AdvisorShares

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.

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

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

• Actively managed ETFs
• Thematic ETFs
• ETF sponsor
• Exchange-traded funds
• Investment management

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core 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

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Fidelity InvestmentscoreChannel Partner/ Reseller/ Distributor · 2 June 2025All 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 or Co-development Partner · 16 September 2020Strategic 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 WrightcoreTechnology or IntegrationSub-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 ManagementminorStrategic or Co-development PartnerMorgan 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)coreStrategic or Co-development PartnerPortfolio 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

Direct 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

• Xx.com/AdvisorShares
• YouTubeyoutube.com/@AdvisorShares
• Facebookfacebook.com/advisorsharesinvestments
• LinkedInlinkedin.com/company/advisorshares
• Instagraminstagram.com/advisorshares

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AdvisorShares