 2.94%
Pennsylvania 2.67%
Arizona 2.65%
Ohio 2.59%
Wisconsin 2.48%
Georgia 2.02%
Delaware 1.73%
Indiana 1.72%
New Hampshire 1.55%
Washington 1.38%
Maine 1.35%
Missouri 1.32%
Tennessee 1.31%
South Carolina 1.25%
Massachusetts 1.10%
Kansas 1.05%
Maryland 0.77%
Minnesota 0.65%
North Carolina 0.33%
Oklahoma 0.33%
Utah 0.33%
Mississippi 0.19%

Allocation by Credit Quality (%)

AA: 40.37%
A: 31.57%
BBB: 14.20%
Not Rated: 6.96%
BB: 3.03%
AAA: 2.39%
CCC: 1.33%
B: 0.14%
Source: Perform; data as of Sep 30, 2026.
AA 40.37%
A 31.57%
BBB 14.20%
Not Rated 6.96%
BB 3.03%
AAA 2.39%
CCC 1.33%
B 0.14%
AA 40.06%
A 36.32%
BBB 9.14%
Not Rated 6.65%
AAA 3.59%
BB 2.87%
CCC 1.24%
B 0.13%

  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

    Percentages may not sum to 100% due to rounding.

Fund Management

  • Headshot of David Blair

    David Blair

    Head of the Municipal Core SMA Business
    Industry start:  
    1991
    Year joined:  
    2025

  • John Miller

    Head and Chief Investment Officer of Municipal Credit Team
    Industry start:  
    1993
    Year joined:  
    2024

Investment Process

The Core Municipal ETF emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

  • 01

    Bottom Up Fundamental Analysis

    Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

    Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

    Strategic inputs include:

    • Credit analysis
    • Security structure
    • Sector analysis
    • Yield curve positioning
  • 02

    Portfolio Construction

    Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit

    Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection

    Portfolio assessment:

    • Position sizing
    • Performance and attribution analysis
    • Duration management
    • Leverage analysis
  • 03

    Risk Management and Sell Discipline

    Team may sell a security if, among other factors, it:

    • Determines a security is overvalued
    • Detects credit deterioration
    • Modifies its portfolio strategy, such as sector or state allocation

    Team may also sell a security when it exceeds the portfolio’s diversification targets

  1. Disclosures

  2. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

    Investments involve risk. Principal loss is possible.

  3. Definitions

  4. 30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.

    The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.

    The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.

    Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.

    Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.

    Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.

    Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.

    Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.

    The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

    These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.

    A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

    Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Ticker: FECM

Expense Ratio as of June 30, 2026

 
Annual Fund Operating Expenses (%)
Management Fees  0.40%
Distribution (12b-1) Fees  0.00
Other Expenses1  0.00
Total Annual Fund Operating Expenses  0.40%
Fee Waiver and/or Expense Reimbursement2-0.15%
Net Annual Operating Expenses After Fee Waiver and/or Expense Reimbursements  0.25%

1 “Other Expenses” are estimated for the current fiscal year. 

2 First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.25% of the Fund’s average daily net assets. These contractual limitations are in effect until June 30, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the“Trust”)

    1. Disclosures

    2. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

      Investments involve risk. Principal loss is possible.

    3. Definitions

    4. 30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.

      The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.

      The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.

      Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.

      Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.

      Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.

      Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.

      Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.

      The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

      These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.

      A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

      Diversification does not guarantee investment returns and does not eliminate the risk of loss.

    Dividend Payments

    Record DateFrequencyEx DateReinvest DatePayable DateDividend ($)Reinvested at
    10/01/2026 Monthly 10/01/2026 10/02/2026 10/05/2026 $0.093 $23.74
    08/31/2026 Monthly 09/01/2026 09/03/2026 09/04/2026 $0.094 $24.50
    08/04/2026 Monthly 08/04/2026 08/06/2026 08/07/2026 $0.079 $24.76

    Fund Information

    Fact Sheet
    Fund Profile
    Prospectus
    Portfolio Composition

    1. The prospectus and summary prospectus may be viewed online or by calling us at 844-422-3367. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

    2. Disclosures

    3. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. 

      Investments involve risk. Principal loss is possible. 

    4. Definitions

    5. 30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.

      The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.

      The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.

      Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.

      Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.

      Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.

      Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.

      Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.

      The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

      These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.

      A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

      Diversification does not guarantee investment returns and does not eliminate the risk of loss.

    1. Risk Disclosures

      The First Eagle Core Municipal ETF is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

      All investments involve the risk of loss of principal.

      Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

      Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

      The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.