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Launched · SEC filings

Even Herd Long Short ETF

EHLSNasdaqD

$23.76−0.51 (−2.10%)

At close: Nov 2, 2026, 4:00 PM ET

D26/ 100

Rank 28 of 30 in Alternative Strategies

D26/100Rank 28 of 30inAlternative Strategies
Intraday session: down, 78 prints from 24.27 to 23.76. Range 23.76 to 24.15. Use the arrow keys to read each point.23.9024.0024.1024.2010 AM12 PM2 PM4 PM
Expense ratio
3.35%
Fund size
$56M
1Y total return
+1.7%
Yield · Last 12 months
0.00%
Holdings
168
Avg volume · 30D
3.2K sh
52W range
low $22.30high $27.56
Launched
Filings
SEC EDGAR

The ETF.net EHLS Grade

D

Score 26 out of 100

Category
Alternative Strategies⁠
Rank
28 of 30
Six-pillar profile for EHLS. Scores out of 100: Cost 10, Risk 25, Mission 40, Tradability 25, Holdings 70, Durability 48. Strongest: Holdings (70). Weakest: Cost (10). Leans toward Holdings.

Score 26 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F10 out of 100
    Rank 27 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    C40 out of 100
    Rank 3 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D25 out of 100
    Rank 24 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D25 out of 100
    Rank 27 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A70 out of 100
    Rank 5 of 17

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C48 out of 100
    Rank 24 of 30

Our read on EHLS

ETF.net Research

In short

DA boutique long/short equity ETF that actually runs a short book: momentum names on the long side, downtrending ones on the short side, and a net equity dial set anywhere from 10% to 90%.

Stated mandate

The Fund is actively managed and seeks returns by simultaneously shorting a daily 2x long MSTR ETF and a daily 2x short MSTR ETF, aiming to benefit from their performance decay while keeping net MSTR exposure approximately neutral.

Why people hold it

  • Both sides are stock-picked: longs in names with upward momentum, shorts in downtrending companies above $250 million in market cap, with swaps available in place of direct shorts.evenherd.com
  • The hedge is not fixed. The manager targets 10% to 90% net equity exposure and can move outside that band when it judges the market calls for it.evenherd.com
  • Hedge-fund-style mechanics in a 1940 Act ETF: Nasdaq-listed, daily tradable, and the short positions are itemized in shareholder reports.sec.gov

Worth knowing

  • Cost is the headline trade-off: 3.35% all-in, above the alternatives category norm and well above systematic peers like FLSP (0.65%) and QALT (0.80%).
  • Much of that total is not a management fee. It is the dividend and interest cost of carrying shorts, which moves with the size and makeup of the short book.sec.gov
  • Thinly traded with a modest asset base, so spreads can matter more here than at a mega-fund. It also has not been paying distributions; any return shows up as price.

EHLS Performance

Launched Apr 2, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
EHLS$10,168
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. EHLS $10,168. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EHLS. Periods over one year show the average yearly return.
PeriodEHLS
Year to date+3.3%
1 month−5.2%
3 months−6.2%
1 year+1.7%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EHLS
YearReturn barEHLS
2026 YTD+3.3%
2025+6.7%
2024+11.6%

Since listing, Apr 2, 2024

EHLS in the news

EHLS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Dec 17, 2024 $0.23. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Dec 17, 2024Dec 18, 2024$0.23

EHLS Risk

Risk pillarD25 out of 100Rank 24 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
14.9%
Annualised · 30 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.39
vs 3-month T-bills · 30 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−18.9%
30 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.83
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

EHLS Cost

Compare EHLS and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$38,910

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EHLS 3.35%

    $46,808

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • EHLS 3.35%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530EHLS $46,808HBDC $7,898

Year by year

YearEHLSHBDCOverpaying
10$5,360$705$4,655
20$18,214$2,725$15,489
30$46,808$7,898$38,910

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