EHLS

1. Summary

• EHLS is an actively managed momentum ETF. It holds about 100% long in stocks with upward price momentum and shorts stocks with downward momentum. A Tidal-hired sub-adviser, Even Herd, runs the algorithm.
• It is long-biased, not market neutral. On November 6, 2026 it was 99.21% long, 27.43% short, 126.64% gross (1.27x) and 71.78% net.
• It shorts directly through unnamed "prime brokerage arrangements". Swaps are permitted as a substitute for a direct short but are not described as in use.
• Most relevant for us: it is a Tidal Trust II fund that shows its actual short costs. Dividends and interest on shorts were 2.17% of average net assets in the year to March 31, 2026, on top of a 1.15% unitary fee. It gives no precedent for gross above 2.0x.

2. Key facts

Other data, as of November 6, 2026: top 10 long weight (excluding cash) 15.23%; top 5 longs total 8.50%; top 5 shorts total -5.34% (EHLS-FS, page 1).

3. Service providers

4. Strategy

• Objective and benchmark. "The Even Herd Long Short ETF (the "Fund") seeks long-term capital appreciation." (EHLS-PR, page 3, "Investment Objective"). The objective is not fundamental (EHLS-PR, page 10). The prospectus compares returns with the S&P 500 Index (EHLS-PR, page 9, "Average Annual Total Returns"). So does the fact sheet (EHLS-FS, page 1, "Fund Performance").
• Universe. Mainly "U.S.-listed equity securities", with foreign companies mainly through ADRs (American Depositary Receipts, U.S.-listed shares that stand for foreign stocks). Longs are companies above $500 million market cap. Shorts are companies above $250 million (EHLS-PR, page 4, "Principal Investment Strategies"). No sector limits. The fund overweights "leading economic sectors" (EHLS-PR, page 4). On June 30, 2026 it had "significant exposure to the aerospace, defense and banking industries" (EHLS-PR, page 4).
• How it picks stocks. Quantitative. A "proprietary system most comparable to a relative momentum-focused investment strategy" goes long stocks with upward momentum and short stocks with downward momentum. Stocks are included "based on their momentum ranking rather than traditional fundamental analysis." "Statistical clustering" (grouping stocks that behave alike) helps align long and short behavior (EHLS-PR, page 4). The prospectus says it differs from most momentum funds by shorting individual stocks rather than "indices or ETFs" (EHLS-PR, page 10, "Principal Investment Strategies").
• Neutrality targets. None. No beta, dollar or sector neutral target is stated. The fact sheet says the strategy is "market-timing agnostic" (EHLS-FS, page 1, "The Opportunity Investing in EHLS").
• Net exposure. Conflict:
  • Prospectus: "a consistent 100% long exposure", short exposure that "will vary between 10% to 90%", and net "will generally range from 10% to 90% net long" (EHLS-PR, page 4).
  • Fact sheet: "It seeks to maintain between 40 and 90% net equity exposure" (EHLS-FS, page 1, "Fund Summary").
• Limits on position size. The strategy "should prevent any single position from exceeding 5% of the Fund's portfolio at the time of purchase" (EHLS-PR, page 4, "Portfolio Construction"). The fund is "diversified" under the 40 Act (EHLS-SAI, page 3, "Diversification"). Fundamental policy bars holding "more than 25% of its total assets" in one industry (EHLS-SAI, page 17, "Investment Restrictions"). Largest positions on November 6, 2026: Universal Insurance Holdings at 2.13% long and Planet Fitness at -1.33% short (EHLS-FS, page 1).

5. Exposure and leverage

• Measured exposure, November 6, 2026. Gross 126.64%, long 99.21%, short 27.43%, net 71.78% (EHLS-FS, page 2, "Equity Exposure"). Long plus short is 126.64%, or 1.27x (my arithmetic).
• Sector and size mix (read from fact sheet bar charts; values not tabulated). Longs are heaviest in financials (about 23%) and health care (about 15%). Shorts are heaviest in consumer discretionary (about -7%) and industrials (about -4%). By size, longs lean to small and mid caps, and shorts sit mainly in mid, small and large caps (EHLS-FS, page 2, "Long and Short Exposure by Sector" and "Market Capitalization").
• Stated targets. 100% long; 10% to 90% short; 10% to 90% net long (EHLS-PR, page 4). That implies gross of 110% to 190%, or 1.1x to 1.9x (my arithmetic).
• How it gets exposure above 100%. Through short sales: "The Fund's short sales introduce leverage" and "The cash collateral received may be invested in accordance with the Fund's primary investment strategy" (EHLS-PR, page 4). The long side stays near 100%, so gross above 100% comes from the short book (my inference). Swaps are allowed "as a substitute for directly shorting a particular company's equity securities" (EHLS-PR, page 4). No futures or bank borrowing is described.
• Borrowing limits. Fundamental policy: the fund may not "Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act" (EHLS-SAI, page 17, "Investment Restrictions"). Borrowing limits "will be observed continuously" (EHLS-SAI, page 18). No asset coverage figure or line of credit is stated. The SAI's derivatives section says "See "Borrowing" above," but the SAI has no section headed "Borrowing" (EHLS-SAI, page 5, "Derivative Instruments"; table of contents, page 2). This looks like a drafting gap (my inference).

6. Shorting, financing and collateral

• How it shorts. Direct short sales: "The Fund's short positions will generally not be covered, meaning the Fund does not currently own the underlying securities it has sold short" (EHLS-PR, page 4). The fee table says interest expense results "from the Fund's use of prime brokerage arrangements to execute short sales" (EHLS-PR, page 3, footnote (2)). Swaps are permitted as a substitute (EHLS-PR, page 4). No split between methods is given.
• Who lends the stock and who holds collateral. "A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale" (EHLS-SAI, page 16, "Short Sales"). "The Fund will be required to pledge its liquid assets to the broker to secure its performance on short sales" (EHLS-SAI, page 16). The broker is not named.
• What is posted. "Liquid assets" (EHLS-SAI, page 16). Whether long stocks are pledged is not stated.
• Short sale proceeds used to buy longs. Permitted: "The cash collateral received may be invested in accordance with the Fund's primary investment strategy" (EHLS-PR, page 4). With 99.21% long and 27.43% short, the fund needs no margin loan to fund its longs (my inference).
• Segregated or tri-party account. The fund "must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its positions in a permissible manner" (EHLS-SAI, page 16). No tri-party or special custody account is named. Where pledged assets are held is not stated.
• Costs named. "Costs of borrowing and margin account maintenance costs" (EHLS-SAI, page 16). "Dividend expenses on securities sold short will be borne by the shareholders of the Fund" (EHLS-SAI, page 16). The margin type is not stated.
• Securities lending. Permitted: "The Fund may lend portfolio securities to certain creditworthy borrowers" (EHLS-SAI, page 16, "Securities Lending"). The documents don't say whether EHLS lends.

7. Derivatives and Rule 18f-4

• Derivatives used. Conflict:
  • Prospectus: swaps "as a substitute for directly shorting" (EHLS-PR, page 4). "Swaps Risks" is listed under Derivatives Risk (EHLS-PR, page 7). No options or futures are named in the principal strategy.
  • Fact sheet: "The Fund uses short sales and derivatives (options)" (EHLS-FS, page 2).
  • The prospectus also contradicts itself on swaps. It says the swaps "are subject to mandatory clearing" through a futures commission merchant, and also calls them "OTC instruments, such as the swaps in which the Fund will invest" (EHLS-PR, page 7, "Swaps Risks").
  • The SAI permits futures, swaps and options, among others (EHLS-SAI, pages 5 to 12, "Description of Permitted Investments"). It notes that some of these "are not principal strategies of the Fund" (EHLS-SAI, page 4).
• Limited derivatives user or full program. Not stated for EHLS. The SAI says Rule 18f-4 "defines the term "derivatives" to include short sales" (EHLS-SAI, page 5). It says the program and risk manager requirements apply "unless the Fund qualifies as a "limited derivatives user,"" meaning derivatives exposure of 10% of net assets or less (EHLS-SAI, page 6). With 27.43% short, EHLS appears to be above that line and so needs a full program (my inference).
• VaR test and reference portfolio. Not stated for EHLS. The SAI describes both the Relative VaR Test (200% of a "designated reference portfolio") and the Absolute VaR Test (20% of net assets) in general terms (EHLS-SAI, page 5). VaR (value at risk) estimates the most a fund could lose over a set period at a set confidence level.
• Commodity pool status (CFTC Rule 4.5). "the Adviser claims relief from the definition of commodity pool operator ("CPO") under revised U.S. Commodity Futures Trading Commission ("CFTC") Rule 4.5" (EHLS-SAI, page 6, "Commodity Pool Operator Regulation").

8. Costs

• Who pays what. The fund pays the 1.15% unitary fee plus Excluded Expenses. These include "interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions" and acquired fund fees (EHLS-PR, page 3, footnote (1)). Even Herd has "agreed to assume a portion of the Adviser's obligation to pay expenses incurred by the Fund" and receives "a portion of the profits, if any, generated by the Fund's unitary management fee" (EHLS-SAI, page 25, "Investment Sub-Adviser"). It must cover any shortfall (EHLS-PR, page 15, "Fund Sponsor").
• Fees paid. Management fee: $562.65 for fiscal 2025 and $643,663 for fiscal 2026. Sub-advisory fee: $0 and $27,985 (EHLS-SAI, page 25). The fiscal 2025 figure is far below 1.15% of net assets of $48,687 thousand at that year end (EHLS-PR, page 21). It may be a typo or reflect a waiver the documents don't describe (my inference).
• 12b-1 plan. Up to 0.25%, but "No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI" (EHLS-SAI, pages 27 and 28, "Distribution (Rule 12b-1) Plan"). Fee table: 0.00% (EHLS-PR, page 3).
• Expense example. $338 for 1 year, $1,030 for 3 years, $1,745 for 5 years and $3,640 for 10 years per $10,000 (EHLS-PR, page 3).
• Brokerage commissions. $244,695 for fiscal 2025 and $122,396 for fiscal 2026 (EHLS-SAI, page 31, "Brokerage Transactions").
• Portfolio turnover. 423% for fiscal 2025 and 158% for fiscal 2026 (EHLS-SAI, page 32, "Portfolio Turnover Rate"; EHLS-PR, page 21).
• Gap between expense ratio and management fee.
  • Prospectus: 3.35% minus 1.15% is 2.20%. That equals 2.17% of short dividends and interest plus 0.03% of acquired fund fees (my arithmetic).
  • Fact sheet: 2.62% minus 1.15% is 1.47% (my arithmetic). Its footnote says the 2.62% "estimated dividends and interest expense on short positions" (EHLS-FS, page 1, "Fund Details" footnote). The basis of that estimate is not stated. It is lower than the 2.17% fiscal 2026 actual.
  • As a rough scale only: 2.17% divided by the November 6, 2026 short of 27.43% is about 7.9% of the short book per year (my arithmetic). The average short exposure in fiscal 2026 is not stated, so this is not a measured borrow rate.

9. Performance and risk

Returns from the fact sheet (EHLS-FS, page 1, "Fund Performance").

• Prospectus returns to December 31, 2025. 1 year: 6.79% before taxes, against 17.88% for the S&P 500. Since inception "(April 1, 2024)": 10.19%, against 17.98% (EHLS-PR, page 9, "Average Annual Total Returns").
• Calendar-year returns. 2025: 6.79% (EHLS-PR, page 8, bar chart, read from page image). Year to date to June 30, 2026: 19.38% (EHLS-PR, page 8).
• Best and worst quarters. Highest 11.63% (quarter ended June 30, 2025). Lowest -8.46% (quarter ended March 31, 2025) (EHLS-PR, page 8).
• Fiscal-year total returns. 23.90% for the year ended March 31, 2026, and 1.60% for the period ended March 31, 2025 (EHLS-PR, page 21).
• Growth of $10,000. $11,614 at market price on November 6, 2026 (EHLS-FS, page 1). This differs from the 22.62% total return to October 31 (my inference: the chart is to a later date, after a sharp late fall shown on the chart).
• Risk statistics. None given (no beta, correlation, volatility, Sharpe ratio, drawdown or capture figures).
• Note. YTD return fell from 19.38% at June 30, 2026 to 3.46% at October 31, 2026 (EHLS-PR, page 8; EHLS-FS, page 1). That is a large drop for a fund with 27% short (my inference).

10. History and structural changes

• Predecessor funds. None stated. Search terms "predecessor" and "reorganiz" found no predecessor.
• Reorganizations and 351 conversions. None. Section 351 appears only in a rule letting the trust reject creation orders that would give a buyer 80% or more of shares (EHLS-SAI, page 42, "Federal Income Taxes").
• Portfolio manager change. Andy Hicks added in July 2026 (EHLS-PR, page 9). See the conflict in section 3.
• Name. "Even Herd Long Short ETF" in the prospectus and SAI; "Even Herd Long/Short ETF" on the fact sheet (EHLS-PR, page 1; EHLS-FS, page 1). No formal name change is described.
• Document dates. The prospectus and SAI are dated July 29, 2026. The fact sheet is dated November 6, 2026. The annual report for the year ended March 31, 2026 is incorporated by reference but was not attached (EHLS-SAI, page 1).
• Conflicts between documents.
  • Inception: April 2, 2024 (EHLS-FS, page 1) versus April 1, 2024 (EHLS-PR, page 21; EHLS-SAI, page 25).
  • Net exposure target: 40% to 90% (EHLS-FS, page 1) versus 10% to 90% (EHLS-PR, page 4).
  • Expense ratio: 2.62% (EHLS-FS, page 1) versus 3.35% (EHLS-PR, page 3).
  • Derivatives: "options" (EHLS-FS, page 2) versus swaps (EHLS-PR, pages 4 and 7).
  • Fund age: the fact sheet's risk text still says "no operating history" (EHLS-FS, page 2). The prospectus says "limited operating history" (EHLS-PR, page 7).

11. Principal risks

Summary list: EHLS-PR, pages 5 to 8, "Principal Investment Risks". Longer, alphabetical descriptions: EHLS-PR, pages 10 to 13.

• Equity Market Risk (page 5).
• Short Sale Risks (page 5; also page 13). Flag: shorting. Loss on a short is unlimited in theory. Names "costs of borrowing".
• Momentum Investing Risk (page 5).
• Leverage Risk (page 5; also page 12). Flag: leverage. Leverage arises from "the use of short positions or other financial instruments".
• High Portfolio Turnover Risk (page 5).
• Market Capitalization Risk: large, mid and small caps (page 5).
• Models and Data Risk (page 6).
• ETF Risks (page 6): Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk; Costs of Buying or Selling Shares; Shares May Trade at Prices Other Than NAV; Trading.
• Economic and Market Risk (page 6).
• Depositary Receipt Risk (page 7).
• Foreign Securities Risk (page 7).
• Derivatives Risk, including Swaps Risks (page 7; also pages 10 and 11). Flag: counterparties and leverage. Names "the possible default of the other party to the transaction" and says derivatives "may give rise to a form of leverage".
• Management Risk (page 7).
• Newer Fund Risk (page 7).
• Newer Sub-Adviser Risk (page 7).
• Operational Risk (page 7). Flag: counterparties. Names errors of "service providers, counterparties or other third-parties" and reliance on third parties "including custody".
• Sector Risks, with Aerospace & Defense and Banking (page 8).

No principal risk is named for the prime broker itself or for borrow recalls (a lender demanding its stock back).

12. Relevance to our fund

• How close is its structure and leverage? Not close on strategy or leverage (my inference). EHLS is long-biased momentum at about 100/27, 1.27x gross and 72% net. We plan 150/150 at 3.0x gross and about 0% net. The match is in the plumbing: same adviser (Tidal), a Tidal multi-series trust, U.S. Bank custody, Tidal ETF Services administration, and direct shorts through unnamed prime brokerage.
• What does it show about 3.0x gross in a 40 Act ETF? Little directly (my inference).
  • Its stated maximum, 100% long and 90% short, is 1.9x gross (my arithmetic). That fits Andy Hicks's view in fund_context.md that "100-100 is the best you can do." Mr. Hicks is also a named EHLS portfolio manager since July 2026 (EHLS-PR, page 9).
  • It does not use portfolio margin, bank borrowing, futures or a swap overlay to go further.
• What does it show about financing, collateral, custody and costs? (my inference)
  • Custody: longs sit with U.S. Bank, and the fund pledges liquid assets to an unnamed broker. This matches Tidal's statement that shorts are "custodied away" from the main custodian.
  • Cost visibility: EHLS is a useful data point because Tidal's fee table shows actual short costs. That is 2.17% of average net assets in fiscal 2026, with dividends and interest combined. We can't split dividends from borrow and interest without the annual report.
  • Scale: if the short book averaged near 27% of net assets, costs ran about 7.9% of short notional (my arithmetic). Momentum shorts in mid and small caps may carry high borrow fees and dividends. Our book assumes liquid, easy-to-borrow names, so our per-dollar cost should be lower. At 150% short, though, the total would be much larger as a share of net assets.
  • Using fund_context.md, EHLS at 100/27 needs no broker debit, so its cost above the base rate is about $27 × c + $27 × b per $100 of capital. For our 150/150 it is $150 × c + $50 × d + $150 × b.
  • Economics: a sub-adviser sponsor model like AINT's. Even Herd pays fund expenses from the unitary fee and keeps the profit. Short costs pass through to shareholders outside the unitary fee.

13. Gaps and open questions

What the documents don't answer, for a 150/150 fund:

• The prime broker's name and the margin type (Reg T or portfolio margin).
• Where longs and pledged collateral sit: at U.S. Bank under a control agreement, or at the broker.
• The split of the 2.17% between short dividends, borrow fees and interest. The annual report for fiscal 2026 should have it but wasn't attached.
• Average long, short and gross exposure over fiscal 2026.
• Which Rule 18f-4 VaR test EHLS uses, its reference portfolio, and its derivatives risk manager.
• Whether EHLS actually uses swaps or options.
• Whether the fund lends securities, and through which agent.
• Beta and other risk statistics; 3-month return.

Questions to ask:

• To Tidal: Which broker holds EHLS's short book, and is the account Reg T or portfolio margin? Is it under a Rule 17f-1 agreement or a tri-party control agreement with U.S. Bank?
• To Tidal: What drove the 2.17% short cost in fiscal 2026: dividends, borrow fees or interest? What was the average short exposure?
• To Tidal: Which VaR test and reference index did the board approve for EHLS?
• To Tidal: Does EHLS use swaps or options today? The fact sheet says options; the prospectus says swaps.
• To Even Herd: Which net exposure range governs: 10% to 90% (prospectus) or 40% to 90% (fact sheet)?
• To Tidal: Is the $562.65 fiscal 2025 management fee on SAI page 25 correct?

Search terms tried for fields left "Not stated":

• Prime broker and margin type: prime broker, borrow, margin, Regulation T, Reg T, portfolio margin, pledge, segregat, tri-party, 17f.
• Leverage cost split: short sale, sold short, dividend, interest expense, borrowing, line of credit, swap, box spread, reverse repurchase.
• VaR test: 18f-4, value-at-risk, VaR, derivatives risk manager, limited derivatives user.
• Securities lending agent: securities lending, lending agent.
• Beta and risk data: searched the fact sheet in full (text and page images); no beta, Sharpe, volatility or drawdown figures.
• Predecessor: predecessor, reorganiz, 351.
• Borrowing limit: asset coverage, line of credit, Borrowing.

14. Documents used

Page numbering.

• EHLS-FS: printed "1/2" and "2/2" match PDF pages 1 and 2.
• EHLS-PR: PDF pages 1 (cover) and 2 (contents) have no printed number. From PDF page 3 on, PDF page = printed page + 2. The fund summary is PDF pages 3 to 10 (printed 1 to 8).
• EHLS-SAI: PDF pages 1 (cover) and 2 (contents) have no printed number. From PDF page 3 on, PDF page = printed page + 2.

15. Snapshot sources

• Ticker: EHLS-FS, page 1, "Fund Details".
• Fund name: EHLS-FS, page 1, header. The prospectus writes "Even Herd Long Short ETF" (EHLS-PR, page 1, cover).
• As of date: "All data is as of November 06, 2026, except the fund performance table" (EHLS-FS, page 2); header date November 06, 2026 (EHLS-FS, page 1).
• Adviser: EHLS-PR, page 9, "Management"; EHLS-SAI, page 24, "Investment Adviser". The fact sheet doesn't name the adviser.
• Platform: Tidal is the adviser, and the fund is "a series of Tidal Trust II" (EHLS-SAI, page 1, cover).
• Exchange: EHLS-FS, page 1, "Fund Details" ("Primary Exchange Nasdaq"); EHLS-PR, page 1, cover.
• Inception: "Inception date of the Fund was April 1, 2024" (EHLS-PR, page 21, "Financial Highlights" note (a)); SAI agrees (EHLS-SAI, page 25). Conflict: the fact sheet says April 2, 2024 (EHLS-FS, page 1, "Fund Details").
• Net assets: "Fund AUM $51,980,983" (EHLS-FS, page 1, "Fund Details"), rounded to millions (my arithmetic).
• Strategy type: (my inference) from "a consistent 100% long exposure" and net exposure that "will generally range from 10% to 90% net long" (EHLS-PR, page 4, "Principal Investment Strategies"). No neutrality target.
• Long %: EHLS-FS, page 2, "Equity Exposure", as of November 6, 2026.
• Short %: EHLS-FS, page 2, "Equity Exposure", as of November 6, 2026.
• Gross: "Gross 126.64%" (EHLS-FS, page 2, "Equity Exposure"), shown as a multiple (my arithmetic).
• Above 2.0x: based on 126.64% gross (EHLS-FS, page 2). The prospectus maximum of 100% long and 90% short is also below 2.0x (my arithmetic, from EHLS-PR, page 4).
• Net: "Net 71.78%" (EHLS-FS, page 2, "Equity Exposure"); also "Net Equity Exposure 71.78%" (EHLS-FS, page 1).
• Short method: "The Fund's short positions will generally not be covered, meaning the Fund does not currently own the underlying securities it has sold short" (EHLS-PR, page 4). Swaps are permitted only "as a substitute" (EHLS-PR, page 4) and no swap use is reported.
• Prime broker or counterparty: the documents say only "prime brokerage arrangements" (EHLS-PR, page 3, footnote (2)) and "a broker or other institution" (EHLS-SAI, page 16). No firm is named.
• Custodian: EHLS-SAI, page 29, "Custodian"; EHLS-PR, page 22.
• Management fee: EHLS-PR, page 3, fee table; unitary (EHLS-PR, page 14, "Investment Adviser").
• Total expense ratio: "Total Annual Fund Operating Expenses 3.35%" with no waiver line (EHLS-PR, page 3, "Fees and Expenses of the Fund"). Conflict: the fact sheet shows "2.62% (1.15%*)" (EHLS-FS, page 1, "Fund Details").
• Short costs in expense ratio: "The cost of the Fund's short sale activities, including dividends and interest expenses on short positions, are included in "Other Expenses"" (EHLS-PR, page 3, footnote (2)).
• 3-month return: Not stated. The fact sheet gives 1-month, YTD, 1-year and since-inception returns only (EHLS-FS, page 1, "Fund Performance").
• 1-year return: 9.15% at NAV, 1 year to September 30, 2026 (EHLS-FS, page 1, "Fund Performance", quarter-end column).
• Beta: not given in any of the three documents.
• Beta benchmark: not stated, because no beta is given.
• Beta period: not stated, because no beta is given.
• Leverage Method: "The Fund's short positions will generally not be covered, meaning the Fund does not currently own the underlying securities it has sold short" (EHLS-PR, page 4); "Interest expenses result from the Fund's use of prime brokerage arrangements to execute short sales" (EHLS-PR, page 3, footnote (2)); "The cash collateral received may be invested in accordance with the Fund's primary investment strategy" (EHLS-PR, page 4). The SAI mentions "margin account maintenance costs" (EHLS-SAI, page 16) but no document says Reg T, Regulation T or portfolio margin.
• Leverage cost: "Ratio of dividends and interest expenses to average net assets" of 2.17% for the year ended March 31, 2026 (EHLS-PR, page 21, "Financial Highlights"). Interest and short dividends are reported as one figure (EHLS-PR, page 3, footnote (2)). Fiscal 2025: 1.45% (EHLS-PR, page 21).
• Short dividend expense: combined with interest expense in the 2.17% above (EHLS-PR, page 21; EHLS-PR, page 3, footnote (2)).
• Ranking properties (Rank to Score): from the ranking of the 27 LS peers prepared November 11, 2026, using only the project's fund profiles. Each of the seven criteria scores Yes = 1, Partly = 0.5, No or Not stated = 0. Funds sort first by Portfolio margin (YES, LIKELY, POSSIBLE, UNLIKELY, NO), then by Score, then Tidal funds first, then higher gross exposure (my inference).
• Rank: 3 of 27, as of November 11, 2026.
• Long/short: about 100% long and 10% to 90% short in single stocks (EHLS-PR, page 4); 99.21% long and 27.43% short on November 6, 2026 (EHLS-FS, page 2).
• Portfolio margin: POSSIBLE. The fund shorts directly through "prime brokerage arrangements" (EHLS-PR, page 3, footnote (2)). The SAI mentions "margin account maintenance costs" (EHLS-SAI, page 16), but no document says Reg T or portfolio margin.
• Cross-collateral: Partly. "The Fund will be required to pledge its liquid assets to the broker to secure its performance on short sales" (EHLS-SAI, page 16). Whether long stocks are pledged is not stated.
• Outside Reg T: Not stated.
• Short costs (includes dividends): No. 2.17% for the fiscal year ended March 31, 2026, combining dividends and interest on short positions (EHLS-PR, page 21).
• Over 2.0x: No. 1.27x on November 6, 2026 (EHLS-FS, page 2).
• Tidal: Tidal Investments LLC is the adviser, and the fund is a series of Tidal Trust II (EHLS-SAI, page 1, cover).
• Score: 2.5 (my arithmetic).

16. Fund Documents

Fact Sheet

Prospectus

SAI