At a glance
EVNT charges 1.27% a year, above the 0.79% average of the 3 funds most like it (the most expensive of 4). It has $51.1M in assets, the 2nd largest of that group; it paid 4.48% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.7% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +11.3% a year. At its worst it fell 11.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low. Its ten largest positions make up 38.6% of the fund, out of 79 in all.
The short version
AltShares Event-Driven ETF (EVNT) is an actively managed fund from Water Island Capital. It buys and shorts the stocks and bonds of companies tied to announced or expected corporate events, mostly signed mergers. It aims for gains over a full market cycle with less volatility than the stock market. It costs 1.27% a year, above the 0.79% average for similar merger funds. Even so, its returns led that group over one and three years to October 27, 2026.
Price history
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EVNT +8.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EVNT official prospectus, to Sep 25, 2026 | — | +13.57% | — | +3.78% | — | +5.51% |
| EVNT price data to Oct 27, 2026 | +6.5% | +8.7% | +11.3% | +5.1% | — | +5.0% |
- Over the year to Oct 27, 2026, EVNT returned +8.7%, 1st of 4 among similar funds.
- Its 5-year annualized return was +5.1%.
- Its worst full calendar year was 2022 (-8.6%); its best was 2025 (+13.7%).
- The deepest fall in its price history was 13.8% (Nov 1, 2021 to Jun 16, 2022), recovered by Dec 21, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +13.7% | +13.57% |
| 2024 | +5.2% | +5.69% |
| 2023 | +13.3% | +13.21% |
| 2022 | -8.6% | -9.04% |
| 2021 | — | -2.58% |
| 2020 | — | +43.45% |
| 2019 | — | +6.92% |
| 2018 | — | -4.70% |
| 2017 | — | +5.84% |
| 2016 | — | +4.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8% over that stretch · deepest drop along the way 11.1%, back to its old high 17.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5500 | +587.5% |
| 2024 | $0.0800 | +33.3% |
| 2023 | $0.0600 | -75.0% |
| 2022 | $0.2400 |
What's inside
As of Aug 31, 2026, the fund held 79 securities; the ten largest made up 38.65% of assets.
| Holding | Weight | |
|---|---|---|
| MORGAN STANLEY PRIME BROKER US Other | 8.34% | |
| TXNM Energy Inc | 4.12% | |
| Endeavor Group Holdings Inc | 4.08% | |
| ECHOSTAR CORP Bonds and notes | 3.70% | |
| Caesars Entertainment Inc | 3.62% | |
| Warner Bros Discovery Inc | 3.51% | |
| Dick's Sporting Goods Inc | 3.17% | |
| LiveRamp Holdings Inc | 2.83% | |
| Penumbra Inc | 2.78% | |
| Schroders PLC | 2.50% | |
| BioLife Solutions Inc | 2.40% | |
| Element Solutions Inc | 2.18% | |
| Roku Inc | 2.14% | |
| Norfolk Southern Corp | 2.09% | |
| NCR ATLEOS LLC Bonds and notes | 2.04% |
By country
United States 84.84%United Kingdom 4.92%Canada 4.16%Germany 2.98%Cayman Islands 2.03%By asset type
Stocks 74.25%Bonds and notes 18.15%Other 8.34%Loans 0.56%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $263K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.18%, +0.15%, +0.15%.
How it works
EVNT does not track an index. Its adviser, Water Island Capital, picks companies whose securities it expects to move because of a publicly announced or anticipated corporate event. Most of the time it focuses on "hard catalysts." These are events with clearer outcomes and shorter timelines, mainly mergers backed by a legally binding agreement. In this approach, called merger arbitrage, the fund buys a takeover target below the agreed deal price and aims to earn the gap when the deal closes. It may also pursue "soft catalysts," such as rumored deals, activist campaigns or restructurings. These are less certain and riskier.
For each event, the adviser picks whichever stock or bond of the company it thinks offers the most reward for the risk. That includes high-yield "junk" bonds. The fund can also sell short, meaning it sells borrowed securities in the hope of buying them back cheaper. It uses swaps, options, futures and forwards. The fund stays "net long," with more money in bets that prices will rise than in bets that they will fall. Its long exposure can exceed 100% of net assets, so derivatives can create leverage, which magnifies both gains and losses.
Trading is frequent: portfolio turnover was 381%. As of August 31, 2026, the fund held 180 positions, about 74% in stocks and 18% in bonds. The largest line was an 8.3% balance at Morgan Stanley's prime brokerage. Next came TXNM Energy (4.1%), Endeavor Group (4.1%) and EchoStar bonds (3.7%).
What it really costs
- EVNT charges 1.27% a year, versus an average of 0.79% for the similar funds below (4th of 4, cheapest first).
- Of that, 1.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $129 in the first year and $1,534 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EVNT | $129 | $403 | $697 | $1,534 |
In a retirement portfolio
Its returns depend mostly on whether specific deals close, so it has moved little with the stock market, with a one-year beta (sensitivity to market moves) of 0.17 as of October 27, 2026.
EVNT may add returns that depend on deal outcomes more than on the market's direction. It launched in September 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 11.1% between January and June 2022 and took about 17 months to recover. Its deepest drop, 13.8% from November 2021 to June 2022, took about 18 months to recover. Its worst calendar year was 2022, a 9.04% loss, according to the prospectus. Anyone who sold in that stretch would have locked in losses. The trailing yield was 4.48% as of October 27, 2026, but it pays only once a year. The 1.27% fee is high: the SEC's standard example puts the cost on $10,000 at $697 over five years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want returns tied to merger and corporate-event outcomes rather than market direction, with a one-year beta of 0.17 as of October 27, 2026.
- Investors who want a manager free to use stocks, bonds, short sales and arbitrage trades beyond plain merger deals, unlike ARB, MRGR or MNA.
- Investors who would hold it in an IRA or other tax-advantaged account, where short-term gains from 381% turnover matter less.
Look elsewhere if
- Cost-focused investors: its 1.27% expense ratio is the highest of the four merger funds compared, against a 0.79% average.
- Retirees who want steady monthly income: it pays once a year, and the 4.48% trailing yield (October 27, 2026) can change.
- Investors uneasy with leverage, short selling or junk bonds, or with a small fund of about $51.1 million in net assets (August 31, 2026).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does the EVNT ETF invest in?
EVNT invests in companies tied to corporate events, mostly signed mergers. Water Island Capital, the adviser, buys and sometimes shorts their stocks and bonds, aiming to profit as deals close. It can also trade rumored deals, spin-offs, restructurings and convertible bonds. As of August 31, 2026, its largest positions included TXNM Energy, Endeavor Group, EchoStar bonds, Caesars Entertainment and Warner Bros Discovery. About 85% of assets were in US companies.
What's the difference between EVNT and ARB?
Both come from Water Island Capital, and their holdings overlapped by 93% in the latest N-PORT reports. As its name suggests, ARB (AltShares Merger Arbitrage ETF) focuses on merger arbitrage. EVNT has a wider mandate that includes special situations, credit trades and leverage through derivatives. EVNT costs 1.27% a year, against 0.84% for ARB. As of October 27, 2026, EVNT returned 8.7% over one year and 11.3% a year over three years. ARB returned 3.3% and 5.1%.
Does EVNT pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $0.55 per share, a trailing yield of 4.48%. The amount can vary a lot from year to year because it depends on deal outcomes and trading gains. The fund trades heavily, with 381% turnover. The prospectus warns that this can mean more short-term gains, which in a taxable account are usually taxed at higher ordinary income rates.
How did EVNT do in the 2022 stock market crash?
It lost money, but less than many stock funds. From January 4 to June 16, 2022, it fell 11.1% and did not regain its peak until November 2023, about 17 months later. According to the prospectus, its 2022 calendar-year return was a 9.04% loss, and its worst quarter was a 6.94% decline in the quarter ending June 30, 2022. The fund launched in 2021, so it has no record from the 2008 or 2020 crashes.
What is EVNT's expense ratio?
EVNT's expense ratio is 1.27% a year, according to its prospectus filed September 25, 2026, and includes a 1.25% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $129 over one year, $403 over three years, $697 over five years and $1,534 over ten years. The prospectus also notes that brokerage costs from frequent trading reduce performance. The average for similar funds is 0.79%.