NAV as of 5/25/2022

$97.65

1 Day NAV Change as of 5/25/2022

$0

Manager Commentary
Fact Sheet

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HOLD - AdvisorShares North Square McKee Core Reserves ETF

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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.

 

HOLD Overview from Brian Allen

 

Get an introduction to the HOLD ETF directly from the portfolio manager, Brian Allen.

 

HOLD Overview from Brian Allen

 

Get an introduction to the HOLD ETF directly from the portfolio manager, Brian Allen.

 

Fund

Price History

Fund Data

5/25/2022
NAV $97.65
Change $0
Shares Outstanding 375,000
Assets Under Management $36,619,920.96

Market Data

5/25/2022
Closing Price $97.61
Close Change $0.02
Volume 400

Regulatory Data

5/25/2022
Premium Discount $-0.070
30-Day Median bid-ask Spread 0.06
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 4/30/2022

HOLD Sector Allocation

HOLD Sector Allocation

Source: Bloomberg & AdvisorShares

FUND

Fixed Income Attributes

As of

Date Description FWDB
03/31/2022 30-Day SEC Subsidized Yield 2.33%
30-Day SEC Unsubsidized Yield -1.06%

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

Performance

As of 4/30/2022

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month -0.04 0.08 0.02
3 Months -0.46 -0.38 0.05
YTD -0.55 -0.49 0.05
1 Year -0.53 -0.46 0.08
3 Years 0.63 0.64 0.68
5 Years 1.13 1.15 1.06
10 Years - - 0.59
Since Inception (6/20/2011, Annualized) 0.90 0.90 0.70

As of 3/31/2022

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month -0.3 -0.35 0.02
3 Months -0.51 -0.57 0.03
YTD -0.51 -0.57 0.03
1 Year -0.41 -0.48 0.06
3 Years 0.73 0.72 0.74
5 Years 1.16 1.14 1.07
10 Years - - 0.59
Since Inception (6/20/2011, Annualized) 0.91 0.9 0.7

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
05/25/2022 HOLD 91282CAR2 US TREASURY N/B 0.125 10/31/2022 2,000,000.00 99.45 1,989,026.82 5.43% TN
912828YA2 US TREASURY N/B 1.5 8/15/2022 1,500,000.00 100.09 1,501,384.56 4.10% TN
94974BFJ4 WELLS FARGO & COMPANY 3.45 2/13/2023 1,116,000.00 100.51 1,121,672.92 3.06% B
3137BRVA0 FHR 4614 PA 3 12/15/2043 1,115,592.00 100.1 1,116,718.08 3.05% FH
912828ZX1 US TREASURY N/B 0.125 6/30/2022 1,111,000.00 99.93 1,110,227.84 3.03% TN
225433AH4 CRED SUIS GP FUN LTD 3.8 9/15/2022 1,050,000.00 100.54 1,055,679.26 2.88% FB
06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 1,000,000.00 99.94 999,357.19 2.73% B
6174824M3 MORGAN STANLEY 4.875 11/1/2022 920,000.00 101.21 931,164.52 2.54% B
04685A3H2 ATHENE GLOBAL FUNDING FRN 1/7/2025 825,000.00 97.25 802,351.46 2.19% B
281020AL1 EDISON INTERNATIONAL 2.4 9/15/2022 735,000.00 99.59 731,954.63 2.00% B
68784HAB7 OSCAR 2022-1A A2 1.6 3/10/2025 690,000.00 98.69 680,952.78 1.86% MR
00287YAL3 ABBVIE INC 2.9 11/6/2022 670,000.00 100.26 671,743.40 1.83% B
29364GAH6 ENTERGY CORP 4 7/15/2022 667,000.00 100.1 667,667.21 1.82% B
80286NAF3 SDART 2021-1 C 0.75 2/17/2026 675,000.00 98.37 663,985.49 1.81% MR
39154TBP2 GALC 2021-2 A2 0.38 3/15/2024 650,000.00 98.21 638,339.91 1.74% MR
34528QFU3 FORDF 2017-3 A 2.48 9/15/2024 630,000.00 100.19 631,222.14 1.72% MR
36263XAA1 GCAR 2022-1A A 1.98 8/15/2025 625,059.85 99.38 621,158.91 1.70% MR
38141GZF4 GOLDMAN SACHS GROUP INC FRN 12/6/2023 600,000.00 99.52 597,100.12 1.63% B
03066RAC9 AMCAR 2021-2 A3 0.34 12/18/2026 600,000.00 97.42 584,493.18 1.60% MR
444859BA9 HUMANA INC 3.15 12/1/2022 581,000.00 100.23 582,351.01 1.59% B
91282CBU4 US TREASURY N/B 0.125 3/31/2023 575,000.00 98.53 566,555.99 1.55% TN
02582JJM3 AMXCA 2019-3 A 2 4/15/2025 540,000.00 100.23 541,260.04 1.48% MR
981464HC7 WFNMT 2019-B A 2.49 4/15/2026 535,000.00 100.04 535,230.91 1.46% MR
15189WAN0 CENTERPOINT ENERGY RES FRN 3/2/2023 523,000.00 99.78 521,861.53 1.43% B
494550BM7 KINDER MORGAN ENER PART 3.45 2/15/2023 509,000.00 100.4 511,042.19 1.40% B
29374EAB2 EFF 2021-1 A2 0.44 12/21/2026 519,025.83 97.38 505,436.85 1.38% MR
02529NAG2 ACAR 2019-3 D 2.89 9/12/2025 500,000.00 100.11 500,567.05 1.37% MR
025816CU1 AMERICAN EXPRESS CO FRN 5/3/2024 495,000.00 99.79 493,941.90 1.35% B
694308KA4 PACIFIC GAS & ELECTRIC 3.25 2/16/2024 500,000.00 98.61 493,025.41 1.35% B
80286EAC0 SDART 2022-1 A3 1.94 11/17/2025 490,000.00 98.3 481,666.67 1.32% MR
68269LAA4 OMFIT 2020-1A A 3.84 5/14/2032 479,869.82 99.95 479,646.34 1.31% MR
3137AYCE9 FHMS K025 A2 2.682 10/25/2022 474,176.17 100.24 475,297.98 1.30% FH
842434CV2 SOUTHERN CALIF GAS CO FRN 9/14/2023 466,000.00 99.51 463,704.04 1.27% B
345329AB2 FORDL 2021-B A2 0.24 4/15/2024 460,001.90 99.07 455,731.43 1.24% MR
09062XAE3 BIOGEN INC 3.625 9/15/2022 443,000.00 100.4 444,757.13 1.21% B
466313AG8 JABIL INC 4.7 9/15/2022 442,000.00 100.6 444,661.73 1.21% B
96043JAC9 WLAKE 2021-3A A2 0.57 9/16/2024 444,002.30 99.01 439,612.36 1.20% MR
33845VAA9 FCAT 2022-1 A 1.79 10/15/2026 443,149.86 98.56 436,752.11 1.19% MR
33845AAA5 FCAT 2021-4 A 0.81 7/17/2026 413,380.95 97.2 401,800.99 1.10% MR
12598NAA0 CIGAR 2021-1A A 0.69 4/14/2025 399,276.59 98.43 392,990.30 1.07% MR
89238FAB9 TAOT 2022-B A2A 2.35 1/15/2025 375,000.00 99.66 373,725.64 1.02% MR
55903VAB9 MAGALLANES INC 3.528 3/15/2024 375,000.00 99.52 373,202.73 1.02% B
96042RAB4 WLAKE 2021-2A A2A 0.32 4/15/2025 371,989.22 98.95 368,091.85 1.01% MR
3137F4R46 FHR 4776 QM 3 6/15/2045 356,715.32 100.09 357,046.42 0.98% FH
90944DAA9 UACST 2022-1 A 1.11 7/10/2024 353,543.73 99.47 351,675.46 0.96% MR
36263DAA5 GCAR 2021-4A A 0.84 7/15/2025 355,715.36 98.66 350,943.69 0.96% MR
02530QAD9 ACAR 2020-4 D 1.77 12/14/2026 355,000.00 96.63 343,031.71 0.94% MR
279158AC3 ECOPETROL SA 5.875 9/18/2023 328,000.00 102.25 335,383.28 0.92% FB
747262AK9 QVC INC 4.375 3/15/2023 336,000.00 98.41 330,643.09 0.90% B
00928QAR2 AIRCASTLE LTD 4.4 9/25/2023 325,000.00 100.18 325,569.39 0.89% B
80285WAF4 SDART 2020-3 C 1.12 1/15/2026 325,000.00 99.2 322,398.44 0.88% MR
43815EAB0 HAROT 2021-3 A2 0.2 2/20/2024 315,957.92 99.2 313,438.91 0.86% MR
32057KAA8 FIAOT 2022-1A A 2.03 1/15/2027 311,759.63 98.42 306,838.63 0.84% MR
30165XAC9 EART 2021-2A A3 0.3 10/15/2024 306,938.92 99.78 306,267.46 0.84% MR
14687HAA1 CRVNA 2021-N4 A1 0.83 9/11/2028 294,241.17 98.15 288,798.36 0.79% MR
14686GAA4 CRVNA 2022-N1 A1 2.31 12/11/2028 289,944.14 98.83 286,565.68 0.78% MR
20825GAA3 CONN 2021-A A 1.05 5/15/2026 275,466.18 99.37 273,737.11 0.75% MR
48128LRZ4 JP MORGAN CHASE BANK NA FRN 12/4/2023 245,000.00 100.18 245,438.55 0.67% CD
380149AB0 GMCAR 2021-2 A2 0.27 6/17/2024 236,582.92 99.59 235,609.48 0.64% MR
25470XAJ4 DISH DBS CORP 5.875 7/15/2022 220,000.00 100.41 220,893.20 0.60% B
80286WAE6 SDART 2020-4 B 0.73 3/17/2025 212,274.49 99.81 211,876.33 0.58% MR
88161FAB2 TESLA 2021-A A2 0.36 3/20/2025 191,831.57 98.66 189,266.80 0.52% MR
161175BB9 CHARTER COMM OPT LLC/CAP 4.464 7/23/2022 172,000.00 100.01 172,017.92 0.47% B
36259PAG1 GMALT 2020-2 C 2.56 7/22/2024 160,000.00 99.66 159,459.22 0.44% MR
3130ARNT4 FEDERAL HOME LOAN BANK STEP-CPN 4/29/2027 150,000.00 100.05 150,071.25 0.41% G
042859AA6 ARRW 2019-1 A1 FRN 1/25/2049 142,562.13 97.95 139,645.42 0.38% MR
30166RAD9 EART 2021-1A B 0.5 2/18/2025 124,569.24 99.68 124,168.69 0.34% MR
36263LAA7 GCAR 2021-3A A 0.42 1/15/2025 112,279.24 99.04 111,200.41 0.30% MR
670837AC7 OGE ENERGY CORP 0.703 5/26/2023 113,000.00 97.57 110,258.31 0.30% B
3137BXDL3 FHR 4673 LB 2.5 4/15/2044 63,587.49 99.74 63,420.98 0.17% FH
92347YAA2 VZOT 2019-A A1A 2.93 9/20/2023 47,439.36 100.13 47,502.12 0.13% MR
24380NAA7 DRMT 2020-2 A1 1.692 5/25/2065 25,239.73 99.93 25,223.22 0.07% MR
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 1,416,667.67 1 1,416,667.67 3.87% MM
CASH 107,354.15 100 107,354.15 0.29% CA