HDGE

Fund Description
The investment objective of the Active Bear ETF (HDGE) is capital appreciation through short sales of domestically traded equity securities. The HDGE portfolio is sub-advised by Ranger Alternative Management L.P. The portfolio management team implements a bottom-up fundamental research driven security selection process. In selecting short positions the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security such as downwards earnings revisions or reduced forward guidance.
Fund Profile
Fund Name Ranger Equity Bear ETF
Fund Exchange Ticker HDGE
Fund Sponsor Advisor Shares
Fund ISIN US00768Y8839
Net Expense Ratio 2.72 %
Fund Inception Date 26 January 2011
Fund Legal Structure ETF (Open end fund)
Exchange NYSE Arca
Listing Country Code US
Fund Investment Objective
ETF Type Specific US Equities - Quant Strat
Asset Class Equities (Stocks)
Index Linked Active
Index Name Not Applicable
Index Provider Not Applicable
Currency Hedged No
Inverse / Leveraged Not Applicable
Developed / Emerging Developed Market Funds
Market Capitalization Range Broad Market / Multi-Cap
Growth Value Core / Blend
Continent North America
Key Statistics
Return As of Date 21 March 2019
Asset Under Management 130.43 Million (USD)
1 Month Total Return -3.13 %
Year To Date Return -19.10 %
1 Year Total Return -15.59 %
3 Year Annualized Total Return -14.13 %
NAV 6.82
Share Outstanding 19,125,000
Top 10 Holdings (21 March 2019)
Constituent Name Constituent Ticker Constituent Type Weighting
CASH CASH 1.0488
ADVISORSHARES SAGE CORE RESE HOLD ETF 0.4195
BLACKROCK FEDERAL FD 30 INSTL MUTU 0.3149
FIDELITY INSTL GOVT 657 C MMKT 0.2108
MORGAN STANLEY GOVT INSTL 8302 MMKT 0.0038
DOVER CORP DOV EQUI -0.0543
PTC INC PTC EQUI -0.0509
SNAP-ON INC SNA EQUI -0.0468
MCCORMICK & CO-NON VTG SHRS MKC EQUI -0.0423
WATSCO INC WSO EQUI -0.0351