HOLD - AdvisorShares North Square McKee Core Reserves ETF

Consider Moving to Greener Pastures

Seek to give your cash more earning potential with HOLD

Symbol Exchange Inception Date CUSIP Indicative NAV
HOLD NYSE Arca 1/14/2014 00768Y651 HOLD.NV
<strong>What does HOLD invest in?</strong>
The AdvisorShares North Square McKee Core Reserves ETF (NYSE Arca: HOLD) seeks to maximize income while preserving capital. To achieve its investment objective, HOLD invests in a broad range of short-term, U.S. dollar-denominated fixed income securities, including investment grade corporate debt, mortgage- or asset-backed, and government securities. Actively managed by CS McKee, HOLD follows a straight-forward investment strategy focused primarily on liquidity, quality and diversification, while seeking value primarily through security selection, sector allocation and active risk management. HOLD’s goal is to provide higher than Bloomberg 1–3 Month U.S. Treasury Bill Index yields while maintaining investment grade credit quality and liquidity in the portfolio.
<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 does 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 CS McKee has provided to their institutional clients for over 45 years, without needing to meet their minimum investment, along with the potential added benefits of the ETF structure, which include intraday trading and transparency.
  • Lower Potential Volatility – HOLD may offer added diversification with a risk management process focused on minimizing volatility and maintaining liquidity in all environments.
<strong>Where can HOLD fit in a portfolio?</strong>
HOLD may appeal to investors looking for greater income and return potential than money market funds or who are seeking an allocation to short-term fixed income.
<strong>Key Attributes</strong>
  • Low Duration – HOLD’s low average duration, targeted to less than one year, may make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
  • Active 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.
  • Fixed Income Experience – HOLD’s sub-advisor, CS McKee, has been providing fixed income solutions to the institutional marketplace since 1972. HOLD’s portfolio management team has worked together for over 20 years and have a combined 97 years in the investment industry.
  • High Quality Liquid Portfolio – HOLD’s portfolio managers seek to deliver consistent risk-adjusted performance greater than the Bloomberg Barclays 1–3 Month U.S. Treasury Bill Index while maintaining investment grade credit quality and liquidity in the portfolio.
<strong>About the Portfolio Manager</strong>

Brian S. Allen, CFA | Senior Vice President and Portfolio Manager, Fixed Income
Mr. Allen is primarily responsible for investment decisions related to the mortgage-backed and asset-backed sectors. He also provides input to the sector allocation, duration and yield-curve decisions. Before joining C.S. McKee, Mr. Allen managed fixed income funds for institutional clients at Patterson Capital Corporation in Los Angeles. There he also directed research on mortgage-backed, asset- backed and other fixed income securities. He has also served as an equity and fixed income manager at C&S/Sovran Trust Company.

Bryan R. Johanson, CFA | Senior Vice President and Portfolio Manager, Fixed Income
Mr. Johanson’s primary responsibility is security selection with the corporate sector. He also provides input to the sector allocation, duration and yield-curve decisions. Mr. Johanson has been in the investment business since 1988 and with C.S. McKee since 1994. Prior to joining the firm, he managed mortgage-backed and asset-backed securities with a wholesale bank.

Jack P. White, CFA |Senior Vice President and Portfolio Manager, Fixed Income
Mr. White is responsible for investment decisions related to the government and structured securities. He also provides input into the sector allocation, duration and yield curve decisions. Before joining C.S. McKee, he was a consultant providing primary and secondary market research and analysis to business clients.

Andrew Faderewski, CFA | Vice President and Portfolio Manager, Fixed Income
Mr. Faderewski is currently responsible for macroeconomic and quantitative research, corporate sector trading, and TIPS analysis. He also shares the responsibility of authoring the firm’s periodic outlooks. Since joining C.S. McKee, Mr. Faderewski has served as a portfolio accountant and fixed income research analyst.

Fund

Price History

As of 11/30/2021

NAV $98.43 Closing Price $98.41
Change $-0.01 Close Change $0.02
Shares Outstanding 360,000 Volume 7
4PM Bid/Offer Midpoint $98.40 Premium Discount $-0.03
Assets Under Management $35,433,468.70 30-Day Median bid-ask Spread 0.0609137
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

Characteristics

As of 11/1/2021

HOLD Sector Allocation

HOLD Sector Allocation

Source: Bloomberg & AdvisorShares

FUND

Performance

As of 10/31/2021

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month -0.06 -0.06 0
3 Months -0.03 -0.02 0.01
YTD 0.2 0.23 0.03
1 Year 0.48 0.48 0.05
3 Years 1.3 1.3 1.05
5 Years 1.35 1.36 1.09
10 Years - - 0.58
Since Inception (6/20/2011, Annualized) 1.03 1.03 0.73

As of 9/30/2021

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month 0 -0.01 0
3 Months 0.06 0.06 0.01
YTD 0.26 0.3 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
10 Years - - 0.58
Since Inception (6/20/2011, 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.

*On November 1, 2021, the AdvisorShares Sage Core Reserves ETF (the “Predecessor Fund”) was renamed the AdvisorShares North Square McKee Core Reserves ETF. Performance prior to November 1, 2021 reflects the Fund’s performance prior to the change in manager and may not be indicative of the Fund’s performance under the new manager.

Fund

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
11/30/2021 HOLD 912828X47 US TREASURY N/B 1.875 4/30/2022 2,587,000.00 100.74 2,606,158.26 7.36% TN
912828ZA1 US TREASURY N/B 1.125 2/28/2022 2,312,000.00 100.26 2,318,074.66 6.54% TN
94974BFJ4 WELLS FARGO & COMPANY 3.45 2/13/2023 1,116,000.00 103.17 1,151,378.74 3.25% B
912828ZX1 US TREASURY N/B 0.125 6/30/2022 1,111,000.00 100.01 1,111,119.09 3.14% TN
225433AH4 CRED SUIS GP FUN LTD 3.8 9/15/2022 1,050,000.00 102.51 1,076,309.64 3.04% FB
06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 1,000,000.00 102.31 1,023,057.16 2.89% B
6174824M3 MORGAN STANLEY 4.875 11/1/2022 920,000.00 103.78 954,761.26 2.70% B
15189WAN0 CENTERPOINT ENERGY RES FRN 3/2/2023 911,000.00 99.87 909,831.75 2.57% B
025816CE7 AMERICAN EXPRESS CO FRN 5/20/2022 842,000.00 100.06 842,495.47 2.38% B
49446RAN9 KIMCO REALTY CORP 3.4 11/1/2022 822,000.00 101.97 838,157.35 2.37% B
281020AL1 EDISON INTERNATIONAL 2.4 9/15/2022 735,000.00 101.07 742,841.28 2.10% B
928563AB1 VMWARE INC 2.95 8/21/2022 730,000.00 101.42 740,387.59 2.09% B
172967LH2 CITIGROUP INC FRN 4/25/2022 735,000.00 100.24 736,778.91 2.08% B
06738EAT2 BARCLAYS PLC FRN 1/10/2023 697,000.00 100.17 698,166.42 1.97% FB
00287YAL3 ABBVIE INC 2.9 11/6/2022 670,000.00 102.03 683,615.98 1.93% B
29364GAH6 ENTERGY CORP 4 7/15/2022 667,000.00 101.52 677,122.51 1.91% B
20825GAA3 CONN 2021-A A 1.05 5/15/2026 675,000.00 99.93 674,547.75 1.90% MR
30161NAW1 EXELON CORP 3.497 6/1/2022 666,000.00 101.04 672,918.88 1.90% B
12598NAA0 CIGAR 2021-1A A 0.69 4/14/2025 670,000.00 100 669,996.78 1.89% MR
04010LAR4 ARES CAPITAL CORP 3.625 1/19/2022 604,000.00 100.18 605,088.47 1.71% B
444859BA9 HUMANA INC 3.15 12/1/2022 581,000.00 101.97 592,428.79 1.67% B
345329AB2 FORDL 2021-B A2 0.24 4/15/2024 590,000.00 99.84 589,061.78 1.66% MR
38141GXV1 GOLDMAN SACHS GROUP INC FRN 3/8/2023 585,000.00 99.97 584,817.28 1.65% B
34528QFU3 FORDF 2017-3 A 2.48 9/15/2024 565,000.00 101.57 573,887.45 1.62% MR
33845AAA5 FCAT 2021-4 A 0.81 7/17/2026 550,000.00 99.87 549,296.00 1.55% MR
02582JJM3 AMXCA 2019-3 A 2 4/15/2025 540,000.00 101.42 547,690.36 1.55% MR
981464HC7 WFNMT 2019-B A 2.49 4/15/2026 535,000.00 101.13 541,055.24 1.53% MR
380149AB0 GMCAR 2021-2 A2 0.27 6/17/2024 531,591.06 100 531,573.15 1.50% MR
494550BM7 KINDER MORGAN ENER PART 3.45 2/15/2023 509,000.00 102.48 521,610.98 1.47% B
96043JAC9 WLAKE 2021-3A A2 0.57 9/16/2024 500,000.00 99.99 499,938.50 1.41% MR
842434CV2 SOUTHERN CALIF GAS CO FRN 9/14/2023 466,000.00 99.94 465,709.23 1.31% B
65339KAW0 NEXTERA ENERGY CAPITAL 2.8 1/15/2023 451,000.00 102.12 460,552.23 1.30% B
02588QAB4 AMXCA 2019-1 A 2.87 10/15/2024 455,000.00 100.89 459,033.39 1.30% MR
466313AG8 JABIL INC 4.7 9/15/2022 442,000.00 103 455,254.70 1.29% B
585505AA8 MWST 2020-1 A FRN 10/25/2053 455,000.00 99.98 454,917.65 1.28% MR
09062XAE3 BIOGEN INC 3.625 9/15/2022 443,000.00 102.36 453,465.12 1.28% B
43815EAB0 HAROT 2021-3 A2 0.2 2/20/2024 425,000.00 99.88 424,477.38 1.20% MR
92347YAA2 VZOT 2019-A A1A 2.93 9/20/2023 400,921.15 100.61 403,379.56 1.14% MR
694308JE8 PACIFIC GAS & ELECTRIC 1.75 6/16/2022 370,000.00 99.95 369,817.15 1.04% B
35671DAU9 FREEPORT-MCMORAN INC 3.55 3/1/2022 351,000.00 100 351,000.00 0.99% B
72650RAZ5 PLAINS ALL AMER PIPELINE 3.65 6/1/2022 348,000.00 100.7 350,443.28 0.99% B
161175BB9 CHARTER COMM OPT LLC/CAP 4.464 7/23/2022 344,000.00 101.78 350,110.54 0.99% B
747262AK9 QVC INC 4.375 3/15/2023 336,000.00 103.75 348,611.76 0.98% B
279158AC3 ECOPETROL SA 5.875 9/18/2023 328,000.00 106.08 347,947.32 0.98% FB
06738EAS4 BARCLAYS PLC 3.684 1/10/2023 342,000.00 100.32 343,094.09 0.97% FB
00928QAR2 AIRCASTLE LTD 4.4 9/25/2023 325,000.00 105.21 341,929.65 0.97% B
44107TAU0 HOST HOTELS & RESORTS LP 3.75 10/15/2023 325,000.00 104.91 340,958.85 0.96% B
80286WAE6 SDART 2020-4 B 0.73 3/17/2025 315,000.00 100.11 315,346.50 0.89% MR
60855RAG5 MOLINA HEALTHCARE INC 5.375 11/15/2022 265,000.00 103.35 273,864.25 0.77% B
88161FAB2 TESLA 2021-A A2 0.36 3/20/2025 264,195.53 100.15 264,585.48 0.75% MR
101137AQ0 BOSTON SCIENTIFIC CORP 3.375 5/15/2022 256,000.00 101.23 259,151.11 0.73% B
910047AJ8 UNITED AIRLINES HOLDINGS 4.25 10/1/2022 232,000.00 101.27 234,946.40 0.66% B
247361ZJ0 DELTA AIR LINES INC 3.625 3/15/2022 229,000.00 100.13 229,296.77 0.65% B
85172FAK5 ONEMAIN FINANCE CORP 6.125 5/15/2022 220,000.00 102.46 225,417.50 0.64% B
25470XAJ4 DISH DBS CORP 5.875 7/15/2022 220,000.00 101.36 223,001.90 0.63% B
042859AA6 ARRW 2019-1 A1 FRN 1/25/2049 169,497.07 100.8 170,854.32 0.48% MR
670837AC7 OGE ENERGY CORP 0.703 5/26/2023 113,000.00 99.55 112,496.08 0.32% B
98162HAB6 WOLS 2020-A A2 1.71 11/15/2022 87,515.24 100.11 87,609.23 0.25% MR
83407AAA0 SCLP 2020-1 A 2.02 1/25/2029 75,781.63 100.47 76,140.89 0.22% MR
06051GGH6 BANK OF AMERICA CORP FRN 1/20/2023 71,000.00 100.15 71,108.39 0.20% B
46187VAC3 IHSFR 2018-SFR3 B FRN 7/17/2037 50,037.70 100.21 50,144.73 0.14% MR
CASH 514,714.23 100 514,714.23 1.45% CA
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 337,349.21 1 337,349.21 0.95% MM

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

Fees & Expenses

Management Fee 0.30%
Other Expenses 0.27%
Total Annual Operating Expenses 0.57%
Fee Waiver and/or Expense Reimbursement -0.22%
Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement 0.35%

*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