TTFS Fund Description

The AdvisorShares TrimTabs Float Shrink aims to outperform broad U.S. equities. The actively managed, equal-weighted fund selects stocks based on trends in outstanding shares, firm leverage and free cash flow.

TTFS ETF.com Insight

TTFS aims to best the Russell 3000 in two ways: higher returns and lower volatility. The actively managed fund selects stocks based on three trends over the past 120 days: decreasingretail liquidity has improved outstanding shares, increasing free cash flow, and shrinking leverage. The first trend, which matters most in the methodology, effectively makes it a buyback fund, while the 2nd and 3rd trends are more commonly used fundamental metrics. The chosen stocks, ranging from 80 to 120 in number, are weighted equally, which leads to a bias away from large-caps but also reduces idiosyncratic risk. TTFS favors consumer cyclical and industrial stocks at the expense of financials and energy. (It's easy to imagine financial firms scoring poorly on the selection criteria.) At 0.99% in fees, TTFS sets a high hurdle, but retail liquidity has improved, which helps all-in costs, and AUM has grown lately on net inflows. (Insight updated 08/27/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TTFS 1.04% 1.90% 8.21% 15.08% 19.95% -- --
TTFS (NAV) 1.04% 2.00% 8.35% 15.30% 20.71% -- --
No Underlying Index -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TTFS Top 10 Countries

TTFS Top 10 Sectors

TTFS Top 10 Holdings View All

TTFS Summary Data

AdvisorShares

A company that produces and manages ETFs.

10/04/11

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.99%

The net total annual fee a fund holder pays to the issuer.

$139.1 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$969.2 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.10%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

TTFS Portfolio Data

$39.62 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

16.14

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

3.24

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.29%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/24/14

The date on which a security's price excludes an upcoming dividend.

100

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

TTFS Index Data

No Underlying Index

This is the benchmark an ETF is desigend to track or replicate.

Equal

A set of rules that the underlying index provider follows to weight its constituent securities.

Fundamental

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to TTFS

KNOW, NFO, PKW

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

TTFS ETF.com Efficiency Insight

TTFS charges a segment-high 0.99%, far more than most other alpha-seeking ETFs. Still, investors continue to put new money into the fund and AUM has grown to over $150M, leading us to cut our estimate of fund closure risk to low. The fund is actively-managed, so tracking isn't a concern, and TTFS has avoided cap gains payouts despite the inflows and strong recent performance. (Insight updated 08/27/2014)

Total Return - 10/28/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TTFS 1.04% 1.90% 8.21% 15.08% 19.95% -- --
TTFS (NAV) 1.04% 2.00% 8.35% 15.30% 20.71% -- --
No Underlying Index -- -- -- -- -- -- --
MSCI USA Investable Markets 0.34% 0.52% 7.64% 13.05% 17.43% 15.88% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TTFS Portfolio Management

0.99%

The net annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

TTFS Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.14%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

TTFS Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

TTFS ETF.com Tradability Insight

Retail liquidity has improved for TTFS lately. More than $750K changes hands most days and spreads have tightened to 10 bps. While these numbers aren't SPY-like, they demonstrate workable daily liquidity. Block liquidity also looks strong. Working large trades with liquidity providers is still recommended. (Insight updated 08/27/2014)



Average Spread
Premium/Discount
Volume

TTFS ETF.com/ Block LiquidityAs of 10/29/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of TTFS. TTFS is rated a 5 out of 5.

TTFS Tradability

18,980

It is the daily number of shares traded, averaged over the past 45 trading days.

$969.2 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

12,385

Median number of shares traded over the past 45 trading days.

$649.22 K

Median dollar value of shares traded over the past 45 trading days.

0.10%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.05

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.07%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.28% / -0.37%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

25,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.50

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.04%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.02%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$52.49

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

TTFS ETF.com Fit Insight

TTFS favors stocks in firms with a shrinking pool of outstanding shares. The fund currently bets big on consumer cyclicals and industrials and against financials and energy. Sizewise, TTFS shows a preference for midcaps (about a third of the portfolio). The size bias flows from TTFS' equal weighting, which also serves to minimize idiosyncratic risk. The fund doesn't take huge risks however judging from its marketlike beta. We didn't find alpha - TTFS's returns have been in line with the broad market over most time periods. (Insight updated 08/27/2014)

TTFS Sector/Industry Breakdown

TTFS Segment Benchmark
13.25% 20.96%

13.60% 19.33%

17.05% 17.02%

8.83% 13.99%

17.20% 12.05%

12.30% 10.08%

3.10% 4.74%

9.12% 1.83%

TTFS Geographic ExposureView All

TTFS Segment Benchmark
99.69% 98.90%

0.01% 1.10%

0.01% --

0.04% --

0.10% --

0.00% --

0.04% --

0.02% --

0.02% --

0.07% --

TTFS Segment Benchmark
99.71% 98.90%

0.16% 1.10%

0.10% --

0.02% --

99.98% / 0.02% 100.00% / --

TTFS Performance Statistics

0.96

The degree to which the fund and its segment benchmark move up and down in unison.

0.97

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.98

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.14%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

TTFS Benchmark Comparison

TTFS
100 Holdings
Segment Benchmark
2473 Constituents
Shared Holdings
100 (Count)
 
16.10% (Weight)
TTFSSegment Benchmark
$103.84 B$39.62 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

76%64%
18%34%
6%2%
1%0%
20.9816.14

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.633.24

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.80%1.60%

The weighted average of the current yield on the portfolio’s holdings.

2473100

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowLow

The level of return contribution attributable to the average portfolio constituent.