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(DIVI) Athena High Dividend ETF

Overview

How DIVI Works

The AdvisorShares Athena High Dividend ETF (NYSE Arca: DIVI) seeks long-term capital appreciation. DIVI is managed by AthenaInvest Advisors, LLC (“Portfolio Manager”), who uses a behavioral finance approach to identifying securities for DIVI’s portfolio. Stocks are screened and selected using the Portfolio Manager’s patented research. The research measures behavioral factors of active equity fund investment managers (strategy, consistency and conviction) and identifies stocks which are held in the top relative weight positions of their portfolios. The Portfolio Manager then screens for high dividend securities from this universe and the portfolio is dividend weighted. Sector, strategy and country diversification are used to reduce risk.

Fund Documents

Portfolio Manager Commentaries

DIVI Fund Statistics & Regional Allocation

as of 05/31/2016
  DIVI
Indicated Yield 6.38%
30-Day SEC Subsidized Yield 5.53%
30-Day SEC Unsubsidized Yield 4.58%

Past Performance is not indicative of future results. Indicated Yield is the dividend yield that a share of stock would return based on its current indicated dividend. Indicated yield is calculated by dividing the most recent dividend multiplied by the number of dividend payments each year (the indicated dividend) by the current share price. Because common stock dividends can change instead of remain constant, the indicated yield is an estimate only. 30–Day SEC Yield (Standardized Yield) is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30-day period by the current maximum offering price. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.

DIVI Regional Allocation (as of 05/31/2016)

DIVI in the News

01/23/2015 -

(Audio) Dr Tom Howard on Bloomberg Radio: "Howard Says Investors Rely on Primitive Emotions" on "Taking Stock with Carol Massar and Michael McKee." bloomberg.com

12/30/2014 -

AdvisorShares Press Release, AdvisorShares Announces December 2014 Distributions

11/19/2014 -

(Audio) Dr Tom Howard on Bloomberg Radio: "Take Foot off Emotional Breaks" on "Taking Stock with Carol Massar and Michael McKee." bloomberg.com

09/26/2014 -

AdvisorShares Press Release, AdvisorShares Announces September 2014 Distributions

08/14/2014 - "Taking Stock with Pimm Fox and Carol Massar." http://www.bloomberg.com/news/2014-08-14/taking-stock-sansoterra-murray-howard.html

Performance -Month-End

DIVI Performance History (%) as of 05/31/2016
 NAVMarket Price ReturnMSCI AC World Index
1 Month-0.66-0.600.13
3 Months9.939.969.13
YTD10.0210.121.85
1 Year-16.84-16.77-5.42
Since Inception
(07/29/2014)
-18.31-18.26-1.59

Performance -Quarter-End

DIVI Performance History (%) as of 03/31/2016
 NAVMarket Price ReturnMSCI AC World Index
1 Month10.9310.927.41
3 Months11.0211.070.24
YTD11.0211.070.24
1 Year-13.95-13.96-4.34
Since Inception
(07/29/2014)
-19.51-19.48-2.68

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The MSCI AC World Index is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
07-25-16
07-27-16
07-29-16
-----
06-24-16
06-28-16
06-30-16
$0.0406$0.00$0.00$0.00$0.0406/per share
05-24-16
05-26-16
05-31-16
$0.0228$0.00$0.00$0.00$0.0228/per share
04-25-16
04-27-16
04-29-16
$0.0664$0.00$0.00$0.00$0.0664/per share
03-24-16
03-29-16
03-31-16
$0.0690$0.00$0.00$0.00$0.0690/per share
02-23-16
02-25-16
02-29-16
$0.0282$0.00$0.00$0.00$0.0282/per share
01-25-16
01-27-16
01-29-16
$0.0029$0.00$0.00$0.00$0.0029/per share
12-24-15
12-29-15
12-31-15
$0.0592$0.00$0.00$0.00$0.0592/per share
11-23-15
11-25-15
11-30-15
$0.0307$0.00$0.00$0.00$0.0307/per share
10-26-15
10-28-15
10-30-15
$0.0510$0.00$0.00$0.00$0.0510/per share
09-24-15
09-28-15
09-30-15
$0.0642$0.00$0.00$0.00$0.0642/per share
08-25-15
08-27-15
08-31-15
$0.0257$0.00$0.00$0.00$0.0257/per share
07-24-15
07-28-15
07-30-15
$0.0249$0.00$0.00$0.00$0 0249/per share
06-24-15
06-26-15
06-30-15
$0.2949$0.00$0.00$0.00$0 2949/per share
03-25-15
03-27-15
03-31-15
$0.1782$0.00$0.00$0.00$0.1782/per share
12-24-14
12-29-14
12-31-14
$0.229$0.00$0.00$0.00$0.229/per share
09-24-14
09-26-14
09-30-14
$0.084$0.00$0.00$0.00$0.084/per share
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Why Invest in DIVI?

  • Potential for Dividend Income - DIVI offers the opportunity for higher dividend income, with less principal than traditional fixed income options in a low-interest rate environment. Investors may also mitigate the potential issue of portfolio devaluation in a rising interest rate environment.
  • For Capital Growth - A portfolio of high dividend-paying equities can also deliver the potential added benefit of capital growth which can act as a hedge against inflation with growing income and growing principal. Dividend yield and dividend growth have accounted for the majority of long-term stock returns.
  • For Global Diversification - By investing in a global portfolio of dividend paying stocks, investors can benefit from global diversification. Flexibility to select attractive stocks from around the globe can provide more opportunities as well as help to protect against sector and regional variability.

Where can DIVI Fit in a Traditional Portfolio?

DIVI is a diversified global equity fund with an emphasis on generating yield for fund holders through high dividends. The Portfolio Manager builds the fund based on high conviction picks from active equity portfolio managers while still maintaining diversification at the strategy, sector and country level.

DIVI may be an attractive core equity portfolio with global diversification, active management and the fundamental value of dividends for total returns.

5 Key Attributes

  1. Patented Behavioral Research for Stock Selection - DIVI is managed by C.Thomas Howard, PhD. Founder of AthenaInvest and Professor Emeritus University of Denver. He uses patented behavioral research and statistical models to identify the most attractive stocks globally for capital growth and dividend yield. This disciplined process analyzes behavioral indicators of active equity fund investment managers, which can be predictive of performance and produces an output of stocks not influenced by earnings announcements, headline risk, or any other momentum or traditional market valuation techniques.
  2. Range Of Securities - DIVI may invest in a range of securities including common stocks, American depositary receipts (ADRs), equity REITs, mortgage REITs, master limited partnerships (MLPs), closed-end funds (CEFs) and business development companies (BDCs). This flexibility means that DIVI can take advantage of a broader range of investment opportunities when they arise.
  3. Designed for Competitive Returns - DIVI is an actively managed ETF that seeks to deliver a high yield and outperform its broad benchmark through active stock selection and a flexible allocation.
  4. Dividend Overlay - The Portfolio Manager utilizes a dividend overlay whereby stocks are selected from a high dividend universe and then the final portfolio is dividend weighted.
  5. Monthly Dividends - DIVI is designed to deliver dividend income each month.

About the Portfolio Manager

C. Thomas Howard, Ph.D., Chief Executive Officer, Chief Investment Officer and Director of Research.
Dr. Howard founded AthenaInvest Advisors, Inc. in 2005 and currently serves as Chief Executive Officer, Director of Research, and Chief Investment Officer. Dr. Howard’s responsibilities include conducting the basic research underlying the Sub-Advisor’s investment processes; structuring and monitoring investment portfolios; and making all buy and sell decisions. Dr. Howard is a Professor Emeritus at the Reiman School of Finance, Daniels College of Business, University of Denver, where for over 30 years he taught courses and published articles in the areas of investment management and international finance. After receiving a BS in Mechanical engineering at the University of Idaho, Dr. Howard then entered Oregon State University, where he received an MS in Management Science after which he received a Ph.D. in Finance from the University of Washington.

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Manager Minutes, April 2016

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Price History

As of: 06/23/2016
NAV$16.83Closing Price$16.50
Change$0.28Change
Shares Outstanding450,000Volume100
4PM Bid/Offer Midpoint$16.83Premium/Discount
Assets Under Management$7,572,693.05
Premium/Discount Historical Data

 

Holdings

As of: 06/23/2016
Ticker Name Weight
PACW PACWEST BANCORP 4.11%
PHI PHILIPPINE LONG DIST -SP ADR 3.90%
VEDL VEDANTA LTD-ADR 3.82%
HPT HOSPITALITY PROPERTIES TRUST 3.31%
CEO CNOOC LTD-SPON ADR 3.25%
EOCA ENDESA AMERICAS SA - ADR 3.14%
FTR FRONTIER COMMUNICATIONS CORP 3.08%
CHT CHUNGHWA TELECOM LT-SPON ADR 3.04%
EC ECOPETROL SA-SPONSORED ADR 2.99%
CVI CVR ENERGY INC 2.95%
OMAB GRUPO AEROPORTUARIO CEN-ADR 2.93%
OKE ONEOK INC 2.86%
AVAL GRUPO AVAL ACCIONES Y VALORE 2.85%
WF WOORI BANK - SPON ADR 2.81%
APO APOLLO GLOBAL MANAGEMENT - A 2.78%

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change.

Fund Basics

  • Symbol

    DIVI

  • Exchange

    NYSE Arca

  • Inception Date

    07.29.2014

  • CUSIP

    00768Y628

  • Indicative Value

    DIVI.IV

  • Options

    No

Fees & Expenses

  • Management Fee

    0.80%

  • Other Expenses

    0.91%

  • Acquired Fund Fees

    0.31%

  • Gross Expense Ratio

    2.02%

  • Fee Waiver and/or Expense Reimbursement

    -0.72%

  • Net Expense Ratio

    1.30%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets until at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated.