(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

MINC

Overview

The AdvisorShares Newfleet Multi-Sector Income ETF (NYSE Arca: MINC) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. MINC is managed by Newfleet Asset Management (“Portfolio Manager”), an investment subsidiary of Virtus Investment Partners. Newfleet believes that active fixed income sector rotation and quality security selection, combined with disciplined risk management, offers the best potential to achieve the Fund’s investment objective of providing a high level of total return, including a competitive level of current income in the fixed income market.

Symbol Exchange Inception Date CUSIP Indicative NAV
MINC NYSE Arca 3/19/2013 00768Y727 MINC.NV
<strong>Why Invest in MINC?</strong>
  • For Portfolio Diversification – Spreading your investment risk among bonds in all the material bond sectors, including bonds with different maturities and credit qualities can help diversify an overall portfolio.
  • For a Value-Oriented Approach to Fixed Income Investing – The portfolio manager believes that active bond sector rotation and quality security selection, combined with disciplined risk management, is the most effective means of achieving total returns in the fixed income market.
  • For Simplified Bond Investing – MINC is designed for any investor seeking one bond fund that includes all the major bond sectors.
<strong>Key Attributes</strong>
  1. Low Duration – MINC’s low average duration, targeted at between 1 and 3 years, may potentially make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
  2. High Quality – MINC primarily invests in high quality investment-grade debt, which are securities with credit ratings within the 4 highest rating categories of nationally recognized bond rating organizations.
  3. Active Bond Sector Rotation – The Portfolio Manager actively seeks to strategically overweight undervalued bond sectors in an effort to add value to the portfolio.
  4. Risk Controls The portfolio manager employs disciplined risk management controls with the following parameters: Below investment grade maximum: 20%; Non-U.S. maximum: 30%; Industry maximum: 25%.
  5. Professional Experience – The portfolio management team has over 70 years of combined investment experience. MINC is being carefully managed by seasoned investment professionals.
<strong>About the Portfolio Managers</strong>
David L. Albrycht, CFA. – President and Chief Investment Officer
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.

Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation.

Benjamin L. Caron, CFA, Senior Managing Director
In his current role, Mr. Caron is co-portfolio manager of, and assists in the management of, several fixed income portfolios at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Working with the CIO and senior portfolio manager, Mr. Caron contributes to multi-sector strategy and is responsible for strategy execution and portfolio monitoring across open-end funds, closed-end funds, ETFs, and offshore vehicles that the team manages. Prior to joining the Sub-Advisor in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers (the former Phoenix Investment Counsel).

Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a CFA® (Chartered Financial Analyst®) charterholder. Mr. Caron began his career in the investment industry in 1997.

Fund

Price History

Fund Data

1/26/2023
NAV $45.09
Change $0
Shares Outstanding 450,000
Assets Under Management $20,290,207.33

Market Data

1/26/2023
Closing Price $44.98
Close Change $-0.07
Volume 12,390

Regulatory Data

1/26/2023
Premium Discount $-0.050
30-Day Median bid-ask Spread 0.45
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 12/31/2022

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.27 0.31 -0.45 0.12
3 Months 0.80 0.59 1.87 1.22
YTD -5.68 -5.72 -13.01 -5.53
1 Year -5.68 -5.72 -13.01 0.12
3 Years -0.74 -0.73 -2.71 1.22
5 Years 0.71 0.72 0.02 0.87
Since Inception (3/19/2013, Annualized) 1.35 1.34 1.10 1.00

As of 12/31/2022

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.27 0.31 -0.45 0.12
3 Months 0.80 0.59 1.87 1.22
YTD -5.68 -5.72 -13.01 -5.53
1 Year -5.68 -5.72 -13.01 -5.53
3 Years -0.74 -0.73 -2.71 -0.67
5 Years 0.71 0.72 0.02 0.87
Since Inception (3/19/2013, Annualized) 1.35 1.34 1.10 1.00

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.

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
01/26/2023 MINC 91282CFN6 US TREASURY N/B 4.25 9/30/2024 1,740,000.00 99.79 1,736,261.71 8.56% TN
91282CBB6 US TREASURY N/B 0.625 12/31/2027 1,095,000.00 86.65 948,779.00 4.68% TN
91282CCU3 US TREASURY N/B 0.125 8/31/2023 970,000.00 97.33 944,109.94 4.65% TN
BKLN 46138G508 INVESCO SENIOR LOAN ETF 31,535.00 21.08 664,757.80 3.28% MF
91824CAB2 VFI 2022-1A B 3.04 7/24/2028 320,000.00 95.2 304,644.00 1.50% MR
038413AB6 AQFIT 2020-AA B 2.79 7/17/2046 335,000.00 87.12 291,850.49 1.44% MR
257463AA7 DFS 2021-RTL1 A1 STEP-CPN 7/25/2027 315,000.00 91.1 286,973.69 1.41% MR
61762MBW0 MSBAM 2013-C10 A4 FRN 7/15/2046 275,000.00 99.34 273,189.84 1.35% MR
42806MAL3 HERTZ 2022-1A C 2.63 6/25/2026 295,000.00 91.46 269,805.94 1.33% MR
12510KAG8 CCG 2021-1 C 0.84 6/14/2027 270,000.00 93.37 252,094.57 1.24% MR
05351KAA7 AVCCT 2021-1A A 1.37 4/15/2027 260,000.00 92.22 239,764.56 1.18% MR
92939KAG3 WFRBS 2014-C24 AS 3.931 11/15/2047 250,000.00 95.52 238,788.88 1.18% MR
52605AAB3 LDPT 2022-A B 2.41 6/15/2029 245,000.00 97.02 237,707.11 1.17% MR
89616BAC8 TAST 2022-1A C 4.71 8/15/2025 235,000.00 98.2 230,780.97 1.14% MR
91680FAB8 UPST 2021-2 B 1.75 6/20/2031 240,000.00 95.78 229,883.30 1.13% MR
14686XAG4 CRVNA 2019-3A E 4.6 7/15/2026 235,000.00 96.41 226,564.84 1.12% MR
91282CGC9 US TREASURY N/B 3.875 12/31/2027 220,000.00 101.2 222,646.88 1.10% TN
58940BAA4 MFCC 2021-1A A 1.54 3/20/2026 230,000.00 96.48 221,900.69 1.09% MR
85573MAA7 STAR 2020-3 A1 FRN 4/25/2065 233,008.90 94.43 220,026.95 1.08% MR
92837UAA7 VISIO 2021-1R A1 1.28 5/25/2056 225,938.03 92.68 209,400.79 1.03% MR
836205AR5 REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025 200,000.00 101.11 202,218.80 1.00% FB
01166VAA7 ALASKA AIRLINES 2020 TR 4.8 8/15/2027 206,589.74 97.46 201,352.53 0.99% B
63942EAA6 NAVSL 2021-EA A 0.97 12/16/2069 231,220.63 86.75 200,577.35 0.99% MR
52607KAA1 LBZZ 2022-1A A 4.22 5/17/2027 203,940.45 96.09 195,963.87 0.97% MR
74727PBC4 STATE OF QATAR 3.4 4/16/2025 200,000.00 97.76 195,519.80 0.96% FB
501895AA4 LHOME 2021-RTL2 A1 STEP-CPN 6/25/2026 205,000.00 94.86 194,461.38 0.96% MR
68504UAB7 ONGLT 2019-A B 3.36 4/9/2038 198,967.82 95.12 189,261.65 0.93% MR
36265NAE3 GCAR 2022-2A D 6.15 4/17/2028 190,000.00 97.65 185,538.27 0.91% MR
25714PEP9 DOMINICAN REPUBLIC 5.5 2/22/2029 195,000.00 94.92 185,085.23 0.91% FB
62920KAC6 NMEF 2022-A B 3.35 10/16/2028 195,000.00 94.15 183,600.44 0.90% MR
29252VAC9 ENCA 2022-1A B 5.15 1/16/2029 185,000.00 98.45 182,131.46 0.90% MR
08862BAB1 BHG 2021-B B 1.67 10/17/2034 210,000.00 86.02 180,635.09 0.89% MR
11042CAA8 BRITISH AIR 21-1 A PPT 2.9 3/15/2035 211,564.58 84.39 178,541.93 0.88% FB
71654QCG5 PETROLEOS MEXICANOS 6.5 3/13/2027 180,000.00 94.33 169,794.09 0.84% FB
17288XAB0 CITADEL LP 4.875 1/15/2027 170,000.00 97.84 166,328.03 0.82% B
552757AA4 MFRA 2020-NQM3 A1 FRN 1/26/2065 178,032.02 92.81 165,224.29 0.81% MR
53079EBM5 LIBERTY MUTUAL GROUP INC 4.125 12/15/2051 190,000.00 85.95 163,302.15 0.80% B
12529KAA0 CFMT 2021-GRN1 A 1.1 3/20/2041 166,163.86 92.78 154,159.40 0.76% MR
35041LAA8 FFIN 2021-1A A 1.27 5/15/2041 170,700.37 90.25 154,054.78 0.76% MR
913903AZ3 UNIVERSAL HEALTH SVCS 1.65 9/1/2026 175,000.00 87.26 152,699.30 0.75% B
12434KAA4 BXGNT 2022-A A 4.12 9/28/2037 148,757.55 96.83 144,041.85 0.71% MR
842587DJ3 SOUTHERN CO 3.75 9/15/2051 164,000.00 87.24 143,071.74 0.70% B
00439KAA4 AALLC 2021-1H A 1.35 10/20/2040 154,486.52 91.3 141,041.14 0.69% MR
92837DAB3 VISIO 2019-2 A2 FRN 11/25/2054 146,492.50 95.11 139,336.27 0.69% MR
64831EAA8 NRZT 2021-NQ2R A1 FRN 10/25/2058 152,842.12 90.67 138,583.97 0.68% MR
00774MAW5 AERCAP IRELAND CAP/GLOBA 3 10/29/2028 155,000.00 88.13 136,602.95 0.67% FB
96034JAB2 WESTR 2022-1A B 2.288 8/20/2036 142,011.22 94.6 134,343.89 0.66% MR
58940BAE6 MFCC 2022-1A A 2.5 9/21/2026 145,000.00 92.62 134,292.01 0.66% MR
073096AA7 BAYPORT POLYMERS LLC 4.743 4/14/2027 140,000.00 93.85 131,384.45 0.65% B
40439HAC3 HINTT 2020-A C 3.42 10/9/2039 134,918.19 92.62 124,957.47 0.62% MR
88224QAA5 TEXAS CAPITAL BANCSHARES 4 5/6/2031 135,000.00 91.05 122,919.49 0.61% B
46641YAN3 JPMMT 2014-2 AM FRN 6/25/2029 129,978.78 93.48 121,504.14 0.60% MR
31573WAA9 EFMT 2020-2 A1 FRN 10/25/2065 130,085.58 90.81 118,126.57 0.58% MR
82650TAC1 SRFC 2022-2A C 6.36 6/20/2040 118,769.72 98.94 117,507.77 0.58% MR
59980CAF0 MCMLT 2017-3 M2 FRN 1/25/2061 123,055.76 92.45 113,763.40 0.56% MR
89178YAB0 TPMT 2020-MH1 A2 FRN 2/25/2060 130,000.00 86.99 113,090.17 0.56% MR
067316AF6 BACARDI LTD 4.7 5/15/2028 110,000.00 97.83 107,609.38 0.53% FB
36258HAG0 GCAR 2019-4A D 4.09 8/17/2026 110,000.00 97.22 106,940.14 0.53% MR
05584AAA8 HGVGI 2017-1A A 2.94 5/25/2029 109,085.43 96.88 105,681.17 0.52% MR
21871XAN9 COREBRIDGE FINANCIAL INC 6.875 12/15/2052 107,000.00 98.06 104,926.23 0.52% B
04047AAA2 ARIVO 2021-1A A 1.19 1/15/2027 104,601.94 96.83 101,287.61 0.50% MR
808513BJ3 CHARLES SCHWAB CORP 4 PERPETL 3/1/2171 115,000.00 85.67 98,524.11 0.49% B
89172RAC9 TPMT 2015-6 M1 FRN 4/25/2055 100,000.00 97.42 97,424.61 0.48% MR
66977WAP4 NOVA CHEMICALS CORP 5 5/1/2025 100,000.00 96.33 96,333.27 0.47% FB
84861TAC2 SPIRIT REALTY LP 4.45 9/15/2026 96,429.00 96.96 93,495.68 0.46% B
50155QAJ9 KYNDRYL HOLDINGS INC 2.05 10/15/2026 108,000.00 85.56 92,406.07 0.46% B
12662EAA1 CSMC 2021-NQM2 A1 FRN 2/25/2066 107,284.94 85.42 91,647.47 0.45% MR
12513GBH1 CDW LLC/CDW FINANCE 3.276 12/1/2028 98,000.00 88 86,237.55 0.42% B
12567NAA7 CIM 2022-R2 A1 FRN 12/25/2061 89,409.55 95.78 85,635.82 0.42% MR
15089QAL8 CELANESE US HOLDINGS LLC 6.05 3/15/2025 85,000.00 100.68 85,580.45 0.42% B
67623CAD1 OFFICE PPTY INCOME TRST 2.65 6/15/2026 105,000.00 80.75 84,787.90 0.42% B
26884UAE9 EPR PROPERTIES 4.95 4/15/2028 90,000.00 90.77 81,689.86 0.40% B
24703TAE6 DELL INT LLC / EMC CORP 4.9 10/1/2026 80,000.00 99.67 79,732.38 0.39% B
369604BQ5 GENERAL ELECTRIC CO FRN 6/15/2171 80,000.00 99.53 79,620.00 0.39% B
29250NBN4 ENBRIDGE INC 7.375 1/15/2083 75,000.00 100.08 75,061.09 0.37% FB
05565QDV7 BP CAPITAL MARKETS PLC 4.875 PERPETL 12/22/2171 80,000.00 93.24 74,590.00 0.37% FB
744320AM4 PRUDENTIAL FINANCIAL INC 5.625 6/15/2043 74,000.00 99.63 73,723.61 0.36% B
09261HAD9 BLACKSTONE PRIVATE CRE 2.625 12/15/2026 86,000.00 85.56 73,578.29 0.36% B
05526DBR5 BAT CAPITAL CORP 2.259 3/25/2028 85,000.00 85.92 73,034.56 0.36% FB
89180DAC0 TPHT 2021-HE1 M1 FRN 2/25/2063 76,770.03 94.45 72,510.86 0.36% MR
92564RAG0 VICI PROPERTIES / NOTE 4.625 6/15/2025 75,000.00 96.67 72,503.66 0.36% B
46644XAC6 JPMMT 2015-5 A2 FRN 5/25/2045 72,177.15 98.72 71,251.20 0.35% MR
69357QAA4 PRPM 2021-RPL2 A1 FRN 10/25/2051 77,922.01 90.43 70,468.29 0.35% MR
83406QAA6 SCLP 2022-1S A 6.21 4/15/2031 69,683.18 100.06 69,726.37 0.34% MR
62955VAA4 NYMT 2022-CP1 A1 2.0424 7/25/2061 74,109.65 90.94 67,396.77 0.33% MR
25216AAA2 DEXT 2020-1 A 1.46 2/16/2027 67,959.21 98.72 67,090.37 0.33% MR
85573JAB2 STAR 2021-3 A2 FRN 6/25/2056 81,087.02 82.17 66,625.52 0.33% MR
31574XAB4 EFMT 2021-1 A2 FRN 2/25/2066 79,302.87 83.79 66,447.15 0.33% MR
61747YFA8 MORGAN STANLEY 5.123 2/1/2029 65,000.00 101.04 65,675.76 0.32% B
46641YAJ2 JPMMT 2014-2 2A2 FRN 6/25/2029 67,975.66 94.26 64,077.25 0.32% MR
22551EAA4 CRUSA 2021-1A A 1.35 2/16/2027 63,201.02 97.89 61,866.07 0.30% MR
92259LAB4 VCC 2020-1 AFX FRN 2/25/2050 68,401.40 88.76 60,712.78 0.30% MR
20268BAA8 CBSLT 2020-1 A 1.69 10/25/2051 66,533.82 89.86 59,786.77 0.29% MR
527298BR3 LEVEL 3 FINANCING INC 4.25 7/1/2028 70,000.00 80.19 56,130.13 0.28% B
446413AZ9 HUNTINGTON INGALLS INDUS 2.043 8/16/2028 66,000.00 84.64 55,863.42 0.28% B
56847MAA8 MFIT 2019-AA A 2.96 7/20/2032 55,338.30 98.78 54,661.83 0.27% MR
126650CX6 CVS HEALTH CORP 4.3 3/25/2028 55,000.00 98.38 54,106.35 0.27% B
03465BAA5 AOMT 2020-SBC1 A1 FRN 5/25/2050 56,332.58 95.76 53,945.52 0.27% MR
949803AA8 WFMBS 2004-U A1 FRN 10/25/2034 55,961.11 94.79 53,044.86 0.26% MR
042858AA8 ARRW 2019-2 A1 FRN 4/25/2049 52,763.16 95.33 50,300.72 0.25% MR
24906PAA7 DENTSPLY SIRONA INC 3.25 6/1/2030 55,000.00 87.59 48,174.97 0.24% B
81618TAC4 OFFICE PPTY INCOME TRST 4.5 2/1/2025 50,000.00 93.95 46,974.81 0.23% B
92556VAC0 VIATRIS INC 2.3 6/22/2027 50,000.00 88.29 44,144.78 0.22% B
11271LAC6 BROOKFIELD FINANCE INC 3.9 1/25/2028 45,000.00 95.47 42,963.59 0.21% FB
78432BAA7 SGR 2019-3 A1 FRN 9/25/2059 43,913.91 96.57 42,406.88 0.21% MR
94981VAB3 WFMBS 2004-K 1A2 FRN 7/25/2034 41,243.10 102.44 42,248.24 0.21% MR
22160NAA7 COSTAR GROUP INC 2.8 7/15/2030 50,000.00 84.36 42,179.33 0.21% B
30166EAG1 EART 2018-4A D 4.35 9/16/2024 39,977.41 99.68 39,848.85 0.20% MR
29365BAA1 ENTEGRIS ESCROW CORP 4.75 4/15/2029 40,000.00 94.24 37,696.95 0.19% B
36416UAG0 GFMT 2017-1 A21 FRN 7/25/2056 39,639.59 94.33 37,392.00 0.18% MR
06616PAA5 BHG 2020-A A 2.56 9/17/2031 37,395.29 97.81 36,578.10 0.18% MR
67422AAA4 OASIS 2021-1A A 2.5792 2/15/2033 36,294.51 98.7 35,821.42 0.18% MR
749389AA0 RCKT 2020-1 A1 FRN 2/25/2050 38,209.58 87.57 33,460.34 0.16% MR
55903VAG8 WARNERMEDIA HOLDINGS INC 3.755 3/15/2027 35,000.00 93.58 32,754.68 0.16% B
90353QAB2 USAUT 2020-1A B 3.22 5/15/2024 30,914.76 99.76 30,842.05 0.15% MR
361841AJ8 GLP CAPITAL LP / FIN II 5.25 6/1/2025 30,000.00 99.13 29,739.59 0.15% B
12327FAA5 BJETS 2020-1A A 2.981 11/15/2035 30,570.30 91.86 28,082.65 0.14% MR
74387LAC5 PFMT 2019-1 A2 FRN 12/25/2049 31,836.01 87.55 27,873.08 0.14% MR
17324VAH7 CMLTI 2015-PS1 A1 FRN 9/25/2042 27,460.47 94.6 25,977.67 0.13% MR
67098AAC3 OBX 2019-INV1 A3 FRN 11/25/2048 26,553.74 97.71 25,944.48 0.13% MR
67592LAA4 OCTL 2020-1A A 1.71 2/20/2025 21,034.92 98.94 20,811.67 0.10% MR
758750AE3 REGAL REXNORD CORP 6.3 2/15/2030 20,000.00 101.89 20,377.33 0.10% B
31573TAC2 EFMT 2019-2 A3 FRN 11/25/2059 20,188.80 94.58 19,094.22 0.09% MR
758750AD5 REGAL REXNORD CORP 6.05 4/15/2028 18,000.00 101.45 18,260.59 0.09% B
94981VAY3 WFMBS 2004-K 2A12 FRN 7/25/2034 16,918.43 100.72 17,039.97 0.08% MR
758750AC7 REGAL REXNORD CORP 6.05 2/15/2026 13,000.00 101.6 13,207.91 0.07% B
70410LAA8 PWNE 2020-1 A 1.37 11/17/2025 13,074.79 98.83 12,922.21 0.06% MR
22535KAC7 CAALT 2019-3A B 2.86 1/16/2029 12,292.55 99.86 12,275.38 0.06% MR
38061LAA7 GLDKR 2014-A A 3.22 3/17/2031 9,300.75 98.4 9,152.37 0.05% MR
91681NAA2 UPST 2021-1 A 0.87 3/20/2031 668.58 99.72 666.70 MR
03464NAA0 AOMT 2018-3 A1 FRN 9/25/2048 349.6 99.51 347.87 MR
91533BAC4 VIATRIS INC 2.3 6/22/2027 157 88.29 138.61 B
85573GAA0 STAR 2021-1 A1 FRN 5/25/2065 0.07 90.63 0.06 MR
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 1,207,824.21 1 1,207,824.21 5.95% MM
CASH 922,518.82 100 922,518.82 4.55% CA

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

Characteristics

As of 11/30/2022

MINC Sector Allocation

FUND

Fixed Income Attributes

As of 11/30/2022

Date Description MINC
11/30/2022 Duration 2.06 years
Yield to Maturity 6.4
30-Day SEC Subsidized Yield 3.89%
30-Day SEC Unsubsidized Yield 3.48%

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 0.50%
Other Expenses 0.26%
Fee Waiver/Expense Reimbursement* -0.01%
Net Expense Ratio 0.75%

* The Advisor has contractually agreed to keep net expenses from exceeding 0.75% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full prospectus.

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.   
      •         
      • 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. Emerging and foreign market investments can be more volatile than U.S. securities and will expose the Fund to adverse changes in foreign economic, political, regulatory and currency exchange rates. See prospectus for details regarding specific risks. 
      •    

 

    •  
    • Definitions
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    • Yield to maturity describes the rate of return an investor will receive if a long-term, interest-bearing security, such as a bond, is held to its maturity date.