| Symbol | Exchange | Inception Date | CUSIP | NAV | Indicative Value | Options Available |
|---|---|---|---|---|---|---|
| HDGE | NYSE Arca | 1/26/2011 | 00768Y 412 | HDGE.NV | HDGE.IV | Yes |
About The ETF
AdvisorShares Investments, LLC serves as the Fund’s investment advisor and is responsible for the day-to-day management of the Fund’s portfolio. The Advisor allocates the portfolio using a model provided by John Del Vecchio, CFA and Brad H. Lamensdorf. While the Advisor generally expects to use the model when buying and selling investments, the Advisor retains full investment discretion over the Fund’s portfolio.
The model applies a bottom-up, fundamental, research-driven security selection process. In selecting short positions, the model seeks to identify securities with low earnings quality or aggressive accounting that may tend to mask operational deterioration or bolster reported earnings per share over a short time period. The model also seeks to identify earnings-driven events that may act as a catalyst for a decline in a security’s price, such as downward earnings revisions or a reduced forward earnings outlook.
Alongside extensive quantitative analysis, the model gives careful consideration to qualitative factors, including an assessment of a company’s management team, accounting practices, corporate governance, and competitive advantage. Once these quantitative and qualitative characteristics have been analyzed, the model then assesses whether there is sufficient potential return to warrant taking a position. Positions are subject to ongoing fundamental and technical risk review, which seeks to identify problem positions early and remove them before they become significant issues for the portfolio.
Why Invest in HDGE?
- As a Tool to Hedge Equity Exposure – HDGE can be used as part of a long/short strategy in which an investor may synthetically integrate by pairing HDGE with a long-index ETF (or an investor’s portfolio of long positions), providing the investor with a “buy and hold” option to hedge their long domestically-traded equity exposure.
- For Diversified Portfolio Construction – The model’s portfolio construction process emphasizes diversification across a number of industries and specific companies, with a focus on catalysts that may drive lower stock returns. The model generally targets a composition of 20 to 75 equity short positions, with an average individual position size that generally ranges between 2% and 7% of aggregate portfolio exposure.
- For a Fundamental Investment Process – The model applies accounting metrics across the income statement, cash flow statement, and balance sheet to identify companies with low earnings quality or possible aggressive accounting practices, which may suggest operational deterioration in a company’s business. Qualitative factors are also considered, including an assessment of the management team, accounting practices, corporate governance, and the company’s competitive advantage, before a company is included in the HDGE portfolio.
Key Attributes
- Disciplined, Repeatable Investment Process – The model applies a forensic-accounting-based methodology, providing a consistent framework for both security selection and risk management. Much as a forensic accountant examines a company’s financial statements for evidence in the reported data that may suggest operational deterioration or aggressive revenue recognition practices, the model looks to the financial statements themselves rather than to product cycles or business-model narratives when seeking to identify domestically traded equities that may underperform.
- Quantitative and Qualitative Analysis – Security selection is not driven by screening alone. Extensive quantitative work on reported financials is paired with qualitative assessment of a company’s management team, accounting practices, corporate governance, and competitive advantage. Only once both have been analyzed does the model assess whether the potential return warrants a position.
- Ongoing Risk Review – Positions are not simply held once established. Each is subject to regular fundamental and technical review, which seeks to identify deteriorating positions early and remove them before they become significant issues for the portfolio.
- Experience – The model is provided by John Del Vecchio, CFA and Brad H. Lamensdorf, who have extensive experience researching and managing short portfolios, with an emphasis on liquid stocks with low short interest.
- Market Analysis – The model considers broader market conditions alongside security-level technical factors, which may inform the use of ETP positions when the model reflects a more bearish posture toward the broad market.
- Specialized Strategy – Effectively shorting individual securities requires an approach that differs meaningfully from a traditional long-only strategy. HDGE is a specialized product built around a research process developed specifically for short selling.
About the Portfolio Strategists
Mr. Del Vecchio is principal and founder of Parabolix Research, LLC, a short-only research firm. He managed short-only portfolios for Ranger Alternative Management, L.P. from October 2007 through March 2010, and served as a portfolio manager with the firm through August 2026. From 2003 to 2007, he served as an analyst with David W. Tice & Associates / Behind the Numbers, LLC, identifying short sale opportunities through forensic accounting research on behalf of institutional clients and the Prudent Bear Fund. In 2002, he served as a portfolio manager for RedHawk Advisors, LLC, with responsibility for the fund’s short sale allocation. In 2001, he was an analyst with the Center for Financial Research and Analysis (CFRA), performing forensic accounting analysis for short sale opportunities. Mr. Del Vecchio earned a B.S. in Finance , summa cum laude, from Bryant College, where he received Beta Gamma Sigma honors, and earned the right to use the Chartered Financial Analyst designation in September 2001.
Brad H. Lamensdorf
Mr. Lamensdorf served as a trading and market strategist for Ranger Alternative Management, L.P. from 2009 through 2026, prior to holding the role as AdvisorShares Active Bear ETF sub-advisor. He founded BHL Partners L.P., a commodity-oriented hedge fund focused primarily on gold and gold equities. From 1998 through 2005, he served as principal and portfolio manager for Tarpon Capital Management, L.P., which managed long/short hedge funds. In 1997, he was a founder, partner, and co-manager of KBH, L.L.P., an investment firm formed to manage portfolios for the King-Hughes family. From 1992 through 1996, he worked on the equity trading desk for the Bass family in Fort Worth, Texas, where he co-managed an equity portfolio with an emphasis on short selling and derivatives strategies, and provided market analysis for fund managers across the Bass network. Mr. Lamensdorf received a B.A. in psychology from the University of Texas at Austin in 1992.
HDGE Overview
Get a quick and easy introduction to the HDGE ETF.
HDGE Overview
Get a quick and easy introduction to the HDGE ETF.
Fund
Price History
Fund Data
8/31/2026| NAV | $14.05 |
| Change | $0.07 |
| Shares Outstanding | 3,662,500 |
| Assets Under Management | $51,462,013.13 |
Market Data
8/31/2026| Closing Price | $14.03 |
| Close Change | $0.07 |
| Volume | 18,110 |
Regulatory Data
8/28/2026| Premium Discount | $0.00 |
| 30-Day Median bid-ask Spread | 0.208986 |
FUND
Characteristics
As of 7/31/2026
FUND
Performance
As of 7/31/2026
| NAV | Market Price Return | S&P 500 Index | |
|---|---|---|---|
| 1 Month | -8.33 | -8.41 | -0.06 |
| 3 Months | -10.01 | -9.99 | 4.19 |
| YTD | -6.09 | -5.96 | 10.14 |
| 1 Year | -8.84 | -8.96 | 19.56 |
| 3 Years | -3.00 | -3.09 | 19.32 |
| 5 Years | -5.15 | -5.18 | 12.86 |
| 10 Years | -15.35 | -15.38 | 15.08 |
| Since Inception (1/26/2011, Annualized) | -15.42 | -15.44 | 14.05 |
As of 6/30/2026
| NAV | Market Price Return | S&P 500 Index | |
|---|---|---|---|
| 1 Month | -0.51 | -0.36 | -0.95 |
| 3 Months | -8.07 | -8.07 | 15.20 |
| YTD | 2.44 | 2.67 | 10.21 |
| 1 Year | 1.25 | 1.10 | 22.32 |
| 3 Years | -3.62 | -3.68 | 20.61 |
| 5 Years | -2.52 | -2.54 | 13.41 |
| 10 Years | -15.24 | -15.26 | 15.51 |
| Since Inception (1/26/2011, Annualized) | -15.02 | -15.03 | 14.14 |
Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. 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.
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| Date | Account Symbol | Stock Ticker | Security ID | Security Description | Shares | Share Price | Market Value | Portfolio Weight | Asset Group |
|---|---|---|---|---|---|---|---|---|---|
| 08/31/2026 | HDGE | CVNA | 146869102 | CARVANA CO | -26,930 | 73.46 | -1,978,277.80 | -3.84% | S |
| WAL | 957638109 | WESTERN ALLIANCE BANCORP | -20,000 | 78.13 | -1,562,600.00 | -3.04% | S | ||
| BAH | 099502106 | BOOZ ALLEN HAMILTON HOLDINGS | -20,000 | 75.65 | -1,513,000.00 | -2.94% | S | ||
| BBWI | 070830104 | BATH & BODY WORKS INC | -75,000 | 19.25 | -1,443,750.00 | -2.80% | S | ||
| PTC | 69370C100 | PTC INC | -9,000 | 155.74 | -1,401,660.00 | -2.72% | S | ||
| CTSH | 192446102 | COGNIZANT TECH SOLUTIONS-A | -20,000 | 64.58 | -1,291,600.00 | -2.51% | S | ||
| PAYX | 704326107 | PAYCHEX INC | -10,000 | 127.34 | -1,273,400.00 | -2.47% | S | ||
| SIG | G81276100 | SIGNET JEWELERS LTD | -15,000 | 82.28 | -1,234,200.00 | -2.40% | FS | ||
| OZK | 06417N103 | BANK OZK | -25,000 | 49.08 | -1,227,000.00 | -2.38% | S | ||
| DKNG | 26142V105 | DRAFTKINGS INC-CL A | -50,000 | 24.29 | -1,214,500.00 | -2.36% | S | ||
| WK | 98139A105 | WORKIVA INC | -15,000 | 80.00 | -1,200,000.00 | -2.33% | S | ||
| RYAAY | 783513203 | RYANAIR HOLDINGS PLC-SP ADR | -20,000 | 55.37 | -1,107,400.00 | -2.15% | FS | ||
| PUK | 74435K204 | PRUDENTIAL PLC-ADR | -40,000 | 27.27 | -1,090,800.00 | -2.12% | FS | ||
| ELF | 26856L103 | ELF BEAUTY INC | -10,000 | 109.05 | -1,090,500.00 | -2.12% | S | ||
| EXPO | 30214U102 | EXPONENT INC | -15,000 | 71.01 | -1,065,150.00 | -2.07% | S | ||
| CVSA | 00737L103 | COVISTA INC | -8,000 | 132.33 | -1,058,640.00 | -2.06% | S | ||
| FRPT | 358039105 | FRESHPET INC | -15,000 | 69.86 | -1,047,900.00 | -2.04% | S | ||
| KVYO | 49845K101 | KLAVIYO INC-A | -50,000 | 20.58 | -1,029,000.00 | -2.00% | S | ||
| TAC | 89346D107 | TRANSALTA CORP | -80,000 | 12.04 | -963,158.48 | -1.87% | FS | ||
| PCOR | 74275K108 | PROCORE TECHNOLOGIES INC | -15,000 | 62.72 | -940,800.00 | -1.83% | S | ||
| OMF | 68268W103 | ONEMAIN HOLDINGS INC | -15,000 | 62.46 | -936,900.00 | -1.82% | S | ||
| DASH | 25809K105 | DOORDASH INC - A | -4,000 | 231.74 | -926,960.00 | -1.80% | S | ||
| DEO | 25243Q205 | DIAGEO PLC-SPONSORED ADR | -10,000 | 91.85 | -918,500.00 | -1.78% | FS | ||
| HDB | 40415F101 | HDFC BANK LTD-ADR | -40,000 | 22.70 | -908,000.00 | -1.76% | FS | ||
| WFC | 949746101 | WELLS FARGO & CO | -10,000 | 86.39 | -863,900.00 | -1.68% | S | ||
| ALRM | 011642105 | ALARM.COM HOLDINGS INC | -15,000 | 57.56 | -863,400.00 | -1.68% | S | ||
| ASO | 00402L107 | ACADEMY SPORTS & OUTDOORS IN | -20,000 | 42.96 | -859,200.00 | -1.67% | S | ||
| CEG | 21037T109 | CONSTELLATION ENERGY | -3,000 | 274.77 | -824,310.00 | -1.60% | S | ||
| SYF | 87165B103 | SYNCHRONY FINANCIAL | -10,000 | 77.08 | -770,800.00 | -1.50% | S | ||
| VICI | 925652109 | VICI PROPERTIES INC | -30,000 | 25.65 | -769,500.00 | -1.49% | S | ||
| APTV | G3265R107 | APTIV PLC | -17,000 | 44.76 | -760,920.00 | -1.48% | FS | ||
| BOOT | 099406100 | BOOT BARN HOLDINGS INC | -5,000 | 150.63 | -753,150.00 | -1.46% | S | ||
| FUN | 83001C108 | SIX FLAGS ENTERTAINMENT CORP | -50,000 | 15.05 | -752,500.00 | -1.46% | S | ||
| COIN | 19260Q107 | COINBASE GLOBAL INC -CLASS A | -4,000 | 188.12 | -752,480.00 | -1.46% | S | ||
| ORCL | 68389X105 | ORACLE CORP | -5,000 | 149.12 | -745,600.00 | -1.45% | S | ||
| ACI | 013091103 | ALBERTSONS COS INC - CLASS A | -60,000 | 12.35 | -741,000.00 | -1.44% | S | ||
| RDDT | 75734B100 | REDDIT INC-CL A | -5,000 | 147.81 | -739,050.00 | -1.44% | S | ||
| PFSI | 70932M107 | PENNYMAC FINANCIAL SERVICES | -10,000 | 73.11 | -731,100.00 | -1.42% | S | ||
| INVH | 46187W107 | INVITATION HOMES INC | -25,000 | 29.14 | -728,500.00 | -1.42% | S | ||
| TMUS | 872590104 | T-MOBILE US INC | -4,000 | 180.44 | -721,760.00 | -1.40% | S | ||
| SOFI | 83406F102 | SOFI TECHNOLOGIES INC | -40,000 | 17.88 | -715,200.00 | -1.39% | S | ||
| VST | 92840M102 | VISTRA CORP | -5,000 | 137.37 | -686,850.00 | -1.33% | S | ||
| OLLI | 681116109 | OLLIE'S BARGAIN OUTLET HOLDI | -9,000 | 75.42 | -678,780.00 | -1.32% | S | ||
| BLDR | 12008R107 | BUILDERS FIRSTSOURCE INC | -10,000 | 66.40 | -664,000.00 | -1.29% | S | ||
| QXO | 82846H405 | QXO INC | -50,000 | 13.28 | -664,000.00 | -1.29% | S | ||
| AMRC | 02361E108 | AMERESCO INC-CL A | -30,000 | 22.12 | -663,600.00 | -1.29% | S | ||
| AXIAY | 15234Q207 | AXIA ENERGIA-ADR | -65,000 | 10.17 | -661,050.00 | -1.28% | FS | ||
| QTWO | 74736L109 | Q2 HOLDINGS INC | -10,000 | 65.04 | -650,400.00 | -1.26% | S | ||
| NCLH | G66721104 | NORWEGIAN CRUISE LINE HOLDIN | -40,000 | 16.14 | -645,600.00 | -1.25% | FS | ||
| DOX | G02602103 | AMDOCS LTD | -10,000 | 63.06 | -630,600.00 | -1.23% | FS | ||
| AIG | 026874784 | AMERICAN INTERNATIONAL GROUP | -8,000 | 76.36 | -610,880.00 | -1.19% | S | ||
| CCI | 22822V101 | CROWN CASTLE INC | -8,000 | 76.14 | -609,120.00 | -1.18% | S | ||
| ARES | 03990B101 | ARES MANAGEMENT CORP - A | -4,000 | 143.17 | -572,680.00 | -1.11% | S | ||
| AMH | 02665T306 | AMERICAN HOMES 4 RENT- A | -15,000 | 33.30 | -499,500.00 | -0.97% | S | ||
| GT | 382550101 | GOODYEAR TIRE & RUBBER CO | -35,000 | 6.27 | -219,450.00 | -0.43% | S | ||
| X9USDBLFD | BLACKROCK FEDERAL FD 30 INSTL | 1,632,035.42 | 1.00 | 1,632,035.42 | 3.17% | MM | |||
| CASH | 31,523,638.1 | 100.00 | 31,523,638.10 | 61.24% | CA | ||||
| X9USDFITY | FIDELITY INSTL GOVT 657 C | 33,670,327.6 | 1.00 | 33,670,327.60 | 65.41% | MM | |||
| LNADRBCTL | DERIVATIVES COLLATERAL CF SECURED | 34,622,666.33 | 1.00 | 34,622,666.33 | 67.26% | MM |
FUND
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| Management Fee | 1.50% | ||
| Other Expenses | 1.83% | ||
| Short Interest Expenses | 1.55% | ||
| Remaining Expenses | 0.28% | ||
| Acquired Fund Fees and Expenses* | 0.29% | ||
| Net Expense Ratio | 3.62% |
| Expense Cap Limitation* | 1.85% |
*Total Annual Operating Expenses in this fee table may not correlate to the expense ratios in the Fund’s financial highlights because the financial highlights include only the Fund’s direct operating expenses. The Advisor has contractually agreed to limit the Fund’s total annual operating expenses to 1.85% of average daily net assets. Because the Fund’s current net expense ratio is below the contractual cap, this limitation is not presently in effect. The net expense ratio shown includes Acquired Fund Fees and Expenses, which are not direct costs borne by shareholders. For more information, please read the full prospectus.
Last Ten
Fund Distributions
- Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.
- There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund may invest in (or short) ETFs, ETNs and ETPs. In addition to the risks associated with such vehicles, investments, or reference assets in the case of ETNs, lack of liquidity can result in its value being more volatile than the underlying portfolio investment. Other Fund risks include market risk, equity risk, short sales and leverage risk, large cap risk, early closing risk, liquidity risk and trading risk. Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. See prospectus for specific risks and details.
- Definitions
- Short: A short, or a short position, is created when a trader sells a security first with the intention of repurchasing it or covering it later at a lower price.
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