What this ETF is trying to do

The FRONTIER ASSET U.S. LARGE CAP EQUITY ETF (ticker: FLCE) is an exchange-traded fund designed to invest in large U.S. companies. Based on its top holdings, the fund appears to gain exposure to various equity strategies by holding other specialized ETFs.

What the numbers show

As of October 9, 2026, the current price of FLCE is $32.24. Looking at historical performance, we can compare the current price to an estimated price from roughly one year ago, which was $28.23.

The fund has shown growth in both its share price and its total return:

• Year-to-Date (YTD): The price return is approximately 12.72%, while the total return is approximately 12.74%.

• One-Year: The price return is approximately 14.22%, while the total return is approximately 14.58%.

It is important to note that price return only measures the change in the share price. Total return is a different measurement that includes the impact of distributions.

Income and distribution explanation

FLCE provides a distribution yield of approximately 0.29%. Over the last 12 months, there were 3 distributions. The frequency of these payments is described as "irregular" or "less frequent."

When looking at income, it is important to remember that a distribution yield tells you how much cash was paid out relative to the ETF price, but it is not the same as total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). While investors often watch for this, a falling market price does not always mean NAV is eroding.

For FLCE, the erosion-risk score is 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present. The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Top Holdings

The fund's portfolio includes the following holdings (as of October 12, 2026):

• T. ROWE PRICE US EQUITY RESEARCH ETF (TSPA): 26.21%

• ISHARES U.S. EQUITY FACTOR ETF (LRGF): 19.20%

• JPMORGAN ACTIVE VALUE ETF (JAVA): 15.15%

• VANGUARD DIVIDEND APPRECIATION ETF (VIG): 11.55%

• T. ROWE PRICE CAPITAL APPREC EQ ETF (TCAF): 11.30%

• JPMORGAN ACTIVE GROWTH ETF (JGRO): 11.06%

• GMO U.S. QUALITY ETF (QLTY): 5.22%

Please note that holdings can change over time.

Pros

• The fund has shown positive price returns and total returns over the last year.

• The erosion-risk score indicates no detected price erosion.

Cons

• Distributions are irregular and occur less frequently rather than on a steady monthly or quarterly schedule.

Beginner takeaway

FLCE is an ETF focused on large-cap U.S. equities. Recent data shows that both the share price and the total return have increased over the past year. While it pays distributions, they do not happen on a regular, frequent schedule.