(DWMC) DORSEY WRIGHT MICRO-CAP ETF

DWMC

Overview

Micro-cap equities, the smallest companies in the marketplace, possess substantial upside potential but can remain subject to several investing inefficiencies – including lack of public research, trading illiquidity, and volatility – which can necessitate the need for an experienced portfolio manager when investing in this compelling area of the equity market. The AdvisorShares Dorsey Wright Micro-Cap ETF (Ticker: DWMC) is an actively managed ETF that seeks long-term capital appreciation by investing in exchange-listed, micro-cap equities with sufficient liquidity that generally have a market capitalization of less than $1 billion.

DWMC’s investment strategy follows Nasdaq Dorsey Wright’s core philosophy of relative strength investing – a proprietary systematically-driven methodology that buys securities that have appreciated in price more than other equities within its investment universe and holding those securities until they exhibit sell signals. No company fundamental data is involved in the analysis and the systematic nature of Dorsey Wright’s process removes emotion from the day-to-day decision making. Stock selection is strictly based on the highest ranked securities as measured by the relative strength investment process.

Symbol Exchange Inception Date CUSIP Indicative Value Options
DWMC Nasdaq 7/10/2018 00768Y537 DWMC.IV No
<strong>Why Invest in DWMC?</strong>
  • Alpha-Seeking Micro-Cap Exposure – Research on micro-cap companies is often scarce, which can present an ideal opportunity for alpha generation. DWMC’s portfolio manager seeks to add alpha by implementing Dorsey Wright’s historically successful relative strength process that seeks to identify the strongest companies while eliminating the weakest performers.
  • Historical Upside Potential – It is often easier for smaller companies to grow than larger companies. The micro-cap universe has historically delivered superior long-term performance over larger-cap companies.
  • Manager Diversification – Through an established portfolio manager, spreading your investment risk among equities not correlated to the broader market can help diversify and mitigate your overall portfolio risk.
  • Strategy Diversification – The systematic portfolio management process takes several factors into account to limit unnecessary risk and maximize exposure to the momentum factor. If a security becomes too large as a percentage of the portfolio it is trimmed to bring it back in line with the other security weights. The process seeks to spread out allocations within its stock model. The objective sell discipline represents an important component of the portfolio construction process.
  • Active Management Advantage – Most micro-cap ETFs passively invest owning the majority of the stocks represented in their benchmark index, including those with less than attractive investing attributes. DWMC’s portfolio manager systematically screens micro-cap stocks for inclusion and removal from its highly selective, active portfolio.
<strong>Where Can DWMC Fit in a Traditional Portfolio?</strong>

DWMC may provide a high-growth complement or satellite equity holding to a broad-based equity allocation. This ETF can be used to diversify a U.S. stock allocation and to seek long-term growth in your portfolio.

<strong>Key Attributes</strong>
  1. High Conviction Portfolio of Top-Ranked Micro-Caps – DWMC holds a portfolio of approximately 150 exchange-listed, micro-cap equities that demonstrate the most favorable relative strength characteristics according to Dorsey Wright’s proprietary stock rotation model. If a company’s ranking deteriorates, it is replaced in the portfolio with another company with a stronger ranking.
  2. Tomorrow’s Potential Leaders – Some of the largest companies in the world started out as micro-cap companies. DWMC seeks to capitalize on the smallest-sized companies as they are potentially entering their greatest periods of growth. Micro-cap companies may also benefit from merger and acquisition activity.
  3. Systematic Approach – DWMC’s investment process is entirely systematic and designed to remove human emotion from the decision process. This approach allows the portfolio manager to continually execute their proven proprietary investment process through all types of different market conditions. The process also allows the portfolio manager the ability to analyze a large number of securities that may become very different over time.
  4. Relative Strength Analysis – DWMC 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 the technical, systematic ranking system and does not allow for any portfolio manager discretion or overrides.
<strong>About the Portfolio Manager</strong>

John G. Lewis, CMT, Senior Portfolio Manager
John Lewis is a Senior Portfolio manager with Nasdaq Dorsey Wright. In this role, Mr. Lewis is responsible for the investment strategies used in various different indices and models.

Since joining the firm in 2002, Mr. Lewis has developed strategies for the firm’s Systematic Relative Strength series of separate accounts, the Technical Leaders Index methodology, global asset allocation strategies, and multiple series of UITs. His work is technically driven and focuses on relative strength and momentum as the main factors in the investment process.

One of the foremost experts on relative strength investing, Mr. Lewis has authored several original research papers on the subject. He is a Chartered Market Technician (CMT) and a member of the Market Technician’s Association and the American Association of Professional Technical Analysts. Mr. Lewis earned an M.B.A. in Finance from the University of Southern California and a B.A. from the University of San Diego.

Fund

Price History

As of 7/30/2021

NAV $36.45 Closing Price $36.18
Change $-0.39 Close Change $-0.49
Shares Outstanding 260,000 Volume 1,898
4PM Bid/Offer Midpoint $36.24 Premium Discount $-0.21
Assets Under Management $9,476,172.65 30-Day Median bid-ask Spread -
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.

FUND

Performance

As of 6/30/2021

NAV Market Price Return Russell Microcap Index
1 Month 1.78 1.85 2.19
3 Months 10.61 11.43 4.14
YTD 30.37 30.94 29.02
1 Year 79.33 82.31 75.77
Since Inception (7/10/2018, Annualized) 15.47 15.53 13.56

As of 6/30/2021

NAV Market Price Return Russell Microcap Index
1 Month 1.78 1.85 2.19
3 Months 10.61 11.43 4.14
YTD 30.37 30.94 29.02
1 Year 79.33 82.31 75.77
Since Inception (7/10/2018, Annualized) 15.47 15.53 13.56

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.

Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
07/30/2021 DWMC XPEL 98379L100 XPEL INC 1,925.00 92.60 178,255.00 1.88% S
IDT 448947507 IDT CORP-CLASS B 2,806.00 49.80 139,738.80 1.47% S
CALX 13100M509 CALIX INC 2,964.00 46.78 138,655.92 1.46% S
KRNT M6372Q113 KORNIT DIGITAL LTD 989.00 132.16 130,706.24 1.38% FS
DAC Y1968P121 DANAOS CORP 1,820.00 67.39 122,649.80 1.29% FS
CAMT M20791105 CAMTEK LTD 3,002.00 37.40 112,274.80 1.19% FS
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 3,438.00 31.50 108,297.00 1.14% S
AVID 05367P100 AVID TECHNOLOGY INC 2,844.00 37.39 106,337.16 1.12% S
OPRX 68401U204 OPTIMIZERX CORP 1,887.00 55.27 104,294.49 1.10% S
CDMO 05368M106 AVID BIOSERVICES INC 4,063.00 25.65 104,215.95 1.10% S
SGRY 86881A100 SURGERY PARTNERS INC 1,827.00 54.56 99,681.12 1.05% S
VSTO 928377100 VISTA OUTDOOR INC 2,444.00 40.39 98,713.16 1.04% S
JYNT 47973J102 JOINT CORP/THE 1,242.00 78.99 98,105.58 1.04% S
LXU 502160104 LSB INDUSTRIES INC 10,251.00 8.80 90,208.80 0.95% S
PLXP 72942A107 PLX PHARMA INC 4,802.00 18.73 89,941.46 0.95% S
FRHC 356390104 FREEDOM HOLDING CORP/NV 1,398.00 63.07 88,171.86 0.93% S
ASPN 04523Y105 ASPEN AEROGELS INC 2,340.00 37.65 88,101.00 0.93% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 1,820.00 45.51 82,828.20 0.87% S
ORMP 68403P203 ORAMED PHARMACEUTICALS INC 5,626.00 14.19 79,832.94 0.84% S
RICK 74934Q108 RCI HOSPITALITY HOLDINGS INC 1,261.00 62.76 79,140.36 0.84% S
ATLC 04914Y102 ATLANTICUS HOLDINGS CORP 1,768.00 43.48 76,872.64 0.81% S
CTRN 17306X102 CITI TRENDS INC 951.00 79.75 75,842.25 0.80% S
CSSE 16842Q100 CHICKEN SOUP FOR THE SOUL EN 2,042.00 35.88 73,266.96 0.77% S
HSKA 42805E306 HESKA CORP 299.00 240.70 71,969.30 0.76% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 2,227.00 32.21 71,731.67 0.76% S
RM 75902K106 REGIONAL MANAGEMENT CORP 1,358.00 51.73 70,249.34 0.74% S
TGLS G87264100 TECNOGLASS INC 3,640.00 19.29 70,215.60 0.74% FS
EVC 29382R107 ENTRAVISION COMMUNICATIONS-A 11,346.00 6.15 69,777.90 0.74% S
FLL 359678109 FULL HOUSE RESORTS INC 8,320.00 8.27 68,806.40 0.73% S
APEN 03767D108 APOLLO ENDOSURGERY INC 8,488.00 8.09 68,667.92 0.72% S
NOTV 45783Q100 INOTIV INC 2,600.00 26.12 67,912.00 0.72% S
HMHC 44157R109 HOUGHTON MIFFLIN HARCOURT CO 5,983.00 11.32 67,727.56 0.71% S
KRUS 501270102 KURA SUSHI USA INC-CLASS A 1,392.00 48.62 67,679.04 0.71% S
RRD 257867200 RR DONNELLEY & SONS CO 11,018.00 6.12 67,430.16 0.71% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 691.00 95.63 66,080.33 0.70% S
RILY 05580M108 B. RILEY FINANCIAL INC 975.00 67.56 65,871.00 0.70% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 2,035.00 32.28 65,689.80 0.69% FS
PACK 75321W103 RANPAK HOLDINGS CORP 2,561.00 25.62 65,612.82 0.69% S
INVE 45170X205 IDENTIV INC 3,995.00 16.28 65,038.60 0.69% S
VRTV 923454102 VERITIV CORP 1,058.00 61.28 64,834.24 0.68% S
UAN 126633205 CVR PARTNERS LP 998.00 64.51 64,380.98 0.68% S
THRY 886029206 THRYV HOLDINGS INC 1,911.00 33.22 63,483.42 0.67% S
GSM G33856108 FERROGLOBE PLC 10,405.00 6.04 62,846.20 0.66% FS
SUP 868168105 SUPERIOR INDUSTRIES INTL 7,251.00 8.50 61,633.50 0.65% S
TRNS 893529107 TRANSCAT INC 953.00 63.85 60,849.05 0.64% S
IESC 44951W106 IES HOLDINGS INC 1,086.00 54.41 59,089.26 0.62% S
EMKR 290846203 EMCORE CORP 6,755.00 8.74 59,038.70 0.62% S
ONEW 68280L101 ONEWATER MARINE INC-CL A 1,256.00 46.98 59,006.88 0.62% S
HEAR 900450206 TURTLE BEACH CORP 1,871.00 30.90 57,813.90 0.61% S
BNED 06777U101 BARNES & NOBLE EDUCATION INC 6,900.00 8.35 57,615.00 0.61% S
SHYF 825698103 SHYFT GROUP INC/THE 1,448.00 39.44 57,109.12 0.60% S
GCO 371532102 GENESCO INC 991.00 57.45 56,932.95 0.60% S
CLFD 18482P103 CLEARFIELD INC 1,301.00 43.52 56,619.52 0.60% S
MVBF 553810102 MVB FINANCIAL CORP 1,355.00 41.45 56,164.75 0.59% S
COWN 223622606 COWEN INC - A 1,396.00 39.98 55,812.08 0.59% S
PAVM 70387R106 PAVMED INC 8,103.00 6.87 55,667.61 0.59% S
CHS 168615102 CHICO'S FAS INC 9,000.00 6.18 55,620.00 0.59% S
ALTM 02215L209 ALTUS MIDSTREAM CO -A 868.00 63.85 55,421.80 0.58% S
AMR 020764106 ALPHA METALLURGICAL RESOURCE 1,960.00 27.87 54,625.20 0.58% S
TMST 887399103 TIMKENSTEEL CORP 4,095.00 13.33 54,586.35 0.58% S
MCB 591774104 METROPOLITAN BANK HOLDING CO 768.00 71.03 54,551.04 0.58% S
METC 75134P303 RAMACO RESOURCES INC 8,230.00 6.57 54,071.10 0.57% S
HBIO 416906105 HARVARD BIOSCIENCE INC 6,823.00 7.89 53,833.47 0.57% S
IDYA 45166A102 IDEAYA BIOSCIENCES INC 2,190.00 24.50 53,655.00 0.57% S
ASIX 00773T101 ADVANSIX INC 1,597.00 33.45 53,419.65 0.56% S
PFMT 71377E105 PERFORMANT FINANCIAL CORP 11,195.00 4.77 53,400.15 0.56% S
BBCP 206704108 CONCRETE PUMPING HOLDINGS IN 6,085.00 8.70 52,939.50 0.56% S
RADA M81863124 RADA ELECTRONIC INDS LTD 4,061.00 13.03 52,914.83 0.56% FS
GNK Y2685T131 GENCO SHIPPING & TRADING LTD 3,005.00 17.55 52,737.75 0.56% FS
CEIX 20854L108 CONSOL ENERGY INC 2,490.00 21.01 52,314.90 0.55% S
HCI 40416E103 HCI GROUP INC 520.00 100.48 52,249.60 0.55% S
MDCA 552697104 MDC PARTNERS INC-A 9,232.00 5.61 51,791.52 0.55% FS
ESTE 27032D304 EARTHSTONE ENERGY INC - A 5,267.00 9.83 51,774.61 0.55% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 2,435.00 21.20 51,622.00 0.54% S
III 45675Y104 INFORMATION SERVICES GROUP 8,581.00 5.97 51,228.57 0.54% S
NAII 638842302 NATURAL ALTERNATIVES INTL 2,898.00 17.62 51,062.76 0.54% S
SD 80007P869 SANDRIDGE ENERGY INC 8,482.00 5.98 50,722.36 0.54% S
HBP 448451104 HUTTIG BUILDING PRODUCTS INC 8,136.00 6.23 50,687.28 0.54% S
TSQ 892231101 TOWNSQUARE MEDIA INC - CL A 4,123.00 12.29 50,671.67 0.53% S
RFL 75062E106 RAFAEL HOLDINGS INC-CLASS B 1,001.00 50.61 50,660.61 0.53% S
GBL 361438104 GAMCO INVESTORS INC-A 1,880.00 26.94 50,647.20 0.53% S
STKS 88338K103 ONE GROUP HOSPITALITY INC/TH 5,535.00 9.15 50,645.25 0.53% S
ATTO L0427L204 ATENTO SA 2,121.00 23.86 50,607.06 0.53% FS
CLMT 131476103 CALUMET SPECIALTY PRODUCTS 7,943.00 6.37 50,596.91 0.53% S
ALLT M0854Q105 ALLOT LTD 2,650.00 18.90 50,085.00 0.53% FS
ZEUS 68162K106 OLYMPIC STEEL INC 1,660.00 30.12 49,999.20 0.53% S
LUNA 550351100 Luna Innovations Inc 4,040.00 12.33 49,813.20 0.53% S
CATO 149205106 CATO CORP-CLASS A 3,005.00 16.50 49,582.50 0.52% S
CCRN 227483104 CROSS COUNTRY HEALTHCARE INC 2,998.00 16.42 49,227.16 0.52% S
TITN 88830R101 TITAN MACHINERY INC 1,716.00 28.53 48,957.48 0.52% S
PZN 74731Q103 PZENA INVESTMENT MANAGM-CL A 4,270.00 11.45 48,891.50 0.52% S
GCI 36472T109 GANNETT CO INC 8,398.00 5.77 48,456.46 0.51% S
VEL 92262D101 VELOCITY FINANCIAL INC 3,829.00 12.65 48,436.85 0.51% S
PDSB 70465T107 PDS BIOTECHNOLOGY CORP 4,512.00 10.67 48,143.04 0.51% S
CRAI 12618T105 CRA INTERNATIONAL INC 560.00 85.73 48,008.80 0.51% S
GLP 37946R109 GLOBAL PARTNERS LP 1,790.00 26.81 47,989.90 0.51% S
USDP 903318103 USD PARTNERS LP 6,960.00 6.88 47,884.80 0.51% S
MOD 607828100 MODINE MANUFACTURING CO 2,860.00 16.73 47,847.80 0.51% S
NDLS 65540B105 NOODLES & CO 4,000.00 11.94 47,760.00 0.50% S
NATR 639027101 NATURES SUNSHINE PRODS INC 2,704.00 17.59 47,563.36 0.50% S
MBIN 58844R108 MERCHANTS BANCORP/IN 1,294.00 36.64 47,412.16 0.50% S
MTW 563571405 MANITOWOC COMPANY INC 2,045.00 23.15 47,341.75 0.50% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 1,615.00 29.22 47,190.30 0.50% S
HVT 419596101 HAVERTY FURNITURE 1,307.00 35.99 47,038.93 0.50% S
IIIN 45774W108 INSTEEL INDUSTRIES INC 1,211.00 38.83 47,023.13 0.50% S
BIOX G1117K114 BIOCERES CROP SOLUTIONS CORP 3,360.00 13.98 46,972.80 0.50% FS
BH 08986R309 BIGLARI HOLDINGS INC-B 285.00 164.45 46,868.25 0.49% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 4,036.00 11.59 46,777.24 0.49% S
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST 3,314.00 14.11 46,760.54 0.49% S
TLYS 886885102 TILLY'S INC-CLASS A SHRS 3,146.00 14.83 46,655.18 0.49% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 3,500.00 13.33 46,637.50 0.49% S
PVBC 74383L105 PROVIDENT BANCORP INC 2,950.00 15.78 46,551.00 0.49% S
EOLS 30052C107 EVOLUS INC 4,300.00 10.82 46,526.00 0.49% S
FPI 31154R109 FARMLAND PARTNERS INC 3,690.00 12.60 46,494.00 0.49% S
CNTY 156492100 CENTURY CASINOS INC 4,095.00 11.21 45,904.95 0.48% S
ATEC 02081G201 ALPHATEC HOLDINGS INC 3,113.00 14.74 45,885.62 0.48% S
SJT 798241105 SAN JUAN BASIN ROYALTY TR 8,937.00 5.12 45,757.44 0.48% S
MFIN 583928106 MEDALLION FINANCIAL CORP 5,317.00 8.58 45,619.86 0.48% S
MSB 590672101 MESABI TRUST 1,300.00 34.76 45,188.00 0.48% S
RCKY 774515100 ROCKY BRANDS INC 830.00 54.40 45,152.00 0.48% S
GLSI 396879108 GREENWICH LIFESCIENCES INC 1,140.00 39.47 44,995.80 0.47% S
LEE 523768406 LEE ENTERPRISES 1,555.00 28.90 44,939.50 0.47% S
RBNC 75956B101 RELIANT BANCORP INC 1,609.00 27.80 44,730.20 0.47% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 995.00 44.95 44,725.25 0.47% S
HAYN 420877201 HAYNES INTERNATIONAL INC 1,177.00 37.73 44,408.21 0.47% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 3,702.00 11.97 44,312.94 0.47% FS
MG 60649T107 MISTRAS GROUP INC 4,220.00 10.50 44,310.00 0.47% S
TTSH 88677Q109 TILE SHOP HLDGS INC 6,067.00 7.29 44,228.43 0.47% S
PBPB 73754Y100 POTBELLY CORP 6,332.00 6.98 44,197.36 0.47% S
OCX 68235C107 ONCOCYTE CORP 8,575.00 5.14 44,075.50 0.47% S
BW 05614L209 BABCOCK & WILCOX ENTERPR 6,128.00 7.16 43,876.48 0.46% S
MOV 624580106 MOVADO GROUP INC 1,458.00 30.07 43,842.06 0.46% S
DSX Y2066G104 DIANA SHIPPING INC 10,079.00 4.34 43,742.86 0.46% FS
SESN 817763105 SESEN BIO INC 11,669.00 3.73 43,525.37 0.46% S
MEC 578605107 MAYVILLE ENGINEERING CO INC 2,461.00 17.57 43,239.77 0.46% S
FFWM 32026V104 FIRST FOUNDATION INC 1,830.00 23.57 43,133.10 0.46% S
EGLE Y2187A150 EAGLE BULK SHIPPING INC 1,030.00 41.70 42,951.00 0.45% FS
IPI 46121Y201 INTREPID POTASH INC 1,407.00 30.30 42,632.10 0.45% S
HAFC 410495204 HANMI FINANCIAL CORPORATION 2,298.00 18.23 41,892.54 0.44% S
CONN 208242107 CONN'S INC 1,880.00 22.24 41,811.20 0.44% S
RYI 783754104 RYERSON HOLDING CORP 2,632.00 15.73 41,401.36 0.44% S
ORN 68628V308 ORION GROUP HOLDINGS INC 7,696.00 5.37 41,327.52 0.44% S
AOUT 02875D109 AMERICAN OUTDOOR BRANDS INC 1,517.00 26.98 40,928.66 0.43% S
BKEP 09625U109 BLUEKNIGHT ENERGY PARTNERS L 11,620.00 3.45 40,089.00 0.42% S
VTNR 92534K107 VERTEX ENERGY INC 4,645.00 8.61 39,993.45 0.42% S
LAZY 52110H100 LAZYDAYS HOLDINGS INC 1,912.00 20.87 39,903.44 0.42% S
SLCA 90346E103 US SILICA HOLDINGS INC 3,949.00 10.10 39,884.90 0.42% S
SBOW 82836G102 SILVERBOW RESOURCES INC 1,980.00 19.82 39,243.60 0.41% S
JMP 46629U107 JMP GROUP LLC 6,640.00 5.90 39,176.00 0.41% S
CHUY 171604101 CHUY'S HOLDINGS INC 1,180.00 33.00 38,940.00 0.41% S
USIO 917313108 USIO INC 6,835.00 5.62 38,412.70 0.41% S
UFI 904677200 UNIFI INC 1,618.00 23.59 38,168.62 0.40% S
ETH 297602104 ETHAN ALLEN INTERIORS INC 1,605.00 23.77 38,150.85 0.40% S
CLIR 185064102 CLEARSIGN TECHNOLOGIES CORP 9,248.00 4.10 37,916.80 0.40% S
SIBN 825704109 SI-BONE INC 1,248.00 30.34 37,864.32 0.40% S
CHRA 15957P105 CHARAH SOLUTIONS INC 7,932.00 4.70 37,280.40 0.39% S
TTI 88162F105 TETRA TECHNOLOGIES INC 11,996.00 3.09 37,067.64 0.39% S
USAK 902925106 USA TRUCK INC 2,638.00 13.96 36,826.48 0.39% S
RUTH 783332109 RUTH'S HOSPITALITY GROUP INC 1,832.00 19.97 36,585.04 0.39% S
ICAD 44934S206 ICAD INC 2,453.00 14.66 35,960.98 0.38% S
EXPR 30219E103 EXPRESS INC 7,521.00 4.69 35,273.49 0.37% S
CASA 14713L102 CASA SYSTEMS INC 4,664.00 7.51 35,026.64 0.37% S
RRGB 75689M101 RED ROBIN GOURMET BURGERS 1,177.00 26.23 30,872.71 0.33% S
UTZ 918090101 UTZ BRANDS INC 784.00 22.64 17,749.76 0.19% S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 114,619.49 1.00 114,619.49 1.21% MM
CASH (52,986.38) 100.00 0.00 -0.56% 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 6/30/2021

DWMC Sector Change

DWMC Sector Allocation

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 4.04%
Gross Expenses Ratio 5.05%
Fee Waiver and/or Expense Reimbursement -3.73%
Net Expense Ratio 1.32%

The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses(excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund’s average daily net assets for at least one year from the date of the Prospectus.

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.The Fund is subject to a number of risks that may affect the value of its shares, including the possible loss of principal. Stock prices of micro-cap companies are significantly more volatile, and more vulnerable to adverse business and economic developments, than those of larger companies. Micro-cap stocks may also be thinly traded, making it difficult for the Fund to buy and sell them. There is no guarantee that the Fund will achieve its investment objective.
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  • Definitions

    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.