(HOLD) SAGE CORE RESERVES ETF

HOLD

Overview

The AdvisorShares Sage Core Reserves ETF (NYSE Arca: HOLD) seeks to preserve capital while maximizing income. HOLD seeks to achieve its investment objective by investing in a broad range of fixed-income securities, U.S. dollar- denominated investment grade debt securities, including mortgage- or asset-backed securities rated Baa- or higher. The average duration of the Fund will vary on the forecast for interest rates and will normally not exceed one year. HOLD is managed by Sage Advisory Services (“Portfolio Manager”). The Sage fixed-income investment process is based upon implementing a top-down approach focused on actively managing portfolio duration risk, yield curve positioning, market segment allocation, and security selection.

Symbol Exchange Inception Date CUSIP Indicative Value
HOLD NYSE Arca 1/14/2014 00768Y651 HOLD.IV
<strong>Why Invest in HOLD?</strong>
  • For a Potentially Higher Yield and Total Return – HOLD has the potential to deliver competitive returns compared to other liquid options while offering diversification and a risk profile consistent with short-term fixed income. HOLD will not seek to maintain stable values and offers no guarantees.
  • For Efficient & Scalable Cash Management Access – HOLD gives all investors access to the same quality of money management service that Sage has provided to their institutional and private clients for over 15 years, without needing to meet their minimum investment, along with the potential added benefits of the ETF structure, which include intraday trading and transparency.
  • For Diversification and Risk Management – HOLD may offer added diversification with a risk management process focused on minimizing volatility and maintaining liquidity in all environments.
<strong>Key Attributes</strong>
  1. Top-Down Approach – The portfolio manager’s fixed-income investment process is based upon implementing a top-down approach focused on actively managing portfolio duration risk, yield curve positioning, market segment allocation, and security selection.
  2. Low Duration – HOLD’s low average duration, targeted to be less than 1 year, may potentially make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
  3. Flexible Mandate – The portfolio manager maintains the ability to add diversification, through flexible credit quality and expanded security categories, to manage risk and return.
  4. Active Risk Management – HOLD seeks to deliver efficient cash flows, with an emphasis on minimizing volatility and mitigation of risk in all market environments while seeking to maintain a high level of liquidity.
  5. Fixed Income Experience – The portfolio manager is an experienced fixed income manager with a long history of delivering solutions to the institutional marketplace. HOLD’s investment committee offers more than 150 years of combined investment experience.
<strong>About the Portfolio Managers</strong>

Mark C. MacQueen, Co-Founder, Executive Vice President Portfolio Management
Mr. MacQueen has more than 30 years of domestic and international portfolio management and institutional securities trading experience. He began his career as a member of the Institutional Government Securities Trading desk at Merrill Lynch Government Securities in New York. He was later assigned to the Institutional Fixed Income Trading desk in London as Vice President and Senior Trader responsible for managing the firm’s European-based risk capital position. Following his Merrill Lynch tenure, Mr. MacQueen joined APS Financial Corp. in Austin, Texas as Director of Fixed Income Portfolio Research. He went on to become a principal of the Tejas Securities Group as Director of Fixed Income Trading and Research. In 1996, Mr. MacQueen and Robert G. Smith, III, founded Sage Advisory Services, Ltd. Co. in Austin, Texas. Mr. MacQueen received a B.S. in Finance from the University of Delaware.

Thomas H. Urano, CFA, Principal and Managing Director
Mr. Urano is a member of the investment committee and brings over 15 years of experience and client account management and fixed income trading to the firm. He serves as a portfolio manager and senior trader for the taxable fixed income and equity strategies. Before joining Sage, Mr. Urano served as a Vice President on the institutional trading desk at Credit Suisse Asset Management in New York. In addition, he was a member of the fixed income portfolio analytics and accounting group for Morgan Keegan. He is also a Chartered Financial Analyst Charterholder and member of the CFA Institute. Mr. Urano received a B.A. in Economics from The University of Texas.

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Fund

Price History

As of 10/29/2021

NAV $98.50 Closing Price $98.50
Change $0.00 Close Change $-0.01
Shares Outstanding 400,000 Volume 176
4PM Bid/Offer Midpoint $98.50 Premium Discount $0.00
Assets Under Management $39,399,637.47 30-Day Median bid-ask Spread 0.0608705
Premium/Discount Historical Data | NAV Historical Data | Daily Premium/Discount Historical Data
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 9/30/2021

  NAV Market Price Return Barclays US Treasury Bill 1-3 Month Index
1 Month 0.00 -0.01 0.00
3 Months 0.06 0.06 0.01
YTD 0.26 0.30 0.03
1 Year 0.57 0.62 0.05
3 Years 1.36 1.36 1.11
5 Years 1.39 1.39 1.09
Since Inception (1/14/2014, Annualized) 1.05 1.05 0.74

As of 9/30/2021

  NAV Market Price Return Barclays US Treasury Bill 1-3 Month Index
1 Month 0.00 -0.01 0.00
3 Months 0.06 0.06 0.01
YTD 0.26 0.30 0.03
1 Year 0.57 0.62 0.05
3 Years 1.36 1.36 1.11
5 Years 1.39 1.39 1.09
Since Inception (1/14/2014, Annualized) 1.05 1.05 0.74

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.

Top Ten

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
05/20/2022 HOLD 91282CAR2 US TREASURY N/B 0.125 10/31/2022 2,000,000.00 99.44 1,988,871.36 5.43% TN
912828YA2 US TREASURY N/B 1.5 8/15/2022 1,500,000.00 100.1 1,501,558.31 4.10% TN
94974BFJ4 WELLS FARGO & COMPANY 3.45 2/13/2023 1,116,000.00 100.55 1,122,090.67 3.07% B
3137BRVA0 FHR 4614 PA 3 12/15/2043 1,115,592.00 100.07 1,116,324.83 3.05% FH
912828ZX1 US TREASURY N/B 0.125 6/30/2022 1,111,000.00 99.93 1,110,187.36 3.03% TN
225433AH4 CRED SUIS GP FUN LTD 3.8 9/15/2022 1,050,000.00 100.48 1,055,052.09 2.88% FB
06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 1,000,000.00 99.91 999,080.56 2.73% B
6174824M3 MORGAN STANLEY 4.875 11/1/2022 920,000.00 101.18 930,875.47 2.54% B
04685A3H2 ATHENE GLOBAL FUNDING FRN 1/7/2025 825,000.00 97.65 805,630.20 2.20% B
281020AL1 EDISON INTERNATIONAL 2.4 9/15/2022 735,000.00 99.79 733,420.90 2.00% B
68784HAB7 OSCAR 2022-1A A2 1.6 3/10/2025 690,000.00 98.63 680,531.94 1.86% MR
00287YAL3 ABBVIE INC 2.9 11/6/2022 670,000.00 100.26 671,716.39 1.84% B
29364GAH6 ENTERGY CORP 4 7/15/2022 667,000.00 100.12 667,818.26 1.82% B
80286NAF3 SDART 2021-1 C 0.75 2/17/2026 675,000.00 98.36 663,932.77 1.81% MR
39154TBP2 GALC 2021-2 A2 0.38 3/15/2024 650,000.00 98.2 638,284.40 1.74% MR
34528QFU3 FORDF 2017-3 A 2.48 9/15/2024 630,000.00 100.19 631,165.50 1.72% MR
36263XAA1 GCAR 2022-1A A 1.98 8/15/2025 625,059.85 99.39 621,269.05 1.70% MR
38141GZF4 GOLDMAN SACHS GROUP INC FRN 12/6/2023 600,000.00 99.52 597,101.82 1.63% B
03066RAC9 AMCAR 2021-2 A3 0.34 12/18/2026 600,000.00 97.33 583,999.38 1.60% MR
444859BA9 HUMANA INC 3.15 12/1/2022 581,000.00 100.24 582,398.62 1.59% B
91282CBU4 US TREASURY N/B 0.125 3/31/2023 575,000.00 98.45 566,062.05 1.55% TN
02582JJM3 AMXCA 2019-3 A 2 4/15/2025 540,000.00 100.25 541,324.08 1.48% MR
981464HC7 WFNMT 2019-B A 2.49 4/15/2026 535,000.00 100.05 535,282.80 1.46% MR
29374EAB2 EFF 2021-1 A2 0.44 12/21/2026 543,567.57 97.34 529,091.39 1.45% MR
15189WAN0 CENTERPOINT ENERGY RES FRN 3/2/2023 523,000.00 99.79 521,881.22 1.43% B
494550BM7 KINDER MORGAN ENER PART 3.45 2/15/2023 509,000.00 100.49 511,483.02 1.40% B
02529NAG2 ACAR 2019-3 D 2.89 9/12/2025 500,000.00 100.15 500,748.40 1.37% MR
025816CU1 AMERICAN EXPRESS CO FRN 5/3/2024 495,000.00 99.79 493,937.35 1.35% B
694308KA4 PACIFIC GAS & ELECTRIC 3.25 2/16/2024 500,000.00 98.34 491,711.31 1.34% B
80286EAC0 SDART 2022-1 A3 1.94 11/17/2025 490,000.00 98.27 481,527.95 1.32% MR
68269LAA4 OMFIT 2020-1A A 3.84 5/14/2032 479,869.82 99.94 479,568.70 1.31% MR
3137AYCE9 FHMS K025 A2 2.682 10/25/2022 475,440.83 100.25 476,645.50 1.30% FH
842434CV2 SOUTHERN CALIF GAS CO FRN 9/14/2023 466,000.00 99.53 463,804.02 1.27% B
345329AB2 FORDL 2021-B A2 0.24 4/15/2024 460,001.90 99.08 455,772.41 1.25% MR
466313AG8 JABIL INC 4.7 9/15/2022 442,000.00 100.75 445,303.25 1.22% B
09062XAE3 BIOGEN INC 3.625 9/15/2022 443,000.00 100.43 444,917.19 1.22% B
96043JAC9 WLAKE 2021-3A A2 0.57 9/16/2024 444,002.30 99.01 439,608.54 1.20% MR
33845VAA9 FCAT 2022-1 A 1.79 10/15/2026 443,149.86 98.53 436,646.59 1.19% MR
33845AAA5 FCAT 2021-4 A 0.81 7/17/2026 413,380.95 97.16 401,628.82 1.10% MR
12598NAA0 CIGAR 2021-1A A 0.69 4/14/2025 399,276.59 98.42 392,975.25 1.07% MR
89238FAB9 TAOT 2022-B A2A 2.35 1/15/2025 375,000.00 99.66 373,730.96 1.02% MR
55903VAB9 MAGALLANES INC 3.528 3/15/2024 375,000.00 99.36 372,589.59 1.02% B
96042RAB4 WLAKE 2021-2A A2A 0.32 4/15/2025 371,989.22 98.95 368,094.53 1.01% MR
3137F4R46 FHR 4776 QM 3 6/15/2045 356,715.32 99.99 356,694.67 0.97% FH
90944DAA9 UACST 2022-1 A 1.11 7/10/2024 353,543.73 99.49 351,723.86 0.96% MR
36263DAA5 GCAR 2021-4A A 0.84 7/15/2025 355,715.36 98.66 350,953.08 0.96% MR
161175BB9 CHARTER COMM OPT LLC/CAP 4.464 7/23/2022 344,000.00 100.13 344,430.71 0.94% B
02530QAD9 ACAR 2020-4 D 1.77 12/14/2026 355,000.00 96.58 342,862.27 0.94% MR
279158AC3 ECOPETROL SA 5.875 9/18/2023 328,000.00 102.12 334,966.72 0.92% FB
747262AK9 QVC INC 4.375 3/15/2023 336,000.00 98.5 330,956.64 0.90% B
00928QAR2 AIRCASTLE LTD 4.4 9/25/2023 325,000.00 99.82 324,413.21 0.89% B
80285WAF4 SDART 2020-3 C 1.12 1/15/2026 325,000.00 99.2 322,384.73 0.88% MR
43815EAB0 HAROT 2021-3 A2 0.2 2/20/2024 315,957.92 99.21 313,469.88 0.86% MR
32057KAA8 FIAOT 2022-1A A 2.03 1/15/2027 311,759.63 98.4 306,757.70 0.84% MR
30165XAC9 EART 2021-2A A3 0.3 10/15/2024 306,938.92 99.76 306,197.57 0.84% MR
14687HAA1 CRVNA 2021-N4 A1 0.83 9/11/2028 294,241.17 98.13 288,749.81 0.79% MR
14686GAA4 CRVNA 2022-N1 A1 2.31 12/11/2028 289,944.14 98.83 286,547.71 0.78% MR
20825GAA3 CONN 2021-A A 1.05 5/15/2026 275,466.18 99.34 273,659.37 0.75% MR
48128LRZ4 JP MORGAN CHASE BANK NA FRN 12/4/2023 245,000.00 100.37 245,906.50 0.67% CD
380149AB0 GMCAR 2021-2 A2 0.27 6/17/2024 236,582.92 99.57 235,570.72 0.64% MR
25470XAJ4 DISH DBS CORP 5.875 7/15/2022 220,000.00 100.08 220,176.22 0.60% B
80286WAE6 SDART 2020-4 B 0.73 3/17/2025 212,274.49 99.8 211,842.41 0.58% MR
88161FAB2 TESLA 2021-A A2 0.36 3/20/2025 204,244.82 98.66 201,516.17 0.55% MR
36259PAG1 GMALT 2020-2 C 2.56 7/22/2024 160,000.00 99.69 159,500.18 0.44% MR
3130ARNT4 FEDERAL HOME LOAN BANK STEP-CPN 4/29/2027 150,000.00 99.93 149,899.47 0.41% G
042859AA6 ARRW 2019-1 A1 FRN 1/25/2049 145,499.63 97.93 142,485.04 0.39% MR
30166RAD9 EART 2021-1A B 0.5 2/18/2025 124,569.24 99.67 124,153.90 0.34% MR
24380NAA7 DRMT 2020-2 A1 1.692 5/25/2065 114,427.77 99.96 114,382.96 0.31% MR
36263LAA7 GCAR 2021-3A A 0.42 1/15/2025 112,279.24 98.97 111,122.44 0.30% MR
670837AC7 OGE ENERGY CORP 0.703 5/26/2023 113,000.00 97.43 110,100.91 0.30% B
92347YAA2 VZOT 2019-A A1A 2.93 9/20/2023 91,020.97 100.16 91,164.22 0.25% MR
3137BXDL3 FHR 4673 LB 2.5 4/15/2044 63,587.49 99.71 63,402.31 0.17% FH
83407AAA0 SCLP 2020-1 A 2.02 1/25/2029 10,293.64 99.99 10,292.90 0.03% MR
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 1,135,877.73 1 1,135,877.73 3.10% MM
CASH 27,200.46 100 27,200.46 0.07% CA

FUND

Characteristics

As of 8/31/2021

Composite Quality Ratings provided by Sage Advisory Ltd Co., for the HOLD ETF reflect the underlying holdings of the ETF. Moody’s ratings of the underlying securities are used to calculate the Composite Quality. When Moody’s ratings are unavailable the S&P ratings of the underline securities are used. When neither Moody’s or S&P ratings are available the security is placed into a not rated category.

The credit ratings are published rankings based on detailed financial analyses by a credit bureau specifically as it relates the bond issue’s ability to meet debt obligations. The highest rating is AAA, and the lowest is D. Securities with credit ratings of BBB and above are considered investment grade.

FUND

Fixed Income Attributes

As of

Date Description HOLD
02/28/2022 Duration 0.574 years
30-Day SEC Subsidized Yield 0.79%
30-Day SEC Unsubsidized Yield 0.53%

Past Performance is not indicative of future results. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. 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.

FUND

Fees & Expenses

Management Fee 0.30%
Other Expenses 0.23%
Gross Expense Ratio 0.54%
Fee Waiver and/or Expense Reimbursement -0.18%
Net Expense Ratio 0.36%

*The Advisor has contractually agreed to keep net expenses from exceeding 0.35% 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. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Expenses.”

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. Diversification and sector asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund’s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer’s creditworthiness. Fixed income securities with longer maturities are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities. The Fund’s investments in high-yield securities or “junk bonds” are subject to a greater risk of loss of income and principal than higher grade debt securities. In addition the Fund is subject to leveraging risk which tends to exaggerate the effect of any increase or decrease in the value of the portfolio securities. The Fund is also subject to liquidity risk, issuer risk, foreign currency and investment risk, prepayment risk and trading risk. See prospectus for details regarding specific risks.