The Fund is an actively managed ETF that invests primarily in equity securities of life sciences companies. Under the supervision of F/m Investments, LLC (the “Adviser”), Emerald Mutual Fund Advisers Trust (the “Sub-Adviser”) selects investments based on breakthrough science and innovation, targeting unique growth opportunities across companies of any size. The Fund's investments include common and preferred stock, other investment companies, and depositary receipts. It may also invest in private placements, warrants, rights, and initial public offerings.
Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of life sciences companies demonstrating innovation (“80% Policy”). These innovative life sciences companies can include:
Life Sciences includes biology, genetics, physiology, ecology, and related areas such as biotechnology, biomedicine, and agricultural sciences. Emerald’s proprietary 10-Step Research Process screens investments through thorough analysis of financials, intellectual property, surveys, interviews with industry professionals, and collaborative research to identify promising opportunities.
Our expertise in Life Sciences investing demands active management to anticipate and capitalize on both macro and micro trends in this dynamic sector.
Our Life Sciences team, led by Dr. Nishit Trivedi and Dr. Terry Smith, brings 19 years of experience, combining deep industry knowledge with advanced academic credentials. Both are highly qualified with PhDs and MBAs from Pennsylvania State University, and Dr. Trivedi also holds a medical degree from the University of Bombay, India having completed his medical internship in 1999.
Emerald’s diversified boutique management approach spans institutional, sub-advisory, and mutual fund businesses, supported by strong consultant relationships. Partnered with F/m Managers Group, a proven leader in launching and growing ETFs, this actively managed ETF aims to capitalize on breakthrough opportunities in the life sciences sector.
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | Since Inception | |
|---|---|---|---|---|---|---|
| LFSC NAV | 56.56% | -3.41% | 23.17% | 49.03% | 56.56% | 38.55% |
| LFSC MKT | 56.54% | -3.42% | 23.14% | 48.73% | 56.54% | 38.57% |
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | Since Inception | |
|---|---|---|---|---|---|---|
| LFSC NAV | -0.55% | 2.13% | -3.93% | 30.63% | 48.32% | 32.63% |
| LFSC MKT | -0.65% | 2.07% | -4.04% | 30.53% | 48.11% | 32.54% |
| Name | Symbol/Ticker | Cusip | Quantity | Weight (%) |
|---|---|---|---|---|
| Cash & Other | Cash&Other | Cash&Other | -15,781 | -0.02% |
| U.S. Bank Money Market Deposit Account 08/01/2031 | USBFS04 | 8AMMF0A92 | 684 | 0.00% |
| NeoGenomics Inc | NEO | 64049M209 | 43,234 | 0.38% |
| F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF | RBIL | 74933W213 | 11,048 | 0.61% |
| F/m US Treasury 6 Month Bill ETF | XBIL | 74933W460 | 12,895 | 0.72% |
| Aveanna Healthcare Holdings Inc | AVAH | 05356F105 | 106,172 | 0.82% |
| Korro Bio Inc | KRRO | 500946108 | 63,092 | 0.90% |
| Corvus Pharmaceuticals Inc | CRVS | 221015100 | 53,476 | 0.91% |
| Insmed Inc | INSM | 457669307 | 6,072 | 0.94% |
| Soleno Therapeutics Inc | SLNO | 834203309 | 26,520 | 0.99% |
| RadNet Inc | RDNT | 750491102 | 14,955 | 1.03% |
| Alphatec Holdings Inc | ATEC | 02081G201 | 77,678 | 1.06% |
| Hinge Health Inc | HNGE | 433313103 | 24,297 | 1.21% |
| Xeris Biopharma Holdings Inc | XERS | 98422E103 | 208,321 | 1.26% |
| Lumexa Imaging Holdings Inc | LMRI | 550249106 | 95,334 | 1.29% |
| Billiontoone Inc | BLLN | 090168105 | 16,972 | 1.30% |
| Cytokinetics Inc | CYTK | 23282W605 | 21,636 | 1.44% |
| Corcept Therapeutics Inc | CORT | 218352102 | 41,365 | 1.48% |
| Waystar Holding Corp | WAY | 946784105 | 55,365 | 1.49% |
| Globus Medical Inc | GMED | 379577208 | 16,319 | 1.54% |
| Ceribell Inc | CBLL | 15678C102 | 88,686 | 1.82% |
| Collegium Pharmaceutical Inc | COLL | 19459J104 | 48,173 | 1.85% |
| Palvella Therapeutics Inc | PVLA | 697947109 | 13,890 | 1.88% |
| Madrigal Pharmaceuticals Inc | MDGL | 558868105 | 3,964 | 1.96% |
| Axsome Therapeutics Inc | AXSM | 05464T104 | 12,771 | 2.21% |
| WaVe Life Sciences Ltd | WVE | Y95308105 | 152,581 | 2.21% |
| ACADIA Pharmaceuticals Inc | ACAD | 004225108 | 96,859 | 2.22% |
| Integer Holdings Corp | ITGR | 45826H109 | 24,549 | 2.26% |
| ICU Medical Inc | ICUI | 44930G107 | 19,593 | 2.74% |
| Trevi Therapeutics Inc | TRVI | 89532M101 | 232,465 | 2.84% |
| Bridgebio Pharma Inc | BBIO | 10806X102 | 37,568 | 2.90% |
| Savara Inc | SVRA | 805111101 | 653,470 | 3.81% |
| Nektar Therapeutics | NKTR | 640268306 | 51,066 | 4.15% |
| Guardant Health Inc | GH | 40131M109 | 44,862 | 4.26% |
| KalVista Pharmaceuticals Inc | KALV | 483497103 | 227,845 | 4.29% |
| Spyre Therapeutics Inc | SYRE | 00773J202 | 99,838 | 4.42% |
| Travere Therapeutics Inc | TVTX | 89422G107 | 151,370 | 4.67% |
| TransMedics Group Inc | TMDX | 89377M109 | 35,296 | 4.84% |
| United Therapeutics Corp | UTHR | 91307C102 | 8,415 | 5.01% |
| Mirum Pharmaceuticals Inc | MIRM | 604749101 | 51,100 | 5.14% |
| LivaNova PLC | LIVN | G5509L101 | 101,593 | 6.59% |
| Cogent Biosciences Inc | COGT | 19240Q201 | 226,992 | 8.57% |
| Type | Declaration Date | Record Date | Ex-Div Date | Payment Date | Amount ($/share) |
| Dividend | 3/31/2025 | 4/1/2025 | 4/1/2025 | 4/2/2025 | $0.00 |
| Dividend | 6/30/2025 | 7/1/2025 | 7/1/2025 | 7/2/2025 | $0.00 |
| Dividend | 9/30/2025 | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.00 |
| Dividend & Capital Gain | 12/29/2025 | 12/30/2025 | 12/30/2025 | 12/31/2025 | $-- |
Investing involves risk. Principal loss is possible. The Fund focuses its investments in securities of companies that are categorized in the “life sciences” sector, including companies in the pharmaceutical, biotechnology, health care services, and medical device industries. Because of this, companies in the Fund’s portfolio may share common characteristics and may be more sensitive to changes in government funding or subsidies, new or anticipated legislative changes, or technological advances.
To the extent the Fund focuses on the health care sector, the Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions.
Investments in securities of micro- and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The Fund invests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, less stringent investor protections, unreliable and untimely information about issuers, and political and economic instability.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security. Please click here for current holdings.
Visit emeraldetfs.com/lfsc/prospectus for the F/m Emerald Life Sciences Innovation ETF Prospectus.
The F/m Emerald Life Sciences Innovation ETF is distributed by Quasar Distributors, LLC.
He has published several research articles in leading journals in the fields of oncology and dermatology and, at the 2004 Annual AACR Conference, Dr. Trivedi was the recipient of an award from the American Association for Cancer Research and AFLAC for his research efforts on melanoma. While at Penn State College of Medicine, he received the Rite Aid Graduate Fellowship Award in Pharmacology. Dr. Trivedi received both a PhD and an MBA from Pennsylvania State University. He completed his medical internship in 1999 and received his medical degree (MBBS) from Bombay University, India.
Dr. Smith is a Director – Life Sciences Research for Emerald Advisers and a Portfolio Manager of the F/m Emerald Life Sciences Innovation ETF. He spent the Summer/Fall of 2005 as an Intern at Emerald before joining the firm in the Fall of 2006.
Dr. Smith received his PhD in Integrative Biosciences – Molecular Toxicology at Penn State College of Medicine, in Fall 2006. He has co-authored several research abstracts and articles on ‘the molecular signaling pathways involved in hormone induced cholesterol metabolism’ for the Journal of Investigative Dermatology, as well as for the Society for Investigative Dermatology’s annual international meetings. He received his MBA from the Pennsylvania State University (2004), where he also was inducted into the Beta Gamma Sigma National Business Honor Society. Dr. Smith received his BS degree in Biology (with a minor in Chemistry) from Messiah College in 2000.
Ms. Sears is Senior Vice President and a senior member of the Small Cap Portfolio Management team. She is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. She works directly with the research team, interacting with team members across economic sectors and helping guide the day-to-day portfolio management decision-making process.
Ms. Sears is also responsible for portfolio risk monitoring, portfolio attribution analysis, as well as Emerald’s portfolio management-related client communications. From a research perspective, Ms. Sears maintains research coverage of the Retail, Apparel, Restaurant, Consumer Goods and Consumer Technology companies. She has appeared on CNBC, Yahoo! Finance, Schwab TV, and InvestmentNews IN the Nasdaq and has been quoted in Fortune, Money, the Dow Jones News Service and other media. Ms. Sears received a BS in Business Administration from Millersville University and an MBA from Villanova University.
Portfolio Manager, Emerald Financial Services Private Equity Fund I, LP.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees’ Retirement System (1985-1992); Member, CFA Institute; past Member, Pennsylvania State University Research Foundation; past Trustee, Evangelical Lutheran Church in America Board of Pensions; past Trustee, Pennsylvania State University Endowment Council (1998-2004); and past Chair, President, & Director of Central Pennsylvania Investment Managers. He was formerly Chairman of the Diakon Board and Chairman of the Diakon Lutheran Fund, its endowment arm. Mr. Mertz has been quoted in The Wall Street Journal and in USA Today and has served as speaker at various investment seminars and programs across the country. He has been a guest on CNBC’s Mutual Fund Investor and has been interviewed several times on CNBC and Bloomberg TV. Mr. Mertz graduated from Millersville University with a BA in Economics. Mr. Mertz is a CFA charterholder.
Kenneth G. Mertz has earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute.
Mr. Garner is Director of Research and a member of the Small Cap Growth Portfolio Management team. He is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. Mr. Garner’s research efforts are primarily focused on small and mid-sized firms in the Consumer Discretionary, Consumer Staples, Industrials, and Technology sectors.
He has appeared on Bloomberg Television and CNBC. He also has been quoted in Fortune, Bloomberg Business News, USA Today, Dow Jones News Service, Standard & Poor’s, MarketWatch, Investor’s Business Daily, Wall Street Journal, and other media. Mr. Garner previously served as President of the Millersville University Foundation and Chair of the Investment Committee. He currently serves on the Advisory Council for the Lombardo College of Business at Millersville University. Prior to joining Emerald in 1994, Mr. Garner was the Program Manager of the PA Economic Development Financing Authority (PEDFA) and an Economic Development Analyst with the PA Department of Commerce’s Office of Technology Development. Mr. Garner received an MBA from the Katz Graduate School of Business, University of Pittsburgh, and graduated magna cum laude with a BA in Economics from Millersville University.