(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 3/31/2020

NAV $16.03 Closing Price $15.98
Change $0.02 Close Change $0.12
Shares Outstanding 100,000 Volume 397
4PM Bid/Offer Midpoint $16.01 Premium Discount $-0.03
Assets Under Management $1,603,427.34    

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 2/29/2020

NAV Market Price Return Russell Microcap Index
1 Month -6.89 -8.10 -6.84
3 Months -6.08 -6.57 -6.11
YTD -8.76 -9.56 -11.18
1 Year -2.37 -2.58 -6.69
Since Inception (7/10/2018, Annualized) -7.52 -7.69 -10.71

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 -4.44

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 3/31/2020

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
03/31/2020 DWMC FIVN 338307101 FIVE9 INC 730.00 76.46 55,815.80 3.48% S 1
KOD 50015M109 KODIAK SCIENCES INC 913.00 47.70 43,550.10 2.72% S
CWST 147448104 CASELLA WASTE SYSTEMS INC-A 924.00 39.06 36,091.44 2.25% S
AUDC M15342104 AUDIOCODES LTD 1,190.00 23.89 28,429.10 1.77% FS
APPF 03783C100 APPFOLIO INC - A 254.00 110.95 28,181.30 1.76% S
KNSL 49714P108 KINSALE CAPITAL GROUP INC 245.00 104.53 25,609.85 1.60% S
NOVT 67000B104 NOVANTA INC 281.00 79.88 22,446.28 1.40% FS
SAFE 78645L100 SAFEHOLD INC 342.00 63.23 21,624.66 1.35% S
EVER 30041R108 EVERQUOTE INC - CLASS A 789.00 26.25 20,711.25 1.29% S
KPTI 48576U106 KARYOPHARM THERAPEUTICS INC 921.00 19.21 17,692.41 1.10% S
KRYS 501147102 KRYSTAL BIOTECH INC 390.00 43.24 16,863.60 1.05% S
VCYT 92337F107 VERACYTE INC 693.00 24.31 16,846.83 1.05% S
ARVN 04335A105 ARVINAS INC 396.00 40.30 15,958.80 1.00% S
LLNW 53261M104 LIMELIGHT NETWORKS INC 2,679.00 5.70 15,270.30 0.95% S
CGEN M25722105 COMPUGEN LTD 1,990.00 7.26 14,447.40 0.90% FS
ZYME 98985W102 ZYMEWORKS INC 399.00 35.47 14,152.53 0.88% FS
HLNE 407497106 HAMILTON LANE INC-CLASS A 249.00 55.31 13,772.19 0.86% S
AMRC 02361E108 AMERESCO INC-CL A 798.00 17.03 13,589.94 0.85% S
MLAB 59064R109 MESA LABORATORIES INC 58.00 226.09 13,113.22 0.82% S
MTEM 608550109 MOLECULAR TEMPLATES INC 972.00 13.29 12,917.88 0.81% S
SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 671.00 19.02 12,762.42 0.80% FS
ROAD 21044C107 CONSTRUCTION PARTNERS INC-A 736.00 16.89 12,431.04 0.78% S
ADUS 006739106 ADDUS HOMECARE CORP 183.00 67.60 12,370.80 0.77% S
PCYO 746228303 PURE CYCLE CORP 1,109.00 11.15 12,365.35 0.77% S
GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 270.00 44.63 12,050.10 0.75% S
MSEX 596680108 MIDDLESEX WATER CO 198.00 60.12 11,903.76 0.74% S
RCM 749397105 R1 RCM INC 1,279.00 9.09 11,626.11 0.73% S
VEC 92242T101 VECTRUS INC 279.00 41.41 11,553.39 0.72% S
SENEA 817070501 SENECA FOODS CORP - CL A 287.00 39.78 11,416.86 0.71% S
NBSE 64132K102 NEUBASE THERAPEUTICS INC 1,578.00 7.12 11,235.36 0.70% S
RDVT 75704L104 RED VIOLET INC 624.00 18.00 11,232.00 0.70% S
CRMT 03062T105 AMERICA'S CAR-MART INC 189.00 56.35 10,650.15 0.66% S
HLIT 413160102 HARMONIC INC 1,848.00 5.76 10,644.48 0.66% S
CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 277.00 38.28 10,603.56 0.66% S
ATEX 03676C100 ANTERIX INC 227.00 45.67 10,367.09 0.65% S
XOMA 98419J206 XOMA CORP 503.00 20.35 10,236.05 0.64% S
GMRE 37954A204 GLOBAL MEDICAL REIT INC 1,004.00 10.12 10,160.48 0.63% S
GLDD 390607109 GREAT LAKES DREDGE & DOCK CO 1,223.00 8.30 10,150.90 0.63% S
KDMN 48283N106 KADMON HOLDINGS INC 2,421.00 4.19 10,143.99 0.63% S
SEAC 811699107 SEACHANGE INTERNATIONAL INC 2,667.00 3.72 9,921.24 0.62% S
BFC 06211J100 BANK FIRST CORP 177.00 56.00 9,912.00 0.62% S
AMSWA 029683109 AMERICAN SOFTWARE INC-CL A 690.00 14.21 9,804.90 0.61% S
LUNA 550351100 Luna Innovations Inc 1,593.00 6.15 9,796.95 0.61% S
CWCO G23773107 CONSOLIDATED WATER CO-ORD SH 594.00 16.40 9,741.60 0.61% FS
KALA 483119103 KALA PHARMACEUTICALS INC 1,105.00 8.79 9,712.95 0.61% S
UFPT 902673102 UFP TECHNOLOGIES INC 255.00 38.09 9,712.95 0.61% S
OFLX 682095104 OMEGA FLEX INC 115.00 84.40 9,706.00 0.61% S
CAMT M20791105 CAMTEK LTD 1,152.00 8.42 9,699.84 0.61% FS
CLAR 18270P109 CLARUS CORP 988.00 9.80 9,682.40 0.60% S
ARDX 039697107 ARDELYX INC 1,703.00 5.69 9,681.56 0.60% S
SPWH 84920Y106 SPORTSMAN'S WAREHOUSE HOLDIN 1,556.00 6.16 9,584.96 0.60% S
UTMD 917488108 UTAH MEDICAL PRODUCTS INC 101.00 94.05 9,499.05 0.59% S
KRNT M6372Q113 KORNIT DIGITAL LTD 381.00 24.89 9,483.09 0.59% FS
IMKTA 457030104 INGLES MARKETS INC-CLASS A 261.00 36.16 9,437.76 0.59% S
VERU 92536C103 VERU INC 2,867.00 3.27 9,375.09 0.58% S
MLR 600551204 MILLER INDUSTRIES INC/TENN 330.00 28.28 9,332.40 0.58% S
HEBT G4418R101 HEBRON TECHNOLOGY CO LTD - A 1,194.00 7.70 9,193.80 0.57% FS
TTGT 87874R100 TECHTARGET 445.00 20.61 9,171.45 0.57% S
YORW 987184108 YORK WATER CO 211.00 43.46 9,170.06 0.57% S
ACIU H00263105 AC IMMUNE SA 1,324.00 6.91 9,148.84 0.57% FS
DJCO 233912104 DAILY JOURNAL CORP 40.00 228.30 9,132.00 0.57% S
AHCO 00653Q102 ADAPTHEALTH CORP 569.00 16.00 9,104.00 0.57% S
NLTX 64049K104 NEOLEUKIN THERAPEUTICS INC 795.00 11.38 9,047.10 0.56% S
CUE 22978P106 CUE BIOPHARMA INC 635.00 14.19 9,010.65 0.56% S
PETS 716382106 PETMED EXPRESS INC 311.00 28.78 8,950.58 0.56% S
AGYS 00847J105 AGILYSYS INC 532.00 16.70 8,884.40 0.55% S
DSPG 23332B106 DSP GROUP INC 663.00 13.40 8,884.20 0.55% S
ICAD 44934S206 ICAD INC 1,208.00 7.34 8,866.72 0.55% S
IRMD 46266A109 IRADIMED CORP 414.00 21.35 8,838.90 0.55% S
NWPX 667746101 NORTHWEST PIPE CO 397.00 22.25 8,833.25 0.55% S
SNDX 87164F105 SYNDAX PHARMACEUTICALS INC 803.00 10.97 8,808.91 0.55% S
TRNS 893529107 TRANSCAT INC 327.00 26.50 8,665.50 0.54% S
PAR 698884103 PAR TECHNOLOGY CORP/DEL 673.00 12.86 8,654.78 0.54% S
OESX 686275108 ORION ENERGY SYSTEMS INC 2,309.00 3.70 8,543.30 0.53% S
ASPN 04523Y105 ASPEN AEROGELS INC 1,391.00 6.14 8,540.74 0.53% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 546.00 15.49 8,457.54 0.53% S
FRTA 34960W106 FORTERRA INC 1,408.00 5.98 8,419.84 0.53% S
CYTK 23282W605 CYTOKINETICS INC 712.00 11.79 8,394.48 0.52% S
COLL 19459J104 COLLEGIUM PHARMACEUTICAL INC 508.00 16.33 8,295.64 0.52% S
ERII 29270J100 ENERGY RECOVERY INC 1,109.00 7.44 8,250.96 0.51% S
NXRT 65341D102 NEXPOINT RESIDENTIAL 327.00 25.21 8,243.67 0.51% S
CYBE 232517102 Cyberoptics Corp 480.00 17.11 8,212.80 0.51% S
UIS 909214306 UNISYS CORP 664.00 12.35 8,200.40 0.51% S
NERV 603380106 MINERVA NEUROSCIENCES INC 1,357.00 6.02 8,169.14 0.51% S
OCUL 67576A100 OCULAR THERAPEUTIX INC 1,646.00 4.95 8,147.70 0.51% S
CELH 15118V207 CELSIUS HOLDINGS INC 1,934.00 4.21 8,142.14 0.51% S
RDNT 750491102 RADNET INC 773.00 10.51 8,124.23 0.51% S
TWST 90184D100 TWIST BIOSCIENCE CORP 265.00 30.58 8,103.70 0.51% S
CALX 13100M509 CALIX INC 1,140.00 7.08 8,071.20 0.50% S
ZYXI 98986M103 ZYNEX INC 728.00 11.07 8,058.96 0.50% S
ACMR 00108J109 ACM RESEARCH INC-CLASS A 271.00 29.61 8,024.31 0.50% S
CCH G22707106 COLLIER CREEK HOLDINGS-A 784.00 10.23 8,020.32 0.50% FS
PLAB 719405102 PHOTRONICS INC 781.00 10.26 8,013.06 0.50% S
CATS 149049504 CATASYS INC 526.00 15.23 8,010.98 0.50% S
UTI 913915104 UNIVERSAL TECHNICAL INSTITUT 1,340.00 5.95 7,973.00 0.50% S
CYRX 229050307 CRYOPORT INC 467.00 17.07 7,971.69 0.50% S
UEIC 913483103 UNIVERSAL ELECTRONICS INC 207.00 38.37 7,942.59 0.50% S
SYBT 861025104 STOCK YARDS BANCORP INC 273.00 28.93 7,897.89 0.49% S
RRBI 75686R202 RED RIVER BANCSHARES INC 212.00 37.22 7,890.64 0.49% S
NCBS 65406E102 NICOLET BANKSHARES INC 144.00 54.58 7,859.52 0.49% S
INSG 45782B104 INSEEGO CORP 1,256.00 6.23 7,824.88 0.49% S
PERI M78673114 PERION NETWORK LTD 1,597.00 4.89 7,809.33 0.49% FS
TG 894650100 TREDEGAR CORP 498.00 15.63 7,783.74 0.49% S
ATEC 02081G201 ALPHATEC HOLDINGS INC 2,225.00 3.45 7,676.25 0.48% S
XENE 98420N105 XENON PHARMACEUTICALS INC 674.00 11.34 7,643.16 0.48% FS
FRHC 356390104 FREEDOM HOLDING CORP/NV 538.00 14.20 7,639.60 0.48% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 377.00 20.12 7,585.24 0.47% S
SLP 829214105 SIMULATIONS PLUS INC 217.00 34.92 7,577.64 0.47% S
LAWS 520776105 LAWSON PRODUCTS INC 281.00 26.72 7,508.32 0.47% S
STAR 45031U101 ISTAR INC 705.00 10.61 7,480.05 0.47% S
KIDS 68752L100 ORTHOPEDIATRICS CORP 188.00 39.64 7,452.32 0.46% S
ACEL 00436Q106 ACCEL ENTERTAINMENT INC 993.00 7.50 7,447.50 0.46% S
XPEL 98379L100 XPEL INC 741.00 10.02 7,424.82 0.46% S
IESC 44951W106 IES HOLDINGS INC 418.00 17.65 7,377.70 0.46% S
MRSN 59045L106 MERSANA THERAPEUTICS INC 1,259.00 5.83 7,339.97 0.46% S
UROV G9381B108 UROVANT SCIENCES LTD 790.00 9.22 7,283.80 0.45% FS
AVID 05367P100 AVID TECHNOLOGY INC 1,082.00 6.73 7,281.86 0.45% S
LAND 376549101 GLADSTONE LAND CORP 614.00 11.85 7,275.90 0.45% S
ACLS 054540208 AXCELIS TECHNOLOGIES INC 396.00 18.31 7,250.76 0.45% S
ADVM 00773U108 ADVERUM BIOTECHNOLOGIES INC 742.00 9.77 7,249.34 0.45% S
RILY 05580M108 B. RILEY FINANCIAL INC 393.00 18.42 7,239.06 0.45% S
SPAR 846819100 SPARTAN MOTORS INC 555.00 12.91 7,165.05 0.45% S
MCBC 554225102 MACATAWA BANK CORP 1,000.00 7.12 7,120.00 0.44% S
GRWG 39986L109 GROWGENERATION CORP 1,843.00 3.81 7,021.83 0.44% S
ICHR G4740B105 ICHOR HOLDINGS LTD 365.00 19.16 6,993.40 0.44% FS
PKE 70014A104 PARK AEROSPACE CORP 552.00 12.60 6,955.20 0.43% S
PCTI 69325Q105 PC-TEL INC 1,039.00 6.65 6,909.35 0.43% S
LMRK 51508J108 LANDMARK INFRASTRUCTURE PART 652.00 10.56 6,885.12 0.43% S
FUNC 33741H107 FIRST UNITED CORP 480.00 14.29 6,859.20 0.43% S
HNGR 41043F208 HANGER INC 439.00 15.58 6,839.62 0.43% S
ARCT 03969T109 ARCTURUS THERAPEUTICS HOLDIN 503.00 13.59 6,835.77 0.43% S
UMH 903002103 UMH PROPERTIES INC 626.00 10.86 6,798.36 0.42% S
ATAX 02364V107 AMERICA FIRST MULTIFAMILY IN 1,294.00 5.24 6,780.56 0.42% S
CALA 13089P101 CALITHERA BIOSCIENCES INC 1,527.00 4.44 6,779.88 0.42% S
BRT 055645303 BRT APARTMENTS CORP 629.00 10.25 6,447.25 0.40% S
HSKA 42805E306 HESKA CORP 113.00 55.30 6,248.90 0.39% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 380.00 16.24 6,171.20 0.38% S
WINA 974250102 WINMARK CORP 48.00 127.42 6,116.16 0.38% S
CAI 12477X106 CAI INTERNATIONAL INC 431.00 14.14 6,094.34 0.38% S
BMRC 063425102 BANK OF MARIN BANCORP/CA 202.00 30.00 6,060.00 0.38% S
CRAI 12618T105 CRA INTERNATIONAL INC 181.00 33.41 6,047.21 0.38% S
IIIV 46571Y107 I3 VERTICALS INC-CLASS A 311.00 19.09 5,936.99 0.37% S
PKBK 700885106 PARKE BANCORP INC 435.00 13.49 5,868.15 0.37% S
CIO 178587101 CITY OFFICE REIT INC 795.00 7.23 5,747.85 0.36% S
ZUMZ 989817101 ZUMIEZ INC 331.00 17.32 5,732.92 0.36% S
LAKE 511795106 LAKELAND INDUSTRIES INC 365.00 15.50 5,657.50 0.35% S
VRRM 92511U102 VERRA MOBILITY CORP 785.00 7.14 5,604.90 0.35% S
TBBK 05969A105 BANCORP INC/THE 920.00 6.07 5,584.40 0.35% S
ELF 26856L103 ELF BEAUTY INC 566.00 9.84 5,569.44 0.35% S
APYX 03837C106 APYX MEDICAL CORP 1,536.00 3.59 5,514.24 0.34% S
RADA M81863124 RADA ELECTRONIC INDS LTD 1,561.00 3.50 5,463.50 0.34% FS
ISEE 46583P102 IVERIC BIO INC 1,559.00 3.44 5,362.96 0.33% S
DGII 253798102 DIGI INTERNATIONAL INC 555.00 9.54 5,294.70 0.33% S
NEWT 652526203 NEWTEK BUSINESS SERVICES COR 396.00 13.21 5,231.16 0.33% S
SCU 811246107 SCULPTOR CAPITAL MANAGEMENT 386.00 13.54 5,226.44 0.33% S
NK 63016Q102 NANTKWEST INC 1,668.00 2.88 4,803.84 0.30% S
DX 26817Q886 DYNEX CAPITAL INC 457.00 10.44 4,771.08 0.30% S
ABR 38923108 ARBOR REALTY TRUST INC 784 4.9 3,841.60 0.24% S
ACRE 04013V108 ARES COMMERCIAL REAL ESTATE 522 6.99 3,648.78 0.23% S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 59,280.07 1 59,280.07 3.70% MM
CASH -38,661.36 100 -38,661.36 -2.41% 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 2/29/2020

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
  • 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.