AdvisorShares Vice ETF (VICE US) – Portfolio Construction Methodology

The investment strategy driving the actively managed AdvisorShares Vice ETF targets long-term capital appreciation by concentrating on companies whose revenues are predominantly tied to vice-related categories. Under normal conditions the portfolio holds primarily U.S. exchange-listed equities and ADRs of firms that derive at least half of net revenue from tobacco and alcohol, the food and beverage industry, or gaming activities such as casinos, online betting, lotteries, and gaming technology, with at least 25% of assets in the food, beverage and tobacco industry group. Security selection relies on fundamental analysis, external research, and valuation work to identify issuers with durable business models, strong competitive positions, and earnings resilience, including select smaller and lesser-known names. Active trading and high turnover reflect a willingness to rotate across subsectors and market-cap bands, trimming or exiting positions when valuations look stretched, thesis quality deteriorates, or better risk-adjusted opportunities emerge within the concentrated opportunity set.

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