ETF Evaluator:
Future Fund Long/Short ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
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Risk
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ETF Details
Future Fund Long/Short ETF Overview
Future Fund Long/Short ETF (FFLS) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). The Future Fund launched the ETF in 2023.
The investment seeks to provide capital appreciation.
Under normal conditions, the fund, which is an actively managed exchange traded fund or “ETF”, will invest at least 80% of its assets in long and short positions in U.S. exchange-listed equity securities and American Depositary Receipts (ADRs). The fund may invest in the equity securities of companies of any market capitalization although the fund will primarily invest (at least 65% of its assets) in mid and large capitalization companies (companies with market capitalizations in excess of $2 billion). The fund is non-diversified.
About Future Fund Long/Short ETF (FFLS)
There are 2 members of the management team with an average tenure of 3.12 years: Gary Black (2023) and David Kalis (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Future Fund Long/Short ETF has 59 securities in its portfolio. The top 10 holdings constitute 34.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Future Fund Long/Short ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Future Fund Long/Short ETF has 8.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.5% There is 8.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Future Fund Long/Short ETF has 48.2% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $320 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FFLS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Future Fund Long/Short ETF expense ratio is high compared to funds in the Long-Short Equity category. Future Fund Long/Short ETF has an expense ratio of 1.60%, which is 12% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Future Fund Long/Short ETF has a portfolio turnover rate of 313%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, Future Fund Long/Short ETF returned -1.9%, which earned it a grade of D, as the Long-Short Equity category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Future Fund Long/Short ETF has a trailing yield of 0.13%, which is below the 1.17% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Future Fund Long/Short ETF Grades
Year to date, the ETF has returned -1.5%, 9.8 percentage points worse than the category, which translates into a grade of F. The fund has returned -4.9% over the past year (grade of F) and 8.6% over the past three years (grade of D).
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FFLS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FFLS Return (NAV) | -1.9% | 1.2% | -4.9% | 8.6% | na | na |
| FFLS Return (Price) | -2.1% | 1.2% | -4.5% | 8.7% | na | na |
| NAV +/- Price Return | 0.164% | -0.012% | -0.392% | -0.128% | na | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| FFLS Grade (NAV) | D | D | F | D | na | na |
| +/- Category (NAV) | -1.9% | -1.9% | -19.4% | -5.5% | na | na |
| FFLS Tax-Cost Ratio | na | na | 2.5% | 1.3% | na | na |
FFLS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FFLS Return (NAV) | -1.5% | 7.6% | 17.5% | na | na | na | na | na | na | na | na |
| FFLS Return (Price) | -1.4% | 7.5% | 17.7% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.102% | -0.016% | 0.009% | na | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| FFLS Grade (NAV) | F | C | D | na | na | na | na | na | na | na | na |
| +/- Category | -9.8% | -0.8% | 0.4% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.53 |
| R-Squared: | 52% |
| Standard Deviation: | 9.6% |
| Category Risk Index: | 0.78 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.78 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 43 Mil |
| Share Class Assets: | $ 43 Mil |
| Turnover: | 313.0% |
| Expense Ratio: | 1.60% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Black Gary (2023), Kalis David (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 59 |
| % in Top 10 Holdings: | 34.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 8.3% |
Portfolio Allocation |
|
| Domestic Stock: | 43.5% |
| Foreign Stock: | 8.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 48.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | The Future Fund |
| Phone Number: | 877-466-7090 |
| Website: | www.ascentiafunds.com |
| Inception Date: | June 20, 2023 |
Expenses and Fees
| Expense Ratio (%): | 1.60% (Rating: High) |
| Category Average Expense Ratio (%): | 1.83% |
