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EHLS Even Herd Long Short ETF

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$23.51
−1.5% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, EHLS returned 1.3%, against 14.8% for VOO.

Why did EHLS return +21.3% from Apr 2024 to Oct 2026, against VOO’s +52.6%?Is a 3.35% fee low for a fund like EHLS?What do EHLS’s net flows of +$45.0m over the since Apr 2024 mean?
Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels outEven Herd ↗Expense ratio 3.35%Fund assets $61m net assets, latest filing (Jun 30, 2026)First traded Apr 2, 2024Benchmark S&P 500 Total Return Index, measured by VOO, which tracks the same indexSEC filings ↗Dividend history

Promise check: Not measuredIts strategy, long-short equity, states no objective ETFIQ can measure.

Compare with…Trading costsPut to the committeeaskIQ about EHLSAdd to portfolioFlowsAlerts

EHLS risk and return scorecard

vs VOO · Apr 2024 to Oct 2026 · 133 weekly returns · dividend-adjusted

Short history · 31 months
EHLS +21.3%, VOO +52.6%, Apr 2024 to Oct 2026, distributions reinvested.
Return
MeasureEHLSVOOEdge
Total return+21.3%+52.6%VOO
Annualized+7.8%+18.0%VOO
Price return+20.1%+48.0%VOO
Risk
MeasureEHLSVOOEdge
Volatility16.2%14.5%VOO
Max drawdown−18.7%−16.7%VOO
Upside capture50.8%100.0%VOO
Downside capture76.4%100.0%EHLS
Risk-adjusted
MeasureEHLSVOOEdge
Sharpe ratio0.280.92VOO
Sortino ratio0.401.40VOO
Alpha vs VOO
MeasureEHLSVOOEdge
Alpha, a year−5.3%Not significant
Alpha t-stat−0.68
Beta to VOO0.741.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
−$6.7m
Since Apr 2024
+$45.0m
askIQ: what do these flows mean? ↗

What you earned

EHLS −9.4%, VOO −1.1%: total return over one month to Nov 4, 2026.
EHLS−9.4%
VOO−1.1%
EHLS −10.0%, VOO −0.1%: total return over three months to Nov 4, 2026.
EHLS−10.0%
VOO−0.1%
EHLS −13.8%, VOO +5.0%: total return over six months to Nov 4, 2026.
EHLS−13.8%
VOO+5.0%
EHLS +0.1%, VOO +13.4%: total return over the year to Nov 4, 2026.
EHLS+0.1%
VOO+13.4%
EHLS +1.3%, VOO +14.8%: total return over one year to Nov 4, 2026.
EHLS+1.3%
VOO+14.8%
EHLS +19.2%, VOO +52.4%: total return since launch to Nov 4, 2026.
EHLS+19.2%
VOO+52.4%
askIQ: why did EHLS return +1.3% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

+0.69
Correlation with the S&P 500
Report
+0.91
Beta to the S&P 500
Report
123.5%
Down-week capture
Report
−3.2 pts
Against T-bills, 52 weeks
Report
$0.2275
Last payment, ex-date Dec 17, 2024
Report
Sector mix
Cost against like funds
askIQ: is a 3.35% fee low for a fund like EHLS? ↗

More on EHLS

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Price, 1 year

$23.51−1.5%1 day, priceClose, Nov 4, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

EHLS returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026−9.4%−1.1%−8.3 pts
3M Aug 5 – Nov 4, 2026−10.0%−0.1%−9.9 pts
6M May 6 – Nov 4, 2026−13.8%+5.0%−18.8 pts
YTD Dec 31, 2025 – Nov 4, 2026+0.1%+13.4%−13.3 pts
1Y Nov 4, 2025 – Nov 4, 2026+1.3%+14.8%−13.5 pts
Since launch Apr 2, 2024 – Nov 4, 2026+19.2%+52.4%−33.2 pts
Since launch, annualised Apr 2, 2024 – Nov 4, 2026+7.0%––

Total returns, distributions reinvested. Listed Apr 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell more than the S&P 500
Fell more than the S&P 500EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.SPY−1.07%EHLS−1.32%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell more than the S&P 500EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.SPY−1.07%EHLS−1.32%Average week when SPY fell

EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.

Money in and out

Monthly data · as of Jun 30, 2026

EHLS: in the month to Jun 30, 2026, net $1.1m went out, by its SEC filing.

12 months
−$6.7m
−11.8% of $57.0m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Apr 2024
+$45.0m
Apr 1, 2024 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions EHLS files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for EHLS, back to Apr 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare EHLS with other funds in the flows tool

Month by month, money in and money outApr 2024 to Jun 2026

EHLS, money in and money out each month from Apr 2024 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from EHLS’s SEC filings (N-PORT item B.6). Of the 27 months listed, money came in on net in 12 and went out in 12.

Every bar is from EHLS’s SEC filings (N-PORT item B.6). Of the 27 months listed, money came in on net in 12 and went out in 12.

MonthInOutNet
Jun 2026 SEC Form N-PORT$0−$1.1m−$1.1m
May 2026 SEC Form N-PORT$0$0$0
Apr 2026 SEC Form N-PORT+$789k−$795k−$6k
Mar 2026 SEC Form N-PORT+$524k−$1.2m−$707k
Feb 2026 SEC Form N-PORT+$2.3m−$2.3m−$45k
Jan 2026 SEC Form N-PORT+$1.5m−$2.8m−$1.3m
Dec 2025 SEC Form N-PORT$0−$948k−$948k
Nov 2025 SEC Form N-PORT+$1.1m−$1.4m−$227k
Oct 2025 SEC Form N-PORT+$1.9m−$2.8m−$931k
Sep 2025 SEC Form N-PORT+$3.0m−$2.9m+$31k
Aug 2025 SEC Form N-PORT+$1.3m−$1.3m+$30k
Jul 2025 SEC Form N-PORT+$3.4m−$4.9m−$1.6m
Jun 2025 SEC Form N-PORT+$2.6m$0+$2.6m
May 2025 SEC Form N-PORT+$210k$0+$210k
Apr 2025 SEC Form N-PORT$0−$192k−$192k
Mar 2025 SEC Form N-PORT+$396k$0+$396k
Feb 2025 SEC Form N-PORT$0−$440k−$440k
Jan 2025 SEC Form N-PORT+$676k$0+$676k
Dec 2024 SEC Form N-PORT+$439k−$694k−$255k
Nov 2024 SEC Form N-PORT$0$0$0
Oct 2024 SEC Form N-PORT+$421k$0+$421k
Sep 2024 SEC Form N-PORT+$812k$0+$812k
Aug 2024 SEC Form N-PORT+$1.4m$0+$1.4m
Jul 2024 SEC Form N-PORT$0$0$0
Jun 2024 SEC Form N-PORT+$409k$0+$409k
May 2024 SEC Form N-PORT+$415k$0+$415k
Apr 2024 SEC Form N-PORT+$46.0m−$816k+$45.2m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

EHLS key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$27.56 on May 26, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$22.35 on Nov 20, 2025
Close on Nov 4, 2026, within that range (ETFIQ)$23.51, 22% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Jun 9, 2026
Trading · EHLSas of Jun 9, 2026
·
Not scored1 of 6 measured · Jun 9, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

EHLS for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
EHLS interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

EHLS is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About EHLS

IssuerEven Herd
Strategy (ETFIQ, from its prospectus)Long-short equity
Expense ratio (485BPOS XBRL, Jul 28, 2026)3.35%Report
Net assets (SEC N-PORT, whole fund, as filed for Jun 30, 2026)$61mReport
Benchmark (ETFIQ, from its filings)S&P 500 Total Return Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Jun 8, 2026
EHLS, 1 year to Nov 4, 2026+1.3%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−13.5 pts
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
EHLS in those weeks, on average−1.32%
EHLS total return over those weeks+0.5%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; EHLS −3.9%
Weekly correlation with the S&P 500+0.69, 52 weeks to Nov 4, 2026
First tradedApr 2, 2024
Days traded652
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on EHLS

12 seats on EHLS, as of Nov 4, 2026: 3 Challenges, 8 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put EHLS to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about EHLS

Does EHLS move with the S&P 500?
Over the year to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.91, so for each 1% the index moved it moved about 0.91% the same way.
What did EHLS do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks EHLS fell 1.32% on average, a down-week capture of 123.5%.
Did EHLS earn more than cash?
Over the same 52 weeks EHLS returned +0.5% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. EHLS finished 3.2 percentage points behind it.
What does EHLS cost?
The prospectus expense ratio is 3.35% a year.
Why is EHLS listed as long-short equity?
ETFIQ files each fund by what its own prospectus says it does, and EHLS’s, filed Jul 28, 2026, describes a long-short equity fund.
Sources and dates
Prices, EHLS and Benchmark (VOO)Prices, Tiingo end of day ↗
Fee, 3.35%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $61mSEC N-PORT, whole fund · Jun 30, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerEven Herd website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, EHLS, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/ehls

The down-week bars for EHLS, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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EHLS: EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/ehls/" title="EHLS: EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">EHLS: EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%. Data: <a href="https://etfiq.com/funds/ehls">ETFIQ</a></figcaption>
</figure>

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Snapshot, Nov 4, 2026. More on the tabs above.