SHAREHOLDER SERVICES 877.466.7090

THE FUTURE FUND
LONG/SHORT ETF (FFLS)

Investing in companies we believe are best able to exploit these megatrends and shorting companies most disrupted by these same megatrends.

Daily Performance as of 11/14/2025

11/14/2025 1 day change $ 1 day change % Year to date Cum since inc1
FFLS NAV $24.57 $-0.13 -0.53% 6.92% 26.93%
FFLS MKT $24.57 $-0.14 -0.57% 6.73% 26.94%
FFLS since inception 6/20/2023; Expenses: Adjusted Investor Fee* 1.24%; Total Annual Fund Operating Expense 2.05% 1Cumulative since inception

Quarter-End Performance as of 09/30/2025

Quarter Year to date 1 year Ann Since Inc1
FFLS NAV 0.28% 10.31% 14.93% 12.56%
FFLS MKT 0.32% 10.34% 15.01% 12.66%
FFLS since inception 6/20/2023; Expenses: Adjusted Investor Fee* 1.24%; Total Annual Fund Operating Expense 2.05% 1Annualized since inception

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

*Pursuant to an operating expense limitation agreement between The Future Fund, LLC (the “Advisor”) and the Trust, on behalf of the Fund, the Advisor has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Funds (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.24% of the Future Fund Long Short ETF's average net assets through September 30, 2026.

Fund NAV represents the closing price of underlying securities. Closing Market Price is calculated using the price which investors buy and sell ETF shares in the market. The Closing Market Price returns in the table were calculated using the closing price and account for distributions from the funds.

For monthly performance, please call 877.466.7090.

Performance over 1 year is annualized.

GROWTH-ORIENTED, HEDGED EQUITY STRATEGY TO HELP SHAREHOLDERS MANAGE RISK IN A VOLATILE ENVIRONMENT

  • High conviction, actively managed ETF Primarily invests in a concentrated set of equity securities that may be best positioned to profit from changing secular growth trends, while shorting those we believe may be disrupted by those same megatrends.
  • Alpha generation Through active stock selection and capitalizing on short-term dislocations in the market with potential to provide greater risk adjusted returns than the indices.
  • Research-focused Vigorous proprietary research, both fundamental and on-the-ground.
  • Managing risk on multiple levels Risk managed intensively, both fundamentally and quantitatively.
  • Strategic and tactical Identifying companies that may benefit from long-term trends; potential to opportunistically exploit short-term dislocations in the market to create incremental alpha.
  • Daily transparency + liquidity Shares are bought and sold daily on the NYSE at market price, like a stock, through your online broker or financial advisor; no minimum investment dollar amount.

Gary Black Shares His Strategy

 

FFLS FACTS as of 11/14/2025

Inception Date 6/20/23
Ticker FFLS
Expense Ratio1
  Adjusted Investor Fee
  Tot Ann Fund Op Exp
1.24%
2.05%
Primary Exchange NYSE
CUSIP 66538F165
Net Assets $39,808,100.32
Shares Outstanding 1,620,000
Net Mkt. Exposure 47.72%
Premium/Discount -
30-Day Median Bid/Ask-Spread 0.3227%

Fund Resources

1 Pursuant to an operating expense limitation agreement between The Future Fund, LLC (the “Advisor”) and the Trust, on behalf of the Fund, the Advisor has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Funds (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.24% of the Future Fund Long Short ETF's average net assets through September 30, 2026.

 

Top Long Holdings as of 11/14/2025

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 USDB USDB US DOLLAR BROKER 28,048,594 $28,048,594 70.66%
2 NVDA 67066G104 NVIDIA CORP 9,520 $1,810,418 4.56%
3 AMZN 023135106 AMAZON.COM INC 7,075 $1,660,431 4.18%
4 GOOGL 02079K305 ALPHABET INC-A 5,993 $1,656,525 4.17%
5 HALO 40637H109 HALOZYME THERAPE 22,911 $1,604,457 4.04%
6 PANW 697435105 PALO ALTO NETWOR 7,254 $1,488,883 3.75%
7 META 30303M102 META PLATFORMS-A 2,426 $1,478,549 3.72%
8 YETI 98585X104 YETI HOLDINGS IN 38,340 $1,430,082 3.60%
9 EW 28176E108 EDWARDS LIFE 15,147 $1,307,186 3.29%
10 CRM 79466L302 SALESFORCE INC 5,115 $1,246,320 3.14%
11 SAFRY 786584102 SAFRAN SA-ADR 12,000 $1,057,800 2.66%
12 UBER 90353T100 UBER TECHNOLOGIE 11,192 $1,025,411 2.58%
13 LPLA 50212V100 LPL FINANCIAL HO 2,658 $985,028 2.48%
14 HQY 42226A107 HEALTHEQUITY INC 9,619 $978,925 2.47%
15 ON 682189105 ON SEMICONDUCTOR 20,150 $945,438 2.38%
16 DKNG 26142V105 DRAFTKINGS INC 31,626 $935,497 2.36%
17 BABA 01609W102 ALIBABA GRP-ADR 6,000 $922,800 2.32%
18 EQIX 29444U700 EQUINIX INC 1,130 $887,694 2.24%
19 PINS 72352L106 PINTEREST INC -A 32,275 $859,160 2.16%
20 GTLB 37637K108 GITLAB INC-CL A 19,085 $846,038 2.13%
21 NFLX 64110L106 NETFLIX INC 7,570 $841,912 2.12%
22 MRVL 573874104 MARVELL TECHNOLO 9,113 $787,818 1.98%
23 XYZ US 852234103 BLOCK INC 12,992 $785,756 1.98%
24 DASH 25809K105 DOORDASH INC-A 3,785 $783,343 1.97%
25 FND 339750101 FLOOR & DECOR-A 13,002 $780,380 1.97%
26 VRTX 92532F100 VERTEX PHARM 1,544 $674,959 1.70%
27 GDS 36165L108 GDS HLDGS - ADR 22,225 $659,193 1.66%
28 FTI G87110105 TECHNIPFMC PLC 15,000 $655,350 1.65%
29 EMBJ US 29082A107 EMBRAER SA-ADR 10,000 $628,800 1.58%
30 PEN 70975L107 PENUMBRA INC 2,025 $567,141 1.43%
31 DDOG 23804L103 DATADOG INC-A 3,000 $555,030 1.40%
32 BIDU 056752108 BAIDU INC-SP ADR 4,556 $528,496 1.33%
33 RYCEY 775781206 ROLLS-ROYCE-ADR 30,000 $437,400 1.10%
34 DELL 24703L202 DELL TECHN-C 2,828 $378,273 0.95%
35 CRUS 172755100 CIRRUS LOGIC INC 3,100 $369,861 0.93%

Top Short Holdings as of 11/14/2025

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 CRWD 22788C105 CROWDSTRIKE HO-A -2,000 $-1,075,100 -2.71%
2 FICO 303250104 FAIR ISAAC CORP -600 $-1,044,822 -2.63%
3 ADBE 00724F101 ADOBE INC -3,000 $-993,330 -2.50%
4 AMD 007903107 ADV MICRO DEVICE -4,000 $-987,240 -2.49%
5 ARCC 04010L103 ARES CAPITAL COR -48,000 $-970,080 -2.44%
6 CIEN 171779309 CIENA CORP -5,000 $-958,550 -2.41%
7 HCA 40412C101 HCA HEALTHCARE I -2,000 $-945,300 -2.38%
8 TRMB 896239100 TRIMBLE INC -12,000 $-930,720 -2.34%
9 WDAY 98138H101 WORKDAY INC-A -4,000 $-923,280 -2.33%
10 FAST 311900104 FASTENAL CO -22,000 $-889,900 -2.24%
11 MU 595112103 MICRON TECH -3,500 $-863,905 -2.18%
12 URI 911363109 UNITED RENTALS -1,000 $-834,030 -2.10%
13 AXON 05464C101 AXON ENTERPRISE -1,500 $-831,555 -2.09%
14 LFUS 537008104 LITTELFUSE INC -3,300 $-794,244 -2.00%
15 PVH 693656100 PVH CORP -10,000 $-777,500 -1.96%
16 PWR 74762E102 QUANTA SERVICES -1,800 $-772,740 -1.95%
17 GLW 219350105 CORNING INC -9,000 $-738,540 -1.86%
18 RBLX 771049103 ROBLOX CORP - A -7,000 $-715,960 -1.80%
19 COIN 19260Q107 COINBASE GLOBA-A -2,500 $-710,000 -1.79%
20 BLX P16994132 BANCO LATINOAM-E -16,000 $-706,720 -1.78%
21 VRT 92537N108 VERTIV HOLDING-A -4,000 $-683,880 -1.72%
22 MTCH 57667L107 MATCH GROUP INC -18,000 $-581,040 -1.46%
23 CI 125523100 THE CIGNA GROUP -2,000 $-539,320 -1.36%
24 CATY 149150104 CATHAY GENERAL B -11,000 $-522,390 -1.32%
25 PLTR US 69608A108 PALANTIR TECHN-A -3,000 $-522,030 -1.32%
26 RMD 761152107 RESMED INC -2,100 $-513,366 -1.29%
27 APH 032095101 AMPHENOL CORP-A -3,500 $-468,090 -1.18%
28 EWBC 27579R104 EAST WEST BNCRP -4,000 $-411,280 -1.04%
Full
Holdings
Portfolio holdings and exposures are subject to change at any time and should not be considered investment advice.
 

Portfolio Market Exposure** 7/28/2023 to 11/14/2025
Long Exposure 81.98% Gross Exposure 136.65%
Short Exposure -54.67% Net Exposure 27.31%
**Calculations for all exposure figures disregards all options, cash, sweeps, and receivables. The net exposure calculates total long positions (Weightings) plus total short positions (Weightings). Gross exposure calculates total long positions (Weightings) minus total short positions (Weightings). Figures do not include delta-adjusted values of options.
 

Premium/Discount as of 11/14/2025

2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days at premium 104 29 33 37 18
Days at zero premium/discount 49 7 16 13 11
Days at discount 99 24 13 14 4
 

Historical Distributions

Record Date Ex Date Payable Date Income Short Term Gains Long Term Gains Distribution Total
12/26/2024 12/26/2024 01/02/2025 $0.0408 $0.7290 - $0.7698
 

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Northern Lights Distributors, LLC and The Future Fund LLC are not affiliated with these brokerage firms.

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