Category Review
The largest alternatives fund has no one-year record
First Trust Long/Short Equity ETF
$74.69−0.34 (−0.45%)
- 1.38%
- $2.58B
- +6.8%
- 0.89%
- 143K sh
- low $69.21high $78.11
The ETF.net FTLS Grade
B
Score 57 out of 100
- 10 of 30
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D34 out of 100Rank 20 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B61 out of 100Rank 13 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A82 out of 100Rank 2 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 6 of 17Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A94 out of 100Rank 1 of 30
Our read on FTLS
In short
BHedge-fund mechanics in an ETF wrapper: a long book of US stocks paired with a short book, and short proceeds never recycled into more longs. Live since 2014, it's one of the originals on the long/short shelf.
Stated mandate
The Fund seeks its objective through long and short positions in equity securities, with portfolio exposure managed across long and short positions.
Why people hold it
Worth knowing
FTLS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
FTLS$10,676
Returns run to the Nov 9, 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.
| Period | FTLS |
|---|---|
| Year to date | +6.3% |
| 1 month | −3.4% |
| 3 months | −0.9% |
| 1 year | +6.8% |
| 3 years | +12.9% |
| 5 years | +9.0% |
| 10 years | +9.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FTLS |
|---|---|---|
| 2026 YTD | +6.3% | |
| 2025 | +9.1% | |
| 2024 | +18.8% | |
| 2023 | +16.9% | |
| 2022 | −5.6% | |
| 2021 | +19.6% | |
| 2020 | +2.6% |
FTLS in the news
FTLS Dividends
- 0.89%
- $0.67
- $0.18 per share
- Quarterly
FTLS Risk
- 7.1%
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.
- 1.33
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.
- −11.7%
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.
- 0.47
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
FTLS Cost
Overpaying vs HBDC, cheapest in Alternative Strategies
$16,656
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
FTLS 1.38%
$24,554
HBDC 0.39% Cheapest
$7,898
Cost over time
Year by year
| Year | FTLS | HBDC | Overpaying |
|---|---|---|---|
| 10 | $2,395 | $705 | $1,690 |
| 20 | $8,848 | $2,725 | $6,123 |
| 30 | $24,554 | $7,898 | $16,656 |
Other funds in Alternative Strategies
- BFARXFrontier Asset Absolute Return ETFExpense ratio 0.95%1 year return +12.2%
- BLALTFirst Trust Multi-Strategy Alternative ETFExpense ratio 1.18%1 year return +10.8%
- BCLSEConvergence Long/Short Equity ETFExpense ratio 1.52%1 year return +19.8%
- BEDGH3EDGE Dynamic Hard Assets ETFExpense ratio 1.01%1 year return +15.9%
- CASGMVirtus AlphaSimplex Global Macro ETFExpense ratio 0.86%1 year return +21.0%
