(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

6/7/2023
NAV $32.32
Change $0.51
Shares Outstanding 135,000
Assets Under Management $4,362,849.13

Market Data

6/7/2023
Closing Price $32.24
Close Change $0.5
Volume 219

Regulatory Data

6/7/2023
Premium Discount $0.01
30-Day Median bid-ask Spread 0.007694
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 5/31/2023

  NAV Market Price Return Russell Microcap Index
1 Month -0.95 -0.33 1.41
3 Months -12.28 -11.7 -10
YTD -8.51 -8.37 -4.01
1 Year -14.02 -13.83 -9.19
3 Years 13.89 14.07 8.97
Since Inception (7/10/2018, Annualized) 4.19 4.24 0.23

As of 3/31/2023

  NAV Market Price Return Russell Microcap Index
1 Month -7.03 -6.65 -8.89
3 Months -3.04 -3.13 -2.83
YTD -3.04 -3.13 -2.83
1 Year -12.74 -12.84 -17.93
3 Years 25.88 25.94 17.19
Since Inception (7/10/2018, Annualized) 5.63 5.63 0.5

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
06/07/2023 DWMC BELFB 077347300 BEL FUSE INC-CL B 1,442.00 56.36 81,271.12 1.86% S
PBT 714236106 PERMIAN BASIN ROYALTY TRUST 3,157.00 24.49 77,314.93 1.77% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 1,714.00 43.54 74,627.56 1.71% S
VRTV 923454102 VERITIV CORP 521 119.81 62,421.01 1.43% S
MOD 607828100 MODINE MANUFACTURING CO 1,718.00 32.56 55,938.08 1.28% S
PLPC 740444104 PREFORMED LINE PRODUCTS CO 336 163.74 55,016.64 1.26% S
ETNB 282559103 89BIO INC 2,609.00 20.16 52,597.44 1.21% S
CBAY 23257D103 CYMABAY THERAPEUTICS INC 5,547.00 9.42 52,252.74 1.20% S
UFPT 902673102 UFP TECHNOLOGIES INC 305 167.98 51,233.90 1.17% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 363 139.81 50,751.03 1.16% S
STRL 859241101 STERLING INFRASTRUCTURE INC 931 53.36 49,678.16 1.14% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 1,071.00 46.29 49,576.59 1.14% S
HROW 415858109 HARROW HEALTH INC 2,339.00 20.98 49,072.22 1.12% S
AMR 020764106 ALPHA METALLURGICAL RESOURCE 291 153.94 44,796.54 1.03% S
TRNS 893529107 TRANSCAT INC 464 92.97 43,138.08 0.99% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 945 45.56 43,054.20 0.99% S
ASC Y0207T100 ARDMORE SHIPPING CORP 3,521.00 12.18 42,885.78 0.98% FS
LMB 53263P105 LIMBACH HOLDINGS INC 1,799.00 23.5 42,276.50 0.97% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,060.00 39.23 41,583.80 0.95% FS
CIR 17273K109 CIRCOR INTERNATIONAL INC 837 47.66 39,891.42 0.91% S
DO 25271C201 DIAMOND OFFSHORE DRILLING IN 3,231.00 12.12 39,159.72 0.90% S
DGII 253798102 DIGI INTERNATIONAL INC 1,035.00 37.31 38,615.85 0.89% S
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 794 48.54 38,540.76 0.88% S
CECO 125141101 CECO ENVIRONMENTAL CORP 2,906.00 13.17 38,272.02 0.88% S
ALDX 01438T106 ALDEYRA THERAPEUTICS INC 3,223.00 11.48 37,000.04 0.85% S
LPG Y2106R110 DORIAN LPG LTD 1,546.00 23.55 36,408.30 0.83% FS
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 866 41.21 35,687.86 0.82% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 782 45.07 35,244.74 0.81% S
POWL 739128106 POWELL INDUSTRIES INC 557 62.95 35,063.15 0.80% S
TIPT 88822Q103 TIPTREE INC 2,419.00 14.27 34,519.13 0.79% S
GNE 372284208 GENIE ENERGY LTD-B 2,335.00 14.21 33,180.35 0.76% S
HLX 42330P107 HELIX ENERGY SOLUTIONS GROUP 4,540.00 7.28 33,051.20 0.76% S
HQI 433535101 HIREQUEST INC 1,218.00 26.54 32,325.72 0.74% S
TNK Y8565N300 TEEKAY TANKERS LTD-CLASS A 877 36.74 32,220.98 0.74% FS
SCPH 810648105 SCPHARMACEUTICALS INC 2,970.00 10.7 31,779.00 0.73% S
VYGR 92915B106 VOYAGER THERAPEUTICS INC 2,521.00 12.59 31,739.39 0.73% S
NBN 66405S100 NORTHEAST BANK 750 41.68 31,260.00 0.72% S
HAYN 420877201 HAYNES INTERNATIONAL INC 605 50.27 30,413.35 0.70% S
THR 88362T103 THERMON GROUP HOLDINGS INC 1,199.00 25.33 30,370.67 0.70% S
NVEC 629445206 NVE CORP 315 95.02 29,931.30 0.69% S
BH 08986R309 BIGLARI HOLDINGS INC-B 147 202.53 29,771.91 0.68% S
TK Y8564W103 TEEKAY CORP 5,086.00 5.81 29,549.66 0.68% FS
GLP 37946R109 GLOBAL PARTNERS LP 929 31.68 29,430.72 0.67% S
EZPW 302301106 EZCORP INC-CL A 3,360.00 8.71 29,265.60 0.67% S
NATH 632347100 NATHAN'S FAMOUS INC 359 80.83 29,017.97 0.67% S
HOV 442487401 HOVNANIAN ENTERPRISES-A 320 90.24 28,876.80 0.66% S
CHUY 171604101 CHUY'S HOLDINGS INC 665 43.02 28,608.30 0.66% S
INOD 457642205 INNODATA INC 2,590.00 11.04 28,593.60 0.66% S
CRAI 12618T105 CRA INTERNATIONAL INC 285 99.88 28,465.80 0.65% S
KE 49428J109 KIMBALL ELECTRONICS INC 1,065.00 26.51 28,233.15 0.65% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 767 36.75 28,187.25 0.65% S
INSE 45782N108 INSPIRED ENTERTAINMENT INC 1,799.00 15.66 28,172.34 0.65% S
MLTX 61559X104 MOONLAKE IMMUNOTHERAPEUTICS 1,000.00 28.15 28,150.00 0.65% FS
XPOF 98422X101 XPONENTIAL FITNESS INC-A 1,080.00 26.06 28,144.80 0.65% S
ELVN 29337E102 ENLIVEN THERAPEUTICS INC 1,237.00 22.75 28,141.75 0.64% S
TNP G9108L173 TSAKOS ENERGY NAVIGATION LTD 1,552.00 17.73 27,516.96 0.63% FS
ASUR 04649U102 ASURE SOFTWARE INC 2,143.00 12.77 27,366.11 0.63% S
ATRO 046433108 ASTRONICS CORP 1,529.00 17.87 27,323.23 0.63% S
ZEUS 68162K106 OLYMPIC STEEL INC 557 48.45 26,986.65 0.62% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 1,927.00 13.97 26,920.19 0.62% FS
SBR 785688102 SABINE ROYALTY TRUST 390 68.99 26,906.10 0.62% S
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 1,767.00 15.05 26,593.35 0.61% S
TCMD 87357P100 TACTILE SYSTEMS TECHNOLOGY I 1,100.00 24.14 26,554.00 0.61% S
JILL 46620W201 J. JILL INC 1,153.00 22.96 26,472.88 0.61% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 1,667.00 15.8 26,338.60 0.60% S
DAKT 234264109 DAKTRONICS INC 3,790.00 6.84 25,923.60 0.59% S
LQDA 53635D202 LIQUIDIA CORP 3,050.00 8.49 25,879.25 0.59% S
TAST 14574X104 CARROLS RESTAURANT GROUP INC 4,500.00 5.71 25,695.00 0.59% S
BBSI 068463108 BARRETT BUSINESS SVCS INC 280 91.6 25,648.00 0.59% S
GLRE G4095J109 GREENLIGHT CAPITAL RE LTD-A 2,522.00 9.99 25,194.78 0.58% FS
SGU 85512C105 STAR GROUP LP 1,711.00 14.58 24,946.38 0.57% S
PESI 714157203 PERMA-FIX ENVIRONMENTAL SVCS 2,140.00 11.4 24,396.00 0.56% S
HWKN 420261109 HAWKINS INC 470 51.71 24,303.70 0.56% S
BWMN 103002101 BOWMAN CONSULTING GROUP LTD 837 28.96 24,239.52 0.56% S
CAL 129500104 CALERES INC 1,065.00 22.73 24,207.45 0.55% S
HCKT 404609109 HACKETT GROUP INC/THE 1,172.00 20.53 24,061.16 0.55% S
IMMR 452521107 IMMERSION CORPORATION 3,061.00 7.83 23,967.63 0.55% S
SAMG 828359109 SILVERCREST ASSET MANAGEME-A 1,146.00 20.82 23,859.72 0.55% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 830 28.69 23,812.70 0.55% S
OCUL 67576A100 OCULAR THERAPEUTIX INC 3,200.00 7.41 23,712.00 0.54% S
GTX 366505105 GARRETT MOTION INC 2,868.00 8.22 23,574.96 0.54% S
PANL G6891L105 PANGAEA LOGISTICS SOLUTIONS 3,780.00 6.2 23,436.00 0.54% FS
CARE 146103106 CARTER BANKSHARES INC 1,444.00 16.09 23,233.96 0.53% S
FSBW 30263Y104 FS BANCORP INC 737 31.48 23,200.76 0.53% S
UIHC 910710102 UNITED INSURANCE HOLDINGS CO 4,400.00 5.27 23,188.00 0.53% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 684 33.75 23,085.00 0.53% S
AMOT 019330109 ALLIED MOTION TECHNOLOGIES 594 38.58 22,916.52 0.53% S
NVCT 67080T108 NUVECTIS PHARMA INC 1,300.00 17.58 22,854.00 0.52% S
FUSN 36118A100 FUSION PHARMACEUTICALS INC 4,400.00 5.19 22,836.00 0.52% FS
VPG 92835K103 VISHAY PRECISION GROUP 621 36.75 22,821.75 0.52% S
PBPB 73754Y100 POTBELLY CORP 2,609.00 8.72 22,750.48 0.52% S
YORW 987184108 YORK WATER CO 505 44.99 22,719.95 0.52% S
BRT 055645303 BRT APARTMENTS CORP 1,120.00 20.16 22,579.20 0.52% S
CTLP 138103106 CANTALOUPE INC 3,100.00 7.26 22,506.00 0.52% S
DXPE 233377407 DXP ENTERPRISES INC 660 34.06 22,479.60 0.52% S
FC 353469109 FRANKLIN COVEY CO 607 37 22,459.00 0.51% S
RUTH 783332109 RUTH'S HOSPITALITY GROUP INC 1,044.00 21.47 22,414.68 0.51% S
PKE 70014A104 PARK AEROSPACE CORP 1,606.00 13.95 22,403.70 0.51% S
MACK 590328209 MERRIMACK PHARMACEUTICALS IN 1,799.00 12.45 22,397.55 0.51% S
GPP 393221106 GREEN PLAINS PARTNERS LP 1,736.00 12.87 22,333.64 0.51% S
LYTS 50216C108 LSI INDUSTRIES INC 1,799.00 12.39 22,289.61 0.51% S
AVNW 05366Y201 AVIAT NETWORKS INC 675 32.47 21,917.25 0.50% S
CETX 15130G709 CEMTREX INC 2,120.00 10.27 21,772.40 0.50% S
SXC 86722A103 SUNCOKE ENERGY INC 2,793.00 7.76 21,673.68 0.50% S
AMBC 023139884 AMBAC FINANCIAL GROUP INC 1,498.00 14.35 21,496.30 0.49% S
CDZI 127537207 CADIZ INC 4,200.00 5.06 21,252.00 0.49% S
MOV 624580106 MOVADO GROUP INC 758 27.89 21,140.62 0.48% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 520 40.51 21,065.20 0.48% S
DHIL 25264R207 DIAMOND HILL INVESTMENT GRP 119 176.37 20,988.03 0.48% S
ITRN M6158M104 ITURAN LOCATION AND CONTROL 863 24.3 20,970.90 0.48% FS
NECB 664121100 NORTHEAST COMMUNITY BANCORP 1,464.00 14.15 20,715.60 0.47% S
BLBD 095306106 BLUE BIRD CORP 989 20.93 20,699.77 0.47% S
LINC 533535100 LINCOLN EDUCATIONAL SERVICES 3,062.00 6.74 20,637.88 0.47% S
CVGI 202608105 COMMERCIAL VEHICLE GROUP INC 2,100.00 9.8 20,580.00 0.47% S
BY 124411109 BYLINE BANCORP INC 1,037.00 19.81 20,542.97 0.47% S
REX 761624105 REX AMERICAN RESOURCES CORP 580 35.11 20,363.80 0.47% S
MCFT 57637H103 MASTERCRAFT BOAT HOLDINGS IN 675 30.13 20,337.75 0.47% S
BCML 07272M107 BAYCOM CORP 1,120.00 17.92 20,070.40 0.46% S
SENEA 817070501 SENECA FOODS CORP - CL A 405 49.54 20,063.70 0.46% S
AMPY 03212B103 AMPLIFY ENERGY CORP 2,700.00 7.43 20,061.00 0.46% S
REFI 167239102 CHICAGO ATLANTIC REAL ESTATE 1,315.00 15.24 20,040.60 0.46% S
RRGB 75689M101 RED ROBIN GOURMET BURGERS 1,500.00 13.3 19,950.00 0.46% S
CTO 22948Q101 CTO REALTY GROWTH INC 1,159.00 17.19 19,923.21 0.46% S
TRST 898349204 TRUSTCO BANK CORP NY 641 31.08 19,922.28 0.46% S
MBWM 587376104 MERCANTILE BANK CORP 636 31.27 19,887.72 0.46% S
CMPO 20459V105 COMPOSECURE INC 2,729.00 7.25 19,785.25 0.45% S
OVLY 671807105 OAK VALLEY BANCORP 810 24.32 19,699.20 0.45% S
NWPX 667746101 NORTHWEST PIPE CO 660 29.59 19,529.40 0.45% S
RCEL 05380C102 AVITA MEDICAL INC 1,320.00 14.72 19,430.40 0.45% S
ODC 677864100 OIL-DRI CORP OF AMERICA 480 39.27 18,849.60 0.43% S
CLW 18538R103 CLEARWATER PAPER CORP 578 32.49 18,779.22 0.43% S
MDWD M68830112 MEDIWOUND LTD 1,934.00 9.71 18,779.14 0.43% FS
LMNR 532746104 LIMONEIRA CO 1,236.00 15.17 18,750.12 0.43% S
HVT 419596101 HAVERTY FURNITURE 640 29.27 18,732.80 0.43% S
OIS 678026105 OIL STATES INTERNATIONAL INC 2,555.00 7.31 18,677.05 0.43% S
INZY 45790W108 INOZYME PHARMA INC 3,100.00 5.97 18,507.00 0.42% S
MUX 58039P305 MCEWEN MINING INC 2,387.00 7.69 18,356.03 0.42% S
DGICA 257701201 DONEGAL GROUP INC-CL A 1,173.00 15.58 18,275.34 0.42% S
DSKE 23753F107 DASEKE INC 2,550.00 7.12 18,156.00 0.42% S
MSBI 597742105 MIDLAND STATES BANCORP INC 808 22.45 18,139.60 0.42% S
UNTY 913290102 UNITY BANCORP INC 742 24.33 18,052.86 0.41% S
MRNS 56854Q200 MARINUS PHARMACEUTICALS INC 2,200.00 8.14 17,908.00 0.41% S
UWMC 91823B109 UWM HOLDINGS CORP 3,300.00 5.41 17,853.00 0.41% S
CCAP 225655109 CRESCENT CAPITAL BDC INC 1,266.00 13.99 17,711.34 0.41% S
WSR 966084204 WHITESTONE REIT 1,845.00 9.56 17,638.20 0.40% S
PKBK 700885106 PARKE BANCORP INC 963 17.79 17,131.77 0.39% S
SRI 86183P102 STONERIDGE INC 901 18.57 16,731.57 0.38% S
VOXX 91829F104 VOXX INTERNATIONAL CORP 1,451.00 11.45 16,613.95 0.38% S
OBIO 68572M106 ORCHESTRA BIOMED HOLDINGS IN 1,150.00 14.42 16,583.00 0.38% S
ITIC 461804106 INVESTORS TITLE CO 120 137.98 16,557.60 0.38% S
RGP 76122Q105 RESOURCES CONNECTION INC 930 17.2 15,996.00 0.37% S
GATO 368036109 GATOS SILVER INC 3,550.00 4.5 15,975.00 0.37% S
CPSI 205306103 COMPUTER PROGRAMS & SYSTEMS 606 25.48 15,440.88 0.35% S
XPON 30218B100 EXPION360 INC 3,570.00 4.21 15,029.70 0.34% S
ACHV 004468500 ACHIEVE LIFE SCIENCES INC 2,360.00 6 14,160.00 0.32% S
CVV 126601103 CVD EQUIPMENT CORP 1,716.00 8.02 13,762.32 0.32% S
EYEN 30234E104 EYENOVIA INC 4,619.00 2.84 13,117.96 0.30% S
452CVR012 IMARA INC CVR 5,500.00 S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 77,528.08 1 77,528.08 1.78% MM
CASH -61,082.31 100 -61,082.31 -1.40% 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 5/31/2023

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.