(AADR) DORSEY WRIGHT ADR ETF

NAV as of 3/28/2023

$47.12

1 Day NAV Change as of 3/28/2023

$0.64

Manager Commentary

Fact Sheet

Social Conversation

AADR

Overview

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

Why Invest in AADR?

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.

5 Key Attributes

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.
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).
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.
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.
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.

About American Depositary Receipts

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.

About the Portfolio Manager

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.

Manager Commentary

Fund

Price History

Fund Data

3/28/2023

NAV	$47.12
Change	$0.64
Shares Outstanding	605,000
Assets Under Management	$28,510,064.81

Market Data

3/27/2023

Closing Price	$46.52
Close Change	$0.58
Volume	4,784

Regulatory Data

3/27/2023

Premium Discount	$0.02
30-Day Median bid-ask Spread	0.005325

Quarter End Date	Days	< -0.2%	≥ -0.2% and < 0.0%	> 0.0% and ≤ 0.2%	> 0.2%
09/30/2022	64	2	55	1	6
06/30/2022	62	7	49	6	0
03/31/2022	62	1	53	8	0
12/31/2021	64	18	38	7	1
09/30/2021	64	0	62	2	0
06/30/2021	63	0	49	14	0
03/31/2021	61	13	16	24	8

Date	NAV
01/17/2023	50.20
01/13/2023	49.99
01/12/2023	49.58
01/11/2023	48.95
01/10/2023	48.77
01/09/2023	48.36
01/06/2023	48.26
01/05/2023	47.47
01/04/2023	47.48
01/03/2023	47.09
12/30/2022	47.68
12/29/2022	47.86
12/28/2022	47.51
12/27/2022	47.84
12/23/2022	48.14
12/22/2022	48.72
12/21/2022	48.74
12/20/2022	48.30
12/19/2022	47.63
12/16/2022	47.49
12/15/2022	47.74
12/14/2022	48.48
12/13/2022	48.81
12/12/2022	48.65
12/09/2022	48.53
12/08/2022	48.62
12/07/2022	48.58
12/06/2022	48.71
12/05/2022	49.02
12/02/2022	50.02
12/01/2022	50.06
11/30/2022	50.39
11/29/2022	49.11
11/28/2022	48.63
11/25/2022	49.30
11/23/2022	49.29
11/22/2022	49.00
11/21/2022	48.54
11/18/2022	48.15
11/17/2022	48.16
11/16/2022	48.43
11/15/2022	49.13
11/14/2022	48.68
11/11/2022	49.03
11/10/2022	48.63
11/09/2022	47.72
11/08/2022	48.60
11/07/2022	48.39
11/04/2022	48.30
11/03/2022	46.89
11/02/2022	46.72
11/01/2022	47.54
10/31/2022	47.11
10/28/2022	47.25
10/27/2022	46.83
10/26/2022	46.87
10/25/2022	46.69
10/24/2022	46.09
10/21/2022	46.13
10/20/2022	45.11
10/19/2022	45.40
10/18/2022	45.75
10/17/2022	45.31
10/14/2022	44.15
10/13/2022	45.20
10/12/2022	44.14
10/11/2022	44.40
10/10/2022	44.95
10/07/2022	45.44
10/06/2022	46.02
10/05/2022	46.50
10/04/2022	46.89
10/03/2022	45.42
09/30/2022	43.98
09/29/2022	43.96
09/28/2022	44.84
09/27/2022	44.18
09/26/2022	43.90
09/23/2022	45.43
09/22/2022	47.16
09/21/2022	47.34
09/20/2022	47.94
09/19/2022	48.16
09/16/2022	48.00
09/15/2022	48.62
09/14/2022	49.28
09/13/2022	49.01
09/12/2022	50.57
09/09/2022	50.11
09/08/2022	49.26
09/07/2022	48.90
09/06/2022	48.82
09/02/2022	49.18
09/01/2022	49.13
08/31/2022	49.55
08/30/2022	50.07
08/29/2022	50.78
08/26/2022	50.74
08/25/2022	51.82
08/24/2022	51.26
08/23/2022	51.09
08/22/2022	50.74
08/19/2022	51.08
08/18/2022	51.97
08/17/2022	51.88
08/16/2022	52.42
08/12/2022	52.86
08/11/2022	52.46
08/10/2022	52.46
08/09/2022	51.45
08/08/2022	51.37
08/05/2022	51.04
08/04/2022	50.71
08/03/2022	50.61
08/02/2022	50.58
08/01/2022	51.18
07/29/2022	51.14
07/28/2022	50.48
07/27/2022	49.84
07/26/2022	48.89
07/25/2022	49.30
07/22/2022	48.55
07/21/2022	48.99
07/20/2022	48.63
07/19/2022	48.90
07/18/2022	47.64
07/15/2022	47.19
07/14/2022	46.30
07/13/2022	47.38
07/12/2022	47.33
07/11/2022	47.65
07/08/2022	48.13
07/07/2022	48.07
07/06/2022	46.85
07/05/2022	47.24
07/01/2022	48.35
06/30/2022	48.49
06/29/2022	49.04
06/28/2022	49.31
06/27/2022	49.79
06/24/2022	49.44
06/23/2022	48.24
06/22/2022	48.80
06/21/2022	50.64
06/20/2022	49.57
06/17/2022	49.57
06/16/2022	49.68
06/15/2022	51.47
06/14/2022	50.58
06/13/2022	50.48
06/10/2022	52.58
06/09/2022	53.91
06/08/2022	55.48
06/07/2022	56.78
06/06/2022	56.61
06/03/2022	56.54
06/02/2022	57.12
06/01/2022	56.24
05/31/2022	56.58
05/27/2022	57.38
05/26/2022	56.70
05/25/2022	55.70
05/24/2022	55.66
05/23/2022	55.55
05/20/2022	54.25
05/19/2022	53.73
05/18/2022	53.09
05/17/2022	54.80
05/16/2022	53.53
05/13/2022	53.20
05/12/2022	51.55
05/11/2022	51.79
05/10/2022	51.86
05/09/2022	51.23
05/06/2022	53.60
05/05/2022	54.22
05/04/2022	56.36
05/03/2022	55.37
05/02/2022	54.37
04/29/2022	54.54
04/28/2022	55.32
04/27/2022	54.81
04/26/2022	54.23
04/25/2022	55.69
04/22/2022	56.65
04/21/2022	58.03
04/20/2022	59.09
04/19/2022	58.95
04/18/2022	58.60
04/14/2022	58.42
04/13/2022	58.59
04/12/2022	57.54
04/11/2022	57.93
04/08/2022	59.44
04/07/2022	58.77
04/06/2022	58.59
04/05/2022	59.18
04/04/2022	60.61
04/01/2022	60.55
03/31/2022	59.74
03/30/2022	60.49
03/29/2022	61.14
03/28/2022	59.96
03/24/2022	59.78
03/23/2022	59.23
03/22/2022	59.86
03/21/2022	59.18
03/18/2022	59.16
03/17/2022	58.71
03/16/2022	58.00
03/15/2022	55.63
03/14/2022	54.81
03/11/2022	54.83
03/10/2022	55.56
03/09/2022	56.39
03/08/2022	54.18
03/07/2022	52.99
03/04/2022	54.86
03/03/2022	57.44
03/02/2022	58.63
03/01/2022	57.18
02/28/2022	58.90
02/25/2022	60.46
02/24/2022	58.47
02/23/2022	59.48
02/22/2022	60.32
02/17/2022	61.59
02/16/2022	62.98
02/15/2022	62.91
02/14/2022	61.38
02/11/2022	62.26
02/10/2022	63.80
02/09/2022	64.58
02/08/2022	63.50
02/07/2022	63.17
02/04/2022	62.88
02/03/2022	62.65
02/02/2022	64.06
02/01/2022	63.83
01/31/2022	62.44
01/28/2022	61.20
01/27/2022	60.53
01/26/2022	60.51
01/25/2022	60.31
01/24/2022	60.26
01/21/2022	60.91
01/20/2022	62.31
01/19/2022	62.88
01/18/2022	62.93
01/14/2022	64.21
01/13/2022	63.95
01/12/2022	64.93
01/11/2022	64.24
01/10/2022	63.58
01/07/2022	63.81
01/06/2022	63.71
01/05/2022	63.32
01/04/2022	64.47
01/03/2022	64.60
12/31/2021	64.32
12/30/2021	64.06
12/29/2021	64.05
12/28/2021	64.04
12/27/2021	64.41
12/23/2021	63.78
12/22/2021	63.73
12/21/2021	62.95
12/20/2021	61.57
12/17/2021	62.14
12/16/2021	62.66
12/15/2021	62.68
12/14/2021	61.77
12/13/2021	62.18
12/10/2021	63.05
12/09/2021	63.21
12/08/2021	64.10
12/07/2021	63.46
12/06/2021	61.55
12/03/2021	61.75
12/02/2021	62.57
12/01/2021	61.37
11/30/2021	61.56
11/29/2021	62.42
11/26/2021	61.79
11/24/2021	63.41
11/23/2021	63.66
11/22/2021	63.59
11/19/2021	64.26
11/18/2021	64.94
11/17/2021	65.18
11/16/2021	65.33
11/15/2021	65.48
11/12/2021	65.64
11/11/2021	65.58
11/10/2021	64.98
11/09/2021	66.20
11/08/2021	66.47
11/05/2021	65.42
11/04/2021	65.64
11/03/2021	66.18
11/02/2021	65.67
11/01/2021	66.02
10/29/2021	65.07
10/28/2021	65.33
10/27/2021	64.95
10/26/2021	66.01
10/25/2021	66.29
10/22/2021	65.73
10/21/2021	65.91
10/20/2021	66.29
10/19/2021	66.13
10/18/2021	65.89
10/15/2021	65.74
10/14/2021	65.42
10/13/2021	64.72
10/12/2021	63.85
10/11/2021	63.42
10/08/2021	63.47
10/07/2021	63.51
10/06/2021	62.50
10/05/2021	63.21
10/04/2021	62.56
10/01/2021	63.87
09/30/2021	63.58
09/29/2021	63.46
09/28/2021	63.68
09/27/2021	65.72
09/24/2021	65.55
09/23/2021	66.64
09/22/2021	65.47
09/21/2021	64.36
09/20/2021	63.86
09/17/2021	65.98
09/16/2021	67.40
09/15/2021	67.82
09/14/2021	66.96
09/13/2021	67.52
09/10/2021	67.21
09/09/2021	67.49
09/08/2021	67.19
09/07/2021	68.41
09/03/2021	68.63
09/02/2021	68.68
09/01/2021	68.82
08/31/2021	68.11
08/30/2021	68.51
08/27/2021	68.82
08/26/2021	67.69
08/25/2021	68.30
08/24/2021	68.08
08/23/2021	67.28
08/20/2021	65.39
08/19/2021	64.99
08/18/2021	66.75
08/17/2021	67.19
08/16/2021	68.03
08/13/2021	69.03
08/12/2021	69.03
08/11/2021	69.31
08/10/2021	69.21
08/09/2021	69.17
08/06/2021	68.44
08/05/2021	68.46
08/04/2021	68.71
08/03/2021	68.15
08/02/2021	67.32
07/30/2021	67.12
07/29/2021	67.90
07/28/2021	67.33
07/27/2021	65.78
07/26/2021	66.80
07/23/2021	65.90
07/22/2021	65.78
07/21/2021	65.86
07/20/2021	63.96
07/19/2021	62.96
07/16/2021	64.20
07/15/2021	65.32
07/14/2021	65.80
07/13/2021	65.52
07/12/2021	66.41
07/09/2021	65.76
07/08/2021	63.98
07/07/2021	65.42
07/06/2021	65.41
07/02/2021	66.55
07/01/2021	66.38
06/30/2021	66.54
06/29/2021	66.75
06/28/2021	66.60
06/25/2021	66.90
06/24/2021	67.00
06/23/2021	65.88
06/22/2021	65.98
06/21/2021	65.75
06/18/2021	64.29
06/17/2021	65.49
06/16/2021	66.56
06/14/2021	68.14
06/11/2021	67.90
06/10/2021	67.90
06/09/2021	67.38
06/08/2021	67.55
06/07/2021	67.78
06/04/2021	67.59
06/03/2021	66.71
06/02/2021	68.06
06/01/2021	67.85
05/28/2021	66.38
05/27/2021	65.99
05/26/2021	65.00
05/25/2021	64.55
05/24/2021	65.13
05/21/2021	64.37
05/20/2021	64.69
05/19/2021	63.99
05/18/2021	65.05
05/17/2021	64.98
05/14/2021	64.82
05/13/2021	63.04
05/12/2021	63.14
05/11/2021	65.27
05/10/2021	65.52
05/07/2021	66.66
05/06/2021	65.41
05/05/2021	65.46
05/04/2021	64.71
05/03/2021	65.93
04/30/2021	65.18
04/29/2021	66.34
04/28/2021	66.81
04/27/2021	66.58
04/26/2021	66.57
04/23/2021	65.81
04/22/2021	64.70
04/21/2021	64.58
04/20/2021	63.00
04/19/2021	64.08
04/16/2021	64.73
04/15/2021	63.86
04/14/2021	63.39
04/13/2021	62.78
04/12/2021	62.12
04/09/2021	63.82
04/08/2021	63.97
04/07/2021	63.36
04/06/2021	64.04
04/05/2021	64.17
04/01/2021	63.47
03/31/2021	62.37
03/30/2021	62.05
03/29/2021	61.03
03/26/2021	62.31
03/25/2021	61.09
03/24/2021	60.36
03/23/2021	62.06
03/22/2021	63.69
03/19/2021	63.59
03/18/2021	63.34
03/17/2021	64.69
03/16/2021	64.47
03/15/2021	64.29
03/12/2021	64.01
03/11/2021	64.73
03/10/2021	62.46
03/09/2021	62.75
03/08/2021	60.65
03/05/2021	61.77
03/04/2021	60.71
03/03/2021	63.10
03/02/2021	64.11
03/01/2021	64.24
02/26/2021	62.57
02/25/2021	63.13
02/24/2021	64.81
02/23/2021	64.49
02/22/2021	65.04
02/19/2021	66.25
02/18/2021	65.31
02/17/2021	66.36
02/16/2021	67.08
02/12/2021	66.91
02/11/2021	66.59
02/10/2021	65.96
02/09/2021	65.94
02/08/2021	65.78
02/05/2021	64.95
02/04/2021	63.82
02/03/2021	63.88
02/02/2021	63.06
02/01/2021	62.20
01/29/2021	59.91
01/28/2021	61.45
01/27/2021	60.05
01/26/2021	62.35
01/25/2021	63.23
01/22/2021	63.77
01/21/2021	64.22
01/20/2021	64.18
01/19/2021	63.30

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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.

FUND

Performance

As of 2/28/2023

	NAV	Market Price Return	MSCI EAFE Index
1 Month	-3.5	-3.79	-2.09
3 Months	-2.68	-2.57	5.93
YTD	1.71	1.66	5.84
1 Year	-14.57	-14.55	-3.14
3 Years	0.8	0.82	6.84
5 Years	-3.14	-3.17	2.64
10 Years	4.9	4.88	4.83
Since Inception (7/20/2010, Annualized)	6.27	6.26	5.8

As of 12/31/2022

	NAV	Market Price Return	MSCI EAFE Index
1 Month	-4.31	-4.16	0.08
3 Months	9.65	9.82	17.34
YTD	-23.09	-23.14	-14.45
1 Year	-23.09	-23.14	-14.45
3 Years	-2.70	-2.52	0.87
5 Years	-2.94	-2.98	1.54
10 Years	5.27	5.28	4.67
Since Inception (7/20/2010, Annualized)	6.21	6.20	5.40

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.

Fund

Holdings

As of

Excel CSV

Date	Account Symbol	Stock Ticker	Security ID	Security Description	Shares	Share Price	Market Value	Portfolio Weight	Asset Group
03/28/2023	AADR	NVO	670100205	NOVO-NORDISK A/S-SPONS ADR	9,868.00	155.32	1,532,697.76	5.38%	FS
		TS	88031M109	TENARIS SA-ADR	38,128.00	28.82	1,098,848.96	3.85%	FS
		UBS	H42097107	UBS GROUP AG-REG	46,638.00	19.27	898,714.26	3.15%	FS
		YPF	984245100	YPF S.A.-SPONSORED ADR	82,769.00	10.83	896,388.27	3.14%	FS
		ABB	000375204	ABB LTD-SPON ADR	27,513.00	32.34	889,770.42	3.12%	FS
		AMX	02390A101	AMERICA MOVIL SAB DE CV	41,442.00	21.25	880,642.50	3.09%	FS
		RELX	759530108	RELX PLC - SPON ADR	27,100.00	31.73	859,883.00	3.02%	FS
		MUFG	606822104	MITSUBISHI UFJ FINL-SPON ADR	132,081.00	6.4	845,318.40	2.97%	FS
		BAESY	05523R107	BAE SYSTEMS PLC -SPON ADR	16,245.00	49.49	803,965.05	2.82%	FS
		GMAB	372303206	GENMAB A/S -SP ADR	21,630.00	37.12	802,905.60	2.82%	FS
		PKX	693483109	POSCO HOLDINGS INC -SPON ADR	12,200.00	65.11	794,342.00	2.79%	FS
		KOF	191241108	COCA-COLA FEMSA SAB-SP ADR	9,932.00	78.64	781,052.48	2.74%	FS
		BBVA	05946K101	BANCO BILBAO VIZCAYA-SP ADR	113,863.00	6.83	777,684.29	2.73%	FS
		TNP	G9108L173	TSAKOS ENERGY NAVIGATION LTD	37,646.00	20.07	755,555.22	2.65%	FS
		STM	861012102	STMICROELECTRONICS NV-NY SHS	15,250.00	49.47	754,417.50	2.65%	FS
		SIEGY	826197501	SIEMENS AG-SPONS ADR	9,600.00	77.71	746,016.00	2.62%	FS
		FMX	344419106	FOMENTO ECONOMICO MEX-SP ADR	7,870.00	93.11	732,775.70	2.57%	FS
		ASX	00215W100	ASE TECHNOLOGY HOLDING -ADR	94,700.00	7.61	720,667.00	2.53%	FS
		CPA	P31076105	COPA HOLDINGS SA-CLASS A	7,955.00	90.53	720,166.15	2.53%	FS
		PAM	697660207	PAMPA ENERGIA SA-SPON ADR	21,985.00	32.58	716,271.30	2.51%	FS
		VIPS	92763W103	VIPSHOP HOLDINGS LTD - ADR	46,940.00	15.23	714,896.20	2.51%	FS
		AZN	046353108	ASTRAZENECA PLC-SPONS ADR	10,041.00	68.6	688,812.60	2.42%	FS
		TME	88034P109	TENCENT MUSIC ENTERTAINM-ADR	85,540.00	8.05	688,597.00	2.42%	FS
		HTHT	44332N106	H WORLD GROUP LTD-ADR	14,300.00	47.94	685,542.00	2.40%	FS
		EDU	647581206	NEW ORIENTAL EDUCATIO-SP ADR	17,105.00	39.56	676,673.80	2.37%	FS
		LKNCY	54951L109	LUCKIN COFFEE INC - ADR	26,200.00	24.78	649,236.00	2.28%	FS
		BHP	088606108	BHP GROUP LTD-SPON ADR	10,820.00	59.64	645,304.80	2.26%	FS
		TCOM	89677Q107	TRIP.COM GROUP LTD-ADR	18,027.00	35.75	644,465.25	2.26%	FS
		AEG	007924103	AEGON N.V.-NY REG SHR	154,447.00	4.15	640,955.05	2.25%	FS
		HDB	40415F101	HDFC BANK LTD-ADR	9,760.00	64.86	633,033.60	2.22%	FS
		ARGX	04016X101	ARGENX SE - ADR	1,712.00	366.46	627,379.52	2.20%	FS
		IQ	46267X108	IQIYI INC-ADR	85,430.00	6.93	592,029.90	2.08%	FS
		ING	456837103	ING GROEP N.V.-SPONSORED ADR	51,194.00	11.56	591,802.64	2.08%	FS
		SQM	833635105	QUIMICA Y MINERA CHIL-SP ADR	7,142.00	82.51	589,286.42	2.07%	FS
		ELP	20441B605	CIA PARANAENSE ENER-SP ADR	89,785.00	6.45	579,113.25	2.03%	FS
		GGB	373737105	GERDAU SA -SPON ADR	117,002.00	4.76	556,929.52	1.95%	FS
		PDD	722304102	PDD HOLDINGS INC	7,600.00	72.84	553,584.00	1.94%	FS
			X9USDAIMP	INVESCO GOVT AGENCY PRIV 1903	760,599.44	1	760,599.44	2.67%	MM
				CASH	-17,556.96	100	-17,556.96	-0.06%	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.

FUND

Characteristics

As of 2/28/2023

(AADR) DORSEY WRIGHT ADR ETF

AADR

<strong>Why Invest in AADR?</strong>

<strong>5 Key Attributes</strong>

<strong>About American Depositary Receipts</strong>

<strong>About the Portfolio Manager</strong>

Fund

Fund Data

Market Data

Regulatory Data

FUND

Fund

FUND

AADR Emerging vs Developed

Date	NAV
01/17/2023	50.20
01/13/2023	49.99
01/12/2023	49.58
01/11/2023	48.95
01/10/2023	48.77
01/09/2023	48.36
01/06/2023	48.26
01/05/2023	47.47
01/04/2023	47.48
01/03/2023	47.09
12/30/2022	47.68
12/29/2022	47.86
12/28/2022	47.51
12/27/2022	47.84
12/23/2022	48.14
12/22/2022	48.72
12/21/2022	48.74
12/20/2022	48.30
12/19/2022	47.63
12/16/2022	47.49
12/15/2022	47.74
12/14/2022	48.48
12/13/2022	48.81
12/12/2022	48.65
12/09/2022	48.53
12/08/2022	48.62
12/07/2022	48.58
12/06/2022	48.71
12/05/2022	49.02
12/02/2022	50.02
12/01/2022	50.06
11/30/2022	50.39
11/29/2022	49.11
11/28/2022	48.63
11/25/2022	49.30
11/23/2022	49.29
11/22/2022	49.00
11/21/2022	48.54
11/18/2022	48.15
11/17/2022	48.16

(AADR) DORSEY WRIGHT ADR ETF

AADR

<strong>Why Invest in AADR?</strong>

<strong>5 Key Attributes</strong>

<strong>About American Depositary Receipts</strong>

<strong>About the Portfolio Manager</strong>

Fund

Fund Data

Market Data

Regulatory Data

AADR Historical Premium and Discounts

FUND

Fund

FUND

AADR Emerging vs Developed