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LALT

GradeANew York Stock Exchange Arca

First Trust Multi-Strategy Alternative ETF

Multi-Asset & Alternatives · First Trust · Inception 2023-01-31 · SEC filings

$24.84+0.02 (+0.06%)

As of Sep 23, 2026, 2:18 PM EDT

History starts Feb 2, 2023.
Intraday session: up, 40 prints from 24.83 to 24.84. Range 24.80 to 24.88. Use the arrow keys to read each point.$24.80$24.82$24.86$24.8810 AM12 PM2 PM4 PM
Expense ratio
0.20%
Fund size
$387M
1Y return
+14.0%
Yield · Last 12 months
3.63%
Holdings
7
Volume · 30D
0.2M sh
NAV per share
$24.80
52W range
low $22.56high $25.18

The ETF.net LALT Grade

A

78/ 100

Rank 1 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for LALT. Scores out of 100: Cost 100, Risk 82, Mission not scored, Tradability 64, Holdings 33, Durability 76. Strongest: Cost (100). Weakest: Holdings (33). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 78 of 100 sits in the A 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.
    AScore 100
    Category rank1/30 · top 3%

  • 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.
    AScore 82
    Category rank4/30 · top 13%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank10/30 · top 33%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 33
    Category rank13/15 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 76
    Category rank6/30 · top 20%

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

Our read on LALT

ETF.net Research

AMost funds in this corner run one playbook: trend. LALT is the sampler plate, an actively managed mix of alternative strategies from First Trust, built to move differently from stocks and bonds. The variety costs extra.

Stated mandate

The Fund seeks long-term total return through active allocation among alternative asset categories and strategies intended to provide diversification and lower correlation with traditional equity and fixed-income benchmarks.

Why people hold it

  1. 01Actively allocates across several alternative categories instead of riding a single trend model, with a stated aim of lower correlation to equity and fixed-income benchmarks.
  2. 02Its cohort is stacked with single-lane trend followers (DBMF, CTA, ASMF). The multi-strategy mandate is what sets LALT apart from that shelf.
  3. 03A First Trust product with hundreds of millions in assets and a quarterly distribution schedule, traded like any ordinary listed fund.

Worth knowing

  1. 01At 1.18% a year it runs above the peer median of 0.95%, and above trend rivals CTA (0.75%), ASMF (0.80%) and DBMF (0.85%).
  2. 02No index to grade it against. Outcomes ride on the manager's allocation calls, and with a 2023 launch the track record is still short.
  3. 03Built to behave unlike stocks and bonds, which is the point in choppy stretches and the trade-off when traditional markets are running hot.

LALT Holdings

As of Sep 21, 2026, 5:19 PM
Asset class
Other
Holdings
7
Top-10 weight
100%
Largest holding
FMF21.9%

Sectors

  • Technology26.9%
  • Financials24.9%
  • Health Care11.2%
  • Communication7.0%
  • Industrials6.6%
  • Energy5.3%
  • Consumer Discr.4.9%
  • Cons. Staples4.6%
  • Materials4.4%
  • Real Estate3.2%
  • Utilities1.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001FMFFirst Trust Managed Futures Strategy Fund21.86%1,607,072$85M2
002FTLSFirst Trust Long/Short Equity ETF21.46%1,088,055$83M1
003FAARFirst Trust Alternative Absolute Return Strategy ETF21.30%2,537,762$83M1
004LMBSFirst Trust Low Duration Opportunities ETF9.96%787,823$39M4
005FLSPFranklin Systematic Style Premia ETF9.50%1,278,018$37M1
006FTGCFirst Trust Global Tactical Commodity Strategy Fund8.90%1,106,284$35M1
007IEFiShares 7-10 Year Treasury Bond ETF6.91%295,700$27M9
008—US Dollar0.12%450,538$451K394

Showing 1–8 of 8 holdings

LALT Performance

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

LALT$11,403
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. LALT $11,403. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 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 LALT. Periods over one year show the average yearly return.
PeriodLALT
Year to date+11.6%
1 month+1.3%
3 months+2.5%
1 year+14.0%
3 years+10.1%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 LALT
YearReturn barLALT
2026 YTD+11.6%
2025+10.8%
2024+8.8%
2023+0.9%

History from Feb 2, 2023

LALT in the news

LALT 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.
3.63%Last 12 months
Payout per share
$0.90Last 12 months
Last payment
$0.07 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 9 payments from 2023 to 2026 YTD. Jun 27, 2023 $0.09; Dec 22, 2023 $0.39; Jun 27, 2024 $0.08; Dec 13, 2024 $0.36; Mar 27, 2025 $0.06; Jun 26, 2025 $0.08; Dec 12, 2025 $0.32; Mar 26, 2026 $0.50; Jun 25, 2026 $0.07. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Jun 25, 2026Jun 30, 2026$0.07
Mar 26, 2026Mar 31, 2026$0.50
Dec 12, 2025Dec 31, 2025$0.32
Jun 26, 2025Jun 30, 2025$0.08
Mar 27, 2025Mar 31, 2025$0.06
Dec 13, 2024Dec 31, 2024$0.36
Jun 27, 2024Jun 28, 2024$0.08
Dec 22, 2023Dec 29, 2023$0.39
Jun 27, 2023Jun 30, 2023$0.09

LALT Risk

How much the fund’s monthly returns vary, scaled to a year.
5.0%
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.
0.94
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.
−7.0%
43 months · trough Apr 2025
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.
0.15
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.

LALT Cost

Expense ratio0.20%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

No Alternative Strategies fund charges less.

LALT costs $20.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.