HCM Select 50 ETF (FIFT) Clears SEC Registration at a 1.35% Fee
As seen on the 24/7 Wall St. homepage on October 22, 2026.
- FIFTHCM Select 50 ETFequity1.35%
Just one fund cleared SEC registration today, and it is not cheap: HCM's Select 50 ETF carries a 1.35% net expense ratio, roughly where active equity managers price conviction.
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The HCM Select 50 ETF is the sole fund to clear SEC registration on October 22, 2026, making it the only new equity ETF investors can evaluate from today's filing activity.
At 1.35% net, the fund sits at a price point that the broad ETF market long ago left behind for passive strategies, but that active equity managers have consistently used to signal high-conviction, concentrated approaches. Investors paying that fee are essentially betting the manager's stock selection will more than recover the cost drag over time.
The fund's name, Select 50, implies a concentrated portfolio, which is consistent with the higher fee structure. Concentrated active equity strategies carry a different risk profile than diversified index funds, meaning performance dispersion in either direction tends to be wider.
For investors already comfortable with active equity exposure, the registration clears the formal hurdle but the fund still needs to begin trading before it can be evaluated on flows, liquidity, or actual holdings. That is the next milestone to watch.