SURE - AdvisorShares Insider 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

6/4/2025
NAV $114.25
Change $-0.56
Shares Outstanding 400,000
Assets Under Management $45,701,179.11

 

 

 

 

Market Data

6/4/2025
Closing Price $114.22
Close Change $-0.51
Volume 12

Regulatory Data

6/4/2025
Premium Discount $-0.08
30-Day Median bid-ask Spread 0.393736
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 4/30/2025

Source: Morningstar & AdvisorShares

FUND

Performance

As of 4/30/2025

 

  NAV Market Price Return Russell 3000 Index
1 Month -2.10 -2.03 -0.67
3 Months -9.16 -9.14 -8.26
YTD -6.27 -6.25 -5.36
1 Year -0.07 -0.04 11.40
3 Years 7.37 7.42 11.41
5 Years 12.72 12.76 15.12
10 Years 7.85 7.86 11.68
Since Inception (10/04/2011, Annualized) 12.12 12.13 14.24

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 4/30/2025

  NAV Market Price Return Russell 3000 Index
1 Month -2.10 -2.03 -0.67
3 Months -9.16 -9.14 -8.26
YTD -6.27 -6.25 -5.36
1 Year -0.07 -0.04 11.40
Since 9/1/2022, Annualized 10.34 10.47 14.51

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
06/04/2025 SURE LRCX 512807306 LAM RESEARCH CORP 5,807 84.77 492,259.39 1.08% S
WING 974155103 WINGSTOP INC 1,326 365.60 484,785.60 1.06% S
VRSK 92345Y106 VERISK ANALYTICS INC 1,499 321.33 481,673.67 1.05% S
RS 759509102 RELIANCE INC 1,551 308.57 478,592.07 1.05% S
WEN 95058W100 WENDY'S CO/THE 40,100 11.92 477,992.00 1.05% S
FIX 199908104 COMFORT SYSTEMS USA INC 956 498.63 476,690.28 1.04% S
ZTS 98978V103 ZOETIS INC 2,805 168.59 472,894.95 1.03% S
MA 57636Q104 MASTERCARD INC - A 809 584.13 472,561.17 1.03% S
SEIC 784117103 SEI INVESTMENTS COMPANY 5,547 85.16 472,382.52 1.03% S
KLAC 482480100 KLA CORP 604 782.09 472,382.36 1.03% S
MTCH 57667L107 MATCH GROUP INC 15,211 31.04 472,149.44 1.03% S
EA 285512109 ELECTRONIC ARTS INC 3,180 148.46 472,102.80 1.03% S
ADT 00090Q103 ADT INC 54,840 8.60 471,624.00 1.03% S
IRDM 46269C102 IRIDIUM COMMUNICATIONS INC 17,860 26.34 470,432.40 1.03% S
MCO 615369105 MOODY'S CORP 968 485.52 469,983.36 1.03% S
APA 03743Q108 APA CORP 26,201 17.92 469,521.92 1.03% S
STNG Y7542C130 SCORPIO TANKERS INC 11,654 40.16 468,024.64 1.02% FS
ODFL 679580100 OLD DOMINION FREIGHT LINE 2,895 161.49 467,513.55 1.02% S
AMG 008252108 AFFILIATED MANAGERS GROUP 2,595 179.69 466,295.55 1.02% S
EME 29084Q100 EMCOR GROUP INC 966 482.64 466,230.24 1.02% S
HRB 093671105 H&R BLOCK INC 8,000 58.26 466,080.00 1.02% S
MSCI 55354G100 MSCI INC 820 566.91 464,866.20 1.02% S
BYD 103304101 BOYD GAMING CORP 6,307 73.70 464,825.90 1.02% S
JBL 466313103 JABIL INC 2,701 171.97 464,490.97 1.02% S
EOG 26875P101 EOG RESOURCES INC 4,180 110.77 463,018.60 1.01% S
MORN 617700109 MORNINGSTAR INC 1,491 310.12 462,388.92 1.01% S
NSSC 630402105 NAPCO SECURITY TECHNOLOGIES 16,163 28.58 461,938.54 1.01% S
AMAT 038222105 APPLIED MATERIALS INC 2,850 161.93 461,500.50 1.01% S
NRG 629377508 NRG ENERGY INC 2,940 156.97 461,491.80 1.01% S
HLT 43300A203 HILTON WORLDWIDE HOLDINGS IN 1,850 249.43 461,445.50 1.01% S
AAPL 037833100 APPLE INC 2,275 202.82 461,415.50 1.01% S
HAL 406216101 HALLIBURTON CO 23,054 20.01 461,310.54 1.01% S
BKNG 09857L108 BOOKING HOLDINGS INC 83 5,557.00 461,231.00 1.01% S
PAGS G68707101 PAGSEGURO DIGITAL LTD-CL A 51,440 8.96 460,902.40 1.01% FS
CF 125269100 CF INDUSTRIES HOLDINGS INC 5,029 91.63 460,807.27 1.01% S
V 92826C839 VISA INC-CLASS A SHARES 1,250 368.00 460,000.00 1.01% S
TJX 872540109 TJX COMPANIES INC 3,590 128.07 459,771.30 1.01% S
NTB G0772R208 BANK OF N.T. BUTTERFIELD&SON 10,710 42.91 459,566.10 1.01% FS
CSL 142339100 CARLISLE COS INC 1,203 381.88 459,401.64 1.01% S
POOL 73278L105 POOL CORP 1,483 309.42 458,869.86 1.00% S
HCA 40412C101 HCA HEALTHCARE INC 1,202 381.66 458,755.32 1.00% S
DDS 254067101 DILLARDS INC-CL A 1,146 399.62 457,964.52 1.00% S
HIG 416515104 HARTFORD INSURANCE GROUP INC 3,577 127.94 457,641.38 1.00% S
VNT 928881101 VONTIER CORP 12,743 35.89 457,346.27 1.00% S
ATKR 047649108 ATKORE INC 6,800 67.20 456,960.00 1.00% S
LVS 517834107 LAS VEGAS SANDS CORP 11,047 41.35 456,793.45 1.00% S
PINC 74051N102 PREMIER INC-CLASS A 19,706 23.17 456,588.02 1.00% S
TT G8994E103 TRANE TECHNOLOGIES PLC 1,055 432.62 456,414.10 1.00% FS
BDC 077454106 BELDEN INC 4,221 108.07 456,163.47 1.00% S
CVX 166764100 CHEVRON CORP 3,318 137.37 455,793.66 1.00% S
RL 751212101 RALPH LAUREN CORP 1,640 277.86 455,690.40 1.00% S
YUM 988498101 YUM! BRANDS INC 3,164 144.01 455,647.64 1.00% S
GS 38141G104 GOLDMAN SACHS GROUP INC 760 599.21 455,399.60 1.00% S
DOX G02602103 AMDOCS LTD 4,964 91.73 455,347.72 1.00% FS
GOGL G39637205 GOLDEN OCEAN GROUP LTD 59,000 7.70 454,300.00 0.99% FS
MATX 57686G105 MATSON INC 4,030 112.67 454,060.10 0.99% S
SLB 806857108 SCHLUMBERGER LTD 13,659 33.24 454,025.16 0.99% FS
SLM 78442P106 SLM CORP 14,107 32.18 453,963.26 0.99% S
GOOGL 02079K305 ALPHABET INC-CL A 2,700 168.05 453,735.00 0.99% S
UNH 91324P102 UNITEDHEALTH GROUP INC 1,510 300.38 453,573.80 0.99% S
MTG 552848103 MGIC INVESTMENT CORP 17,324 26.06 451,463.44 0.99% S
GPI 398905109 GROUP 1 AUTOMOTIVE INC 1,070 421.86 451,390.20 0.99% S
TTC 891092108 TORO CO 5,970 75.58 451,212.60 0.99% S
DHT Y2065G121 DHT HOLDINGS INC 39,224 11.50 451,076.00 0.99% FS
DPZ 25754A201 DOMINO'S PIZZA INC 967 465.91 450,534.97 0.99% S
ALSN 01973R101 ALLISON TRANSMISSION HOLDING 4,389 102.52 449,960.28 0.98% S
GL 37959E102 GLOBE LIFE INC 3,737 120.29 449,523.73 0.98% S
WMT 931142103 WALMART INC 4,520 99.35 449,062.00 0.98% S
AIG 026874784 AMERICAN INTERNATIONAL GROUP 5,261 85.01 447,237.61 0.98% S
URI 911363109 UNITED RENTALS INC 642 696.57 447,197.94 0.98% S
MUSA 626755102 MURPHY USA INC 1,057 422.56 446,645.92 0.98% S
NYT 650111107 NEW YORK TIMES CO-A 7,991 55.83 446,137.53 0.98% S
NEM 651639106 NEWMONT CORP 8,070 55.28 446,109.60 0.98% S
TKO 87256C101 TKO GROUP HOLDINGS INC 2,684 165.90 445,275.60 0.97% S
MPW 58463J304 MEDICAL PROPERTIES TRUST INC 99,362 4.47 444,148.14 0.97% S
ELV 036752103 ELEVANCE HEALTH INC 1,168 380.07 443,921.76 0.97% S
MPC 56585A102 MARATHON PETROLEUM CORP 2,828 156.95 443,854.60 0.97% S
MO 02209S103 ALTRIA GROUP INC 7,483 59.31 443,816.73 0.97% S
KR 501044101 KROGER CO 6,690 66.34 443,814.60 0.97% S
TMUS 872590104 T-MOBILE US INC 1,834 241.96 443,754.64 0.97% S
RNR G7496G103 RENAISSANCERE HOLDINGS LTD 1,797 246.87 443,625.39 0.97% FS
CI 125523100 THE CIGNA GROUP 1,430 310.12 443,471.60 0.97% S
ACT 29249E109 ENACT HOLDINGS INC 12,800 34.64 443,392.00 0.97% S
RPRX G7709Q104 ROYALTY PHARMA PLC- CL A 13,247 33.44 442,979.68 0.97% FS
FCFS 33768G107 FIRSTCASH HOLDINGS INC 3,560 124.38 442,792.80 0.97% S
BAH 099502106 BOOZ ALLEN HAMILTON HOLDINGS 4,307 102.51 441,510.57 0.97% S
PHIN 71880K101 PHINIA INC 10,573 41.55 439,308.15 0.96% S
OTIS 68902V107 OTIS WORLDWIDE CORP 4,606 95.27 438,813.62 0.96% S
BBWI 070830104 BATH & BODY WORKS INC 16,160 27.04 436,966.40 0.96% S
QCOM 747525103 QUALCOMM INC 2,919 149.05 435,076.95 0.95% S
ALLE G0176J109 ALLEGION PLC 3,144 138.11 434,217.84 0.95% FS
BG H11356104 BUNGE GLOBAL SA 5,816 74.59 433,815.44 0.95% FS
CALM 128030202 CAL-MAINE FOODS INC 4,530 95.40 432,162.00 0.95% S
NOV 62955J103 NOV INC 35,248 12.25 431,788.00 0.94% S
ATR 038336103 APTARGROUP INC 2,870 150.41 431,676.70 0.94% S
WH 98311A105 WYNDHAM HOTELS & RESORTS INC 5,234 81.66 427,408.44 0.94% S
COKE 191098102 COCA-COLA CONSOLIDATED INC 3,960 107.68 426,412.80 0.93% S
CHE 16359R103 CHEMED CORP 759 561.64 426,284.76 0.93% S
GNTX 371901109 GENTEX CORP 19,779 21.32 421,688.28 0.92% S
CL 194162103 COLGATE-PALMOLIVE CO 4,642 90.20 418,708.40 0.92% S
CASH 239,389.54 100.00 239,389.54 0.52% CA
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 2,548.34 1.00 2,548.34 0.01% MM
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.
  •     
  • 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.