In the present study, we have reparametrized the HISS exchange functional. The new “reHISS” exchange provides a balance between short‐ and mid‐range Hartree–Fock exchange (HFX) and a large total HFX coverage, with a fast convergence to zero HFX in the long range. The five parameters in this functional (according to equations 3 and 4 in the main text) are cSR = 0.15, cMR = 2.5279, cLR = 0, ωSR = 0.27, and ωLR = 0.2192. The combination of reHISS exchange with a reparametrized B97c‐type correlation functional (Chan et al., J. Comput. Chem. 2017, 38, 2307) and a D2 dispersion term (s6 = 0.6) gives the reHISSB‐D method. We find it to be more accurate than related screened‐exchange methods and, importantly, its accuracy is more uniform across different properties. Fundamentally, our analysis suggests that the good performance of the reHISS exchange is related to it capturing a near‐optimal proportion of HFX in the range of interelectronic distance that is important for many chemical properties, and we propose this range to be approximately 1–4Å. © 2018 Wiley Periodicals, Inc.