The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs, ETNs and other exchange-traded products. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in short positions in equity securities. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process.

American Homes 4 Rent

Bank OZK

Jefferies Financial Group Inc.

Palantir Technologies Inc.

Concentrix Corporation

OneMain Holdings, Inc.

Invitation Homes Inc.

Carvana Co.

Stanley Black & Decker, Inc.

Booz Allen Hamilton Holding Corporation

Cash & Others

Basic Materials

Communication Services

Consumer Defensive

Real Estate

Industrials

Consumer Cyclical

Technology

Financial Services

AdvisorShares Ranger Equity Bear ETF

HDGE Holdings & Sector Breakdown

HDGE Holdings & Sector Breakdown