The Future Fund Long/Short ETF (FFLS) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from The Future Fund. Key facts — expense ratio 1.24%; net assets about $46M; inception Jun 20, 2023. Its 1-year return is +0.3%.
Fund details
Fund overview
This is a US-listed ETF from The Future Fund. Key facts — expense ratio 1.24%; net assets about $46M; inception Jun 20, 2023. Its 1-year return is +0.3%.
23 identified stocks · net exposure / NAV 59.27%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
23 identified stocks · net exposure / NAV 59.27%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Today's summary
On a constituent basis, The Future Fund Long/Short ETF's theoretical return is -0.03%p. Today's biggest hero is Amazon.com, contributing -0.03%p (return -0.62%). The biggest suspect dragging it down is Amazon.com, at -0.03%p.
Its top 10 holdings make up about 56.5% of the fund. The concentration index (HHI) is 484 — Low — evenly diversified, and the largest sector is Information Technology (21%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (484), so no single holding dominates.
The largest sector is Information Technology at 21% — industries are reasonably spread.
1.24% a year is on the high side — about 12.4% over a decade, so it needs a reason to earn that.
Net assets of $46M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
An inverse fund. It rises when the index falls, but daily resetting means it does not mirror the index exactly over long holds.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (484), so no single holding dominates.
The largest sector is Information Technology at 21% — industries are reasonably spread.
1.24% a year is on the high side — about 12.4% over a decade, so it needs a reason to earn that.
Net assets of $46M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
An inverse fund. It rises when the index falls, but daily resetting means it does not mirror the index exactly over long holds.
Top 20 holdings
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | Amazon.comAMZN | 8.57% |
| 2 | Halozyme TherapeuticsHALO | 6.78% |
| 3 | NVIDIANVDA | 6.44% |
| 4 | AlphabetGOOGL | 6.39% |
| 5 | Edwards LifesciencesEW | 5.42% |
| 6 | BlockXYZ | 5.20% |
| 7 | EmbraerEMBJ | 4.66% |
| 8 | Guardant HealthGH | 4.50% |
| 9 | EquinixEQIX | 4.34% |
| 10 | SafranSAFRY | 4.23% |
| 11 | CorningGLW | 4.07% |
| 12 | BroadcomAVGO | 3.80% |
| 13 | HealthEquityHQY | 3.58% |
| 14 | Uber TechnologiesUBER | 3.48% |
| 15 | Vertex PharmaceuticalsVRTX | 3.46% |
| 16 | YETIYETI | 3.42% |
| 17 | BWX TechnologiesBWXT | 3.27% |
| 18 | Axon EnterpriseAXON | 3.27% |
| 19 | InterDigitalIDCC | 3.22% |
| 20 | Rolls-RoyceRYCEY | 3.14% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
Leverage / inverse caveat
This fund tracks 1x the inverse of its index — it rises when the index falls, and vice versa.
That 1x applies to a **single day**. Held longer, the daily reset makes the period return drift from 1x the index: if the index chops up and down and returns to where it started, this fund is still down. That is volatility decay.
It bites hardest in sideways markets and compounds with holding time. These are built for short directional trades.
How concentrated is it
Concentration (HHI) is low at 484, with the top 10 holdings at just 56.5% of equity weight. No single name can dominate the fund.
Good for damping single-stock risk — and equally, a big winner inside gets diluted.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
Sectors run Information Technology(21%) · Health Care(20%) · Consumer Discretionary(19%), and even the largest is only 21% — no meaningful industry tilt.
This is built to track a market rather than to call a sector.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, AEMS, overlaps only 39% (2 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 48 positions in total; this page lists the largest 23 and folds the rest into "Others".
Equities are 59.3% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 1.24% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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