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Upturn AI SWOT - About
AltShares Event-Driven ETF (EVNT)
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Upturn Advisory Summary
03/13/2025: EVNT (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
AI Based Fundamental Rating
Above Average Performance
These Stocks/ETFs, based on Upturn Advisory, frequently surpass the market, reflecting reliable and trustworthy advice.
Analysis of Past Performance
Type ETF | Historic Profit 2.37% | Avg. Invested days 44 | Today’s Advisory WEAK BUY |
Upturn Star Rating | Upturn Advisory Performance  4.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 03/13/2025 |
Key Highlights
Volume (30-day avg) 1446 | Beta 0.4 | 52 Weeks Range 9.60 - 10.97 | Updated Date 04/2/2025 |
52 Weeks Range 9.60 - 10.97 | Updated Date 04/2/2025 |
Upturn AI SWOT
AltShares Event-Driven ETF
ETF Overview
Overview
The AltShares Event-Driven ETF (EVNT) sought to capitalize on opportunities arising from corporate events such as mergers, acquisitions, bankruptcies, and restructurings. It was a passively managed ETF designed to track the performance of the AltShares Event-Driven Index.
Reputation and Reliability
AltShares was a relatively new and smaller ETF issuer. Due to low AUM, EVNT ceased trading in November of 2021.
Management Expertise
Information about the management team's specific expertise in event-driven strategies is limited.
Investment Objective
Goal
The primary investment goal of EVNT was to provide investment results that corresponded generally to the price and yield performance of the AltShares Event-Driven Index.
Investment Approach and Strategy
Strategy: The ETF aimed to track the AltShares Event-Driven Index, which identifies and invests in companies involved in specific corporate events.
Composition The ETF held a portfolio of stocks that were selected based on their involvement in event-driven situations.
Market Position
Market Share: EVNT's market share was very small and a minor player in the event-driven ETF space before it ceased trading.
Total Net Assets (AUM): The last reported AUM before cessation was approximately $3.7 million.
Competitors
Key Competitors
- IQ Merger Arbitrage ETF (MNA)
- AdvisorShares Alpha DNA Equity ETF (ANDA)
- RiverNorth Volition Fund (FLDZ)
Competitive Landscape
The event-driven ETF market is competitive, with larger, more established funds dominating. EVNT faced the disadvantage of being a smaller fund with limited trading volume. The advantages would have included its unique index construction and potentially lower expense ratio had it remained in operation.
Financial Performance
Historical Performance: Historical performance data is limited due to the ETF's short lifespan.
Benchmark Comparison: Comparative data is not meaningfully available due to the ETF's limited lifespan.
Expense Ratio: The last reported expense ratio was 0.79%.
Liquidity
Average Trading Volume
The average trading volume was low, which impacted its liquidity.
Bid-Ask Spread
The bid-ask spread was generally wider due to the low trading volume, increasing transaction costs.
Market Dynamics
Market Environment Factors
Event-driven ETFs are affected by factors such as merger activity, regulatory changes, and overall market sentiment toward corporate actions.
Growth Trajectory
The fund ceased operations after a short lifespan. Growth was limited from the outset due to its lack of trading volume.
Moat and Competitive Advantages
Competitive Edge
The fund's competitive edge would have been derived from its unique index methodology, which aimed to identify and capture opportunities from event-driven situations. However, this was never proven effective. It lacked a proven track record and failed to attract significant investment. The low AUM ultimately led to the ETF's closure. Its competitive edge was diminished by these factors.
Risk Analysis
Volatility
Volatility would have been impacted by the specific events and company-specific risks within its portfolio.
Market Risk
The ETF was exposed to market risk related to the overall economic environment and sector-specific risks associated with corporate events such as deal failures.
Investor Profile
Ideal Investor Profile
The ideal investor would have been someone with a high-risk tolerance and an understanding of event-driven investment strategies. This person was looking for specific capital appreciation strategies.
Market Risk
Given its closure, it's no longer suitable for any type of investor.
Summary
The AltShares Event-Driven ETF (EVNT) sought to capitalize on corporate events, but it ceased trading due to low AUM. Its lack of trading volume, a limited track record, and stiff competition from larger funds proved fatal to the ETF's survival. It targeted a niche investment strategy but failed to attract sufficient investor interest. Prior to closing, it was a high-risk, potentially high-reward investment that was only suitable for sophisticated investors.
Similar Companies
MNA
IQ Merger Arbitrage ETF
MNA
IQ Merger Arbitrage ETF
Sources and Disclaimers
Data Sources:
- ETF.com
- Morningstar
- Company Filings
- Bloomberg
Disclaimers:
The data provided is for informational purposes only and should not be considered investment advice. Market conditions and ETF performance can change rapidly. Past performance is not indicative of future results. Investors should consult with a financial advisor before making any investment decisions. All figures as of cessation of trading in November 2021.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About AltShares Event-Driven ETF
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website | ||
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.
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