Even Herd Long Short ETF
$25.52−0.16 (−0.62%)
- Expense ratio
- 2.62%
- Fund size
- $59M
- 1Y return
- +8.9%
- Yield · Last 12 months
- 0.00%
- Volume · 30D
- 0M sh
- NAV per share
- $25.70
- 52W range
The ETF.net EHLS Grade
Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 41Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.CScore 40Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 32Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 24Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 65Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 48Category rank
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
- —
- 50%
- Cash & Other
Sectors
- Financials29.9%
- Energy16.9%
- Health Care12.4%
- Technology9.3%
- Real Estate9.1%
- Materials7.3%
- Industrials4.8%
- Communication4.6%
- Cons. Staples3.1%
- Utilities1.9%
- Consumer Discr.0.7%
Geography
- United States70.55%
- United Kingdom6.45%
- Canada5.46%
- Luxembourg3.67%
- Israel3.53%
- Colombia1.65%
- Bermuda1.28%
- Korea (the Republic of)1.12%
- 6.30%
EHLS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +9.3% |
| 1 month | +0.5% |
| 3 months | −4.9% |
| 1 year | +8.9% |
| 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 | +9.3% | |
| 2025 | +6.7% | |
| 2024 | +11.6% |
EHLS in the news
ETF.net Research hasn’t filed on EHLS yet — coverage lands here as it’s written.
EHLS Dividends
- 0.00%
No distributions in the last 12 months.
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Dec 17, 2024 | Dec 18, 2024 | $0.23 |
EHLS Risk
- 14.9%
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.
- 0.55
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.
- 0.85
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
- The middle half of Alternative Strategies funds
- Median 1.00%
25 of the 29 Alternative Strategies funds charge less.