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 07/23/2026

07/23/2026 1 day change $ 1 day change % Year to date Cum since inc1
FFLS NAV $22.51 $-0.15 $-0.66 -2.97% 23.94%
FFLS MKT $22.55 $-0.15 $-0.66 -2.84% 24.16%
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 06/30/2026

Quarter Year to date 1 year Ann Since Inc1
FFLS NAV 6.44% 0.43% -1.77% 8.58%
FFLS MKT 6.80% 0.78% -1.55% 8.72%
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 07/23/2026

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 $42,310,834.77
Shares Outstanding 1,880,000
Net Mkt. Exposure 50.56%
Premium/Discount 0.04%
30-Day Median Bid/Ask-Spread 0.2592%

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 07/23/2026

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 USDB USDB US DOLLAR BROKER 23,966,906 $23,966,906 56.65%
2 NVDA US 67066G104 NVIDIA CORP 14,162 $2,956,459 6.99%
3 AMZN US 023135106 AMAZON.COM INC 8,709 $2,034,944 4.81%
4 HALO US 40637H109 HALOZYME THERAPE 23,114 $1,868,535 4.42%
5 GOOGL US 02079K305 ALPHABET INC-A 4,753 $1,509,980 3.57%
6 EW US 28176E108 EDWARDS LIFE 16,170 $1,355,369 3.20%
7 XYZ US 852234103 BLOCK INC 17,712 $1,354,790 3.20%
8 EQIX US 29444U700 EQUINIX INC 1,124 $1,161,710 2.75%
9 SAFRY US 786584102 SAFRAN SA-ADR 12,502 $1,141,682 2.70%
10 AVGO US 11135F101 BROADCOM INC 2,834 $1,112,259 2.63%
11 ERJ US 29082A107 EMBRAER SA-ADR 16,823 $1,101,401 2.60%
12 GH US 40131M109 GUARDANT HEALTH 7,152 $1,074,230 2.54%
13 LFUS US 537008104 LITTELFUSE INC 2,554 $1,060,344 2.51%
14 BWXT US 05605H100 BWX TECHNOLOGIES 5,804 $1,025,392 2.42%
15 AXON US 05464C101 AXON ENTERPRISE 2,066 $1,016,265 2.40%
16 BABA US 01609W102 ALIBABA GRP-ADR 8,663 $988,101 2.34%
17 HQY US 42226A107 HEALTHEQUITY INC 10,272 $968,957 2.29%
18 FORM US 346375108 FORMFACTOR INC 8,000 $902,000 2.13%
19 UBER US 90353T100 UBER TECHNOLOGIE 12,986 $894,865 2.12%
20 YETI US 98585X104 YETI HOLDINGS IN 16,969 $850,316 2.01%
21 VRTX US 92532F100 VERTEX PHARM 1,791 $847,304 2.00%
22 RYCEY US 775781206 ROLLS-ROYCE-ADR 45,484 $826,444 1.95%
23 KTOS US 50077B207 KRATOS DEFENSE & 16,696 $825,450 1.95%
24 P US 74624M102 EVERPURE INC-A 10,728 $806,638 1.91%
25 AVAV US 008073108 AEROVIRONMENT IN 5,066 $804,126 1.90%
26 GLW US 219350105 CORNING INC 5,000 $780,300 1.84%
27 GFS US G39387108 GLOBALFOUNDRIES 13,282 $755,878 1.79%
28 DKNG US 26142V105 DRAFTKINGS INC 32,751 $747,050 1.77%
29 IDCC US 45867G101 INTERDIGITAL INC 2,554 $653,977 1.55%
30 CELH US 15118V207 CELSIUS HOLDINGS 24,024 $652,732 1.54%
31 NFLX US 64110L106 NETFLIX INC 8,776 $604,578 1.43%
32 ONTO US 683344105 ONTO INNOVATION 2,000 $582,540 1.38%
33 TTEK US 88162G103 TETRA TECH INC 19,020 $581,441 1.37%
34 META US 30303M102 META PLATFORMS-A 916 $555,187 1.31%
35 S US 81730H109 SENTINELONE IN-A 30,652 $532,731 1.26%
36 BIDU US 056752108 BAIDU INC-SP ADR 4,587 $492,597 1.16%
37 SITM US 82982T106 SITIME CORP 818 $471,503 1.11%

Top Short Holdings as of 07/23/2026

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 ARCC US 04010L103 ARES CAPITAL COR -61,000 $-1,135,210 -2.68%
2 SYF US 87165B103 SYNCHRONY FINANC -15,000 $-1,076,550 -2.54%
3 CHRW US 12541W209 CH ROBINSON -5,000 $-1,027,550 -2.43%
4 HRB US 093671105 H&R BLOCK INC -25,000 $-998,750 -2.36%
5 BX US 09260D107 BLACKSTONE INC -7,000 $-871,500 -2.06%
6 PII US 731068102 POLARIS INC -12,000 $-870,600 -2.06%
7 MTCH US 57667L107 MATCH GROUP INC -23,000 $-860,200 -2.03%
8 FICO US 303250104 FAIR ISAAC CORP -700 $-844,333 -2.00%
9 LAD US 536797103 LITHIA MOTORS -2,500 $-835,050 -1.97%
10 DELL US 24703L202 DELL TECHN-C -1,800 $-790,812 -1.87%
11 PWR US 74762E102 QUANTA SERVICES -1,200 $-784,560 -1.85%
12 ORCL US 68389X105 ORACLE CORP -6,000 $-720,240 -1.70%
13 RBLX US 771049103 ROBLOX CORP - A -12,000 $-570,600 -1.35%
14 ABG US 043436104 ASBURY AUTO GRP -2,500 $-555,350 -1.31%
15 EFX US 294429105 EQUIFAX INC -3,000 $-500,160 -1.18%
16 BLX US P16994132 BLADEX INC -8,000 $-470,560 -1.11%
17 CAVA US 148929102 CAVA GROUP INC -7,000 $-442,470 -1.05%
18 APP US 03831W108 APPLOVIN CO-CL A -1,100 $-438,746 -1.04%
19 DUOL US 26603R106 DUOLINGO -3,000 $-362,010 -0.86%
20 CRDO US G25457105 CREDO TECHNOLOGY -1,500 $-354,750 -0.84%
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 7/23/2026
Long Exposure 84.85% Gross Exposure 119.14%
Short Exposure -34.29% Net Exposure 50.56%
**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 07/23/2026

2025 Q1 2026 Q2 2026 Q3 2026
Days at premium 136 54 37 10
Days at zero premium/discount 52 5 14 3
Days at discount 62 2 11 3
 

Historical Distributions

Record Date Ex Date Payable Date Income Short Term Gains Long Term Gains Distribution Total
12/26/2025 12/26/2025 12/30/2025 $0.0305 $1.4963 - $1.5268
12/26/2024 12/26/2024 01/02/2025 $0.0408 $0.7290 - $0.7698
 

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