The Future Fund Long/Short ETF (FFLS) Performance
FFLS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.1% since Dec 31, 2025
- 1 year
- −1.5% total return
- 3 years
- +10.1% a year
- Since first price
- +7.6% a year since 2023
FFLS trailing returns vs SPY, QQQ, AGG
| Period | FFLS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.8% | +1.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.6% | +1.6% | +7.8% | +8.4% | −1.5% |
| YTD | −1.1% | −1.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −1.5% | −7.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +33.5%+10.1%/yr | +21.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 21, 2023 | +27.7%+7.6%/yr | +15.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FFLS vs SPY
From Jun 21, 2023: FFLS grew to $12,769, SPY to $18,182.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FFLS returns by calendar year
2 of 2 full years positive. Best 2024 (+17.7%), worst 2025 (+7.5%). 2026 is year to date.
FFLS annual returns table
| Year | FFLS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.1% | −9.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.5% | −8.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +17.7% | −10.4% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FFLS largest drawdowns
Now 5.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 16, 2025 | −11.0% | Mar 30, 2026 | not yet | 6 months | 1.1 years so far |
| Jul 10, 2024 | −10.4% | Aug 7, 2024 | Nov 7, 2024 | 28 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FFLS risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +9.9% | +8.4% |
| Volatility (annualized) | 9.4% | 9.3% |
| Sharpe ratio | 0.59 | 0.44 |
| Sortino ratio | 0.97 | 0.72 |
| Best month | +7.8% | +7.8% |
| Worst month | −4.8% | −4.8% |
| Best 12 months | +25.4% | +25.4% |
| Worst 12 months | −4.5% | −4.5% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 0.53 | — |
| Correlation with S&P 500 | 0.70 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FFLS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −4.5% | +10.4% | +25.4% | 76% |
| 3-year (a year) | 5 | +8.5% | +9.2% | +11.0% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
FFLS performance overview
The Future Fund Long/Short ETF (FFLS) returned −1.5% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +7.6% a year, turning $10,000 into about $12,769. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −11.0%, from Sep 16, 2025 to Mar 30, 2026; the fund has not yet regained that high. Volatility has been 9.3% a year.
Related: FFLS chart, FFLS dividends. See the FFLS overview for the latest quote and fund facts.
FFLS performance FAQ
What is the FFLS return over the past year?
FFLS returned −1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.6%.
How much would $10,000 invested in FFLS be worth?
$10,000 invested in FFLS at its first recorded close on June 21, 2023 would be worth about $12,769 on October 23, 2026 with distributions reinvested.
What was the worst year for FFLS?
The worst calendar year was 2025, with a total return of +7.5%. The best was 2024 at +17.7%.
What is the biggest drawdown of FFLS?
The largest peak-to-trough decline was −11.0% between September 16, 2025 and March 30, 2026. It has not yet recovered to that high; it is 5.7% below its peak.
How volatile is FFLS?
Over the past 3 years FFLS had an annualized volatility of 9.4% and a Sharpe ratio of 0.59 (excess return over 1–3 month T-bills per unit of risk).