VICE: 2nd Quarter 2026 Portfolio Review
Portfolio
Performance
In Q2 2026, the AdvisorShares Vice ETF (VICE) returned +5.42% (NAV) / +5.01% (market), a modest gain that lagged the broader market. The S&P 500 Index returned +15.20% over the same period.
Portfolio
During the second quarter, VICE remained actively managed, with portfolio exposures adjusted to reflect changing macroeconomic conditions and evolving consumer trends.
New positions were added in:
- Churchhill Downs Inc. (CHDN): +4,100 shares
- Rush Street Interactive (RSI): +10,000 shares
- Smithfield Foods Inc. (SFD): +13,000 shares
- Victoria’s Secret & CO (VSXY): +4,800 shares
We re-entered positions in:
- Brinker International Inc. (EAT): +2,000 shares
- Casey’s General Stores Inc. (CASY): +350 shares
- Starbucks Corp. (SBUX): +3,600 shares
- The Vita Coco Co Inc. (COCO): +4,100 shares
We fully exited positions in:
- Bilibili Inc. (BILI)
- Carlsberg (CABGY
- Heineken (HEINY)
- Hershey Co. (HSY)
- Imperial Brands (IMBBY)
- PVH Corp. (PVH)
- Yum China Holdings Inc. (YUMC)
These changes reflect our continued focus on companies with durable brand strength and long-term alignment with consumer behavior, adjusted opportunistically as market leadership rotated through the quarter.
Winners and Losers
Several holdings contributed positively during the second quarter, benefiting from strong company execution, steady demand, and the portfolio’s exposure to more defensive areas of the market.
Leading contributors included:
- Monster Beverage Corp. (MNST): +32.65%
- Super Group Ltd. (SGHC): +25.46%
The following holdings detracted from returns:
- GDEV Inc. (GDEV): -9.24%
- VICI Properties Inc. (VICI): -3.31%
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| MCRI | MONARCH CASINO & RESORT INC | 5.85% |
| VSXY | VICTORIA’S SECRET & CO | 5.45% |
| ALTO | ALTO INGREDIENTS INC | 5.28% |
| NTES | NETEASE INC | 5.14% |
| SBUX | STARBUCKS CORP | 5.01% |
| CHDN | CHURCHILL DOWNS INC | 5.00% |
| MNST | MONSTER BEVERAGE CORP | 4.71% |
| ABEV | AMBEV SA | 4.70% |
| MO | ALTRIA GROUP INC | 4.70% |
| NVDA | NVIDIA CORP | 4.63% |
As of 06.30.2026. Cash is not included. Holdings are subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/vice. The holdings details are updated each market day.
Market Update
Market leadership was heavily concentrated in growth and technology for most of the quarter, with semiconductor names posting one of their best quarterly performances on record, before breadth began to widen into cyclical and value areas by June. Small-cap and international equities also participated strongly in the rebound. Against that backdrop, categories central to VICE‘s theme, tobacco, gaming, and select consumer staples, posted positive but comparatively modest gains, consistent with their typically lower-beta, defensive character in a strong risk-on environment.
Structural trends across VICE‘s core categories continued largely along the same lines as in Q1: traditional alcohol volumes remained under pressure from ongoing moderation trends, while digital gaming and online betting continued their long-term growth trajectory, and tobacco names continued to benefit from steady habit-driven demand even as broader market leadership moved elsewhere.
Outlook
As we move into the third quarter of 2026, the market’s recent shift toward broader participation, including cyclical and value-oriented sectors, may continue to influence VICE’s performance relative to the broader market. The portfolio’s emphasis on habit-driven and defensive categories, such as tobacco, gaming, and select consumer brands, is intended to provide resilience during periods of volatility. However, this positioning may also cause the fund to lag during sharp, growth-led rallies like the one experienced in the second quarter.
We remain focused on companies with durable brand advantages, pricing power, and the flexibility to respond to changing consumer preferences, particularly in areas such as digital entertainment and value-oriented products and services.
Sources:
1. Nasdaq, Market Intelligence Desk. June, Second Quarter 2026 Review and Outlook. July 2026.
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Cheers,Past Commentary
Definitions:
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
Investing involves risks including possible loss of principal. Companies in the food, beverage and tobacco industry are very competitive and subject to a number of risks. Demographic and product trends, changing consumer preferences, nutritional and health-related concerns, competitive pricing, marketing campaigns, environmental factors, adverse changes in general economic conditions, government regulation, food inspection and processing control, consumer boycotts, risks of product tampering, product liability claims, and the availability and expense of liability insurance can affect the demand for, and success of, such companies’ products in the marketplace. For a full summary of the risks, please see the prospectus.
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.
The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or any time thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.