SHAREHOLDER FEES
(fees paid directly from
your investment) |
| |
ANNUAL FUND OPERATING
EXPENSES
(expenses that you pay
each year as a percentage of the value of your
investment) | ||
MANAGEMENT FEES |
| |
DISTRIBUTION (12b-1) FEES |
| |
OTHER EXPENSES |
| |
Short Interest Expenses |
|
|
Remaining Expenses |
|
|
ACQUIRED FUND FEES AND EXPENSES* |
| |
TOTAL ANNUAL OPERATING
EXPENSES |
|
* |
|
|
1 YEAR |
3 YEARS |
5 YEARS |
10 YEARS |
AdvisorShares Ranger
Equity Bear ETF |
$ |
$ |
$ |
$ |
|
Return |
Quarter/
Year |
Highest Return |
|
|
Lowest Return |
- |
|
ADVISORSHARES RANGER
EQUITY BEAR ETF |
1 Year |
5 Year |
Since
Inception ( | ||
Return Before Taxes Based on
NAV |
- |
- |
- | ||
Return After Taxes on
Distributions |
- |
- |
- | ||
Return After Taxes on Distributions and Sale
of Fund Shares |
- |
- |
- | ||
S&P 500 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
Name |
Title |
AdvisorShares Investments, LLC | Advisor |
Ranger
Alternative Management, L.P
. |
Sub-Advisor |
Name and Title |
Length of Service with
Sub-Advisor | |
John Del Vecchio,
CFA, Portfolio
Manager Brad H. Lamensdorf,
Portfolio Manager,
Trading and Market Strategist |
since
August 2007
since
February 2009
|
· |
quality and sustainability of revenue, as indicated by extended payment terms, changes in revenue policies or other factors; |
· |
deterioration of cash flows or declining quality of earnings; reserve reversals or an increase in “soft” assets which could indicate the capitalization of expenses; and |
· |
an analysis of irregular items affecting operating or gross margins including inventory, payables and taxes. |
· |
poor corporate governance or significant related party transactions; |
· |
heavy insider selling; and |
· |
unique competitive challenges that might make for a more compelling short position. |
· |
Opportunity
Set – Stocks are assessed on individual merits and relative to both
existing holdings and other stocks competing for
inclusion. |
· |
Valuation/Catalyst –
Valuation metrics are used to a lesser extent in assessing short
positions. But, qualifying the impact of red flags on the reported
earnings to determine the magnitude of the differences between the
reported earnings per share and an estimate of the sustainability of
earnings is very important. |
· |
Technical
Factors – Technical factors are considered in conjunction with
fundamental factors to determine the appropriate initial weighting at the
entry point into the portfolio. Technical analysis is important to a short
portfolio, as the Sub-Advisor generally avoids initiating short positions
in stocks making all-time price highs, 52-week highs in price, or in
strong upward trends which may capture the attention of short-term and
momentum traders. In general, the Sub-Advisor seeks to identify stocks
with prices beginning to under-perform the market, show distribution or
stall its price ascent prior to inclusion into the Fund’s
portfolio. |
· |
the Fund makes distributions; |
· |
you sell Fund shares; and |
· |
you purchase or redeem Creation Units
(authorized participants only). |
· |
The Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains income. |
· |
The Fund’s distributions from income and net
short-term capital gains will generally be taxed to you as ordinary
income. For non-corporate shareholders, dividends reported by the Fund as
qualified dividend income are generally eligible for reduced tax rates
applicable to long-term capital gains, provided holding period and other
requirements are met. Qualified dividend income generally is income
derived from dividends paid by U.S. corporations or certain foreign
corporations that are either incorporated in a U.S. possession or eligible
for tax benefits under certain U.S. income tax treaties. In addition,
dividends that the Fund receives in respect of stock of certain foreign
corporations may be qualified dividend income if that stock is readily
tradable on an established U.S. securities market. For such dividends to
be taxed as qualified dividend income to a non-corporate shareholder, the
Fund must satisfy certain holding period requirements with respect to the
underlying stock and the non-corporate shareholder must satisfy holding
period requirements with respect to his or her ownership of the Fund’s
shares. Holding periods may be suspended for these purposes for stock that
is hedged. In general, dividends received by the Fund from an ETP taxable
as a RIC may be distributed and reported as qualified dividend income by
the Fund to the extent the dividend distributions are distributed and
reported as qualified dividend income by the ETP. The Fund’s investment
strategies will significantly limit its ability to distribute dividends
eligible for treatment as qualified dividend
income. |
· |
Corporate shareholders may be entitled to a
dividends received deduction for the portion of dividends they receive
that are attributable to dividends received by the Fund (directly or in
some cases indirectly) from U.S. corporations, subject to certain
limitations. The Fund’s investment strategies will significantly limit its
ability to distribute dividends eligible for the dividends received
deduction for corporate shareholders. |
· |
Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional shares. |
· |
In general, your distributions are subject to
federal income tax for the year in which they are paid. However,
distributions paid in January but declared by the Fund in October,
November or December of the previous year may be taxable to you in the
previous year. |
· |
Shortly after the close of each calendar year, the Fund (or your broker) will inform you of the amount of your ordinary income dividends, qualified dividend income, and net capital gain distributions received from the Fund. |
· |
You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment. |
AdvisorShares
Ranger Equity Bear ETF
(1) |
|
Years Ended June 30, |
| |||||||||||||||||
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
| ||||||
Selected Data for a Share of Capital Stock
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of
Year/Period |
|
$ |
48.55 |
|
|
$ |
63.84 |
|
|
$ |
78.01 |
|
|
$ |
85.65 |
|
|
$ |
106.05 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Investment Income (Loss)
(2) |
|
|
(1.59 |
) |
|
|
(0.64 |
) |
|
|
0.13 |
|
|
|
(1.34 |
) |
|
|
(2.00 |
) |
Net Realized and Unrealized Loss |
|
|
(23.96 |
) |
|
|
(14.55 |
) |
|
|
(14.30 |
) |
|
|
(6.30 |
) |
|
|
(18.40 |
) |
Distributions of Net Realized Gains by other
investment companies |
|
|
0.00 |
(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net
Decrease in Net Assets Resulting from Investment Operations
(4) |
|
|
(25.55 |
) |
|
|
(15.19 |
) |
|
|
(14.17 |
) |
|
|
(7.64 |
) |
|
|
(20.40 |
) |
Distributions from Net Investment
Income |
|
|
— |
|
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Distributions |
|
|
— |
|
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Asset Value, End of Year/Period |
|
$ |
23.00 |
|
|
$ |
48.55 |
|
|
$ |
63.84 |
|
|
$ |
78.01 |
|
|
$ |
85.65 |
|
Market Value, End of Year/Period |
|
$ |
23.00 |
|
|
$ |
48.50 |
|
|
$ |
63.90 |
|
|
$ |
77.80 |
|
|
$ |
85.50 |
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investment Return Based on Net Asset Value
(5) |
|
|
(52.62 |
)% |
|
|
(23.79 |
)% |
|
|
(18.16 |
)% |
|
|
(8.92 |
)% |
|
|
(19.24 |
)% |
Total
Investment Return Based on Market
(5) |
|
|
(52.58 |
)% |
|
|
(23.94 |
)% |
|
|
(17.87 |
)% |
|
|
(9.01 |
)% |
|
|
(19.42 |
)% |
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Year/Period (000’s
omitted) |
|
$ |
50,655 |
|
|
$ |
162,019 |
|
|
$ |
135,814 |
|
|
$ |
133,587 |
|
|
$ |
174,504 |
|
Ratio to Average Net Assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
net of expense waivers and reimbursements
(6) |
|
|
4.90 |
%
(7) |
|
|
3.10 |
%
(7) |
|
|
2.94 |
%
(7) |
|
|
2.52 |
%
(7) |
|
|
2.67 |
%
(7) |
Expenses,
prior to expense waivers and reimbursements
(6) |
|
|
4.90 |
%
(7) |
|
|
3.10 |
%
(7) |
|
|
2.94 |
%
(7) |
|
|
2.52 |
%
(7) |
|
|
2.67 |
%
(7) |
Net
Investment Income (Loss)
(6) |
|
|
(4.49 |
)% |
|
|
(1.07 |
)% |
|
|
0.18 |
% |
|
|
(1.63 |
)% |
|
|
(2.15 |
)% |
Portfolio
Turnover Rate
(8) |
|
|
669 |
% |
|
|
593 |
% |
|
|
338 |
% |
|
|
301 |
% |
|
|
245 |
% |
(1) |
After the close of business on February 5,
2021, the Fund’s applicable class underwent a reverse stock split. The per
share data presented here has been retroactively adjusted to reflect this
split. See Note 1 of the Notes to Financial
Statements. |
(2) |
Based on average shares
outstanding. |
(3) |
Amount represents less than $0.005 or
0.005%. |
(4) |
The amount shown for a share distribution
throughout the period may not correlate with the Statement of Operations
for the period due to the timing of sales and repurchases of Fund Shares
in relation to income earned and/or fluctuating fair value of the
investments of the Fund. |
(5) |
Net asset value total investment return is
calculated assuming an initial investment made at the net asset value at
the beginning of the period, reinvestment of all dividends and
distributions on ex-date, if any, at net asset value during the period,
and redemption on the last day of the period. Periods less than one
year are not annualized. Market value total return is calculated
assuming an initial investment made at the market value at the beginning
of the period, reinvestment of all dividends and distributions at market
value during the period on pay date, and sale at the market value on the
last day of the period. |
(6) |
Ratios of periods of less than one year have
been annualized. Excludes expenses incurred by the underlying investments
in other funds. |
(7) |
The expense ratio includes interest and
dividend expenses on short sales of 3.14%, 1.42%, 1.22%, 0.84%, and 1.03%
for the periods ended June 30, 2021, June 30, 2020, June 30, 2019, June
30, 2018, and June 30, 2017, respectively. |
(8) |
Portfolio turnover rate is not annualized and
excludes the value of portfolio securities received or delivered as
in-kind creations or redemptions of the Fund’s capital
shares. |
Advisor |
AdvisorShares Investments,
LLC 4800
Montgomery Lane, Suite 150
Bethesda,
Maryland 20814
|
Sub-Advisor |
Ranger Alternative
Management, L.P. 2828
N. Harwood Street, Suite 1900
Dallas,
Texas 75201 |
Distributor |
Foreside Fund Services,
LLC Three
Canal Plaza, Suite 100
Portland,
Maine 04101
|
Legal Counsel |
Morgan, Lewis &
Bockius LLP 1111
Pennsylvania Avenue, NW
Washington,
DC 20004 |
Administrator, Custodian & Transfer Agent |
The Bank of New York
Mellon 240
Greenwich Street
New
York, New York 10286
|