ETF Evaluator:
Formidable ETF ()
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(as of Aug 25)
Best Performing in Global Small/Mid Stock Over the Last Year
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ETF Details
Formidable ETF Overview
Formidable ETF (FORH) is an actively managed International Equity Global Small/Mid Stock exchange-traded fund (ETF). Formidable Funds launched the ETF in 2021.
The investment seeks long-term capital appreciation.
Under normal market conditions, the fund seeks to meet its investment objective by investing primarily in equity securities, including common stocks, preferred stocks, related depository receipts, REITs, and other equity investments or ownership interests in business enterprises. It invests predominantly in common stocks. The fund’s derivative investments may include, among other instruments: (i) options; (ii) volatility-linked ETFs; (iii) volatility-linked exchange-traded notes (“ETNs”). It is non-diversified.
About Formidable ETF (FORH)
There are 4 members of the management team with an average tenure of 5.26 years: Michael Venuto (2021), Adam Eagleston (2021), Charles Ragauss (2021) and Will Brown (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Formidable ETF has 71 securities in its portfolio. The top 10 holdings constitute 47.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Formidable ETF is part of the Equity global asset class and is within the International Equity ETF group. Formidable ETF has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 72.3% There is 11.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Formidable ETF has 16.5% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $286 million average for the Global Small/Mid Stock 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.
FORH 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 Formidable ETF expense ratio is high compared to funds in the Global Small/Mid Stock category. Formidable ETF has an expense ratio of 1.19%, which is 75% 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. Formidable ETF has a portfolio turnover rate of 73%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 94% for the Global Small/Mid Stock category.
Recently, in the month of July 2026, Formidable ETF returned -2.2%, which earned it a grade of C, as the Global Small/Mid Stock category had an average return of -3.4%. 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.
Formidable ETF has a trailing yield of 1.82%, which is above the 1.65% category average.
The fund normally distributes its income 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.
Formidable ETF Grades
Year to date, the ETF has returned 0.0%, 12.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 6.0% over the past year (grade of F), 1.5% over the past three years (grade of D) and 1.3% per year over the past five years (grade of C).
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FORH Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FORH Return (NAV) | -2.2% | -4.9% | 6.0% | 1.5% | 1.3% | na |
| FORH Return (Price) | -2.0% | -3.8% | 2.4% | 1.3% | 1.1% | na |
| NAV +/- Price Return | -0.208% | -1.046% | 3.533% | 0.204% | 0.137% | na |
| Global Small/Mid Stock Avg | -3.4% | -2.0% | 21.6% | 9.0% | -0.7% | 3.2% |
| FORH Grade (NAV) | C | F | F | D | C | na |
| +/- Category (NAV) | 1.2% | -2.9% | -15.6% | -7.5% | 2.0% | na |
| FORH Tax-Cost Ratio | na | na | 0.7% | 0.8% | 0.8% | na |
FORH Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FORH Return (NAV) | 0.0% | 16.3% | -6.3% | 0.7% | -2.2% | na | na | na | na | na | na |
| FORH Return (Price) | -2.3% | 18.2% | -5.6% | -0.7% | -1.7% | na | na | na | na | na | na |
| NAV +/- Price Ret | na | 0.118% | -0.102% | -1.986% | -0.236% | na | na | na | na | na | na |
| Global Small/Mid Stock Avg | 12.5% | 21.5% | 3.5% | 3.0% | -21.6% | 0.3% | 44.8% | 26.2% | -16.9% | 19.7% | 3.3% |
| FORH Grade (NAV) | F | D | D | D | A | na | na | na | na | na | na |
| +/- Category | -12.5% | -5.2% | -9.7% | -2.3% | 19.4% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.71 |
| R-Squared: | 44% |
| Standard Deviation: | 13.6% |
| Category Risk Index: | 0.67 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.10 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 1.8% |
| Total Assets: | $ 19 Mil |
| Share Class Assets: | $ 19 Mil |
| Turnover: | 73.1% |
| Expense Ratio: | 1.19% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Venuto Michael (2021), Eagleston Adam (2021), Ragauss Charles (2021), Brown Will (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 71 |
| % in Top 10 Holdings: | 47.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 72.3% |
| Foreign Stock: | 11.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 16.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Formidable Funds |
| Phone Number: | 833-600-5704 |
| Website: | |
| Inception Date: | April 29, 2021 |
Expenses and Fees
| Expense Ratio (%): | 1.19% (Rating: High) |
| Category Average Expense Ratio (%): | 0.68% |
