AdvisorShares Insider Advantage ETF

AdvisorShares Insider Advantage ETF (SURE) is an actively managed fund holding about 100 U.S. stocks. A quantitative model picks them and buys them in equal amounts, looking for signs that company insiders are confident, such as buybacks that shrink the supply of shares. Its 0.90% expense ratio is far above the 0.19% average of similar funds. Through December 31, 2025, it trailed the Russell 3000 Index over 1, 5 and 10 years.

• Over the year to Oct 27, 2026, SURE returned +24.7%, 3rd of 7 among similar funds.
• Its worst full calendar year was 2025 (+10.6%); its best was 2023 (+23.3%).
• The deepest fall in its price history was 21.5% (Nov 26, 2024 to Apr 8, 2025), recovered by Sep 11, 2025.

As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 16.96% of assets.

• Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.01%, +2.66%, +5.45%.

SURE does not track an index. AdvisorShares picks stocks from the 3,000 largest U.S. companies by market value. To do this, it uses a proprietary model called the U.S. Insiders Edge Model, developed by Qubed Capital, LLC. The idea behind it is that insiders, such as executives, board members and controlling shareholders, know their company best. When insiders buy shares or the company buys back stock, it can signal that they see value. It also shrinks the "public float," meaning the shares available for outside investors to trade. The fund keeps at least 80% of its net assets in stocks.

The model ranks stocks on four measures. Companies score higher when their public float is shrinking, their free cash flow (cash left over after running and investing in the business) is rising, their debt load is falling and their dividend yield is high. The top-ranked stocks are bought in equal amounts. The portfolio is rebalanced monthly, and a stock leaves only when a higher-ranked one replaces it. The advisor still has full discretion to step outside the model.

Equal weighting spreads the money thinly. As of June 30, 2026, the fund held 100 stocks, and the top ten made up about 17% of assets. Marvell Technology was the largest at 2.1%. Large companies like Applied Materials and Lam Research sat alongside smaller ones like Sezzle and EverQuote. Portfolio turnover was 165%, which adds trading costs and can produce taxable gains. The fund reported no derivatives or leverage.

• SURE charges 0.9% a year, versus an average of 0.19% for the similar funds below (7th of 7, cheapest first).
• Of that, 0.7% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.08% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,194 over 10 years (assuming a 5% annual return).

SURE is a costly, actively managed stock fund built on a single quantitative model, so it may fit better as a smaller add-on than as a portfolio's foundation.

SURE could add a rules-based tilt toward companies that are buying back stock, cutting debt and growing cash flow. It has had real losses. It fell 15.79% in 2018, its worst calendar year from 2016 to 2025. It lost 11.42% in 2022 and 24.5% in the first quarter of 2020. That record starts in 2016, so it doesn't show how the fund did in 2008. Its deepest drop in price data starting in September 2022 was 21.5%, from November 26, 2024 to April 8, 2025. It recovered by September 11, 2025, about five months later. Anyone who had to sell shares during that drop would have locked in losses.

Income is modest: the yield was 0.84% as of October 27, 2026, paid once a year. Costs are high, at 0.90% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).