(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

As of 12/1/2021

NAV $37.19 Closing Price $37.49
Change $-0.91 Close Change $-0.41
Shares Outstanding 305,000 Volume 2,132
4PM Bid/Offer Midpoint $37.40 Premium Discount $0.21
Assets Under Management $11,343,341.35 30-Day Median bid-ask Spread 0.0074869
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 10/31/2021

  NAV Market Price Return Russell Microcap Index
1 Month 5 4.67 2.22
3 Months 8.13 8.33 2.79
YTD 35.68 35.56 25.31
1 Year 80.65 80.18 62.54
3 Years 21.62 21.42 17.49
Since Inception (7/10/2018, Annualized) 15.17 15.04 11.11

As of 9/30/2021

  NAV Market Price Return Russell Microcap Index
1 Month 0.26 0.32 -2.92
3 Months -0.88 -1.08 -4.98
YTD 29.22 29.52 22.59
1 Year 71.29 70.58 61.07
3 Years 14.95 14.83 12.23
Since Inception (7/10/2018, Annualized) 13.86 13.84 10.67

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
12/01/2021 DWMC CALX 13100M509 CALIX INC 3,477.00 65.01 226,039.77 1.99% S
KRNT M6372Q113 KORNIT DIGITAL LTD 1,160.00 159.68 185,228.80 1.63% FS
IDT 448947507 IDT CORP-CLASS B 3,292.00 49.63 163,381.96 1.44% S
CAMT M20791105 CAMTEK LTD 3,524.00 45.82 161,469.68 1.42% FS
VRTV 923454102 VERITIV CORP 1,238.00 122.67 151,865.46 1.34% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 4,032.00 37.28 150,312.96 1.33% S
ASPN 04523Y105 ASPEN AEROGELS INC 2,745.00 53.36 146,473.20 1.29% S
CLMT 131476103 CALUMET SPECIALTY PRODUCTS 9,320.00 15.15 141,198.00 1.25% S
DAC Y1968P121 DANAOS CORP 2,135.00 65.69 140,248.15 1.24% FS
OPRX 68401U204 OPTIMIZERX CORP 2,211.00 61.82 136,684.02 1.21% S
TGLS G87264100 TECNOGLASS INC 4,270.00 30.26 129,210.20 1.14% FS
ATLC 04914Y102 ATLANTICUS HOLDINGS CORP 2,074.00 59.39 123,174.86 1.09% S
VSTO 928377100 VISTA OUTDOOR INC 2,867.00 41.56 119,152.52 1.05% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 2,614.00 45.16 118,048.24 1.04% S
ORMP 68403P203 ORAMED PHARMACEUTICALS INC 6,598.00 17.69 116,718.62 1.03% S
PACK 75321W103 RANPAK HOLDINGS CORP 3,002.00 38.11 114,406.22 1.01% S
ENOB 29350E104 ENOCHIAN BIOSCIENCES INC 9,409.00 11.48 108,015.32 0.95% S
JYNT 47973J102 JOINT CORP/THE 1,458.00 74.08 108,008.64 0.95% S
FRHC 356390104 FREEDOM HOLDING CORP/NV 1,641.00 65.52 107,518.32 0.95% S
HMHC 44157R109 HOUGHTON MIFFLIN HARCOURT CO 7,018.00 14.84 104,147.12 0.92% S
INVE 45170X205 IDENTIV INC 4,688.00 22.15 103,839.20 0.92% S
AMR 020764106 ALPHA METALLURGICAL RESOURCE 2,302.00 44.89 103,336.78 0.91% S
SD 80007P869 SANDRIDGE ENERGY INC 9,949.00 10.03 99,788.47 0.88% S
TRNS 893529107 TRANSCAT INC 1,115.00 88.09 98,220.35 0.87% S
CLFD 18482P103 CLEARFIELD INC 1,526.00 63.08 96,260.08 0.85% S
KRUS 501270102 KURA SUSHI USA INC-CLASS A 1,635.00 58.43 95,533.05 0.84% S
EVC 29382R107 ENTRAVISION COMMUNICATIONS-A 13,308.00 7.15 95,152.20 0.84% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 2,135.00 43.77 93,448.95 0.82% S
RICK 74934Q108 RCI HOSPITALITY HOLDINGS INC 1,477.00 60.83 89,845.91 0.79% S
CCRN 227483104 CROSS COUNTRY HEALTHCARE INC 3,520.00 25.46 89,619.20 0.79% S
UAN 126633205 CVR PARTNERS LP 1,169.00 76 88,844.00 0.78% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 808 109.02 88,088.16 0.78% S
RILY 05580M108 B. RILEY FINANCIAL INC 1,146.00 76.79 88,001.34 0.78% S
THRY 886029206 THRYV HOLDINGS INC 2,244.00 38.82 87,112.08 0.77% S
RM 75902K106 REGIONAL MANAGEMENT CORP 1,592.00 54.3 86,445.60 0.76% S
FLL 359678109 FULL HOUSE RESORTS INC 9,760.00 8.76 85,497.60 0.75% S
HBP 448451104 HUTTIG BUILDING PRODUCTS INC 9,537.00 8.76 83,544.12 0.74% S
PTSI 693149106 P.A.M. TRANSPORTATION SVCS 1,295.00 64.5 83,527.50 0.74% S
MCB 591774104 METROPOLITAN BANK HOLDING CO 903 92.46 83,491.38 0.74% S
ASIX 00773T101 ADVANSIX INC 1,876.00 43.78 82,131.28 0.72% S
STGW 85256A109 STAGWELL INC 10,834.00 7.53 81,580.02 0.72% S
SHYF 825698103 SHYFT GROUP INC/THE 1,700.00 47.86 81,362.00 0.72% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 1,894.00 42.75 80,968.50 0.71% S
APEN 03767D108 APOLLO ENDOSURGERY INC 9,955.00 8.1 80,635.50 0.71% S
STKS 88338K103 ONE GROUP HOSPITALITY INC/TH 6,487.00 12.3 79,790.10 0.70% S
III 45675Y104 INFORMATION SERVICES GROUP 10,066.00 7.79 78,414.14 0.69% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 2,386.00 32.4 77,306.40 0.68% FS
ONEW 68280L101 ONEWATER MARINE INC-CL A 1,472.00 52.49 77,265.28 0.68% S
BBW 120076104 BUILD-A-BEAR WORKSHOP INC 3,496.00 21.66 75,723.36 0.67% S
MOV 624580106 MOVADO GROUP INC 1,710.00 42.65 72,931.50 0.64% S
TIPT 88822Q103 TIPTREE INC 5,479.00 12.99 71,172.21 0.63% S
GCO 371532102 GENESCO INC 1,162.00 61.24 71,160.88 0.63% S
RYI 783754104 RYERSON HOLDING CORP 3,091.00 22.86 70,660.26 0.62% S
LAND 376549101 GLADSTONE LAND CORP 2,419.00 29.08 70,344.52 0.62% S
PBT 714236106 PERMIAN BASIN ROYALTY TRUST 7,745.00 9.02 69,859.90 0.62% S
MBIN 58844R108 MERCHANTS BANCORP/IN 1,519.00 45.11 68,522.09 0.60% S
HCI 40416E103 HCI GROUP INC 610 111.38 67,941.80 0.60% S
TMST 887399103 TIMKENSTEEL CORP 4,806.00 14.12 67,860.72 0.60% S
DXLG 25065K104 DESTINATION XL GROUP INC 9,930.00 6.79 67,424.70 0.60% S
BVH 096308101 BLUEGREEN VACATIONS HOLDING 2,272.00 29.15 66,228.80 0.58% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 4,341.00 15.21 66,026.61 0.58% FS
MVBF 553810102 MVB FINANCIAL CORP 1,589.00 41.38 65,752.82 0.58% S
PLYM 729640102 PLYMOUTH INDUSTRIAL REIT INC 2,233.00 29.42 65,694.86 0.58% S
IPI 46121Y201 INTREPID POTASH INC 1,650.00 39.58 65,307.00 0.58% S
TA 89421B109 TRAVELCENTERS OF AMERICA INC 1,289.00 50.66 65,300.74 0.58% S
TITN 88830R101 TITAN MACHINERY INC 2,013.00 31.39 63,188.07 0.56% S
DHX 23331S100 DHI GROUP INC 12,318.00 5.12 63,068.16 0.56% S
CSV 143905107 CARRIAGE SERVICES INC 1,210.00 52.07 63,004.70 0.56% S
PCB 69320M109 PCB BANCORP 2,863.00 21.8 62,413.40 0.55% S
PVBC 74383L105 PROVIDENT BANCORP INC 3,463.00 17.84 61,779.92 0.55% S
IESC 44951W106 IES HOLDINGS INC 1,275.00 48.21 61,467.75 0.54% S
SJT 798241105 SAN JUAN BASIN ROYALTY TR 10,485.00 5.85 61,337.25 0.54% S
BY 124411109 BYLINE BANCORP INC 2,340.00 26.01 60,863.40 0.54% S
CNTY 156492100 CENTURY CASINOS INC 4,806.00 12.66 60,843.96 0.54% S
CRAI 12618T105 CRA INTERNATIONAL INC 659 92.19 60,753.21 0.54% S
TSQ 892231101 TOWNSQUARE MEDIA INC - CL A 4,834.00 12.54 60,618.36 0.54% S
FC 353469109 FRANKLIN COVEY CO 1,386.00 43.53 60,332.58 0.53% S
HAFC 410495204 HANMI FINANCIAL CORPORATION 2,694.00 22.32 60,130.08 0.53% S
APTS 74039L103 PREFERRED APARTMENT COMMUNIT 4,661.00 12.88 60,033.68 0.53% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 4,103.00 14.5 59,493.50 0.53% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 4,738.00 12.52 59,319.76 0.52% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 2,858.00 20.72 59,217.76 0.52% S
OPNT 683750103 OPIANT PHARMACEUTICALS INC 2,210.00 26.75 59,117.50 0.52% S
ATTO L0427L204 ATENTO SA 2,490.00 23.57 58,689.30 0.52% FS
DOGZ G2788T103 DOGNESS INTERNATIONAL CORP-A 13,316.00 4.36 58,057.76 0.51% FS
SLNH 583543103 SOLUNA HOLDINGS INC 5,292.00 10.97 58,053.24 0.51% S
NSSC 630402105 NAPCO SECURITY TECHNOLOGIES 1,240.00 46.81 58,044.40 0.51% S
RELL 763165107 RICHARDSON ELEC LTD 5,465.00 10.62 58,038.30 0.51% S
BBCP 206704108 CONCRETE PUMPING HOLDINGS IN 7,138.00 8.12 57,960.56 0.51% S
COWN 223622606 COWEN INC - A 1,639.00 35.12 57,561.68 0.51% S
DSKE 23753F107 DASEKE INC 6,028.00 9.53 57,446.84 0.51% S
HQI 433535101 HIREQUEST INC 2,748.00 20.79 57,130.92 0.50% S
CATO 149205106 CATO CORP-CLASS A 3,527.00 16.19 57,102.13 0.50% S
IIIN 45774W108 INSTEEL INDUSTRIES INC 1,418.00 40.19 56,989.42 0.50% S
CURO 23131L107 CURO GROUP HOLDINGS CORP 3,478.00 16.31 56,726.18 0.50% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 1,768.00 32 56,576.00 0.50% S
BIOX G1117K114 BIOCERES CROP SOLUTIONS CORP 3,945.00 14.24 56,176.80 0.50% FS
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 1,166.00 48.13 56,119.58 0.50% S
VEL 92262D101 VELOCITY FINANCIAL INC 4,495.00 12.44 55,917.80 0.49% S
HAYN 420877201 HAYNES INTERNATIONAL INC 1,384.00 39.72 54,972.48 0.49% S
HOV 442487401 HOVNANIAN ENTERPRISES-A 553 99.38 54,957.14 0.49% S
BNED 06777U101 BARNES & NOBLE EDUCATION INC 8,097.00 6.78 54,897.66 0.48% S
IDYA 45166A102 IDEAYA BIOSCIENCES INC 2,568.00 21.37 54,878.16 0.48% S
NBN 66405S100 NORTHEAST BANK 1,702.00 32.2 54,804.40 0.48% S
CMLS 231082801 CUMULUS MEDIA INC-CL A 4,471.00 12.13 54,233.23 0.48% S
TTSH 88677Q109 TILE SHOP HLDGS INC 7,120.00 7.61 54,183.20 0.48% S
GBL 361438104 GAMCO INVESTORS INC-A 2,204.00 24.58 54,174.32 0.48% S
APYX 03837C106 APYX MEDICAL CORP 4,125.00 13.13 54,161.25 0.48% S
SNT M8T77E105 SENSTAR TECHNOLOGIES LTD 15,791.00 3.42 54,005.22 0.48% FS
HDSN 444144109 HUDSON TECHNOLOGIES INC 14,080.00 3.83 53,926.40 0.48% S
CAL 129500104 CALERES INC 2,400.00 22.43 53,832.00 0.48% S
FFWM 32026V104 FIRST FOUNDATION INC 2,145.00 24.9 53,410.50 0.47% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 3,980.00 13.28 52,854.40 0.47% S
USAK 902925106 USA TRUCK INC 3,097.00 17.02 52,710.94 0.47% S
TLYS 886885102 TILLY'S INC-CLASS A SHRS 3,685.00 14.24 52,474.40 0.46% S
AUID 46264C206 IPSIDY INC 3,546.00 14.75 52,303.50 0.46% S
SBOW 82836G102 SILVERBOW RESOURCES INC 2,322.00 22.38 51,966.36 0.46% S
CIO 178587101 CITY OFFICE REIT INC 3,168.00 16.24 51,448.32 0.45% S
USIO 917313108 USIO INC 8,011.00 6.39 51,190.29 0.45% S
CVEO 17878Y207 CIVEO CORP 2,460.00 20.76 51,069.60 0.45% FS
GTIM 382140879 GOOD TIMES RESTAURANTS INC 11,720.00 4.35 50,982.00 0.45% S
HBIO 416906105 HARVARD BIOSCIENCE INC 8,002.00 6.37 50,972.74 0.45% S
MBI 55262C100 MBIA INC 4,513.00 11.29 50,951.77 0.45% S
CDR 150602605 CEDAR REALTY TRUST INC 2,340.00 21.65 50,661.00 0.45% S
BRY 08579X101 BERRY CORP 6,381.00 7.88 50,282.28 0.44% S
KE 49428J109 KIMBALL ELECTRONICS INC 2,398.00 20.96 50,262.08 0.44% S
FPI 31154R109 FARMLAND PARTNERS INC 4,329.00 11.51 49,826.79 0.44% S
AMRK 00181T107 A-MARK PRECIOUS METALS INC 744 66.66 49,595.04 0.44% S
BGFV 08915P101 BIG 5 SPORTING GOODS CORP 2,115.00 23.03 48,708.45 0.43% S
BH 08986R309 BIGLARI HOLDINGS INC-B 342 142.3 48,666.60 0.43% S
MFIN 583928106 MEDALLION FINANCIAL CORP 6,235.00 7.75 48,321.25 0.43% S
CONN 208242107 CONN'S INC 2,204.00 21.73 47,892.92 0.42% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 1,954.00 24.46 47,794.84 0.42% S
PRQR N71542109 PROQR THERAPEUTICS NV 7,092.00 6.73 47,729.16 0.42% FS
GCI 36472T109 GANNETT CO INC 9,846.00 4.8 47,260.80 0.42% S
GLP 37946R109 GLOBAL PARTNERS LP 2,096.00 22.42 46,992.32 0.41% S
ROCC 70788V102 RANGER OIL CORP-A 1,872.00 25 46,800.00 0.41% S
NDLS 65540B105 NOODLES & CO 4,693.00 9.93 46,601.49 0.41% S
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST 3,890.00 11.96 46,524.40 0.41% S
DSX Y2066G104 DIANA SHIPPING INC 11,825.00 3.92 46,354.00 0.41% FS
OPRT 68376D104 OPORTUN FINANCIAL CORP 2,185.00 20.7 45,229.50 0.40% S
PZN 74731Q103 PZENA INVESTMENT MANAGM-CL A 5,008.00 9 45,072.00 0.40% S
ESEA Y23592135 EUROSEAS LTD 1,879.00 23.71 44,551.09 0.39% FS
MTW 563571405 MANITOWOC COMPANY INC 2,396.00 18.51 44,349.96 0.39% S
LAZY 52110H100 LAZYDAYS HOLDINGS INC 2,245.00 19.29 43,306.05 0.38% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 1,884.00 22.49 42,371.16 0.37% S
USDP 903318103 USD PARTNERS LP 8,166.00 5.17 42,218.22 0.37% S
MEC 578605107 MAYVILLE ENGINEERING CO INC 2,884.00 14.52 41,875.68 0.37% S
JILL 46620W201 J. JILL INC 2,615.00 15.94 41,683.10 0.37% S
GLSI 396879108 GREENWICH LIFESCIENCES INC 1,338.00 30.44 40,728.72 0.36% S
CARV 146875604 CARVER BANCORP INC 3,400.00 11.88 40,392.00 0.36% S
PBPB 73754Y100 POTBELLY CORP 7,430.00 5.31 39,453.30 0.35% S
MG 60649T107 MISTRAS GROUP INC 4,949.00 7.81 38,651.69 0.34% S
CUTR 232109108 CUTERA INC 1,102.00 34.8 38,349.60 0.34% S
PMTS 12634H200 CPI CARD GROUP INC 1,872.00 20 37,440.00 0.33% S
DLPN 25686H209 DOLPHIN ENTERTAINMENT INC 4,430.00 8.08 35,794.40 0.32% S
PANL G6891L105 PANGAEA LOGISTICS SOLUTIONS 9,622.00 3.7 35,601.40 0.31% FS
ANY 84841L308 SPHERE 3D CORP 7,768.00 4.39 34,101.52 0.30% FS
MOSY 619718307 MOSYS INC 8,716.00 3.71 32,336.36 0.29% S
OP Y6430L103 OCEANPAL INC 1,182.50 6.54 7,733.55 0.07% FS
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 93,544.92 1 93,544.92 0.83% MM
CASH -12,210.83 100 -12,210.83 -0.11% CA
Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.

FUND

Characteristics

As of 10/31/2021

DWMC Sector Allocation

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 2.42%
Acquired Fund Fees and Expenses 0.02%
Gross Expenses Ratio 3.19%
Fee Waiver and/or Expense Reimbursement -1.92%
Net Expense Ratio 1.27%

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

  • 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.