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
<strong>About the ETF</strong>

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.

<strong>What Is Float Shrink?</strong>

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.

 

<strong>Why Invest?</strong>
  • 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. 

 

<strong>Key Attributes</strong>
  • 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.
<strong>Where Can SURE Fit in a Traditional Portfolio?</strong>

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

<strong>About the Portfolio Strategist</strong>

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

10/8/2024
NAV $119.21
Change $-0.16
Shares Outstanding 405,000
Assets Under Management $48,279,408.22

 

 

 

 

Market Data

10/8/2024
Closing Price $119.26
Close Change $-0.10
Volume 168

Regulatory Data

10/8/2024
Premium Discount $-0.10
30-Day Median bid-ask Spread 0.370000
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 9/30/2024

Source: Morningstar & AdvisorShares

FUND

Performance

As of 9/30/2024

 

  NAV Market Price Return Russell 3000 Index
1 Month 1.69 1.64 2.07
3 Months 6.13 6.19 6.23
YTD 13.89 13.78 20.63
1 Year 26.96 26.89 35.19
3 Years 9.86 9.85 10.29
5 Years 12.69 12.78 15.26
10 Years 9.86 9.85 12.83
Since Inception (10/04/2011, Annualized) 13.40 13.39 15.18

As of 9/30/2024

  NAV Market Price Return Russell 3000 Index
1 Month 1.69 1.64 2.07
3 Months 6.13 6.19 6.23
YTD 13.89 13.78 20.63
1 Year 26.96 26.89 35.19
3 Years 9.86 9.85 10.29
5 Years 12.69 12.78 15.26
10 Years 9.86 9.85 12.83
Since Inception (10/04/2011, Annualized) 13.40 13.39 15.18

As of 9/30/2024

  NAV Market Price Return Russell 3000 Index
1 Month 1.69 1.64 2.07
3 Months 6.13 6.19 6.23
YTD 13.89 13.78 20.63
1 Year 26.96 26.89 35.19
Since 9/1/2022, Annualized 17.87 18.01 20.61

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
10/08/2024 SURE PJT 69343T107 PJT PARTNERS INC - A 3,780 140.72 531,921.60 1.10% S
MKTX 57060D108 MARKETAXESS HOLDINGS INC 1,900 275.89 524,191.00 1.09% S
TRGP 87612G101 TARGA RESOURCES CORP 3,300 158.29 522,357.00 1.08% S
CSL 142339100 CARLISLE COS INC 1,127 460.46 518,938.42 1.07% S
CRM 79466L302 SALESFORCE INC 1,765 291.57 514,621.05 1.07% S
UNM 91529Y106 UNUM GROUP 8,500 60.42 513,570.00 1.06% S
NVDA 67066G104 NVIDIA CORP 3,851 132.89 511,759.39 1.06% S
OVV 69047Q102 OVINTIV INC 12,230 41.84 511,703.20 1.06% S
BKNG 09857L108 BOOKING HOLDINGS INC 120 4,233.18 507,981.60 1.05% S
DVN 25179M103 DEVON ENERGY CORP 12,100 41.68 504,328.00 1.04% S
VST 92840M102 VISTRA CORP 3,940 127.96 504,162.40 1.04% S
ALSN 01973R101 ALLISON TRANSMISSION HOLDING 5,152 97.82 503,968.64 1.04% S
LMT 539830109 LOCKHEED MARTIN CORP 827 608.05 502,857.35 1.04% S
EXP 26969P108 EAGLE MATERIALS INC 1,740 288.52 502,024.80 1.04% S
ACN G1151C101 ACCENTURE PLC-CL A 1,390 360.38 500,928.20 1.04% FS
HPQ 40434L105 HP INC 13,900 36.00 500,400.00 1.04% S
MAR 571903202 MARRIOTT INTERNATIONAL -CL A 1,950 256.58 500,331.00 1.04% S
HLT 43300A203 HILTON WORLDWIDE HOLDINGS IN 2,136 234.19 500,229.84 1.04% S
META 30303M102 META PLATFORMS INC-CLASS A 842 592.89 499,213.38 1.03% S
PTEN 703481101 PATTERSON-UTI ENERGY INC 60,887 8.19 498,664.53 1.03% S
OLN 680665205 OLIN CORP 10,719 46.33 496,611.27 1.03% S
JEF 47233W109 JEFFERIES FINANCIAL GROUP IN 7,800 63.66 496,548.00 1.03% S
AIG 026874784 AMERICAN INTERNATIONAL GROUP 6,643 74.63 495,767.09 1.03% S
EBAY 278642103 EBAY INC 7,360 67.17 494,371.20 1.02% S
ADP 053015103 AUTOMATIC DATA PROCESSING 1,730 285.42 493,776.60 1.02% S
GWW 384802104 WW GRAINGER INC 480 1,028.56 493,708.80 1.02% S
HLNE 407497106 HAMILTON LANE INC-CLASS A 2,850 173.01 493,078.50 1.02% S
JHG G4474Y214 JANUS HENDERSON GROUP PLC 12,644 38.96 492,610.24 1.02% FS
CF 125269100 CF INDUSTRIES HOLDINGS INC 5,669 86.81 492,125.89 1.02% S
COP 20825C104 CONOCOPHILLIPS 4,411 110.80 488,738.80 1.01% S
ARCH 03940R107 ARCH RESOURCES INC 3,522 138.75 488,677.50 1.01% S
WLY 968223206 WILEY (JOHN) & SONS-CLASS A 9,900 49.35 488,565.00 1.01% S
PRGS 743312100 PROGRESS SOFTWARE CORP 7,398 66.02 488,415.96 1.01% S
NTAP 64110D104 NETAPP INC 3,855 126.55 487,850.25 1.01% S
NRG 629377508 NRG ENERGY INC 5,200 93.56 486,512.00 1.01% S
VLO 91913Y100 VALERO ENERGY CORP 3,565 136.34 486,052.10 1.01% S
BR 11133T103 BROADRIDGE FINANCIAL SOLUTIO 2,240 216.81 485,654.40 1.01% S
DKS 253393102 DICK'S SPORTING GOODS INC 2,360 205.74 485,546.40 1.01% S
LVS 517834107 LAS VEGAS SANDS CORP 9,343 51.84 484,341.12 1.00% S
SEIC 784117103 SEI INVESTMENTS COMPANY 6,920 69.97 484,192.40 1.00% S
AFL 001055102 AFLAC INC 4,300 112.47 483,621.00 1.00% S
GEN 668771108 GEN DIGITAL INC 17,640 27.41 483,512.40 1.00% S
CTAS 172908105 CINTAS CORP 2,332 207.02 482,770.64 1.00% S
MA 57636Q104 MASTERCARD INC - A 971 497.06 482,645.26 1.00% S
CHH 169905106 CHOICE HOTELS INTL INC 3,700 130.32 482,184.00 1.00% S
ATKR 047649108 ATKORE INC 5,700 84.45 481,365.00 1.00% S
EA 285512109 ELECTRONIC ARTS INC 3,356 143.33 481,015.48 1.00% S
CSCO 17275R102 CISCO SYSTEMS INC 9,100 52.73 479,843.00 0.99% S
URI 911363109 UNITED RENTALS INC 600 799.71 479,826.00 0.99% S
LPX 546347105 LOUISIANA-PACIFIC CORP 4,486 106.95 479,777.70 0.99% S
LNG 16411R208 CHENIERE ENERGY INC 2,550 187.94 479,247.00 0.99% S
CAT 149123101 CATERPILLAR INC 1,235 387.96 479,130.60 0.99% S
AMG 008252108 AFFILIATED MANAGERS GROUP 2,694 177.72 478,777.68 0.99% S
FOXA 35137L105 FOX CORP - CLASS A 11,500 41.58 478,170.00 0.99% S
AMAT 038222105 APPLIED MATERIALS INC 2,380 200.88 478,094.40 0.99% S
DRI 237194105 DARDEN RESTAURANTS INC 3,000 159.13 477,390.00 0.99% S
WSM 969904101 WILLIAMS-SONOMA INC 3,190 149.53 477,000.70 0.99% S
MUSA 626755102 MURPHY USA INC 987 482.62 476,345.94 0.99% S
MMM 88579Y101 3M CO 3,535 134.69 476,129.15 0.99% S
RNR G7496G103 RENAISSANCERE HOLDINGS LTD 1,820 261.47 475,875.40 0.99% FS
HES 42809H107 HESS CORP 3,460 137.34 475,196.40 0.98% S
BYD 103304101 BOYD GAMING CORP 7,500 63.21 474,075.00 0.98% S
PHM 745867101 PULTEGROUP INC 3,381 140.17 473,914.77 0.98% S
DHR 235851102 DANAHER CORP 1,760 268.81 473,105.60 0.98% S
PRDO 71363P106 PERDOCEO EDUCATION CORP 22,200 21.25 471,750.00 0.98% S
MO 02209S103 ALTRIA GROUP INC 9,500 49.55 470,725.00 0.97% S
HRB 093671105 H&R BLOCK INC 7,600 61.87 470,212.00 0.97% S
CBOE 12503M108 CBOE GLOBAL MARKETS INC 2,265 207.52 470,032.80 0.97% S
EOG 26875P101 EOG RESOURCES INC 3,605 130.37 469,983.85 0.97% S
MTG 552848103 MGIC INVESTMENT CORP 18,553 25.27 468,834.31 0.97% S
GL 37959E102 GLOBE LIFE INC 4,500 104.16 468,720.00 0.97% S
COLM 198516106 COLUMBIA SPORTSWEAR CO 5,792 80.76 467,761.92 0.97% S
MDT G5960L103 MEDTRONIC PLC 5,300 88.14 467,142.00 0.97% FS
GNTX 371901109 GENTEX CORP 16,280 28.68 466,910.40 0.97% S
GOOGL 02079K305 ALPHABET INC-CL A 2,840 164.38 466,839.20 0.97% S
ODFL 679580100 OLD DOMINION FREIGHT LINE 2,425 192.16 465,988.00 0.97% S
SYY 871829107 SYSCO CORP 6,180 75.32 465,477.60 0.96% S
KO 191216100 COCA-COLA CO/THE 6,700 69.18 463,506.00 0.96% S
AVT 053807103 AVNET INC 8,500 54.38 462,230.00 0.96% S
CB H1467J104 CHUBB LTD 1,650 279.96 461,934.00 0.96% FS
MCO 615369105 MOODY'S CORP 980 471.00 461,580.00 0.96% S
LRCX 512807306 LAM RESEARCH CORP 5,690 81.01 460,946.90 0.95% S
HR 42226K105 HEALTHCARE REALTY TRUST INC 26,900 17.13 460,797.00 0.95% S
ADM 039483102 ARCHER-DANIELS-MIDLAND CO 8,000 57.55 460,400.00 0.95% S
ROST 778296103 ROSS STORES INC 3,245 141.82 460,205.90 0.95% S
CTS 126501105 CTS CORP 9,577 48.03 459,983.31 0.95% S
BF/B 115637209 BROWN-FORMAN CORP-CLASS B 9,850 46.60 459,010.00 0.95% S
IRDM 46269C102 IRIDIUM COMMUNICATIONS INC 15,500 29.52 457,560.00 0.95% S
MRK 58933Y105 MERCK & CO. INC. 4,200 108.52 455,784.00 0.94% S
CI 125523100 THE CIGNA GROUP 1,323 343.93 455,019.39 0.94% S
UHS 913903100 UNIVERSAL HEALTH SERVICES-B 2,140 212.50 454,750.00 0.94% S
HCA 40412C101 HCA HEALTHCARE INC 1,200 378.58 454,296.00 0.94% S
COKE 191098102 COCA-COLA CONSOLIDATED INC 353 1,278.61 451,349.33 0.93% S
KLAC 482480100 KLA CORP 574 783.90 449,958.60 0.93% S
TJX 872540109 TJX COMPANIES INC 3,964 113.45 449,715.80 0.93% S
BBWI 070830104 BATH & BODY WORKS INC 15,190 29.58 449,320.20 0.93% S
QCOM 747525103 QUALCOMM INC 2,692 166.34 447,787.28 0.93% S
CL 194162103 COLGATE-PALMOLIVE CO 4,446 100.58 447,178.68 0.93% S
MCHP 595017104 MICROCHIP TECHNOLOGY INC 5,764 77.31 445,614.84 0.92% S
MPC 56585A102 MARATHON PETROLEUM CORP 2,762 159.99 441,892.38 0.92% S
CASH 205,133.72 100.00 205,133.72 0.42% CA
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 48,180.11 1.00 48,180.11 0.10% 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 1.05%
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. 
  •    
  • 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.