(HDGE) RANGER EQUITY BEAR ETF

NAV as of 12/7/2022

$28.43

1 Day NAV Change as of 12/7/2022

$-0.01

Manager Commentary

Fact Sheet

Social Conversation

HDGE

Overview

The investment objective of the AdvisorShares Ranger Equity Bear ETF (NYSE Arca: HDGE) is capital appreciation through short sales of domestically traded equity securities. HDGE is sub-advised by Ranger Alternative Management, L.P. (“Portfolio Manager”). The Portfolio Manager implements a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the Portfolio Manager seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance.

Symbol	Exchange	Inception Date	CUSIP	Indicative Value	Options
HDGE	NYSE Arca	1/26/2011	00768Y 412	HDGE.IV	Available

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 Portfolio Manager’s portfolio construction process emphasizes diversification across a number of industries and specific companies with a special focus on catalysts that drive lower stock returns. The portfolio typically consists of between 20-75 equity short positions, with an average position size of between 2% and 7% of the portfolio exposure.
For a Fundamental Investment Process – The Portfolio Manager utilizes accounting metrics across the income statement, cash flow statement and balance sheet to identify companies with low earnings quality or possible aggressive accounting practices. These factors may suggest operational deterioration in a company’s business. Qualitative analysis is also considered. An assessment of the management team, accounting practices, corporate governance and the company’s competitive advantage are analyzed before a company is included as part of the HDGE portfolio.

Key Attributes

Disciplined, Repeatable Investment Process – The forensic accounting based methodology the Portfolio Manager utilizes is a disciplined, consistent investment approach to both security selection and risk management. Like an investigative auditor, a forensic accountant dissects a company’s financial statements, crunching the numbers searching for evidence in the data that may suggest operational deterioration or manipulative sales and revenue recognition, rather than focusing on fad products or broken business models to identify domestically-traded equity stocks that are expected to underperform.
Experience – The Portfolio Manager has experience trading and managing short portfolios with the ability to tactically allocate to liquid, low short interest stocks of companies which may be masking operational deterioration.
Market Analysis – Top-down technical evaluation of broader market liquidity, sentiment and breadth is utilized to help identify short and intermediate term market trends, manage exposure and mitigate risk.
Specialized Strategy – Effectively shorting individual securities requires an approach very different from a traditional long-only strategy. HDGE is a very specialized product managed by investment professionals with years of short selling experience as opposed to another fund that might not have the HDGE ETF Product Manager’s shorting expertise.

About the Portfolio Managers

John Del Vecchio, CFA – Portfolio Manager/Principal
Mr. Del Vecchio serves as a Portfolio Manager for Ranger Alternative Management, L.P. (“Ranger”). Mr. Del Vecchio managed short only portfolios for Ranger from October, 2007 through March, 2010. He also serves as principal and founder of Parabolix Research, LLC, a short-only research firm. From 2003-2007, Mr. Del Vecchio served as an Analyst with David W. Tice & Associates / Behind the Numbers, LLC selecting short sale opportunities utilizing forensic accounting research on behalf of institutional clients and the Prudent Bear Fund. In 2002, Mr. Del Vecchio served as a portfolio manager for RedHawk Advisors, LLC with responsibility for managing the short sale allocation of the fund. In 2001, Mr. Del Vecchio served as an Analyst for 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, and was awarded Beta Gamma Sigma honors. Mr. Del Vecchio earned the right to use the Chartered Financial Analyst designation in September, 2001.

Brad H. Lamensdorf – Portfolio Manager/ Principal
Mr. Lamensdorf serves as a Portfolio Manager for Ranger Alternative Management, L.P. (“Ranger”) and provides trading and market strategy for Ranger’s short only portfolio. Mr. Lamensdorf has served as a Trading and Market Strategist for Ranger since 2009. Mr. Lamensdorf also serves as a principal of Precisian GP, LLC and Portfolio Manager of Precisian Partners L.P., both positions of which he has held since November 2007. Prior to Precisian, Mr. Lamensdorf founded BHL Partners L.P. a commodity oriented hedge fund primarily focused on gold and gold equities. From 1998 through 2005, Mr. Lamensdorf 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 created to manage investment portfolios for the King-Hughes family. From 1992 through 1996, Mr. Lamensdorf worked on the equity trading desk for the Bass family in Fort Worth, Texas, where he co-managed an extensive equity portfolio with emphasis on short selling and derivatives strategies. He also provided market analysis for fund managers throughout the Bass network. Mr. Lamensdorf received a B.A. in psychology from the University of Texas at Austin in 1992.

Fund Flash

Manager Commentary

Fund

Price History

Fund Data

12/7/2022

NAV	$28.43
Change	$-0.01
Shares Outstanding	5,257,500
Assets Under Management	$149,454,928.27

Market Data

12/7/2022

Closing Price	$28.47
Close Change	$0.00
Volume	166,948

Regulatory Data

12/7/2022

Premium Discount	$0.020
30-Day Median bid-ask Spread	0.15

Quarter End Date	Days	< -0.2%	≥ -0.2% and < 0.0%	> 0.0% and ≤ 0.2%	> 0.2%	> 2.0%
03/31/2023	63	0	34	22	6	0
12/31/2022	63	0	32	29	2	0
09/30/2022	64	0	10	19	35	0
06/30/2022	62	0	36	23	3	0
03/31/2022	62	0	14	39	9	0
12/31/2021	64	0	37	25	2	0
09/30/2021	64	0	21	29	13	1
06/30/2021	63	0	48	14	1	0
03/31/2021	61	6	19	23	13	0

Date	NAV
05/17/2023	26.08
05/16/2023	27.01
05/15/2023	26.39
05/12/2023	27.05
05/11/2023	26.77
05/10/2023	26.37
05/09/2023	26.52
05/08/2023	26.38
05/05/2023	26.41
05/04/2023	27.47
05/03/2023	26.88
05/02/2023	26.77
05/01/2023	25.96
04/28/2023	25.83
04/27/2023	26.12
04/26/2023	26.69
04/25/2023	26.57
04/24/2023	25.91
04/21/2023	25.71
04/20/2023	25.78
04/19/2023	25.62
04/17/2023	25.48
04/16/2023	25.84
04/13/2023	25.61
04/12/2023	25.96
04/11/2023	25.63
04/10/2023	25.99
04/06/2023	26.24
04/05/2023	26.34
04/04/2023	25.92
04/03/2023	25.64
03/31/2023	25.44
03/30/2023	26.16
03/29/2023	26.29
03/28/2023	26.73
03/27/2023	26.71
03/24/2023	26.93
03/23/2023	27.06
03/22/2023	26.77
03/21/2023	26.23
03/20/2023	26.74
03/17/2023	26.74
03/16/2023	26.38
03/15/2023	26.39
03/14/2023	26.13
03/13/2023	26.40
03/10/2023	26.26
03/09/2023	25.10
03/08/2023	24.37
03/07/2023	24.43
03/06/2023	24.07
03/03/2023	23.70
03/02/2023	24.34
03/01/2023	24.41
02/28/2023	24.16
02/27/2023	24.27
02/24/2023	24.22
02/23/2023	23.80
02/22/2023	23.98
02/21/2023	24.15
02/17/2023	23.33
02/16/2023	23.17
02/15/2023	22.56
02/14/2023	23.22
02/13/2023	23.55
02/10/2023	23.94
02/09/2023	23.71
02/08/2023	23.17
02/07/2023	22.84
02/06/2023	22.94
02/03/2023	22.56
02/02/2023	21.95
02/01/2023	23.25
01/31/2023	24.07
01/30/2023	24.72
01/27/2023	24.17
01/26/2023	24.85
01/25/2023	25.18
01/24/2023	25.23
01/23/2023	24.94
01/20/2023	25.60
01/19/2023	26.62
01/18/2023	26.25
01/17/2023	25.67
01/13/2023	26.03
01/12/2023	26.20
01/11/2023	26.62
01/10/2023	27.37
01/09/2023	27.81
01/06/2023	28.32
01/05/2023	28.99
01/04/2023	28.30
01/03/2023	28.97
12/30/2022	28.78
12/29/2022	28.71
12/28/2022	29.77
12/27/2022	29.30
12/23/2022	29.03
12/22/2022	29.25
12/21/2022	28.87
12/20/2022	29.28
12/19/2022	29.37
12/16/2022	28.58
12/15/2022	28.09
12/14/2022	27.16
12/13/2022	26.98
12/12/2022	27.24
12/09/2022	27.89
12/08/2022	27.82
12/07/2022	28.43
12/06/2022	28.44
12/05/2022	27.83
12/02/2022	26.87
12/01/2022	26.85
11/30/2022	27.18
11/29/2022	28.39
11/28/2022	28.43
11/25/2022	27.77
11/23/2022	27.69
11/22/2022	28.33
11/21/2022	28.66
11/18/2022	28.15
11/17/2022	27.94
11/16/2022	27.48
11/15/2022	26.37
11/14/2022	27.10
11/11/2022	26.39
11/10/2022	27.55
11/09/2022	30.31
11/08/2022	29.46
11/07/2022	29.65
11/04/2022	29.95
11/03/2022	29.96
11/02/2022	29.69
11/01/2022	28.48
10/31/2022	28.45
10/28/2022	28.18
10/27/2022	28.78
10/26/2022	28.95
10/25/2022	28.82
10/24/2022	29.60
10/21/2022	29.57
10/20/2022	30.18
10/19/2022	30.09
10/18/2022	29.61
10/17/2022	29.85
10/14/2022	30.41
10/13/2022	29.96
10/12/2022	30.31
10/11/2022	30.29
10/10/2022	30.04
10/07/2022	29.43
10/06/2022	28.91
10/05/2022	28.93
10/04/2022	28.86
10/03/2022	29.74
09/30/2022	30.31
09/29/2022	30.24
09/28/2022	29.62
09/27/2022	30.44
09/26/2022	30.84
09/23/2022	30.48
09/22/2022	29.76
09/21/2022	29.06
09/20/2022	28.77
09/19/2022	28.19
09/16/2022	28.47
09/15/2022	27.80
09/14/2022	27.55
09/13/2022	27.70
09/12/2022	26.43
09/09/2022	26.76
09/08/2022	27.94
09/07/2022	28.50
09/06/2022	29.30
09/02/2022	29.01
09/01/2022	28.94
08/31/2022	28.22
08/30/2022	28.05
08/29/2022	27.91
08/26/2022	27.61
08/25/2022	26.47
08/24/2022	26.99
08/23/2022	27.27
08/22/2022	27.32
08/19/2022	26.60
08/18/2022	25.61
08/17/2022	25.58
08/16/2022	24.85
08/12/2022	25.10
08/11/2022	25.35
08/10/2022	25.14
08/09/2022	26.63
08/08/2022	25.89
08/05/2022	26.30
08/04/2022	26.71
08/03/2022	26.82
08/02/2022	28.11
08/01/2022	28.44
07/29/2022	28.66
07/28/2022	28.82
07/27/2022	29.13
07/26/2022	30.01
07/25/2022	29.04
07/22/2022	28.72
07/21/2022	28.02
07/20/2022	28.33
07/19/2022	29.19
07/18/2022	30.02
07/15/2022	30.25
07/14/2022	30.99
07/13/2022	30.59
07/12/2022	30.57
07/11/2022	30.07
07/08/2022	29.36
07/07/2022	29.39
07/06/2022	30.31
07/05/2022	30.06
07/01/2022	31.31
06/30/2022	31.85
06/29/2022	31.15
06/28/2022	30.86
06/27/2022	30.08
06/24/2022	29.75
06/23/2022	30.37
06/22/2022	31.00
06/21/2022	31.03
06/20/2022	31.37
06/17/2022	31.37
06/16/2022	32.08
06/15/2022	31.05
06/14/2022	31.81
06/13/2022	31.87
06/10/2022	30.30
06/09/2022	29.37
06/08/2022	28.74
06/07/2022	28.52
06/06/2022	28.75
06/03/2022	28.84
06/02/2022	28.40
06/01/2022	29.07
05/31/2022	28.87
05/27/2022	28.63
05/26/2022	28.93
05/25/2022	29.43
05/24/2022	30.05
05/23/2022	29.56
05/20/2022	29.77
05/19/2022	29.80
05/18/2022	30.11
05/17/2022	29.65
05/16/2022	30.11
05/13/2022	29.60
05/12/2022	30.87
05/11/2022	31.70
05/10/2022	30.83
05/09/2022	30.41
05/06/2022	28.86
05/05/2022	27.93
05/04/2022	26.41
05/03/2022	27.14
05/02/2022	27.22
04/29/2022	27.71
04/28/2022	26.88
04/27/2022	27.66
04/26/2022	27.44
04/25/2022	26.34
04/22/2022	26.83
04/21/2022	26.04
04/20/2022	25.33
04/19/2022	25.11
04/18/2022	25.90
04/14/2022	25.69
04/13/2022	25.25
04/12/2022	25.72
04/11/2022	25.63
04/08/2022	25.57
04/07/2022	25.43
04/06/2022	25.35
04/05/2022	24.72
04/04/2022	23.98
04/01/2022	24.36
03/31/2022	24.44
03/30/2022	24.05
03/29/2022	23.57
03/28/2022	24.38
03/24/2022	24.51
03/23/2022	24.85
03/22/2022	24.38
03/21/2022	24.81
03/18/2022	24.61
03/17/2022	24.91
03/16/2022	25.32
03/15/2022	26.09
03/14/2022	26.58
03/11/2022	26.27
03/10/2022	25.79
03/09/2022	25.55
03/08/2022	26.15
03/07/2022	26.29
03/04/2022	25.67
03/03/2022	25.08
03/02/2022	24.67
03/01/2022	25.06
02/28/2022	24.82
02/25/2022	25.28
02/24/2022	25.50
02/23/2022	26.67
02/22/2022	26.09
02/17/2022	25.19
02/16/2022	24.60
02/15/2022	24.48
02/14/2022	25.20
02/11/2022	25.17
02/10/2022	25.11
02/09/2022	24.91
02/08/2022	25.29
02/07/2022	25.68
02/04/2022	25.76
02/03/2022	26.00
02/02/2022	25.50
02/01/2022	25.24
01/31/2022	25.36
01/28/2022	26.02
01/27/2022	26.40
01/26/2022	26.09
01/25/2022	25.90
01/24/2022	25.58
01/21/2022	25.93
01/20/2022	25.55
01/19/2022	25.35
01/18/2022	25.16
01/14/2022	24.68
01/13/2022	24.53
01/12/2022	24.36
01/11/2022	24.24
01/10/2022	24.67
01/07/2022	24.63
01/06/2022	24.65
01/05/2022	24.91
01/04/2022	24.39
01/03/2022	24.43
12/31/2021	24.69
12/30/2021	24.66
12/29/2021	24.81
12/28/2021	24.73
12/27/2021	24.76
12/23/2021	24.82
12/22/2021	25.07
12/21/2021	25.20
12/20/2021	26.24
12/17/2021	25.45
12/16/2021	25.65
12/15/2021	25.30
12/14/2021	25.31
12/13/2021	25.03
12/10/2021	24.78
12/09/2021	24.74
12/08/2021	24.46
12/07/2021	24.71
12/06/2021	25.14
12/03/2021	25.83
12/02/2021	25.45
12/01/2021	25.95
11/30/2021	25.32
11/29/2021	25.02
11/26/2021	24.99
11/24/2021	24.69
11/23/2021	25.09
11/22/2021	24.96
11/19/2021	24.82
11/18/2021	24.49
11/17/2021	24.25
11/16/2021	23.86
11/15/2021	24.01
11/12/2021	23.82
11/11/2021	24.01
11/10/2021	24.00
11/09/2021	23.85
11/08/2021	23.88
11/05/2021	24.05
11/04/2021	24.06
11/03/2021	24.05
11/02/2021	24.56
11/01/2021	24.44
10/29/2021	25.12
10/28/2021	25.14
10/27/2021	25.62
10/26/2021	25.22
10/25/2021	25.01
10/22/2021	25.07
10/21/2021	24.94
10/20/2021	24.97
10/19/2021	24.93
10/18/2021	25.07
10/15/2021	25.14
10/14/2021	25.15
10/13/2021	25.49
10/12/2021	25.65
10/11/2021	25.74
10/08/2021	25.59
10/07/2021	25.47
10/06/2021	25.67
10/05/2021	25.60
10/04/2021	25.80
10/01/2021	25.58
09/30/2021	25.77
09/29/2021	25.62
09/28/2021	25.43
09/27/2021	24.83
09/24/2021	24.98
09/23/2021	24.96
09/22/2021	25.19
09/21/2021	25.42
09/20/2021	25.51
09/17/2021	25.04
09/16/2021	25.01
09/15/2021	25.02
09/14/2021	25.23
09/13/2021	24.86
09/10/2021	25.06
09/09/2021	24.76
09/08/2021	24.72
09/07/2021	24.40
09/03/2021	24.33
09/02/2021	24.33
09/01/2021	24.42
08/31/2021	24.71
08/30/2021	24.64
08/27/2021	24.58
08/26/2021	24.88
08/25/2021	24.72
08/24/2021	24.78
08/23/2021	25.13
08/20/2021	25.46
08/19/2021	25.70
08/18/2021	25.43
08/17/2021	25.37
08/16/2021	25.08
08/13/2021	24.71
08/12/2021	24.37
08/11/2021	24.34
08/10/2021	24.39
08/09/2021	24.37
08/06/2021	24.28
08/05/2021	24.24
08/04/2021	24.57
08/03/2021	24.27
08/02/2021	24.17
07/30/2021	24.18
07/29/2021	24.01
07/28/2021	24.08
07/27/2021	24.39
07/26/2021	24.26
07/23/2021	24.14
07/22/2021	24.08
07/21/2021	23.93
07/20/2021	24.19
07/19/2021	24.58
07/16/2021	24.43
07/15/2021	24.35
07/14/2021	24.13
07/13/2021	23.83
07/12/2021	23.57
07/09/2021	23.45
07/08/2021	23.83
07/07/2021	23.59
07/06/2021	23.27
07/02/2021	23.05
07/01/2021	22.90
06/30/2021	23.00
06/29/2021	22.80
06/28/2021	22.75
06/25/2021	22.81
06/24/2021	22.92
06/23/2021	23.22
06/22/2021	23.31
06/21/2021	23.49
06/18/2021	23.60
06/17/2021	23.50
06/16/2021	23.70
06/14/2021	23.41
06/11/2021	23.60
06/10/2021	23.60
06/09/2021	23.59
06/08/2021	23.17
06/07/2021	23.78
06/04/2021	23.94
06/03/2021	24.17
06/02/2021	23.86
06/01/2021	24.02
05/28/2021	24.09
05/27/2021	24.17
05/26/2021	24.28
05/25/2021	24.47
05/24/2021	24.40
05/21/2021	24.53
05/20/2021	24.47
05/19/2021	24.74
05/18/2021	24.68

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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.

FUND

Performance

As of 10/31/2022

	NAV	Market Price Return	S&P 500 Index
1 Month	-6.15	-6.19	8.1
3 Months	-0.74	-0.66	-5.86
YTD	15.23	15.35	-17.7
1 Year	13.27	13.42	-14.61
3 Years	-23.42	-23.4	10.22
5 Years	-19.43	-19.42	10.44
10 Years	-17.92	-17.93	12.79
Since Inception (1/26/2011, Annualized)	-16.86	-16.85	11.94

As of 9/30/2022

	NAV	Market Price Return	S&P 500 Index
1 Month	7.41	7.58	-9.21
3 Months	-4.83	-5.01	-4.88
YTD	22.77	22.96	-23.87
1 Year	17.64	17.99	-15.47
3 Years	-22.67	-22.63	8.16
5 Years	-18.40	-18.38	9.24
Since Inception (1/26/2011, Annualized)	-16.51	-16.50	11.28

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.

Fund

Holdings

As of

Excel CSV

Date	Account Symbol	Stock Ticker	Security ID	Security Description	Shares	Share Price	Market Value	Portfolio Weight	Asset Group
06/07/2023	HDGE	RUN	86771W105	SUNRUN INC	-380,000.00	19.31	-7,337,800.00	-5.67%	S
		GTLB	37637K108	GITLAB INC-CL A	-100,000.00	47.08	-4,708,000.00	-3.64%	S
		CACC	225310101	CREDIT ACCEPTANCE CORP	-9,000.00	512.31	-4,610,790.00	-3.56%	S
		NOVA	86745K104	SUNNOVA ENERGY INTERNATIONAL	-250,000.00	17.9	-4,475,000.00	-3.46%	S
		KMX	143130102	CARMAX INC	-50,000.00	79.13	-3,956,500.00	-3.06%	S
		NCNO	63947X101	NCINO INC	-155,000.00	24.33	-3,771,150.00	-2.91%	S
		CMA	200340107	COMERICA INC	-79,886.00	43.84	-3,502,202.24	-2.71%	S
		O	756109104	REALTY INCOME CORP	-55,000.00	61	-3,355,000.00	-2.59%	S
		SNX	87162W100	TD SYNNEX CORP	-35,000.00	94.34	-3,301,900.00	-2.55%	S
		GH	40131M109	GUARDANT HEALTH INC	-100,000.00	32.84	-3,284,000.00	-2.54%	S
		BFH	018581108	BREAD FINANCIAL HOLDINGS INC	-100,000.00	32.71	-3,271,000.00	-2.53%	S
		LEG	524660107	LEGGETT & PLATT INC	-100,000.00	32.71	-3,271,000.00	-2.53%	S
		FIVN	338307101	FIVE9 INC	-40,000.00	71.55	-2,861,800.00	-2.21%	S
		ALLY	02005N100	ALLY FINANCIAL INC	-100,000.00	28.53	-2,853,000.00	-2.21%	S
		HOOD	770700102	ROBINHOOD MARKETS INC - A	-300,000.00	9.4	-2,820,000.00	-2.18%	S
		RF	7591EP100	REGIONS FINANCIAL CORP	-150,000.00	18.68	-2,802,000.00	-2.17%	S
		NTST	64119V303	NETSTREIT CORP	-150,000.00	18.53	-2,779,500.00	-2.15%	S
		CFR	229899109	CULLEN/FROST BANKERS INC	-25,000.00	110.34	-2,758,500.00	-2.13%	S
		TCBI	88224Q107	TEXAS CAPITAL BANCSHARES INC	-50,000.00	53.66	-2,683,000.00	-2.07%	S
		OXM	691497309	OXFORD INDUSTRIES INC	-25,000.00	107.21	-2,680,250.00	-2.07%	S
		DLR	253868103	DIGITAL REALTY TRUST INC	-25,000.00	103.62	-2,590,500.00	-2.00%	S
		INVH	46187W107	INVITATION HOMES INC	-75,000.00	34.46	-2,584,500.00	-2.00%	S
		CDW	12514G108	CDW CORP/DE	-15,000.00	172.22	-2,583,300.00	-2.00%	S
		LAD	536797103	LITHIA MOTORS INC	-10,000.00	256.99	-2,569,900.00	-1.99%	S
		HASI	41068X100	HANNON ARMSTRONG SUSTAINABLE	-100,000.00	25.42	-2,542,000.00	-1.96%	S
		CZR	12769G100	CAESARS ENTERTAINMENT INC	-50,000.00	48.61	-2,430,500.00	-1.88%	S
		OFC	22002T108	CORPORATE OFFICE PROPERTIES	-95,000.00	24.49	-2,326,550.00	-1.80%	S
		NTAP	64110D104	NETAPP INC	-32,500.00	70.97	-2,306,525.00	-1.78%	S
		HOG	412822108	HARLEY-DAVIDSON INC	-65,000.00	35.33	-2,296,450.00	-1.78%	S
		PCTY	70438V106	PAYLOCITY HOLDING CORP	-12,000.00	186.56	-2,238,720.00	-1.73%	S
		BN	11271J107	BROOKFIELD CORP	-70,000.00	31.9	-2,233,000.00	-1.73%	FS
		BOOT	099406100	BOOT BARN HOLDINGS INC	-30,000.00	73.52	-2,205,600.00	-1.70%	S
		FFIV	315616102	F5 INC	-15,000.00	145.58	-2,183,700.00	-1.69%	S
		ADP	053015103	AUTOMATIC DATA PROCESSING	-10,000.00	216.47	-2,164,700.00	-1.67%	S
		AKR	004239109	ACADIA REALTY TRUST	-150,000.00	14.35	-2,152,500.00	-1.66%	S
		OII	675232102	OCEANEERING INTL INC	-120,000.00	17.93	-2,151,600.00	-1.66%	S
		CRC	13057Q305	CALIFORNIA RESOURCES CORP	-50,000.00	41.63	-2,081,500.00	-1.61%	S
		RIVN	76954A103	RIVIAN AUTOMOTIVE INC-A	-150,000.00	13.82	-2,073,000.00	-1.60%	S
		SYF	87165B103	SYNCHRONY FINANCIAL	-60,000.00	34.2	-2,052,000.00	-1.59%	S
		WAL	957638109	WESTERN ALLIANCE BANCORP	-50,000.00	40.53	-2,026,500.00	-1.57%	S
		SITC	82981J109	SITE CENTERS CORP	-150,000.00	13.29	-1,993,500.00	-1.54%	S
		PAYX	704326107	PAYCHEX INC	-17,500.00	111.91	-1,958,425.00	-1.51%	S
		XHR	984017103	XENIA HOTELS & RESORTS INC	-150,000.00	13.03	-1,954,500.00	-1.51%	S
		OLPX	679369108	OLAPLEX HOLDINGS INC	-500,000.00	3.83	-1,915,000.00	-1.48%	S
		XRX	98421M106	XEROX HOLDINGS CORP	-120,000.00	15.38	-1,845,600.00	-1.43%	S
		ENPH	29355A107	ENPHASE ENERGY INC	-10,000.00	182.09	-1,820,900.00	-1.41%	S
		JNPR	48203R104	JUNIPER NETWORKS INC	-60,000.00	30.05	-1,803,000.00	-1.39%	S
		SITM	82982T106	SITIME CORP	-15,000.00	110.45	-1,656,750.00	-1.28%	S
		REXR	76169C100	REXFORD INDUSTRIAL REALTY IN	-30,000.00	54.35	-1,630,500.00	-1.26%	S
		COIN	19260Q107	COINBASE GLOBAL INC -CLASS A	-30,000.00	53.26	-1,597,800.00	-1.23%	S
		SAFE	78646V107	SAFEHOLD INC	-60,000.00	26.19	-1,571,400.00	-1.21%	S
		MCY	589400100	MERCURY GENERAL CORP	-50,000.00	31.29	-1,564,500.00	-1.21%	S
		WOLF	977852102	WOLFSPEED INC	-30,000.00	51.58	-1,547,400.00	-1.20%	S
		TEAM	049468101	ATLASSIAN CORP-CL A	-9,000.00	171.34	-1,542,060.00	-1.19%	S
		GPN	37940X102	GLOBAL PAYMENTS INC	-15,000.00	101.91	-1,528,650.00	-1.18%	S
		MLKN	600544100	MILLERKNOLL INC	-100,000.00	15.27	-1,527,000.00	-1.18%	S
		RILY	05580M108	B. RILEY FINANCIAL INC	-40,000.00	37.75	-1,510,000.00	-1.17%	S
		PYCR	70435P102	PAYCOR HCM INC	-60,000.00	24.15	-1,449,000.00	-1.12%	S
		JAMF	47074L105	JAMF HOLDING CORP	-75,000.00	18.92	-1,419,000.00	-1.10%	S
		FRPT	358039105	FRESHPET INC	-2,443.00	65.51	-160,040.93	-0.12%	S
			912796X53	TREASURY BILL 0 6/15/2023	30,000,000.00	99.9	29,969,805.60	23.16%	TI
			X9USDBLFD	BLACKROCK FEDERAL FD 30 INSTL	55,885,349.72	1	55,885,349.72	43.20%	MM
			X9USDFITY	FIDELITY INSTL GOVT 657 C	59,953,934.16	1	59,953,934.16	46.34%	MM
				CASH	132,437,940.78	100	132,437,940.78	102.37%	CA

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.

(HDGE) RANGER EQUITY BEAR ETF

HDGE

<strong>Why Invest in HDGE?</strong>

<strong>Key Attributes</strong>

<strong>About the Portfolio Managers</strong>

Fund

Fund Data

Market Data

Regulatory Data

FUND

Fund

FUND

HDGE Performance During Market Drawdowns

HDGE Market Cap

Date	NAV
05/17/2023	26.08
05/16/2023	27.01
05/15/2023	26.39
05/12/2023	27.05
05/11/2023	26.77
05/10/2023	26.37
05/09/2023	26.52
05/08/2023	26.38
05/05/2023	26.41
05/04/2023	27.47
05/03/2023	26.88
05/02/2023	26.77
05/01/2023	25.96
04/28/2023	25.83
04/27/2023	26.12
04/26/2023	26.69
04/25/2023	26.57
04/24/2023	25.91
04/21/2023	25.71
04/20/2023	25.78
04/19/2023	25.62
04/17/2023	25.48
04/16/2023	25.84
04/13/2023	25.61
04/12/2023	25.96
04/11/2023	25.63
04/10/2023	25.99
04/06/2023	26.24
04/05/2023	26.34
04/04/2023	25.92
04/03/2023	25.64
03/31/2023	25.44
03/30/2023	26.16
03/29/2023	26.29
03/28/2023	26.73
03/27/2023	26.71
03/24/2023	26.93
03/23/2023	27.06
03/22/2023	26.77
03/21/2023	26.23

(HDGE) RANGER EQUITY BEAR ETF

HDGE

<strong>Why Invest in HDGE?</strong>

<strong>Key Attributes</strong>

<strong>About the Portfolio Managers</strong>

Fund

Fund Data

Market Data

Regulatory Data

HDGE Historical Premium and Discounts

FUND

Fund

FUND

HDGE Performance During Market Drawdowns

HDGE Market Cap