Registry rank 1795 · Portfolio as of 2026-04-30
First Trust Long/Short Equity ETF
FTLS (First Trust Long/Short Equity ETF)
The verdict
What the numbers say
This portfolio genuinely differs from the S&P 500 (61.9% active share). Its 1.38% fee buys real active management; whether it earned that fee is not something holdings can show.
Data provenance
Run 363649da-fcfb-4007-87ef-de06de7710ca; method closet-index@2.0.0; fund accession 0000940400-26-024887; comparison periods and expense-filing links appear with their figures. Machine capture time: 2026-07-29T14:22:09.616Z.
Computed rule checks
0 warnings · 2 checks clear · 1 unavailable
Check clear
· Rule 1
The fund’s filed benchmark and its closest approved index control point to the same comparison.
Methodology rule · visual rules si-visual-explainers@1.0.0
Check clear
· Rule 2
The existing same-index active-share and fee rule does not issue a closet-index warning. This is not a rating.
Methodology rule · visual rules si-visual-explainers@1.0.0
Unavailable
· Rule 3
No complete licensed window and filed headline fee are available together for this check.
Computed on licensed market-return history · filed fee as of 2025-10-31
Methodology rule · visual rules si-visual-explainers@1.0.0
Filed fees in dollars
SEC-convention illustration
Computed from SEC filings
Assumptions for each dollar figure: $100,000 starting amount · 5.0% annual return · annual compounding · fees deducted annually · 0.01% computed index-control baseline. Methodology.
| Share class and filing | 10 years | 20 years | 30 years |
|---|---|---|---|
| FTLS1.38% · SEC expense filing · as of 2025-10-31 | $20,030 | $61,181 | $140,353 |
Real trailing windows
Computed on licensed market-return history
Trailing windows use iShares Core S&P 500 ETF (IVV) adjusted-close total-return history through 2026-07-29 and the same filed index-control fee baseline as the convention table. Methodology.
| Share class and filing | 10 years | 20 years | 30 years |
|---|---|---|---|
| FTLSFiled fee as of 2025-10-31 | $45,205Computed on licensed market-return history 2016-07-29 to 2026-07-29 · proxy return 14.88% annualized | $182,841Computed on licensed market-return history 2006-07-31 to 2026-07-29 · proxy return 11.19% annualized | Proxy history begins 2000 — no full 30-year window |
These figures are illustrations, not predictions or personalized advice. Returns and fees can differ. Read the research disclaimer.
Change the illustration
Computed from SEC filings
Assumptions for the dollar figures below: $100,000 starting amount; 5.0% annual return; 20 years; annual compounding; fees deducted annually; 0.01% computed index-control baseline. FTLS SEC expense filing, as of 2025-10-31. Methodology.
| Result | Amount |
|---|---|
| Ending value at baseline | $264,825 |
| Ending value at filed expense ratio | $203,644 |
| Difference attributed to fee drag | $61,181 |
This is an illustration, not a prediction or personalized advice. Returns and fees can differ. Read the research disclaimer.
Largest active differences vs the S&P 500
The bars are labeled and repeated in the table; color is not the only signal. Linked company names open Buy Like Buffett’s company record; Sensible Investor does not score stocks.
| Holding | Fund | S&P 500 | Difference |
|---|---|---|---|
| NVIDIA Corp. | 3.58% | 7.58% | -4.00% |
| Alphabet, Inc. | 2.79% | 5.40% | -2.61% |
| ASML HOLDING NV | 2.44% | 0.00% | +2.44% |
| Bank of America Corp. | 2.48% | 0.58% | +1.90% |
| QUALCOMM, Inc. | 2.12% | 0.25% | +1.88% |
| Tesla, Inc. | 0.00% | 1.87% | -1.87% |
| Amazon.com, Inc. | 1.85% | 3.64% | -1.79% |
| Citigroup, Inc. | 2.04% | 0.35% | +1.69% |
| Sandisk Corp. | 1.80% | 0.17% | +1.64% |
| Microsoft Corp. | 3.33% | 4.92% | -1.59% |
Source and verification
SEC N-PORT filing · filed 2026-06-22 · period 2026-04-30
SEC expense filing · period 2025-10-31
Cite these figures
Each snippet includes the figure’s source-event date and immutable verification URL.
Best-fit active share
Sensible Investor, “First Trust Long/Short Equity ETF — best-fit active share,” 61.9% versus the S&P 500, fund portfolio as of 2026-04-30; measured against the filed holdings of iShares Core S&P 500 ETF (IVV), as of 2026-03-31. https://sensible-investor.com/registry/ftls/as-of/363649da-fcfb-4007-87ef-de06de7710ca
FTLS filed expense ratio
Sensible Investor, “First Trust Long/Short Equity ETF — filed expense ratio,” 1.38% for FTLS, as of 2025-10-31. https://sensible-investor.com/registry/ftls/as-of/363649da-fcfb-4007-87ef-de06de7710ca
FTLS fee per active unit
Sensible Investor, “First Trust Long/Short Equity ETF — fee per unit of active management,” 2.23% using the FTLS expense ratio as of 2025-10-31 and fund portfolio as of 2026-04-30. https://sensible-investor.com/registry/ftls/as-of/363649da-fcfb-4007-87ef-de06de7710ca