Even Herd Long Short ETF
$25.35−0.08 (−0.30%)
- 2.62%
- $58M
- +7.2%
- 0.00%
- 0M sh
- $25.38
- low $22.30high $27.56
The ETF.net EHLS Grade
D
Score 26 out of 100
- 27 of 30
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 100Rank 27 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.C40 out of 100Rank 3 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D27 out of 100Rank 24 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D26 out of 100Rank 25 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B66 out of 100Rank 5 of 15Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C47 out of 100Rank 24 of 30
Our read on EHLS
DEHLS runs one trade: short both the 2x long and the 2x short MSTR ETF at the same time, targeting the decay baked into daily-reset leverage while keeping net exposure to MicroStrategy roughly neutral.
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
- The mechanism is genuinely unusual: shorting both sides of a leveraged pair aims at the math of daily resets, not at a directional call on MicroStrategy.
- Actively managed, so the two short legs can be sized and adjusted rather than pinned to a fixed index.
- A hedge-fund-style pair trade delivered in a plain 1940 Act ETF wrapper that trades on an exchange like any other fund.
Worth knowing
- Fees are steep: 2.62% a year against a roughly 0.95% median for tactical multi-asset peers, so any decay captured clears that bar first.
- Thinly traded and live only since 2024, so spreads can run wider and the track record is short.
- Both legs are short positions, so borrow costs and violent MSTR moves land straight in results, and the payoff comes from the trade, not income.
EHLS Holdings
- Stocks
- 169
- 59%
- Cash & Other
Sectors
- Financials21.8%
- Technology13.8%
- Health Care12.5%
- Energy11.5%
- Consumer Discretionary9.8%
- Real Estate8.8%
- Industrials8.2%
- Materials5.6%
- Communication4.1%
- Consumer Staples3.9%
Geography
- United States71.85%
- Canada6.22%
- United Kingdom5.76%
- Luxembourg3.57%
- Colombia1.87%
- Bermuda1.59%
- Israel1.29%
- Korea (the Republic of)1.22%
- 6.61%
EHLS Performance
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$10,718
Returns run to the Oct 12, 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.
| Period | EHLS |
|---|---|
| Year to date | +8.1% |
| 1 month | −1.5% |
| 3 months | −3.7% |
| 1 year | +7.2% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | EHLS |
|---|---|---|
| 2026 YTD | +8.1% | |
| 2025 | +6.7% | |
| 2024 | +11.6% |
EHLS in the news
EHLS Dividends
- 0.00%
No distributions in the last 12 months.
Distribution history
EHLS Risk
- 14.6%
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.
- 0.57
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.
- −18.9%
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.
- 0.83
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
EHLS Cost
2.62%
EHLS2.62%
- The middle half of Alternative Strategies funds
- Median 1.00%
26 of the 30 Alternative Strategies funds charge less.
Other funds in Alternative Strategies
- DLSEQHarbor Long-Short Equity ETF (LSEQ)Expense ratio 2.28%1 year return +28.0%
- DQISSimplify Multi-QIS Alternative ETFExpense ratio 1.21%1 year return −36.1%
- DORRMilitia Long/Short Equity ETFExpense ratio 10.91%1 year return +25.7%
- DSHRTGotham Short Strategies ETFExpense ratio 1.35%1 year return −10.0%
- FHDGEAdvisorShares Active Bear ETFExpense ratio 3.62%1 year return −7.1%