The team at a 629-employee, $176-billion-AUM* asset manager in Gotham is preparing to double the size of their ETF lineup to four.

Mehdi Asif Mahmud First Eagle Investment Management, LLC President, CEO

Today, the First Eagle Investment Management, LLC [profile] team filed with the SEC to create two new ETFs: the First Eagle Mid Cap Equity ETF (FEMD on the NYSE Arca) and the First Eagle US Equity ETF (USFE). New York City-based First Eagle will serve as investment advisor to both planned funds, while Oklahoma City-based Exchange Traded Concepts (ETF) will serve as subadvisor.

No launch date is listed for USFE and FEMD, though parts of the filings suggest that the ETFs are expected to debut sometime this month. FEMD will come with an expense ratio of 55 basis points (which bakes in a 20bps fee waiver), while USFE will come with an expense ratio of 45bps (which bakes in a 34bps fee waiver)**.

USFE will be PMed by four members of First Eagle's global value team. Those portfolio managers include team leader Matthew McLennan and members Manish Gupta, Adrian Jones, and Mark Wright.

FEMD will be PMed by William Hench, head of First Eagle's small cap team.

FEMD and USFE are each actively managed series of First Eagle ETF Trust. USFE is non-diversified, while FEMD is diversified. The planned ETFs' other service providers include:

JPMorgan Chase Bank, N.A. as administrator, custodian, dividend disbursing agent, and transfer agent;

PricewaterhouseCoopers LLP as independent accounting firm;

ACA Foreside's Quasar Distributors, LLC as distributor and underwriter; and

Sidley Austin LLP as counsel.

*As of September 30, 2025.

Both waivers are promised through February 1, 2027. 

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