EHLS vs HBDC: Grades, Fees and Holdings Compared

Even Herd Long Short ETF

EHLSDNasdaq

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.7%by weight

Expense ratio

HBDC −2.96pt a year

EHLS3.35%HBDC0.39%

Avg volume · 30D

HBDC 2.5×the volume

EHLS3.2KHBDC7.84K

EHLS vs HBDC Performance

Oct 31, 2025 – Oct 30, 2026

+1.7%EHLS+2.0%HBDC

Expense ratio: EHLS 3.35%; HBDC 0.39%, better
Fund size: EHLS $56M; HBDC $90M
1Y total return: EHLS +1.7%; HBDC +2.0%, better
Yield (12M): EHLS 0.00%; HBDC 5.15%, better
Holdings: EHLS 168; HBDC 156
Avg volume (30D): EHLS 3.2K sh; HBDC 7.84K sh, better
NAV per share: EHLS $24.69; HBDC $24.37
52W range

ETF.net Grade

Pillar letters and Scores for EHLS, HBDC, with each pillar’s weight
Pillar	EHLS	HBDC
Cost30% weight	F10	A100Higher
Mission25% weight	C40	Not scored
Risk15% weight	D25	B63Higher
Tradability15% weight	D25	C48Higher
Holdings10% weight	A70	A86Higher
Durability5% weight	C48	C49Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. EHLS and HBDC are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

HBDC ranks 2nd and EHLS 27th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 26DORRMilitia Long/Short Equity ETFScore 29
Rank 27DEHLSEven Herd Long Short ETFScore 26
Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
HYINNot yet graded

Our read on each fund

ETF.net Research

EHLSDEven Herd Long Short ETF

HBDCAHilton BDC Corporate Bond 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%.

HBDC Private credit's lenders have to borrow too. HBDC owns the senior unsecured bonds that business development companies issue, a first-mover take on BDC debt instead of BDC stock, wrapped in a rules-based index.

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.

HBDC The Fund seeks to track, before fees and expenses, the Solactive Hilton Capital BDC Corporate Bond TR Index.

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

HBDC At 0.39% it undercuts the typical alternatives fund (cohort median near 1.01%) and peers like QAI at 0.75% and FTLS at 0.95%.
First fund built only around BDC bonds, and it sits above the equity: senior unsecured debt from issuers required by law to keep 150% asset coverage.hiltoncapitalmanagement.com hiltonetfs.com
Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com

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.

HBDC Non-diversified by design. The BDC bond universe is small, so one issuer's credit trouble carries more weight here than in a broad corporate bond fund.hiltonetfs.com
Thinly traded, so spreads can run wider than in mainstream bond ETFs.
Launched in 2025, meaning the record is short and has not yet spanned a full credit cycle.

Full EHLS profile⁠

Full HBDC profile⁠

EHLS vs HBDC Holdings

How EHLS and HBDC differ

Overlap by weight

0.7%

Shared holdings make up 24.6% of EHLS and 0.7% of HBDC.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.7%
Countryby domicile87.1%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in EHLS and HBDC, widest gap first
Country	More in EHLSMore in HBDC	EHLS	HBDC
United States	HBDC +12.9 points	87.1%	100.0%
Canada	EHLS +4.2 points	4.2%	0.0%
United Kingdom	EHLS +1.8 points	1.8%	0.0%
Israel	EHLS +1.3 points	1.3%	0.0%
Colombia	EHLS +1.1 points	1.1%	0.0%
Switzerland	EHLS +0.8 points	0.8%	0.0%
Italy	EHLS +0.7 points	0.7%	0.0%
South Korea	EHLS +0.7 points	0.7%	0.0%
Other countries (5)	EHLS +2.3 points	2.3%	0.0%

Concentration

Weight in the 10 largest Holdings

EHLS46.2%
HBDC12.1%

Securities held

EHLS167
HBDC155

Asset class

EHLS: Equity
HBDC: Fixed Income

Holdings

Only in EHLS167
In both0
Only in HBDC155

Only in EHLS

167 securities, 100% of EHLS by weight

First American Government Obligations Fund 12/01/20318.09%
Guardant Health Inc2.18%
Universal Insurance Holdings Inc2.01%
Millicom International Cellular SA1.60%
United Fire Group Inc1.58%
Casey's General Stores Inc1.55%
TechnipFMC PLC1.53%
Diversified Healthcare Trust1.52%
Seneca Foods Corp1.50%
Royalty Pharma PLC1.33%
Postal Realty Trust Inc1.30%
Forum Energy Technologies Inc1.26%
Frequency Electronics Inc1.21%
EZCORP Inc1.19%
Travelers Cos Inc/The1.15%
Bankwell Financial Group Inc1.10%
Protagonist Therapeutics Inc1.09%
Kiniksa Pharmaceuticals International Plc1.08%
Grupo Cibest SA1.08%
OPENLANE Inc1.05%
Eton Pharmaceuticals Inc1.01%
Pediatrix Medical Group Inc0.98%
Porch Group Inc0.97%
Franklin Financial Services Corp0.94%
Teekay Corp Ltd0.90%
Ooma Inc0.90%
Howmet Aerospace Inc0.90%
NGL Energy Partners LP0.87%
Hudbay Minerals Inc0.86%
Crowdstrike Holdings Inc0.86%
Valero Energy Corp0.83%
Targa Resources Corp0.80%
Pitney Bowes Inc0.80%
Canadian Imperial Bank of Commerce0.79%
Red River Bancshares Inc0.79%
Permian Basin Royalty Trust0.78%
Twilio Inc0.78%
CVR Partners LP0.77%
Garrett Motion Inc0.76%
Amneal Pharmaceuticals Inc0.75%
Parke Bancorp Inc0.74%
Toronto-Dominion Bank/The0.74%
Eni SpA0.73%
Clear Secure Inc0.73%
ArcelorMittal SA0.73%
Oppenheimer Holdings Inc0.72%
Datadog Inc0.71%
Chatham Lodging Trust0.71%
National HealthCare Corp0.70%
Outfront Media Inc0.70%

Only in HBDC

155 securities, 99.3% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.35%
Blue Owl Capital Corp 5.95% 03/15/20291.28%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Apollo Debt Solutions BDC 6.7% 07/29/20311.23%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.17%
Blue Owl Technology Finance Corp 6.5% 10/15/20291.13%
Ares Capital Corp 5.875% 03/01/20291.11%
Blue Owl Credit Income Corp 6.6% 09/15/20291.10%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.09%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.04%
Ares Capital Corp 7% 01/15/20271.01%
FS KKR Capital Corp 7.5% 08/01/20310.98%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
Sixth Street Lending Partners 6.5% 03/11/20290.97%
Golub Capital BDC Inc 6% 07/15/20290.96%
Sixth Street Lending Partners 6.125% 07/15/20300.95%
Ares Capital Corp 5.95% 07/15/20290.94%
Blackstone Private Credit Fund 3.25% 03/15/20270.93%
HPS Corporate Lending Fund 5.45% 01/14/20280.93%
Blue Owl Credit Income Corp 6.65% 03/15/20310.92%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.90%
Golub Capital BDC Inc 7.05% 12/05/20280.90%
Apollo Debt Solutions BDC 5.7% 01/23/20310.90%
Blue Owl Technology Finance Corp 6.75% 04/04/20290.89%
Apollo Debt Solutions BDC 6.35% 06/30/20330.88%
Ares Capital Corp 5.55% 01/15/20300.87%
Ares Strategic Income Fund 6.35% 08/15/20290.86%
Goldman Sachs Private Credit Corp 5.05% 02/23/20280.86%
Blackstone Private Credit Fund 5.95% 07/16/20290.85%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blue Owl Technology Finance Corp 6.1% 03/15/20280.82%
Blue Owl Credit Income Corp 7.95% 06/13/20280.82%
Ares Capital Corp 5.5% 09/01/20300.82%
Ares Capital Corp 5.25% 04/12/20310.81%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Blackstone Private Credit Fund 5.95% 05/15/20310.76%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
HPS Corporate Lending Fund 4.9% 09/11/20280.73%
Goldman Sachs Private Credit Corp 6.25% 05/06/20300.73%
Blackstone Secured Lending Fund 5.35% 04/13/20280.73%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

Weight gaps

EHLS and HBDC share no securities.

All EHLS holdings⁠All HBDC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EHLS vs HBDC Cost

Overpaying EHLS vs HBDC

$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%
$7,898

Amount$10,000

Years30 years

Cost over time

EHLS 3.35%
HBDC 0.39%
Overpaying

Year by year

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

Expense ratio

3.35%EHLS
0.39%HBDC, cheaper

HBDC0.39%EHLS3.35%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

EHLS 26th cheapest of 29 funds

EHLS vs HBDC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EHLS 0.00%; HBDC 5.15%, better
Payout (12M): EHLS None; HBDC $1.25
Last payment: EHLS No data; HBDC $0.11
Ex-dividend: EHLS No data; HBDC Oct 29, 2026
Paid on: EHLS No data; HBDC Oct 30, 2026
Frequency: EHLS No data; HBDC Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

EHLS1 paymentAll EHLS payments⁠

HBDCMonthly · 16 paymentsAll HBDC payments⁠

EHLS vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EHLS 14.9%since May 2024HBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: EHLS 0.39since May 2024HBDC −0.28since Jul 2025
Worst fallMax drawdown, 5 years: EHLS −18.9%since Apr 2024HBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: EHLS 0.83HBDC 0.13; Market = 1

EHLS and HBDC in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC

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EHLS vs HBDC

In short

Stated mandate

Why people hold it

Worth knowing

How EHLS and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EHLS

Only in HBDC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Sound would hand two small income ETFs to Hilton Capital Management

How EHLS and HBDC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EHLS

Only in HBDC

Weight gaps