ETF Research Center

AdvisorShares Vice ETF

ALTAR
Score™

6.1%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	13.6x	P/Sales ratio	1.9x
P/BV ratio	2.7x	Div. yield	1.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

ACT is an actively managed fund that invests in US companies involved in alcohol-, cannabis-, or tobacco-related activities.

FUND BASICS
Category	Global Equities
Fund Sponsor	AdvisorShares
Website	www.advisorshares.com
Inception date	Dec 11, 2017
Assets (mns)	$7
Currency	USD
Expense ratio	99 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	23
Wgt avg mkt cap (mns)	$288,871
Large cap (>$10bn)	56.6%
Mid cap ($2-10bn)	11.6%
Small cap (<$2bn)	31.8%
Developed mkts	89.0%
Emerging mkts	11.0%

TOP TEN HOLDINGS
Total	50.9 %
MONARCH CASINO & RESORT INC	5.8 %
PACIFIC ETHANOL INC	5.8 %
VICTORIA'S SECRET & COMPANY	5.2 %
BRINKER INTERNATIONAL INC	4.9 %
STARBUCKS CORP	4.9 %
CHURCHILL DOWNS INC	4.9 %
NVIDIA CORP	4.9 %
NETEASE.COM INC-ADR	4.9 %
ALTRIA GROUP INC	4.8 %
MONSTER BEVERAGE CORPORATION	4.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	69.5 %
	BRITAIN	8.7 %
	CHINA	4.9 %
	BRAZIL	4.7 %
	HONG KONG	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.8%	-5.1%	1.6%	--	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.46	19%
MSCI EAFE	0.35	16%
MSCI Emg. Mkts.	0.17	9%

Technical Indicators
Recent close	$32.65
30d moving avg.	$33.36
Annualized volatility	17.6%
Short interest (ETF)	0.1%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.5%
Bid/Ask (% of price)	0.82%
ADV underlying (mns)	$24,730

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	AdvisorShares Vice ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.1	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	99	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.