FundX filing would make One Capital the adviser to The Future Fund Long/Short ETF, FFLS
The Oct. 14, 2026 amendment would register an empty series to receive the fund in 2027, with the same two managers and a fee table that is not finished.
Key takeaways
FundX Investment Trust filed with the U.S. Securities and Exchange Commission on Oct. 14, 2026 to register a new series that would receive The Future Fund Long/Short ETF, ticker FFLS. The fund that trades today sits in Northern Lights Fund Trust II and is advised by The Future Fund LLC. The filing names One Capital Management, LLC as the adviser that would take its place.
Gary Black and David Kalis are named as the portfolio managers. The amendment says that before joining One Capital, each was a portfolio manager at The Future Fund LLC, and that each has been responsible for the predecessor since it opened on June 20, 2023. Their titles at One Capital are blank. January 2021, printed as the start of that earlier work, is in square brackets, the mark a prospectus uses for a date that is not final.
A 2026 registration, a 2027 reorganization
The amendment is marked subject to completion. This is a registration of a proposed move, not a launch. FundX proposes that it become effective 75 days after the Oct. 14 filing, on Dec. 28, 2026. The cover says the information may be changed, and that the shares may not be sold until the registration is effective.
Dec. 28 would not open the fund. The amendment says the series is being registered to serve as the surviving fund in what it calls a "shell reorganization," and that it "will not commence a public offering until the completion of the reorganization." In this filing, that is a new series with no assets, set up to receive the fund that already trades. The expected date on the cover is blank. The statement of additional information refers to the reorganization on a date in 2027 that is still blank.
One Capital is named as the adviser
One Capital, of Westlake Village, California, is the named adviser. The statement of additional information calls The Future Fund LLC the "Predecessor Advisor."
The two firms already work together inside FundX Investment Trust. The summary prospectus for the FundX Future Fund Opportunities ETF, ticker FFOX, names One Capital as adviser and The Future Fund LLC as sub-adviser.
The amendment says the new series would keep the same objective and the same strategies, and would adopt the predecessor's performance record. It would still seek capital appreciation, putting at least 80% of its assets, under normal conditions, in long and short positions in U.S. exchange-listed stocks and American depositary receipts, with a net long bias, though it may go net short.
The fee table is unfinished
The summary fee table prints a management fee of 1.00% and no shareholder fees. The lines for other expenses, total annual operating expenses, any waiver and the net expense ratio are blank.
The statement of additional information describes a unitary management fee, still in square brackets at 1.00%, under which the adviser would pay ordinary operating expenses. Those would not include interest, dividend expense on securities sold short, taxes, brokerage or extraordinary costs. The fee table in the same document is built for other expenses and waivers to be filled in. The filing points both ways, and neither version is final.
It also shows an expense limit of 1.24% through Sept. 30, 2026, the rate and the date both in square brackets. The limit leaves out interest and dividend expense on securities sold short. Sept. 30 had already passed when the amendment was filed. The expense-limit agreement is marked to be filed by amendment.
A May 5, 2026 supplement to the Northern Lights prospectus replaced the fee table for the fund that trades today. It shows total annual operating expenses of 2.05% and 1.60% after waivers. Under that supplement, a contractual cap of 1.24% through Sept. 30, 2026 excludes interest and dividend expense on short sales, and a waiver covers part of the rest. Those two items are why 2.05% and 1.24% sit so far apart, and why the cost after waivers is 1.60% rather than the cap.
A holder cannot tell from this amendment whether the reorganized fund would cost less than the one already trading.
Holders still own the fund that trades today
The shares on the market are still the Northern Lights series. The amendment does not say whether shareholders must approve the reorganization, what they would receive, or whether an exchange of shares would be tax-free.
The prospectus prints the ticker FFLS and NYSE Arca, the listing the existing fund already has.
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Frequently asked questions
When would One Capital become the adviser?
The registration could become effective on Dec. 28, 2026, but the reorganization date in 2027 is still blank.
Would the fund's strategy change?
The amendment says the new series would keep the same objective and the same strategies.
Would the reorganized fund cost less?
A holder cannot tell from this amendment whether the reorganized fund would cost less than the one already trading.
Does the filing say shareholders must approve the move?
The amendment does not say whether shareholders must approve the reorganization, what they would receive, or whether a share exchange would be tax-free.
