NAV as of 8/18/2022

$97.63

1 Day NAV Change as of 8/18/2022

$0.03

Manager Commentary
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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

8/18/2022
NAV $97.63
Change $0.03
Shares Outstanding 360,000
Assets Under Management $35,147,008.98

Market Data

8/18/2022
Closing Price $97.6
Close Change $-0.01
Volume 5

Regulatory Data

8/18/2022
Premium Discount $-0.030
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 6/30/2022

HOLD Sector Allocation

HOLD Sector Allocation

Source: Bloomberg & AdvisorShares

FUND

Fixed Income Attributes

As of

Date Description FWDB
07/31/2022 30-Day SEC Subsidized Yield 2.91%
30-Day SEC Unsubsidized Yield -0.58%

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 6/30/2022

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month -0.14 -0.25 0.05
3 Months -0.14 -0.16 0.12
YTD -0.65 -0.72 0.16
1 Year -0.68 -0.76 0.18
3 Years 0.41 0.39 0.57
5 Years 1.06 1.04 1.05
10 Years - - 0.60
Since Inception (6/20/2011, Annualized) 0.87 0.86 0.69

As of 6/30/2022

  NAV Market Price Return Barclays Capital Aggregate Bond Index
1 Month -0.14 -0.25 0.05
3 Months -0.14 -0.16 0.12
YTD -0.65 -0.72 0.16
1 Year -0.68 -0.76 0.18
3 Years 0.41 0.39 0.57
5 Years 1.06 1.04 1.05
10 Years - - 0.60
Since Inception (6/20/2011, Annualized) 0.87 0.86 0.69

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
08/18/2022 HOLD 91282CAR2 US TREASURY N/B 0.125 10/31/2022 2,000,000.00 99.53 1,990,683.12 5.66% TN
94974BFJ4 WELLS FARGO & COMPANY 3.45 2/13/2023 1,116,000.00 99.8 1,113,802.70 3.17% B
225433AH4 CRED SUIS GP FUN LTD 3.8 9/15/2022 1,050,000.00 99.96 1,049,563.49 2.99% FB
06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 1,000,000.00 99.67 996,699.89 2.84% B
6174824M3 MORGAN STANLEY 4.875 11/1/2022 920,000.00 100.31 922,864.84 2.63% B
04685A3H2 ATHENE GLOBAL FUNDING FRN 1/7/2025 825,000.00 96.68 797,623.27 2.27% B
3133ENC99 FEDERAL FARM CREDIT BANK 3.94 7/27/2026 750,000.00 99.8 748,520.44 2.13% G
3130ASN88 FEDERAL HOME LOAN BANK 3.64 7/28/2025 750,000.00 98.95 742,110.31 2.11% G
3137BRVA0 FHR 4614 PA 3 12/15/2043 746,648.11 99.39 742,081.91 2.11% FH
281020AL1 EDISON INTERNATIONAL 2.4 9/15/2022 735,000.00 99.89 734,164.38 2.09% B
92348TAC8 VZOT 2020-A B 1.98 7/22/2024 700,000.00 98.91 692,351.94 1.97% MR
00287YAL3 ABBVIE INC 2.9 11/6/2022 670,000.00 99.93 669,508.26 1.90% B
80286NAF3 SDART 2021-1 C 0.75 2/17/2026 675,000.00 98.4 664,179.48 1.89% MR
12663JAB7 CNH 2022-B A2 3.94 12/15/2025 650,000.00 100.05 650,318.50 1.85% MR
68784HAB7 OSCAR 2022-1A A2 1.6 3/10/2025 651,353.10 98.45 641,271.74 1.82% MR
34528QFU3 FORDF 2017-3 A 2.48 9/15/2024 630,000.00 99.99 629,911.49 1.79% MR
9128284X5 US TREASURY N/B 2.75 8/31/2023 600,000.00 99.57 597,405.15 1.70% TN
38141GZF4 GOLDMAN SACHS GROUP INC FRN 12/6/2023 600,000.00 99.37 596,197.55 1.70% B
03066RAC9 AMCAR 2021-2 A3 0.34 12/18/2026 600,000.00 97.29 583,731.36 1.66% MR
444859BA9 HUMANA INC 3.15 12/1/2022 581,000.00 99.97 580,821.09 1.65% B
39154TBP2 GALC 2021-2 A2 0.38 3/15/2024 581,233.68 98.17 570,569.38 1.62% MR
3137B4WA0 FHMS K033 A1 2.871 2/25/2023 568,931.61 99.68 567,124.01 1.61% FH
91282CBU4 US TREASURY N/B 0.125 3/31/2023 575,000.00 98.22 564,752.45 1.61% TN
96042QAJ9 WLAKE 2020-3A C 1.24 11/17/2025 560,000.00 97.45 545,727.62 1.55% MR
02582JJM3 AMXCA 2019-3 A 2 4/15/2025 540,000.00 100.09 540,509.11 1.54% MR
3137B1BS0 FHMS K026 A2 2.51 11/25/2022 529,229.38 99.75 527,916.84 1.50% FH
15189WAN0 CENTERPOINT ENERGY RES FRN 3/2/2023 523,000.00 99.82 522,065.21 1.49% B
494550BM7 KINDER MORGAN ENER PART 3.45 2/15/2023 509,000.00 99.66 507,251.90 1.44% B
025816CU1 AMERICAN EXPRESS CO FRN 5/3/2024 495,000.00 99.72 493,612.78 1.40% B
694308KA4 PACIFIC GAS & ELECTRIC 3.25 2/16/2024 500,000.00 98.38 491,909.68 1.40% B
36263XAA1 GCAR 2022-1A A 1.98 8/15/2025 494,840.09 98.71 488,470.01 1.39% MR
80286EAC0 SDART 2022-1 A3 1.94 11/17/2025 490,000.00 97.74 478,946.87 1.36% MR
842434CV2 SOUTHERN CALIF GAS CO FRN 9/14/2023 466,000.00 99.55 463,926.04 1.32% B
29374EAB2 EFF 2021-1 A2 0.44 12/21/2026 469,712.91 97.05 455,850.74 1.30% MR
3137AYCE9 FHMS K025 A2 2.682 10/25/2022 407,054.33 99.83 406,366.41 1.16% FH
02529NAG2 ACAR 2019-3 D 2.89 9/12/2025 392,249.85 99.81 391,492.38 1.11% MR
03066JAC7 AMCAR 2021-3 A3 0.76 8/18/2026 400,000.00 96.12 384,462.16 1.09% MR
3137BM7B6 FHMS K051 A1 2.887 4/25/2025 388,813.78 98.69 383,713.67 1.09% FH
89238FAB9 TAOT 2022-B A2A 2.35 1/15/2025 375,000.00 99.25 372,179.85 1.06% MR
33845VAA9 FCAT 2022-1 A 1.79 10/15/2026 379,985.09 97.12 369,034.41 1.05% MR
55903VAB9 MAGALLANES INC 3.528 3/15/2024 375,000.00 98.02 367,578.37 1.05% B
68269LAA4 OMFIT 2020-1A A 3.84 5/14/2032 359,061.82 99.47 357,170.14 1.02% MR
3136AXJT3 FNR 2017-49 JA 4 7/25/2053 341,310.63 100.3 342,330.19 0.97% FM
02530QAD9 ACAR 2020-4 D 1.77 12/14/2026 355,000.00 95.98 340,722.50 0.97% MR
747262AK9 QVC INC 4.375 3/15/2023 336,000.00 99.85 335,500.50 0.95% B
33845AAA5 FCAT 2021-4 A 0.81 7/17/2026 343,045.05 97.59 334,767.72 0.95% MR
279158AC3 ECOPETROL SA 5.875 9/18/2023 328,000.00 100.97 331,181.60 0.94% FB
00928QAR2 AIRCASTLE LTD 4.4 9/25/2023 325,000.00 99.65 323,878.20 0.92% B
3136ALD81 FNR 2014-85 LB 3 2/25/2033 322,939.17 99.52 321,384.96 0.91% FM
345329AB2 FORDL 2021-B A2 0.24 4/15/2024 323,484.79 99.15 320,734.00 0.91% MR
96043JAC9 WLAKE 2021-3A A2 0.57 9/16/2024