At a glance
QPX charges 1.77% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $33.2M in assets, the 8th largest of that group. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +21.1% a year. At its worst it fell 33.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The short version
AdvisorShares Q Dynamic Growth ETF (QPX) is an actively managed fund of funds that seeks stock-like growth through other ETFs, using a quantitative model that retreats to short-term bonds when expected market swings run high. As of June 30, 2026, it held six ETFs, with two technology funds the largest and 18% in gold. Its 1.77% expense ratio is well above the 0.86% average of options-based buffer funds in our comparison.
Price history
The interactive chart needs JavaScript.
QPX +7.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QPX official prospectus, to Dec 31, 2025 | — | +23.76% | — | +12.18% | — | — |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) [Default Label] index, same period | — | +17.88% | — | +14.53% | — | — |
| QPX price data to Oct 27, 2026 | +7.0% | +7.4% | +21.1% | +10.1% | — | +11.1% |
- Over the year to Oct 27, 2026, QPX returned +7.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.1%.
- Its worst full calendar year was 2022 (-30.9%); its best was 2023 (+44.6%).
- The deepest fall in its price history was 34.7% (Dec 27, 2021 to Oct 14, 2022), recovered by Jan 29, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.0% | — |
| 2025 | +24.1% | +23.76% |
| 2024 | +17.3% | +17.40% |
| 2023 | +44.6% | +44.52% |
| 2022 | -30.9% | -30.70% |
| 2021 | — | +22.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.9% over that stretch · deepest drop along the way 33.9%, back to its old high 15.2 months after the low |
What's inside
As of Jun 30, 2026, the fund held 6 securities; the ten largest made up 97.67% of assets. It also reported 20.07% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Fund held | Weight | |
|---|---|---|
| SELECT SECTOR SPDR TRUST (THE) STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | 21.43% | |
| ISHARES TRUST U.S. TECH ETF | 20.05% | |
| SELECT SECTOR SPDR TRUST (THE) STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 19.25% | |
| SPDR GOLD TRUST GOLD SHS | 17.85% | |
| iShares Core S&P Small-Cap ETF | 10.09% | |
| SELECT SECTOR SPDR TRUST (THE) STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF | 9.00% |
By country
United States 97.67%By asset type
Stocks 97.67%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.80%, +7.05%, -1.09%.
How it works
QPX does not track an index. AdvisorShares spreads the fund's money among other ETFs using a quantitative model built by Ron Piccinini, Ph.D., of Straxen, LLC. It can choose ETFs holding Treasury, municipal, corporate and high-yield (junk) bonds, US and foreign stocks, commodities or volatility products. The aim is stock-like returns in normal markets, with tail risk (the chance of an extreme loss) and expected drawdown (the peak-to-low drop) similar to the overall US stock market.
The key signal is TIX, Piccinini's implied volatility index. Implied volatility is the market's forecast of price swings; TIX averages it daily across large ETFs covering many sectors and asset classes. When TIX is normal, the fund holds an aggressive mix. When it is high, the fund shifts to a defensive mix, mainly short-term bonds. An algorithm picks the mix with the highest expected return for a risk level the adviser chooses.
The model runs monthly, and the adviser decides how to apply its output. Trading is heavy: portfolio turnover, a measure of yearly trading, was 315%, which can add costs and taxes. As of June 30, 2026, QPX held six ETFs: XLK (21%) and IYW (20%) in technology, XLY (19%) in consumer discretionary, GLD (18%) in gold, IJR (10%) in small-cap stocks and XLC (9%) in communication services.
What it really costs
- QPX charges 1.77% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 1.08% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.09% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $180 in the first year and $2,172 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QPX | $180 | $576 | $997 | $2,172 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
By design it targets about the same extreme-loss risk as the US stock market, while making concentrated sector bets and charging a 1.77% expense ratio.
QPX could add a growth holding that rotates among stock, bond and gold ETFs and retreats to short-term bonds when expected volatility is high. Launched in December 2020, it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 33.9%, and it lost 30.7% in calendar 2022. After its deepest drop, 34.7% from December 2021 to October 2022, it didn't regain its peak until January 2024. Cashing out shares in a year like that would have locked in a deep loss.
QPX has no record of paying distributions, so it adds no income. Its 1.77% expense ratio (yearly fee) is high; under the SEC's standard example, costs on $10,000 earning 5% a year total $180 after one year and $2,172 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a quantitative model, not an index, deciding when to hold stock ETFs and when to retreat to short-term bonds.
- Growth investors comfortable with sector bets: technology ETFs XLK (21%) and IYW (20%) were its two largest holdings as of June 30, 2026.
- Long-horizon investors who can ride out deep drops like its 34.7% fall from December 2021, which took until January 2024 to recover.
Look elsewhere if
- Cost-conscious investors: its 1.77% expense ratio is well above the 0.86% average of the options-based buffer ETFs in our comparison.
- Retirees seeking income: QPX has no record of paying distributions, so any cash would have to come from cashing out shares.
- Those wanting dependable downside protection: despite its volatility switch, QPX lost 30.7% in 2022, and its worst quarter fell 20.73%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QPX this fund | 1.77% | $33.2M | +7.4% | +21.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does QPX invest in?
QPX invests in other ETFs, not individual stocks or bonds. As of June 30, 2026, it held six: State Street Technology Select Sector SPDR ETF (XLK, 21%), iShares U.S. Tech ETF (IYW, 20%), State Street Consumer Discretionary Select Sector SPDR ETF (XLY, 19%), SPDR Gold Trust (GLD, 18%), iShares Core S&P Small-Cap ETF (IJR, 10%) and State Street Communication Services Select Sector SPDR ETF (XLC, 9%). Its model resets the mix monthly and can move mainly into short-term bond funds when expected market swings are high.
How does QPX decide when to play defense?
QPX goes defensive based on TIX, an implied volatility index owned and developed by Ron Piccinini, Ph.D., of Straxen, LLC, who also built the fund's model. Implied volatility is the market's forecast of how much prices may swing. TIX averages it daily across large ETFs from different sectors and asset classes. When TIX is normal, QPX holds an aggressive mix; when it is high, the fund shifts mainly to short-term bonds. That switch did not prevent a 30.7% loss in 2022.
Does QPX pay dividends?
No. QPX has no record of paying distributions, so it provides no regular income; any return comes from changes in its share price. That sets it apart from the dividend and bond funds many retirees use for cash flow. Anyone relying on it for spending money would have to cash out shares, which can mean taking a loss in a bad year such as 2022, when the fund lost 30.7%.
Is QPX good for retirement?
It may suit a small, higher-risk slice of a retirement portfolio rather than the core. QPX fell 34.7% from December 27, 2021, to October 14, 2022, and did not regain that peak until January 29, 2024. No distributions are on record, and its expense ratio is 1.77%. Over the five years to December 31, 2025, it returned 12.18% a year on average, compared with 14.53% for the S&P 500 Index.
What's the difference between QPX and BUFR?
They manage risk in different ways. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund; such funds generally use options to absorb a set portion of losses over a fixed period in exchange for capping gains. QPX has no buffer or cap; it switches among ETFs based on a volatility signal. BUFR's expense ratio is 0.95% versus 1.77% for QPX. As of October 27, 2026, QPX returned 7.4% over one year versus 11.6% for BUFR, but 21.1% a year over three years versus 16.8%.