The AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) is an actively managed strategy that seeks long-term capital appreciation using a technical, systematically-driven investment approach that seeks to outperform international benchmarks such as the MSCI EAFE Index and the BNY Mellon Classic ADR Index. AADR is managed by Dorsey, Wright & Associates, LLC, a firm renowned for their core philosophy of relative strength investing, which AADR’s investment focus follows. Relative strength investing involves buying securities that have appreciated in price more than the other securities in their investment universe and holding those securities until they exhibit sell signals. AADR’s investment process is purely systematic and removes any human emotion from the day-to-day decision making.

In implementing AADR’s strategy, Dorsey Wright measures relative strength across both macroeconomic sector and international equity models and then takes an unconstrained approach to selecting securities for its international portfolio. The investment strategy does not give consideration to the allocation between developed and emerging markets, and will allocate between the two depending on global price trends.

Symbol Exchange Inception Date CUSIP NAV
AADR Nasdaq 7/20/2010 00768Y206 AADR.NV
<strong>Why Invest in AADR?</strong>

AADR can serve as an alpha-seeking complement to a broad-based market cap weighted position, such as a fund that tracks the MSCI EAFE Index, as well as a standalone investment solution for international equity exposure.

<strong>5 Key Attributes</strong>
  1. Concentrated Portfolio of Highest-Ranked – AADR typically has a portfolio of less than 40 equities that demonstrate favorable relative strength characteristics according to Dorsey Wright’s proprietary macroeconomic sector ranking and individual stock rotation methodology.
  2. Unconstrained International Equity Portfolio – AADR is uniquely positioned from an investment opportunity perspective because it is not limited by style (value or growth), investment capitalization (small, mid or large), or even classification of international market (emerging or developed).
  3. Systematic Approach – AADR’s investment process is entirely systematic and is designed to remove human emotion from the decision process. This approach allows the portfolio manager the ability to continually execute their proven investment process through all types of different markets. The process also allows the portfolio manager the ability to analyze a large number of markets that may become very different over time.
  4. Relative Strength Analysis – AADR uses relative strength which compares price performance within a universe of stocks. Relative strength investing provides a repeatable process to identify and select the leaders while avoiding the laggards. It is important to be equally good at identifying both long-term winners and losers.
  5. Disciplined Sell Process – Securities are automatically sold from the portfolio when they fall below a predetermined rank threshold. The sell rank is determined when the security is purchased and is not adjusted for different market scenarios. The sell process is entirely based on technical, systematic ranks and does not allow for any portfolio manager discretion or overrides.
<strong>About American Depositary Receipts</strong>

An American depositary receipt (ADR) is a negotiable U.S. security that generally represents a company’s publicly traded equity or debt. Depositary receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank such as BNY Mellon, to issue depositary receipts.

<strong>About the Portfolio Manager</strong>

John G. Lewis, Senior Vice President & Senior Portfolio Manager
Mr. Lewis joined Dorsey Wright Money Management in 2002. As Senior Portfolio Manager, he is responsible for investment strategy across DWA’s funds, ETFs, UITs and SMA accounts. He has worked in the investment industry since 1994. Mr. Lewis has conducted extensive research on relative strength and has authored several original research papers on the subject and works closely with the investment team on new product development. He holds a Bachelor of Business Administration from the University of San Diego and an MBA from the University of Southern California. 


Price History

Fund Data

NAV $47.78
Change $0.18
Shares Outstanding 500,000
Assets Under Management $23,891,053.53

Market Data

Closing Price $47.4
Close Change $-1.37
Volume 476

Regulatory Data

Premium Discount $-0.11
30-Day Median bid-ask Spread 0.004754
Premium/Discount Historical Data | NAV Historical Data | Daily Premium/Discount Historical Data

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.



As of 8/31/2023

  NAV Market Price Return MSCI EAFE Index
1 Month -1.63 -1.79 -3.83
3 Months 13.79 13.75 3.8
YTD 9.95 9.81 10.87
1 Year 8.1 8 17.92
3 Years -0.98 -1.06 6.05
5 Years 1.1 1.08 4.14
10 Years 5.64 5.62 4.93
Since Inception (7/20/2010, Annualized) 6.65 6.63 5.95

As of 6/30/2023

  NAV Market Price Return MSCI EAFE Index
1 Month 7.81 7.82 4.55
3 Months 2.64 3.18 2.95
YTD 4.17 4.08 11.67
1 Year 4.65 4.55 18.77
3 Years -0.75 -0.61 8.93
5 Years -0.36 -0.33 4.39
10 Years 5.20 5.19 5.41
Since Inception (7/20/2010, Annualized) 6.30 6.28 6.08

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The performance for periods before 09/01/16 is for the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (the “Predecessor Fund”) which was renamed the AdvisorShares Dorsey Wright ADR ETF on 09/01/16. The Predecessor Fund had different portfolio managers and investment strategy than the Dorsey Wright ADR ETF. Performance prior to 09/01/16 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since 09/01/16 reflects actual Dorsey Wright ADR ETF performance.

The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. One cannot invest directly in an index.

The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world’s premier companies. One cannot invest directly in an index.



As of

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
10/04/2023 AADR NVO 670100205 NOVO-NORDISK A/S-SPONS ADR 16,328.00 89.04 1,453,845.12 6.09% FS
PKX 693483109 POSCO HOLDINGS INC -SPON ADR 10,100.00 95.5 964,550.00 4.04% FS
UBS H42097107 UBS GROUP AG-REG 38,553.00 23.95 923,344.35 3.86% FS
MUFG 606822104 MITSUBISHI UFJ FINL-SPON ADR 109,168.00 8.13 887,535.84 3.72% FS
EDU 647581206 NEW ORIENTAL EDUCATIO-SP ADR 14,144.00 58.57 828,414.08 3.47% FS
ABBNY 000375204 ABB LTD-SPON ADR 22,746.00 35.66 811,122.36 3.40% FS
YPF 984245100 YPF S.A.-SPONSORED ADR 68,406.00 11.46 783,932.76 3.28% FS
RELX 759530108 RELX PLC - SPON ADR 22,406.00 34.36 769,870.16 3.22% FS
BBVA 05946K101 BANCO BILBAO VIZCAYA-SP ADR 94,109.00 8.04 756,636.36 3.17% FS
LKNCY 54951L109 LUCKIN COFFEE INC - ADR 21,664.00 34.69 751,524.16 3.15% FS
FMX 344419106 FOMENTO ECONOMICO MEX-SP ADR 6,505.00 108.71 707,158.55 2.96% FS
ARGX 04016X101 ARGENX SE - ADR 1,418.00 476.62 675,847.16 2.83% FS
PAM 697660207 PAMPA ENERGIA SA-SPON ADR 18,184.00 36.43 662,443.12 2.77% FS
CX 151290889 CEMEX SAB-SPONS ADR PART CER 105,678.00 6.25 660,487.50 2.76% FS
CRH1N G25508105 CRH PLC 12,000.00 54.49 653,880.00 2.74% FS
BAESY 05523R107 BAE SYSTEMS PLC -SPON ADR 13,431.00 48.39 649,926.09 2.72% FS
KOF 191241108 COCA-COLA FEMSA SAB-SP ADR 8,210.00 76.24 625,930.40 2.62% FS
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 31,116.00 19.28 599,916.48 2.51% FS
VIPS 92763W103 VIPSHOP HOLDINGS LTD - ADR 38,805.00 15.31 594,104.55 2.49% FS
MELI 58733R102 MERCADOLIBRE INC 480 1,231.56 591,148.80 2.47% FS
ASX 00215W100 ASE TECHNOLOGY HOLDING -ADR 78,276.00 7.52 588,635.52 2.46% FS
SAP 803054204 SAP SE-SPONSORED ADR 4,428.00 128.93 570,902.04 2.39% FS
NXPI N6596X109 NXP SEMICONDUCTORS NV 2,864.00 198.19 567,616.16 2.38% FS
CPA P31076105 COPA HOLDINGS SA-CLASS A 6,590.00 85.05 560,479.50 2.35% FS
SIEGY 826197501 SIEMENS AG-SPONS ADR 7,941.00 70.36 558,728.76 2.34% FS
ING 456837103 ING GROEP N.V.-SPONSORED ADR 42,312.00 13.1 554,287.20 2.32% FS
STM 861012102 STMICROELECTRONICS NV-NY SHS 12,605.00 43.57 549,199.85 2.30% FS
ASML N07059210 ASML HOLDING NV-NY REG SHS 901 590.86 532,364.86 2.23% FS
CMPGY 20449X401 COMPASS GROUP PLC-SPON ADR 21,728.00 24.49 532,118.72 2.23% FS
ERJ 29082A107 EMBRAER SA-SPON ADR 38,340.00 13.03 499,570.20 2.09% FS
TCOM 89677Q107 TRIP.COM GROUP LTD-ADR 14,901.00 33.11 493,372.11 2.07% FS
TOELY 889110102 TOKYO ELECTRON LTD-UNSP ADR 7,264.00 65.86 478,407.04 2.00% FS
EH 26853E102 EHANG HOLDINGS LTD-SPS ADR 25,672.00 17.04 437,450.88 1.83% FS
TX 880890108 TERNIUM SA-SPONSORED ADR 11,701.00 37.21 435,394.21 1.82% FS
GGAL 399909100 GRUPO FINANCIERO GALICIA-ADR 33,216.00 12.27 407,560.32 1.71% FS
HESAY 42751Q105 HERMES INTL-UNSPONSORED ADR 2,212.00 182.77 404,287.24 1.69% FS
DRD 26152H301 DRDGOLD LTD-SPONSORED ADR 37,828.00 7.94 300,354.32 1.26% FS
X9USDAIMP INVESCO GOVT AGENCY PRIV 1903 96,496.12 1 96,496.12 0.40% MM
CASH -28,642.92 100 -28,642.92 -0.12% CA

Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.



As of 9/30/2023

AADR Emerging vs Developed

AADR Country Allocation


Fees & Expenses

Management Fee 0.75%
Other Expenses 0.25%
Total Annual Operating Expenses 1.00%

Last Ten

Fund Distributions

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.

There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Emerging Markets, which consist of countries or markets with low to middle income economics can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. Other Fund risks include concentration risk, foreign securities and currency risk, ADRs which may be less liquid, large-cap risk, early closing risk, counterparty risk and trading risk, which can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the same risks associated with the underlying ETFs, which can result in higher volatility.

This Fund may not be suitable for all investors.
See prospectus for detail regarding risk.


Alpha: Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.

ADR: An American Depositary Receipt (ADR) is a negotiable U.S. Security that generally represents a company’s publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank to issue Depositary Receipts