Frec
Long Short Direct Indexing and Long Short Diversify
OpenOnboarding since late Oct 2025. Custodied at Apex, outside the Schwab and Fidelity limits.
- Assets
- Not disclosed
- Fee a year
- 0.50%–1.30%
- Minimum
- $100K
- Tracking error
- Not disclosed
- Investors
- Not disclosed
- Open to
- Anyone
- Leverage
- 140/40 to 250/150
- Lock-up
- None
- Holdings
- Not disclosed
- Benchmark
- S&P 500, Russell 1000, MSCI World ADR, or MSCI ACWI ADR
- Custodians
- Apex Clearing
- Access
- Sign up directly
- Launched
- 2025
- Assets, in detail
- Not broken out. Frec reports $1.5B in customer assets across all products (2026-09-22). Form ADV: $567M RAUM in 1,830 advisory accounts (2025-12-31). Frec leaves the SMA leverage table (Section 5.K.(2)) blank, so the long/short share is not public.
- Fee schedule
- 140/40 0.50%, 200/100 1.00%, 250/150 1.30%. By leverage, 140/40 to 200/100.
- Other costs
- Financing pre-tax 0.38% (140/40), 0.95% (200/100), 1.425% (250/150); post-tax 0.23%-0.86%. All-in about 1.00% pre-tax at 140/40 and 2.73% at 250/150.
- Tracking error, method
- Not disclosed by Frec. Cache's comparison says Frec targets below 1%. Frec's own comparison page does not state a target.
- Capacity and queue
- $100K minimum at 140/40; $500K at 200/100 and 250/150. US residents only.
- Loss harvesting
- Frec publishes hypothetical after-tax excess returns: about 2.9%-3.2% a year at 140/40 and 6.8%-8.5% at 250/150 (simulations, not realized).
Frec, all products
- 2025-12$567MFrec Form ADV RAUM, all advisory accounts (provider-level)
- 2026-04$1BFrec customer assets, all products (provider-level)
- 2026-09$1.50BFrec customer assets, all products (provider-level)
Funds 2
| Fund | Year | Amount | Note |
|---|---|---|---|
| Long Short Direct Indexing | 2025 | Not disclosed | S&P 500, Russell 1000, MSCI World ADR or MSCI ACWI ADR. Leverage 140/40, 200/100, 250/150. Fee 0.50%–1.30%. Minimum $100K. Open to: anyone. Open. |
| Long Short Diversify (concentrated stock) | 2025 | Not disclosed | S&P 500 or Russell 1000. Leverage 140/40 to 200/100. Fee 0.60%–1.10%. Minimum $100K. Open to: anyone. Open. |
Sources
Checked 2026-10. Confidence: high.
- Frec pricing page
- Frec: crossed $1.5 billion in customer assets (2026-09-22)
- Frec: crossed $1 billion in customer assets
- Frec Form ADV Part 1 (amendment filed 2026-09-25, RAUM as of 2025-12-31)
- Frec: tax-aware long short providers 2026 comparison (third party)
- Cache: list of tax-aware long-short providers (third party)
Where to get it
The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.
| Through | Their fee | All-in fee | Minimum | Onboarding and queue | Status |
|---|---|---|---|---|---|
| FrecDirect platform | 0% | 0.50%–1.30% | $100K | Not disclosed | Open |
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