(DWMC) DORSEY WRIGHT MICRO-CAP ETF
NAV as of 7/10/2020
$21.26
1 Day NAV Change as of 7/10/2020
$0.01
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>
- 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
As of 7/10/2020
| NAV | $21.26 | Closing Price | $21.24 |
| Change | $0.01 | Close Change | $1.41 |
| Shares Outstanding | 100,000 | Volume | 135 |
| 4PM Bid/Offer Midpoint | $21.24 | Premium Discount | $-0.02 |
| Assets Under Management | $2,125,616.47 |
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 6/30/2020
| NAV | Market Price Return | Russell Microcap Index | |
|---|---|---|---|
| 1 Month | 3.35 | 2.06 | 6.25 |
| 3 Months | 31.70 | 29.92 | 30.54 |
| YTD | -11.33 | -13.15 | -11.21 |
| 1 Year | -8.26 | -9.58 | -4.77 |
| Since Inception (7/10/2018, Annualized) | -7.63 | -8.33 | -3.72 |
As of 6/30/2020
| NAV | Market Price Return | Russell Microcap Index | |
|---|---|---|---|
| 1 Month | 3.35 | 2.06 | 6.25 |
| 3 Months | 31.70 | 29.92 | 30.54 |
| YTD | -11.33 | -13.15 | -11.21 |
| 1 Year | -8.26 | -9.58 | -4.77 |
| Since Inception (7/10/2018, Annualized) | -7.63 | -8.33 | -3.72 |
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 7/9/2020
| Date | Account Symbol | Stock Ticker | Security Number | Security Description | Shares/Par (Full) | Price (Base) | Traded Market Value (Base) | Portfolio Weight % | Asset Group |
|---|---|---|---|---|---|---|---|---|---|
| 07/10/2020 | DWMC | EVER | 30041R108 | EVERQUOTE INC - CLASS A | 789 | 62.16 | 49,044.24 | 2.31% | S |
| KOD | 50015M109 | KODIAK SCIENCES INC | 913 | 52.75 | 48,160.75 | 2.27% | S | ||
| CWST | 147448104 | CASELLA WASTE SYSTEMS INC-A | 924 | 51.43 | 47,521.32 | 2.24% | S | ||
| FIVN | 338307101 | FIVE9 INC | 363 | 119.06 | 43,218.78 | 2.03% | S | ||
| APPF | 03783C100 | APPFOLIO INC - A | 254 | 161.28 | 40,965.12 | 1.93% | S | ||
| KNSL | 49714P108 | KINSALE CAPITAL GROUP INC | 245 | 158.24 | 38,768.80 | 1.82% | S | ||
| AUDC | M15342104 | AUDIOCODES LTD | 1,190.00 | 32.07 | 38,163.30 | 1.80% | FS | ||
| CGEN | M25722105 | COMPUGEN LTD | 1,990.00 | 15.86 | 31,561.40 | 1.49% | FS | ||
| NOVT | 67000B104 | NOVANTA INC | 281 | 103.54 | 29,094.74 | 1.37% | FS | ||
| MRSN | 59045L106 | MERSANA THERAPEUTICS INC | 1,259.00 | 21.57 | 27,156.63 | 1.28% | S | ||
| CELH | 15118V207 | CELSIUS HOLDINGS INC | 1,934.00 | 12.93 | 25,006.62 | 1.18% | S | ||
| NK | 63016Q102 | NANTKWEST INC | 1,668.00 | 13.8 | 23,018.40 | 1.08% | S | ||
| AMRC | 2.36E+111 | AMERESCO INC-CL A | 798 | 28.55 | 22,782.90 | 1.07% | S | ||
| APPS | 25400W102 | DIGITAL TURBINE INC | 1,706.00 | 13.22 | 22,553.32 | 1.06% | S | ||
| SPWH | 84920Y106 | SPORTSMAN'S WAREHOUSE HOLDIN | 1,556.00 | 14.42 | 22,437.52 | 1.06% | S | ||
| ACMR | 00108J109 | ACM RESEARCH INC-CLASS A | 271 | 81.63 | 22,121.73 | 1.04% | S | ||
| GSHD | 38267D109 | GOOSEHEAD INSURANCE INC -A | 270 | 81.91 | 22,115.70 | 1.04% | S | ||
| PRTS | 90343C100 | US AUTO PARTS NETWORK INC | 1,889.00 | 11.47 | 21,666.83 | 1.02% | S | ||
| ZYXI | 98986M103 | ZYNEX INC | 728 | 28.58 | 20,806.24 | 0.98% | S | ||
| VCYT | 92337F107 | VERACYTE INC | 693 | 29 | 20,097.00 | 0.95% | S | ||
| SWBI | 831754106 | SMITH & WESSON BRANDS INC | 912 | 21.88 | 19,954.56 | 0.94% | S | ||
| KRNT | M6372Q113 | KORNIT DIGITAL LTD | 381 | 52.33 | 19,937.73 | 0.94% | FS | ||
| BCLI | 1.05E+205 | BRAINSTORM CELL THERAPEUTICS | 1,500.00 | 13.25 | 19,875.00 | 0.94% | S | ||
| SPNS | G7T16G103 | SAPIENS INTERNATIONAL CORP | 671 | 27.48 | 18,439.08 | 0.87% | FS | ||
| CYTK | 23282W605 | CYTOKINETICS INC | 712 | 25.5 | 18,156.00 | 0.85% | S | ||
| CYBE | 232517102 | Cyberoptics Corp | 480 | 37.46 | 17,980.80 | 0.85% | S | ||
| HLNE | 407497106 | HAMILTON LANE INC-CLASS A | 249 | 68.03 | 16,939.47 | 0.80% | S | ||
| RCM | 749397105 | R1 RCM INC | 1,279.00 | 13.09 | 16,742.11 | 0.79% | S | ||
| CALX | 13100M509 | CALIX INC | 1,140.00 | 14.55 | 16,587.00 | 0.78% | S | ||
| ADUS | 6739106 | ADDUS HOMECARE CORP | 183 | 89.6 | 16,396.80 | 0.77% | S | ||
| NLS | 63910B102 | NAUTILUS INC | 1,500.00 | 10.66 | 15,990.00 | 0.75% | S | ||
| CYRX | 229050307 | CRYOPORT INC | 467 | 33.68 | 15,728.56 | 0.74% | S | ||
| CAMT | M20791105 | CAMTEK LTD | 1,152.00 | 13.06 | 15,045.12 | 0.71% | FS | ||
| NEON | 64051M709 | NEONODE INC | 1,364.00 | 10.86 | 14,813.04 | 0.70% | S | ||
| ADVM | 00773U108 | ADVERUM BIOTECHNOLOGIES INC | 742 | 19.88 | 14,750.96 | 0.69% | S | ||
| TWST | 90184D100 | TWIST BIOSCIENCE CORP | 265 | 54.71 | 14,498.15 | 0.68% | S | ||
| CLW | 18538R103 | CLEARWATER PAPER CORP | 380 | 37.08 | 14,090.40 | 0.66% | S | ||
| TTGT | 87874R100 | TECHTARGET | 445 | 31.41 | 13,977.45 | 0.66% | S | ||
| VAPO | 922107107 | VAPOTHERM INC | 301 | 46.16 | 13,894.16 | 0.65% | S | ||
| VSTO | 928377100 | VISTA OUTDOOR INC | 940 | 14.66 | 13,780.40 | 0.65% | S | ||
| SLP | 829214105 | SIMULATIONS PLUS INC | 217 | 62.46 | 13,553.82 | 0.64% | S | ||
| WRTC | 98212N107 | WRAP TECHNOLOGIES INC | 1,091.00 | 12.22 | 13,332.02 | 0.63% | S | ||
| ZYME | 98985W102 | ZYMEWORKS INC | 399 | 33.19 | 13,242.81 | 0.62% | FS | ||
| NBSE | 64132K102 | NEUBASE THERAPEUTICS INC | 1,578.00 | 8.29 | 13,081.62 | 0.62% | S | ||
| MTBC | 55378G102 | MTBC INC | 1,235.00 | 10.52 | 12,992.20 | 0.61% | S | ||
| OFLX | 682095104 | OMEGA FLEX INC | 115 | 112.27 | 12,911.05 | 0.61% | S | ||
| ECOM | 159179100 | CHANNELADVISOR CORP | 730 | 17.48 | 12,760.40 | 0.60% | S | ||
| HEAR | 900450206 | TURTLE BEACH CORP | 719 | 17.63 | 12,675.97 | 0.60% | S | ||
| MSEX | 596680108 | MIDDLESEX WATER CO | 198 | 63.64 | 12,600.72 | 0.59% | S | ||
| VEC | 92242T101 | VECTRUS INC | 279 | 43.81 | 12,222.99 | 0.58% | S | ||
| OCUL | 67576A100 | OCULAR THERAPEUTIX INC | 1,646.00 | 7.42 | 12,213.32 | 0.57% | S | ||
| GRWG | 39986L109 | GROWGENERATION CORP | 1,843.00 | 6.62 | 12,200.66 | 0.57% | S | ||
| AGTC | 03820J100 | APPLIED GENETIC TECHNOLOGIES | 2,050.00 | 5.84 | 11,972.00 | 0.56% | S | ||
| AKRO | 00973Y108 | AKERO THERAPEUTICS INC | 317 | 37.67 | 11,941.39 | 0.56% | S | ||
| PETS | 716382106 | PETMED EXPRESS INC | 311 | 37.99 | 11,814.89 | 0.56% | S | ||
| ROAD | 21044C107 | CONSTRUCTION PARTNERS INC-A | 736 | 16.03 | 11,798.08 | 0.56% | S | ||
| SCPL | 809087109 | SCIPLAY CORP-CLASS A | 762 | 15.41 | 11,742.42 | 0.55% | S | ||
| ASMB | 45396108 | ASSEMBLY BIOSCIENCES INC | 510 | 23.02 | 11,740.20 | 0.55% | S | ||
| CHCT | 20369C106 | COMMUNITY HEALTHCARE TRUST I | 277 | 41.71 | 11,553.67 | 0.54% | S | ||
| CEVA | 157210105 | CEVA INC | 305 | 37.42 | 11,413.10 | 0.54% | S | ||
| ELF | 26856L103 | ELF BEAUTY INC | 566 | 20.06 | 11,353.96 | 0.53% | S | ||
| VOXX | 91829F104 | VOXX INTERNATIONAL CORP | 2,004.00 | 5.65 | 11,322.60 | 0.53% | S | ||
| UFPT | 902673102 | UFP TECHNOLOGIES INC | 255 | 44.36 | 11,311.80 | 0.53% | S | ||
| VERI | 92347M100 | VERITONE INC | 822 | 13.75 | 11,302.50 | 0.53% | S | ||
| KALA | 483119103 | KALA PHARMACEUTICALS INC | 1,105.00 | 10.16 | 11,226.80 | 0.53% | S | ||
| ACLS | 54540208 | AXCELIS TECHNOLOGIES INC | 396 | 28.33 | 11,218.68 | 0.53% | S | ||
| BCEL | 04965G109 | ATRECA INC - A | 541 | 20.66 | 11,177.06 | 0.53% | S | ||
| AVXL | 32797300 | ANAVEX LIFE SCIENCES CORP | 2,361.00 | 4.71 | 11,120.31 | 0.52% | S | ||
| FUV | 39587100 | ARCIMOTO INC | 1,562.00 | 7.1 | 11,090.20 | 0.52% | S | ||
| SPRO | 84833T103 | SPERO THERAPEUTICS INC | 850 | 13.02 | 11,067.00 | 0.52% | S | ||
| SPTN | 847215100 | SPARTANNASH CO | 538 | 20.55 | 11,055.90 | 0.52% | S | ||
| GMRE | 37954A204 | GLOBAL MEDICAL REIT INC | 1,004.00 | 11.01 | 11,054.04 | 0.52% | S | ||
| DJCO | 233912104 | DAILY JOURNAL CORP | 40 | 276.15 | 11,046.00 | 0.52% | S | ||
| EGAN | 28225C806 | EGAIN CORP | 1,023.00 | 10.78 | 11,027.94 | 0.52% | S | ||
| CSTL | 14843C105 | CASTLE BIOSCIENCES INC | 264 | 41.75 | 11,022.00 | 0.52% | S | ||
| BFC | 06211J100 | BANK FIRST CORP | 177 | 62.21 | 11,011.17 | 0.52% | S | ||
| XPEL | 98379L100 | XPEL INC | 741 | 14.81 | 10,974.21 | 0.52% | S | ||
| ARDX | 39697107 | ARDELYX INC | 1,703.00 | 6.42 | 10,933.26 | 0.51% | S | ||
| FF | 36116M106 | FUTUREFUEL CORP | 942 | 11.55 | 10,880.10 | 0.51% | S | ||
| SRLP | 849343108 | SPRAGUE RESOURCES LP | 710 | 15.25 | 10,827.50 | 0.51% | S | ||
| AMSWA | 29683109 | AMERICAN SOFTWARE INC-CL A | 690 | 15.69 | 10,826.10 | 0.51% | S | ||
| HZO | 567908108 | MARINEMAX INC | 456 | 23.58 | 10,752.48 | 0.51% | S | ||
| CCH | G22707106 | COLLIER CREEK HOLDINGS-A | 784 | 13.7 | 10,740.80 | 0.51% | FS | ||
| ATEN | 2121101 | A10 NETWORKS INC | 1,474.00 | 7.24 | 10,671.76 | 0.50% | S | ||
| MIRM | 604749101 | MIRUM PHARMACEUTICALS INC | 550 | 19.03 | 10,466.50 | 0.49% | S | ||
| CLAR | 18270P109 | CLARUS CORP | 990 | 10.57 | 10,459.35 | 0.49% | S | ||
| DSPG | 23332B106 | DSP GROUP INC | 663 | 15.75 | 10,442.25 | 0.49% | S | ||
| FRHC | 356390104 | FREEDOM HOLDING CORP/NV | 538 | 19.37 | 10,421.06 | 0.49% | S | ||
| IMKTA | 457030104 | INGLES MARKETS INC-CLASS A | 261 | 39.92 | 10,419.12 | 0.49% | S | ||
| NH | 630104107 | NANTHEALTH INC | 1,996.00 | 5.21 | 10,399.16 | 0.49% | S | ||
| PDFS | 693282105 | PDF SOLUTIONS INC | 534 | 19.47 | 10,396.98 | 0.49% | S | ||
| HSKA | 42805E306 | HESKA CORP | 113 | 91.84 | 10,377.92 | 0.49% | S | ||
| CRBP | 21833P103 | CORBUS PHARMACEUTICALS HOLDI | 1,351.00 | 7.68 | 10,375.68 | 0.49% | S | ||
| GLT | 377316104 | GLATFELTER | 652 | 15.75 | 10,269.00 | 0.48% | S | ||
| GLDD | 390607109 | GREAT LAKES DREDGE & DOCK CO | 1,223.00 | 8.4 | 10,267.09 | 0.48% | S | ||
| EARN | 288578107 | ELLINGTON RESIDENTIAL MORTGA | 1,045.00 | 9.82 | 10,261.90 | 0.48% | S | ||
| AGLE | 00773J103 | AEGLEA BIOTHERAPEUTICS INC | 1,157.00 | 8.85 | 10,239.45 | 0.48% | S | ||
| XBIT | 98400H102 | XBIOTECH INC | 691 | 14.81 | 10,233.71 | 0.48% | FS | ||
| KDMN | 48283N106 | KADMON HOLDINGS INC | 2,421.00 | 4.21 | 10,192.41 | 0.48% | S | ||
| RLMD | 75955J402 | RELMADA THERAPEUTICS INC | 240 | 42.33 | 10,159.20 | 0.48% | S | ||
| AFMD | N01045108 | AFFIMED NV | 2,300.00 | 4.41 | 10,143.00 | 0.48% | FS | ||
| TCX | 898697206 | TUCOWS INC-CLASS A | 169 | 59.59 | 10,070.71 | 0.47% | S | ||
| AKTS | 00973N102 | AKOUSTIS TECHNOLOGIES INC | 1,208.00 | 8.3 | 10,026.40 | 0.47% | S | ||
| HCI | 4.04E+107 | HCI GROUP INC | 220 | 45.49 | 10,007.80 | 0.47% | S | ||
| OVID | 690469101 | OVID THERAPEUTICS INC | 1,336.00 | 7.47 | 9,979.92 | 0.47% | S | ||
| SYBT | 861025104 | STOCK YARDS BANCORP INC | 273 | 36.19 | 9,879.87 | 0.46% | S | ||
| ACTG | 3881307 | ACACIA RESEARCH CORP | 2,571.00 | 3.82 | 9,821.22 | 0.46% | S | ||
| PRVL | 74140Y101 | PREVAIL THERAPEUTICS INC | 653 | 15.04 | 9,821.12 | 0.46% | S | ||
| IRMD | 46266A109 | IRADIMED CORP | 414 | 23.66 | 9,795.24 | 0.46% | S | ||
| YORW | 987184108 | YORK WATER CO | 211 | 46.34 | 9,777.74 | 0.46% | S | ||
| RADA | M81863124 | RADA ELECTRONIC INDS LTD | 1,561.00 | 6.25 | 9,756.25 | 0.46% | FS | ||
| LOCO | 268603107 | EL POLLO LOCO HOLDINGS INC | 677 | 14.41 | 9,755.57 | 0.46% | S | ||
| MGIC | 559166103 | MAGIC SOFTWARE ENTERPRISES | 897 | 10.86 | 9,741.42 | 0.46% | FS | ||
| ATOM | 04965B100 | ATOMERA INC | 1,134.00 | 8.55 | 9,695.70 | 0.46% | S | ||
| LAND | 376549101 | GLADSTONE LAND CORP | 614 | 15.77 | 9,682.78 | 0.46% | S | ||
| FPI | 31154R109 | FARMLAND PARTNERS INC | 1,418.00 | 6.82 | 9,670.76 | 0.46% | S | ||
| NLTX | 64049K104 | NEOLEUKIN THERAPEUTICS INC | 795 | 12.13 | 9,643.35 | 0.45% | S | ||
| ODC | 677864100 | OIL-DRI CORP OF AMERICA | 286 | 33.7 | 9,638.20 | 0.45% | S | ||
| SURF | 86877M209 | SURFACE ONCOLOGY INC | 1,667.00 | 5.77 | 9,618.59 | 0.45% | S | ||
| NWPX | 667746101 | NORTHWEST PIPE CO | 397 | 23.94 | 9,504.18 | 0.45% | S | ||
| NGVC | 63888U108 | NATURAL GROCERS BY VITAMIN C | 711 | 13.28 | 9,442.08 | 0.44% | S | ||
| XONE | 302104104 | EXONE CO/THE | 1,090.00 | 8.62 | 9,395.80 | 0.44% | S | ||
| UEIC | 913483103 | UNIVERSAL ELECTRONICS INC | 207 | 45.3 | 9,377.10 | 0.44% | S | ||
| SHYF | 825698103 | SHYFT GROUP INC/THE | 555 | 16.88 | 9,368.40 | 0.44% | S | ||
| ACEL | 00436Q106 | ACCEL ENTERTAINMENT INC | 993 | 9.39 | 9,324.27 | 0.44% | S | ||
| CTSO | 23283X206 | CYTOSORBENTS CORP | 913 | 10.14 | 9,257.82 | 0.44% | S | ||
| MITK | 606710200 | MITEK SYSTEMS INC | 1,034.00 | 8.9 | 9,202.60 | 0.43% | S | ||
| CNSL | 209034107 | CONSOLIDATED COMMUNICATIONS | 1,466.00 | 6.23 | 9,133.18 | 0.43% | S | ||
| SRRK | 80706P103 | SCHOLAR ROCK HOLDING CORP | 577 | 15.82 | 9,128.14 | 0.43% | S | ||
| CATB | 14875P206 | CATABASIS PHARMACEUTICALS IN | 1,414.00 | 6.44 | 9,106.16 | 0.43% | S | ||
| GNE | 372284208 | GENIE ENERGY LTD-B | 1,197.00 | 7.55 | 9,037.35 | 0.43% | S | ||
| XENE | 98420N105 | XENON PHARMACEUTICALS INC | 674 | 13.22 | 8,910.28 | 0.42% | FS | ||
| APEI | 02913V103 | AMERICAN PUBLIC EDUCATION | 303 | 28.96 | 8,774.88 | 0.41% | S | ||
| VERU | 92536C103 | VERU INC | 2,867.00 | 3.06 | 8,773.02 | 0.41% | S | ||
| RST | 777780107 | ROSETTA STONE INC | 550 | 15.94 | 8,767.00 | 0.41% | S | ||
| ALLT | M0854Q105 | ALLOT LTD | 840 | 10.4 | 8,731.80 | 0.41% | FS | ||
| PLAB | 719405102 | PHOTRONICS INC | 781 | 11.15 | 8,704.25 | 0.41% | S | ||
| LBC | 550550107 | LUTHER BURBANK CORP | 943 | 9.22 | 8,694.46 | 0.41% | S | ||
| LFVN | 53222K205 | LIFEVANTAGE CORP | 668 | 12.77 | 8,530.36 | 0.40% | S | ||
| IIIV | 46571Y107 | I3 VERTICALS INC-CLASS A | 311 | 27.37 | 8,512.07 | 0.40% | S | ||
| RRBI | 75686R202 | RED RIVER BANCSHARES INC | 212 | 40.15 | 8,511.80 | 0.40% | S | ||
| AXTI | 00246W103 | AXT INC | 1,784.00 | 4.76 | 8,491.84 | 0.40% | S | ||
| NPTN | 64051T100 | NEOPHOTONICS CORP | 941 | 9.02 | 8,487.82 | 0.40% | S | ||
| UTI | 913915104 | UNIVERSAL TECHNICAL INSTITUT | 1,340.00 | 6.33 | 8,482.20 | 0.40% | S | ||
| IESC | 44951W106 | IES HOLDINGS INC | 418 | 20.25 | 8,464.50 | 0.40% | S | ||
| PFSW | 717098206 | PFSWEB INC | 1,357.00 | 6.2 | 8,413.40 | 0.40% | S | ||
| ASPN | 04523Y105 | ASPEN AEROGELS INC | 1,391.00 | 6.04 | 8,401.64 | 0.40% | S | ||
| LYTS | 50216C108 | LSI INDUSTRIES INC | 1,518.00 | 5.52 | 8,379.36 | 0.39% | S | ||
| UTMD | 917488108 | UTAH MEDICAL PRODUCTS INC | 101 | 82.88 | 8,370.88 | 0.39% | S | ||
| KIDS | 68752L100 | ORTHOPEDIATRICS CORP | 188 | 42.61 | 8,010.68 | 0.38% | S | ||
| LQDA | 53635D202 | LIQUIDIA TECHNOLOGIES INC | 1,060.00 | 7.44 | 7,881.10 | 0.37% | S | ||
| UMH | 903002103 | UMH PROPERTIES INC | 626 | 11.92 | 7,461.92 | 0.35% | S | ||
| NEWT | 652526203 | NEWTEK BUSINESS SERVICES COR | 413 | 17.83 | 7,363.79 | 0.35% | S | ||
| PCTI | 69325Q105 | PCTEL INC | 1,039.00 | 6.18 | 6,421.02 | 0.30% | S | ||
| DX | 26817Q886 | DYNEX CAPITAL INC | 457 | 13.73 | 6,274.61 | 0.30% | S | ||
| BMRC | 63425102 | BANK OF MARIN BANCORP/CA | 202 | 30.91 | 6,243.82 | 0.29% | S | ||
| X9USDISLQ | INVESCO GOVT AGENCY INSTL 1901 | 41,414.81 | 1 | 41,414.81 | 1.95% | MM | |||
| CASH | -40,022.90 | 100 | -40,022.90 | -1.88% | CA |
FUND
Characteristics
As of 5/31/2020
DWMC Sector Change
DWMC Sector Allocation
FUND
Documents
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.