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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 04/30/2016
 NAVMarket Price ReturnHFRI Equity Hedge (Total) Index
1 Month0.680.641.03
3 Months4.254.294.02
YTD-0.191.43-0.70
1 Year-6.48-5.65-5.29
3 Years1.181.312.80
Since Inception
(08/07/2012)
3.003.00-

Performance -Quarter-End

QEH Performance History (%) as of 03/31/2016
 NAVMarket Price ReturnHFRI Equity Hedge (Total) Index
1 Month4.003.713.45
3 Months-0.860.78-1.69
YTD-0.860.78-1.69
1 Year-5.87-5.76-4.52
3 Years1.221.222.58
Since Inception
(08/07/2012)
2.882.88-

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 165
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 04/30/2016. Category consists of 165 funds in 3 year, 85 in 5 year, and 25 in 3 year.

Manager Minutes, May 2016

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Price History

As of: 05/30/2016
NAV$26.76Closing Price$26.77
Change$0.05Change$-0.08
Shares Outstanding200,000Volume1,962
4PM Bid/Offer Midpoint$26.76Premium/Discount
Assets Under Management$5,351,604.94
Premium/Discount Historical Data

 

Long Holdings

As of: 05/30/2016
Ticker Name Weight
--- JP MORGAN PRIME MMKT INST 829 19.27%
SHV ISHARES SHORT TREASURY BOND ETF 6.75%
BIL SPDR BARCLAYS 1-3 MONTH T-BILL 6.71%
HOLD ADVISORSHARES SAGE CORE RESE 5.20%
GSY GUGGENHEIM ENHANCED SHORT DU 5.20%
--- CASH 4.70%
RSP GUGGENHEIM S&P 500 EQUAL WEI 4.36%
ULST SPDR ULTRA SHORT-TERM BOND 4.32%
HAO GUGGENHEIM CHINA SMALL CAP E 4.19%
RYJ GUGGENHEIM RAYMOND JAMES SB- 3.41%
MTUM ISHARES EDGE MSCI USA MOMENT 2.52%
IWC ISHARES MICRO-CAP ETF 2.37%
JSC SPDR RUSSELL/NOMURA S/C JPN 1.70%
IWF ISHARES RUSSELL 1000 GROWTH ETF 1.44%
EWX SPDR S&P EMERGING MARKETS SMALLCAP ETF 1.38%
FDN FIRST TRUST DJ INTERNET IND 1.29%
EWUS ISHARES MSCI UNITED KINGDOM 1.25%
PFF ISHARES US PREFERRED STOCK ETF 1.22%
SBIO ALPS MEDICAL BREAKTHROUGHS 1.16%
FM ISHARES MSCI FRONTIER 100 1.15%
SMIN ISHARES MSCI INDIA SMALL-CAP 1.13%
RFG GUGGENHEIM S&P MIDCAP 400 PU 1.08%
IWD ISHARES RUSSELL 1000 VALUE ETF 1.08%
RYH GUGG S&P 500 EQ WGT HEALTH 1.08%
JPXN ISHARES JPX-NIKKEI 400 ETF 0.93%
RXI ISHARES GLOBAL CONSUMER DISC 0.87%
RYT GUGG S&P 500 EQ WGT TECH 0.86%
IGE ISHARES NORTH AMERICAN NATUR 0.85%
EWZ ISHARES MSCI BRAZIL CAPPED ETF 0.82%
BRF VANECK VECTORS BRAZIL SMALL- 0.77%
EFA ISHARES MSCI EAFE ETF 0.77%
RSX VANECK VECTORS RUSSIA ETF 0.73%
IHF ISHARES U.S. HEALTHCARE PROV 0.71%
BTAL QUANTSHARES US MN ANTI BETA 0.70%
PWC POWERSHARES DYNAMIC MKT PORT 0.69%
VB VANGUARD SMALL-CAP ETF 0.69%
IBB ISHARES NASDAQ BIOTECHNOLOGY 0.66%
FRAK VANECK VECTORS UNCONVENTIONA 0.61%
NGE GLOBAL X MSCI NIGERIA ETF 0.55%
IXJ ISHARES GLOBAL HEALTHCARE ET 0.53%
IWO ISHARES RUSSELL 2000 GROWTH ETF 0.50%
GLD SPDR GOLD SHARES 0.49%
KBE SPDR S&P BANK ETF 0.49%
PEK VANECK VECTORS CHINAAMC CSI 0.47%
EUFN ISHARES MSCI EUROPE FINANCIA 0.45%
FEZ SPDR EURO STOXX 50 ETF 0.43%
EIRL ISHARES MSCI IRELAND CAPPED 0.35%
PPH VANECK VECTORS PHARMACEUTICAL ETF 0.34%
EWH ISHARES MSCI HONG KONG ETF 0.32%
DFE WISDOMTREE EUR S/C DIVIDEND 0.31%
KWEB KRANESHARES CSI CHINA INTERN 0.30%
RSXJ VANECK VECTORS RUSSIA SMALL- 0.28%
RCD GUGG S&P 500 EQ WGT CONS DIS 0.26%
ICLN ISHARES GLOBAL CLEAN ENERGY 0.26%
MES VANECK VECTORS GULF STATES I 0.24%
AMJ JPMORGAN ALERIAN MLP INDEX ETN 0.22%
GMF SPDR S&P EMERGING ASIA PACIF 0.21%
CWB SPDR BARCLAYS CONVERTIBLE SECURITIES ETF 0.20%
MOM QUANTSHARES US MN MOMENTUM 0.20%
BBC BIOSHARES BIOTECHNOLOGY CLIN 0.19%
EWG ISHARES MSCI GERMANY ETF 0.19%
VNM VANECK VECTORS VIETNAM ETF 0.16%
YMLI VANECK VECTORS HIGH INCOME I 0.16%
EPP ISHARES MSCI PACIFIC EX JAPA 0.15%
EWU ISHARES MSCI UNITED KINGDOM 0.15%
PTF POWERSHARES DWA TECHNOLOGY M 0.14%
KIE SPDR S&P INSURANCE ETF 0.13%
EEM ISHARES MSCI EMERGING MARKETS ETF 0.12%
RYE GUGG S&P 500 EQ WGT ENERGY 0.12%
IAI ISHARES U.S. BROKER-DEALERS 0.12%
PSCT POWERSHARES S&P SC INFO TECH 0.11%
IDX VANECK VECTORS INDONESIA IND 0.11%
CQQQ GUGGENHEIM CHINA TECHNOLOGY 0.11%
TAN GUGGENHEIM SOLAR ETF 0.10%
IWN ISHARES RUSSELL 2000 VALUE ETF 0.09%
QABA FIRST TRUST NASDAQ ABA CBIF 0.07%
HACK PUREFUNDS ISE CYBER SECURITY ETF 0.04%

Short Holdings

As of: 05/30/2016
Ticker Name Weight
FXY CURRENCYSHARES JAPANESE YEN TRUST -2.58%
FXB CURRENCYSHARES BRITISH POUND STERLING TRUST -1.35%
FXE CURRENCYSHARES EURO TRUST -0.33%

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.