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 June 2019
Asset Under Management 138.30 Million (USD)
1 Month Total Return -3.16 %
Year To Date Return -23.72 %
1 Year Total Return -15.73 %
3 Year Annualized Total Return -14.78 %
NAV 6.44
Share Outstanding 21,475,000
Top 10 Holdings (21 June 2019)
Constituent Name Constituent Ticker Constituent Type Weighting
CASH CASH 1.0925887712
ADVISORSHARES SAGE CORE RESE HOLD ETF 0.3973256491
BLACKROCK FEDERAL FD 30 INSTL MMKT 0.2994318553
FIDELITY INSTL GOVT 657 C MMKT 0.1342390915
DREYFUS INSTL RESERVE TRE 6549 MMKT 0.0317163206
MORGAN STANLEY GOVT INSTL 8302 MMKT 0.0036221790
DOLBY LABORATORIES INC-CL A DLB EQUI -0.0279830712
UNITED PARCEL SERVICE-CL B UPS EQUI -0.0266456178
PTC INC PTC EQUI -0.0257464481
BRUNSWICK CORP BC EQUI -0.0255635281