To fulfill its investment mandate, the Sub-Advisor systematically takes short positions in a carefully selected portfolio. This portfolio primarily consists of highly liquid U.S. exchange-traded instruments, encompassing mid- and large-capitalization equity securities, ETFs, ETNs, and other similar products. A significant portion—at least 80%—of the fund's net assets, along with any capital leveraged for investment purposes, is dedicated to these short equity exposures. The Sub-Advisor employs a rigorous, bottom-up, fundamental research-driven methodology when selecting individual securities.

Carvana Co.

Bank OZK

F&G Annuities & Life, Inc.

Western Alliance Bancorporation

Assured Guaranty Ltd.

Paychex, Inc.

Prudential plc

Oracle Corporation

Ryanair Holdings plc

Ameresco, Inc.

Cash & Others

Consumer Defensive

Healthcare

Real Estate

Basic Materials

Industrials

Communication Services

Technology

Consumer Cyclical

Financial Services

AdvisorShares Active Bear ETF

HDGE Holdings & Sector Breakdown