ETF Evaluator:
Even Herd Long Short ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
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ETF Details
Even Herd Long Short ETF Overview
Even Herd Long Short ETF (EHLS) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). Even Herd, LLC launched the ETF in 2024.
The investment seeks long-term capital appreciation.
The fund, an actively-managed ETF, seeks to achieve its investment objective by taking both long and short positions in equity securities. Even Herd, LLC, the fund’s sub-adviser, employs its proprietary algorithm to manage the fund’s portfolio, seeking to maintain a consistent 100% long exposure to equity securities. In addition, the fund’s short exposure will vary between 10% to 90%.
About Even Herd Long Short ETF (EHLS)
There are 3 members of the management team with an average tenure of 2.33 years: Charles Ragauss (2024), Qiao Duan (2024) and Sam Jurrens (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) index with a weighting of 100%. Even Herd Long Short ETF has 245 securities in its portfolio. The top 10 holdings constitute 39.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Even Herd Long Short ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Even Herd Long Short ETF has 21.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.7% There is 21.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Even Herd Long Short ETF has 23.1% of the portfolio in cash.
Assets Under Management
The fund has $58 million in total assets, which is below the $320 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EHLS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Even Herd Long Short ETF expense ratio is high compared to funds in the Long-Short Equity category. Even Herd Long Short ETF has an expense ratio of 3.35%, which is 83% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Even Herd Long Short ETF has a portfolio turnover rate of 158%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, Even Herd Long Short ETF returned -3.5%, which earned it a grade of D, as the Long-Short Equity category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Even Herd Long Short ETF has a trailing yield of 0.00%, which is below the 1.17% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Even Herd Long Short ETF Grades
Year to date, the ETF has returned 10.2%, 1.9 percentage points better than the category, which translates into a grade of C. The fund has returned 15.7% over the past year (grade of C).
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EHLS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EHLS Return (NAV) | -3.5% | -2.7% | 15.7% | na | na | na |
| EHLS Return (Price) | -2.6% | -2.7% | 15.6% | na | na | na |
| NAV +/- Price Return | -0.946% | -0.039% | 0.127% | na | na | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| EHLS Grade (NAV) | D | F | C | na | na | na |
| +/- Category (NAV) | -3.5% | -5.8% | 1.2% | na | na | na |
| EHLS Tax-Cost Ratio | na | na | 0.0% | na | na | na |
EHLS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EHLS Return (NAV) | 10.2% | 6.8% | na | na | na | na | na | na | na | na | na |
| EHLS Return (Price) | 8.5% | 8.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.161% | 0.217% | na | na | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| EHLS Grade (NAV) | C | D | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.9% | -1.6% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 59 Mil |
| Share Class Assets: | $ 59 Mil |
| Turnover: | 158.0% |
| Expense Ratio: | 3.35% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Ragauss Charles (2024), Duan Qiao (2024), Jurrens Sam (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 245 |
| % in Top 10 Holdings: | 39.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.3% |
Portfolio Allocation |
|
| Domestic Stock: | 49.7% |
| Foreign Stock: | 21.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 5.9% |
| Cash: | 23.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Even Herd, LLC |
| Phone Number: | 844-713-1220 |
| Website: | |
| Inception Date: | April 1, 2024 |
Expenses and Fees
| Expense Ratio (%): | 3.35% (Rating: High) |
| Category Average Expense Ratio (%): | 1.83% |
