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(QEH) QAM Equity Hedge ETF

Overview

How QEH Works

The AdvisorShares QAM Equity Hedge ETF (NYSE Arca: QEH) seeks investment results that exceed the risk adjusted performance of approximately 50% of the long/short equity hedge fund universe as defined by the HFRI Equity Hedge Total Index constituents. QEH is managed by Commerce Asset Management (“Portfolio Manager”).

The Portfolio Manager seeks to achieve the objective by employing an actively managed long/short equity strategy that attempts to gain global net equity exposures that approximate those of the universe of managers in the HFRI Equity Hedge Total Index. Additionally, the Portfolio Manager uses quantitative analysis, including proprietary analytics, combined with the Portfolio Manager’s qualitative knowledge of the hedge fund universe to define and track the various market factors and relative exposures in order to adjust QEH’s portfolio as necessary.

Fund Documents

Portfolio Manager Commentaries

QEH in the News

The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.
12/30/2014 -

AdvisorShares Press Release, AdvisorShares Announces December 2014 Distributions

01/15/2014 - Arthur, Kim. "Main's Arthur: A True Hedge Fund In An ETF." http://www.indexuniverse.com/sections/etf-strategist-corner/20930-mains-arthur-a-true-hedge-fund-in-an-etf.html?fullart=1&start=3
12/31/2013 -

AdvisorShares Press Release, AdvisorShares Announces December 2013 Distributions

06/03/2013 - Braham, Lewis. "Attack of the Hedge Fund Clones." http://www.bloomberg.com/news/2013-06-03/attack-of-the-hedge-fund-clones.html
12/28/2012 -

AdvisorShares Press Release, AdvisorShares Announces December 2012 Distributions

Performance -Month-End

QEH Performance History (%) as of 06/30/2016
 NAVMarket Price ReturnHFRI Equity Hedge (Total) Index
1 Month-0.32-0.30-0.45
3 Months0.610.641.36
YTD-0.261.43-0.38
1 Year-5.76-5.72-5.00
3 Years1.861.953.06
Since Inception
(08/07/2012)
2.852.87-

Performance -Quarter-End

QEH Performance History (%) as of 06/30/2016
 NAVMarket Price ReturnHFRI Equity Hedge (Total) Index
1 Month-0.32-0.30-0.45
3 Months0.610.641.36
YTD-0.261.43-0.38
1 Year-5.76-5.72-5.00
3 Years1.861.953.06
Since Inception
(08/07/2012)
2.852.87-

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 HFRI Equity Hedge (Total) Index is a fund-weighted index of select hedge funds focusing on Equity Hedge strategies. Equity Hedge investing consists of a core holding of long equities hedged at all times with short sales of stocks and/or stock index options. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
12-28-16
12-30-16
01-04-17
-----
12-29-15
12-31-15
01-05-16
$0.00$0.2555$0.0731$0.00$0.3286/per share
12-29-14
12-31-14
01-05-15
$0.00$0.096$0.121$0.00$0.216/per share
12-27-13
12-31-13
01-03-14
$0.00$0.370$0.107$0.00$0.477/per share
12-27-12
12-31-12
01-03-13
$0.075$0.102$0.00$0.00$0.178/per share
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Why Invest in QEH?

  • Risk-Adjusted Returns - Investing in QEH attempts to provide an investor with better risk adjusted returns versus the S&P 500 Index over time while reducing the time required and expertise needed to select individual hedge funds.
  • Access to Liquid Alternatives - To gain access to an alternative investment strategy that is fully transparent and has intraday liquidity.
  • Turnkey Solution to Allocating to Long/Short Equity - Reduce the time spent, cost of researching, and risk of selecting individual hedge fund managers. QEH provides a solution for adding this to a diversified investment portfolio.
  • Precision is Key - QEH seeks high correlation to the benchmark index in order to provide investors an investable solution to an otherwise non-investable index. QEH’s actively managed approach seeks to perform better than 50% of the long short equity hedge fund manager universe as tracked by HFRI.

5 Key Attributes

  1. Diversified Exposure - QEH invests in a diversified portfolio of securities such as ETFs, ETNs and currencies that offer investors diversified exposure to global regions, countries, investment styles (i.e., value, growth), sectors and industries.
  2. Net Market Exposure - QEH’s net market exposure typically ranges from 40% to 60% (although exposures may be more or less).
  3. Diversified Hedge Fund Strategy - QEH attempts to closely track the risk/return profile of the non-investible HFRI Equity Hedge Total Index on a monthly basis, while seeking to out perform that index benchmark over time.
  4. Potentially Lower Volatility - QEH’s moderate net market exposure of between 40% and 60% may result in volatility that is lower than that of a fully allocated global equity fund.
  5. Extensive Hedge Fund Investor Knowledge - The Portfolio Managers have almost 30 years of combined experience in researching hedge funds, along with investing in hedge funds and managing hedge fund of fund portfolios.

About the Portfolio Manager

Kurt Voldeng, CAIA – Chief Operating Officer & Portfolio Manager
Mr. Voldeng’s responsibilities include portfolio management for QEH. In addition, Mr. Voldeng evaluates, structures, and monitors non-traditional investment assets for both institutional and individual clients. Prior to joining the Sub-Advisor in 2011, Mr. Voldeng began his career with Consulting Services Group, LLC as an analyst in 1990. From 1999 to 2011, he served as an executive vice president and senior consultant focusing on alternative investments. During Mr. Voldeng’s tenure, he managed over $1 billion in discretionary customized hedge fund portfolio assets and consulted on over $6 billion in hedge fund assets.

Mr. Voldeng earned both a B.S. in Finance and M.B.A. from the University of Memphis and is a Chartered Alternative Investment Analyst (CAIA).

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Morningstar Rating ™

10 Yr 5 Yr 3 Yr Overall Category # in Overall Category
N/A N/A Long/Short Equity 172
Overall Morningstar rating is derived from a weighted average of the fund's 3-, 5-, and 10-year (if applicable) risk-adjusted returns as of 06/30/2016. Category consists of 172 funds in 3 year, 93 in 5 year, and 25 in 3 year.

Manager Minutes, July 2016

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Price History

As of: 07/27/2016
NAV$27.21Closing Price$27.14
ChangeChange
Shares Outstanding200,000Volume100
4PM Bid/Offer Midpoint$27.21Premium/Discount
Assets Under Management$5,441,621.19
Premium/Discount Historical Data

 

Long Holdings

As of: 07/27/2016
Ticker Name Weight
--- JP MORGAN PRIME MMKT INST 829 17.88%
SHV ISHARES SHORT TREASURY BOND ETF 6.64%
BIL SPDR BARCLAYS 1-3 MONTH T-BILL 6.60%
GSY GUGGENHEIM ENHANCED SHORT DU 5.12%
HOLD ADVISORSHARES SAGE CORE RESE 5.12%
ULST SPDR ULTRA SHORT-TERM BOND 4.27%
RSP GUGGENHEIM S&P 500 EQUAL WEI 4.07%
HAO GUGGENHEIM CHINA SMALL CAP E 3.77%
IWC ISHARES MICRO-CAP ETF 2.55%
MTUM ISHARES EDGE MSCI USA MOMENT 2.47%
RYJ GUGGENHEIM RAYMOND JAMES SB- 2.45%
VB VANGUARD SMALL-CAP ETF 2.06%
PFF ISHARES US PREFERRED STOCK ETF 1.75%
BTAL QUANTSHARES US MN ANTI BETA 1.67%
IWF ISHARES RUSSELL 1000 GROWTH ETF 1.54%
DBJP DEUTSCHE X-TRACKERS MSCI JAP 1.47%
RFG GUGGENHEIM S&P MIDCAP 400 PU 1.45%
SMIN ISHARES MSCI INDIA SMALL-CAP 1.41%
IWD ISHARES RUSSELL 1000 VALUE ETF 1.40%
SBIO ALPS MEDICAL BREAKTHROUGHS 1.33%
FDN FIRST TRUST DJ INTERNET IND 1.29%
DBEU DEUTSCHE X-TRACKERS MSCI EUR 1.25%
RYT GUGG S&P 500 EQ WGT TECH 1.21%
RYH GUGG S&P 500 EQ WGT HEALTH 1.11%
FM ISHARES MSCI FRONTIER 100 1.10%
BRF VANECK VECTORS BRAZIL SMALL- 1.02%
EWX SPDR S&P EMERGING MARKETS SMALLCAP ETF 0.96%
RSX VANECK VECTORS RUSSIA ETF 0.92%
JPXN ISHARES JPX-NIKKEI 400 ETF 0.83%
IHF ISHARES U.S. HEALTHCARE PROV 0.81%
KBE SPDR S&P BANK ETF 0.76%
IBB ISHARES NASDAQ BIOTECHNOLOGY 0.75%
RXI ISHARES GLOBAL CONSUMER DISC 0.75%
FRAK VANECK VECTORS UNCONVENTIONA 0.70%
PEK VANECK VECTORS CHINAAMC CSI 0.70%
IXJ ISHARES GLOBAL HEALTHCARE ET 0.63%
PWC POWERSHARES DYNAMIC MKT PORT 0.60%
IWO ISHARES RUSSELL 2000 GROWTH ETF 0.59%
AMJ JPMORGAN ALERIAN MLP INDEX ETN 0.56%
JSC SPDR RUSSELL/NOMURA S/C JPN 0.52%
CGW GUGGENHEIM S&P GLOBAL WATER 0.47%
BBC BIOSHARES BIOTECHNOLOGY CLIN 0.47%
DFE WISDOMTREE EUR S/C DIVIDEND 0.45%
EWZ ISHARES MSCI BRAZIL CAPPED ETF 0.40%
RSXJ VANECK VECTORS RUSSIA SMALL- 0.37%
EWU ISHARES MSCI UNITED KINGDOM 0.36%
EFA ISHARES MSCI EAFE ETF 0.36%
PPH VANECK VECTORS PHARMACEUTICAL ETF 0.36%
VSS VANGUARD FTSE ALL WO X-US SC 0.34%
GMF SPDR S&P EMERGING ASIA PACIF 0.34%
PTF POWERSHARES DWA TECHNOLOGY M 0.32%
MES VANECK VECTORS GULF STATES I 0.29%
EIRL ISHARES MSCI IRELAND CAPPED 0.29%
SCIN EGSHARES INDIA SMALL CAP ETF 0.26%
IGE ISHARES NORTH AMERICAN NATUR 0.25%
MOM QUANTSHARES US MN MOMENTUM 0.24%
EPP ISHARES MSCI PACIFIC EX JAPA 0.24%
NGE GLOBAL X MSCI NIGERIA ETF 0.23%
EUFN ISHARES MSCI EUROPE FINANCIA 0.23%
CWB SPDR BARCLAYS CONVERTIBLE SECURITIES ETF 0.23%
KWEB KRANESHARES CSI CHINA INTERN 0.23%
PSCT POWERSHARES S&P SC INFO TECH 0.19%
RCD GUGG S&P 500 EQ WGT CONS DIS 0.17%
QABA FIRST TRUST NASDAQ ABA CBIF 0.17%
EWH ISHARES MSCI HONG KONG ETF 0.16%
VNM VANECK VECTORS VIETNAM ETF 0.16%
CQQQ GUGGENHEIM CHINA TECHNOLOGY 0.12%
RYE GUGG S&P 500 EQ WGT ENERGY 0.11%
IWN ISHARES RUSSELL 2000 VALUE ETF 0.10%
IAI ISHARES U.S. BROKER-DEALERS 0.10%
PSCE POWERSHARES S&P SC ENERGY 0.10%
EEM ISHARES MSCI EMERGING MARKETS ETF 0.09%
YMLI VANECK VECTORS HIGH INCOME I 0.09%
GLD SPDR GOLD SHARES 0.08%
KIE SPDR S&P INSURANCE ETF 0.07%
EGPT VANECK VECTORS EGYPT INDEX E 0.06%
XHE SPDR S&P HEALTH CARE EQUIPME 0.04%

Short Holdings

As of: 07/27/2016
Ticker Name Weight
--- CASH -0.60%

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. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.

Fund Basics

  • Symbol

    QEH

  • Exchange

    NYSE Arca

  • Inception Date

    08/07/2012

  • CUSIP

    00768Y750

  • Indicative Value

    QEH.IV

  • Options

    No

Fees & Expenses

  • Management Fee

    1.00%

  • Short Interest Expense

    0.15%

  • Other Expenses

    1.68%

  • Acquired Fund Fees

    0.38%

  • Gross Expense Ratio

    3.21%

  • Fee Waiver and/or Expense Reimbursement

    -1.18%

  • Net Expense Ratio

    2.03%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 1.50% for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees.