Actively managed strategies deepen firm’s research-driven approach to US equity markets

First Eagle Investments (“First Eagle”) today announced the launch of two actively managed exchange-traded funds (ETFs)—the First Eagle Mid Cap Equity ETF (FEMD) and the First Eagle US Equity ETF (USFE) that begin trading today on NYSE Arca, Inc. The launches expand the firm’s ETF business, which has grown to more than $1.5 billion in assets under management since its inception in late 2024.

The new ETFs reflect First Eagle’s long-standing, research-driven approach to equity investing and broaden investor access to the firm’s active strategies in a transparent, liquid ETF structure.

FEMD employs a true mid-cap strategy focused on opportunistic investments, including business turnarounds, emerging growth companies with disrupted earnings, and companies with unrecognized asset value. The fund targets attractively valued companies with clear drivers of long-term earnings growth.

USFE seeks long-term capital growth by investing primarily in equities of US companies. The strategy uses a highly selective, value-oriented approach, focusing on resilient businesses that we identify as conservatively valued with indicators of strong balance sheets, and prudent management—and investing in them only when we believe valuations offer a “margin of safety.”

FEMD is managed by Bill Hench, Head of the Small Cap team. USFE is managed by Matt McLennan, Mark Wright, Manish Gupta and Adrian Jones, all from the Global Value team. Each manager brings deep experience in fundamental equity research and a long-standing track record of applying First Eagle’s bottom-up, valuation-focused investment approach.

“These strategies offer investors a compelling combination of quality, liquidity and diversification, which are hallmarks of our active management philosophy,” said Frank Riccio, Head of US Wealth Solutions at First Eagle Investments. “Since launching our ETF platform, we’ve seen tremendous interest from investors most notably the First Eagle Global Equity ETF (FEGE) recently crossed $1B in AUM in just over a year from inception. These launches represent another step in expanding access to our distinctive investment capabilities across a broader range of investor needs.”

With the launch of FEMD and USFE, First Eagle reaffirms its commitment to delivering quality, research-driven active management through transparent, liquid and tax-efficient ETF structures. These new funds join the First Eagle Global Equity ETF (FEGE) and the First Eagle Overseas Equity ETF (FEOE) to expand the firm’s ETF lineup to four actively managed strategies.

Investors should consider the investment objectives, risks, and charges and expenses of the funds in the First Eagle ETF Trust carefully before investing. A prospectus, which contains this and other information about the funds, may be obtained by calling 844-422-3367. The prospectus or summary prospectus should be read carefully before investing.

All investments involve the risk of loss of principal.

The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly.

The Funds may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. The Funds may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.

Mid Cap Equity ETF Disclosures

The Fund will invest in medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a smaller company’s securities, also may be more difficult or expensive to trade. The Fund defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index.

A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.

US Equity ETF Disclosures

The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

The Fund is a non-diversified ETF, and as a result, an investment in the Fund may expose your money to greater risks than if you invest in a diversified fund. The Fund will invest in a limited number of companies, therefore gains or losses in a particular security may have a greater impact on their share price.

A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $181 billion in assets under management as of December 31, 2025.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com

*The total AUM listed above represents the combined AUM of First Eagle Investment Management, LLC, First Eagle Separate Account Management, LLC, Napier Park Global Capital (Napier Park), Regatta Loan Management (RLM, an advisory affiliate of Napier Park), Napier Park CMV (CMV, an advisory affiliate of Napier Park), and First Eagle Alternative Credit (FEAC) as of 31-Dec-2025. It includes $3.7 billion in committed/non-fee-paying capital from Napier Park, inclusive of assets managed by RLM and CMV, and $1.0 billion in committed/non-fee-paying capital from FEAC. For CLO warehouses, AUM represents maximum commitment (loan par value). As of 5-Sep-2025, Napier Park and FEAC investment activities are unified under Napier Park’s brand and management. First Eagle Alternative Credit, LLC is a distinct registered investment advisor within the Napier Park platform, acting in sub-advisory capacity to a number of First Eagle’s registered funds.

As with all ETFs, shares may be bought and sold in the secondary market at market prices.

The First Eagle ETFs are distributed by Quasar Distributors, LLC.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.

© 2026 First Eagle Investment Management, LLC. All rights reserved.

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