VICE - AdvisorShares Vice ETF
Invest in the Vices that People Love
|Symbol||Exchange||Inception Date||CUSIP||Indicative Value|
<strong>What Does VICE Invest In?</strong>
The AdvisorShares Vice ETF (ticker: VICE) invests in the products and services that people find pleasure in regardless of economic conditions. VICE seeks long-term growth from select global companies operating in “vice” industries which can include alcohol, tobacco, gaming, food and beverage, restaurant and hospitality, or other vice related business activities.
<strong>Why Invest in VICE?</strong>
- Historically Consistent, Non-Cyclical Demand – Regardless of market conditions, we believe consumers will continue to partake in the leisure habits and vices they enjoy. Additionally, products produced by vice companies tend to have greater price inelasticity and brand loyalty than other more commoditized products and services, allowing them to withstand price increases more readily. Historically, the alcohol and tobacco industries have shown themselves to be recession-resistant, delivering attractive returns across multiple market cycles.
- Attractive Profit Margins – Despite reduced smoking habits and heavily restrictive marketing, tobacco companies possess some of the highest profit margins within the consumer products sector, while alcohol-related companies are also known for competitive profit margins.
- Emerging Vice Industries – With an improving regulatory environment, gaming companies are positioned to expand their traditional gambling goods and services in new ways and to new consumers. There is potential for merger and acquisition activity as larger companies look to enter these new markets. Some emerging vice areas include online gaming, sports betting, e-sports.
- Only ETF with Exposure to Multiple Vice Industries – VICE is the only ETF providing exposure to multiple diversified vice industries, including alcohol, gaming, and tobacco, rather than just one. The fully transparent ETF structure of VICE delivers intraday liquidity as well as operational and tax efficiency for its shareholders.
- Active and Experienced Management – VICE is actively managed, allowing the portfolio to be adjusted more quickly and opportunistically than a passive index-based strategy. VICE’s portfolio manager, Dan Ahrens, has deep experience in the capital markets and well-established expertise investing in highly-regulated industries including alcohol, cannabis, gaming and tobacco.
<strong>Where Can VICE Fit in a Traditional Portfolio?</strong>
Because it is actively managed, VICE can adapt as markets evolve – whether it be from the growing legalization of gambling, the emergence of e-sports, the spread of sports betting, or other vice-related consumer trends.
- Economic Moat Advantage– Select alcohol, tobacco, and gaming companies carry competitive market advantages including regulatory barriers, brand loyalty, economies of scale, or distribution capabilities.
- Attractive Dividends – The largest alcohol and tobacco companies have been among the equity market’s top dividend payers, exhibiting an attractive history of consistent growth and increasing dividends that can enhance the portfolio’s total return.
- Enduring Profitability – Select alcohol and tobacco companies have demonstrated attractive profit margins and free cash flow, attributable to low production costs, price inelasticity, and purchasing loyalty.
- Merger and Acquisition Potential – Companies involved in vice industries may benefit from potential merger and acquisition activity as larger companies look to enter these newer markets and expand their business.
- Global and Diversified – Many of the largest alcohol, gaming, and tobacco companies are multinational in nature, deriving revenue from both domestic and international sources. VICE also invests across multiple vice industries to add diversification to the portfolio.
<strong>About the Portfolio Manager</strong>
Dan Ahrens, Portfolio Manager
Mr. Ahrens is a Managing Director and the Chief Operating Officer of AdvisorShares. He is the portfolio manager of the Pure US Cannabis ETF (ticker: MSOS) – the first ETF to offer US-exclusive cannabis exposure – the Pure Cannabis ETF (ticker: YOLO), and the Vice ETF (ticker: VICE).
He carries over two decades of experience in the financial services industry serving in a variety of senior-level capacities and is the author of Investing in Cannabis (Wiley, 2020) and Investing in Vice (St. Martin’s Press, 2004). Additionally, Mr. Ahrens has appeared on numerous financial programs including CNBC, CNN, Fox Business, ABC News and Bloomberg and has been featured, along with funds under his management in major national and trade publications including The Economist, the New York Times, Financial Times, and The Wall Street Journal.
VICE Overview from Dan Ahrens
Get an introduction to the VICE ETF directly from the portfolio manager, Dan Ahrens.
MSOS Overview from Dan Ahrens
Get an introduction to the MSOS ETF directly from the portfolio manager, Dan Ahrens.
As of 9/23/2021
|4PM Bid/Offer Midpoint||$32.84||Premium Discount||$-0.01|
|Assets Under Management||$11,989,325.86||30-Day Median bid-ask Spread||0.3332828|
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.
As of 7/31/2021
VICE Sector Allocation
VICE Regional Allocation
As of 8/31/2021
|NAV||Market Price Return||S&P 500|
|Since Inception (12/12/2017, Annualized)||9.49||9.43||17.44|
As of 6/30/2021
|NAV||Market Price Return||S&P 500|
|Since Inception (12/12/2017, Annualized)||12.62||12.61||16.57|
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.
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.
|Date||Account Symbol||Stock Ticker||Security Number||Security Description||Shares/Par (Full)||Price (Base)||Traded Market Value (Base)||Portfolio Weight %||Asset Group|
|09/24/2021||VICE||BYD||103304101||BOYD GAMING CORP||9,539.00||64.29||613,262.31||5.11%||S|
|RRR||75700L108||RED ROCK RESORTS INC-CLASS A||11,054.00||50.72||560,658.88||4.67%||S|
|RICK||74934Q108||RCI HOSPITALITY HOLDINGS INC||7,728.00||69.78||539,259.84||4.49%||S|
|RGR||864159108||STURM RUGER & CO INC||7,112.00||75.26||535,249.12||4.46%||S|
|VGR||92240M108||VECTOR GROUP LTD||43,136.00||12.34||532,298.24||4.43%||S|
|MCRI||609027107||MONARCH CASINO & RESORT INC||7,790.00||67.58||526,448.20||4.38%||S|
|GLPI||36467J108||GAMING AND LEISURE PROPERTIE||11,016.00||47.3||521,056.80||4.34%||S|
|VICI||925652109||VICI PROPERTIES INC||15,868.00||29.73||471,755.64||3.93%||S|
|HEAR||900450206||TURTLE BEACH CORP||15,092.00||30.11||454,420.12||3.78%||S|
|CZR||12769G100||CAESARS ENTERTAINMENT INC||3,743.00||112.35||420,526.05||3.50%||S|
|TACO||245496104||DEL TACO RESTAURANTS INC||46,715.00||8.85||413,427.75||3.44%||S|
|CHUY||171604101||CHUY'S HOLDINGS INC||12,391.00||33.22||411,629.02||3.43%||S|
|JACK||466367109||JACK IN THE BOX INC||3,718.00||102.24||380,128.32||3.17%||S|
|PENN||707569109||PENN NATIONAL GAMING INC||4,876.00||75.72||369,210.72||3.07%||S|
|FLL||359678109||FULL HOUSE RESORTS INC||39,993.00||9.21||368,335.53||3.07%||S|
|NAPA||26414D106||DUCKHORN PORTFOLIO INC/THE||14,220.00||22.02||313,124.40||2.61%||S|
|ATVI||00507V109||ACTIVISION BLIZZARD INC||3,756.00||75.26||282,676.56||2.35%||S|
|IGT||G4863A108||INTERNATIONAL GAME TECHNOLOG||11,280.00||24.93||281,210.40||2.34%||FS|
|SWBI||831754106||SMITH & WESSON BRANDS INC||12,988.00||21.6||280,540.80||2.34%||S|
|TPB||90041L105||TURNING POINT BRANDS INC||5,434.00||44.79||243,388.86||2.03%||S|
|LVMUY||502441306||LVMH MOET HENNESSY-UNSP ADR||1,509.00||151.43||228,507.87||1.90%||FS|
|CMPS||20451W101||COMPASS PATHWAYS PLC||6,966.00||32.25||224,653.50||1.87%||FS|
|PDRDY||714264207||PERNOD RICARD SA UNSPON ADR||4,938.00||44.88||221,605.10||1.85%||FS|
|STZ||21036P108||CONSTELLATION BRANDS INC-A||975||212.62||207,304.50||1.73%||S|
|YUMC||98850P109||YUM CHINA HOLDINGS INC||3,504.00||58.14||203,722.56||1.70%||FS|
|DKNG||26142R104||DRAFTKINGS INC - CL A||3,757.00||51.33||192,846.81||1.61%||S|
|MNMD||60255C109||MIND MEDICINE MINDMED INC||75,832.00||2.51||190,338.32||1.59%||FS|
|SAM||100557107||BOSTON BEER COMPANY INC-A||295||514.59||151,804.05||1.26%||S|
|TAP||60871R209||MOLSON COORS BEVERAGE CO - B||3,168.00||46.51||147,343.68||1.23%||S|
|PM||718172109||PHILIP MORRIS INTERNATIONAL||1,234.00||101.82||125,645.88||1.05%||S|
|TTWO||874054109||TAKE-TWO INTERACTIVE SOFTWRE||837||147.36||123,340.32||1.03%||S|
|MO||02209S103||ALTRIA GROUP INC||2,530.00||48.46||122,603.80||1.02%||S|
|BTI||110448107||BRITISH AMERICAN TOB-SP ADR||3,297.00||36.51||120,373.47||1.00%||FS|
|BUD||03524A108||ANHEUSER-BUSCH INBEV-SPN ADR||2,006.00||58.11||116,568.66||0.97%||FS|
|DEO||25243Q205||DIAGEO PLC-SPONSORED ADR||560||189.85||106,316.00||0.89%||FS|
|BF/B||115637209||BROWN-FORMAN CORP-CLASS B||1,273.00||68.64||87,378.72||0.73%||S|
|X9USDBLYT||BLACKROCK TREASURY TRUST INSTL 62||104,364.86||1||104,364.86||0.87%||MM|
Fees & Expenses
|Gross Expenses Ratio||1.59%|
|Fee Waver and/or Expenses Reimbursement||-0.60%|
|Net Expense Ratio||0.99%*|
The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% of the Fund’s average daily net assets for at least one year from the date of the Prospectus.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution (per share)||ACT|