(AADR) DORSEY WRIGHT ADR ETF

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 Indicative Value
AADR NYSE Arca 7/20/2010 00768Y206 AADR.IV
<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. 

Fund

Price History

As of 5/27/2020

NAV $48.12 Closing Price $48.12
Change $-0.12 Close Change $0.57
Shares Outstanding 1,475,000 Volume 3,019
4PM Bid/Offer Midpoint $48.29 Premium Discount $0.17
Assets Under Management $70,981,440.41    

Premium/Discount Historical Data | NAV 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.

FUND

Performance

As of 4/30/2020

NAV Market Price Return MSCI EAFE Index BNY Mellon Classic ADR Index
1 Month 13.49 14.45 6.46 6.36
3 Months -14.30 -14.62 -16.09 -16.02
YTD -15.03 -14.79 -17.84 -18.67
1 Year 0.47 0.44 -11.34 6.36
3 Years -0.07 -0.20 -0.58 -16.02
5 Years 3.38 3.36 -0.17 -0.12
Since Inception (7/20/2010, Annualized) 7.08 7.04 4.52 3.91

As of 3/31/2020

NAV Market Price Return MSCI EAFE Index BNY Mellon Classic ADR Index
1 Month -18.17 -18.97 -13.35 -14.78
3 Months -25.13 -25.55 -22.83 -23.53
YTD -25.13 -25.55 -22.83 -23.53
1 Year -10.42 -11.28 -14.38 -15.12
3 Years -3.70 -4.19 -1.82 -1.79
5 Years 1.64 1.41 -0.62 -0.41
Since Inception (7/20/2010, Annualized) 5.75 5.62 3.88 3.28

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 5/27/2020

Date Account Symbol Stock Ticker CUSIP/Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
05/27/2020 AADR ARGX 04016X101 ARGENX SE - ADR 19,649.00 213.62 4,197,419.38 5.91% FS 1
NICE 653656108 NICE LTD - SPON ADR 22,650.00 183.01 4,145,176.50 5.84% FS
MELI 58733R102 MERCADOLIBRE INC 4,695.00 820.83 3,853,796.85 5.43% S
GLPG 36315X101 GALAPAGOS NV-SPON ADR 18,966.00 197.79 3,751,285.14 5.29% FS
GFI 38059T106 GOLD FIELDS LTD-SPONS ADR 423,815.00 7.48 3,170,136.20 4.47% FS
AU 035128206 ANGLOGOLD ASHANTI-SPON ADR 124,451.00 24.35 3,030,381.85 4.27% FS
ZTO 98980A105 ZTO EXPRESS CAYMAN INC-ADR 91,446.00 30.30 2,770,813.80 3.90% FS
ASML N07059210 ASML HOLDING NV-NY REG SHS 7,842.00 318.53 2,497,912.26 3.52% FS
TAL 874080104 TAL EDUCATION GROUP- ADR 43,128.00 55.98 2,414,305.44 3.40% FS
AZN 046353108 ASTRAZENECA PLC-SPONS ADR 45,442.00 52.47 2,384,341.74 3.36% FS
LVMUY 502441306 LVMH MOET HENNESSY-UNSP ADR 25,902.00 82.69 2,141,836.38 3.02% FS
ALLE G0176J109 ALLEGION PLC 20,831.00 99.03 2,062,893.93 2.91% FS
ICLR G4705A100 ICON PLC 12,459.00 164.48 2,049,256.32 2.89% FS
NVO 670100205 NOVO-NORDISK A/S-SPONS ADR 31,921.00 62.79 2,004,319.59 2.82% FS
CZZ G25343107 COSAN LTD-CLASS A SHARES 146,122.00 13.65 1,994,565.30 2.81% FS
NSRGY 641069406 NESTLE SA-SPONS ADR 18,242.00 104.33 1,903,187.86 2.68% FS
RDY 256135203 DR. REDDY'S LABORATORIES-ADR 35,814.00 50.75 1,817,560.50 2.56% FS
SNN 83175M205 SMITH & NEPHEW PLC -SPON ADR 41,953.00 41.02 1,720,912.06 2.42% FS
EDU 647581107 NEW ORIENTAL EDUCATIO-SP ADR 14,713.00 115.37 1,697,438.81 2.39% FS
SBSW 82575P107 SIBANYE-STILLWATER LTD-ADR 213,513.00 7.73 1,650,455.49 2.33% FS
EXPGY 30215C101 EXPERIAN PLC-SPONS ADR 45,726.00 34.80 1,591,264.80 2.24% FS
LOGI H50430232 LOGITECH INTERNATIONAL-REG 28,517.00 54.85 1,564,157.45 2.20% FS
NVS 66987V109 NOVARTIS AG-SPONSORED ADR 18,234.00 84.45 1,539,861.30 2.17% FS
MBT 607409109 MOBILE TELESYSTEMS-SP ADR 165,995.00 9.02 1,497,274.90 2.11% FS
ENLAY 29265W207 ENEL SPA - UNSPON ADR 198,206.00 7.24 1,435,011.44 2.02% FS
SAP 803054204 SAP SE-SPONSORED ADR 11,603.00 122.98 1,426,936.94 2.01% FS
VIPS 92763W103 VIPSHOP HOLDINGS LTD - ADR 82,970.00 16.50 1,369,005.00 1.93% FS
CHT 17133Q502 CHUNGHWA TELECOM LT-SPON ADR 37,072.00 36.85 1,366,103.20 1.92% FS
PHG 500472303 KONINKLIJKE PHILIPS NVR- NY 30,714.00 44.07 1,353,565.98 1.91% FS
NGG 636274409 NATIONAL GRID PLC-SP ADR 24,460.00 55.33 1,353,371.80 1.91% FS
TRI 884903709 THOMSON REUTERS CORP 20,443.00 65.96 1,348,420.28 1.90% FS
NXPI N6596X109 NXP SEMICONDUCTORS NV 12,819.00 104.39 1,338,175.41 1.89% FS
VNET 90138A103 21VIANET GROUP INC-ADR 82,404.00 15.14 1,247,596.56 1.76% FS
ELP 20441B407 CIA PARANAENSE ENER-SP ADR P 96,107.00 11.98 1,151,361.86 1.62% FS
X9USDAIMP INVESCO GOVT AGENCY PRIV 1903 262,491.11 1.00 262,491.11 0.37% MM
CASH -124,583.20 100.00 -124,583.20 -0.18% 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 4/30/2020

AADR Regional Allocation

AADR Sector Allocation

AADR Emerging vs Developed

AADR Country Allocation

Last Ten

Fund Distributions

Ex-Date Record Date Pay Date Cash Div ST Cap Gain LT Cap Gain Return of Capital Total Distribution (per share) AADR
12/24/2020 12/28/2020 12/31/2020 - - - - -
09/24/2020 09/25/2020 09/30/2020 - - - - -
06/24/2020 06/25/2020 06/30/2020 - - - - -
03/26/2020 03/27/2020 03/31/2020 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
12/27/2019 12/30/2019 12/31/2019 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
09/25/2019 09/26/2019 09/30/2019 $0.0085 $0.0000 $0.0000 $0.0000 $0.0085
06/25/2019 06/26/2019 06/28/2019 $0.3061 $0.0000 $0.0000 $0.0000 $0.3061
03/26/2019 03/27/2019 03/29/2019 $0.0006 $0.0000 $0.0000 $0.0000 $0.0006
12/27/2018 12/28/2018 12/31/2018 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
09/26/2018 09/27/2018 09/28/2018 $0.0007 $0.0000 $0.0000 $0.0000 $0.0007
06/25/2018 06/26/2018 06/29/2018 $0.2839 $0.0000 $0.0000 $0.0000 $0.2839
03/26/2018 03/27/2018 03/29/2018 $0.0144 $0.0000 $0.0000 $0.0000 $0.0144
12/27/2017 12/28/2017 12/29/2017 $0.1303 $0.0000 $0.0000 $0.0000 $0.1303
09/26/2017 09/27/2017 09/29/2017 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
06/23/2017 06/28/2017 06/30/2017 $0.3034 $0.0000 $0.0000 $0.0000 $0.3034
03/24/2017 03/28/2017 03/31/2017 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
12/23/2016 12/28/2016 12/30/2016 $0.0299 $0.0000 $0.0000 $0.0000 $0.0299
09/26/2016 09/28/2016 09/30/2016 $0.1183 $0.0000 $0.0000 $0.0000 $0.1183
06/24/2016 06/28/2016 06/30/2016 $0.0600 $0.0000 $0.0000 $0.0000 $0.0600
03/24/2016 03/29/2016 03/31/2016 $0.0243 $0.0000 $0.0000 $0.0000 $0.0243
12/24/2015 12/29/2015 12/31/2015 $0.0061 $0.0000 $0.0000 $0.0000 $0.0061
09/24/2015 09/28/2015 09/30/2015 $0.1054 $0.0000 $0.0000 $0.0000 $0.1054
06/24/2015 06/26/2015 06/30/2015 $0.0769 $0.0000 $0.0000 $0.0000 $0.0769
03/25/2015 03/27/2015 03/31/2015 $0.1230 $0.0000 $0.0000 $0.0000 $0.1230
12/24/2014 12/29/2014 12/31/2014 $0.0110 $0.0000 $0.0000 $0.0000 $0.0110
09/24/2014 09/26/2014 09/30/2014 $0.0210 $0.0000 $0.0000 $0.0000 $0.0210
06/24/2014 06/26/2014 06/30/2014 $0.1150 $0.0000 $0.0000 $0.0000 $0.1150
03/25/2014 03/27/2014 03/31/2014 $0.0360 $0.0000 $0.0000 $0.0000 $0.0360
12/24/2013 12/27/2013 12/31/2013 $0.0090 $0.0000 $0.0000 $0.0000 $0.0090
09/24/2013 09/26/2013 09/30/2013 $0.0140 $0.0000 $0.0000 $0.0000 $0.0140
06/24/2013 06/26/2013 06/28/2013 $0.1020 $0.0000 $0.0000 $0.0000 $0.1020
03/22/2013 03/26/2013 03/28/2013 $0.0030 $0.0000 $0.0000 $0.0000 $0.0030
12/24/2012 12/27/2012 12/31/2012 $0.0560 $0.0000 $0.0000 $0.0000 $0.0560
09/24/2012 09/26/2012 09/28/2012 $0.0080 $0.0000 $0.0000 $0.0000 $0.0080
06/25/2012 06/27/2012 06/29/2012 $0.0390 $0.0000 $0.0000 $0.0000 $0.0390
03/26/2012 03/28/2012 03/30/2012 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
12/23/2011 12/28/2011 12/30/2011 $0.0730 $0.1220 $0.0000 $0.0000 $0.1950
09/26/2011 09/28/2011 09/30/2011 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
06/24/2011 06/28/2011 06/30/2011 $0.0200 $0.0000 $0.0000 $0.0000 $0.0200
03/25/2011 03/29/2011 03/31/2011 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
12/23/2010 12/28/2010 12/31/2010 $0.0700 $0.0000 $0.0000 $0.0000 $0.0700

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