AdvisorShares
AdvisorShares is a privately held, Bethesda-based sponsor of actively managed ETFs founded in 2006, offering 17 thematic, equity, and multi-asset ETFs on NYSE Arca and Nasdaq to financial advisors, RIAs, and retail investors via major custodial platforms.
- Company typePrivate
- Founded2006
- HeadquartersBethesda, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What AdvisorShares does
AdvisorShares Investments, LLC is a privately held, Bethesda, Maryland-based investment manager founded in 2006 that operates as a sponsor of actively managed exchange-traded funds. The firm was among the earliest filers for actively managed ETF exemptive relief with the SEC and launched its first ETF in 2009, building a lineup that today spans 17 listed ETFs traded on NYSE Arca and Nasdaq. Its product set is organized into thematic (cannabis, psychedelics, hotels, HVAC/industrials, vice), equity (international relative-strength strategies from Nasdaq Dorsey Wright, a Dorsey Wright short ETF, a Ranger Equity Bear ETF, and a Gerber Kawasaki multi-thematic fund), and multi-asset/total-return strategies (Q Dynamic Growth, STAR Global Buy-Write). Two flagship innovations underpin the franchise: the Dorsey Wright relative-strength methodology used across international and domestic equity ETFs, and total-return-swap-based synthetic exposure to U.S. cannabis equities in MSOS, which sidesteps federal restrictions on direct holdings. Other differentiated mechanics include the fulcrum fee on the Focused Equity ETF (CWS), where the management fee floats between 0.65% and 0.85% based on performance versus benchmark.
AdvisorShares monetizes exclusively through ETF management fees embedded in expense ratios that range from approximately 0.65% to 2.87% across the product suite, with many funds operating under contractual expense caps; MSOS alone holds more than $1 billion in AUM. The firm is sales-led, distributing through financial advisors, RIAs, and broker-dealers, and is available on all major U.S. custodial platforms (Schwab, Fidelity, Pershing). Customer engagement is driven by the daily AlphaNooner webcast, an Advisor Center portal for financial advisors, multi-platform social media, and earned media coverage of fund launches and regulatory developments. The firm is founder-led by Noah Hamman, with Dan Ahrens (MSOS portfolio manager), a dedicated sales lead (James Carl), and a small operating team that relies on a curated bench of sub-advisors and named portfolio strategists (Nasdaq Dorsey Wright, Eddy Elfenbein/Crossing Wall Street, CB1 Capital, Morgan Creek, ThinkBetter) to manage specialized mandates.
AdvisorShares firmographics
Firmographics- Name
- AdvisorShares
- Legal name
- AdvisorShares Investments, LLC
- Website
- https://advisorshares.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- AdvisorShares is a privately held, Bethesda-based sponsor of actively managed ETFs founded in 2006, offering 17 thematic, equity, and multi-asset ETFs on NYSE Arca and Nasdaq to financial advisors, RIAs, and retail investors via major custodial platforms.
- Ownership category
- akta.pro rank
AdvisorShares industry classification
Industry- Product category
- Actively Managed ETFs
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599), Open-End Investment Funds (52591)
- SIC
- Investment Advice (6282), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)
Keywords
Where AdvisorShares is headquartered
LocationHeadquarters
- HQ city
- Bethesda
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
AdvisorShares business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- ETF Management Fees: AdvisorShares earns management fees as a percentage of Assets Under Management (AUM) across its ETF suite. Fee structures vary by fund, with gross expense ratios ranging from approximately 0.65% to 2.87%, often reduced by contractual fee waivers. The firm oversaw more than $1 billion in actively managed ETF strategies as referenced in fund materials.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Standard ETF expense ratios vary by fund strategy |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
AdvisorShares product offering
Product offeringCore offering
AdvisorShares is an actively managed ETF sponsor that designs, issues, and manages a portfolio of thematic, sector, international equity, alternative, and multi-asset exchange-traded funds listed on NYSE Arca and Nasdaq. The firm partners with sub-advisors such as Nasdaq Dorsey Wright for technical strategies and external portfolio managers for specialized themes, distributing its ETFs to financial advisors, RIAs, broker-dealers, and retail investors through major custodial platforms.
Product overview
AdvisorShares is an actively managed ETF sponsor offering a diversified portfolio of thematic, sector-specific, and alternative investment ETFs traded on NYSE Arca and Nasdaq. The product lineup spans domestic thematic ETFs (MSOS for US cannabis, MSOX leveraged variant, SURE for insider activity), global thematic ETFs (PSIL for psychedelics, VICE for vice industries, YOLO for broader cannabis, HVAC for HVAC/industrial), multi-thematic offerings (GK Gerber Kawasaki), international equity ETFs (AADR, DWAW, DWUS using Dorsey Wright relative strength), concentrated equity (CWS), alternative strategies (DWSH short, HDGE bear), and tactical/total return products (QPX, VEGA). The firm pioneered sector-focused ETFs including first-to-market cannabis ETFs and leverages sub-advisors like Nasdaq Dorsey Wright for technical strategies and external portfolio managers for specialized thematic funds.
Differentiator
Problem solved
Functional benefit
Products and services
- AdvisorShares Dorsey Wright ADR ETF (AADR) Actively managed international equity ETF using Nasdaq Dorsey Wright's proprietary relative strength methodology to structure a portfolio of ADRs in developed and emerging markets seeking long-term capital appreciation.
- AdvisorShares Hotel ETF (BEDZ) Actively managed ETF investing exclusively in the global hotel and travel-related services sector.
- AdvisorShares Focused Equity ETF (CWS) Concentrated equity ETF holding 25 stocks representing portfolio manager Eddy Elfenbein's highest conviction ideas with a buy-and-hold strategy and fulcrum fee structure.
- AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) International equity ETF providing global diversification across developed and emerging markets using Dorsey Wright relative strength analysis.
- AdvisorShares Dorsey Wright Short ETF (DWSH) Seeks capital appreciation by shorting US-listed large-cap companies exhibiting weak relative strength, based on the Russell 3000 index.
- AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) US-focused equity ETF using Dorsey Wright relative strength methodology for core domestic equity exposure.
- AdvisorShares Gerber Kawasaki ETF (GK) Multi-thematic ETF offering exposure across multiple investment themes and strategies.
- AdvisorShares Ranger Equity Bear ETF (HDGE) Actively managed bear ETF designed for investors seeking to profit from or hedge against declining equity markets.
- AdvisorShares HVAC and Industrials ETF (HVAC) First and only ETF dedicated to the HVAC industry, focusing on heating, ventilation, and air conditioning companies serving data centers, residential, and commercial markets driven by AI infrastructure demand.
- AdvisorShares Pure US Cannabis ETF (MSOS) First cannabis ETF to concentrate entirely on U.S. companies including multi-state operators, providing synthetic exposure via total return swaps. The largest existing U.S.-listed cannabis ETF with $1B+ AUM.
- AdvisorShares MSOS 2x Daily ETF (MSOX) Leveraged ETF designed for sophisticated investors seeking two-times the daily performance of the AdvisorShares Pure US Cannabis ETF.
- AdvisorShares Psychedelics ETF (PSIL) Focused exposure to the psychedelic medicine sector, investing in companies advancing treatments for mental health conditions.
- AdvisorShares Q Dynamic Growth ETF (QPX) Modern approach to measure risk and optimize returns using Q Methodology risk management for tactical equity allocation.
- AdvisorShares Insiders Advantage ETF (SURE) Invests based on insider buying activity, following the principle that insiders buy shares only when they believe prices will rise.
- AdvisorShares STAR Global Buy-Write ETF (VEGA) Alternative total return strategy harnessing volatility and income with an options overlay, providing diversification from high correlation investments.
- AdvisorShares Vice ETF (VICE) Invests in vice industries including gaming, alcohol, tobacco, and other sectors historically considered defensive during economic downturns.
- AdvisorShares Pure Cannabis ETF (YOLO) Pure cannabis ETF with exposure to U.S. multi-state operators and Canadian licensed producers, providing broader cannabis ecosystem coverage.
- AdvisorShares Managed Bitcoin Strategy ETF (CRYP) Actively managed ETF providing managed exposure to bitcoin through sub-advisor portfolio management by Morgan Creek Capital Management.
Quantifiable outcome
- MSOS surpassed $1 billion AUM in less than 6 months after launch
- +2 more outcomes
Companies that use AdvisorShares
Customer profileSegments3 records
Ideal customer profiles2 records
AdvisorShares technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
AdvisorShares partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Fidelity InvestmentscoreAll 18 AdvisorShares ETFs remain available on Fidelity's Funds Network without service fees, announced June 2, 2025. Provides broad retail distribution access through one of the largest wealth management platforms.
- CB1 Capital ManagementcoreStrategic partnership leveraging renowned expertise for US cannabis research, education, philanthropy, and public advocacy. Announced September 16, 2020, to support AdvisorShares' US cannabis initiatives and ETF offerings.
- Nasdaq Dorsey WrightcoreSub-advisor providing proprietary relative strength methodology and technical analysis-driven investment strategies for multiple AdvisorShares ETFs including AADR, DWAW, DWUS, DWSH, and AADR.
- Morgan Creek Capital ManagementminorMorgan Creek Capital Management CEO Mark Yusko served as portfolio manager of the AdvisorShares Managed Bitcoin Strategy ETF (CRYP), launched April 27, 2022.
- Eddy J. Elfenbein (Crossing Wall Street)corePortfolio strategist for AdvisorShares Focused Equity ETF (CWS), bringing the Crossing Wall Street 'Buy List' investment strategy to the ETF structure since 2016.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
AdvisorShares competitors and assessment
Company assessmentDirect peers
- ARK Invest: ARK Invest is a leading thematic, actively managed ETF sponsor with products like ARKK and ARKW. Most directly comparable to AdvisorShares in business model: boutique active-thematic ETF issuer distributed through advisors and RIAs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks1 record
Key highlights7 records
Customer concentration
AdvisorShares social profiles
Digital presenceAdvisorShares financial estimates
Financial estimateRevenue estimate
Valuation estimate
AdvisorShares leadership team
Management profileNumber of profiles
Profiles6 records
AdvisorShares funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AdvisorShares M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AdvisorShares
What does AdvisorShares do?
AdvisorShares is an actively managed ETF sponsor that designs, issues, and manages a portfolio of thematic, sector, international equity, alternative, and multi-asset exchange-traded funds listed on NYSE Arca and Nasdaq. The firm partners with sub-advisors such as Nasdaq Dorsey Wright for technical strategies and external portfolio managers for specialized themes, distributing its ETFs to financial advisors, RIAs, broker-dealers, and retail investors through major custodial platforms.
Is AdvisorShares a public or private company?
AdvisorShares is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was AdvisorShares founded?
AdvisorShares was founded in 2006. It employs 11 to 50 people.
Where is AdvisorShares based?
AdvisorShares is headquartered in Bethesda, United States, in the North America region.
How does AdvisorShares make money?
One revenue line is on record: ETF Management Fees.
Who are AdvisorShares's main competitors?
ARK Invest is listed as a direct peer.
Does AdvisorShares have an API?
No public API is recorded for AdvisorShares.
What industry is AdvisorShares in?
AdvisorShares's product category is Actively Managed ETFs. Its primary akta.pro industry code is FSAAABAD, Advisory Portfolio Management (Non-Discretionary). Its NAICS code is 523940 and its SIC code is 6282.