(DWMC) DORSEY WRIGHT MICRO-CAP ETF
NAV as of 12/1/2022
$33.77
1 Day NAV Change as of 12/1/2022
$0.09
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>
- 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.
- 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.
- 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.
- 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.
- 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.
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.
| 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 |
FUND
Characteristics
As of 10/31/2022
DWMC Sector Allocation
FUND
Documents
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.