FLSP vs FTLS: Grades, Fees and Holdings Compared

Franklin Systematic Style Premia ETF

FLSPANYSE Arca

First Trust Long/Short Equity ETF

FTLSBNYSE Arca

Overlap

13.2%by weight

Expense ratio

FLSP −0.73pt a year

FLSP0.65%FTLS1.38%

Avg volume · 30D

FLSP 1.1×the volume

FLSP153KFTLS143K

5Y return · a year

FTLS +0.4pt

FLSP+8.6%FTLS+9.0%

FLSP vs FTLS Performance

Nov 9, 2021 – Nov 9, 2026

+51.3%FLSP+53.7%FTLS

Expense ratio: FLSP 0.65%, better; FTLS 1.38%
Fund size: FLSP $1.2B; FTLS $2.58B
1Y total return: FLSP +12.5%, better; FTLS +6.8%
Yield (12M): FLSP 2.43%, better; FTLS 0.89%
Holdings: FLSP 287; FTLS 269
Avg volume (30D): FLSP 153K sh, better; FTLS 143K sh
NAV per share: FLSP $29.00; FTLS $74.10
52W range

ETF.net Grade

Pillar letters and Scores for FLSP, FTLS, with each pillar’s weight
Pillar	FLSP	FTLS
Cost30% weight	A93Higher	D34
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	B61
Tradability15% weight	C54	A82Higher
Holdings10% weight	A82Higher	B63
Durability5% weight	A85	A94Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. FLSP and FTLS 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 FTLS 10th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 58
Rank 10BFTLSFirst Trust Long/Short Equity ETFScore 57
Rank 11BCLSEConvergence Long/Short Equity ETFScore 55

Our read on each fund

ETF.net Research

FLSPAFranklin Systematic Style Premia ETF

FTLSBFirst Trust Long/Short Equity ETF

In short

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.

FTLS Hedge-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

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

FTLS 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

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.

FTLS The short sleeve is a dial, not a fixture. Under normal conditions the portfolio runs 80-100% long and 0-50% short, and the manager can shrink the shorts or switch them off.mutualfunds.com
No leverage baked in: short proceeds aren't used to buy more longs, so net long exposure stays at or below 100%, which can leave a sizable cash position.mutualfunds.com
Trading since 2014 and now a multi-billion-dollar fund, it's one of the older long/short ETFs on the market, with steady if unspectacular daily volume.
Roughly 500 positions spread across the long and short books, so no single name drives the outcome. At least 80% of assets sit in US-listed equities or equity ETFs.usnews.com

Worth knowing

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.

FTLS Cost is the trade-off: 1.38% a year, well above the typical actively managed US equity ETF. Shorting carries stock-borrow and dividend expenses that long-only funds don't.
Against the full active US equity field it lands in the lower half, largely on price: core rivals like DFAU (0.12%) and DFAC (0.17%) run long-only for a sliver of the fee.
The short book cuts both ways by design: it gains when shorted names fall and loses when they rise, so results can diverge sharply from a plain long-only equity fund.mutualfunds.com

Full FLSP profile⁠

Full FTLS profile⁠

FLSP vs FTLS Holdings

How FLSP and FTLS differ

Overlap by weight

13.2%

Shared holdings make up 35.5% of FTLS and 13.2% of FLSP.

Level by level

Asset classAlternatives, Stocks0.0%
Holdings64 in both13.2%
Countryby domicile56.5%
Sector11 Sectors76.7%

Sector

Sector weights in FLSP and FTLS, widest gap first
Sector	Gap	FLSP	FTLS
Technology	FTLS +16.8 points	17.9%	34.7%
Financials	FLSP +9.8 points	21.1%	11.3%
Materials	FLSP +3.7 points	7.1%	3.4%
Industrials	FLSP +3.3 points	11.7%	8.4%
Utilities	FLSP +2.8 points	3.1%	0.3%
Communication	FTLS +2.3 points	5.5%	7.8%
Real Estate	FTLS +2.2 points	1.0%	3.2%
Energy	FLSP +2.0 points	7.6%	5.6%
Consumer Staples	FLSP +1.7 points	6.3%	4.6%
Consumer Discretionary	FTLS +1.6 points	6.7%	8.3%
Health Care	FTLS +0.5 points	11.9%	12.4%

Country, concentration and asset class

Country by domicile

Country weights in FLSP and FTLS, widest gap first
Country	Gap	FLSP	FTLS
United States	FTLS +42.4 points	52.2%	94.6%
United Kingdom	FLSP +12.6 points	13.1%	0.5%
Canada	FLSP +10.2 points	13.3%	3.1%
Japan	FLSP +6.0 points	6.0%	0.0%
South Africa	FLSP +3.4 points	3.4%	0.0%
Switzerland	FLSP +2.0 points	2.6%	0.6%
France	FLSP +1.8 points	1.8%	0.0%
Germany	FLSP +1.5 points	1.5%	0.0%
Other countries (19)	FLSP +4.8 points	6.0%	1.2%

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

Concentration

Weight in the 10 largest Holdings

FLSP64.3%
FTLS65.3%

Securities held

FLSP259
FTLS268

Asset class

FLSP: Alternatives
FTLS: Stocks

Holdings

Only in FLSP195
In both64
Only in FTLS204

Only in FLSP

195 securities, 61.9% of FLSP by weight

Recv TRSPAYMSFTLSSPRCV07/33.51%
Rbc Bluebay Us Govt Mm-In0.96%
Alphabet Inc-Cl C0.79%
General Electric0.76%
Goldman Sachs Group Inc0.68%
Morgan Stanley0.66%
Walt Disney Co/The0.65%
Roche Holding AG0.60%
Arista Networks Inc0.57%
Toronto-Dominion Bank0.55%
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%
Hitachi Ltd0.38%
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%
Novartis Ag-Reg0.27%
Suncor Energy Inc0.26%
Johnson Controls Internat0.24%
Eog Resources Inc0.24%
Target Corp0.24%
Gsk PLC0.24%
Investor Ab-B Shs0.24%
Pepsico Inc0.24%
Axa SA0.23%
Fedex Corp0.23%
Enel Spa0.22%
Barrick Mining Corp0.22%
Crh PLC0.21%
Motorola Solutions Inc0.21%
Te Connectivity PLC0.20%
Dhl AG0.19%
Lockheed Martin Corp0.17%
PayPal Holdings Inc0.17%
Agilent Technologies Inc0.17%
Deutsche Bank Ag-Register0.16%

Only in FTLS

204 securities, 70.6% of FTLS by weight

Apple Inc.6.75%
Alphabet Inc. (Class A)4.08%
Amazon.com, Inc.3.17%
Analog Devices, Inc.1.55%
Visa Inc. (Class A)1.55%
Seagate Technology Holdings Plc1.32%
Texas Instruments Incorporated1.27%
Meta Platforms, Inc. (Class A)1.16%
Broadcom Inc.1.06%
Verizon Communications Inc.1.04%
Taiwan Semiconductor Manufacturing Company Limited (ADR)0.97%
McKesson Corporation0.97%
Eli Lilly and Company0.91%
Shopify Inc. (Class A)0.89%
Chevron Corporation0.87%
Caterpillar Inc.0.86%
CME Group Inc.0.82%
Merck & Co., Inc.0.78%
Tesla, Inc.0.77%
The Coca-Cola Company0.75%
Snowflake Inc. (Class A)0.75%
Bank of America Corporation0.69%
Dell Technologies Inc. (Class C)0.63%
Chubb Limited0.62%
Pfizer Inc.0.62%
AT&T Inc.0.59%
Intuitive Surgical, Inc.0.57%
T-Mobile US, Inc.0.57%
Vanguard Morningstar Small-Cap Value ETF0.55%
Vanguard Morningstar Small-Cap ETF0.54%
iShares Core S&P SmallCap ETF0.54%
Hewlett Packard Enterprise Company0.53%
Schwab U.S. Small-Cap ETF0.53%
iShares Russell 2000 Value ETF0.53%
iShares Russell 2000 ETF0.52%
Vanguard Morningstar Small-Cap Growth ETF0.52%
iShares Russell 2000 Growth ETF0.51%
Amgen Inc.0.51%
Prologis, Inc.0.51%
Philip Morris International Inc.0.49%
U.S. Bancorp0.46%
Digital Realty Trust, Inc.0.45%
ConocoPhillips0.45%
Cintas Corporation0.45%
Cboe Global Markets, Inc.0.44%
Moody's Corporation0.42%
The Sherwin-Williams Company0.41%
JPMorgan Chase & Co.0.40%
Walmart Inc.0.38%
Barrick Mining Corporation0.38%

Weight gaps

All 64 Holdings in both funds, largest gap first.

Holding weights in FLSP and FTLS, widest gap first
Holding	Gap	FLSP	FTLS
NVIDIA CorpNVDA	FTLS +6.24 points	0.07%	6.31%
Microsoft CorpMSFT	FTLS +3.96 points	1.06%	5.02%
Mastercard Inc - AMA	FTLS +1.12 points	0.26%	1.38%
AbbVie IncABBV	FTLS +0.83 points	0.16%	0.99%
Salesforce IncCRM	FTLS +0.47 points	0.56%	1.03%
Ross Stores IncROST	FTLS +0.44 points	0.23%	0.67%
Autodesk IncADSK	FTLS +0.41 points	0.16%	0.57%
Valero Energy CorpVLO	FTLS +0.40 points	0.34%	0.73%
Cardinal Health IncCAH	FTLS +0.37 points	0.17%	0.54%
Gilead Sciences IncGILD	FTLS +0.37 points	0.69%	1.06%
Monster Beverage CorpMNST	FTLS +0.33 points	0.18%	0.51%
General Motors CoGM	FTLS +0.32 points	0.26%	0.58%
Western Digital CorpWDC	FTLS +0.32 points	0.20%	0.52%
Colgate-Palmolive CoCL	FTLS +0.30 points	0.15%	0.45%
Citigroup IncC	FTLS +0.30 points	0.54%	0.84%
Best Buy Co IncBBY	FTLS +0.30 points	0.07%	0.36%
Fortinet IncFTNT	FTLS +0.30 points	0.25%	0.55%
Howmet Aerospace IncHWM	FTLS +0.29 points	0.26%	0.55%
Keysight Technologies InKEYS	FTLS +0.27 points	0.15%	0.42%
Bristol-Myers Squibb CoBMY	FTLS +0.26 points	0.38%	0.64%
Live Nation EntertainmentLYV	FTLS +0.25 points	0.03%	0.28%
3M CoMMM	FTLS +0.24 points	0.10%	0.34%
Dollar General CorpDG	FTLS +0.24 points	0.08%	0.32%
Tjx Companies IncTJX	FTLS +0.21 points	0.19%	0.40%
United Therapeutics CorpUTHR	FTLS +0.21 points	0.07%	0.28%
Ww Grainger IncGWW	FTLS +0.20 points	0.12%	0.32%
Centene CorpCNC	FTLS +0.19 points	0.12%	0.31%
Hp IncHPQ	FTLS +0.19 points	0.05%	0.24%
Nucor CorpNUE	FTLS +0.18 points	0.18%	0.36%
Mongodb IncMDB	FTLS +0.17 points	0.08%	0.25%
Ameriprise Financial IncAMP	FTLS +0.16 points	0.04%	0.20%
Cisco Systems IncCSCO	FTLS +0.17 points	0.63%	0.80%
Netapp IncNTAP	FTLS +0.15 points	0.11%	0.26%
Hunt (Jb) Transprt Svcs IJBHT	FTLS +0.15 points	0.05%	0.20%
Fortive CorpFTV	FTLS +0.13 points	0.06%	0.19%
Travelers Cos Inc/TheTRV	FTLS +0.12 points	0.27%	0.39%
Altria Group IncMO	FTLS +0.12 points	0.34%	0.46%
American International GrAIG	FTLS +0.12 points	0.12%	0.24%
Royalty Pharma Plc- Class ARPRX	FTLS +0.11 points	0.09%	0.20%
Airbnb Inc-Class AABNB	FTLS +0.11 points	0.24%	0.35%
Technipfmc PLCFTI	FTLS +0.10 points	0.08%	0.18%
Msci IncMSCI	FTLS +0.10 points	0.14%	0.24%
Snap-On IncSNA	FTLS +0.10 points	0.03%	0.13%
Incyte CorpINCY	FTLS +0.09 points	0.07%	0.16%
Ati IncATI	FTLS +0.09 points	0.08%	0.17%
General Dynamics CorpGD	FTLS +0.08 points	0.25%	0.33%
Leidos Holdings IncLDOS	FTLS +0.07 points	0.04%	0.11%
Expeditors Intl Wash IncEXPD	FTLS +0.08 points	0.06%	0.14%
Gen Digital IncGEN	FTLS +0.07 points	0.05%	0.12%
Allstate CorpALL	FTLS +0.07 points	0.21%	0.28%
Biogen IncBIIB	FTLS +0.07 points	0.11%	0.18%
Nordson CorpNDSN	FTLS +0.05 points	0.06%	0.11%
Idexx Laboratories IncIDXX	FTLS +0.05 points	0.18%	0.23%
F5 IncFFIV	FTLS +0.05 points	0.06%	0.10%
Jabil IncJBL	FTLS +0.05 points	0.05%	0.10%
Marathon Petroleum CorpMPC	FTLS +0.05 points	0.36%	0.41%
Rtx CorpRTX	FLSP +0.04 points	0.51%	0.47%
Dupont De Nemours IncDD	FTLS +0.03 points	0.07%	0.10%
Becton Dickinson and CoBDX	FTLS +0.03 points	0.19%	0.22%
Aflac IncAFL	FTLS +0.03 points	0.14%	0.17%
Bank of New York Mellon CBNY	FLSP +0.02 points	0.26%	0.24%
Simon Property Group IncSPG	FTLS +0.01 points	0.22%	0.23%
Micron Technology IncMU	FLSP +0.01 points	0.61%	0.60%
Phillips 66PSX	Same weight	0.33%	0.33%

All 317 FLSP holdings⁠All 515 FTLS 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.

FLSP vs FTLS Cost

Overpaying FTLS vs FLSP

$11,837

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

FLSP 0.65%
$12,717
FTLS 1.38%
$24,554

Amount$10,000

Years30 years

Cost over time

FLSP 0.65%
FTLS 1.38%
Overpaying

Year by year

Year	FLSP	FTLS	Overpaying
10	$1,163	$2,395	$1,232
20	$4,440	$8,848	$4,408
30	$12,717	$24,554	$11,837

Expense ratio

0.65%FLSP, cheaper
1.38%FTLS

FLSP0.65%FTLS1.38%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

FLSP 3rd cheapest of 29 funds

FTLS 20th cheapest of 29 funds

FLSP vs FTLS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLSP 2.43%, better; FTLS 0.89%
Payout (12M): FLSP $0.71; FTLS $0.67
Last payment: FLSP $0.71; FTLS $0.18
Ex-dividend: FLSP Dec 19, 2025; FTLS Sep 24, 2026
Paid on: FLSP Dec 29, 2025; FTLS Sep 30, 2026
Frequency: FLSP Annual; FTLS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLSPAnnual · 9 paymentsAll FLSP payments⁠

FTLSQuarterly · 33 paymentsAll FTLS payments⁠

FLSP vs FTLS Risk

Fall from peak · 5 years

FLSP
FTLS

Risk facts

VolatilityStd dev, 3 years: FLSP 6.8%, betterFTLS 7.1%
Return per unit of riskSharpe ratio, 3 years: FLSP 0.87FTLS 1.33, better
Worst fallMax drawdown, 5 years: FLSP −9.5%, betterFTLS −11.7%
Market sensitivityBeta, 5 years: FLSP 0.01FTLS 0.47; Market = 1

FLSP and FTLS in the news

All news⁠

Category Review
The largest alternatives fund has no one-year record
Updated Sep 28, 2026FTLS

Popular comparisons

FLSPAvsHBDCA
Franklin Systematic Style Premia ETF · Hilton BDC Corporate Bond ETF
Expense ratio
0.65% · 0.39%
Category
FTLSBvsHBDCA
First Trust Long/Short Equity ETF · Hilton BDC Corporate Bond ETF
Expense ratio
1.38% · 0.39%
Category
FLSPAvsQAIA
Franklin Systematic Style Premia ETF · NYLI Hedge Multi-Strategy Tracker ETF
Expense ratio
0.65% · 0.81%
Category
FTLSBvsQAIA
First Trust Long/Short Equity ETF · NYLI Hedge Multi-Strategy Tracker ETF
Expense ratio
1.38% · 0.81%
Category
FLSPAvsQALTA
Franklin Systematic Style Premia ETF · SEI DBi Multi-Strategy Alternative ETF
Expense ratio
0.65% · 0.80%
Category
FTLSBvsQALTA
First Trust Long/Short Equity ETF · SEI DBi Multi-Strategy Alternative ETF
Expense ratio
1.38% · 0.80%
Category

FLSP vs FTLS

In short

Stated mandate

Why people hold it

Worth knowing

How FLSP and FTLS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLSP

Only in FTLS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The largest alternatives fund has no one-year record

How FLSP and FTLS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLSP

Only in FTLS

Weight gaps