(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

5/25/2022
NAV $33.99
Change $0.8
Shares Outstanding 245,000
Assets Under Management $8,327,665.95

Market Data

5/25/2022
Closing Price $33.99
Close Change $0.93
Volume 223

Regulatory Data

5/25/2022
Premium Discount $0
30-Day Median bid-ask Spread 0.007784
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 4/30/2022

  NAV Market Price Return Russell Microcap Index
1 Month -5.97 -6.08 -10.37
3 Months -0.45 1.03 -8.21
YTD -12.52 -12.25 -17.18
1 Year -3.23 -3.83 -20.43
3 Years 15.79 15.78 8.29
Since Inception (7/10/2018, Annualized) 9.16 9.15 2.97

As of 3/31/2022

  NAV Market Price Return Russell Microcap Index
1 Month 3.42 3.51 1.38
3 Months -6.97 -6.57 -7.6
YTD -6.97 -6.57 -7.6
1 Year 7.07 7.81 -10.99
3 Years 18.71 18.74 13.03
Since Inception (7/10/2018, Annualized) 11.19 11.22 6.11

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
05/25/2022 DWMC AMR 020764106 ALPHA METALLURGICAL RESOURCE 1,846.00 168.78 311,567.88 3.74% S
SD 80007P869 SANDRIDGE ENERGY INC 7,993.00 23.59 188,554.87 2.27% S
DAC Y1968P121 DANAOS CORP 1,715.00 81.63 139,995.45 1.68% FS
VRTV 923454102 VERITIV CORP 996 137.49 136,940.04 1.65% S
SPLP 85814R107 STEEL PARTNERS HOLDINGS LP 3,240.00 42.11 136,436.40 1.64% S
UAN 126633205 CVR PARTNERS LP 941 133.89 125,990.49 1.51% S
RCMT 749360400 RCM TECHNOLOGIES INC 5,544.00 22.18 122,965.92 1.48% S
SJT 798241105 SAN JUAN BASIN ROYALTY TR 8,421.00 12.99 109,388.79 1.31% S
HDSN 444144109 HUDSON TECHNOLOGIES INC 11,308.00 9.52 107,652.16 1.29% S
PBT 714236106 PERMIAN BASIN ROYALTY TRUST 6,221.00 17.1 106,379.10 1.28% S
CLMT 131476103 CALUMET SPECIALTY PRODUCTS 7,484.00 13.13 98,264.92 1.18% S
TMST 887399103 TIMKENSTEEL CORP 3,858.00 22.95 88,541.10 1.06% S
VSTO 928377100 VISTA OUTDOOR INC 2,303.00 37.56 86,500.68 1.04% S
CAMT M20791105 CAMTEK LTD 2,828.00 27.62 78,109.36 0.94% FS
GRIN Y28895103 GRINDROD SHIPPING HOLDINGS L 3,052.00 25.05 76,452.60 0.92% FS
AMPY 03212B103 AMPLIFY ENERGY CORP 8,854.00 8.44 74,727.76 0.90% S
EGY 91851C201 VAALCO ENERGY INC 10,843.00 6.85 74,274.55 0.89% S
GDEN 381013101 GOLDEN ENTERTAINMENT INC 1,715.00 42.92 73,607.80 0.88% S
RYI 783754104 RYERSON HOLDING CORP 2,465.00 29.59 72,939.35 0.88% S
NRP 63900P608 NATURAL RESOURCE PARTNERS LP 1,432.00 49.8 71,313.60 0.86% S
STGW 85256A109 STAGWELL INC 8,686.00 8.1 70,356.60 0.85% S
SBOW 82836G102 SILVERBOW RESOURCES INC 1,866.00 36.56 68,220.96 0.82% S
ASIX 00773T101 ADVANSIX INC 1,504.00 44.53 66,973.12 0.80% S
DHX 23331S100 DHI GROUP INC 9,894.00 6.5 64,311.00 0.77% S
DFIN 25787G100 DONNELLEY FINANCIAL SOLUTION 2,098.00 30.27 63,506.46 0.76% S
TGH G8766E109 TEXTAINER GROUP HOLDINGS LTD 1,918.00 32.15 61,663.70 0.74% FS
KRP 49435R102 KIMBELL ROYALTY PARTNERS LP 3,200.00 19.11 61,152.00 0.74% S
RELL 763165107 RICHARDSON ELEC LTD 4,375.00 13.63 59,631.25 0.72% S
MYRG 55405W104 MYR GROUP INC/DELAWARE 652 91 59,332.00 0.71% S
VALU 920437100 VALUE LINE INC 846 69.5 58,797.00 0.71% S
RM 75902K106 REGIONAL MANAGEMENT CORP 1,280.00 45.66 58,444.80 0.70% S
BRY 08579X101 BERRY CORP 5,109.00 11.35 57,987.15 0.70% S
CCB 19046P209 COASTAL FINANCIAL CORP/WA 1,522.00 37.93 57,729.46 0.69% S
ROCC 70788V102 RANGER OIL CORP-A 1,500.00 38.09 57,135.00 0.69% S
TRNS 893529107 TRANSCAT INC 897 63.17 56,663.49 0.68% S
NC 629579103 NACCO INDUSTRIES-CL A 1,000.00 55.25 55,250.00 0.66% S
CPLP Y11082206 CAPITAL PRODUCT PARTNERS LP 3,489.00 15.67 54,672.63 0.66% FS
CVEO 17878Y207 CIVEO CORP 1,990.00 27.29 54,307.10 0.65% FS
MCB 591774104 METROPOLITAN BANK HOLDING CO 723 74.49 53,856.27 0.65% S
FRHC 356390104 FREEDOM HOLDING CORP/NV 1,317.00 40.13 52,851.21 0.64% S
EVC 29382R107 ENTRAVISION COMMUNICATIONS-A 10,692.00 4.91 52,497.72 0.63% S
CAL 129500104 CALERES INC 1,926.00 27.19 52,367.94 0.63% S
ESQ 29667J101 ESQUIRE FINANCIAL HOLDINGS I 1,420.00 36.35 51,617.00 0.62% S
FPI 31154R109 FARMLAND PARTNERS INC 3,477.00 14.77 51,355.29 0.62% S
GCO 371532102 GENESCO INC 934 54.93 51,304.62 0.62% S
NBN 66405S100 NORTHEAST BANK 1,366.00 37.04 50,596.64 0.61% S
SBR 785688102 SABINE ROYALTY TRUST 698 72.35 50,500.30 0.61% S
FLL 359678109 FULL HOUSE RESORTS INC 7,840.00 6.37 49,940.80 0.60% S
ASC Y0207T100 ARDMORE SHIPPING CORP 6,400.00 7.79 49,856.00 0.60% FS
RTLR 75419T103 RATTLER MIDSTREAM LP 3,108.00 15.91 49,448.28 0.59% S
HAFC 410495204 HANMI FINANCIAL CORPORATION 2,166.00 22.79 49,363.14 0.59% S
BPT 055630107 BP PRUDHOE BAY ROYALTY TRUST 2,703.00 18.24 49,302.72 0.59% S
TDW 88642R109 TIDEWATER INC 1,836.00 26.81 49,223.16 0.59% S
MBI 55262C100 MBIA INC 3,625.00 13.54 49,082.50 0.59% S
GLP 37946R109 GLOBAL PARTNERS LP 1,696.00 28.78 48,810.88 0.59% S
III 45675Y104 INFORMATION SERVICES GROUP 8,086.00 5.98 48,354.28 0.58% S
SOI 83418M103 SOLARIS OILFIELD INFRAST-A 3,650.00 13.19 48,143.50 0.58% S
CCRN 227483104 CROSS COUNTRY HEALTHCARE INC 2,824.00 17.04 48,120.96 0.58% S
MVBF 553810102 MVB FINANCIAL CORP 1,277.00 37.55 47,951.35 0.58% S
LAND 376549101 GLADSTONE LAND CORP 1,941.00 24.68 47,903.88 0.58% S
BVH 096308101 BLUEGREEN VACATIONS HOLDING 1,828.00 26.07 47,655.96 0.57% S
TIPT 88822Q103 TIPTREE INC 4,399.00 10.8 47,509.20 0.57% S
BBW 120076104 BUILD-A-BEAR WORKSHOP INC 2,808.00 16.68 46,837.44 0.56% S
AMRK 00181T107 A-MARK PRECIOUS METALS INC 600 77.9 46,740.00 0.56% S
FCUV 34417J104 FOCUS UNIVERSAL INC 3,712.00 12.56 46,622.72 0.56% S
LPG Y2106R110 DORIAN LPG LTD 2,800.00 16.59 46,452.00 0.56% FS
CSTR 14070T102 CAPSTAR FINANCIAL HOLDINGS I 2,294.00 20.15 46,224.10 0.56% S
BY 124411109 BYLINE BANCORP INC 1,892.00 24.4 46,164.80 0.56% S
CTO 22948Q101 CTO REALTY GROWTH INC 713 64.68 46,116.84 0.55% S
OSBC 680277100 OLD SECOND BANCORP INC 3,100.00 14.86 46,066.00 0.55% S
FRBA 31931U102 FIRST BANK/HAMILTON NJ 3,297.00 13.93 45,927.21 0.55% S
NR 651718504 NEWPARK RESOURCES INC 10,309.00 4.4 45,359.60 0.55% S
BCML 07272M107 BAYCOM CORP 2,034.00 22.17 45,093.78 0.54% S
THRY 886029206 THRYV HOLDINGS INC 1,800.00 24.98 44,964.00 0.54% S
STKS 88338K103 ONE GROUP HOSPITALITY INC/TH 5,223.00 8.59 44,865.57 0.54% S
IIIN 45774W108 INSTEEL INDUSTRIES INC 1,142.00 39.28 44,857.76 0.54% S
BRT 055645303 BRT APARTMENTS CORP 2,044.00 21.82 44,600.08 0.54% S
EZPW 302301106 EZCORP INC-CL A 6,088.00 7.31 44,503.28 0.54% S
FET 34984V209 FORUM ENERGY TECHNOLOGIES IN 1,900.00 23.18 44,042.00 0.53% S
MOV 624580106 MOVADO GROUP INC 1,374.00 32.03 44,009.22 0.53% S
FLMN 30607B109 FALCON MINERALS CORP 6,078.00 7.2 43,761.60 0.53% S
BIOX G1117K114 BIOCERES CROP SOLUTIONS CORP 3,151.00 13.85 43,641.35 0.52% FS
PCB 69320M109 PCB BANCORP 2,299.00 18.97 43,612.03 0.52% S
CRAI 12618T105 CRA INTERNATIONAL INC 527 82.53 43,493.31 0.52% S
NRT 659310106 NORTH EUROPEAN OIL RTY TRUST 2,440.00 17.75 43,310.00 0.52% S
CTIC 12648L601 CTI BIOPHARMA CORP 8,100.00 5.32 43,092.00 0.52% S
NGVC 63888U108 NATURAL GROCERS BY VITAMIN C 2,480.00 17.32 42,953.60 0.52% S
HSON 443787205 HUDSON GLOBAL INC 1,084.00 39.26 42,557.84 0.51% S
NREF 65342V101 NEXPOINT REAL ESTATE FINANCE 1,750.00 24.05 42,087.50 0.51% S
VOC 91829B103 VOC ENERGY TRUST 5,685.00 7.39 42,012.15 0.51% S
HAYN 420877201 HAYNES INTERNATIONAL INC 1,094.00 38.26 41,856.44 0.50% S
PVBC 74383L105 PROVIDENT BANCORP INC 2,779.00 15.05 41,823.95 0.50% S
FC 353469109 FRANKLIN COVEY CO 1,110.00 37.58 41,713.80 0.50% S
STRL 859241101 STERLING CONSTRUCTION CO 1,698.00 24.31 41,278.38 0.50% S
SXC 86722A103 SUNCOKE ENERGY INC 5,066.00 8.1 41,034.60 0.49% S
DGII 253798102 DIGI INTERNATIONAL INC 1,871.00 21.74 40,675.54 0.49% S
WSR 966084204 WHITESTONE REIT 3,355.00 12.09 40,561.95 0.49% S
HNRG 40609P105 HALLADOR ENERGY CO 9,100.00 4.44 40,404.00 0.49% S
TITN 88830R101 TITAN MACHINERY INC 1,617.00 24.9 40,263.30 0.48% S
SHBI 825107105 SHORE BANCSHARES INC 2,072.00 19.43 40,258.96 0.48% S
USDP 903318103 USD PARTNERS LP 6,558.00 6.13 40,200.54 0.48% S
CMLS 231082801 CUMULUS MEDIA INC-CL A 3,591.00 11.16 40,075.56 0.48% S
GPP 393221106 GREEN PLAINS PARTNERS LP 3,144.00 12.54 39,425.76 0.47% S
CARE 146103106 CARTER BANKSHARES INC 2,615.00 14.79 38,675.85 0.47% S
CUTR 232109108 CUTERA INC 886 43.59 38,620.74 0.46% S
TSQ 892231101 TOWNSQUARE MEDIA INC - CL A 3,900.00 9.87 38,493.00 0.46% S
BCBP 055298103 BCB BANCORP INC 2,000.00 19.24 38,480.00 0.46% S
CSV 143905107 CARRIAGE SERVICES INC 970 39.16 37,985.20 0.46% S
JILL 46620W201 J. JILL INC 2,099.00 18 37,782.00 0.45% S
MSBI 597742105 MIDLAND STATES BANCORP INC 1,468.00 25.72 37,756.96 0.45% S
FFWM 32026V104 FIRST FOUNDATION INC 1,725.00 21.66 37,363.50 0.45% S
WTTR 81617J301 SELECT ENERGY SERVICES INC-A 4,333.00 8.62 37,350.46 0.45% S
INBK 320557101 FIRST INTERNET BANCORP 990 37.63 37,253.70 0.45% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 1,402.00 26.56 37,237.12 0.45% S
VEL 92262D101 VELOCITY FINANCIAL INC 3,607.00 10.29 37,116.03 0.45% S
EDRY Y23508107 EURODRY LTD 1,331.00 27.86 37,081.66 0.45% FS
DLHC 23335Q100 DLH HOLDINGS CORP 2,405.00 15.37 36,964.85 0.44% S
GBL 361438104 GAMCO INVESTORS INC-A 1,772.00 20.85 36,946.20 0.44% S
CATO 149205106 CATO CORP-CLASS A 2,831.00 13.05 36,944.55 0.44% S
TA 89421B109 TRAVELCENTERS OF AMERICA INC 1,037.00 35.61 36,927.57 0.44% S
MBWM 587376104 MERCANTILE BANK CORP 1,164.00 31.42 36,572.88 0.44% S
FSBC 33830T103 FIVE STAR BANCORP 1,404.00 26.04 36,560.16 0.44% S
ITIC 461804106 INVESTORS TITLE CO 227 158.75 36,036.25 0.43% S
SND 83191H107 SMART SAND INC 11,000.00 3.27 35,915.00 0.43% S
HTBI 437872104 HOMETRUST BANCSHARES INC 1,354.00 26.34 35,664.36 0.43% S
BH 08986R309 BIGLARI HOLDINGS INC-B 276 128.93 35,584.68 0.43% S
OPBK 67109R109 OP BANCORP 3,000.00 11.79 35,370.00 0.43% S
PGC 704699107 PEAPACK GLADSTONE FINL CORP 1,084.00 32.45 35,175.80 0.42% S
PLYM 729640102 PLYMOUTH INDUSTRIAL REIT INC 1,779.00 19.67 34,992.93 0.42% S
KE 49428J109 KIMBALL ELECTRONICS INC 1,926.00 18.08 34,822.08 0.42% S
BFST 12326C105 BUSINESS FIRST BANCSHARES 1,604.00 21.56 34,582.24 0.42% S
SGH G8232Y101 SMART GLOBAL HOLDINGS INC 1,473.00 23.2 34,173.60 0.41% FS
CIO 178587101 CITY OFFICE REIT INC 2,544.00 13.39 34,064.16 0.41% S
ACET 007002108 ADICET BIO INC 3,294.00 10.3 33,928.20 0.41% S
ETD 297602104 ETHAN ALLEN INTERIORS INC 1,512.00 22.43 33,914.16 0.41% S
HIFS 433323102 HINGHAM INSTITUTION FOR SVGS 111 304.25 33,771.75 0.41% S
OXBR G6856M106 OXBRIDGE RE HOLDINGS LTD 6,974.00 4.81 33,544.94 0.40% FS
BZH 07556Q881 BEAZER HOMES USA INC 2,212.00 14.92 33,003.04 0.40% S
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST 3,122.00 10.53 32,874.66 0.40% S
CVLG 22284P105 COVENANT LOGISTICS GROUP INC 1,570.00 20.74 32,561.80 0.39% S
OPY 683797104 OPPENHEIMER HOLDINGS-CL A 938 34.57 32,426.66 0.39% S
HQI 433535101 HIREQUEST INC 2,208.00 14.66 32,369.28 0.39% S
FRBK 760416107 REPUBLIC FIRST BANCORP INC 8,008.00 4.04 32,352.32 0.39% S
ALTG 02128L106 ALTA EQUIPMENT GROUP INC 3,031.00 10.44 31,643.64 0.38% S
REX 761624105 REX AMERICAN RESOURCES CORP 349 90.15 31,462.35 0.38% S
MCBS 59165J105 METROCITY BANKSHARES INC 1,528.00 20.18 30,835.04 0.37% S
VSEC 918284100 VSE CORP 816 37.37 30,493.92 0.37% S
ATCX 049430101 ATLAS TECHNICAL CONSULTANTS 3,600.00 8.4 30,240.00 0.36% S
HWKN 420261109 HAWKINS INC 866 34.62 29,980.92 0.36% S
LLNW 53261M104 LIMELIGHT NETWORKS INC 8,660.00 3.44 29,790.40 0.36% S
TCDA 89610F101 TRICIDA INC 3,440.00 8.65 29,756.00 0.36% S
CNTY 156492100 CENTURY CASINOS INC 3,858.00 7.7 29,706.60 0.36% S
ALTO 021513106 ALTO INGREDIENTS INC 6,645.00 4.45 29,570.25 0.36% S
SPFI 83946P107 SOUTH PLAINS FINANCIAL INC 1,188.00 23.83 28,310.04 0.34% S
GHL 395259104 GREENHILL & CO INC 2,441.00 11.45 27,949.45 0.34% S
GTIM 382140879 GOOD TIMES RESTAURANTS INC 9,413.00 2.69 25,320.97 0.30% S
ANAB 032724106 ANAPTYSBIO INC 1,288.00 19.19 24,716.72 0.30% S
TTSH 88677Q109 TILE SHOP HLDGS INC 5,716.00 4.3 24,578.80 0.30% S
NYC 649439205 NEW YORK CITY REIT INC-A 3,494.00 6.96 24,318.24 0.29% S
WAVD 456696103 WAVEDANCER INC 8,828.00 2.28 20,127.84 0.24% S
ATTO L0427L204 ATENTO SA 1,998.00 9.88 19,740.24 0.24% FS
OP Y6430L103 OCEANPAL INC 1,026.00 0.57 587.69 0.01% FS
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 63,698.61 1 63,698.61 0.77% MM
CASH -10,700.26 100 -10,700.26 -0.13% 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 4/30/2022

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.