(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 NAV
DWMC Nasdaq 7/10/2018 00768Y537 DWMC.NV
<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

Fund Data

12/1/2022
NAV $33.77
Change $0.09
Shares Outstanding 150,000
Assets Under Management $5,064,986.02

Market Data

11/30/2022
Closing Price $33.5
Close Change $0.58
Volume 163

Regulatory Data

11/30/2022
Premium Discount $-0.15
30-Day Median bid-ask Spread 0.006730
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 9/30/2022

  NAV Market Price Return Russell Microcap Index
1 Month 13.90 14.40 9.49
3 Months 1.31 1.77 -0.91
YTD -16.68 -16.31 -18.41
1 Year -16.70 -16.30 -22.29
3 Years 14.71 14.92 9.22
Since Inception (7/10/2018, Annualized) 6.83 6.86 2.27

As of 9/30/2022

  NAV Market Price Return Russell Microcap Index
1 Month -10.43 -10.40 -9.64
3 Months -4.65 -4.12 -0.48
YTD -26.85 -26.85 -25.48
1 Year -23.21 -23.42 -27.46
3 Years 10.90 10.88 6.86
Since Inception (7/10/2018, Annualized) 3.73 3.65 0.14

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
12/01/2022 DWMC AMR 020764106 ALPHA METALLURGICAL RESOURCE 1,124.00 167.31 188,056.44 3.71% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 1,986.00 42.21 83,829.06 1.66% S
VRTV 923454102 VERITIV CORP 616 135.53 83,486.48 1.65% S
HDSN 444144109 HUDSON TECHNOLOGIES INC 6,919.00 11.35 78,530.65 1.55% S
PBT 714236106 PERMIAN BASIN ROYALTY TRUST 3,808.00 20.57 78,330.56 1.55% S
RELL 763165107 RICHARDSON ELEC LTD 2,684.00 26.5 71,126.00 1.40% S
SJT 798241105 SAN JUAN BASIN ROYALTY TR 5,153.00 11.59 59,723.27 1.18% S
ASC Y0207T100 ARDMORE SHIPPING CORP 3,911.00 15.13 59,173.43 1.17% FS
BELFB 077347300 BEL FUSE INC-CL B 1,604.00 36.28 58,193.12 1.15% S
HNRG 40609P105 HALLADOR ENERGY CO 5,566.00 10.2 56,773.20 1.12% S
NINE 65441V101 NINE ENERGY SERVICE INC 5,000.00 10.56 52,800.00 1.04% S
KLXE 48253L205 KLX ENERGY SERVICES HOLDING 3,300.00 15.96 52,668.00 1.04% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 1,281.00 37.92 48,575.52 0.96% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 933 51.22 47,788.26 0.94% S
DGII 253798102 DIGI INTERNATIONAL INC 1,149.00 41.13 47,258.37 0.93% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 1,050.00 43.95 46,147.50 0.91% S
TRNS 893529107 TRANSCAT INC 555 81.26 45,099.30 0.89% S
TITN 88830R101 TITAN MACHINERY INC 990 42.46 42,035.40 0.83% S
UFPT 902673102 UFP TECHNOLOGIES INC 338 122.3 41,337.40 0.82% S
MOD 607828100 MODINE MANUFACTURING CO 1,910.00 21.13 40,358.30 0.80% S
CECE 125141101 CECO ENVIRONMENTAL CORP 3,230.00 12.12 39,147.60 0.77% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 869 44.75 38,887.75 0.77% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 405 95.66 38,742.30 0.76% S
CRAI 12618T105 CRA INTERNATIONAL INC 318 121.06 38,497.08 0.76% S
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 881 43.15 38,015.15 0.75% S
EZPW 302301106 EZCORP INC-CL A 3,732.00 10.06 37,543.92 0.74% S
TIPT 88822Q103 TIPTREE INC 2,689.00 13.87 37,296.43 0.74% S
AEHR 00760J108 Aehr Test Systems 1,363.00 27.1 36,937.30 0.73% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 962 38.38 36,921.56 0.73% S
GCBC 394357107 GREENE COUNTY BANCORP INC 493 74.66 36,807.38 0.73% S
CVEO 17878Y207 CIVEO CORP 1,211.00 29.53 35,760.83 0.71% FS
HAFC 410495204 HANMI FINANCIAL CORPORATION 1,330.00 26.73 35,550.90 0.70% S
NBN 66405S100 NORTHEAST BANK 834 42.26 35,244.84 0.70% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,177.00 29.9 35,192.30 0.69% FS
DO 25271C201 DIAMOND OFFSHORE DRILLING IN 3,591.00 9.8 35,191.80 0.69% S
FC 353469109 FRANKLIN COVEY CO 673 52.21 35,137.33 0.69% S
FET 34984V209 FORUM ENERGY TECHNOLOGIES IN 1,159.00 30.22 35,024.98 0.69% S
SBR 785688102 SABINE ROYALTY TRUST 432 80.33 34,702.56 0.69% S
PLPC 740444104 PREFORMED LINE PRODUCTS CO 372 92.49 34,406.28 0.68% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 1,965.00 17.38 34,151.70 0.67% S
LPG Y2106R110 DORIAN LPG LTD 1,717.00 19.86 34,099.62 0.67% FS
STRL 859241101 STERLING INFRASTRUCTURE INC 1,033.00 32.49 33,562.17 0.66% S
OSBC 680277100 OLD SECOND BANCORP INC 1,903.00 17.46 33,226.38 0.66% S
CRT 22757R109 CROSS TIMBERS ROYALTY TRUST 1,347.00 24.65 33,203.55 0.66% S
JILL 46620W201 J. JILL INC 1,282.00 25.79 33,062.78 0.65% S
HAYN 420877201 HAYNES INTERNATIONAL INC 671 48.96 32,852.16 0.65% S
VOC 91829B103 VOC ENERGY TRUST 3,481.00 9.43 32,825.83 0.65% S
GLP 37946R109 GLOBAL PARTNERS LP 1,031.00 31.71 32,693.01 0.65% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 2,024.00 16.13 32,647.12 0.64% S
HLX 42330P107 HELIX ENERGY SOLUTIONS GROUP 5,044.00 6.42 32,382.48 0.64% S
ZYXI 98986M103 ZYNEX INC 2,362.00 13.65 32,241.30 0.64% S
TA 89421B109 TRAVELCENTERS OF AMERICA INC 638 50.48 32,206.24 0.64% S
GLOP Y2687W108 GASLOG PARTNERS LP 4,035.00 7.94 32,037.90 0.63% FS
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 973 32.65 31,768.45 0.63% FS
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 1,723.00 18.25 31,444.75 0.62% FS
HROW 415858109 HARROW HEALTH INC 2,600.00 12.05 31,330.00 0.62% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 2,140.00 14.63 31,308.20 0.62% FS
NRIM 666762109 NORTHRIM BANCORP INC 555 55.85 30,996.75 0.61% S
BBSI 068463108 BARRETT BUSINESS SVCS INC 310 99.19 30,748.90 0.61% S
FBIZ 319390100 FIRST BUSINESS FINANCIAL SER 794 38.47 30,545.18 0.60% S
HCKT 404609109 HACKETT GROUP INC/THE 1,304.00 23.25 30,318.00 0.60% S
SENEA 817070501 SENECA FOODS CORP - CL A 450 66.78 30,051.00 0.59% S
CARE 146103106 CARTER BANKSHARES INC 1,603.00 18.63 29,863.89 0.59% S
AMAL 022671101 AMALGAMATED FINANCIAL CORP 1,097.00 26.74 29,333.78 0.58% S
VPG 92835K103 VISHAY PRECISION GROUP 690 41.07 28,338.30 0.56% S
FPI 31154R109 FARMLAND PARTNERS INC 2,128.00 13.28 28,259.84 0.56% S
EQBK 29460X109 EQUITY BANCSHARES INC - CL A 764 36.9 28,191.60 0.56% S
FSBW 30263Y104 FS BANCORP INC 818 34.17 27,951.06 0.55% S
PRVB 74374N102 PROVENTION BIO INC 2,970.00 9.3 27,621.00 0.55% S
TRST 898349204 TRUSTCO BANK CORP NY 713 38.66 27,564.58 0.54% S
PGC 704699107 PEAPACK GLADSTONE FINL CORP 666 41.03 27,325.98 0.54% S
KE 49428J109 KIMBALL ELECTRONICS INC 1,185.00 22.93 27,172.05 0.54% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 851 31.91 27,155.41 0.54% S
NWPX 667746101 NORTHWEST PIPE CO 732 37 27,084.00 0.53% S
WTI 92922P106 W&T OFFSHORE INC 4,119.00 6.57 27,061.83 0.53% S
MOV 624580106 MOVADO GROUP INC 842 32.08 27,011.36 0.53% S
AMBC 023139884 AMBAC FINANCIAL GROUP INC 1,666.00 16.2 26,989.20 0.53% S
THR 88362T103 THERMON GROUP HOLDINGS INC 1,334.00 20.2 26,946.80 0.53% S
EPSN 294375209 EPSILON ENERGY LTD 3,654.00 7.35 26,856.90 0.53% FS
CCBG 139674105 CAPITAL CITY BANK GROUP INC 759 35.1 26,640.90 0.53% S
NATH 632347100 NATHAN'S FAMOUS INC 398 66.64 26,522.72 0.52% S
SXC 86722A103 SUNCOKE ENERGY INC 3,102.00 8.52 26,429.04 0.52% S
IBCP 453838609 INDEPENDENT BANK CORP - MICH 1,061.00 24.85 26,365.85 0.52% S
XPOF 98422X101 XPONENTIAL FITNESS INC-A 1,200.00 21.97 26,364.00 0.52% S
CAL 129500104 CALERES INC 1,185.00 22.2 26,307.00 0.52% S
CTO 22948Q101 CTO REALTY GROWTH INC 1,379.00 19.06 26,283.74 0.52% S
PCB 69320M109 PCB BANCORP 1,406.00 18.69 26,278.14 0.52% S
BY 124411109 BYLINE BANCORP INC 1,151.00 22.72 26,150.72 0.52% S
YORW 987184108 YORK WATER CO 562 45.73 25,700.26 0.51% S
GNE 372284208 GENIE ENERGY LTD-B 2,596.00 9.88 25,648.48 0.51% S
ASPS L0175J104 ALTISOURCE PORTFOLIO SOL 1,768.00 14.49 25,618.32 0.51% FS
BRT 055645303 BRT APARTMENTS CORP 1,246.00 20.53 25,580.38 0.51% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 923 27.54 25,419.42 0.50% S
SHBI 825107105 SHORE BANCSHARES INC 1,274.00 19.91 25,365.34 0.50% S
CLW 18538R103 CLEARWATER PAPER CORP 644 39.37 25,354.28 0.50% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 1,401.00 17.88 25,049.88 0.49% S
MSBI 597742105 MIDLAND STATES BANCORP INC 898 27.57 24,757.86 0.49% S
TK Y8564W103 TEEKAY CORP 5,650.00 4.38 24,747.00 0.49% FS
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 577 42.74 24,660.98 0.49% S
JMSB 47805L101 JOHN MARSHALL BANCORP INC 854 28.8 24,595.20 0.49% S
MBWM 587376104 MERCANTILE BANK CORP 708 34.7 24,567.60 0.49% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 2,000.00 12.22 24,440.00 0.48% S
CBAY 23257D103 CYMABAY THERAPEUTICS INC 6,162.00 3.95 24,339.90 0.48% S
AVNW 05366Y201 AVIAT NETWORKS INC 750 32.3 24,225.00 0.48% S
SAMG 828359109 SILVERCREST ASSET MANAGEME-A 1,275.00 18.98 24,199.50 0.48% S
GPP 393221106 GREEN PLAINS PARTNERS LP 1,928.00 12.47 24,042.16 0.47% S
HQI 433535101 HIREQUEST INC 1,353.00 17.75 24,015.75 0.47% S
ETNB 282559103 89BIO INC 2,900.00 8.26 23,954.00 0.47% S
DHIL 25264R207 DIAMOND HILL INVESTMENT GRP 134 178.73 23,949.82 0.47% S
REFI 167239102 CHICAGO ATLANTIC REAL ESTATE 1,462.00 16.36 23,918.32 0.47% S
GTX 366505105 GARRETT MOTION INC 3,186.00 7.45 23,735.70 0.47% S
FSBC 33830T103 FIVE STAR BANCORP 853 27.72 23,645.16 0.47% S
BCML 07272M107 BAYCOM CORP 1,243.00 19 23,617.00 0.47% S
BH 08986R309 BIGLARI HOLDINGS INC-B 162 145.75 23,611.50 0.47% S
CIVB 178867107 CIVISTA BANCSHARES INC 1,035.00 22.81 23,608.35 0.47% S
UNTY 913290102 UNITY BANCORP INC 823 28.55 23,496.65 0.46% S
SCPH 810648105 SCPHARMACEUTICALS INC 3,300.00 7.12 23,496.00 0.46% S
BFST 12326C105 BUSINESS FIRST BANCSHARES 977 24.01 23,457.77 0.46% S
CHUY 171604101 CHUY'S HOLDINGS INC 740 31.69 23,450.60 0.46% S
PKBK 700885106 PARKE BANCORP INC 1,071.00 21.75 23,294.25 0.46% S
NRT 659310106 NORTH EUROPEAN OIL RTY TRUST 1,490.00 15.58 23,214.20 0.46% S
BCBP 055298103 BCB BANCORP INC 1,221.00 18.97 23,162.37 0.46% S
CCNE 126128107 CNB FINANCIAL CORP/PA 900 25.68 23,112.00 0.46% S
CATC 132152109 CAMBRIDGE BANCORP 259 88.86 23,014.74 0.45% S
FGBI 32043P106 FIRST GUARANTY BANCSHARES IN 948 24.25 22,989.00 0.45% S
IMRA 45249V107 IMARA INC 5,500.00 4.15 22,825.00 0.45% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 1,853.00 12.26 22,717.78 0.45% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 732 30.89 22,611.48 0.45% S
ITRN M6158M104 ITURAN LOCATION AND CONTROL 959 23.45 22,488.55 0.44% FS
SMBC 843380106 SOUTHERN MISSOURI BANCORP 433 51.79 22,425.07 0.44% S
REX 761624105 REX AMERICAN RESOURCES CORP 643 34.85 22,408.55 0.44% S
IMTX N44445109 IMMATICS NV 1,995.00 11.19 22,324.05 0.44% FS
LINC 533535100 LINCOLN EDUCATIONAL SERVICES 3,401.00 6.55 22,276.55 0.44% S
VEL 92262D101 VELOCITY FINANCIAL INC 2,201.00 10.11 22,252.11 0.44% S
ALDX 01438T106 ALDEYRA THERAPEUTICS INC 3,580.00 6.16 22,052.80 0.44% S
HWKN 420261109 HAWKINS INC 524 41.99 22,002.76 0.43% S
GLRE G4095J109 GREENLIGHT CAPITAL RE LTD-A 2,801.00 7.81 21,875.81 0.43% FS
OPBK 67109R109 OP BANCORP 1,841.00 11.78 21,686.98 0.43% S
AXGN 05463X106 AXOGEN INC 1,962.00 11.03 21,640.86 0.43% S
PRPH 74345W108 PROPHASE LABS INC 2,074.00 10.43 21,631.82 0.43% S
HT 427825500 HERSHA HOSPITALITY TRUST-A 2,239.00 9.56 21,404.84 0.42% S
HTBI 437872104 HOMETRUST BANCSHARES INC 822 25.72 21,141.84 0.42% S
HIFS 433323102 HINGHAM INSTITUTION FOR SVGS 73 288.05 21,027.65 0.42% S
MCBS 59165J105 METROCITY BANKSHARES INC 939 22.18 20,827.02 0.41% S
DYN 26818M108 DYNE THERAPEUTICS INC 1,733.00 11.93 20,674.69 0.41% S
SSTI 82536T107 SHOTSPOTTER INC 600 34.36 20,616.00 0.41% S
DLHC 23335Q100 DLH HOLDINGS CORP 1,474.00 13.74 20,252.76 0.40% S
MRSN 59045L106 MERSANA THERAPEUTICS INC 2,988.00 6.77 20,228.76 0.40% S
RUTH 783332109 RUTH'S HOSPITALITY GROUP INC 1,161.00 17.4 20,201.40 0.40% S
TTI 88162F105 TETRA TECHNOLOGIES INC 5,393.00 3.73 20,115.89 0.40% S
RGP 76122Q105 RESOURCES CONNECTION INC 1,035.00 19.36 20,037.60 0.40% S
WSR 966084204 WHITESTONE REIT 2,049.00 9.73 19,936.77 0.39% S
ITIC 461804106 INVESTORS TITLE CO 132 151.03 19,935.96 0.39% S
CCAP 225655109 CRESCENT CAPITAL BDC INC 1,407.00 14.05 19,768.35 0.39% S
CPSI 205306103 COMPUTER PROGRAMS & SYSTEMS 675 29.28 19,764.00 0.39% S
DGICA 257701201 DONEGAL GROUP INC-CL A 1,305.00 14.78 19,287.90 0.38% S
DXPE 233377407 DXP ENTERPRISES INC 735 26.11 19,190.85 0.38% S
WVE Y95308105 WAVE LIFE SCIENCES LTD 4,400.00 4.35 19,140.00 0.38% FS
RAPT 75382E109 RAPT THERAPEUTICS INC 937 17.52 16,416.24 0.32% S
RVPH 76152G100 REVIVA PHARMACEUTICALS HOLDI 4,570.00 3.56 16,269.20 0.32% S
KNOP Y48125101 KNOT OFFSHORE PARTNERS LP 1,272.00 10.31 13,114.32 0.26% FS
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 52,516.39 1 52,516.39 1.04% MM
CASH -49,753.68 100 -49,753.68 -0.98% 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 10/31/2022

DWMC Sector Allocation

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 1.20%
Fee Waiver and/or Expense Reimbursement* -0.70%
Total Annual Operating Expenses 1.25%

*The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full 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.