First Trust Long/Short Equity ETF (FTLS) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FTLS. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FTLS
FTLS charges 1.60% annually. There are 20 ETFs in the Long-Short category with lower expense ratios, going as low as 0.45%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Proshares Large Cap Core Plus | 0.45% | 515.62M | Jul 2009 | FTLS vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 372.15M | Jul 2021 | FTLS vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | FTLS vs ATTR | |
| WisdomTree Inflation Plus Fund | 0.65% | 21.79M | Jun 2025 | FTLS vs WTIP | |
| Franklin Liberty Systematic Style Premia ETF | 0.65% | 930.68M | Dec 2019 | FTLS vs FLSP |
Best Risk-Adjusted Alternatives to FTLS
FTLS has a PortfoliosLab risk / return rank of 63. There are 5 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 95 | 447.61M | Dec 2009 | FTLS vs CLSE | |
| IQ Hedge Multi-Strategy Tracker ETF | 80 | 762.37M | Mar 2009 | FTLS vs QAI | |
| ProShares Hedge Replication | 74 | 21.78M | Jul 2011 | FTLS vs HDG | |
| Harbor Long-Short Equity ETF | 69 | 16.92M | Dec 2023 | FTLS vs LSEQ | |
| Hull Tactical US ETF | 68 | 137.43M | Jun 2015 | FTLS vs HTUS |
Top Performing FTLS Alternatives (YTD)
FTLS is at 4.70% YTD. There are 13 ETFs in the Long-Short category with higher YTD returns, going as high as 28.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Harbor Long-Short Equity ETF | 28.71% | 16.92M | Dec 2023 | FTLS vs LSEQ | |
| Convergence Long/Short Equity ETF | 24.77% | 447.61M | Dec 2009 | FTLS vs CLSE | |
| Changebridge Capital Long/Short Equity ETF | 20.31% | 59.25M | Nov 2020 | FTLS vs CBLS | |
| Aptus International Enhanced Yield ETF | 14.34% | 372.15M | Jul 2021 | FTLS vs IDUB | |
| Even Herd Long Short ETF | 14.25% | 60.59M | Apr 2024 | FTLS vs EHLS |
Lowest Volatility Alternatives to FTLS
FTLS has 8.40% 1-year volatility. There are 6 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.17%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.17% | — | Oct 2025 | FTLS vs ATTR | |
| First Trust Merger Arbitrage ETF | 5.35% | 19.90M | Feb 2020 | FTLS vs MARB | |
| ProShares Hedge Replication | 6.24% | 21.78M | Jul 2011 | FTLS vs HDG | |
| IQ Hedge Multi-Strategy Tracker ETF | 6.58% | 762.37M | Mar 2009 | FTLS vs QAI | |
| Federated Hermes MDT Market Neutral ETF | 6.74% | 82.10M | Sep 2025 | FTLS vs MKTN |
Lowest Drawdown Alternatives to FTLS
FTLS has a 1-year max drawdown of -3.79%. There are 3 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -2.43%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Merger Arbitrage ETF | -2.43% | 19.90M | Feb 2020 | FTLS vs MARB | |
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | FTLS vs EVNT | |
| IQ Hedge Multi-Strategy Tracker ETF | -3.71% | 762.37M | Mar 2009 | FTLS vs QAI | |
| ProShares Hedge Replication | -3.97% | 21.78M | Jul 2011 | FTLS vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 930.68M | Dec 2019 | FTLS vs FLSP |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 13 categories. AUM among these funds goes as high as $14B.
Often Compared With FTLS
Investors most often compare FTLS with SPY, FMF, VOO. These 20 comparison targets span 16 categories, based on PortfoliosLab usage data.
Compare FTLS with Any Fund or Stock
Compare FTLS with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FTLS with funds that move differently
First Trust Long/Short Equity ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FTLS.
Explore FTLS Diversifiers