(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

8/18/2022
NAV $34.29
Change $0.46
Shares Outstanding 245,000
Assets Under Management $8,400,406.76

Market Data

8/18/2022
Closing Price $34.16
Close Change $0.21
Volume 60

Regulatory Data

8/18/2022
Premium Discount $-0.13
30-Day Median bid-ask Spread 0.007763
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 6/30/2022

  NAV Market Price Return Russell Microcap Index
1 Month -13.88 -14.65 -9.23
3 Months -17.54 -18.34 -18.96
YTD -23.28 -23.70 -25.11
1 Year -20.17 -20.99 -30.73
3 Years 9.51 9.21 5.05
Since Inception (7/10/2018, Annualized) 5.22 4.99 0.27

As of 6/30/2022

  NAV Market Price Return Russell Microcap Index
1 Month -13.88 -14.65 -9.23
3 Months -17.54 -18.34 -18.96
YTD -23.28 -23.70 -25.11
1 Year -20.17 -20.99 -30.73
3 Years 9.51 9.21 5.05
Since Inception (7/10/2018, Annualized) 5.22 4.99 0.27

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
08/18/2022 DWMC AMR 020764106 ALPHA METALLURGICAL RESOURCE 1,846.00 154.77 285,705.42 3.40% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 3,240.00 45.5 147,420.00 1.76% S
VRTV 923454102 VERITIV CORP 996 137.11 136,561.56 1.63% S
SJT 798241105 SAN JUAN BASIN ROYALTY TR 8,421.00 15.15 127,578.15 1.52% S
DAC Y1968P121 DANAOS CORP 1,715.00 72.99 125,177.85 1.49% FS
PBT 714236106 PERMIAN BASIN ROYALTY TRUST 6,221.00 19.41 120,749.61 1.44% S
HDSN 444144109 HUDSON TECHNOLOGIES INC 11,308.00 10.07 113,871.56 1.36% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 2,098.00 43.28 90,801.44 1.08% S
RELL 763165107 RICHARDSON ELEC LTD 4,375.00 17.76 77,700.00 0.93% S
TRNS 893529107 TRANSCAT INC 897 82.07 73,616.79 0.88% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 1,715.00 42.27 72,493.05 0.86% S
BELFB 077347300 BEL FUSE INC-CL B 2,616.00 27.24 71,259.84 0.85% S
VALU 920437100 VALUE LINE INC 846 80.57 68,162.22 0.81% S
HNRG 40609P105 HALLADOR ENERGY CO 9,100.00 7.41 67,431.00 0.80% S
DGII 253798102 DIGI INTERNATIONAL INC 1,871.00 35.85 67,075.35 0.80% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 1,522.00 43.73 66,557.06 0.79% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 652 99.27 64,724.04 0.77% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,918.00 33.73 64,694.14 0.77% FS
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 1,432.00 44.88 64,268.16 0.77% S
EVC 29382R107 ENTRAVISION COMMUNICATIONS-A 10,692.00 5.9 63,082.80 0.75% S
ASC Y0207T100 ARDMORE SHIPPING CORP 6,400.00 9.8 62,720.00 0.75% FS
GCO 371532102 GENESCO INC 934 65.31 60,999.54 0.73% S
CVEO 17878Y207 CIVEO CORP 1,990.00 30.64 60,973.60 0.73% FS
TA 89421B109 TRAVELCENTERS OF AMERICA INC 1,037.00 58.77 60,944.49 0.73% S
PFHD 743139107 PROFESSIONAL HOLDING CORP-A 1,969.00 30.59 60,231.71 0.72% S
ASIX 00773T101 ADVANSIX INC 1,504.00 39.46 59,347.84 0.71% S
FC 353469109 FRANKLIN COVEY CO 1,110.00 53.42 59,296.20 0.71% S
CAL 129500104 CALERES INC 1,926.00 30.42 58,588.92 0.70% S
NBN 66405S100 NORTHEAST BANK 1,366.00 42.4 57,918.40 0.69% S
HAFC 410495204 HANMI FINANCIAL CORPORATION 2,166.00 26.72 57,875.52 0.69% S
EZPW 302301106 EZCORP INC-CL A 6,088.00 9.44 57,470.72 0.68% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 1,420.00 40.46 57,453.20 0.68% S
MCB 591774104 METROPOLITAN BANK HOLDING CO 723 79.36 57,377.28 0.68% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 3,200.00 17.89 57,248.00 0.68% S
ALT 02155H200 ALTIMMUNE INC 3,162.00 18.1 57,232.20 0.68% S
CYBE 232517102 Cyberoptics Corp 1,026.00 53.24 54,624.24 0.65% S
MOD 607828100 MODINE MANUFACTURING CO 3,126.00 17.39 54,361.14 0.65% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 3,297.00 16.45 54,235.65 0.65% S
TIPT 88822Q103 TIPTREE INC 4,399.00 12.3 54,107.70 0.64% S
UFPT 902673102 UFP TECHNOLOGIES INC 547 97.27 53,206.69 0.63% S
CECE 125141101 CECO ENVIRONMENTAL CORP 5,282.00 10.02 52,925.64 0.63% S
SBR 785688102 SABINE ROYALTY TRUST 698 75.31 52,566.38 0.63% S
TITN 88830R101 TITAN MACHINERY INC 1,617.00 32.29 52,204.85 0.62% S
FPI 31154R109 FARMLAND PARTNERS INC 3,477.00 14.99 52,120.23 0.62% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 1,570.00 33.12 51,998.40 0.62% S
CRAI 12618T105 CRA INTERNATIONAL INC 527 98.23 51,767.21 0.62% S
BRT 055645303 BRT APARTMENTS CORP 2,044.00 25.3 51,713.20 0.62% S
BBW 120076104 BUILD-A-BEAR WORKSHOP INC 2,808.00 18.4 51,667.20 0.62% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 3,489.00 14.63 51,044.07 0.61% FS
III 45675Y104 INFORMATION SERVICES GROUP 8,086.00 6.27 50,699.22 0.60% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 2,294.00 21.98 50,422.12 0.60% S
FET 34984V209 FORUM ENERGY TECHNOLOGIES IN 1,900.00 26.5 50,350.00 0.60% S
NEXT 65342K105 NEXTDECADE CORP 5,797.00 8.66 50,202.02 0.60% S
MOV 624580106 MOVADO GROUP INC 1,374.00 36.4 50,013.60 0.60% S
RM 75902K106 REGIONAL MANAGEMENT CORP 1,280.00 39 49,920.00 0.59% S
HCKT 404609109 HACKETT GROUP INC/THE 2,140.00 22.71 48,599.40 0.58% S
HAYN 420877201 HAYNES INTERNATIONAL INC 1,094.00 44.41 48,584.54 0.58% S
PLPC 740444104 PREFORMED LINE PRODUCTS CO 600 80.89 48,534.00 0.58% S
COCO 92846Q107 VITA COCO CO INC/THE 3,198.00 15.04 48,097.92 0.57% S
CLW 18538R103 CLEARWATER PAPER CORP 1,050.00 45.7 47,985.00 0.57% S
GNE 372284208 GENIE ENERGY LTD-B 4,249.00 11.27 47,886.23 0.57% S
GLP 37946R109 GLOBAL PARTNERS LP 1,696.00 28.18 47,793.28 0.57% S
CTO 22948Q101 CTO REALTY GROWTH INC 2,171.00 21.94 47,631.74 0.57% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 1,402.00 33.73 47,289.46 0.56% S
FBIZ 319390100 FIRST BUSINESS FINANCIAL SER 1,288.00 36.18 46,599.84 0.55% S
TCDA 89610F101 TRICIDA INC 3,440.00 13.47 46,336.80 0.55% S
PCB 69320M109 PCB BANCORP 2,299.00 20.1 46,209.90 0.55% S
MBI 55262C100 MBIA INC 3,625.00 12.74 46,182.50 0.55% S
OSBC 680277100 OLD SECOND BANCORP INC 3,100.00 14.67 45,477.00 0.54% S
KE 49428J109 KIMBALL ELECTRONICS INC 1,926.00 23.6 45,453.60 0.54% S
BY 124411109 BYLINE BANCORP INC 1,892.00 24 45,408.00 0.54% S
CTIC 12648L601 CTI BIOPHARMA CORP 8,100.00 5.59 45,279.00 0.54% S
STRL 859241101 STERLING INFRASTRUCTURE INC 1,698.00 26.47 44,946.06 0.54% S
CARE 146103106 CARTER BANKSHARES INC 2,615.00 17.1 44,716.50 0.53% S
MVBF 553810102 MVB FINANCIAL CORP 1,277.00 34.9 44,567.30 0.53% S
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 2,820.00 15.56 43,879.20 0.52% FS
VEL 92262D101 VELOCITY FINANCIAL INC 3,607.00 12.13 43,752.91 0.52% S
BVH 096308101 BLUEGREEN VACATIONS HOLDING 1,828.00 23.9 43,689.20 0.52% S
LPG Y2106R110 DORIAN LPG LTD 2,800.00 15.59 43,652.00 0.52% FS
DLHC 23335Q100 DLH HOLDINGS CORP 2,405.00 18.12 43,578.60 0.52% S
DO 25271C201 DIAMOND OFFSHORE DRILLING IN 5,871.00 7.42 43,562.82 0.52% S
VOC 91829B103 VOC ENERGY TRUST 5,685.00 7.65 43,490.25 0.52% S
AMAL 022671101 AMALGAMATED FINANCIAL CORP 1,800.00 23.93 43,074.00 0.51% S
EPSN 294375209 EPSILON ENERGY LTD 5,972.00 7.18 42,878.96 0.51% FS
AMRK 00181T107 A-MARK PRECIOUS METALS INC 1,200.00 35.7 42,840.00 0.51% S
BBSI 068463108 BARRETT BUSINESS SVCS INC 500 85.55 42,775.00 0.51% S
ITRN M6158M104 ITURAN LOCATION AND CONTROL 1,567.00 27.25 42,700.75 0.51% FS
MBWM 587376104 MERCANTILE BANK CORP 1,164.00 36.61 42,614.04 0.51% S
HT 427825500 HERSHA HOSPITALITY TRUST 3,664.00 11.63 42,612.32 0.51% S
PVBC 74383L105 PROVIDENT BANCORP INC 2,779.00 15.31 42,546.49 0.51% S
CRT 22757R109 CROSS TIMBERS ROYALTY TRUST 2,202.00 19.29 42,476.58 0.51% S
WTI 92922P106 W&T OFFSHORE INC 6,729.00 6.31 42,459.99 0.51% S
GPP 393221106 GREEN PLAINS PARTNERS LP 3,144.00 13.43 42,223.92 0.50% S
VUZI 92921W300 VUZIX CORP 4,654.00 9.06 42,165.24 0.50% S
GCBC 394357107 GREENE COUNTY BANCORP INC 802 52.47 42,080.94 0.50% S
EQBK 29460X109 EQUITY BANCSHARES INC - CL A 1,253.00 33.58 42,075.74 0.50% S
SHBI 825107105 SHORE BANCSHARES INC 2,072.00 20.29 42,040.88 0.50% S
PKBK 700885106 PARKE BANCORP INC 1,755.00 23.88 41,909.40 0.50% S
TRST 898349204 TRUSTCO BANK CORP NY 1,169.00 35.79 41,838.51 0.50% S
FHTX 344174107 FOGHORN THERAPEUTICS INC 2,605.00 16.04 41,784.20 0.50% S
AXTI 00246W103 AXT INC 4,327.00 9.65 41,755.55 0.50% S
CCAP 225655109 CRESCENT CAPITAL BDC INC 2,300.00 18.02 41,446.00 0.49% S
SAMG 828359109 SILVERCREST ASSET MANAGEME-A 2,073.00 19.94 41,335.62 0.49% S
EIGR 28249U105 EIGER BIOPHARMACEUTICALS INC 4,434.00 9.3 41,236.20 0.49% S
MSBI 597742105 MIDLAND STATES BANCORP INC 1,468.00 28.06 41,192.08 0.49% S
CNCE 206022105 CONCERT PHARMACEUTICALS INC 5,842.00 7.03 41,069.26 0.49% S
GLOP Y2687W108 GASLOG PARTNERS LP 6,600.00 6.2 40,920.00 0.49% FS
NRT 659310106 NORTH EUROPEAN OIL RTY TRUST 2,440.00 16.75 40,870.00 0.49% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 1,234.00 32.99 40,709.66 0.48% S
SENEA 817070501 SENECA FOODS CORP - CL A 735 55.26 40,616.10 0.48% S
CLPT 18507C103 CLEARPOINT NEURO INC 2,791.00 14.46 40,357.86 0.48% S
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 1,595.00 25.23 40,241.85 0.48% FS
FGBI 32043P106 FIRST GUARANTY BANCSHARES IN 1,556.00 25.73 40,035.88 0.48% S
NWPX 667746101 NORTHWEST PIPE CO 1,200.00 33.34 40,008.00 0.48% S
UNTY 913290102 UNITY BANCORP INC 1,350.00 29.63 40,000.50 0.48% S
BCML 07272M107 BAYCOM CORP 2,034.00 19.65 39,968.10 0.48% S
BCBP 055298103 BCB BANCORP INC 2,000.00 19.9 39,800.00 0.47% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 1,512.00 26.3 39,765.60 0.47% S
BFST 12326C105 BUSINESS FIRST BANCSHARES 1,604.00 24.71 39,634.84 0.47% S
PGC 704699107 PEAPACK GLADSTONE FINL CORP 1,084.00 36.28 39,327.52 0.47% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 3,031.00 12.97 39,312.07 0.47% S
JMSB 47805L101 JOHN MARSHALL BANCORP INC 1,400.00 27.99 39,186.00 0.47% S
AVEO 053588307 AVEO PHARMACEUTICALS INC 5,069.00 7.69 38,980.61 0.46% S
HWKN 420261109 HAWKINS INC 866 44.84 38,831.44 0.46% S
MSB 590672101 MESABI TRUST 1,386.00 27.85 38,600.10 0.46% S
BH 08986R309 BIGLARI HOLDINGS INC-B 276 139.84 38,595.84 0.46% S
IVR 46131B704 INVESCO MORTGAGE CAPITAL 2,310.00 16.69 38,553.90 0.46% S
GTX 366505105 GARRETT MOTION INC 5,200.00 7.38 38,376.00 0.46% S
INBK 320557101 FIRST INTERNET BANCORP 990 38.69 38,303.10 0.46% S
DHIL 25264R207 DIAMOND HILL INVESTMENT GRP 210 180.4 37,884.00 0.45% S
OPBK 67109R109 OP BANCORP 3,000.00 12.61 37,830.00 0.45% S
NREF 65342V101 NEXPOINT REAL ESTATE FINANCE 1,750.00 21.6 37,800.00 0.45% S
ASRT 04546C205 ASSERTIO HOLDINGS INC 10,545.00 3.57 37,645.65 0.45% S
FCUV 34417J104 FOCUS UNIVERSAL INC 3,712.00 10.12 37,565.44 0.45% S
NRIM 666762109 NORTHRIM BANCORP INC 911 41.2 37,533.20 0.45% S
ITIC 461804106 INVESTORS TITLE CO 227 165.3 37,523.10 0.45% S
CATC 132152109 CAMBRIDGE BANCORP 430 85.4 36,722.00 0.44% S
RGP 76122Q105 RESOURCES CONNECTION INC 1,700.00 21.6 36,720.00 0.44% S
KNOP Y48125101 KNOT OFFSHORE PARTNERS LP 2,082.00 17.62 36,684.84 0.44% FS
FFWM 32026V104 FIRST FOUNDATION INC 1,725.00 21.25 36,656.25 0.44% S
GLRE G4095J109 GREENLIGHT CAPITAL RE LTD-A 4,587.00 7.97 36,558.39 0.44% FS
FSBC 33830T103 FIVE STAR BANCORP 1,404.00 26 36,504.00 0.43% S
GBL 361438104 GAMCO INVESTORS INC-A 1,772.00 20.6 36,503.20 0.43% S
SXC 86722A103 SUNCOKE ENERGY INC 5,066.00 7.17 36,323.22 0.43% S
JILL 46620W201 J. JILL INC 2,099.00 17.3 36,312.70 0.43% S
WSR 966084204 WHITESTONE REIT 3,355.00 10.81 36,267.55 0.43% S
LINC 533535100 LINCOLN EDUCATIONAL SERVICES 5,562.00 6.5 36,153.00 0.43% S
PFSW 717098206 PFSWEB INC 3,441.00 10.49 36,096.09 0.43% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 938 38.27 35,897.26 0.43% S
CATO 149205106 CATO CORP-CLASS A 2,831.00 12.6 35,670.60 0.42% S
TRVI 89532M101 TREVI THERAPEUTICS INC 9,381.00 3.75 35,178.75 0.42% S
HIFS 433323102 HINGHAM INSTITUTION FOR SVGS 111 316.26 35,104.86 0.42% S
DXPE 233377407 DXP ENTERPRISES INC 1,203.00 29.14 35,055.42 0.42% S
HTBI 437872104 HOMETRUST BANCSHARES INC 1,354.00 25.82 34,960.28 0.42% S
REX 761624105 REX AMERICAN RESOURCES CORP 1,047.00 33.14 34,697.58 0.41% S
RXST 78349D107 RXSIGHT INC 2,400.00 14.44 34,656.00 0.41% S
MCBS 59165J105 METROCITY BANKSHARES INC 1,528.00 22.54 34,441.12 0.41% S
CPSI 205306103 COMPUTER PROGRAMS & SYSTEMS 1,100.00 31.28 34,408.00 0.41% S
USDP 903318103 USD PARTNERS LP 6,558.00 5.12 33,576.96 0.40% S
AVTE 008064107 AEROVATE THERAPEUTICS INC 1,527.00 21.91 33,456.57 0.40% S
HQI 433535101 HIREQUEST INC 2,208.00 15.01 33,142.08 0.39% S
BSET 070203104 BASSETT FURNITURE INDS 1,639.00 20.16 33,042.24 0.39% S
DGICA 257701201 DONEGAL GROUP INC-CL A 2,129.00 15.41 32,807.89 0.39% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 1,188.00 26.57 31,565.16 0.38% S
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST 3,122.00 10.1 31,532.20 0.38% S
GTIM 382140879 GOOD TIMES RESTAURANTS INC 1,224.00 3.15 3,855.60 0.05% S
OP Y6430L103 OCEANPAL INC 1,026.00 0.44 448.77 0.01% FS
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 78,965.02 1 78,965.02 0.94% MM
CASH -20,959.29 100 -20,959.29 -0.25% 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 7/31/2022

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.
  •    

  • 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.