SURE - AdvisorShares Insiders Advantage ETF

Find the Insider Advantage

Invest in firms reducing their equity float through buyback programs and insider buying

Symbol Exchange Inception Date CUSIP NAV Options Available
SURE NYSE Arca 10/4/2011 00768Y818 SURE.NV Yes
About the ETF

Following a core investment philosophy that corporate insiders know their companies the best, the AdvisorShares Insider Advantage ETF (SURE) seeks to invest in the equities of companies actively trying to reduce their public equity float through well-executed stock buyback programs and corporate insider buying. Not only do buybacks and insider buying demonstrate that executives may see relative value in the firm’s stock, they also could create favorable shareholder market conditions through the reduction of publicly available shares (float shrink). SURE selects holdings using an active, quantitative, multi-factor model to identify companies shrinking float, lowering leverage, growing free cash flow, and providing dividends. SURE’s holdings are equal-weighted and reconstituted/rebalanced monthly.

What Is Float Shrink?

Public equity float refers to the portion of a company’s outstanding shares that is in the hands of public investors – as opposed to company officers, directors, or stockholders that hold controlling interests – and are available for trading in the open market. The float is calculated by subtracting restricted shares from outstanding shares. Float shrink occurs when there is a reduction of publicly available shares.

Buybacks – action taken by a corporation to repurchase its own shares from the marketplace – are the most common cause of float shrink today and one of two ways a company can distribute profits to shareholders. Dividend payments are the second form. While firms may implement both, since 1997, share buybacks have surpassed cash dividends to become the dominant form of corporate payout in the U.S. Not only do buybacks avoid a stock price penalty if a firm cuts or ends a program, like dividends are subject to, but also provide a positive market impact by improving earnings and cash flow per share.

Insider buying – the purchase of shares in a corporation by a board member, officer, or executive within that company (i.e., corporate insider) – is another way that float shrink occurs. It may be a strong indicator that insiders are becoming more optimistic about the company’s future. Buying by corporate insiders is legal, highly regulated, publicly disclosed, and different from “insider trading” – the illegal act of buying or selling stock by someone who has privileged, non-public information about a company.

 

Why Invest?
  • Investing with Corporate Insiders – Top firm executives know more about the company’s fundamentals than the investing public. These insiders can influence their company’s share price by timing equity issuance and repurchase to the firm’s advantage. A well-implemented buyback program reduces publicly available shares and can increase the stock’s price. Additionally, corporate insider buying can be a bullish signal that the stock is underpriced by the market.
  • Conscientious Float Shrink – Investing solely in stock buybacks can be problematic. SURE employs a comprehensive, multi-factor strategy to assess if a firm is reducing their float in a well-planned manner, analyzing free cash flow, profitability, leverage reduction, dividend yield, net buybacks and insider buying.
  • Disciplined Growth – A quantitative, actively managed, equal weight investment strategy focused on long-term growth.

 

Key Attributes
  • Float Shrink – Corporate insiders have better information than the investing public and know their companies the best. Stock buyback programs and insider buying not only show that corporate insiders see relative value in investing in their own equity securities, but also create favorable market conditions for shareholders by reducing the number of publicly traded shares and improving earnings and cash flow per share.
  • Extensive Stock Screening – SURE’s portfolio manager screens approximately 3,000 companies and looks for the following characteristics when selecting stocks: shareholder-friendliness (measured by float shrink and dividend yield), profitability (measured by free cash flow), solid balance sheet (measured by outstanding leverage).
  • Equal Weight Investing – In a market-cap weighted portfolio, a small number of the largest companies receive the heaviest allocations and overvalued components are overweighted relative to undervalued components. By contrast, with an equal weight strategy, the bias to the largest companies is removed; a buy low, sell high discipline is regularly followed with periodic rebalancing; and reallocation to undervalued stocks may provide the opportunity to capture long-term equity performance.
  • Actively Managed ETF Structure – SURE is different from other buyback-focused investments that follow passive, market-cap weighted indexes and only reconstitute annually. SURE re-evaluates its investable universe and existing holdings monthly – adding or removing stocks and returning each security to an equal-weight allocation – allowing SURE to react more quickly to changes in buyback programs, acquisition announcements, etc. An ETF structure allows for better tax efficiency than mutual funds or than investing in the underlying stocks directly.
Where Can SURE Fit in a Traditional Portfolio?

SURE can serve as a thematic investment or a complement to a dividend investing or market-cap weighted core strategy.

About the Portfolio Strategist

Minyi Chen, Portfolio Strategist

Minyi Chen, CFA is the founder and CEO of Qubed Capital, a registered investment advisor founded in 2015 and based in Oakland, California. For over a decade, Mr. Chen has been providing quantitative financial research and analysis along with proprietary investment models to both retail and institutional investors. In the past, Mr. Chen has served as a portfolio manager of the AdvisorShares TrimTabs Float Shrink ETF (ticker: TTFS) and the TrimTabs International Free-Cash-Flow ETF (ticker: FCFI).

 

 

SURE Overview 

Get a quick and easy introduction to the SURE ETF.

 

SURE Overview

  Get a quick and easy introduction to the SURE ETF.

Fund

Price History

Fund Data

4/2/2025
NAV $112.99
Change $0.81
Shares Outstanding 405,000
Assets Under Management $45,761,221.37

 

 

 

 

Market Data

4/2/2025
Closing Price $112.90
Close Change $0.76
Volume 153

Regulatory Data

4/2/2025
Premium Discount $-0.12
30-Day Median bid-ask Spread 0.412697
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 3/31/2025

Source: Morningstar & AdvisorShares

FUND

Performance

As of 3/31/2025

 

  NAV Market Price Return Russell 3000 Index
1 Month -4.82 -4.94 -5.83
3 Months -4.25 -4.31 -4.72
YTD -4.25 -4.31 -4.72
1 Year -4.00 -3.97 7.22
3 Years 5.72 5.76 8.22
5 Years 15.83 15.85 18.18
10 Years 8.03 8.02 11.8
Since Inception (10/04/2011, Annualized) 12.38 12.38 14.39

As of 3/31/2025

  NAV Market Price Return Russell 3000 Index
1 Month -4.82 -4.94 -5.83
3 Months -4.25 -4.31 -4.72
YTD -4.25 -4.31 -4.72
1 Year -4.00 -3.97 7.22
3 Years 5.72 5.76 8.22
5 Years 15.83 15.85 18.18
10 Years 8.03 8.02 11.8
Since Inception (10/04/2011, Annualized) 12.38 12.38 14.39

As of 3/31/2025

  NAV Market Price Return Russell 3000 Index
1 Month -4.82 -4.94 -5.83
3 Months -4.25 -4.31 -4.72
YTD -4.25 -4.31 -4.72
1 Year -4.00 -3.97 7.22
Since 9/1/2022, Annualized 11.60 11.71 15.31

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 September 1, 2022, the AdvisorShares DoubleLine Value Equity ETF (the “Predecessor Fund”) was renamed the AdvisorShares Insider Advantage ETF. The Predecessor Fund had different portfolio managers and investment strategy than the AdvisorShares Insider Advantage ETF. Performance prior to September 1, 2022 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since September 1, 2022 reflects actual  AdvisorShares Insider Advantage ETF performance.

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. One cannot invest directly in an index. The Russell 1000 Index represents the top 1000 companies by market capitalization in the United States. The index is a subset of the Russell 3000 Index. The Russell 3000 Index is broad market, capitalization-weighted index comprised of the largest 3,000 U.S. companies and represents 98% of the investable U.S. equity market. 

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Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
04/03/2025 SURE YUM 988498101 YUM! BRANDS INC 3,700 161.45 597,365.00 1.38% S
AIG 026874784 AMERICAN INTERNATIONAL GROUP 6,643 86.20 572,626.60 1.32% S
TMUS 872590104 T-MOBILE US INC 2,060 267.89 551,853.40 1.27% S
MO 02209S103 ALTRIA GROUP INC 9,500 57.89 549,955.00 1.27% S
CHE 16359R103 CHEMED CORP 870 619.21 538,712.70 1.24% S
OTIS 68902V107 OTIS WORLDWIDE CORP 5,150 104.30 537,145.00 1.24% S
G G3922B107 GENPACT LTD 10,910 48.91 533,608.10 1.23% FS
HIG 416515104 HARTFORD INSURANCE GROUP INC 4,300 123.44 530,792.00 1.22% S
KMB 494368103 KIMBERLY-CLARK CORP 3,610 145.22 524,244.20 1.21% S
MA 57636Q104 MASTERCARD INC - A 971 530.55 515,164.05 1.19% S
VRSK 92345Y106 VERISK ANALYTICS INC 1,680 305.09 512,551.20 1.18% S
HCA 40412C101 HCA HEALTHCARE INC 1,460 349.14 509,744.40 1.17% S
BG H11356104 BUNGE GLOBAL SA 6,400 78.20 500,480.00 1.15% FS
MPW 58463J304 MEDICAL PROPERTIES TRUST INC 86,500 5.78 499,970.00 1.15% S
DPZ 25754A201 DOMINO'S PIZZA INC 1,070 463.78 496,244.60 1.14% S
RPRX G7709Q104 ROYALTY PHARMA PLC- CL A 15,600 31.79 495,924.00 1.14% FS
COKE 191098102 COCA-COLA CONSOLIDATED INC 353 1,390.94 491,001.82 1.13% S
CCK 228368106 CROWN HOLDINGS INC 5,500 88.72 487,960.00 1.12% S
MUSA 626755102 MURPHY USA INC 1,010 482.55 487,375.50 1.12% S
WING 974155103 WINGSTOP INC 1,970 242.78 478,276.60 1.10% S
BYD 103304101 BOYD GAMING CORP 7,500 63.36 475,200.00 1.09% S
BAH 099502106 BOOZ ALLEN HAMILTON HOLDINGS 4,250 111.74 474,895.00 1.09% S
DOX G02602103 AMDOCS LTD 5,300 88.33 468,149.00 1.08% FS
ALLE G0176J109 ALLEGION PLC 3,680 127.21 468,132.80 1.08% FS
HLT 43300A203 HILTON WORLDWIDE HOLDINGS IN 2,136 217.38 464,323.68 1.07% S
DRI 237194105 DARDEN RESTAURANTS INC 2,300 200.68 461,564.00 1.06% S
DHT Y2065G121 DHT HOLDINGS INC 45,860 10.00 458,600.00 1.06% FS
WH 98311A105 WYNDHAM HOTELS & RESORTS INC 5,300 86.36 457,708.00 1.05% S
ZTS 98978V103 ZOETIS INC 2,840 159.61 453,292.40 1.04% S
CF 125269100 CF INDUSTRIES HOLDINGS INC 5,669 79.86 452,726.34 1.04% S
ELV 036752103 ELEVANCE HEALTH INC 1,000 452.69 452,690.00 1.04% S
MSCI 55354G100 MSCI INC 830 544.18 451,669.40 1.04% S
MTG 552848103 MGIC INVESTMENT CORP 18,553 24.32 451,208.96 1.04% S
CL 194162103 COLGATE-PALMOLIVE CO 4,700 96.00 451,200.00 1.04% S
HR 42226K105 HEALTHCARE REALTY TRUST INC 26,900 16.66 448,154.00 1.03% S
SLB 806857108 SCHLUMBERGER LTD 11,400 39.21 446,994.00 1.03% FS
RNR G7496G103 RENAISSANCERE HOLDINGS LTD 1,820 245.35 446,537.00 1.03% FS
CWEN 18539C204 CLEARWAY ENERGY INC-C 14,500 30.79 446,455.00 1.03% S
GL 37959E102 GLOBE LIFE INC 3,500 127.51 446,285.00 1.03% S
BKNG 09857L108 BOOKING HOLDINGS INC 100 4,450.53 445,053.00 1.02% S
LIN G54950103 LINDE PLC 950 467.22 443,859.00 1.02% FS
AMG 008252108 AFFILIATED MANAGERS GROUP 2,800 158.08 442,624.00 1.02% S
MDLZ 609207105 MONDELEZ INTERNATIONAL INC-A 6,500 67.90 441,350.00 1.02% S
MORN 617700109 MORNINGSTAR INC 1,510 290.88 439,228.80 1.01% S
TKO 87256C101 TKO GROUP HOLDINGS INC 2,900 150.44 436,276.00 1.00% S
SEIC 784117103 SEI INVESTMENTS COMPANY 5,920 73.49 435,060.80 1.00% S
MCO 615369105 MOODY'S CORP 980 442.39 433,542.20 1.00% S
PINC 74051N102 PREMIER INC-CLASS A 22,180 19.54 433,397.20 1.00% S
RS 759509102 RELIANCE INC 1,570 275.32 432,252.40 1.00% S
EOG 26875P101 EOG RESOURCES INC 3,605 119.89 432,203.45 1.00% S
WAB 929740108 WABTEC CORP 2,480 173.58 430,478.40 0.99% S
STLD 858119100 STEEL DYNAMICS INC 3,700 116.06 429,422.00 0.99% S
CTVA 22052L104 CORTEVA INC 7,000 61.30 429,100.00 0.99% S
NYT 650111107 NEW YORK TIMES CO-A 8,800 48.75 429,000.00 0.99% S
SLM 78442P106 SLM CORP 15,600 27.37 426,972.00 0.98% S
POOL 73278L105 POOL CORP 1,350 313.85 423,697.50 0.98% S
GPN 37940X102 GLOBAL PAYMENTS INC 4,550 92.98 423,059.00 0.97% S
LEN 526057104 LENNAR CORP-A 3,900 108.40 422,760.00 0.97% S
CASH 59100U108 PATHWARD FINANCIAL INC 6,040 69.69 420,927.60 0.97% S
TPL 88262P102 TEXAS PACIFIC LAND CORP 340 1,220.98 415,133.20 0.96% S
BGC 088929104 BGC GROUP INC-A 48,250 8.59 414,467.50 0.95% S
MTCH 57667L107 MATCH GROUP INC 13,680 30.18 412,862.40 0.95% S
WYNN 983134107 WYNN RESORTS LTD 5,660 72.88 412,500.80 0.95% S
TT G8994E103 TRANE TECHNOLOGIES PLC 1,230 331.04 407,179.20 0.94% FS
AAPL 037833100 APPLE INC 2,000 203.19 406,380.00 0.94% S
NSSC 630402105 NAPCO SECURITY TECHNOLOGIES 19,200 21.16 406,272.00 0.94% S
CVX 166764100 CHEVRON CORP 2,600 156.12 405,912.00 0.93% S
STNG Y7542C130 SCORPIO TANKERS INC 11,800 34.39 405,802.00 0.93% FS
KLAC 482480100 KLA CORP 650 620.82 403,533.00 0.93% S
EXP 26969P108 EAGLE MATERIALS INC 1,740 228.65 397,851.00 0.92% S
NVDA 67066G104 NVIDIA CORP 3,851 101.80 392,031.80 0.90% S
ARIS 04041L106 ARIS WATER SOLUTIONS INC-A 13,600 28.82 391,952.00 0.90% S
EME 29084Q100 EMCOR GROUP INC 1,100 354.54 389,994.00 0.90% S
JBL 466313103 JABIL INC 3,140 123.49 387,758.60 0.89% S
TTC 891092108 TORO CO 5,700 67.72 386,004.00 0.89% S
VNT 928881101 VONTIER CORP 12,700 30.39 385,953.00 0.89% S
ALSN 01973R101 ALLISON TRANSMISSION HOLDING 4,252 90.48 384,720.96 0.89% S
LRCX 512807306 LAM RESEARCH CORP 5,880 65.22 383,493.60 0.88% S
GOLF 005098108 ACUSHNET HOLDINGS CORP 6,400 59.58 381,312.00 0.88% S
NOV 62955J103 NOV INC 28,500 13.37 381,045.00 0.88% S
ODFL 679580100 OLD DOMINION FREIGHT LINE 2,425 155.75 377,693.75 0.87% S
MATX 57686G105 MATSON INC 3,270 115.20 376,704.00 0.87% S
QCOM 747525103 QUALCOMM INC 2,692 139.42 375,318.64 0.86% S
PHIN 71880K101 PHINIA INC 9,450 39.69 375,070.50 0.86% S
IRDM 46269C102 IRIDIUM COMMUNICATIONS INC 14,600 25.58 373,468.00 0.86% S
APA 03743Q108 APA CORP 21,000 17.74 372,540.00 0.86% S
BDC 077454106 BELDEN INC 4,000 93.00 372,000.00 0.86% S
DDS 254067101 DILLARDS INC-CL A 1,150 320.66 368,759.00 0.85% S
CSL 142339100 CARLISLE COS INC 1,127 327.10 368,641.70 0.85% S
CBT 127055101 CABOT CORP 4,580 79.84 365,667.20 0.84% S
GNTX 371901109 GENTEX CORP 16,280 22.36 364,020.80 0.84% S
CTS 126501105 CTS CORP 9,577 37.38 357,988.26 0.82% S
MPC 56585A102 MARATHON PETROLEUM CORP 2,762 128.59 355,165.58 0.82% S
HAL 406216101 HALLIBURTON CO 15,850 22.39 354,881.50 0.82% S
URI 911363109 UNITED RENTALS INC 600 591.17 354,702.00 0.82% S
FIX 199908104 COMFORT SYSTEMS USA INC 1,130 311.37 351,848.10 0.81% S
HPQ 40434L105 HP INC 14,700 23.78 349,566.00 0.80% S
LVS 517834107 LAS VEGAS SANDS CORP 9,343 36.41 340,178.63 0.78% S
AMAT 038222105 APPLIED MATERIALS INC 2,380 135.51 322,513.80 0.74% S
ATKR 047649108 ATKORE INC 5,700 54.99 313,443.00 0.72% S
CASH 156,121.18 100.00 156,121.18 0.36% CA
Holdings and allocations are subject to risks and to change. 

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FUND

Fees & Expenses

Management Fee 0.70%
Total Annual Operating Expenses 1.07%
Total Annual Operating Expenses After Waiver/Reimbursement* 0.90%

*The Advisor has contractually agreed to keep net expenses from exceeding 0.90% 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. 
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  • The Fund’s investment focus follows a core philosophy that corporate insiders know their companies best.  The Advisor believes that insider buying and stock buyback programs not only show that corporate insiders see relative value in investing in their own company’s equity securities, but also create favorable market conditions by reducing public equity float (i.e., the share supply available to investors on the public secondary market).  The Advisor allocates the Fund’s portfolio using research from a disciplined and quantitative proprietary model, the U.S. Insiders Edge Model, developed by Qubed Capital, LLC. In utilizing the model, the Advisor seeks to remove emotion from day-to-day decision-making by following a systematic process.
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  • The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by primarily investing in a portfolio of U.S. traded companies selected from a universe of the largest 3,000 U.S. equity securities based on market capitalization. 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.
  •  
  • Definitions   
    A buyback occurs when a company repurchases its own shares from the marketplace, reducing the number of shares outstanding.
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  • Equity float is the portion of a company’s outstanding shares that is in the hands of public investors, as opposed to company officers, directors, or stockholders that hold controlling interests that have trading restrictions.
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  • Float shrink is a reduction in the number of a company’s shares available for trading.
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  • Free cash flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. It is a measure of profitability and represents the cash available for the company to repay creditors and pay out dividends and interest to investors.
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  • An insider is an officer, director, executive, entity, or individual that owns more than 10% of a publicly traded company’s shares.
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  • Insider buying is the legal purchase of shares in a firm by a corporate insider that is not based on non-public, material information and follows the U.S. Securities and Exchange Commission’s rules and reporting requirements. 
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  • Insider trading is the illegal trading a publicly traded company’s security by anyone who has non-public, material information about that security before the information becomes public.