EVNT vs HBDC: Grades, Fees and Holdings Compared

AltShares Event-Driven ETF

EVNTCNYSE Arca

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Overlap

0.0%by weight

Expense ratio

HBDC −0.88pt a year

EVNT1.27%HBDC0.39%

Avg volume · 30D

HBDC 2.6×the volume

EVNT3.02KHBDC7.84K

EVNT vs HBDC Performance

Oct 31, 2025 – Oct 30, 2026

+9.7%EVNT+2.0%HBDC

Expense ratio: EVNT 1.27%; HBDC 0.39%, better
Fund size: EVNT $13M; HBDC $90M
1Y total return: EVNT +9.7%, better; HBDC +2.0%
Yield (12M): EVNT 4.48%; HBDC 5.15%, better
Holdings: EVNT 75; HBDC 156
Avg volume (30D): EVNT 3.02K sh; HBDC 7.84K sh, better
NAV per share: EVNT $12.29; HBDC $24.37
52W range

ETF.net Grade

Pillar letters and Scores for EVNT, HBDC, with each pillar’s weight
Pillar	EVNT	HBDC
Cost30% weight	C41	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A79Higher	B63
Tradability15% weight	D36	C48Higher
Holdings10% weight	B57	A86Higher
Durability5% weight	C49	C49

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. EVNT 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 EVNT 15th 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 14CASGMVirtus AlphaSimplex Global Macro ETFScore 54
Rank 15CEVNTAltShares Event-Driven ETFScore 50
Rank 15CHFNDUnlimited HFND Multi-Strategy Return Tracker ETFScore 50

Our read on each fund

ETF.net Research

EVNTCAltShares Event-Driven ETF

HBDCAHilton BDC Corporate Bond ETF

In short

EVNT A 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.

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

EVNT 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.

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

Why people hold it

EVNT 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.

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

EVNT 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

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 EVNT profile⁠

Full HBDC profile⁠

EVNT vs HBDC Holdings

How EVNT and HBDC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EVNT and 0.0% of HBDC.

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile89.1%

Sector

No Sector split for HBDC.

Country, concentration and asset class

Country by domicile

Country weights in EVNT and HBDC, widest gap first
Country	More in EVNTMore in HBDC	EVNT	HBDC
United States	HBDC +10.9 points	89.1%	100.0%
United Kingdom	EVNT +4.2 points	4.2%	0.0%
Germany	EVNT +3.5 points	3.5%	0.0%
Canada	EVNT +3.3 points	3.3%	0.0%

Concentration

Weight in the 10 largest Holdings

EVNT33.9%
HBDC12.1%

Securities held

EVNT74
HBDC155

Asset class

EVNT: Alternatives
HBDC: Fixed Income

Holdings

Only in EVNT74
In both0
Only in HBDC155

Only in EVNT

74 securities, 96.8% of EVNT by weight

LiveRamp Holdings, Inc.4.53%
TXNM Energy, Inc.4.13%
Maturity3.69%
Caesars Entertainment, Inc.3.62%
Warner Bros Discovery, Inc.3.45%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class3.22%
Dick's Sporting Goods, Inc.3.12%
Penumbra, Inc.2.56%
BioLife Solutions, Inc.2.41%
Arcosa, Inc.2.32%
Element Solutions, Inc.2.18%
Roku, Inc.2.14%
Beazer Homes USA, Inc.2.14%
Utz Brands, Inc.2.08%
Norfolk Southern Corp.2.06%
NCR Atleos Corp.2.05%
Accelerant Holdings, Class A2.04%
Integer Holdings Corp.2.03%
Crinetics Pharmaceuticals, Inc.2.03%
Atkore, Inc.2.02%
MarketAxess Holdings, Inc.2.00%
Birkenstock Holding PLC1.95%
Cameco Corp.1.90%
Schroders PLC1.88%
Organon & Co./Organon Foreign Debt Co-Issuer BV1.87%
Bayer AG, ADR1.75%
EQT Corp.1.67%
Bowman Consulting Group Ltd.1.54%
MarineMax, Inc.1.54%
SBA Communications Corp.1.46%
Synaptics, Inc.1.46%
Apogee Therapeutics, Inc.1.45%
Clarivate Science Holdings Corp.1.37%
DoubleVerify Holdings, Inc.1.04%
AtaiBeckley, Inc.1.03%
Bio-Techne Corp.1.02%
Varex Imaging Corp.1.02%
Intertek Group PLC1.02%
Silicon Laboratories, Inc.1.02%
LXP Industrial Trust1.01%
Lantheus Holdings, Inc.0.99%
Delivery Hero SE0.98%
Dominion Energy, Inc.0.95%
Intel Corp.0.86%
EchoStar Corp., Class A0.83%
Viking Therapeutics, Inc.0.76%
Boeing Co.0.72%
Rapid7, Inc.0.72%
Papa John's International, Inc.0.69%
Penske Automotive Group, Inc.0.67%

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

EVNT and HBDC share no securities.

All 55 EVNT 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.

EVNT vs HBDC Cost

Overpaying EVNT vs HBDC

$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%
$7,898

Amount$10,000

Years30 years

Cost over time

EVNT 1.27%
HBDC 0.39%
Overpaying

Year by year

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

Expense ratio

1.27%EVNT
0.39%HBDC, cheaper

HBDC0.39%EVNT1.27%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

EVNT 18th cheapest of 29 funds

EVNT vs HBDC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EVNT 4.48%; HBDC 5.15%, better
Payout (12M): EVNT $0.55; HBDC $1.25
Last payment: EVNT $0.55; HBDC $0.11
Ex-dividend: EVNT Dec 18, 2025; HBDC Oct 29, 2026
Paid on: EVNT Dec 19, 2025; HBDC Oct 30, 2026
Frequency: EVNT Annual; HBDC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EVNTAnnual · 3 paymentsAll EVNT payments⁠

HBDCMonthly · 16 paymentsAll HBDC payments⁠

EVNT vs HBDC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EVNT 5.7%HBDC 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: EVNT 1.09HBDC −0.28since Jul 2025
Worst fallMax drawdown, 5 years: EVNT −13.9%HBDC −3.0%since Jun 2025
Market sensitivityBeta, 5 years: EVNT 0.27HBDC 0.13; Market = 1

EVNT 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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