(AADR) DORSEY WRIGHT ADR ETF
NAV as of 10/4/2023
$47.78
1 Day NAV Change as of 10/4/2023
$0.18
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 |
<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>
- 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.
<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.
Fund
Price History
Fund Data
10/4/2023| NAV | $47.78 |
| Change | $0.18 |
| Shares Outstanding | 500,000 |
| Assets Under Management | $23,891,053.53 |
Market Data
10/3/2023| Closing Price | $47.4 |
| Close Change | $-1.37 |
| Volume | 476 |
Regulatory Data
10/3/2023| Premium Discount | $-0.11 |
| 30-Day Median bid-ask Spread | 0.004754 |
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 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.
| 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.
FUND
Characteristics
As of 9/30/2023
AADR Emerging vs Developed
AADR Country Allocation
FUND
Documents
FUND
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.
Definitions
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