QPX: 2nd Quarter 2025 Portfolio Review
Portfolio Strategy
Portfolio Review
For the second quarter of 2025, QPX finished ahead of its benchmark, the S&P 500 Index.
QPX was mainly invested in the Technology, Communications, Consumer discretionary, and Industrials, as well as a growing portion of Gold. This exposure has a higher risk/reward characteristics than other segments of the market per the portfolio strategist’s models.
During the second quarter, around President Trump’s ‘Liberation Day’ and the uncertainty around tariff rates, the QIX triggered a one-week rebalancing to a Risk Level 2 allocation. 25% of the risk was sold and parked in interest bearing low-risk assets. After the alert had passed, the normal allocation for the month was re-established.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| XLK | TECHNOLOGY SELECT SECT SPDR | 19.99% |
| IYW | iShares USTechnology ETF | 19.92% |
| GLD | SPDR GOLD SHARES | 17.46% |
| XLY | CONSUMER DISCRETIONARY SELT | 14.05% |
| XLI | INDUSTRIAL SELECT SECT SPDR | 9.30% |
| XLC | COMM SERV SELECT SECTOR SPDR | 8.76% |
| IWO | ISHARES RUSSELL 2000 GROWTH | 8.34% |
As of 06.30.2025. Cash not included. Holdings are subject to change.
Respectfully,
Ron Piccinini
ThinkBetter, LLC
AdvisorShares Q Dynamic Growth ETF (QPX) Portfolio Strategist
Management Fee
The portfolio strategist of QPX has “skin in the game.” The strategist’s compensation is directly tied to the portfolio’s performance. Using the trailing 12-month returns of QPX vs. its S&P 500 Index benchmark, stronger outperformance is rewarded with a larger management fee while weaker underperformance is penalized with a smaller management fee. The QPX fulcrum fee was 0.90% during October, November, and December 2024. After the Fund’s June performance, the QPX fulcrum fee will be 0.98% for July 2025.
Past Commentary
Definitions:
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
Investing involves risk Including possible loss of principal.
There is no guarantee the Advisors investment strategy will be successful. 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’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.