AdvisorShares STAR Global Buy-Write ETF
VEGA
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- AdvisorShares STAR Global Buy-Write ETF (NYSE Arca: VEGA) is an actively managed exchange-traded fund that seeks consistent repeatable returns across market cycles through a low volatility, moderate risk global balanced portfolio strategy. The fund primarily invests as a fund-of-funds in exchange-traded funds (ETFs) and exchange-traded notes (ETNs) tracking diversified global indices and sectors, including U.S. equities such as SPDR S&P 500 ETF Trust and iShares Core Total USD Bond Market ETF; international equities like iShares MSCI EAFE ETF and iShares MSCI Emerging Markets ETF; fixed income products including iShares U.S. Treasury Bond ETF and iShares MBS ETF; and alternatives such as iShares Gold Trust, with tactical overweighting to regions, sectors, or securities based on proprietary Volatility Enhanced Global Appreciation (VEGA) criteria. It employs options strategies for income and risk management, including selling covered calls on up to 100% of eligible equity holdings, cash-secured puts, and protective puts funded by premiums, bond interest, and dividends, targeting a long-term beta of 0.65 to the S&P 500 Index via Volatility Based Reinvestment during high volatility periods. Launched on September 17, 2012, and domiciled in the United States, VEGA is managed by AdvisorShares Investments, LLC (founded 2006, headquartered in Bethesda, Maryland) with sub-advisory from CreativeOne Wealth, LLC; key portfolio managers include Kenneth R. Hyman (since October 2020) and Matthew A. Heimann (since July 2023). The fund operates globally across developed and emerging markets in equity, fixed income, and alternatives segments, serving investors seeking total return from capital appreciation, multiple income streams, and downside protection, with assets under management of approximately $75.8 million as of December 2025 and a net expense ratio of 1.25% (management fee 0.85%). Recent developments include the October 2020 acquisition of Partnervest Financial Group LLC assets by CreativeOne Wealth, transitioning sub-advisory responsibilities and integrating Hyman as Executive Vice President; Matthew Heimann's appointment as Director of Asset Management in July 2023; and a February 2025 prospectus supplement updating expenses to a total annual operating expense ratio of 1.36% (other expenses 0.35%, acquired fund fees 0.16%). No major partnerships, funding rounds, acquisitions, new product launches, or strategic shifts beyond these operational enhancements have been reported in the last 1-2 years.