(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

3/23/2023
NAV $30.49
Change $-0.14
Shares Outstanding 150,000
Assets Under Management $4,573,175.25

Market Data

3/22/2023
Closing Price $30.71
Close Change $-0.29
Volume 07

Regulatory Data

3/22/2023
Premium Discount $0.05
30-Day Median bid-ask Spread 0.007810
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 2/28/2023

  NAV Market Price Return Russell Microcap Index
1 Month 0.63 0.86 -2.91
3 Months 1.73 1.75 2.11
YTD 4.29 3.77 6.66
1 Year -2.95 -3.35 -8.67
3 Years 16.55 16.51 10.6
Since Inception (7/10/2018, Annualized) 7.41 7.31 2.54

As of 12/31/2022

  NAV Market Price Return Russell Microcap Index
1 Month -2.45 -1.95 -4.27
3 Months 14.45 14.91 4.72
YTD -16.28 -15.94 -21.96
1 Year -16.28 -15.94 -21.96
3 Years 11.47 11.29 4.05
Since Inception (7/10/2018, Annualized) 6.68 6.70 1.17

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 ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
03/23/2023 DWMC PBT 714236106 PERMIAN BASIN ROYALTY TRUST 3,508.00 23.42 82,157.36 1.80% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 1,906.00 42.36 80,738.16 1.77% S
VRTV 923454102 VERITIV CORP 578 124.7 72,076.60 1.58% S
ASC Y0207T100 ARDMORE SHIPPING CORP 3,911.00 14.92 58,352.12 1.28% FS
CBAY 23257D103 CYMABAY THERAPEUTICS INC 6,162.00 8.95 55,149.90 1.21% S
RELL 763165107 RICHARDSON ELEC LTD 2,544.00 20.91 53,195.04 1.16% S
BELFB 077347300 BEL FUSE INC-CL B 1,604.00 32.28 51,777.12 1.13% S
ETNB 282559103 89BIO INC 2,900.00 16.94 49,126.00 1.07% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 405 116.47 47,170.35 1.03% S
AMR 020764106 ALPHA METALLURGICAL RESOURCE 324 144.88 46,941.12 1.03% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 1,191.00 38.65 46,032.15 1.01% S
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 881 51.32 45,212.92 0.99% S
PLPC 740444104 PREFORMED LINE PRODUCTS CO 372 121.28 45,116.16 0.99% S
TRNS 893529107 TRANSCAT INC 515 87.3 44,959.50 0.98% S
CECO 125141101 CECO ENVIRONMENTAL CORP 3,230.00 13.9 44,897.00 0.98% S
HROW 415858109 HARROW HEALTH INC 2,600.00 17.25 44,850.00 0.98% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 1,050.00 41.54 43,617.00 0.95% S
MOD 607828100 MODINE MANUFACTURING CO 1,910.00 22.28 42,554.80 0.93% S
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 973 43.32 42,150.36 0.92% FS
UFPT 902673102 UFP TECHNOLOGIES INC 338 124.25 41,996.50 0.92% S
DO 25271C201 DIAMOND OFFSHORE DRILLING IN 3,591.00 10.99 39,465.09 0.86% S
STRL 859241101 STERLING INFRASTRUCTURE INC 1,033.00 37.9 39,150.70 0.86% S
TIPT 88822Q103 TIPTREE INC 2,689.00 13.92 37,430.88 0.82% S
DGII 253798102 DIGI INTERNATIONAL INC 1,149.00 32.27 37,078.23 0.81% S
HLX 42330P107 HELIX ENERGY SOLUTIONS GROUP 5,044.00 7.34 37,022.96 0.81% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,177.00 31.18 36,698.86 0.80% FS
TK Y8564W103 TEEKAY CORP 5,650.00 6.37 35,990.50 0.79% FS
LPG Y2106R110 DORIAN LPG LTD 1,717.00 20.66 35,473.22 0.78% FS
CRAI 12618T105 CRA INTERNATIONAL INC 318 107.01 34,029.18 0.74% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 933 36 33,588.00 0.73% S
XPOF 98422X101 XPONENTIAL FITNESS INC-A 1,200.00 27.93 33,516.00 0.73% S
ASUR 04649U102 ASURE SOFTWARE INC 2,380.00 13.92 33,129.60 0.72% S
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 1,723.00 19.05 32,823.15 0.72% FS
THR 88362T103 THERMON GROUP HOLDINGS INC 1,334.00 24.32 32,442.88 0.71% S
ALDX 01438T106 ALDEYRA THERAPEUTICS INC 3,580.00 9.06 32,434.80 0.71% S
HAYN 420877201 HAYNES INTERNATIONAL INC 671 47.78 32,060.38 0.70% S
LMB 53263P105 LIMBACH HOLDINGS INC 2,000.00 16 32,000.00 0.70% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 962 33.14 31,880.68 0.70% S
ELVN 29337E102 ENLIVEN THERAPEUTICS INC 1,375.00 22.5 30,937.50 0.68% S
FC 353469109 FRANKLIN COVEY CO 673 45.87 30,870.51 0.68% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 869 35.38 30,745.22 0.67% S
ZEUS 68162K106 OLYMPIC STEEL INC 620 49.45 30,659.00 0.67% S
EZPW 302301106 EZCORP INC-CL A 3,732.00 8.14 30,378.48 0.66% S
GLP 37946R109 GLOBAL PARTNERS LP 1,031.00 29.3 30,208.30 0.66% S
JILL 46620W201 J. JILL INC 1,282.00 23.41 30,011.62 0.66% S
NBN 66405S100 NORTHEAST BANK 834 35.48 29,590.32 0.65% S
SBR 785688102 SABINE ROYALTY TRUST 432 67.72 29,255.04 0.64% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 851 33.81 28,772.31 0.63% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 1,853.00 15.52 28,758.56 0.63% S
NATH 632347100 NATHAN'S FAMOUS INC 398 71.83 28,588.34 0.63% S
SCPH 810648105 SCPHARMACEUTICALS INC 3,300.00 8.66 28,578.00 0.62% S
HQI 433535101 HIREQUEST INC 1,353.00 20.9 28,277.70 0.62% S
GNE 372284208 GENIE ENERGY LTD-B 2,596.00 10.86 28,192.56 0.62% S
TITN 88830R101 TITAN MACHINERY INC 990 28.39 28,106.10 0.61% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 1,965.00 14.13 27,765.45 0.61% S
VPG 92835K103 VISHAY PRECISION GROUP 690 39.96 27,572.40 0.60% S
PMTS 12634H200 CPI CARD GROUP INC 640 43.08 27,571.20 0.60% S
IMMR 452521107 IMMERSION CORPORATION 3,400.00 8.08 27,472.00 0.60% S
CIR 17273K109 CIRCOR INTERNATIONAL INC 930 29.48 27,416.40 0.60% S
NVEC 629445206 NVE CORP 351 77.31 27,135.81 0.59% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 2,140.00 12.63 27,028.20 0.59% FS
LYTS 50216C108 LSI INDUSTRIES INC 2,000.00 13.43 26,860.00 0.59% S
BH 08986R309 BIGLARI HOLDINGS INC-B 162 165.27 26,773.74 0.59% S
BBSI 068463108 BARRETT BUSINESS SVCS INC 310 86.19 26,718.90 0.58% S
FET 34984V209 FORUM ENERGY TECHNOLOGIES IN 1,159.00 23 26,657.00 0.58% S
GLRE G4095J109 GREENLIGHT CAPITAL RE LTD-A 2,801.00 9.46 26,497.46 0.58% FS
VTRU G9440D103 VITRU LTD 1,158.00 22.8 26,402.40 0.58% FS
KE 49428J109 KIMBALL ELECTRONICS INC 1,185.00 22.23 26,342.55 0.58% S
SXC 86722A103 SUNCOKE ENERGY INC 3,102.00 8.49 26,335.98 0.58% S
OSBC 680277100 OLD SECOND BANCORP INC 1,903.00 13.79 26,242.37 0.57% S
ATXS 04635X102 ASTRIA THERAPEUTICS INC 2,270.00 11.48 26,059.60 0.57% S
AVNW 05366Y201 AVIAT NETWORKS INC 750 34.27 25,702.50 0.56% S
PEPG 713317105 PEPGEN INC 1,520.00 16.88 25,657.60 0.56% S
POWL 739128106 POWELL INDUSTRIES INC 620 41.12 25,494.40 0.56% S
IBEX G4690M101 IBEX LTD 950 26.82 25,479.00 0.56% FS
CHUY 171604101 CHUY'S HOLDINGS INC 740 34.42 25,470.80 0.56% S
BWMN 103002101 BOWMAN CONSULTING GROUP LTD 930 27.29 25,379.70 0.56% S
NRIM 666762109 NORTHRIM BANCORP INC 555 45.43 25,213.65 0.55% S
CAL 129500104 CALERES INC 1,185.00 20.98 24,861.30 0.54% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 2,000.00 12.42 24,840.00 0.54% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 923 26.73 24,671.79 0.54% S
MDWD M68830112 MEDIWOUND LTD 2,150.00 11.46 24,639.00 0.54% FS
HAFC 410495204 HANMI FINANCIAL CORPORATION 1,330.00 18.47 24,565.10 0.54% S
AMOT 019330109 ALLIED MOTION TECHNOLOGIES 660 36.78 24,274.80 0.53% S
AMBC 023139884 AMBAC FINANCIAL GROUP INC 1,666.00 14.47 24,107.02 0.53% S
GPP 393221106 GREEN PLAINS PARTNERS LP 1,928.00 12.5 24,100.00 0.53% S
FSBW 30263Y104 FS BANCORP INC 818 29.39 24,041.02 0.53% S
YORW 987184108 YORK WATER CO 562 42.76 24,031.12 0.53% S
BY 124411109 BYLINE BANCORP INC 1,151.00 20.78 23,917.78 0.52% S
FBIZ 319390100 FIRST BUSINESS FINANCIAL SER 794 30.12 23,915.28 0.52% S
MOV 624580106 MOVADO GROUP INC 842 28.22 23,761.24 0.52% S
MACK 590328209 MERRIMACK PHARMACEUTICALS IN 2,000.00 11.87 23,740.00 0.52% S
PANL G6891L105 PANGAEA LOGISTICS SOLUTIONS 4,200.00 5.63 23,625.00 0.52% FS
SGU 85512C105 STAR GROUP LP 1,900.00 12.33 23,427.00 0.51% S
BRT 055645303 BRT APARTMENTS CORP 1,246.00 18.6 23,175.60 0.51% S
SENEA 817070501 SENECA FOODS CORP - CL A 450 51.22 23,049.00 0.50% S
MCFT 57637H103 MASTERCRAFT BOAT HOLDINGS IN 750 30.68 23,010.00 0.50% S
CVCY 155685100 CENTRAL VALLEY COMM BANCORP 1,100.00 20.85 22,935.00 0.50% S
TRST 898349204 TRUSTCO BANK CORP NY 713 32.16 22,930.08 0.50% S
PBPB 73754Y100 POTBELLY CORP 2,900.00 7.89 22,881.00 0.50% S
SSTI 82536T107 SHOTSPOTTER INC 600 38 22,800.00 0.50% S
HCKT 404609109 HACKETT GROUP INC/THE 1,304.00 17.38 22,663.52 0.50% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 759 29.55 22,428.45 0.49% S
IVAC 461148108 INTEVAC INC 3,200.00 6.98 22,336.00 0.49% S
GTX 366505105 GARRETT MOTION INC 3,186.00 6.96 22,174.56 0.48% S
CARE 146103106 CARTER BANKSHARES INC 1,603.00 13.8 22,121.40 0.48% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 577 38.21 22,047.17 0.48% S
HVT 419596101 HAVERTY FURNITURE 712 30.85 21,965.20 0.48% S
NWPX 667746101 NORTHWEST PIPE CO 732 29.92 21,901.44 0.48% S
BLBD 095306106 BLUE BIRD CORP 1,100.00 19.8 21,780.00 0.48% S
DHIL 25264R207 DIAMOND HILL INVESTMENT GRP 134 162.43 21,765.62 0.48% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 2,024.00 10.66 21,575.84 0.47% S
OIS 678026105 OIL STATES INTERNATIONAL INC 2,840.00 7.58 21,527.20 0.47% S
RYAM 75508B104 RAYONIER ADVANCED MATERIALS 3,593.00 5.98 21,486.14 0.47% S
ATRO 046433108 ASTRONICS CORP 1,700.00 12.59 21,403.00 0.47% S
HWKN 420261109 HAWKINS INC 524 40.83 21,394.92 0.47% S
BCML 07272M107 BAYCOM CORP 1,243.00 17.21 21,392.03 0.47% S
MBWM 587376104 MERCANTILE BANK CORP 708 30.21 21,388.68 0.47% S
SAMG 828359109 SILVERCREST ASSET MANAGEME-A 1,275.00 16.72 21,318.00 0.47% S
OVLY 671807105 OAK VALLEY BANCORP 900 23.64 21,276.00 0.47% S
MEC 578605107 MAYVILLE ENGINEERING CO INC 1,600.00 13.24 21,184.00 0.46% S
NECB 664121100 NORTHEAST COMMUNITY BANCORP 1,626.00 13.02 21,170.52 0.46% S
CLW 18538R103 CLEARWATER PAPER CORP 644 32.62 21,007.28 0.46% S
ITRN M6158M104 ITURAN LOCATION AND CONTROL 959 21.85 20,954.15 0.46% FS
VYGR 92915B106 VOYAGER THERAPEUTICS INC 2,800.00 7.48 20,944.00 0.46% S
HTBI 437872104 HOMETRUST BANCSHARES INC 822 24.98 20,533.56 0.45% S
CAAS 16936R105 CHINA AUTOMOTIVE SYSTEMS INC 3,500.00 5.84 20,440.00 0.45% S
CTO 22948Q101 CTO REALTY GROWTH INC 1,257.00 16.17 20,325.69 0.44% S
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 1,401.00 14.41 20,188.41 0.44% S
AMAL 022671101 AMALGAMATED FINANCIAL CORP 1,097.00 18.2 19,965.40 0.44% S
ITIC 461804106 INVESTORS TITLE CO 132 147.47 19,466.04 0.43% S
PGC 704699107 PEAPACK GLADSTONE FINL CORP 666 29.19 19,440.54 0.43% S
DYN 26818M108 DYNE THERAPEUTICS INC 1,733.00 11.18 19,374.94 0.42% S
DXPE 233377407 DXP ENTERPRISES INC 735 26.23 19,279.05 0.42% S
REFI 167239102 CHICAGO ATLANTIC REAL ESTATE 1,462.00 13.13 19,196.06 0.42% S
CPSI 205306103 COMPUTER PROGRAMS & SYSTEMS 675 28.27 19,082.25 0.42% S
PKBK 700885106 PARKE BANCORP INC 1,071.00 17.81 19,074.51 0.42% S
DGICA 257701201 DONEGAL GROUP INC-CL A 1,305.00 14.51 18,935.55 0.41% S
MSBI 597742105 MIDLAND STATES BANCORP INC 898 21.07 18,920.86 0.41% S
CCAP 225655109 CRESCENT CAPITAL BDC INC 1,407.00 13.44 18,910.08 0.41% S
AMPY 03212B103 AMPLIFY ENERGY CORP 3,000.00 6.29 18,870.00 0.41% S
UNTY 913290102 UNITY BANCORP INC 823 22.82 18,780.86 0.41% S
JMSB 47805L101 JOHN MARSHALL BANCORP INC 854 21.84 18,651.36 0.41% S
RUTH 783332109 RUTH'S HOSPITALITY GROUP INC 1,161.00 15.95 18,517.95 0.40% S
DXLG 25065K104 DESTINATION XL GROUP INC 3,570.00 5.18 18,492.60 0.40% S
REX 761624105 REX AMERICAN RESOURCES CORP 643 28.31 18,203.33 0.40% S
EQBK 29460X109 EQUITY BANCSHARES INC - CL A 764 23.63 18,053.32 0.39% S
SHBI 825107105 SHORE BANCSHARES INC 1,274.00 14.16 18,039.84 0.39% S
IBCP 453838609 INDEPENDENT BANK CORP - MICH 1,061.00 17 18,037.00 0.39% S
CIVB 178867107 CIVISTA BANCSHARES INC 1,035.00 17.39 17,998.65 0.39% S
LINC 533535100 LINCOLN EDUCATIONAL SERVICES 3,401.00 5.2 17,685.20 0.39% S
SRI 86183P102 STONERIDGE INC 1,000.00 17.64 17,640.00 0.39% S
CCNE 126128107 CNB FINANCIAL CORP/PA 900 19.52 17,568.00 0.38% S
RGP 76122Q105 RESOURCES CONNECTION INC 1,035.00 16.9 17,491.50 0.38% S
WSR 966084204 WHITESTONE REIT 2,049.00 8.47 17,355.03 0.38% S
CATC 132152109 CAMBRIDGE BANCORP 259 64.85 16,796.15 0.37% S
GRIN Y28895103 GRINDROD SHIPPING HOLDINGS L 1,480.00 11.31 16,738.80 0.37% FS
OPBK 67109R109 OP BANCORP 1,841.00 9 16,569.00 0.36% S
HIFS 433323102 HINGHAM INSTITUTION FOR SVGS 73 225.85 16,487.05 0.36% S
SMBC 843380106 SOUTHERN MISSOURI BANCORP 433 37.85 16,389.05 0.36% S
BFST 12326C105 BUSINESS FIRST BANCSHARES 977 16.7 16,315.90 0.36% S
FSBC 33830T103 FIVE STAR BANCORP 853 19.09 16,283.77 0.36% S
BCBP 055298103 BCB BANCORP INC 1,221.00 13.26 16,190.46 0.35% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 732 21.36 15,635.52 0.34% S
MCBS 59165J105 METROCITY BANKSHARES INC 939 16.48 15,474.72 0.34% S
452CVR012 IMARA INC CVR 5,500.00 S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 64,476.93 1 64,476.93 1.41% MM
CASH -57,123.98 100 -57,123.98 -1.25% 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 2/28/2023

DWMC Sector Allocation

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. 

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  • The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.   
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  • DWMC received four stars for the 3-year rating among 574 funds and for the overall rating among 574 funds in Morningstar’s Small Growth category as of February 28, 2023.