(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

3/28/2023
NAV $31.21
Change $0.06
Shares Outstanding 135,000
Assets Under Management $4,213,018.39

Market Data

3/27/2023
Closing Price $31.11
Close Change $0.55
Volume 00

Regulatory Data

3/27/2023
Premium Discount $-0.04
30-Day Median bid-ask Spread 0.007830
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 2/28/2023

  NAV Market Price Return Russell Microcap Index
1 Month 0.63 0.86 -2.91
3 Months 1.73 1.75 2.11
YTD 4.29 3.77 6.66
1 Year -2.95 -3.35 -8.67
3 Years 16.55 16.51 10.6
Since Inception (7/10/2018, Annualized) 7.41 7.31 2.54

As of 12/31/2022

  NAV Market Price Return Russell Microcap Index
1 Month -2.45 -1.95 -4.27
3 Months 14.45 14.91 4.72
YTD -16.28 -15.94 -21.96
1 Year -16.28 -15.94 -21.96
3 Years 11.47 11.29 4.05
Since Inception (7/10/2018, Annualized) 6.68 6.70 1.17

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 ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
03/28/2023 DWMC PBT 714236106 PERMIAN BASIN ROYALTY TRUST 3,157.00 24.21 76,430.97 1.81% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 1,714.00 41.76 71,568.07 1.70% S
VRTV 923454102 VERITIV CORP 521 130.03 67,745.63 1.61% S
ASC Y0207T100 ARDMORE SHIPPING CORP 3,521.00 15.53 54,681.13 1.30% FS
BELFB 077347300 BEL FUSE INC-CL B 1,442.00 34.57 49,849.94 1.18% S
HROW 415858109 HARROW HEALTH INC 2,339.00 21.23 49,656.97 1.18% S
CBAY 23257D103 CYMABAY THERAPEUTICS INC 5,547.00 8.82 48,924.54 1.16% S
RELL 763165107 RICHARDSON ELEC LTD 2,289.00 20.98 48,023.22 1.14% S
AMR 020764106 ALPHA METALLURGICAL RESOURCE 291 155.36 45,209.76 1.07% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 363 120.48 43,734.24 1.04% S
ETNB 282559103 89BIO INC 2,609.00 16.69 43,544.21 1.03% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 1,071.00 39.98 42,818.58 1.02% S
PLPC 740444104 PREFORMED LINE PRODUCTS CO 336 124.59 41,862.24 0.99% S
CECO 125141101 CECO ENVIRONMENTAL CORP 2,906.00 14.31 41,584.86 0.99% S
TRNS 893529107 TRANSCAT INC 464 89.32 41,444.48 0.98% S
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 794 51.7 41,049.80 0.97% S
UFPT 902673102 UFP TECHNOLOGIES INC 305 129.31 39,439.55 0.94% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 945 41.52 39,236.40 0.93% S
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 877 43.72 38,342.44 0.91% FS
MOD 607828100 MODINE MANUFACTURING CO 1,718.00 21.92 37,658.56 0.89% S
DO 25271C201 DIAMOND OFFSHORE DRILLING IN 3,231.00 11.65 37,641.15 0.89% S
STRL 859241101 STERLING INFRASTRUCTURE INC 931 38.3 35,657.30 0.85% S
HLX 42330P107 HELIX ENERGY SOLUTIONS GROUP 4,540.00 7.74 35,139.60 0.83% S
TIPT 88822Q103 TIPTREE INC 2,419.00 14.4 34,833.60 0.83% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,060.00 32.04 33,962.40 0.81% FS
DGII 253798102 DIGI INTERNATIONAL INC 1,035.00 32.75 33,896.25 0.80% S
LPG Y2106R110 DORIAN LPG LTD 1,546.00 20.74 32,064.04 0.76% FS
TK Y8564W103 TEEKAY CORP 5,086.00 6.27 31,889.22 0.76% FS
XPOF 98422X101 XPONENTIAL FITNESS INC-A 1,080.00 28.97 31,287.60 0.74% S
CRAI 12618T105 CRA INTERNATIONAL INC 285 109.35 31,164.75 0.74% S
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 1,552.00 20.07 31,148.64 0.74% FS
GNE 372284208 GENIE ENERGY LTD-B 2,335.00 13.2 30,822.00 0.73% S
ASUR 04649U102 ASURE SOFTWARE INC 2,143.00 14.25 30,537.75 0.72% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 840 35.85 30,114.00 0.71% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 866 34.61 29,972.26 0.71% S
LMB 53263P105 LIMBACH HOLDINGS INC 1,799.00 16.62 29,899.38 0.71% S
THR 88362T103 THERMON GROUP HOLDINGS INC 1,199.00 24.61 29,507.39 0.70% S
ALDX 01438T106 ALDEYRA THERAPEUTICS INC 3,223.00 9.15 29,490.45 0.70% S
HAYN 420877201 HAYNES INTERNATIONAL INC 605 48.28 29,209.40 0.69% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 782 37.27 29,145.14 0.69% S
ELVN 29337E102 ENLIVEN THERAPEUTICS INC 1,237.00 23.49 29,057.13 0.69% S
GLP 37946R109 GLOBAL PARTNERS LP 929 31.17 28,956.93 0.69% S
JILL 46620W201 J. JILL INC 1,153.00 24.88 28,686.64 0.68% S
EZPW 302301106 EZCORP INC-CL A 3,360.00 8.52 28,627.20 0.68% S
ZEUS 68162K106 OLYMPIC STEEL INC 557 50.63 28,200.91 0.67% S
SBR 785688102 SABINE ROYALTY TRUST 390 70.8 27,612.00 0.66% S
FC 353469109 FRANKLIN COVEY CO 607 44.05 26,738.35 0.63% S
TITN 88830R101 TITAN MACHINERY INC 891 29.95 26,685.45 0.63% S
SCPH 810648105 SCPHARMACEUTICALS INC 2,970.00 8.96 26,611.20 0.63% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 767 34.67 26,591.89 0.63% S
NBN 66405S100 NORTHEAST BANK 750 35.19 26,392.50 0.63% S
NATH 632347100 NATHAN'S FAMOUS INC 359 73.49 26,382.91 0.63% S
CIR 17273K109 CIRCOR INTERNATIONAL INC 837 31.27 26,172.99 0.62% S
FET 34984V209 FORUM ENERGY TECHNOLOGIES IN 1,042.00 25.09 26,143.78 0.62% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 1,767.00 14.47 25,568.49 0.61% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 1,667.00 15.25 25,421.75 0.60% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 1,927.00 13.1 25,243.70 0.60% FS
PMTS 12634H200 CPI CARD GROUP INC 577 43.49 25,093.73 0.60% S
HQI 433535101 HIREQUEST INC 1,218.00 20.57 25,054.26 0.59% S
ATXS 04635X102 ASTRIA THERAPEUTICS INC 2,042.00 12.23 24,973.66 0.59% S
IMMR 452521107 IMMERSION CORPORATION 3,061.00 8.08 24,732.88 0.59% S
VPG 92835K103 VISHAY PRECISION GROUP 621 39.78 24,703.38 0.59% S
SXC 86722A103 SUNCOKE ENERGY INC 2,793.00 8.79 24,550.47 0.58% S
MDWD M68830112 MEDIWOUND LTD 1,934.00 12.68 24,523.12 0.58% FS
OSBC 680277100 OLD SECOND BANCORP INC 1,714.00 14.3 24,510.20 0.58% S
BBSI 068463108 BARRETT BUSINESS SVCS INC 280 87.32 24,449.60 0.58% S
LYTS 50216C108 LSI INDUSTRIES INC 1,799.00 13.57 24,412.43 0.58% S
NVEC 629445206 NVE CORP 315 77.2 24,318.00 0.58% S
BWMN 103002101 BOWMAN CONSULTING GROUP LTD 837 28.75 24,063.75 0.57% S
KE 49428J109 KIMBALL ELECTRONICS INC 1,065.00 22.59 24,058.35 0.57% S
BH 08986R309 BIGLARI HOLDINGS INC-B 147 163.6 24,049.20 0.57% S
GLRE G4095J109 GREENLIGHT CAPITAL RE LTD-A 2,522.00 9.44 23,807.68 0.57% FS
NRIM 666762109 NORTHRIM BANCORP INC 498 47.57 23,689.86 0.56% S
IBEX G4690M101 IBEX LTD 854 27.4 23,399.60 0.56% FS
VTRU G9440D103 VITRU LTD 1,041.00 22.25 23,162.25 0.55% FS
CHUY 171604101 CHUY'S HOLDINGS INC 665 34.62 23,022.30 0.55% S
AVNW 05366Y201 AVIAT NETWORKS INC 675 34.07 22,997.25 0.55% S
POWL 739128106 POWELL INDUSTRIES INC 557 41.22 22,959.54 0.55% S
CAL 129500104 CALERES INC 1,065.00 21.52 22,918.80 0.54% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 1,799.00 12.71 22,865.29 0.54% S
HAFC 410495204 HANMI FINANCIAL CORPORATION 1,198.00 18.97 22,726.06 0.54% S
BY 124411109 BYLINE BANCORP INC 1,037.00 21.73 22,534.01 0.53% S
YORW 987184108 YORK WATER CO 505 44.36 22,401.80 0.53% S
FSBW 30263Y104 FS BANCORP INC 737 30.36 22,375.32 0.53% S
AMBC 023139884 AMBAC FINANCIAL GROUP INC 1,498.00 14.87 22,275.26 0.53% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 830 26.78 22,227.40 0.53% S
AMOT 019330109 ALLIED MOTION TECHNOLOGIES 594 37.32 22,168.08 0.53% S
SGU 85512C105 STAR GROUP LP 1,711.00 12.92 22,106.12 0.52% S
FBIZ 319390100 FIRST BUSINESS FINANCIAL SER 713 30.97 22,081.61 0.52% S
MOV 624580106 MOVADO GROUP INC 758 29.1 22,057.80 0.52% S
GPP 393221106 GREEN PLAINS PARTNERS LP 1,736.00 12.6 21,873.60 0.52% S
MACK 590328209 MERRIMACK PHARMACEUTICALS IN 1,799.00 12.1 21,767.90 0.52% S
PANL G6891L105 PANGAEA LOGISTICS SOLUTIONS 3,780.00 5.7 21,546.00 0.51% FS
BRT 055645303 BRT APARTMENTS CORP 1,120.00 18.86 21,123.20 0.50% S
SENEA 817070501 SENECA FOODS CORP - CL A 405 52.12 21,108.60 0.50% S
GTX 366505105 GARRETT MOTION INC 2,868.00 7.35 21,079.80 0.50% S
HCKT 404609109 HACKETT GROUP INC/THE 1,172.00 17.89 20,967.08 0.50% S
CVCY 155685100 CENTRAL VALLEY COMM BANCORP 989 21.01 20,778.89 0.49% S
TRST 898349204 TRUSTCO BANK CORP NY 641 32.39 20,761.99 0.49% S
NWPX 667746101 NORTHWEST PIPE CO 660 31.28 20,644.80 0.49% S
IVAC 461148108 INTEVAC INC 2,879.00 7.17 20,642.43 0.49% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 684 30.09 20,581.56 0.49% S
MCFT 57637H103 MASTERCRAFT BOAT HOLDINGS IN 675 30.48 20,574.00 0.49% S
OIS 678026105 OIL STATES INTERNATIONAL INC 2,555.00 8.03 20,516.65 0.49% S
CARE 146103106 CARTER BANKSHARES INC 1,444.00 14.17 20,461.48 0.49% S
ATRO 046433108 ASTRONICS CORP 1,529.00 13.35 20,412.15 0.48% S
SAMG 828359109 SILVERCREST ASSET MANAGEME-A 1,146.00 17.74 20,330.04 0.48% S
HWKN 420261109 HAWKINS INC 470 43.18 20,294.60 0.48% S
SSTI 82536T107 SHOTSPOTTER INC 540 37.33 20,158.20 0.48% S
BLBD 095306106 BLUE BIRD CORP 989 20.34 20,116.26 0.48% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 520 38.62 20,082.40 0.48% S
HVT 419596101 HAVERTY FURNITURE 640 31.3 20,032.00 0.48% S
PBPB 73754Y100 POTBELLY CORP 2,609.00 7.62 19,880.58 0.47% S
MEC 578605107 MAYVILLE ENGINEERING CO INC 1,441.00 13.68 19,712.88 0.47% S
RYAM 75508B104 RAYONIER ADVANCED MATERIALS 3,233.00 6.05 19,559.65 0.46% S
BCML 07272M107 BAYCOM CORP 1,120.00 17.33 19,409.60 0.46% S
MBWM 587376104 MERCANTILE BANK CORP 636 30.38 19,321.68 0.46% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 1,820.00 10.61 19,310.20 0.46% S
CLW 18538R103 CLEARWATER PAPER CORP 578 33.27 19,230.06 0.46% S
OVLY 671807105 OAK VALLEY BANCORP 810 23.56 19,083.60 0.45% S
DHIL 25264R207 DIAMOND HILL INVESTMENT GRP 119 159.66 18,999.54 0.45% S
NECB 664121100 NORTHEAST COMMUNITY BANCORP 1,464.00 12.86 18,827.04 0.45% S
HTBI 437872104 HOMETRUST BANCSHARES INC 741 25.39 18,813.99 0.45% S
CTO 22948Q101 CTO REALTY GROWTH INC 1,131.00 16.56 18,729.36 0.44% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 1,260.00 14.83 18,685.80 0.44% S
ITRN M6158M104 ITURAN LOCATION AND CONTROL 863 21.43 18,494.09 0.44% FS
DXPE 233377407 DXP ENTERPRISES INC 660 27.61 18,222.60 0.43% S
AMPY 03212B103 AMPLIFY ENERGY CORP 2,700.00 6.65 17,955.00 0.43% S
PGC 704699107 PEAPACK GLADSTONE FINL CORP 600 29.91 17,946.00 0.43% S
REFI 167239102 CHICAGO ATLANTIC REAL ESTATE 1,315.00 13.62 17,910.30 0.43% S
CPSI 205306103 COMPUTER PROGRAMS & SYSTEMS 606 29.54 17,901.24 0.42% S
AMAL 022671101 AMALGAMATED FINANCIAL CORP 986 18.13 17,876.18 0.42% S
DGICA 257701201 DONEGAL GROUP INC-CL A 1,173.00 15.18 17,806.14 0.42% S
VYGR 92915B106 VOYAGER THERAPEUTICS INC 2,521.00 7.04 17,747.84 0.42% S
ITIC 461804106 INVESTORS TITLE CO 120 147.89 17,746.80 0.42% S
MSBI 597742105 MIDLAND STATES BANCORP INC 808 21.89 17,687.12 0.42% S
PKBK 700885106 PARKE BANCORP INC 963 18.35 17,671.05 0.42% S
CAAS 16936R105 CHINA AUTOMOTIVE SYSTEMS INC 3,149.00 5.57 17,539.93 0.42% S
LINC 533535100 LINCOLN EDUCATIONAL SERVICES 3,062.00 5.71 17,484.02 0.42% S
CCAP 225655109 CRESCENT CAPITAL BDC INC 1,266.00 13.77 17,432.82 0.41% S
DYN 26818M108 DYNE THERAPEUTICS INC 1,559.00 11.13 17,351.67 0.41% S
UNTY 913290102 UNITY BANCORP INC 742 22.96 17,036.32 0.40% S
RUTH 783332109 RUTH'S HOSPITALITY GROUP INC 1,044.00 16.27 16,985.88 0.40% S
REX 761624105 REX AMERICAN RESOURCES CORP 580 29.16 16,912.80 0.40% S
IBCP 453838609 INDEPENDENT BANK CORP - MICH 956 17.59 16,816.04 0.40% S
JMSB 47805L101 JOHN MARSHALL BANCORP INC 767 21.85 16,758.95 0.40% S
EQBK 29460X109 EQUITY BANCSHARES INC - CL A 686 24.4 16,738.40 0.40% S
DXLG 25065K104 DESTINATION XL GROUP INC 3,213.00 5.19 16,675.47 0.40% S
SHBI 825107105 SHORE BANCSHARES INC 1,145.00 14.45 16,545.25 0.39% S
SRI 86183P102 STONERIDGE INC 901 18.18 16,380.18 0.39% S
FSBC 33830T103 FIVE STAR BANCORP 769 21.3 16,379.70 0.39% S
WSR 966084204 WHITESTONE REIT 1,845.00 8.84 16,309.80 0.39% S
CIVB 178867107 CIVISTA BANCSHARES INC 930 17.31 16,098.30 0.38% S
CCNE 126128107 CNB FINANCIAL CORP/PA 810 19.72 15,973.20 0.38% S
RGP 76122Q105 RESOURCES CONNECTION INC 930 17.14 15,940.20 0.38% S
HIFS 433323102 HINGHAM INSTITUTION FOR SVGS 67 236.4 15,838.80 0.38% S
PEPG 713317105 PEPGEN INC 1,367.00 11.5 15,720.50 0.37% S
CATC 132152109 CAMBRIDGE BANCORP 232 67.08 15,562.56 0.37% S
BFST 12326C105 BUSINESS FIRST BANCSHARES 878 17.27 15,163.06 0.36% S
OPBK 67109R109 OP BANCORP 1,658.00 9.02 14,955.16 0.36% S
GRIN Y28895103 GRINDROD SHIPPING HOLDINGS L 1,333.00 11.18 14,902.94 0.35% FS
BCBP 055298103 BCB BANCORP INC 1,098.00 13.36 14,669.28 0.35% S
SMBC 843380106 SOUTHERN MISSOURI BANCORP 391 37.3 14,584.30 0.35% S
MCBS 59165J105 METROCITY BANKSHARES INC 846 16.92 14,314.32 0.34% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 660 21.67 14,302.20 0.34% S
452CVR012 IMARA INC CVR 5,500.00 S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 65,201.66 1 65,201.66 1.55% MM
CASH -59,003.45 100 -59,003.45 -1.40% 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 2/28/2023

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. 

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  • The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.   
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  • DWMC received four stars for the 3-year rating among 574 funds and for the overall rating among 574 funds in Morningstar’s Small Growth category as of February 28, 2023.