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(TTFS) Wilshire Buyback ETF

Overview

TTFS Investor Conference Call Recording - Please click here to listen to Josh Emanuel, Chief Investment Officer of Wilshire Funds Management, who will also serve as TTFS' portfolio manager as of July 1, 2016, discuss the fund's investment strategy and its upcoming sub-advisor transition in detail.

How TTFS Works

The AdvisorShares Wilshire Buyback 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 Wilshire Associates Incorporated, through its Wilshire Funds Management division (“Portfolio Manager”). 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 Wilshire Associates, a leading independent institutional firm with a long-standing reputation of innovation.

Fund Documents

Portfolio Manager Commentaries

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.

Performance -Month-End

TTFS Performance History (%) as of 06/30/2016
 NAVMarket Price ReturnRussell 3000 Index
1 Month-1.05-1.070.21
3 Months-1.05-1.082.63
YTD2.722.683.62
1 Year-1.87-1.912.14
3 Years11.2411.1511.13
Since Inception
(10/04/2011, Annualized)
17.8617.8516.42

Performance -Quarter-End

TTFS Performance History (%) as of 06/30/2016
 NAVMarket Price ReturnRussell 3000 Index
1 Month-1.05-1.070.21
3 Months-1.05-1.082.63
YTD2.722.683.62
1 Year-1.87-1.912.14
3 Years11.2411.1511.13
Since Inception
(10/04/2011, Annualized)
17.8617.8516.42

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 performance for periods before 07/01/16 is for the AdvisorShares TrimTabs Float Shrink ETF (the “Predecessor Fund”) which was renamed the AdvisorShares Wilshire Buyback ETF on 07/01/16. The Predecessor Fund had different portfolio managers and investment strategy than the Wilshire Buyback ETF. Performance prior to 07/01/16 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since 07/01/16 reflects actual Wilshire Buyback ETF performance.

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
12-23-16
12-28-16
12-30-16
-----
12-24-15
12-29-15
12-31-15
$0.4186$0.00$0.00$0.00$0.4186/per share
12-24-14
12-29-14
12-31-14
$0.337$0.00$0.00$0.00$0.337/per share
12-24-13
12-27-13
12-31-13
$0.154$0.00$0.00$0.00$0.154/per share
12-24-12
12-27-12
12-31-12
$0.213$0.123$0.00$0.00$0.336/per share
12-23-11
12-28-11
12-30-11
$0.014$0.00$0.00$0.00$0.014/per share
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Why Invest in TTFS

  • For Core Diversification - Allocating to a buyback focused US Core strategy 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 a Differentiated Approach to Harnessing Buyback Alpha - The Portfolio Manager’s approach to security selection and portfolio construction is unique relative to other buyback focused strategies, with the goal of delivering a differentiated portfolio and a lower correlation of excess returns (alpha) relative to its peers.
  • For a Potentially Higher Quality Equity Exposure - Companies that are able to buy back stock are generally on financially firmer footing than companies that do not have buyback programs in place.

Where can TTFS Fit in a Traditional Portfolio?

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.

5 Key Attributes

  1. Supply/Demand Philosophy - The Portfolio Manager believes that the prices of stocks are influenced by supply and demand, and that stocks should perform best when their outstanding shares decrease. All else being equal, if the same amount of money is chasing a smaller number of shares, then the share price increases.
  2. Quality Filtering - The Portfolio Manager invests in companies that are not increasing leverage and have positive free cash flow.
  3. Buyback Strength-Based Weighting - Positions are sized based on Wilshire’s proprietary buyback strength signal, which is calculated based on a normalized measure of the reduction in shares outstanding relative to other securities in the portfolio.
  4. Extensive Stock Screening - The Portfolio Manager screens approximately 3,000 companies, narrows that universe to approximately 750 of the most liquid securities, and invests in approximately 100 stocks that have a reduction in outstanding shares, are not increasing leverage, and have positive free cash flow.
  5. Innovative Research - Wilshire Associates has a history of innovation since its inception in 1972. The firm’s research team regularly reevaluates quantitative factors to continue to enhance its investment solutions to adapt to evolving financial markets.

About the Portfolio Managers

Josh Emanuel, CFA, Chief Investment Officer, Wilshire Funds Management
Josh Emanuel joined Wilshire Associates in 2015 and has 15 years of industry experience. In his role as CIO, Mr. Emanuel leads the investment activities of Wilshire Funds Management, including asset allocation, manager research, portfolio management, and investment research. Mr. Emanuel also chairs the Wilshire Funds Management Investment Committee. From 2010 to May 2015, Mr. Emanuel served as chief investment officer of The Elements Financial Group, LLC (TEG), where he developed and managed a variety of outcome-oriented investment strategies and exchange traded funds. Mr. Emanuel also co-developed an innovative technology solution which provides volatility - based risk profiling, risk budgeting, and compliance services to financial advisors and institutions. Prior to his tenure at TEG, Mr. Emanuel served in several roles at Wilshire from 2004-2010, including head of manager research, head of strategy for Wilshire Funds Management, and co-chairman of the Wilshire Funds Management Investment Committee. Prior to 2004, Mr. Emanuel was responsible for international manager research for Jeffrey Slocum & Associates, Inc. Mr. Emanuel has a BA in Finance from the University of Pittsburgh and holds the Chartered Financial Analyst designation.

Kai Chen, Ph.D. Senior Associate
Kai Chen is a senior associate of Wilshire Associates and a member of Wilshire Funds Management’s investment research team. Mr. Chen joined Wilshire in 2014, and is primarily responsible for building quantitative asset allocation models and equity-focused security selection models. He also conducts quantitative research in the areas of strategic and tactical market signal detection, alternative investment portfolio construction, smart beta product development, risk premia investing, and customized investment solutions. Mr. Chen earned his bachelor’s degree in mathematics from Zhejiang University in China and his two MS degrees in computer science and mathematical finance from the University of Southern California. Mr. Chen completed his PhD in operations research at the University of Southern California and has successfully completed all three levels of the Chartered Financial Analyst designation.

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Morningstar Rating ™

10 Yr 5 Yr 3 Yr Overall Category # in Overall Category
N/A N/A Mid-Cap Blend 400
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 400 funds in 3 year, 342 in 5 year, and 238 in 10 year.

Manager Minutes, July 2016

This audio is for financial professionals only. Please login or register for access.

Price History

As of: 07/25/2016
NAV$57.75Closing Price$57.71
Change$-0.10Change$-0.11
Shares Outstanding2,625,000Volume8,271
4PM Bid/Offer Midpoint$57.72Premium/Discount$-0.03
Assets Under Management$151,582,673.90
Premium/Discount Historical Data

 

Holdings

As of: 07/25/2016
Ticker Name Weight
UAL UNITED CONTINENTAL HOLDINGS 2.40%
JWN NORDSTROM INC 2.24%
HRB H&R BLOCK INC 2.10%
NDSN NORDSON CORP 2.09%
HOG HARLEY-DAVIDSON INC 2.07%
WFM WHOLE FOODS MARKET INC 2.05%
ABC AMERISOURCEBERGEN CORP 2.03%
FOXA TWENTY-FIRST CENTURY FOX-A 1.98%
DPZ DOMINO'S PIZZA INC 1.97%
SYY SYSCO CORP 1.94%
BBY BEST BUY CO INC 1.91%
AMP AMERIPRISE FINANCIAL INC 1.88%
URI UNITED RENTALS INC 1.88%
BF/B BROWN-FORMAN CORP-CLASS B 1.85%
BIIB BIOGEN INC 1.77%

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

    TTFS

  • Exchange

    NYSE Arca

  • Inception Date

    10/04/2011

  • CUSIP

    00768Y818

  • Indicative Value

    TTFS.IV

  • Options

    No

Fees & Expenses

  • Management Fee

    0.90%

  • Other Expenses

    0.12%

  • Gross Expense Ratio

    1.02%

  • Fee Waiver and/or Expense Reimbursement

    -0.12%

  • Net Expense Ratio

    0.90%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.90% of the Fund’s average daily net assets for at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated.