(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 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>
  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 1/24/2020

NAV $24.04 Closing Price $24.25
Change $-0.27 Close Change $-0.09
Shares Outstanding 100,000 Volume 122
4PM Bid/Offer Midpoint $24.25 Premium Discount $0.21
Assets Under Management $2,404,428.58    

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 12/31/2019

NAV Market Price Return Russell Microcap Index
1 Month 2.94 3.31 5.70
3 Months 12.70 13.65 13.45
YTD 26.44 27.35 22.43
1 Year 26.44 27.35 22.43
Since Inception (7/10/2018, Annualized) -2.43 -2.04 -0.78

As of 12/31/2019

NAV Market Price Return Russell Microcap Index
1 Month 2.94 3.31 5.70
3 Months 12.70 13.65 13.45
YTD 26.44 27.35 22.43
1 Year 26.44 27.35 22.43
Since Inception (7/10/2018, Annualized) -3.57 -3.00 -0.78

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 1/24/2020

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
01/24/2020 DWMC KOD 50015M109 KODIAK SCIENCES INC 973 62.65 60,958.45 2.54% S 1
FIVN 338307101 FIVE9 INC 788 70.87 55,845.56 2.32% S
ERI 28470R102 ELDORADO RESORTS INC 920 59.20 54,464.00 2.27% S
CWST 147448104 CASELLA WASTE SYSTEMS INC-A 1,028 49.77 51,163.56 2.13% S
CDLX 14161W105 CARDLYTICS INC 405 88.00 35,640.00 1.48% S
AUDC M15342104 AUDIOCODES LTD 1,236 28.02 34,632.72 1.44% FS
APPF 03783C100 APPFOLIO INC - A 272 124.68 33,912.96 1.41% S
EVER 30041R108 EVERQUOTE INC - CLASS A 860 38.42 33,041.20 1.37% S
KNSL 49714P108 KINSALE CAPITAL GROUP INC 280 111.60 31,248.00 1.30% S
NOVT 67000B104 NOVANTA INC 308 96.48 29,715.84 1.24% FS
SKYW 830879102 SKYWEST INC 428 63.54 27,195.12 1.13% S
PAR 698884103 PAR TECHNOLOGY CORP/DEL 804 33.57 26,990.28 1.12% S
LPSN 538146101 LIVEPERSON INC 628 41.63 26,143.64 1.09% S
KRYS 501147102 KRYSTAL BIOTECH INC 457 56.02 25,601.14 1.06% S
ARVN 04335A105 ARVINAS INC 433 50.08 21,684.64 0.90% S
GPRK G38327105 GEOPARK LTD 1,092 19.72 21,534.24 0.90% FS
CRMT 03062T105 AMERICA'S CAR-MART INC 197 109.25 21,522.25 0.90% S
VCYT 92337F107 VERACYTE INC 772 27.49 21,222.28 0.88% S
FRTA 34960W106 FORTERRA INC 1,455 14.34 20,864.70 0.87% S
ADUS 6739106 ADDUS HOMECARE CORP 212 96.36 20,428.32 0.85% S
ZYME 98985W102 ZYMEWORKS INC 428 47.42 20,295.76 0.84% FS
RDNT 750491102 RADNET INC 948 21.40 20,287.20 0.84% S
SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 732 26.31 19,258.92 0.80% FS
HLNE 407497106 HAMILTON LANE INC-CLASS A 284 67.37 19,133.08 0.80% S
SAFE 78645L100 SAFEHOLD INC 396 45.26 17,922.96 0.75% S
NXRT 65341D102 NEXPOINT RESIDENTIAL 357 48.34 17,257.38 0.72% S
RCM 749397105 R1 RCM INC 1,332 12.95 17,249.40 0.72% S
AMRC 2.36E+111 AMERESCO INC-CL A 856 20.14 17,239.84 0.72% S
OFG 67103X102 OFG BANCORP 828 20.80 17,222.40 0.72% FS
HLIT 413160102 HARMONIC INC 2,104 8.17 17,189.68 0.71% S
APPS 25400W102 DIGITAL TURBINE INC 2,340 7.16 16,754.40 0.70% S
LPG Y2106R110 DORIAN LPG LTD 1,200 13.94 16,728.00 0.70% FS
KRNT M6372Q113 KORNIT DIGITAL LTD 404 41.28 16,677.12 0.69% FS
VEC 92242T101 VECTRUS INC 293 56.82 16,648.26 0.69% S
ATEC 02081G201 ALPHATEC HOLDINGS INC 2,616 6.36 16,637.76 0.69% S
NSSC 630402105 NAPCO SECURITY TECHNOLOGIES 524 31.10 16,296.40 0.68% S
MLAB 59064R109 MESA LABORATORIES INC 61 265.00 16,165.00 0.67% S
AGYS 00847J105 AGILYSYS INC 532 30.08 16,002.56 0.67% S
CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 348 45.84 15,952.32 0.66% S
LLNW 53261M104 LIMELIGHT NETWORKS INC 2,899 5.46 15,828.54 0.66% S
ABR 38923108 ARBOR REALTY TRUST INC 1,068 14.75 15,753.00 0.66% S
KPTI 48576U106 KARYOPHARM THERAPEUTICS INC 949 16.50 15,658.50 0.65% S
CHEF 163086101 CHEFS' WAREHOUSE INC/THE 420 36.61 15,376.20 0.64% S
REPH 75629F109 RECRO PHARMA INC 961 15.88 15,260.68 0.63% S
GLDD 390607109 GREAT LAKES DREDGE & DOCK CO 1,373 11.11 15,254.03 0.63% S
PCYO 746228303 PURE CYCLE CORP 1,172 12.96 15,189.12 0.63% S
CAMT M20791105 CAMTEK LTD 1,152 13.13 15,125.76 0.63% FS
NWPX 667746101 NORTHWEST PIPE CO 440 34.36 15,118.40 0.63% S
GMRE 37954A204 GLOBAL MEDICAL REIT INC 1,004 14.77 14,829.08 0.62% S
RDVT 75704L104 RED VIOLET INC 676 21.80 14,736.80 0.61% S
LAWS 520776105 LAWSON PRODUCTS INC 281 52.39 14,721.59 0.61% S
BDSI 09060J106 BIODELIVERY SCIENCES INTL 2,512 5.75 14,444.00 0.60% S
PTSI 693149106 P.A.M. TRANSPORTATION SVCS 260 55.44 14,414.40 0.60% S
PERI M78673114 PERION NETWORK LTD 1,734 8.29 14,374.86 0.60% FS
MSEX 596680108 MIDDLESEX WATER CO 217 65.89 14,298.13 0.59% S
VRRM 92511U102 VERRA MOBILITY CORP 860 16.38 14,086.80 0.59% S
MTEM 608550109 MOLECULAR TEMPLATES INC 1,037 13.55 14,051.35 0.58% S
CLAR 18270P109 CLARUS CORP 1,040 13.37 13,904.80 0.58% S
CGEN M25722105 COMPUGEN LTD 2,093 6.60 13,813.80 0.57% FS
POWL 739128106 POWELL INDUSTRIES INC 308 44.62 13,742.96 0.57% S
HALL 40624Q203 HALLMARK FINL SERVICES INC 760 18.07 13,733.20 0.57% S
OFLX 682095104 OMEGA FLEX INC 124 110.18 13,662.32 0.57% S
DHT Y2065G121 DHT HOLDINGS INC 2,036 6.71 13,661.56 0.57% FS
XPEL 98379L100 XPEL INC 810 16.85 13,648.50 0.57% S
LUNA 550351100 Luna Innovations Inc 1,593 8.44 13,444.92 0.56% S
XOMA 98419J206 XOMA CORP 577 23.22 13,397.94 0.56% S
FBM 350392106 FOUNDATION BUILDING MATERIAL 708 18.75 13,275.00 0.55% S
ICHR G4740B105 ICHOR HOLDINGS LTD 365 36.36 13,271.40 0.55% FS
RADA M81863124 RADA ELECTRONIC INDS LTD 2,121 6.25 13,256.25 0.55% FS
GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 289 45.40 13,120.60 0.55% S
SENEA 817070501 SENECA FOODS CORP - CL A 326 39.75 12,958.50 0.54% S
ARDX 39697107 ARDELYX INC 1,823 7.09 12,925.07 0.54% S
IBCP 453838609 INDEPENDENT BANK CORP - MICH 584 22.09 12,900.56 0.54% S
DCO 264147109 DUCOMMUN INC 304 42.20 12,828.80 0.53% S
MLR 600551204 MILLER INDUSTRIES INC/TENN 352 36.29 12,774.08 0.53% S
ATEX 03676C100 ANTERIX INC 268 47.60 12,756.80 0.53% S
UFPT 902673102 UFP TECHNOLOGIES INC 272 46.80 12,729.60 0.53% S
ICAD 44934S206 ICAD INC 1,453 8.69 12,626.57 0.53% S
STAR 45031U101 ISTAR INC 848 14.65 12,423.20 0.52% S
MCBC 554225102 MACATAWA BANK CORP 1,144 10.85 12,412.40 0.52% S
UEIC 913483103 UNIVERSAL ELECTRONICS INC 235 52.75 12,396.25 0.52% S
RCKY 774515100 ROCKY BRANDS INC 436 28.36 12,364.96 0.51% S
ATAX 02364V107 AMERICA FIRST MULTIFAMILY IN 1,608 7.68 12,349.44 0.51% S
SEAC 811699107 SEACHANGE INTERNATIONAL INC 2,929 4.21 12,331.09 0.51% S
APYX 03837C106 APYX MEDICAL CORP 1,536 8.01 12,303.36 0.51% S
SNR 648691103 NEW SENIOR INVESTMENT GROUP INC 1,565 7.83 12,253.95 0.51% S
HNGR 41043F208 HANGER INC 472 25.75 12,154.00 0.51% S
IMKTA 457030104 INGLES MARKETS INC-CLASS A 280 43.31 12,126.80 0.50% S
DSPG 23332B106 DSP GROUP INC 765 15.82 12,102.30 0.50% S
TRNS 893529107 TRANSCAT INC 371 32.44 12,035.24 0.50% S
LMRK 51508J108 LANDMARK INFRASTRUCTURE PART 708 16.99 12,028.92 0.50% S
ROAD 21044C107 CONSTRUCTION PARTNERS INC-A 701 17.05 11,952.05 0.50% S
RYI 783754104 RYERSON HOLDING CORP 1,097 10.88 11,935.36 0.50% S
YORW 987184108 YORK WATER CO 245 48.65 11,919.25 0.50% S
PRVB 74374N102 PROVENTION BIO INC 746 15.96 11,906.16 0.50% S
CMRE Y1771G102 COSTAMARE INC 1,518 7.84 11,901.12 0.50% FS
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 412 28.85 11,886.20 0.49% S
CWCO G23773107 CONSOLIDATED WATER CO-ORD SH 663 17.91 11,874.33 0.49% FS
RILY 05580M108 B. RILEY FINANCIAL INC 447 26.43 11,814.21 0.49% S
TG 894650100 TREDEGAR CORP 546 21.57 11,777.22 0.49% S
ACRE 04013V108 ARES COMMERCIAL REAL ESTATE CORP 728 16.14 11,749.92 0.49% S
TTGT 87874R100 TECHTARGET 445 26.36 11,730.20 0.49% S
BFC 06211J100 BANK FIRST CORP 177 66.07 11,694.39 0.49% S
TBBK 05969A105 BANCORP INC/THE 988 11.79 11,648.52 0.48% S
FLGT 359664109 FULGENT GENETICS INC 892 12.96 11,560.32 0.48% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 407 28.38 11,550.66 0.48% S
AOSL G6331P104 ALPHA & OMEGA SEMICONDUCTOR 831 13.88 11,534.28 0.48% FS
FUNC 33741H107 FIRST UNITED CORP 480 24.02 11,529.60 0.48% S
GLP 37946R109 Global Partners LP/MA 588 19.59 11,518.92 0.48% S
KBAL 494274103 KIMBALL INTERNATIONAL-B 551 20.86 11,493.86 0.48% S
UTMD 917488108 UTAH MEDICAL PRODUCTS INC 111 103.50 11,488.50 0.48% S
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 594 19.30 11,464.20 0.48% FS
NCBS 6.54E+106 NICOLET BANKSHARES INC 160 71.45 11,432.00 0.48% S
ERII 29270J100 ENERGY RECOVERY INC 1,109 10.30 11,422.70 0.48% S
XAN 30068N105 EXANTAS CAPITAL CORP 935 12.11 11,322.85 0.47% S
DJCO 233912104 DAILY JOURNAL CORP 40 282.90 11,316.00 0.47% S
AMSWA 29683109 AMERICAN SOFTWARE INC-CL A 745 15.00 11,175.00 0.46% S
CCRN 227483104 CROSS COUNTRY HEALTHCARE INC 1,050 10.57 11,098.50 0.46% S
OLP 682406103 ONE LIBERTY PROPERTIES INC 385 28.70 11,049.50 0.46% S
CORR 21870U502 CORENERGY INFRASTRUCTURE TRU 236 46.72 11,025.92 0.46% S
HIBB 428567101 HIBBETT SPORTS INC 427 25.73 10,986.71 0.46% S
AJX 38983D300 GREAT AJAX CORP 728 15.08 10,978.24 0.46% S
PCTI 69325Q105 PC-TEL INC 1,225 8.94 10,951.50 0.46% S
EFC 28852N109 ELLINGTON FINANCIAL INC 597 18.32 10,937.04 0.45% S
ISEE 46583P102 IVERIC BIO INC 1,559 7.00 10,913.00 0.45% S
NEWT 652526203 NEWTEK BUSINESS SERVICES COR 501 21.71 10,876.71 0.45% S
CIO 178587101 CITY OFFICE REIT INC 795 13.68 10,875.60 0.45% S
KDMN 48283N106 KADMON HOLDINGS INC 2,421 4.47 10,821.87 0.45% S
SYBT 861025104 STOCK YARDS BANCORP INC 273 39.63 10,818.99 0.45% S
SPAR 846819100 SPARTAN MOTORS INC 618 17.50 10,815.00 0.45% S
MCRI 609027107 MONARCH CASINO & RESORT INC 208 51.87 10,788.96 0.45% S
VCEL 92346J108 VERICEL CORP 637 16.82 10,714.34 0.45% S
BBSI 68463108 BARRETT BUSINESS SVCS INC 123 86.83 10,680.09 0.44% S
BZH 07556Q881 BEAZER HOMES USA INC 662 16.12 10,671.44 0.44% S
COLL 19459J104 COLLEGIUM PHARMACEUTICAL INC 508 20.95 10,642.60 0.44% S
BMRC 63425102 BANK OF MARIN BANCORP/CA 241 44.15 10,640.15 0.44% S
ZUMZ 989817101 ZUMIEZ INC 331 32.10 10,625.10 0.44% S
GOOD 376536108 GLADSTONE COMMERCIAL CORP 479 22.14 10,605.06 0.44% S
MTRX 576853105 MATRIX SERVICE CO 509 20.77 10,571.93 0.44% S
PKBK 700885106 PARKE BANCORP INC 452 23.31 10,536.12 0.44% S
RVI 76133Q102 RETAIL VALUE INC 299 34.84 10,417.16 0.43% S
DGII 253798102 DIGI INTERNATIONAL INC 636 16.36 10,401.78 0.43% S
WSR 966084204 WHITESTONE REIT 754 13.74 10,359.96 0.43% S
SRI 86183P102 STONERIDGE INC 360 28.52 10,267.20 0.43% S
FC 353469109 FRANKLIN COVEY CO 313 32.68 10,228.84 0.43% S
NX 747619104 QUANEX BUILDING PRODUCTS CORP 571 17.90 10,220.90 0.43% S
UBFO 911460103 UNITED SECURITY BANCSHARE/CA 1,000 10.20 10,200.00 0.42% S
SPWH 84920Y106 SPORTSMAN'S WAREHOUSE HOLDIN 1,556 6.46 10,051.76 0.42% S
NAT G65773106 NORDIC AMERICAN TANKERS LTD 2,457 4.09 10,049.13 0.42% FS
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST INC 540 18.44 9,957.60 0.41% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 376 26.48 9,956.48 0.41% S
INSW Y41053102 INTERNATIONAL SEAWAYS INC 401 24.60 9,864.60 0.41% FS
PKE 70014A104 PARK AEROSPACE CORP 613 15.99 9,801.87 0.41% S
SPKE 846511103 SPARK ENERGY INC-CLASS A 1,025 9.42 9,650.38 0.40% S
ELF 26856L103 ELF BEAUTY INC 644 14.92 9,608.48 0.40% S
NCMI 635309107 NATIONAL CINEMEDIA INC 1,252 7.36 9,214.72 0.38% S
CUTR 232109108 CUTERA INC 300 29.14 8,742.00 0.36% S
STNG Y7542C130 SCORPIO TANKERS INC 20 29.02 580.40 0.02% FS
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 32,674 1.00 32,673.55 1.36% MM
CASH (40,273) 100.00 -40,273.00 -1.68% 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 11/30/2019

DWMC Sector Change

DWMC Sector Allocation

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 - - - - -
12/27/2019 12/30/2019 12/31/2019 $0.01775 $0.00000 $0.00000 $0.00000 $0.01775
12/27/2018 12/28/2018 12/31/2018 $0.00000 $0.00000 $0.00000 $0.00000 $0.0000
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Contact Info

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Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814

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ETF Symbols

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Copyright © AdvisorShares 2019 • Foreside Fund Services, LLC Distributor

  • 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.