ETF Evaluator:
AltShares Event-Driven ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Event Driven Over the Last Year
| 20.1% | Saba Closed-End Funds ETF (CEFS) |
| 10.9% | AltShares Event-Driven ETF (EVNT) |
| 10.3% | ProShares Merger (MRGR) |
| 8.2% | Event Driven () |
| 7.9% | First Trust Equity Market Neutral ETF (NTRL) |
Risk
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Risk
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ETF Details
AltShares Event-Driven ETF Overview
AltShares Event-Driven ETF (EVNT) is an actively managed Alternative Event Driven exchange-traded fund (ETF). AltShares launched the ETF in 2014.
The investment seeks to achieve capital appreciation over a full market cycle with lower volatility than the broad equity market.
To pursue the fund's investment objective, the adviser employs a "long/short" event-driven strategy, which seeks to profit by investing, long and/or short, in the equity and debt securities of companies whose prices Water Island Capital, LLC (the "adviser") believes are or will be impacted by a publicly announced or anticipated corporate event. The adviser will hold a higher percentage of the fund's assets in long positions. The fund is non-diversified.
About AltShares Event-Driven ETF (EVNT)
There are 3 members of the management team with an average tenure of 3.51 years: Eric Becker (2021), Matthew Osowiecki (2025) and John Orrico (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. AltShares Event-Driven ETF has 98 securities in its portfolio. The top 10 holdings constitute 44.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AltShares Event-Driven ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. AltShares Event-Driven ETF has 5.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.7% There is 5.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 6.7% (6.7% domestic bond, 0.0% foreign bond and 1.1% convertible bond). AltShares Event-Driven ETF has 23.5% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $118 million average for the Event Driven 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.
EVNT 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 AltShares Event-Driven ETF expense ratio is high compared to funds in the Event Driven category. AltShares Event-Driven ETF has an expense ratio of 1.33%, which is 2% lower than its category average, making the fund expense ratio grade a D. 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. AltShares Event-Driven ETF has a portfolio turnover rate of 480%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Event Driven category.
Recently, in the month of July 2026, AltShares Event-Driven ETF returned 0.4%, which earned it a grade of A, as the Event Driven category had an average return of 0.4%. 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.
AltShares Event-Driven ETF has a trailing yield of 0.39%, which is below the 3.65% category average.
The fund normally distributes its income 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.
AltShares Event-Driven ETF Grades
Year to date, the ETF has returned 6.0%, 1.5 percentage points better than the category, which translates into a grade of A. The fund has returned 10.9% over the past year (grade of A), 9.8% over the past three years (grade of A) and 5.3% per year over the past five years (grade of A) and 7.2% per year over the past 10 years (grade of A).
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EVNT 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 |
|
| EVNT Return (NAV) | 0.4% | 2.9% | 10.9% | 9.8% | 5.3% | 7.2% |
| EVNT Return (Price) | 0.7% | 2.9% | 10.4% | 9.7% | 5.3% | 7.2% |
| NAV +/- Price Return | -0.248% | -0.039% | 0.524% | 0.060% | -0.013% | -0.007% |
| Event Driven Avg | 0.4% | 1.5% | 8.2% | 8.1% | 4.5% | 4.6% |
| EVNT Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 0.1% | 1.3% | 2.7% | 1.6% | 0.8% | 2.7% |
| EVNT Tax-Cost Ratio | na | na | 1.8% | 0.8% | 2.2% | 1.7% |
EVNT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EVNT Return (NAV) | 6.0% | 13.6% | 5.7% | 13.2% | -9.0% | -2.6% | 43.5% | 6.9% | -4.7% | 5.8% | 4.6% |
| EVNT Return (Price) | 6.0% | 14.0% | 4.9% | 13.3% | -8.6% | -2.7% | 43.5% | 6.9% | -4.7% | 5.8% | 4.6% |
| NAV +/- Price Ret | 0.007% | 0.032% | -0.136% | 0.005% | -0.048% | 0.062% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Event Driven Avg | 4.5% | 9.9% | 6.7% | 6.0% | -3.9% | 4.2% | 13.2% | 11.2% | -2.3% | 4.6% | 2.7% |
| EVNT Grade (NAV) | A | A | A | A | F | F | A | B | D | C | C |
| +/- Category | 1.5% | 3.7% | -1.0% | 7.2% | -5.1% | -6.7% | 30.2% | -4.3% | -2.4% | 1.2% | 1.9% |
| Risk Measures | |
| Beta: | 0.27 |
| R-Squared: | 35% |
| Standard Deviation: | 5.7% |
| Category Risk Index: | 1.19 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.46 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 0.4% |
| Total Assets: | $ 13 Mil |
| Share Class Assets: | $ 13 Mil |
| Turnover: | 480.0% |
| Expense Ratio: | 1.33% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Becker Eric (2021), Orrico John (2021), Osowiecki Matthew (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 98 |
| % in Top 10 Holdings: | 44.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.2% |
Portfolio Allocation |
|
| Domestic Stock: | 63.7% |
| Foreign Stock: | 5.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 6.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 1.1% |
| Other: | -0.2% |
| Cash: | 23.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AltShares |
| Phone Number: | 855-955-1607 |
| Website: | |
| Inception Date: | December 31, 2014 |
Expenses and Fees
| Expense Ratio (%): | 1.33% (Rating: High) |
| Category Average Expense Ratio (%): | 1.36% |
