At a glance
VEGA charges 1.23% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $89.3M in assets, the 8th largest of that group; it paid 1.26% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.9% a year. At its worst it fell 22.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
AdvisorShares STAR Global Buy-Write ETF (VEGA) is an actively managed fund of funds. It holds other ETFs, mostly US and foreign stock and bond funds, and uses options such as covered calls and protective puts to try to soften its swings. Its 1.23% expense ratio is well above the 0.86% average of the buffer ETFs it is often compared with. It is also small, with about $89 million in assets as of June 30, 2026.
Price history
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VEGA +7.3% 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 | |
|---|---|---|---|---|---|---|
| VEGA official prospectus, to Dec 31, 2025 | — | +15.23% | — | +7.20% | +7.44% | — |
| MSCI All Country World Index (Net) (reflects no deduction for fees, expenses, or taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| VEGA price data to Oct 27, 2026 | +7.1% | +7.3% | +15.9% | +6.4% | — | +9.0% |
- Over the year to Oct 27, 2026, VEGA returned +7.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.4%.
- Its worst full calendar year was 2022 (-15.0%); its best was 2025 (+15.8%).
- The deepest fall in its price history was 22.8% (Nov 8, 2021 to Oct 12, 2022), recovered by Mar 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.1% | — |
| 2025 | +15.8% | +15.23% |
| 2024 | +11.2% | +11.86% |
| 2023 | +15.1% | +15.49% |
| 2022 | -15.0% | -15.22% |
| 2021 | +12.3% | +12.17% |
| 2020 | — | +7.76% |
| 2019 | — | +19.80% |
| 2018 | — | -6.36% |
| 2017 | — | +12.12% |
| 2016 | — | +6.83% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.3% over that stretch · deepest drop along the way 22.5%, back to its old high 16.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6600 | +46.7% |
| 2024 | $0.4500 | +2.3% |
| 2023 | $0.4400 | -32.3% |
| 2022 | $0.6500 | +182.6% |
| 2021 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 9 securities; the ten largest made up 96.77% of assets, and 6.86% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| SPDR S&P 500 ETF TRUST TR UNIT | 40.64% | |
| ISHARES TRUST CORE UNIVERSAL USD BOND ETF | 17.02% | |
| ISHARES TRUST MSCI EAFE ETF | 10.65% | |
| BLACKROCK ETF TRUST ISHARES U.S. EQUITY FACTOR ROTATION ACTIVE ETF | 7.40% | |
| ISHARES TRUST US TREAS BD ETF | 6.14% | |
| ISHARES INC MSCI EMG MKT ETF | 5.46% | |
| ISHARES TRUST RUS MD CP GR ETF | 4.14% | |
| ISHARES TRUST MBS ETF | 3.78% | |
| ISHARES GOLD TRUST ISHARES NEW | 1.54% |
By country
United States 96.77%By asset type
Stocks 96.77%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $4.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.90%, +2.97%, -0.24%.
How it works
VEGA does not track an index. Its sub-advisor, CreativeOne Wealth, LLC, picks other exchange-traded products (ETPs). These are mainly ETFs and exchange-traded notes that follow global stock, bond and sector indexes. The fund may also hold commodity or currency products and individual stocks. The manager screens each product on its size, track record, how it diversifies the mix, how closely it moves with the other holdings, and whether covered calls can be written on it.
The manager calls its options approach Volatility Enhanced Global Appreciation. It uses four tools. Covered calls give up gains above a set price in return for an upfront payment. Cash-secured puts collect a payment for agreeing to purchase a holding at a lower price. Protective puts cost money but can limit losses. Put spread collars combine the two to cap downside at a known cost. Calls can be written on up to 100% of eligible positions, depending on volatility and the manager's target for how sensitive the fund is to market moves.
As of June 30, 2026, the fund held nine funds. The largest were SPDR S&P 500 ETF Trust (40.6%), iShares Core Universal USD Bond (17.0%), iShares MSCI EAFE (10.7%) and iShares U.S. Equity Factor Rotation Active (7.4%). Cash made up 6.9%. Options were a tiny slice at that date: one SPY call position. Portfolio turnover was a low 4%.
What it really costs
- VEGA charges 1.23% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $125 in the first year and $1,489 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VEGA | $125 | $390 | $676 | $1,489 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It combines global stocks with about a quarter in bond funds and uses options with the aim of lowering volatility, though it still falls in bear markets.
VEGA packages US, foreign and emerging-market stocks, bond funds and a little gold into one ticker, with options meant to dampen swings. Its one-year beta (a measure of sensitivity to market moves) was 0.72 as of October 27, 2026. That cushion has limits. The fund fell 22.5% in the 2022 bear market. It took about 16.6 months after the October 2022 low to recover. 2022 was its worst calendar year, at -15.22%. Its worst quarter was -15.78% in early 2020. It launched in 2012, so it has no 2008 record. Anyone selling shares in a year like 2022 would lock in losses. Income is modest: a 1.26% trailing yield, paid once a year. In the SEC's standard example, $10,000 would cost $125 in fees over one year and $1,489 over 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 one actively managed fund holding US, foreign and emerging-market stock ETFs alongside bond ETFs and a small gold position.
- Those who value smaller swings: one-year volatility was 9.8% and beta was 0.72 as of October 27, 2026.
- Investors holding it in a tax-advantaged account, where options income taxed as ordinary income and possible loss of qualified-dividend treatment matter less.
Look elsewhere if
- Cost-conscious investors: its 1.23% expense ratio ranked 8th of 8 in its comparison group, against a 0.86% group average.
- Retirees seeking regular income: the trailing yield was 1.26% as of October 27, 2026, paid only once a year.
- Investors aiming to match global stocks: it returned 7.44% a year over 10 years to December 31, 2025, versus 11.72% for MSCI ACWI.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| VEGA this fund | 1.23% | $89.3M | +7.3% | +15.9% |
| 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
Is VEGA good for retirement income?
VEGA is not built mainly for income. Despite "buy-write" in its name, it uses option payments mostly to reduce volatility rather than to pay out large distributions. Its trailing 12-month yield was 1.26%, or $0.66 per share, as of October 27, 2026. It pays once a year, not monthly. Option-related income is usually taxed as ordinary income rather than at lower qualified-dividend rates. Investors who want regular cash flow may find the payout small and infrequent.
What does VEGA hold?
VEGA mostly holds other ETFs. As of June 30, 2026, its largest positions were SPDR S&P 500 ETF Trust (40.6%), iShares Core Universal USD Bond (17.0%), iShares MSCI EAFE (10.7%), iShares U.S. Equity Factor Rotation Active (7.4%), iShares US Treasury Bond (6.1%) and iShares MSCI Emerging Markets (5.5%). Smaller stakes were in mid-cap growth, mortgage bonds and gold, and cash was about 6.9%. At that date, its only option position was a single call on SPY.
What is VEGA's expense ratio?
VEGA's expense ratio is 1.23%, which includes a 0.85% management fee, according to its prospectus filed October 28, 2026. In the SEC's standard example ($10,000 invested, 5% yearly return), costs total $125 after one year, $390 after three, $676 after five and $1,489 after 10. That made it the most expensive of eight funds in its comparison group, where the average expense ratio was 0.86%.
What's the difference between VEGA and BUFR?
They protect against losses in different ways. FT Vest Laddered Buffer ETF (BUFR) is a defined-outcome fund: it aims to cushion a set range of losses in exchange for a cap on gains. VEGA is an actively managed multi-asset fund of funds. It holds stock and bond ETFs and uses options at the manager's discretion, with no preset buffer or cap. BUFR costs 0.95% against VEGA's 1.23%. As of October 27, 2026, BUFR returned 11.6% over one year versus VEGA's 7.3%.
How has VEGA performed compared with global stocks?
VEGA has lagged global stocks. In SEC-standard figures to December 31, 2025, it returned 15.23% over one year, 7.2% a year over five years and 7.44% a year over 10 years. Its benchmark, the MSCI All Country World Index, returned 22.34%, 11.19% and 11.72% over the same periods. VEGA's losses have also been smaller in some down years: it fell 15.22% in 2022 and 6.36% in 2018.