EHLS vs FLSP

EHLSDEven Herd Long Short ETF

FLSPAFranklin Systematic Style Premia ETF

In short

EHLS A 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%.

FLSP A hedge-fund style trade in an ETF wrapper. FLSP goes long and short across value, momentum and carry rather than just owning cheap stocks, which makes it the odd one out in a cohort of long-only factor funds.

Stated mandate

EHLS 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.

FLSP The fund uses a top-down risk-premia strategy focused on value, momentum, and carry factors, taking both long and short positions.

Why people hold it

• EHLS 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

• FLSP Runs both long and short positions, so the outcome hinges on the gap between the stocks it likes and the ones it doesn't, not purely on the market's direction.
• Three return sources under one ticker: value, momentum and carry, blended top-down instead of stacked onto a single stock screen.
• Spreads the bet across roughly 300 positions, so no single name carries the fund.
• Live since 2019 and now a multi-billion-dollar fund, with the daily liquidity and transparency of an ETF wrapper around a strategy usually sold in private vehicles.

Worth knowing

• EHLS 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.

• FLSP At 0.65% a year it costs multiples of plain-vanilla factor peers like VONV (0.06%) and FNDX (0.25%). That is the price tag on the long/short machinery.
• No public index sits behind it, so there is no external yardstick to check it against, and results can look nothing like a US stock index in either direction.
• Distributions land once or twice a year, not on a monthly rhythm.

Full EHLS profile⁠

Full FLSP profile⁠