ETF Evaluator:
F/m Emerald Life Sciences Innovation ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Health Over the Last Year
| 129.4% | Virtus LifeSci Biotech Clinical Trls ETF (BBC) |
| 94.1% | ALPS Medical Breakthroughs ETF (SBIO) |
| 88.4% | F/m Emerald Life Sciences Innovation ETF (LFSC) |
| 72.5% | State Street® SPDR® S&P® Biotech ETF (XBI) |
| 65.8% | State Street® SPDR® S&P® PhrmctlsETF (XPH) |
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ETF Details
F/m Emerald Life Sciences Innovation ETF Overview
F/m Emerald Life Sciences Innovation ETF (LFSC) is an actively managed Sector Equity Health exchange-traded fund (ETF). Emerald Mutual Fund Advisers Trust launched the ETF in 2024.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) and invests primarily in equity securities of life science companies selected by Emerald Mutual Fund Advisers Trust, the fund’s investment sub-adviser, under the supervision of the adviser. Under normal market conditions, the fund invests at least 80% of its net assets in equity securities issued by life science companies demonstrating innovation.
About F/m Emerald Life Sciences Innovation ETF (LFSC)
There are 5 members of the management team with an average tenure of 1.75 years: Joseph Garner (2024), Stacey Sears (2024), Nishit Trivedi (2024), Terry M. Smith (2024) and Kenneth Mertz (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
F/m Emerald Life Sciences Innovation ETF has 40 securities in its portfolio. The top 10 holdings constitute 57.6% 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 Life Sciences Innovation ETF is part of the Equity global asset class and is within the Sector Equity ETF group. F/m Emerald Life Sciences Innovation ETF has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.8% There is 0.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.4% (0.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). F/m Emerald Life Sciences Innovation ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $124 million in total assets, which is below the $1 billion average for the Health 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.
LFSC 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 Life Sciences Innovation ETF expense ratio is average compared to funds in the Health category. F/m Emerald Life Sciences Innovation ETF has an expense ratio of 0.54%, which is 4% higher than its category average, making the fund expense ratio grade a C. 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 Life Sciences Innovation ETF has a portfolio turnover rate of 19%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 45% for the Health category.
Recently, in the month of July 2026, F/m Emerald Life Sciences Innovation ETF returned 1.0%, which earned it a grade of C, as the Health category had an average return of -0.1%. 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 Life Sciences Innovation ETF has a trailing yield of 0.00%, which is below the 1.10% category average.
The fund normally distributes its income quarterly 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 Life Sciences Innovation ETF Grades
Year to date, the ETF has returned 24.6%, 14.9 percentage points better than the category, which translates into a grade of A. The fund has returned 88.4% over the past year (grade of A).
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LFSC 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 |
|
| LFSC Return (NAV) | 1.0% | 20.0% | 88.4% | na | na | na |
| LFSC Return (Price) | 0.8% | 19.8% | 88.0% | na | na | na |
| NAV +/- Price Return | 0.222% | 0.252% | 0.316% | na | na | na |
| Health Avg | -0.1% | 11.2% | 36.9% | 9.9% | 1.6% | 8.7% |
| LFSC Grade (NAV) | C | A | A | na | na | na |
| +/- Category (NAV) | 1.1% | 8.8% | 51.5% | na | na | na |
| LFSC Tax-Cost Ratio | na | na | 0.0% | na | na | na |
LFSC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LFSC Return (NAV) | 24.6% | 56.6% | na | na | na | na | na | na | na | na | na |
| LFSC Return (Price) | 24.4% | 56.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.009% | -0.000% | na | na | na | na | na | na | na | na | na |
| Health Avg | 9.7% | 21.8% | 0.1% | 2.2% | -16.3% | 4.3% | 30.5% | 25.4% | -1.5% | 26.5% | -10.2% |
| LFSC Grade (NAV) | A | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 14.9% | 34.8% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 125 Mil |
| Share Class Assets: | $ 125 Mil |
| Turnover: | 19.0% |
| Expense Ratio: | 0.54% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Garner Joseph (2024), Sears Stacey (2024), Trivedi Nishit (2024), Smith Terry M. (2024), Mertz Kenneth (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 57.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 98.8% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Emerald Mutual Fund Advisers Trust |
| Phone Number: | 800-617-0004 |
| Website: | www.S1Fund.com. |
| Inception Date: | October 30, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.54% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.52% |
