Category Review
The largest alternatives fund has no one-year record
First Trust Multi-Strategy Alternative ETF
$24.27−0.10 (−0.41%)
- 1.18%
- $446M
- +10.8%
- 4.03%
- 133K sh
- low $22.56high $25.18
The ETF.net LALT Grade
B
Score 58 out of 100
- 9 of 30
Score 58 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.C48 out of 100Rank 16 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.A82 out of 100Rank 4 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 7 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D27 out of 100Rank 17 of 17Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A75 out of 100Rank 6 of 30
Our read on LALT
In short
BMost 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
Worth knowing
LALT Holdings
- Other
- 8
- 100%
- FAAR
Sectors
- Financials37.8%
- Technology17.6%
- Securitized12.0%
- Health Care8.0%
- Communication6.1%
- Government4.6%
- Consumer Discretionary3.6%
- Energy3.1%
- Consumer Staples3.0%
- Materials2.4%
- Industrials1.8%
Geography
- United States97.76%
- Japan0.46%
- Canada0.42%
- Singapore0.37%
- Taiwan0.27%
- Switzerland0.21%
- France0.11%
- Ireland0.09%
- 0.31%
LALT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
LALT$11,077
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 | LALT |
|---|---|
| Year to date | +9.9% |
| 1 month | −2.3% |
| 3 months | +1.2% |
| 1 year | +10.8% |
| 3 years | +10.2% |
| 5 years | |
| 10 years |
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 | LALT |
|---|---|---|
| 2026 YTD | +9.9% | |
| 2025 | +10.8% | |
| 2024 | +8.8% | |
| 2023 | +0.9% |
LALT in the news
LALT Dividends
- 4.03%
- $0.98
- $0.08 per share
- Quarterly
Distribution history
$10,000 in LALT 3 years ago paid $976 in dividends.
LALT Risk
- 4.8%
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.
- 1.23
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.
- −7.0%
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.
- 0.15
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.
LALT Cost
Overpaying vs HBDC, cheapest in Alternative Strategies
$13,645
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
LALT 1.18%
$21,543
HBDC 0.39% Cheapest
$7,898
Cost over time
Year by year
| Year | LALT | HBDC | Overpaying |
|---|---|---|---|
| 10 | $2,065 | $705 | $1,360 |
| 20 | $7,697 | $2,725 | $4,972 |
| 30 | $21,543 | $7,898 | $13,645 |
Other funds in Alternative Strategies
- BHDGProShares Hedge Replication ETFExpense ratio 0.95%1 year return +7.3%
- BFARXFrontier Asset Absolute Return ETFExpense ratio 0.95%1 year return +12.2%
- BFTLSFirst Trust Long/Short Equity ETFExpense ratio 1.38%1 year return +6.8%
- 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%
