AdvisorShares Q Dynamic Growth ETF
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.8%
1 yr return
24.9%
3 Yr Avg Return
5.0%
5 Yr Avg Return
N/A
Net Assets
$24.3 M
Holdings in Top 10
100.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
QPX - Profile
Distributions
- YTD Total Return 2.8%
- 3 Yr Annualized Total Return 5.0%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAdvisorShares Q Dynamic Growth ETF
-
Fund Family NameN/A
-
Inception DateDec 28, 2020
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRon Piccinini
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that is a “fund of funds.” The Fund invests in ETFs representing all asset classes, including, but not limited to, treasury bonds, municipal bonds, investment grade corporate bonds, high-yield U.S. corporate bonds (sometimes referred to as “junk bonds”), municipal bonds, U.S. and foreign equities, commodities, and volatility products. These underlying investments may be of any market capitalization, duration, maturity, and quality.
The Advisor allocates the Fund’s portfolio using a quantitative model owned and developed by Ron Piccinini, Ph.D, of Straxen, LLC. The Advisor seeks to maximize long-term growth by providing equity-like returns in most normal market conditions except when faced with abnormal levels of implied volatility as measured by QIX™, an implied volatility index that is part of the model and also owned and developed by Mr. Piccinini. QIX is a weighted average, computed daily, of implied volatilities of certain large ETFs representing different market sectors in the various asset classes listed above. Implied volatility is the market’s forecast of the likelihood of changes in a given security’s price. The greater a portfolio’s volatility, the wider the fluctuations between its high and low prices. In the event of implied volatility, whether up or down, the Fund takes a defensive position and seeks short-term fixed income returns. The Advisor seeks to achieve the desired results for the Fund by calibrating its portfolio to a tail risk and expected drawdown equivalent to the overall U.S. equity market.
Tail risk is the risk that an investment’s return will move significantly beyond expectations (i.e., more than three standard deviations from its mean). Drawdown is defined as the difference between the highest peak value and the lowest trough value of an investment over a full market cycle and can be used to measure the risk of a typical investment. The term “peak to trough” refers to the stage of the business or market cycle from the end of a period of growth (peak) into declining activity and contraction until it hits its ultimate cyclical bottom (trough). Within the constraints of the expected drawdown, the model then utilizes Q Methodology™, a risk analysis program owned and developed by Mr. Piccinini, to determine the optimal risk/reward portfolio allocation. Q Methodology generates a set of optimal portfolios that offers the highest expected return for a defined level (which can fluctuate over time and is determined at the discretion of the Advisor) of tail risk and expected drawdown. The resulting portfolio for the Fund is composed of a diversified mix of investments, including equities, fixed income, and commodities, that are held through ETFs.
Every month the portfolio is again adjusted through the application of the model. Adjustments to the Fund’s portfolio are made to reflect the most recent portfolio mix at the discretion of the Advisor. The Fund’s strategy may frequently involve buying and selling securities, which may lead to relatively high portfolio turnover.
The Fund allocates to a defensive portfolio when implied volatility as measured by QIX is high and allocates to an aggressive portfolio when implied volatility as measured by QIX is normal. In the event of a defensive position because of high implied volatility, the Fund invests in a mix of securities resulting in low portfolio tail risk and low expected drawdown (i.e., a low volatility portfolio consisting of short-term fixed income securities).
QPX - Performance
Return Ranking - Trailing
Period | QPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -44.2% | 26.6% | 94.10% |
1 Yr | 24.9% | -98.5% | 150.0% | 39.98% |
3 Yr | 5.0%* | -74.2% | 26.3% | N/A |
5 Yr | N/A* | -61.2% | 23.2% | N/A |
10 Yr | N/A* | -35.6% | 18.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | QPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 44.6% | -98.8% | 81.6% | 1.29% |
2022 | -30.9% | -39.5% | 48.7% | N/A |
2021 | 22.3% | -13.0% | 34.8% | N/A |
2020 | N/A | -27.1% | 10.6% | N/A |
2019 | N/A | -15.9% | 33.2% | N/A |
Total Return Ranking - Trailing
Period | QPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -44.2% | 26.6% | 95.65% |
1 Yr | 24.9% | -98.5% | 150.0% | 40.83% |
3 Yr | 5.0%* | -74.2% | 32.9% | N/A |
5 Yr | N/A* | -61.2% | 22.9% | N/A |
10 Yr | N/A* | -35.6% | 18.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | QPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 44.6% | -98.8% | 81.6% | 1.29% |
2022 | -30.9% | -39.5% | 48.7% | N/A |
2021 | 22.3% | -13.0% | 34.8% | N/A |
2020 | N/A | -16.8% | 10.6% | N/A |
2019 | N/A | -15.9% | 35.6% | N/A |
QPX - Holdings
Concentration Analysis
QPX | Category Low | Category High | QPX % Rank | |
---|---|---|---|---|
Net Assets | 24.3 M | 189 K | 222 B | 88.50% |
Number of Holdings | 9 | 2 | 3509 | 99.54% |
Net Assets in Top 10 | 19.2 M | -1.37 M | 104 B | 81.43% |
Weighting of Top 10 | 100.24% | 9.4% | 100.0% | 0.69% |
Top 10 Holdings
- Technology Select Sector SPDR Fund 23.27%
- Invesco QQQ Trust Series 1 20.43%
- Consumer Discretionary Select Sector SPDR Fund 17.39%
- iShares U.S. Technology ETF 14.83%
- Communication Services Select Sector SPDR Fund 6.21%
- SPDR Gold Shares 6.18%
- iShares Gold Strategy ETF 5.45%
- Vanguard Long-Term Bond ETF 3.59%
- FIDELITY INSTL MMKT GOVT 2.90%
Asset Allocation
Weighting | Return Low | Return High | QPX % Rank | |
---|---|---|---|---|
Stocks | 97.34% | 0.00% | 107.71% | 70.22% |
Cash | 2.90% | -10.83% | 87.35% | 25.94% |
Preferred Stocks | 0.00% | 0.00% | 4.41% | 12.89% |
Other | 0.00% | -2.66% | 17.15% | 18.96% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 7.29% |
Bonds | 0.00% | -1.84% | 98.58% | 6.52% |
Stock Sector Breakdown
Weighting | Return Low | Return High | QPX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 16.07% | 19.89% |
Technology | 0.00% | 0.00% | 69.82% | 0.08% |
Real Estate | 0.00% | 0.00% | 29.57% | 67.43% |
Industrials | 0.00% | 0.00% | 30.65% | 83.49% |
Healthcare | 0.00% | 0.00% | 39.76% | 97.70% |
Financial Services | 0.00% | 0.00% | 43.06% | 92.93% |
Energy | 0.00% | 0.00% | 41.09% | 54.76% |
Communication Services | 0.00% | 0.00% | 66.40% | 45.93% |
Consumer Defense | 0.00% | 0.00% | 25.50% | 63.59% |
Consumer Cyclical | 0.00% | 0.00% | 62.57% | 95.08% |
Basic Materials | 0.00% | 0.00% | 22.00% | 73.35% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | QPX % Rank | |
---|---|---|---|---|
US | 97.34% | 0.00% | 105.43% | 42.75% |
Non US | 0.00% | 0.00% | 54.22% | 67.23% |
QPX - Expenses
Operational Fees
QPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.50% | 0.01% | 7.09% | 10.29% |
Management Fee | 0.92% | 0.00% | 1.50% | 95.48% |
12b-1 Fee | N/A | 0.00% | 1.00% | 0.75% |
Administrative Fee | N/A | 0.00% | 1.02% | 2.57% |
Sales Fees
QPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
QPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 5.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
QPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 316.74% | N/A |
QPX - Distributions
Dividend Yield Analysis
QPX | Category Low | Category High | QPX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 19.33% | 18.22% |
Dividend Distribution Analysis
QPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annually |
Net Income Ratio Analysis
QPX | Category Low | Category High | QPX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -6.13% | 2.90% | 73.19% |
Capital Gain Distribution Analysis
QPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
QPX - Fund Manager Analysis
Managers
Ron Piccinini
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Mr. Piccinini is a Managing Partner of ThinkBetter Holdings, LLC, the parent company of the Sub-Advisor, since 2019. He is responsible for managing the Gamma (Preserve and Participate) 5-60 series as well as TQCG’s Tactical strategy models. Mr. Piccinni developed and refined the Q Methodology, a proprietary heavy tails risk analysis program used in the construction and ongoing management of the P&P 5-60 models and the Funds. He is also the author of the QIX index, which is used to measure market volatility and indicate the trigger point at which time the Tactical model is substituted for the more aggressive P&P 45-60 models. Mr. Piccinini formed The Q Consulting Group, an affiliate of the Sub-Advisor, in 2019. He co-founded Prairie Smarts, LLC in 2012, a cloud-based risk analytics company that was eventually acquired in 2017 by Covisum, a software company serving the needs of registered investment advisors. Mr. Piccinini earned a Master’s degree from Strasbourg University and holds a Doctorate in Finance from the University of Nebraska - Lincoln. He has worked in various positions related to risk estimation and financial management systems since 2005, including at TD Ameritrade, First National Nebraska, Inc., and First National Bank of Omaha.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 54.45 | 8.09 | 2.92 |