Look beyond the S&P 500 at this group of -2-

Mathias said FLQM's recent underperformance reflected the fund's "lower exposure to, or exclusion of, several high-momentum midcap names that contributed meaningfully to benchmark returns," such as Robinhood Markets (HOOD). That stock shot up 284% in 2025 through August before being removed from the Russell Midcap Index and added to the S&P 500 in September.

One interesting aspect of FLQM's performance has been its low downside capture during periods of broad stock-market weakness. During 2018, when the iShares Russell Mid-Cap ETF declined 9.5%, FLQM was down 4.2%. During 2022, when the iShares Russell Mid-Cap ETF fell 17.5%, FLQM declined 12.8%.

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Don't miss: This ETF from a 106-year-old firm has crushed rivals while avoiding 'Magnificent Seven' stocks

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