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 02/11/2026

02/11/2026 1 day change $ 1 day change % Year to date Cum since inc1
FFLS NAV $22.55 $-0.32 -1.40% -2.80% 24.16%
FFLS MKT $22.60 $-0.30 -1.31% -2.63% 24.44%
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 12/31/2025

Quarter Year to date 1 year Ann Since Inc1
FFLS NAV -2.46% 7.60% 7.60% 10.15%
FFLS MKT -2.61% 7.46% 7.46% 10.17%
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 02/11/2026

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 $38,792,407.98
Shares Outstanding 1,720,000
Net Mkt. Exposure 56.37%
Premium/Discount 0.05%
30-Day Median Bid/Ask-Spread 0.2565%

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 02/11/2026

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 USDB USDB US DOLLAR BROKER 20,742,438 $20,742,438 53.55%
2 GOOGL US 02079K305 ALPHABET INC-A 5,985 $1,861,095 4.80%
3 NVDA US 67066G104 NVIDIA CORP 7,888 $1,499,114 3.87%
4 HALO US 40637H109 HALOZYME THERAPE 17,326 $1,377,590 3.56%
5 EW US 28176E108 EDWARDS LIFE 16,082 $1,275,785 3.29%
6 PANW US 697435105 PALO ALTO NETWOR 7,058 $1,166,687 3.01%
7 SAFRY US 786584102 SAFRAN SA-ADR 12,740 $1,154,116 2.98%
8 AMZN US 023135106 AMAZON.COM INC 5,141 $1,049,175 2.71%
9 EQIX US 29444U700 EQUINIX INC 1,200 $1,041,024 2.69%
10 FTI US G87110105 TECHNIPFMC PLC 15,925 $984,483 2.54%
11 FND US 339750101 FLOOR & DECOR-A 13,807 $951,992 2.46%
12 HQY US 42226A107 HEALTHEQUITY INC 12,310 $946,885 2.44%
13 CRM US 79466L302 SALESFORCE INC 4,920 $910,200 2.35%
14 COHR US 19247G107 COHERENT CORP 4,000 $894,760 2.31%
15 DKNG US 26142V105 DRAFTKINGS INC 33,576 $883,048 2.28%
16 UBER US 90353T100 UBER TECHNOLOGIE 11,882 $843,740 2.18%
17 LPLA US 50212V100 LPL FINANCIAL HO 2,460 $833,128 2.15%
18 BABA US 01609W102 ALIBABA GRP-ADR 5,059 $831,294 2.15%
19 YETI US 98585X104 YETI HOLDINGS IN 17,329 $822,434 2.12%
20 ERJ US 29082A107 EMBRAER SA-ADR 10,615 $768,950 1.99%
21 VRTX US 92532F100 VERTEX PHARM 1,639 $755,972 1.95%
22 XYZ US 852234103 BLOCK INC 13,792 $742,147 1.92%
23 ON US 682189105 ON SEMICONDUCTOR 10,118 $720,199 1.86%
24 TTEK US 88162G103 TETRA TECH INC 17,404 $703,469 1.82%
25 AVGO 11135F101 BROADCOM INC 2,000 $688,691 1.78%
26 BIDU US 056752108 BAIDU INC-SP ADR 4,608 $668,712 1.73%
27 DDOG US 23804L103 DATADOG INC-A 5,233 $666,317 1.72%
28 NFLX US 64110L106 NETFLIX INC 8,032 $639,507 1.65%
29 META US 30303M102 META PLATFORMS-A 836 $559,024 1.44%
30 PINS US 72352L106 PINTEREST INC -A 28,929 $552,254 1.43%
31 RYCEY US 775781206 ROLLS-ROYCE-ADR 31,850 $549,412 1.42%
32 PSTG US 74624M102 PURE STORAGE-A 6,000 $456,300 1.18%
33 CGNX US 192422103 COGNEX CORP 10,000 $430,300 1.11%
34 DASH US 25809K105 DOORDASH INC-A 1,775 $311,459 0.80%

Top Short Holdings as of 02/11/2026

Ticker Security Identifier Company name Shares Market value $ Market Value %
1 MU US 595112103 MICRON TECH -3,500 $-1,436,190 -3.71%
2 GLW US 219350105 CORNING INC -9,000 $-1,196,100 -3.09%
3 ARCC US 04010L103 ARES CAPITAL COR -56,000 $-1,114,960 -2.88%
4 PWR US 74762E102 QUANTA SERVICES -2,100 $-1,100,316 -2.84%
5 HCA US 40412C101 HCA HEALTHCARE I -2,000 $-1,062,940 -2.74%
6 CI US 125523100 THE CIGNA GROUP -3,000 $-884,190 -2.28%
7 BLX US P16994132 BANCO LATINOAM-E -16,000 $-802,560 -2.07%
8 DELL US 24703L202 DELL TECHN-C -6,000 $-744,960 -1.92%
9 MTCH US 57667L107 MATCH GROUP INC -23,000 $-722,200 -1.86%
10 CRL US 159864107 CHARLES RIVER LA -4,000 $-663,920 -1.71%
11 SYF US 87165B103 SYNCHRONY FINANC -9,000 $-656,370 -1.69%
12 COF US 14040H105 CAPITAL ONE FINA -3,000 $-643,170 -1.66%
13 CATY US 149150104 CATHAY GENERAL B -11,000 $-585,200 -1.51%
14 FICO US 303250104 FAIR ISAAC CORP -400 $-545,324 -1.41%
15 EFX 294429105 EQUIFAX INC -2,500 $-488,818 -1.26%
16 EWBC US 27579R104 EAST WEST BNCRP -4,000 $-476,400 -1.23%
17 ACN G1151C101 ACCENTURE PLC-A -2,000 $-461,040 -1.19%
18 VEEV 922475108 VEEVA SYSTEMS-A -2,500 $-442,314 -1.14%
19 RBLX 771049103 ROBLOX CORP - A -6,000 $-408,756 -1.06%
20 PLTR 69608A108 PALANTIR TECHN-A -3,000 $-408,375 -1.05%
21 VRT US 92537N108 VERTIV HOLDING-A -1,500 $-372,765 -0.96%
22 AFRM US 00827B106 AFFIRM HOLDINGS -6,000 $-339,240 -0.88%
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 2/11/2026
Long Exposure 73.69% Gross Exposure 113.83%
Short Exposure -40.14% Net Exposure 33.55%
**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 02/11/2026

2025 Q1 2026
Days at premium 136 25
Days at zero premium/discount 52 2
Days at discount 62 1
 

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

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