(TTFS) TrimTabs Float Shrink ETF


How TTFS Works

The investment objective of the AdvisorShares TrimTabs Float Shrink ETF (NYSE Arca: TTFS) seeks to generate long-term returns in excess of the total return of the Russell 3000® Index, with less volatility than the Index. TTFS is sub-advised by TrimTabs Asset Management ("Portfolio Manager"), a subsidiary of TrimTabs Investment Research (TrimTabs). The Fund seeks to achieve this objective by investing in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance. Stock selection for TTFS is based on extensive historical research from TrimTabs, the leading independent institutional research firm focusing on stock prices as a function of supply and demand rather than value.

Fund Documents

Portfolio Manager Commentaries

TTFS Portfolio Statistics & Sector Allocation

as of 08/31/2015
Float Shrink 5.15%
Free Cash Flow Yield 7.89%
30-Day SEC Subsidized Yield 0.75%
30-Day SEC Unsubsidized Yield 0.62%
Price/Earnings (P/E) Ratio 16.56
Average Market Cap $43.31 Bil

Past Performance is not indicative of future results. TTFS statistics are for the actual TTFS security holdings as of the listed date, excluding cash. Float Shrink represents the percent change in shares outstanding. This is an average of all holdings in the portfolio as of the date shown. Free Cash Flow Yield is the free cash flow per share divided by the price of the stock. This is an average of all holdings in the portfolio as of the date shown. 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. P/E Ratio is the current ratio of the companies price to earnings. Average Market Cap represents the average market cap of all holdings in the portfolio.

TTFS Sector Allocation (as of 07/31/2015)

TTFS 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.
04/30/2015 -

Lachapelle, Tara. "Predicting Takeovers Is Accidental Skill for This ETF: Real M&A."

02/01/2015 - Boccadoro, Charles. "TrimTabs Float Shrink ETF (TTFS), Feburary 2015."
12/30/2014 -

AdvisorShares Press Release, AdvisorShares Announces December 2014 Distributions

07/11/2014 - Sterman, David. "The Absolute Best Way To Choose The Right ETFs." etfs/absolute-best-way-choose-right-etfs-30467490

Performance -Month-End

TTFS Performance History (%) as of 08/31/2015
 NAVMarket Price ReturnRussell 3000 Index
1 Month-4.90-4.93-6.04
3 Months-5.36-5.41-6.06
1 Year4.804.790.36
2 Years14.3314.2511.88
3 Years17.5417.5314.63
Since Inception
(10/04/2011, Annualized)

Performance -Quarter-End

TTFS Performance History (%) as of 06/30/2015
 NAVMarket Price ReturnRussell 3000 Index
1 Month-1.66-1.72-1.67
3 Months-0.47-0.500.14
1 Year12.0611.997.29
2 Years18.4418.3215.91
3 Years20.5920.4917.73
Since Inception
(10/04/2011, Annualized)

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 Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
$0.337$0.00$0.00$0.00$0.337/per share
$0.154$0.00$0.00$0.00$0.154/per share
$0.213$0.123$0.00$0.00$0.336/per share
$0.014$0.00$0.00$0.00$0.014/per share

Why Invest in TTFS

  • For Core Diversification - Allocating to a liquidity supply/demand focused US Core allocation can further diversify your manager risk and potentially reduce overall portfolio risk. TTFS can provide an alternative core allocation that may replace or complement market cap, fundamental, dividend or other index weighting methodologies you employ in your portfolio allocation.
  • To achieve Alpha by Following the Best Informed Market Participants: The Companies Themselves - Top insiders at a firm know more about its fundamentals than the investing public. These insiders can influence the price of their employers’ shares by timing equity issuance and stock buybacks to their advantage. Supply and demand also dictates that stocks should perform best when their float is shrinking. All else being equal, if the same amount of money is chasing a smaller float, then the share price increases. TTFS’ stock selection algorithm is based on this premise.
  • For a Smarter Way to Buy U.S. Equities - Most quantitative ETFs focus on easily available price, volume, and earnings data. Since data on the supply and demand for stocks is scattered across so many sources, most strategies ignore stock market liquidity. The Portfolio Manager believes that stock prices are a function of liquidity rather than value. Dollar Cost Averaging into TTFS may represent a smarter way for long term investors to gain exposure to U.S. equities.

5 Key Attributes

  1. Liquidity-based Philosophy - The Portfolio Manager believes that, like the prices of any tradable good, the prices of stocks are driven by supply and demand. The Portfolio Manager believes that stocks should perform best when their outstanding shares decrease over the past 120 days (float shrink.) All else being equal, if the same amount of money is chasing a smaller number of shares, then the share price increases. Corporate insiders have better information than the general public, which allows them to time their issuance and repurchases of stock.
  2. Fundamentals Filtering - The portfolio manager invests in companies that finance float shrink via free cash flow relative to peers rather than debt issuance. The portfolio manager looks for three main characteristics in its stock picks: shareholder-friendliness (measured by float shrink), profitability (measured by free cash flow relative to other securities) and solid balance sheet (measured by leverage ratio).
  3. Equal-Weighted Investing - TTFS initially invests equally in the stocks that meet its investment criteria; it is not market capitalization weighted. As a result, TTFS over weights small-cap stocks and mid-cap stocks relative to traditional, market cap weighted indices.
  4. Extensive Stock Screening - The Portfolio Manager screens approximately 3,000 companies on a daily basis and invests in the 100 highest ranked stocks that possess the best liquidity characteristics – companies shrinking the float, increasing free cash flow and not increasing their leverage ratio.
  5. TrimTabs Research - TrimTabs has an institutional focus. Since TrimTabs’ founding in 1990 they have provided research for some of the top 50 hedge funds in the world. Other TrimTabs clients include mutual fund companies, sell-side institutions, funds of hedge funds, sovereign wealth funds, and high net worth individuals. TTFS’ stock selection is based on TrimTabs’ extensive research.

About the Portfolio Manager

Ted Theodore, CFA - Portfolio Manager and Executive Vice President
Mr. Theodore is an experienced investment professional, having specialized both in portfolio management and investment strategy. In addition to having been a senior portfolio manager at Citibank and Morgan Stanley, he was head of equity strategy at Citibank and author of the first published research analysis of growth vs. value investing while at Morgan Stanley. His roles have ranged from director of research to chief investment officer. Mr. Theodore’s research has been published widely, including in the Journal of Investing and the Journal of Portfolio Management. Mr. Theodore has been a frequent speaker at a wide range of conferences and was chair of the Asset Allocation Congress. On a number of occasions, Mr. Theodore has conducted half-day workshops on global tactical asset allocation. In addition to investing in financial futures and other derivatives, he was an early adopter of ETFs and started one of the first ETF strategist products. Mr. Theodore earned both an MBA in finance and undergraduate degree in economics from the University of Michigan. He is a member of the Institute of Chartered Financial Analysts, the New York Society of Security Analysts and the Market Technicians Association.


Morningstar Rating ™

10 Yr 5 Yr 3 Yr Overall Category # in Overall Category
N/A N/A Mid-Cap Blend 378
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 09/30/2015. Category consists of 378 funds in 3 year, 311 in 5 year, and 193 in 10 year.

Manager Minutes, May 2015

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Price History

As of: 10/05/2015
NAV$54.61Closing Price$54.60
Shares Outstanding3,900,000Volume14,584
4PM Bid/Offer Midpoint$54.59Premium/Discount$-0.02
Assets Under Management$212,961,435.48
Premium/Discount Historical Data


Top Holdings

As of: 10/05/2015
Ticker Name Weight
M MACY'S INC 1.71%

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


  • Exchange

    NYSE Arca

  • Inception Date




  • Indicative Value


  • Options


Fees & Expenses

  • Management Fee


  • Other Expenses


  • Gross Expense Ratio


  • Fee Waiver and/or Expense Reimbursement


  • Net Expense Ratio


  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets 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.