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 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

TTFS
1.63% 4.85% 14.19% 17.04% 24.30% -- --

TTFS (NAV)
1.80% 4.97% 14.50% 17.41% 24.70% -- --

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

Issuer AdvisorShares

A company that produces and manages ETFs.

Inception Date 10/04/11

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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.99%

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

Assets Under Management $169.19 M

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

Average Daily $ Volume $1.3 M

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 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

Weighted Average Market Cap $41.46 B

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

Price / Earnings Ratio 18.22

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

Price / Book Ratio 3.51

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

Distribution Yield 0.28%

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

Next Ex-Dividend Date 12/24/14

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

Number of Holdings 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

Index Tracked No Underlying Index

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

Index Weighting Methodology Equal

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

Index Selection Methodology Fundamental

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

Segment 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.

Related ETFs to TTFS

Top Competing ETFs 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 - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

TTFS
1.63% 4.85% 14.19% 17.04% 24.30% -- --

TTFS (NAV)
1.80% 4.97% 14.50% 17.41% 24.70% -- --

No Underlying Index
-- -- -- -- -- -- --

MSCI USA Investable Markets
0.55% 2.44% 11.75% 14.23% 20.92% 15.30% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TTFS Portfolio Management

Expense Ratio 0.99%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) --

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.

TTFS Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions Qualified dividends

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

Distributes K1 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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active Yes

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

ETN Counterparty N/A

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

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure 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 12/19/2014

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

Avg. Daily Share Volume 24,067

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

Average Daily $ Volume $1.3 M

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

Median Daily Share Volume 17,428

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.05

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 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.

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 0.70

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 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.

Underlying Volume / 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.

Open Interest on ETF Options --

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

ETF.com Implied Liquidity 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

Sector TTFS Segment Benchmark
Industrials 13.50% 20.90%

Consumer Cyclicals 13.98% 20.33%

Technology 17.10% 16.10%

Financials 17.44% 15.87%

Healthcare 12.81% 10.97%

Basic Materials 2.92% 3.85%

Energy 7.81% 2.88%

Utilities 3.24% 0.93%

TTFS Geographic ExposureView All

Countries TTFS Segment Benchmark
United States 99.68% 100.00%

Ireland 0.09% --

Israel 0.01% --

Luxembourg 0.00% --

Netherlands 0.04% --

Singapore 0.10% --

South Africa 0.00% --

Argentina 0.02% --

United Kingdom 0.04% --

Canada 0.02% --

Regions TTFS Segment Benchmark
North America 99.71% 100.00%

Asia-Pacific 0.10% --

Europe 0.16% --

Latin America 0.02% --

Developed /
Emerging Split
99.98% / 0.02% 100.00% / --

TTFS Performance Statistics

Beta 0.95

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.

Up Beta 0.93

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.

Down Beta 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.

Downside Standard Deviation 0.15%

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.

Segment 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
2519 Constituents
Shared Holdings
98 (Count)
 
15.34% (Weight)
TTFSSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$109.02 B$41.46 B

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

Size Split

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

Large (>12.9B)77%62%
Mid (>2.7B)17%37%
Small (>600M)5%1%
Micro (<600M)1%0%
Price / Book Ratio2.783.51

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

Dividend Yield1.76%1.33%

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

Holdings | 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." href="javascript:void(0)" class="term">Number Of
Holdings
2519100

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.

ConcentrationLowLow

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