Future Fund Crosses $200M AUM, Launches Small-Cap Disruptor ETF FFOX
The Future Fund, a relatively young but fast-rising SEC-registered investment advisor, has just crossed the $200 million assets-under-management milestone—fueled by a sharp focus on secular megatrends and a fresh take on active ETF management. Now, the firm is looking to push further with the launch of its newest fund, FFOX, an actively managed ETF targeting small- and mid-cap disruptors that may just be the next tech titans in disguise.
Founded in 2021 by industry veterans Gary Black and David Kalis, both of whom bring decades of experience from firms like Goldman Sachs, Janus Capital, and Calamos, The Future Fund is positioning itself as a modern antidote to passive indexing—combining fundamental research with the agility of the ETF wrapper.
Betting on Innovation—and Not Just the Usual Suspects
The firm’s three ETF offerings are all actively managed, but they serve distinct slices of investor appetites:
- FFND (The Future Fund Active ETF) is the firm’s flagship growth strategy. It recently widened its scope beyond the U.S. to invest globally, reflecting a growing recognition that innovation isn’t bounded by borders.
- FFLS (The Future Fund Long/Short ETF) layers in hedging, taking long positions in companies poised to capitalize on megatrends like AI, climate tech, and always-on digital media—and short positions in those getting left behind.
- FFOX, the newest launch as of June 10, 2025, focuses on small- and mid-cap firms that Black and Kalis believe are uniquely positioned to disrupt incumbents with speed, creativity, and early adoption of transformative tech.
“They’re often the first to adopt new technologies, pioneer product breakthroughs, and expand into emerging markets,” said Kalis.
While megatrend investing isn’t a new concept—big names like ARK Invest and BlackRock’s iShares Megatrends suite have staked out turf here—Future Fund’s approach is distinct in its concentrated, research-heavy strategy paired with a nimble ETF format.
The Actively Managed ETF Renaissance
With the ETF market eclipsing $8 trillion and growing faster than mutual funds, the real battleground now is in active strategies. Once considered the antithesis of ETFs, active management is staging a comeback in ETF form, offering transparency, liquidity, and lower fees alongside real stock-picking.
The Future Fund fits neatly into this wave. Its founders have deep roots in traditional asset management but seem keen to escape the bloat and bureaucracy of legacy firms. The firm’s focus on “secular megatrends”—which include artificial intelligence, clean energy, and the 24/7 digital economy—targets the kind of long-term structural changes that tend to mint new market leaders.
“The next decade will be shaped by companies that leverage secular trends to drive innovation and growth,” said Black.
And rather than simply buying the FAANGs (or whatever acronym we’re using in 2025), Future Fund’s ETFs also explore early-stage and international opportunities—making their portfolio positioning less predictable, and potentially more rewarding.
Who This Impacts
- Advisors and RIAs looking to add growth with risk-managed tools may find FFLS compelling as a hedged equity play.
- Retail investors wanting exposure to cutting-edge innovation without committing to volatile single stocks might appreciate the focus and transparency of FFND and FFOX.
- Competitors in the megatrend ETF space (think ARK, Global X, and thematic iShares products) should watch closely—Future Fund’s growth suggests there’s appetite for high-conviction active in an increasingly passive-dominated arena.
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