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FFLS

GradeDNew York Stock Exchange Arca

The Future Fund Long/Short ETF

Multi-Asset & Alternatives · Future Fund · Inception 2023-06-20

$23.23−0.18 (−0.77%)

As of Sep 23, 2026, 2:15 PM EDT

History starts Jun 21, 2023.
Intraday session: down, 45 prints from 23.41 to 23.23. Range 23.21 to 23.36. Use the arrow keys to read each point.$23.20$23.25$23.30$23.3510 AM12 PM2 PM4 PM
Expense ratio
2.05%
Fund size
$45M
1Y return
−3.7%
Yield · Last 12 months
6.52%
Holdings
54
Volume · 30D
0M sh
NAV per share
$23.38
52W range
low $21.43high $25.65

The ETF.net FFLS Grade

D

33/ 100

Rank 24 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for FFLS. Scores out of 100: Cost 14, Risk 40, Mission not scored, Tradability 62, Holdings 31, Durability 49. Strongest: Tradability (62). Weakest: Cost (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 33 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 14
    Category rank26/30 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 40
    Category rank20/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 62
    Category rank14/30 · top 47%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 31
    Category rank14/15 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 49
    Category rank22/30 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FFLS

ETF.net Research

DA hedge-fund playbook in an ETF shell: a concentrated book of roughly 60 long and short US equity positions, actively run with no index to hug. The flexibility is real, and so is the 2.05% price tag.

Stated mandate

The Fund seeks capital appreciation through an actively managed portfolio of long and short equity positions. It generally emphasizes U.S. exchange-listed securities and ADRs, while permitting foreign securities, derivatives, and ETFs.

Why people hold it

  1. 01It actually shorts. Most active equity ETFs only go long; this one runs both sides, so a negative view can be a position instead of just a name left out.
  2. 02Concentrated at roughly 60 positions, so individual stock calls carry real weight rather than washing out across hundreds of names.
  3. 03Long/short access inside a 1940 Act ETF: on-exchange trading any market day and daily published holdings, with no lockup or accreditation gate.
  4. 04Broad toolkit by design: US-listed stocks and ADRs at the core, with room for foreign securities, derivatives and other ETFs.

Worth knowing

  1. 01The fee is 2.05% a year, versus under 0.20% at index-plus peers like DFAU and FELC. That is the annual hurdle the long/short book carries.
  2. 02A small, thinly traded fund. Spreads can be wide and order size matters more here than with the mega-cap index crowd.
  3. 03Launched in 2023 with no index to measure against, so the track record is short and outcomes ride on manager judgment. Payouts come once or twice a year, not monthly.

FFLS Holdings

As of Sep 20, 2026, 9:21 AM
Asset class
Stocks
Holdings
54
Top-10 weight
91%
Largest holding
US DOLLAR BROKER56.3%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US DOLLAR BROKER56.26%22,937,636$23M4
002AMZNAMAZON.COM INC5.59%8,988$2M720
003NVDANVIDIA CORP4.23%7,760$2M828
004GOOGLALPHABET INC-A4.21%4,906$2M704
005HALOHALOZYME THERAPE4.00%14,490$2M200
006EWEDWARDS LIFE3.61%16,686$1M318
007XYZBLOCK INC3.42%18,276$1M126
008GHGUARDANT HEALTH3.25%7,380$1M171
009ERJEMBRAER SA-ADR3.20%17,360$1M3
010SAFRYSAFRAN SA-ADR2.93%12,901$1M9
011EQIXEQUINIX INC2.91%1,160$1M355
012PEVERPURE INC-A2.83%11,070$1M257
013AVGOBROADCOM INC2.56%2,924$1M732
014HQYHEALTHEQUITY INC2.47%10,599$1M161
015GLWCORNING INC2.47%6,707$1M354

Showing 1–15 of 34 holdings

FFLS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FFLS$9,626
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FFLS $9,626. SPY $11,723. Use the arrow keys to read each point.$8,682$10,336$11,990Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FFLS. Periods over one year show the average yearly return.
PeriodFFLS
Year to date+0.9%
1 month−0.8%
3 months+2.5%
1 year−3.7%
3 years+10.0%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FFLS
YearReturn barFFLS
2026 YTD+0.9%
2025+7.5%
2024+17.7%
2023+2.0%

History from Jun 21, 2023

FFLS in the news

ETF.net Research hasn’t filed on FFLS yet — coverage lands here as it’s written.

FFLS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
6.52%Last 12 months
Payout per share
$1.53Last 12 months
Last payment
$1.53 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 26, 2024 $0.77; Dec 26, 2025 $1.53. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 26, 2025Dec 30, 2025$1.53
Dec 26, 2024Dec 30, 2024$0.77

FFLS Risk

How much the fund’s monthly returns vary, scaled to a year.
9.6%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.43
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−11.1%
39 months · trough Mar 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.56
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FFLS Cost

Expense ratio2.05%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

22 of the 29 Alternative Strategies funds charge less.

FFLS costs $205.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.