Symbol | Exchange | Inception Date | CUSIP | NAV | Optionas Available |
---|---|---|---|---|---|
QPX | NYSE Arca | 12/28/2020 | 00768Y 438 | QPX.NV | Yes |
<strong>About The ETF</strong>
QPX is an actively managed ETF that seeks long-term growth by targeting equity market upside while tactically managing downside risk during abnormal market volatility. Using ETFs, QPX may invest in a broad variety of equities across market cap, style or sectors and will use various fixed income categories and commodities to manage risk. QPX applies a proprietary risk management program, Q Methodology™, to optimally allocate the fund’s assets against a given level of risk. Normally, QPX seeks to provide broad-market equity like returns and re-optimizes the portfolio monthly. However, during periods of high market volatility, QPX can allocate to a more defensive portfolio and seek short-term fixed income returns. QPX’s market volatility indicator, the Q Implied Volatility Index™ (QIX), is reviewed daily which may result in mid-month allocation changes. Asset classes may be added or removed from QPX’s portfolio based on changing risk/reward characteristics.
<strong>About Q Methodology™</strong>
<strong>About the Q Implied Volatility Index™ (QIX)</strong>
<strong>Why Invest in QPX?</strong>
- Greater Computing Power: Better Risk Models– Recognizing the flaws in Modern Portfolio Theory and other Bell curve or Gaussian-based analysis, Q Methodology™ focuses on heavy-tail risk models in an effort to more accurately represent the frequency and impact of more severe losses in financial markets and to optimize risk accordingly.
- Potential Risk Solution – Q Methodology™ uses modern financial theory and computing power to analyze tens of thousands of potential portfolio simulations and aims to uncover the allocation which offers the highest expected return based on a pre-determined level of risk.
- Flexible Unconstrained Portfolio – Utilizes a broad range of asset classes to optimally balance and avoid risk concentration in the portfolio.
- Fulcrum Fee Structure – The portfolio strategist’s compensation is directly tied to portfolio’s performance. Stronger outperformance is rewarded with a larger management fee while weak or underperformance is penalized with a smaller management fee.
- Tactical Defense Overlay – QPX seeks to participate in equity market upside while potentially limiting downside exposure caused by unusual market volatility. When QIX is high, QPX will move to varying levels of fixed income and cash. Once QIX returns to normal levels, QPX will return to its equity-focused risk-optimized portfolio allocation.
<strong>Where Can QPX Fit in a Traditional Portfolio?</strong>
<strong>Key Attributes</strong>
- Quantitative Investment Process – QPX removes the emotion from the investment process by using a disciplined, repeatable quantitative process, Q Methodology™, to manage the portfolio.
- Optimized Risk/Reward Portfolio – QPX targets historical expected drawdown periods of a typical balanced fund and optimizes its portfolio using Q Methodology™ to identify the best risk/reward characteristics.
- Operational & Tax Efficiency – QPX’s ETF structure allows for diverse asset class and security exposure in a single trade, as well as operational and tax efficiencies.
- Defense Trigger – When triggered, QPX’s portfolio will tactically allocate to a more defensive portfolio and seek short-term fixed income returns until market volatility returns to normal.
<strong>About the Portfolio Strategist</strong>
QPX Overview from Ron Piccinini
Get an introduction to the QPX ETF directly from the portfolio strategist, Ron Piccinini.
QPX Overview from Ron Piccinini
Get an introduction to the QPX ETF directly from the portfolio manager, Ron Piccinini.
Fund
Price History
Fund Data
10/8/2024NAV | $35.22 |
Change | $0.41 |
Shares Outstanding | 730,000 |
Assets Under Management | $25,707,837.88 |
Market Data
10/8/2024Closing Price | $35.25 |
Close Change | $0.39 |
Volume | 5,333 |
Regulatory Data
10/8/2024Premium Discount | $0.02 |
30-Day Median bid-ask Spread | 0.230000 |
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 9/30/2024
About the Q Implied Volatility Index™ (QIX)
QIX is a proprietary indicator designed to tactically and unemotionally identify market volatility and to help avoid drawdowns. When QIX indicates normal volatility, QPX will have long equity exposure; when QIX is high, QPX moves to varying levels of fixed income/cash until a move back into equity is signaled.
Source: Morningstar & AdvisorShares *A fulcrum fee is a type of management fee that can go up or down based on the performance of the ETF as compared to a similar benchmark index. For more information please read the full prospectus or read more about fulcrum fees below.
FUND
Performance
As of 9/30/2024
NAV | Market Price Return | S&P 500 Index | |
---|---|---|---|
1 Month | 3.15 | 3.09 | 2.14 |
3 Months | 4.60 | 4.58 | 5.89 |
YTD | 15.70 | 15.65 | 22.08 |
1 Year | 29.31 | 29.34 | 36.35 |
3 Year | 8.16 | 8.17 | 11.91 |
Since Inception (12/28/2020 Annualized) | 9.71 | 9.70 | 13.97 |
As of 9/30/2024
NAV | Market Price Return | S&P 500 Index | |
---|---|---|---|
1 Month | 3.15 | 3.09 | 2.14 |
3 Months | 4.60 | 4.58 | 5.89 |
YTD | 15.70 | 15.65 | 22.08 |
1 Year | 29.31 | 29.34 | 36.35 |
3 Year | 8.16 | 8.17 | 11.91 |
Since Inception (12/28/2020, Annualized) | 9.71 | 9.70 | 13.97 |
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Date | Account Symbol | Stock Ticker | Security ID | Security Description | Shares | Share Price | Market Value | Portfolio Weight | Asset Group |
---|---|---|---|---|---|---|---|---|---|
10/08/2024 | QPX | XLK | 81369Y803 | TECHNOLOGY SELECT SECT SPDR | 24,643 | 227.92 | 5,616,632.56 | 21.85% | MF |
XLP | 81369Y308 | CONSUMER STAPLES SPDR | 64,668 | 81.06 | 5,241,988.08 | 20.39% | MF | ||
IYW | 464287721 | iShares USTechnology ETF | 34,194 | 153.15 | 5,236,811.10 | 20.37% | MF | ||
XLY | 81369Y407 | CONSUMER DISCRETIONARY SELT | 26,488 | 196.99 | 5,217,871.12 | 20.30% | MF | ||
XLC | 81369Y852 | COMM SERV SELECT SECTOR SPDR | 26,039 | 90.45 | 2,355,227.55 | 9.16% | MF | ||
XLV | 81369Y209 | HEALTH CARE SELECT SECTOR | 10,258 | 151.79 | 1,557,061.82 | 6.06% | MF | ||
X9USDFIIN | FIDELITY INSTL MMKT GOVT 57 | 521,797.16 | 1.00 | 521,797.16 | 2.03% | MM | |||
CASH | -40,504.54 | 100.00 | -40,504.54 | -0.16% | CA |
FUND
Documents
FUND
Management Fee | 0.92% |
Total Annual Operating Expenses | 1.50% |
Total Annual Operating Expenses After Recapture* | 1.51% |
*The Advisor’s annual base fee is 1.00% of the Fund’s average daily net assets. Actual management fees may be higher or lower depending on the Fund’s performance compared to its performance benchmark and can range from 0.90% to 1.10%. The Advisor has contractually agreed to keep net expenses from exceeding 1.45% of the Fund’s average daily net assets for at least one year from the date of the prospectus. The prospectus shows that the Advisor recaptured 0.01% during the most recent fiscal year, which is an expense of the Fund. 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.
- 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.
- Definitions
- Tail risk is the possibility of an investment’s return moving significantly beyond expectations (i.e., more than three standard deviations from its mean).
- Expected drawdown is the maximum peak to trough capital loss over a full market cycle (as measured from January 2006 to March 2020).
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