At a glance
FLCE charges 0.86% a year, the same as the average of the 7 funds most like it (the 6th cheapest of 8). It has $80.3M in assets, the 8th largest of that group.
The short version
Frontier Asset US Large Cap Equity ETF (FLCE) is an actively managed fund of funds. Rather than owning stocks directly, it holds a small set of other US large-company stock ETFs picked by Frontier Asset Management. As of July 31, 2026, seven funds made up 99.77% of its assets, led by a T. Rowe Price U.S. equity research fund at about 26%. That layer of manager selection comes with a 0.86% expense ratio.
Price history
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FLCE — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLCE official prospectus, to Dec 31, 2025 | — | +14.24% | — | — | — | — |
| FLCE price data to Oct 27, 2026 | +5.0% | — | — | — | — | — |
- The deepest fall in its price history was 3.2% (Aug 13, 2026 to Sep 16, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 99.77% of assets.
| Fund held | Weight | |
|---|---|---|
| T ROWE PRICE US EQY RESEARCH MUTUAL FUND | 25.92% | |
| ISHARES US EQUITY FACTOR ETF MUTUAL FUND | 19.02% | |
| JPMORGAN ACTIVE VALUE ETF MUTUAL FUND | 15.74% | |
| VANGUARD DIVIDEND APPREC ETF MUTUAL FUND | 12.01% | |
| T ROWE PRC CAP APPRECIATION MUTUAL FUND | 11.26% | |
| JPMORGAN ACTIVE GROWTH ETF MUTUAL FUND | 10.66% | |
| GMO U.S. QUALITY ETF MUTUAL FUND | 5.17% |
By country
United States 99.77%By asset type
Stocks 99.77%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.29%, +0.24%, +4.36%.
How it works
FLCE does not track an index. It is actively managed, and the prospectus says it normally puts at least 80% of its net assets in large US companies, meaning companies whose size falls within the range of the S&P 500 when it buys them. REITs (real estate investment trusts) count toward that 80%. Up to 20% can go into mid-size companies or companies in developed foreign markets. It gets this exposure by holding about six to twelve other ETFs.
The adviser first sets an asset mix using mean variance optimization, a model that weighs expected returns, volatility and how assets move together. It then screens ETFs on past performance, studies each fund's management firm, and looks for managers with a clear edge. As of July 31, 2026, the holdings were T. Rowe Price U.S. Equity Research (25.9%), iShares U.S. Equity Factor (19.0%), JPMorgan Active Value (15.7%), Vanguard Dividend Appreciation (12.0%), T. Rowe Price Capital Appreciation (11.3%), JPMorgan Active Growth (10.7%) and GMO U.S. Quality (5.2%).
The prospectus gives no fixed rebalancing schedule. The adviser sells a fund to change the mix or to swap in one it rates higher, so the portfolio can lean toward growth or value over time. The prospectus listed portfolio turnover of 0%. The fund held no derivatives as of July 31, 2026, and uses no leverage or options.
What it really costs
- FLCE charges 0.86% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.6% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $88 in the first year and $1,061 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLCE | $88 | $274 | $477 | $1,061 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It spreads money across seven US large-company stock funds with a mix of growth, value, quality and dividend styles, which can serve as broad US stock exposure.
FLCE launched on December 20, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its 2025 calendar-year return was 14.36%, and its weakest quarter was -3.5% (ended March 31, 2025). In price data that starts June 9, 2026, its deepest drop was 3.2%, from August 13 to September 16, 2026, and it had not recovered as of October 27, 2026. Its one-year beta of 0.9 suggests it moved slightly less than the market. That short record says little about how it might hold up in a real bear market, when a retiree may have to sell shares at low prices. It paid no income over the 12 months to October 27, 2026. Costs are about $88 in the first year on $10,000, using the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US large-company stocks spread across several active and factor managers, such as T. Rowe Price, JPMorgan and GMO, in one ticker.
- Those who prefer a mix of growth, value, quality and dividend styles chosen and reweighted by an adviser, not a fixed index.
- Long-term holders who accept a 0.86% expense ratio, about $1,061 over 10 years per $10,000 in the SEC example, for manager selection.
Look elsewhere if
- Retirees who need regular income: the trailing 12-month yield was 0% as of October 27, 2026, and payments are listed as annual.
- Investors who want a long track record: the fund launched in December 2024 and has not been through a bear market.
- Anyone looking for downside protection: unlike buffer ETFs, it uses no options and has no built-in limit on losses.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FLCE this fund | 0.86% | $80.3M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does FLCE invest in?
FLCE invests in other ETFs that hold US large-company stocks. As of July 31, 2026, it owned seven funds. The largest were T. Rowe Price U.S. Equity Research at about 26%, iShares U.S. Equity Factor at 19% and JPMorgan Active Value at 16%. Vanguard Dividend Appreciation, T. Rowe Price Capital Appreciation, JPMorgan Active Growth and GMO U.S. Quality made up the rest. Frontier Asset Management picks and weights these funds.
What is the FLCE expense ratio?
FLCE's expense ratio is 0.86%, according to its prospectus filed February 27, 2026, and its management fee is 0.60%. Because it is a fund of funds, its total cost generally includes the fees of the ETFs it holds. Under the SEC's standard example ($10,000 invested, 5% yearly return), costs come to about $88 after one year, $274 after three, $477 after five and $1,061 after ten.
Does FLCE pay a dividend?
FLCE paid no income over the 12 months to October 27, 2026, so its trailing yield was 0%. Payments are listed as annual. Some of its underlying funds, such as Vanguard Dividend Appreciation, focus on dividend-paying companies. Still, the fund's stated goal is long-term total return, not income. That makes it a poor fit for investors who rely on regular payouts.
How has FLCE performed since launch?
FLCE returned 14.36% in calendar year 2025, its first full year, according to its prospectus. Its strongest quarter gained 8.47% (ended June 30, 2025), and its weakest lost 3.5% (ended March 31, 2025). Over the three months to October 27, 2026, it rose 3.9%. The fund launched in December 2024, so it has no three-, five- or ten-year record yet.
Is FLCE a buffer ETF like BUFR?
No. FT Vest Laddered Buffer ETF (BUFR, 0.95% expense ratio) uses options to soften losses in exchange for a cap on gains. FLCE has no buffer or cap and held no derivatives as of July 31, 2026. It owns ordinary stock ETFs, so it takes the full ups and downs of the US large-company stocks those funds hold. The two follow different strategies and are not close substitutes.