(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 10/29/2020

NAV $22.40 Closing Price $22.36
Change $0.33 Close Change $2.53
Shares Outstanding 75,000 Volume 0
4PM Bid/Offer Midpoint $22.36 Premium Discount $-0.04
Assets Under Management $1,679,724.68    

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 9/30/2020

NAV Market Price Return Russell Microcap Index
1 Month -2.45 -1.57 -3.17
3 Months 3.77 5.72 3.69
YTD -7.98 -8.18 -7.94
1 Year 3.71 4.34 4.44
Since Inception (7/10/2018, Annualized) -5.23 -5.08 -0.64

As of 9/30/2020

NAV Market Price Return Russell Microcap Index
1 Month -2.45 -1.57 -3.17
3 Months 3.77 5.72 3.69
YTD -7.98 -8.18 -7.94
1 Year 3.71 4.34 4.44
Since Inception (7/10/2018, Annualized) -5.23 -5.08 -0.64

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

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
10/29/2020 DWMC APPS 25400W102 DIGITAL TURBINE INC 1,279.00 31.88 40,774.52 2.43% S
FIVN 338307101 FIVE9 INC 264.00 143.11 37,781.04 2.25% S
CWST 147448104 CASELLA WASTE SYSTEMS INC-A 673.00 55.19 37,142.87 2.21% S
KNSL 49714P108 KINSALE CAPITAL GROUP INC 176.00 208.26 36,653.76 2.18% S
CELH 15118V207 CELSIUS HOLDINGS INC 1,450.00 22.30 32,335.00 1.93% S
APPF 03783C100 APPFOLIO INC - A 191.00 146.73 28,025.43 1.67% S
CRDF 14147L108 CARDIFF ONCOLOGY INC 1,701.00 16.32 27,760.32 1.65% S
NLS 63910B102 NAUTILUS INC 1,125.00 23.03 25,908.75 1.54% S
NOVT 67000B104 NOVANTA INC 211.00 110.74 23,366.14 1.39% FS
AMRC 02361E108 AMERESCO INC-CL A 598.00 38.92 23,274.16 1.39% S
GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 203.00 107.03 21,727.09 1.29% S
CALX 13100M509 CALIX INC 855.00 24.20 20,691.00 1.23% S
KRNT M6372Q113 KORNIT DIGITAL LTD 286.00 67.91 19,422.26 1.16% FS
VOXX 91829F104 VOXX INTERNATIONAL CORP 1,503.00 12.85 19,313.55 1.15% S
VCYT 92337F107 VERACYTE INC 520.00 36.81 19,141.20 1.14% S
RCM 749397105 R1 RCM INC 959.00 17.95 17,214.05 1.03% S
SPWH 84920Y106 SPORTSMAN'S WAREHOUSE HOLDIN 1,167.00 13.91 16,232.97 0.97% S
CAMT M20791105 CAMTEK LTD 864.00 18.33 15,837.12 0.94% FS
TWST 90184D100 TWIST BIOSCIENCE CORP 199.00 79.36 15,792.64 0.94% S
VSTO 928377100 VISTA OUTDOOR INC 705.00 21.58 15,213.90 0.91% S
TTGT 87874R100 TECHTARGET 334.00 45.17 15,086.78 0.90% S
XPEL 98379L100 XPEL INC 556.00 26.23 14,583.88 0.87% S
CMBM G17766109 CAMBIUM NETWORKS CORP 649.00 22.34 14,498.66 0.86% FS
SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 503.00 27.32 13,741.96 0.82% FS
ADUS 006739106 ADDUS HOMECARE CORP 137.00 98.71 13,523.27 0.81% S
OFLX 682095104 OMEGA FLEX INC 86.00 155.72 13,391.92 0.80% S
HLNE 407497106 HAMILTON LANE INC-CLASS A 187.00 71.50 13,370.50 0.80% S
UTZ 918090101 UTZ BRANDS INC 784.00 16.98 13,312.32 0.79% S
CYRX 229050307 CRYOPORT INC 309.00 42.95 13,271.55 0.79% S
EGAN 28225C806 EGAIN CORP 767.00 16.80 12,885.60 0.77% S
CLCT 19421R200 COLLECTORS UNIVERSE 219.00 56.95 12,472.05 0.74% S
KIRK 497498105 KIRKLAND'S INC 1,277.00 9.56 12,208.12 0.73% S
CLAR 18270P109 CLARUS CORP 744.00 16.00 11,904.00 0.71% S
SGRY 86881A100 SURGERY PARTNERS INC 528.00 22.24 11,742.72 0.70% S
OCUL 67576A100 OCULAR THERAPEUTIX INC 1,234.00 9.49 11,710.66 0.70% S
BEEM 07373B109 BEAM GLOBAL 693.00 16.30 11,295.90 0.67% S
FRHC 356390104 FREEDOM HOLDING CORP/NV 403.00 27.72 11,171.16 0.67% S
OPRX 68401U204 OPTIMIZERX CORP 547.00 20.17 11,032.99 0.66% S
SLP 829214105 SIMULATIONS PLUS INC 163.00 66.65 10,863.95 0.65% S
GRBK 392709101 GREEN BRICK PARTNERS INC 610.00 17.54 10,699.40 0.64% S
SURF 86877M209 SURFACE ONCOLOGY INC 1,250.00 8.53 10,662.50 0.64% S
CLW 18538R103 CLEARWATER PAPER CORP 285.00 36.97 10,536.45 0.63% S
AMRK 00181T107 A-MARK PRECIOUS METALS INC 333.00 31.40 10,456.20 0.62% S
HEAR 900450206 TURTLE BEACH CORP 539.00 19.08 10,284.12 0.61% S
HZO 567908108 MARINEMAX INC 342.00 29.96 10,246.32 0.61% S
MITK 606710200 MITEK SYSTEMS INC 775.00 13.10 10,152.50 0.60% S
LL 55003T107 LUMBER LIQUIDATORS HOLDINGS 427.00 23.66 10,102.82 0.60% S
IESC 44951W106 IES HOLDINGS INC 313.00 32.16 10,066.08 0.60% S
EDUC 281479105 EDUCATIONAL DEVELOPMENT CORP 573.00 17.26 9,889.98 0.59% S
FLXS 339382103 FLEXSTEEL INDS 340.00 29.00 9,860.00 0.59% S
HSKA 42805E306 HESKA CORP 85.00 115.95 9,855.75 0.59% S
AMSC 030111207 AMERICAN SUPERCONDUCTOR CORP 695.00 14.18 9,855.10 0.59% S
CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 208.00 47.00 9,776.00 0.58% S
IEA 45686J104 INFRASTRUCTURE AND ENERGY AL 1,416.00 6.90 9,770.40 0.58% S
CBAY 23257D103 CYMABAY THERAPEUTICS INC 1,110.00 8.79 9,756.90 0.58% S
CEVA 157210105 CEVA INC 229.00 41.95 9,606.55 0.57% S
HVT 419596101 HAVERTY FURNITURE 378.00 25.30 9,563.40 0.57% S
TCX 898697206 TUCOWS INC-CLASS A 127.00 74.75 9,493.25 0.57% S
DZSI 268211109 DZS INC 974.00 9.73 9,477.02 0.56% S
ECHO 27875T101 ECHO GLOBAL LOGISTICS INC 319.00 29.69 9,471.11 0.56% S
GMRE 37954A204 GLOBAL MEDICAL REIT INC 753.00 12.55 9,450.15 0.56% S
CSTL 14843C105 CASTLE BIOSCIENCES INC 198.00 47.11 9,327.78 0.56% S
ESCA 296056104 ESCALADE INC 460.00 20.02 9,209.20 0.55% S
XBIT 98400H102 XBIOTECH INC 518.00 17.46 9,044.28 0.54% FS
SGC 868358102 SUPERIOR GROUP OF COS INC 376.00 24.04 9,039.04 0.54% S
DLTH 26443V101 DULUTH HOLDINGS INC - CL B 565.00 15.84 8,949.60 0.53% S
LOCO 268603107 EL POLLO LOCO HOLDINGS INC 508.00 17.60 8,940.80 0.53% S
CDMO 05368M106 AVID BIOSERVICES INC 1,173.00 7.56 8,867.88 0.53% S
AVNW 05366Y201 AVIAT NETWORKS INC 427.00 20.75 8,860.25 0.53% S
TA 89421B109 TRAVELCENTERS OF AMERICA INC 360.00 24.53 8,830.80 0.53% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 588.00 15.00 8,820.00 0.53% FS
CLDX 15117B202 CELLDEX THERAPEUTICS INC 570.00 15.38 8,766.60 0.52% S
IMXI 46005L101 INTERNATIONAL MONEY EXPRESS 601.00 14.54 8,738.54 0.52% S
TCS 210751103 CONTAINER STORE GROUP INC/TH 910.00 9.55 8,690.50 0.52% S
SRLP 849343108 SPRAGUE RESOURCES LP 532.00 16.27 8,655.64 0.52% S
AIRG 00938A104 AIRGAIN INC 652.00 13.25 8,639.00 0.51% S
MGIC 559166103 MAGIC SOFTWARE ENTERPRISES 673.00 12.82 8,627.86 0.51% FS
ELF 26856L103 ELF BEAUTY INC 424.00 20.34 8,624.16 0.51% S
EARN 288578107 ELLINGTON RESIDENTIAL MORTGA 784.00 10.95 8,584.80 0.51% S
LE 51509F105 LANDS' END INC 527.00 16.27 8,574.29 0.51% S
DLHC 23335Q100 DLH HOLDINGS CORP 927.00 9.22 8,546.94 0.51% S
CVGI 202608105 COMMERCIAL VEHICLE GROUP INC 1,492.00 5.72 8,534.24 0.51% S
FF 36116M106 FUTUREFUEL CORP 706.00 12.00 8,472.00 0.50% S
LEAF 52177G102 LEAF GROUP LTD 1,511.00 5.60 8,461.60 0.50% S
TPCO 89609W107 TRIBUNE PUBLISHING CO 735.00 11.47 8,430.45 0.50% S
IDN 45817G201 INTELLICHECK INC 1,087.00 7.75 8,424.25 0.50% S
LYTS 50216C108 LSI INDUSTRIES INC 1,138.00 7.40 8,421.20 0.50% S
ULH 91388P105 UNIVERSAL LOGISTICS HOLDINGS 420.00 20.03 8,412.60 0.50% S
HOV 442487401 HOVNANIAN ENTERPRISES-A 251.00 33.34 8,368.34 0.50% S
LOVE 54738L109 LOVESAC CO/THE 300.00 27.81 8,343.00 0.50% S
RICK 74934Q108 RCI HOSPITALITY HOLDINGS INC 365.00 22.83 8,332.95 0.50% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 640.00 13.01 8,326.40 0.50% S
HBB 40701T104 HAMILTON BEACH BRAND-A 380.00 21.86 8,306.80 0.49% S
SHYF 825698103 SHYFT GROUP INC/THE 416.00 19.94 8,295.04 0.49% S
TCRR 87808K106 TCR2 THERAPEUTICS INC 424.00 19.55 8,289.20 0.49% S
NWPX 667746101 NORTHWEST PIPE CO 298.00 27.57 8,215.86 0.49% S
BCOV 10921T101 BRIGHTCOVE 620.00 13.25 8,215.00 0.49% S
HIBB 428567101 HIBBETT SPORTS INC 208.00 39.23 8,159.84 0.49% S
SCPL 809087109 SCIPLAY CORP-CLASS A 571.00 14.23 8,125.33 0.48% S
AXTI 00246W103 AXT INC 1,338.00 6.07 8,121.66 0.48% S
GPRE 393222104 GREEN PLAINS INC 525.00 15.44 8,106.00 0.48% S
LQDT 53635B107 LIQUIDITY SERVICES INC 930.00 8.70 8,091.00 0.48% S
AGX 04010E109 ARGAN INC 194.00 41.68 8,085.92 0.48% S
LTRX 516548203 LANTRONIX INC 1,812.00 4.46 8,081.52 0.48% S
SENEA 817070501 SENECA FOODS CORP - CL A 215.00 37.50 8,062.50 0.48% S
CLFD 18482P103 CLEARFIELD INC 376.00 21.27 7,997.52 0.48% S
VUZI 92921W300 VUZIX CORP 1,974.00 4.05 7,994.70 0.48% S
BSET 070203104 BASSETT FURNITURE INDS 545.00 14.65 7,984.25 0.48% S
RFP 76117W109 RESOLUTE FOREST PRODUCTS 1,710.00 4.62 7,900.20 0.47% S
ATEN 002121101 A10 NETWORKS INC 1,105.00 7.12 7,867.60 0.47% S
YRCW 984249607 YRC WORLDWIDE INC 1,913.00 4.11 7,862.43 0.47% S
ALDX 01438T106 ALDEYRA THERAPEUTICS INC 1,234.00 6.31 7,786.54 0.46% S
SYBT 861025104 STOCK YARDS BANCORP INC 205.00 37.98 7,785.90 0.46% S
HCI 40416E103 HCI GROUP INC 165.00 47.03 7,759.95 0.46% S
AKTS 00973N102 AKOUSTIS TECHNOLOGIES INC 906.00 8.54 7,737.24 0.46% S
PDFS 693282105 PDF SOLUTIONS INC 400.00 19.31 7,724.00 0.46% S
GAIA 36269P104 GAIA INC 727.00 10.56 7,677.12 0.46% S
FFWM 32026V104 FIRST FOUNDATION INC 529.00 14.50 7,670.50 0.46% S
GNE 372284208 GENIE ENERGY LTD-B 898.00 8.48 7,615.04 0.45% S
INVE 45170X205 IDENTIV INC 1,150.00 6.59 7,578.50 0.45% S
SIBN 825704109 SI-BONE INC 360.00 21.04 7,574.40 0.45% S
ODC 677864100 OIL-DRI CORP OF AMERICA 214.00 35.31 7,556.34 0.45% S
MCFT 57637H103 MASTERCRAFT BOAT HOLDINGS IN 361.00 20.92 7,552.12 0.45% S
HWKN 420261109 HAWKINS INC 158.00 47.14 7,448.12 0.44% S
TRUE 89785L107 TRUECAR INC 1,632.00 4.55 7,425.60 0.44% S
RADA M81863124 RADA ELECTRONIC INDS LTD 1,171.00 6.33 7,412.43 0.44% FS
NDLS 65540B105 NOODLES & CO 1,091.00 6.77 7,386.07 0.44% S
CTRN 17306X102 CITI TRENDS INC 277.00 26.66 7,384.82 0.44% S
QUMU 749063103 QUMU CORP 1,635.00 4.51 7,373.85 0.44% S
ETON 29772L108 ETON PHARMACEUTICALS INC 960.00 7.66 7,353.60 0.44% S
PAR 698884103 PAR TECHNOLOGY CORP/DEL 193.00 37.99 7,332.07 0.44% S
RRBI 75686R202 RED RIVER BANCSHARES INC 159.00 46.00 7,314.00 0.44% S
ARCB 03937C105 ARCBEST CORP 240.00 30.14 7,233.60 0.43% S
OOMA 683416101 OOMA INC 511.00 14.15 7,230.65 0.43% S
AMTX 00770K202 AEMETIS INC 1,813.00 3.98 7,215.74 0.43% S
MPX 568427108 MARINE PRODUCTS CORP 447.00 15.93 7,120.71 0.42% S
HOFT 439038100 HOOKER FURNITURE CORP 255.00 27.60 7,038.00 0.42% S
GLT 377320106 GLATFELTER CORP 489.00 14.22 6,953.58 0.41% S
SEED G67828205 ORIGIN AGRITECH LTD 760.00 9.03 6,862.80 0.41% FS
DYAI 26745T101 DYADIC INTERNATIONAL INC 913.00 7.48 6,829.24 0.41% S
FPI 31154R109 FARMLAND PARTNERS INC 1,063.00 6.42 6,824.46 0.41% S
AUTO 05335B100 AUTOWEB INC 1,980.00 3.40 6,732.00 0.40% S
PACK 75321W103 RANPAK HOLDINGS CORP 740.00 8.96 6,630.40 0.39% S
DSKE 23753F107 DASEKE INC 1,276.00 5.19 6,622.44 0.39% S
BGFV 08915P101 BIG 5 SPORTING GOODS CORP 880.00 7.39 6,503.20 0.39% S
EVOK 30049G104 EVOKE PHARMA INC 1,604.00 3.99 6,399.96 0.38% S
LAND 376549101 GLADSTONE LAND CORP 460.00 13.84 6,366.40 0.38% S
APEI 02913V103 AMERICAN PUBLIC EDUCATION 227.00 27.95 6,344.65 0.38% S
BMRA 09061H307 BIOMERICA INC 1,131.00 5.59 6,322.29 0.38% S
ACTG 003881307 ACACIA RESEARCH CORP 1,928.00 3.22 6,208.16 0.37% S
DX 26817Q886 DYNEX CAPITAL INC 343.00 16.84 5,776.12 0.34% S
FLDM 34385P108 FLUIDIGM CORP 920.00 5.85 5,382.00 0.32% S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 35,602.54 1.00 35,602.54 2.12% MM
CASH (25,235.41) 100.00 0.00 -1.50% 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 8/31/2020

DWMC Sector Change

DWMC Sector Allocation

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 4.04%
Gross Expenses Ratio 4.79%
Fee Waiver and/or Expense Reimbursement -3.54%
Net Expense Ratio 1.25%

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

Ex-Date Record Date Pay Date Cash Div ST Cap Gain LT Cap Gain Return of Capital Total Distribution (per share) DWMC
12/24/2020 12/28/2020 12/31/2020 - - - - - FORMULA
12/27/2019 12/30/2019 12/31/2019 $0.0178 $0.0000 $0.0000 $0.0000 $0.0178 VALUE
12/27/2018 12/28/2018 12/31/2018 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
  • 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.