ETF Evaluator:
Gotham Short Strategies ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
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Risk
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ETF Details
Gotham Short Strategies ETF Overview
Gotham Short Strategies ETF (SHRT) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). Gotham launched the ETF in 2017.
The investment seeks long-term capital appreciation and to provide positive returns in down markets.
The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities (i.e., swaps), primarily of companies traded on U.S. markets. The fund’s sub-adviser, Gotham Asset Management, LLC (“Gotham” or the “Sub-Adviser”) seeks to maintain the fund’s net equity exposure, which is the value of the fund’s long positions minus its short positions, at approximately 50% net short.
About Gotham Short Strategies ETF (SHRT)
There are 4 members of the management team with an average tenure of 9.01 years: Joel Greenblatt (2017), Robert Goldstein (2017), Michael Venuto (2017) and Charles Ragauss (2017). 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 50% Inverse S&P 500 TR USD index with a weighting of 100%. Gotham Short Strategies ETF has 714 securities in its portfolio. The top 10 holdings constitute 31.5% 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.
Gotham Short Strategies ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Gotham Short Strategies ETF has 10.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.2% There is 10.0% 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). Gotham Short Strategies ETF has 145.9% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $75 million average for the Trading--Inverse 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.
SHRT 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 Gotham Short Strategies ETF expense ratio is high compared to funds in the Trading--Inverse Equity category. Gotham Short Strategies ETF has an expense ratio of 1.35%, which is 18% 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. Gotham Short Strategies ETF has a portfolio turnover rate of 685%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, Gotham Short Strategies ETF returned 7.7%, which earned it a grade of B, as the Trading--Inverse Equity category had an average return of 7.3%. 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.
Gotham Short Strategies ETF has a trailing yield of 0.08%, which is below the 5.32% 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.
Gotham Short Strategies ETF Grades
Year to date, the ETF has returned -13.2%, 12.6 percentage points better than the category, which translates into a grade of B. The fund has returned -13.5% over the past year (grade of B), -4.5% over the past three years (grade of A) and 3.2% per year over the past five years (grade of A).
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SHRT 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 |
|
| SHRT Return (NAV) | 7.7% | -0.2% | -13.5% | -4.5% | 3.2% | na |
| SHRT Return (Price) | 7.7% | -0.3% | -13.6% | -4.5% | 3.2% | na |
| NAV +/- Price Return | -0.008% | 0.178% | 0.103% | 0.026% | 0.017% | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| SHRT Grade (NAV) | B | B | B | A | A | na |
| +/- Category (NAV) | 0.3% | 11.8% | 15.8% | 23.7% | 26.1% | na |
| SHRT Tax-Cost Ratio | na | na | 0.0% | 0.2% | 0.3% | na |
SHRT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SHRT Return (NAV) | -13.2% | -1.0% | -1.6% | -8.7% | 39.6% | 6.5% | -26.3% | -18.2% | 3.1% | na | na |
| SHRT Return (Price) | -13.4% | -0.9% | -1.4% | -8.8% | 39.6% | 6.5% | -26.3% | -18.2% | 3.1% | na | na |
| NAV +/- Price Ret | 0.012% | -0.030% | -0.114% | 0.012% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| SHRT Grade (NAV) | B | A | A | B | B | A | A | A | D | na | na |
| +/- Category | 12.6% | 34.3% | 24.8% | 17.5% | 24.4% | 40.0% | 26.0% | 21.6% | -6.4% | na | na |
| Risk Measures | |
| Beta: | -0.64 |
| R-Squared: | 39% |
| Standard Deviation: | 13.4% |
| Category Risk Index: | 0.35 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.09 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | 685.0% |
| Expense Ratio: | 1.35% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 9.0 years | |||
| Managers (Year): Greenblatt Joel (2017), Goldstein Robert (2017), Venuto Michael (2017), Ragauss Charles (2017) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 714 |
| % in Top 10 Holdings: | 31.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.0% |
Portfolio Allocation |
|
| Domestic Stock: | 78.2% |
| Foreign Stock: | 10.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -134.1% |
| Cash: | 145.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Gotham |
| Phone Number: | 855-998-4779 |
| Website: | |
| Inception Date: | July 31, 2017 |
Expenses and Fees
| Expense Ratio (%): | 1.35% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
