ETF Evaluator:
Pathfinder Focused Opportunities ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Growth Over the Last Year
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ETF Details
Pathfinder Focused Opportunities ETF Overview
Pathfinder Focused Opportunities ETF (PFOE) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). Pathfinder ETFs launched the ETF in 2025.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) and seeks to achieve its objective by investing, under normal conditions, in 15 to 30 equity securities of companies that Opal Capital LLC (the “Adviser”) believes are high-quality companies with significant long-term growth potential. It is non-diversified.
About Pathfinder Focused Opportunities ETF (PFOE)
There are 2 members of the management team with an average tenure of 0.58 years: Adam Muller (2025) and Austin Graff (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Pathfinder Focused Opportunities ETF has 25 securities in its portfolio. The top 10 holdings constitute 53.5% 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.
Pathfinder Focused Opportunities ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Pathfinder Focused Opportunities ETF has 39.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 58.8% There is 39.0% 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). Pathfinder Focused Opportunities ETF has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $88 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.
PFOE 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 Pathfinder Focused Opportunities ETF expense ratio is average compared to funds in the Large Growth category. Pathfinder Focused Opportunities ETF has an expense ratio of 0.59%, which is 20% higher than its category average, making the fund expense ratio grade a D. 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. Pathfinder Focused Opportunities ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, Pathfinder Focused Opportunities ETF returned -2.1%, which earned it a grade of B, as the Large Growth category had an average return of -3.8%. 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.
Pathfinder Focused Opportunities ETF has a trailing yield of 0.00%, which is below the 0.53% 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.
Pathfinder Focused Opportunities ETF Grades
Year to date, the ETF has returned -9.3%, 15.5 percentage points worse than the category, which translates into a grade of F.
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PFOE 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 |
|
| PFOE Return (NAV) | -2.1% | -3.8% | na | na | na | na |
| PFOE Return (Price) | -2.0% | -3.9% | na | na | na | na |
| NAV +/- Price Return | -0.050% | 0.037% | na | na | na | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| PFOE Grade (NAV) | B | F | na | na | na | na |
| +/- Category (NAV) | 1.7% | -6.5% | na | na | na | na |
| PFOE Tax-Cost Ratio | na | na | na | na | na | na |
PFOE Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFOE Return (NAV) | -9.3% | na | na | na | na | na | na | na | na | na | na |
| PFOE Return (Price) | -9.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.005% | na | na | na | na | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| PFOE Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -15.5% | na | 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: | -- |
| Total Assets: | $ 89 Mil |
| Share Class Assets: | $ 89 Mil |
| Turnover: | na |
| Expense Ratio: | 0.59% |
| Index Fund: | No |
| Index Tracked: | N/A |
| 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: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Muller Adam (2025), Graff Austin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 25 |
| % in Top 10 Holdings: | 53.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 39.0% |
Portfolio Allocation |
|
| Domestic Stock: | 58.8% |
| Foreign Stock: | 39.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 2.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Pathfinder ETFs |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | December 30, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.49% |
