The Advisors' Inner Circle Fund II - Frontier Asset Global Small Cap Equity ETF
The Advisors' Inner Circle Fund II - Frontier Asset Global Small Equity ETF (AMEX: FGSM) is an exchange-traded fund listed on NYSE Arca, trading at $34.31 (about ₹3,296 a unit) as of 29 Sep 2026, 3:59 PM ET. It has an expense ratio of 0.82%. Indian residents can buy FGSM through Paasa under the RBI's Liberalised Remittance Scheme.
Quote
Today's low
$34.09
Today's high
$34.39
52 week low
$28.15
52 week high
$36.25
FGSM opened at $34.39, closed previously at $34.46, and has traded between $28.15 and $36.25 over the past 52 weeks.
About
FGSM is a fund of funds designed to provide exposure to the global equity market with at least 40% allocation to non-US companies. To construct the portfolio, the adviser begins with determining the funds asset allocation mix through a mean variance optimization process. This aims to identify a combination of asset classes expected to maximize return for a given risk level through projected returns, standard deviations, and correlations of different asset classes. In selecting constituents, several analyses are conducted including quantitative, qualitative, and manager edge to filter ETFs for their ability to provide low-cost asset class exposure and add value on either an absolute or risk-adjusted basis. Other factors are also considered in the selection process such as market conditions, valuation metrics, risk profiles, and expected growth potential. The fund is actively managed and will typically comprise of 6 to 12 ETFs holding common stocks of small-cap companies.
Key statistics
Expense ratio
0.82%
Assets (AUM)
$46.9M
Holdings
—
NAV
$34.46
Avg. volume
—
1-year price change
+16.90%
5-year price change
—
Price change excludes dividends.
Top 7 holdings
These 7 are 100.0% of the fund.
Where the money is invested
Sectors
Countries
How to buy FGSM from India
Indian residents can buy FGSM units through Paasa in three steps. Funds leave India under the RBI's Liberalised Remittance Scheme and the units are held in your own name with Interactive Brokers.
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Search FGSM and buy
Find the fund by its ticker, FGSM, on NYSE Arca, and place your order. Fractional units are available and there is no minimum trade size, so you can buy by amount.
Read the full guide: how to invest in FGSM from India
Trading and taxes when buying FGSM from India
Trading and limits
- Trading hours
- 9:30 am – 4:00 pm ET
- LRS limit
- $250,000Per financial year, under the RBI's Liberalised Remittance Scheme.
Tax for Indian residents
- TCS on remittance
- 20%Collected by your bank on LRS remittances above ₹10 lakh in a financial year. The TCS is adjustable against your income-tax liability.Adjusting TCS against your tax
- Capital gains in India
- 12.5% or slab rateGains on foreign ETF units held for more than 24 months are long-term and taxed at 12.5% without indexation. Gains on units held for 24 months or less are short-term and taxed at your income-tax slab rate.Capital gains explained
- Dividends
- ReinvestedDividends from its holdings are reinvested inside the fund, so nothing is paid out to you and there is no dividend to declare in India.
- US estate tax
- May applyUS-situs assets such as US-listed shares can be exposed to US estate tax for non-US persons.US estate tax calculator
Custody. Units are held in your own name at Interactive Brokers LLC and are SIPC-insured up to $500,000 in total, including $250,000 for cash.
FAQs
What is the FGSM price today?
The Advisors' Inner Circle Fund II - Frontier Asset Global Small Equity ETF (FGSM) last traded at $34.31 on NYSE Arca, as of 29 Sep 2026, 3:59 PM ET. That is ₹3,296 a unit at the 29 Sep 2026 USD/INR rate.
When does FGSM trade, in Indian time?
NYSE Arca trades 7:00 pm – 1:30 am IST, so the close lands after midnight. The window shifts to 8:00 pm – 2:30 am IST when the US is on standard time. Orders can only execute during that window.
How big is FGSM, and what does it cost to hold?
The Advisors' Inner Circle Fund II - Frontier Asset Global Small Equity ETF manages about $46.9M. Its expense ratio is 0.82% a year, deducted inside the fund. It launched in 2024.
What are FGSM's largest holdings?
The top three are AVANTIS INTL S/C VALUE ETF (28.7%), ISHARES CORE S&P SMALL-CAP E (21.2%) and ISHARES US SMALLCAP EQUITY F (18.2%). FGSM's 7 largest positions make up 100.0% of the fund.
Does FGSM pay dividends?
No. FGSM is an accumulating fund: dividends from its holdings are reinvested inside the fund, so nothing is paid out to you.
How are gains on FGSM taxed in India?
Units held for more than 24 months are long-term and taxed at 12.5% without indexation; units held for 24 months or less are taxed at your income-tax slab rate. The gain is worked out in rupees, so the currency move counts.
Can I buy fractional units of FGSM?
Yes. You can buy FGSM by amount rather than by whole unit, and there is no minimum trade size.
How has FGSM performed?
FGSM's price is up 16.9% over the past year. These figures are price change only and exclude dividends; past performance does not guarantee future returns.