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Launched · SEC filings

AltShares Event-Driven ETF

EVNTNYSE ArcaAltsharesC

$12.310.00 (+0.02%)

As of Nov 2, 2026, 3:31 PM ET

C50/ 100

Rank 15 of 30 in Alternative Strategies

C50/100Rank 15 of 30inAlternative Strategies
Intraday session: up, 67 prints from 12.31 to 12.31. Range 12.30 to 12.35. Use the arrow keys to read each point.12.3212.3312.3412.3510 AM12 PM2 PM4 PM
Expense ratio
1.27%
Fund size
$13M
1Y total return
+9.7%
Yield · Last 12 months
4.48%
Holdings
75
Avg volume · 30D
3.02K sh
52W range
low $10.35high $13.00
Launched
Filings
SEC EDGAR

The ETF.net EVNT Grade

Based on 5 of 6 pillars

C

Score 50 out of 100

Category
Alternative Strategies⁠
Rank
15 of 30
Six-pillar profile for EVNT. Scores out of 100: Cost 41, Risk 79, Mission not scored, Tradability 36, Holdings 57, Durability 49. Strongest: Risk (79). Weakest: Tradability (36). Based on 5 of 6 pillars.

Score 50 of 100 falls in the C 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.
    C41 out of 100
    Rank 18 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A79 out of 100
    Rank 6 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 23 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B57 out of 100
    Rank 7 of 17

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C49 out of 100
    Rank 21 of 30

Our read on EVNT

ETF.net Research

In short

CA hedge-fund playbook in an ETF wrapper: Water Island hunts announced and anticipated corporate deals, long and short, in stocks and bonds, so results hinge on how each event resolves more than on which way the market leans.

Stated mandate

The Fund seeks returns through a long/short event-driven strategy investing in equity and debt securities whose prices may be affected by publicly announced or anticipated corporate events. It may pursue opportunities across industries, sectors, market capitalizations, credit qualities and countries.

Why people hold it

  • Goes long or short, in equity or credit, on whichever side of a deal looks better priced. Merger arbitrage is the core, with special situations and convertible arb alongside.sec.gov
  • Not a startup strategy. It ran as the Water Island Long/Short mutual fund from the end of 2014, then converted into this ETF in 2021 with its record carried over.sec.gov
  • Aimed at idiosyncratic deal outcomes rather than market direction, and the prospectus points to 3-month Treasury bills as a yardstick closer to its risk than the S&P 500.sec.gov
  • Roughly 60 positions spread across sectors, sizes, credit qualities and countries, so no single broken deal defines the portfolio.

Worth knowing

  • 1.27% a year, above the alternatives category median and above peers like FLSP (0.65%) and HBDC (0.39%). Hands-on deal research is billed every year.
  • A small fund that trades lightly, so spreads and order depth can matter as much as the fee when you move in or out.
  • Short positions can lose more than they cost, and announced deals do collapse. That deal-break risk is the engine and the hazard here.sec.gov

EVNT Performance

Launched Dec 31, 2014

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.
EVNT$10,970
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. EVNT $10,970. 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 EVNT. Periods over one year show the average yearly return.
PeriodEVNT
Year to date+6.7%
1 month+0.3%
3 months+0.7%
1 year+9.7%
3 yearsper year+11.1%
5 yearsper year+5.1%
10 yearsHistory unavailableper 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 EVNT
YearReturn barEVNT
2026 YTD+6.7%
2025+13.8%
2024+5.1%
2023+13.3%
2022−8.6%
2021−3.2%

History from Sep 20, 2021

EVNT in the news

EVNT 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.
4.48%Last 12 months
Payout per share
$0.55Last 12 months
Last payment
$0.55 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 15, 2022 $0.24; Dec 14, 2023 $0.06; Dec 18, 2024 $0.07; Dec 18, 2025 $0.55. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 18, 2025Dec 19, 2025$0.55
Dec 18, 2024Dec 19, 2024$0.07
Dec 14, 2023Dec 18, 2023$0.06
Dec 15, 2022Dec 19, 2022$0.24

$10,000 in EVNT 5 years ago paid $883 in dividends.

EVNT Risk

Risk pillarA79 out of 100Rank 6 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
5.7%
Annualised · 36 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.
1.09
vs 3-month T-bills · 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.
−13.9%
Trough Jun 2022
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.
0.27
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.

EVNT Cost

Compare EVNT and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$15,020

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

  • EVNT 1.27%

    $22,918

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • EVNT 1.27%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530EVNT $22,918HBDC $7,898

Year by year

YearEVNTHBDCOverpaying
10$2,214$705$1,509
20$8,220$2,725$5,495
30$22,918$7,898$15,020

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