ETF Evaluator:
F/m Emerald Special Situations ETF (SPIT)
Follow This ETF
(as of Jul 31)
Best Performing in Large Growth Over the Last Year
| 89.4% | ProShares Nasdaq-100 Drsy Wght Momt ETF (QQQA) |
| 72.0% | F/m Emerald Special Situations ETF (SPIT) |
| 67.5% | Grizzle Growth ETF (DARP) |
| 63.9% | MarketDesk Focused U.S. Momentum ETF (FMTM) |
| 47.6% | US Vegan Climate ETF (VEGN) |
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ETF Details
F/m Emerald Special Situations ETF Overview
F/m Emerald Special Situations ETF (SPIT) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). Emerald launched the ETF in 2014.
The investment seeks long-term growth through capital appreciation.
Under normal conditions, the fund typically invests in equity securities of U.S. and foreign companies, including common stocks, preferred stocks, and securities convertible into common or preferred stocks. It can invest in companies from a wide range of industries and of various sizes. The fund will invest primarily in mid and small-size companies.
About F/m Emerald Special Situations ETF (SPIT)
There are 2 members of the management team with an average tenure of 11.92 years: David Volpe (2014) and Stephen Amsterdam (2014). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 3000 Growth TR USD index with a weighting of 100%. F/m Emerald Special Situations ETF has 48 securities in its portfolio. The top 10 holdings constitute 39.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
F/m Emerald Special Situations ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. F/m Emerald Special Situations ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.5% There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 5.1% (5.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). F/m Emerald Special Situations ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $8 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPIT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The F/m Emerald Special Situations ETF expense ratio is high compared to funds in the Large Growth category. F/m Emerald Special Situations ETF has an expense ratio of 0.89%, which is 80% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. F/m Emerald Special Situations ETF has a portfolio turnover rate of 65%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of June 2026, F/m Emerald Special Situations ETF returned 6.2%, which earned it a grade of A, as the Large Growth category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
F/m Emerald Special Situations ETF has a trailing yield of 0.00%, which is below the 0.47% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
F/m Emerald Special Situations ETF Grades
Year to date, the ETF has returned 34.6%, 23.7 percentage points better than the category, which translates into a grade of A. The fund has returned 72.0% over the past year (grade of A), 35.7% over the past three years (grade of A) and 18.3% per year over the past five years (grade of A) and 21.6% per year over the past 10 years (grade of A).
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SPIT Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPIT Return (NAV) | 6.2% | 31.5% | 72.0% | 35.7% | 18.3% | 21.6% |
| SPIT Return (Price) | 6.3% | 31.6% | 72.1% | 35.7% | 18.3% | 21.6% |
| NAV +/- Price Return | -0.021% | -0.028% | -0.094% | -0.025% | -0.013% | -0.007% |
| Large Growth Avg | -0.6% | 20.4% | 20.8% | 22.9% | 11.4% | 16.7% |
| SPIT Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 6.8% | 11.2% | 51.3% | 12.8% | 6.9% | 4.9% |
| SPIT Tax-Cost Ratio | na | na | 4.0% | 1.4% | 2.0% | 1.8% |
SPIT Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPIT Return (NAV) | 34.6% | 38.5% | 25.6% | 41.2% | -30.9% | 23.7% | 50.1% | 36.7% | -8.8% | 22.9% | 3.8% |
| SPIT Return (Price) | 34.6% | 38.5% | 25.6% | 41.2% | -30.9% | 23.7% | 50.1% | 36.7% | -8.8% | 22.9% | 3.8% |
| NAV +/- Price Ret | 0.000% | 0.002% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Large Growth Avg | 10.9% | 16.8% | 30.4% | 38.6% | -30.8% | 21.3% | 37.6% | 33.1% | -2.0% | 28.2% | 5.0% |
| SPIT Grade (NAV) | A | A | D | C | C | C | A | A | F | F | D |
| +/- Category | 23.7% | 21.7% | -4.8% | 2.6% | -0.1% | 2.3% | 12.5% | 3.5% | -6.8% | -5.4% | -1.1% |
| Risk Measures | |
| Beta: | 1.41 |
| R-Squared: | 81% |
| Standard Deviation: | 20.3% |
| Category Risk Index: | 1.13 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.67 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 34 Mil |
| Share Class Assets: | $ 34 Mil |
| Turnover: | 65.0% |
| Expense Ratio: | 0.89% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.9 years | |||
| Average Tenure: 11.9 years | |||
| Managers (Year): Volpe David (2014), Amsterdam Stephen (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 39.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 93.5% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 5.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Emerald |
| Phone Number: | 888-773-3965 |
| Website: | www.rbbfund.com |
| Inception Date: | August 1, 2014 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.50% |
