LETB: 4th Quarter 2022 Portfolio Review

Performance data quoted represents past performance and is no guarantee of future results. 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. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/letb.

Performance Review

The AdvisorShares Let Bob AI Powered Momentum ETF (LETB) generated a 0.50% return compared to a 7.56% return for the S&P 500 Index during the fourth quarter.

Since its inception in early Feb. 2022, LETB generated a -8.86% return vs -13.78% return for the S&P 500, -14.37% for the Russell 3000 Index, and -12.71% for the Russell 2000 Index.

Market Review

The Federal Reserve’s aggressive action to combat unacceptably high inflation was the story of 2022. Ending a brutal year for stocks that came to an end on Friday. Wall Street suffered its worst year since 2008. Global markets lost over $30 trillion in 2022.The main components were war and inflation. We are in the midst of one of the largest and fastest interest rate hikes in history.

Top Holdings

We purchased 0 stocks in Q4. We are currently 100% in cash at the end of the quarter.

Ticker Security Description Portfoio Weight %
  Cash 100%

As of 12.31.2022. Subject to change.

As of 12.31.2022. Subject to change.

Outlook Review

Investors will be looking for relief in 2023 in the form of easing inflation, a more friendly Federal Reserve, and the potential for the economy to sidestep a recession. It is likely that the Federal Reserve will be less aggressive in hiking interest rates on a go-forward basis, perhaps allowing for the highly sought economic “soft landing.”

We believe that our disciplined investment approach will drive attractive absolute returns in the long term, despite the down year in 2022.


Anthony Buchanan
Let Bob, LLC
AdvisorShares Let Bob AI Powered Momentum ETF (LETB) Portfolio Manager


Past Commentary

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.

Investing involves risk including possible loss of principal. The Advisor continuously evaluates the Fund’s holdings, purchases and sales with a goal of achieving its investment objective, which is not guaranteed, and judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions, or company performance. Security prices of small and mid-cap companies may be more volatile than those of larger companies and therefore the Fund’s share price may be more volatile than those of funds that invest a larger percentage of their assets in securities issued by larger-cap companies. 

Model and Data Risk: When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund may experience relatively high portfolio turnover, which may result in increased transaction costs and performance that is lower than expected.

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.

Holdings and allocations are subject to risks and to change.

The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.