FARX vs FLSP: Grades, Fees and Holdings Compared

Frontier Asset Absolute Return ETF

FARXBNYSE Arca

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

Overlap

0.0%by weight

Expense ratio

FLSP −0.30pt a year

FARX0.95%FLSP0.65%

Avg volume · 30D

FLSP 56.7×the volume

FARX2.7KFLSP153K

FARX vs FLSP Performance

Nov 7, 2025 – Nov 9, 2026

+12.2%FARX+12.5%FLSP

Expense ratio: FARX 0.95%; FLSP 0.65%, better
Fund size: FARX $15M; FLSP $1.2B
1Y total return: FARX +12.2%; FLSP +12.5%, better
Yield (12M): FARX 2.78%, better; FLSP 2.43%
Holdings: FARX 14; FLSP 287
Avg volume (30D): FARX 2.7K sh; FLSP 153K sh, better
NAV per share: FARX $29.13; FLSP $29.00
52W range

ETF.net Grade

Pillar letters and Scores for FARX, FLSP, with each pillar’s weight
Pillar	FARX	FLSP
Cost30% weight	A74	A93Higher
Mission25% weight	B58	Not scored
Risk15% weight	A77Higher	B68
Tradability15% weight	C53	C54Higher
Holdings10% weight	D31	A82Higher
Durability5% weight	F22	A85Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FARX and FLSP are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

FLSP ranks 1st and FARX 8th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
Rank 7BHDGProShares Hedge Replication ETFScore 62
Rank 8BFARXFrontier Asset Absolute Return ETFScore 61
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 58

Our read on each fund

ETF.net Research

FARXBFrontier Asset Absolute Return ETF

FLSPAFranklin Systematic Style Premia ETF

In short

FARX No data

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

Stated mandate

FARX No data

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

Why people hold it

FARX No data

FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
Spreads the bet across roughly 300 positions, so no single name carries the fund.
Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.

Worth knowing

FARX No data

FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
Distributions land once or twice a year, not on a monthly rhythm.

Full FARX profile⁠

Full FLSP profile⁠

FARX vs FLSP Holdings

How FARX and FLSP differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Alternatives0.0%
Holdings0 in both0.0%
Sector15 Sectors45.9%
Countryby domicile74.9%

Sector

Sector weights in FARX and FLSP, widest gap first
Sector	Gap	FARX	FLSP
Government	FARX +38.8 points	38.8%	0.0%
Financials	FLSP +13.9 points	7.2%	21.1%
Corporate	FARX +10.2 points	10.2%	0.0%
Technology	FLSP +7.6 points	10.3%	17.9%
Health Care	FLSP +6.7 points	5.2%	11.9%
Industrials	FLSP +5.8 points	5.9%	11.7%
Securitized	FARX +5.1 points	5.1%	0.0%
Energy	FLSP +5.0 points	2.6%	7.6%
Materials	FLSP +4.8 points	2.3%	7.1%
Consumer Staples	FLSP +3.2 points	3.1%	6.3%
Communication	FLSP +3.0 points	2.5%	5.5%
Consumer Discretionary	FLSP +2.1 points	4.6%	6.7%
Utilities	FLSP +1.8 points	1.3%	3.1%
Real Estate	FLSP +0.1 points	0.9%	1.0%
Municipal	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FARX and FLSP, widest gap first
Country	Gap	FARX	FLSP
United States	FARX +18.8 points	71.0%	52.2%
Canada	FLSP +10.9 points	2.4%	13.3%
Japan	FLSP +6.0 points	0.0%	6.0%
South Africa	FLSP +3.3 points	0.1%	3.4%
United Kingdom	FARX +2.4 points	15.5%	13.1%
Switzerland	FLSP +1.2 points	1.4%	2.6%
France	FLSP +1.1 points	0.7%	1.8%
Israel	FARX +1.0 points	1.0%	0.0%
Other countries (23)	FARX +0.4 points	8.0%	7.6%

Outside the US: FARX 94% developed, 6% emerging. FLSP 92% developed, 8% emerging.

Concentration

Weight in the 10 largest Holdings

FARX92.4%
FLSP64.3%

Securities held

FARX13
FLSP259

Asset class

FARX: Stocks
FLSP: Alternatives

Holdings

Only in FARX13
In both0
Only in FLSP259

Only in FARX

13 securities, 99.6% of FARX by weight

Vanguard Short-Term Bond Etf21.80%
Harbor Commodity All Weather17.66%
American Beacon Ahl Trend16.05%
Wisdomtree Floating Rate Tre8.78%
Imgp Dbi Mft Str Etf-Usd Inc7.00%
Vanguard Short-Term Tips4.45%
Ishares High Yield Systemati4.43%
Ishares Us Smallcap Equity F4.34%
JPMorgan Ultra-Short Income4.30%
Janus Henderson Aaa Clo Etf3.55%
Avantis Intl S/C Value Etf2.75%
Ishares Msci Usa Momentum Fa2.46%
Vanguard Dividend Apprec Etf2.07%

Only in FLSP

259 securities, 75.2% of FLSP by weight

Recv TRSPAYMSFTLSSPRCV07/33.51%
Microsoft Corp1.06%
Rbc Bluebay Us Govt Mm-In0.96%
Alphabet Inc-Cl C0.79%
General Electric0.76%
Gilead Sciences Inc0.69%
Goldman Sachs Group Inc0.68%
Morgan Stanley0.66%
Walt Disney Co/The0.65%
Cisco Systems Inc0.63%
Micron Technology Inc0.61%
Roche Holding AG0.60%
Arista Networks Inc0.57%
Salesforce Inc0.56%
Toronto-Dominion Bank0.55%
Citigroup Inc0.54%
Rtx Corp0.51%
Recruit Holdings Co Ltd0.48%
Vertex Pharmaceuticals In0.47%
Lam Research Corp0.44%
Newmont Corp0.43%
Sony Group Corp0.43%
Booking Holdings Inc0.42%
Uber Technologies Inc0.41%
Advantest Corp0.38%
Safran SA0.38%
Bristol-Myers Squibb Co0.38%
Hitachi Ltd0.38%
Marathon Petroleum Corp0.36%
Valero Energy Corp0.34%
Altria Group Inc0.34%
Phillips 660.33%
Applied Materials Inc0.33%
Adobe Inc0.32%
NIKKEI 225 (OSE) Dec260.32%
Regeneron Pharmaceuticals0.31%
Elevance Health Inc0.31%
Deutsche Telekom Ag-Reg0.31%
L'oreal0.31%
Comcast Corp-Class A0.29%
Ing Groep NV0.29%
Cadence Design Sys Inc0.29%
Travelers Cos Inc/The0.27%
Novartis Ag-Reg0.27%
Suncor Energy Inc0.26%
Mastercard Inc - A0.26%
Bank of New York Mellon C0.26%
General Motors Co0.26%
Howmet Aerospace Inc0.26%
General Dynamics Corp0.25%

Weight gaps

FARX and FLSP share no securities.

All FARX holdings⁠All 317 FLSP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FARX vs FLSP Cost

Overpaying FARX vs FLSP

$5,152

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FARX 0.95%
$17,869
FLSP 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

FARX 0.95%
FLSP 0.65%
Overpaying

Year by year

Year	FARX	FLSP	Overpaying
10	$1,678	$1,163	$515
20	$6,322	$4,440	$1,882
30	$17,869	$12,717	$5,152

Expense ratio

0.95%FARX
0.65%FLSP, cheaper

FLSP0.65%FARX0.95%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

FLSP 3rd cheapest of 29 funds

FARX 7th cheapest of 29 funds

FARX vs FLSP Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FARX 2.78%, better; FLSP 2.43%
Payout (12M): FARX $0.81; FLSP $0.71
Last payment: FARX $0.10; FLSP $0.71
Ex-dividend: FARX Sep 29, 2026; FLSP Dec 19, 2025
Paid on: FARX Oct 6, 2026; FLSP Dec 29, 2025
Frequency: FARX Quarterly; FLSP Annual

Distribution history

Per share, 2019 to 2026, same scale for both

FARXQuarterly · 8 paymentsAll FARX payments⁠

FLSPAnnual · 9 paymentsAll FLSP payments⁠

FARX vs FLSP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FARX 5.0%since Jan 2025FLSP 6.8%
Return per unit of riskSharpe ratio, 3 years: FARX 1.54since Jan 2025FLSP 0.87
Worst fallMax drawdown, 5 years: FARX −5.8%since Dec 2024FLSP −9.5%
Market sensitivityBeta, 5 years: FARX 0.22FLSP 0.01; Market = 1

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