(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 9/20/2019

NAV $22.15 Closing Price $21.93
Change $0.05 Close Change $-0.57
Shares Outstanding 100,000.00 Volume 219
4PM Bid/Offer Midpoint $22.15 Premium Discount $0.00
Assets Under Management $2,214,910.65

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. 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

Performance

As of 8/31/2019

NAV Market Price Return Russell Microcap Index
1 Month -5.18 -5.39 -6.29
3 Months 2.64 2.43 -1.80
YTD 17.57 17.62 5.51
1 Year -14.66 -14.92 -20.53
Since Inception (7/10/2018, Annualized) -9.11 -9.20 -17.22

As of 6/30/2019

NAV Market Price Return Russell Microcap Index
1 Month 6.70 6.53 6.24
3 Months 5.04 4.97 0.92
YTD 22.22 22.32 14.15
1 Year - - -10.39
Since Inception (7/10/2018, Annualized) -7.86 -7.94 -12.82

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.

Top Ten

Holdings

As of 9/20/2019

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
09/20/2019 DWMC CWST 147448104 CASELLA WASTE SYSTEMS INC-A 1,028.00 44.92 46,177.76 2.09% S 1
DWMC FIVN 338307101 FIVE9 INC 788.00 58.43 46,042.84 2.08% S 1
DWMC ERI 28470R102 ELDORADO RESORTS INC 920.00 43.18 39,725.60 1.79% S 1
DWMC EHTH 28238P109 EHEALTH INC 400.00 78.59 31,436.00 1.42% S 1
DWMC AXSM 05464T104 AXSOME THERAPEUTICS INC 1,057.00 28.13 29,733.41 1.34% S 1
DWMC KNSL 49714P108 KINSALE CAPITAL GROUP INC 280.00 99.47 27,851.60 1.26% S 1
DWMC APPF 03783C100 APPFOLIO INC - A 272.00 96.80 26,329.60 1.19% S 1
DWMC NOVT 67000B104 NOVANTA INC 308.00 85.42 26,309.36 1.19% FS 1
DWMC AUDC M15342104 AUDIOCODES LTD 1,236.00 20.77 25,671.72 1.16% FS 1
DWMC SKYW 830879102 SKYWEST INC 428.00 58.64 25,097.92 1.13% S 1
DWMC LPSN 538146101 LIVEPERSON INC 628.00 38.17 23,970.76 1.08% S 1
DWMC CHGG 163092109 CHEGG INC 696.00 33.28 23,162.88 1.05% S 1
DWMC KRYS 501147102 KRYSTAL BIOTECH INC 457.00 48.98 22,383.86 1.01% S 1
DWMC SLP 829214105 SIMULATIONS PLUS INC 576.00 37.20 21,427.20 0.97% S 1
DWMC RUBI 78112V102 RUBICON PROJECT INC/THE 2,276.00 9.39 21,371.64 0.97% S 1
DWMC CECO 141665109 CAREER EDUCATION CORP 1,232.00 16.90 20,820.80 0.94% S 1
DWMC GPRK G38327105 GEOPARK LTD 1,092.00 19.04 20,791.68 0.94% FS 1
DWMC PAR 698884103 PAR TECHNOLOGY CORP/DEL 804.00 25.84 20,775.36 0.94% S 1
DWMC VCYT 92337F107 VERACYTE INC 772.00 26.50 20,458.00 0.92% S 1
DWMC BAND 05988J103 BANDWIDTH INC-CLASS A 288.00 70.01 20,162.88 0.91% S 1
DWMC OFG 67103X102 OFG BANCORP 828.00 22.45 18,588.60 0.84% FS 1
DWMC RARX 74933V108 RA PHARMACEUTICALS INC 724.00 25.56 18,505.44 0.84% S 1
DWMC CRMT 03062T105 AMERICA'S CAR-MART INC 197.00 92.94 18,309.18 0.83% S 1
DWMC HLNE 407497106 HAMILTON LANE INC-CLASS A 284.00 61.11 17,355.24 0.78% S 1
DWMC ADUS 006739106 ADDUS HOMECARE CORP 212.00 81.39 17,254.68 0.78% S 1
DWMC CHEF 163086101 CHEFS' WAREHOUSE INC/THE 420.00 40.47 16,997.40 0.77% S 1
DWMC NXRT 65341D102 NEXPOINT RESIDENTIAL 353.00 47.56 16,788.68 0.76% S 1
DWMC APPS 25400W102 DIGITAL TURBINE INC 2,340.00 6.95 16,263.00 0.73% S 1
DWMC CLCT 19421R200 COLLECTORS UNIVERSE 560.00 28.88 16,172.80 0.73% S 1
DWMC KOD 50015M109 KODIAK SCIENCES INC 952.00 16.64 15,841.28 0.72% S 1
DWMC RUN 86771W105 SUNRUN INC 900.00 17.30 15,570.00 0.70% S 1
DWMC MLAB 59064R109 MESA LABORATORIES INC 61.00 249.54 15,221.94 0.69% S 1
DWMC CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 348.00 43.60 15,172.80 0.69% S 1
DWMC PTSI 693149106 P.A.M. TRANSPORTATION SVCS 260.00 58.18 15,126.80 0.68% S 1
DWMC NSSC 630402105 NAPCO SECURITY TECHNOLOGIES 524.00 28.80 15,091.20 0.68% S 1
DWMC LIND 535219109 LINDBLAD EXPEDITIONS HOLDING 852.00 17.69 15,071.88 0.68% S 1
DWMC CATS 149049504 CATASYS INC 844.00 17.69 14,930.36 0.67% S 1
DWMC AGYS 00847J105 AGILYSYS INC 532.00 28.02 14,906.64 0.67% S 1
DWMC ATEC 02081G201 ALPHATEC HOLDINGS INC 2,616.00 5.66 14,806.56 0.67% S 1
DWMC CDLX 14161W105 CARDLYTICS INC 405.00 36.10 14,620.50 0.66% S 1
DWMC HLIT 413160102 HARMONIC INC 2,104.00 6.90 14,517.60 0.66% S 1
DWMC RCM 749397105 R1 RCM INC 1,332.00 10.71 14,265.72 0.64% S 1
DWMC HALL 40624Q203 HALLMARK FINL SERVICES INC 760.00 18.77 14,265.20 0.64% S 1
DWMC GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 289.00 49.19 14,215.91 0.64% S 1
DWMC RDNT 750491102 RADNET INC 948.00 14.98 14,201.04 0.64% S 1
DWMC RCKY 774515100 ROCKY BRANDS INC 436.00 32.46 14,152.56 0.64% S 1
DWMC MSB 590672101 MESABI TRUST 596.00 23.70 14,125.20 0.64% S 1
DWMC ABR 038923108 ARBOR REALTY TRUST INC 1,068.00 13.19 14,086.92 0.64% S 1
DWMC GLDD 390607109 GREAT LAKES DREDGE & DOCK CO 1,373.00 10.24 14,059.52 0.63% S 1
DWMC MOBL 60739U204 MOBILEIRON INC 1,940.00 7.16 13,890.40 0.63% S 1
DWMC MSEX 596680108 MIDDLESEX WATER CO 217.00 63.66 13,814.22 0.62% S 1
DWMC QTNT G73268107 QUOTIENT LTD 1,608.00 8.57 13,780.56 0.62% FS 1
DWMC LOOP 543518104 LOOP INDUSTRIES INC 796.00 17.26 13,738.96 0.62% S 1
DWMC VPG 92835K103 VISHAY PRECISION GROUP 392.00 34.88 13,672.96 0.62% S 1
DWMC ARCT 03969T109 ARCTURUS THERAPEUTICS HOLDIN 1,034.00 13.22 13,669.48 0.62% S 1
DWMC DCO 264147109 DUCOMMUN INC 304.00 44.54 13,540.16 0.61% S 1
DWMC KRNT M6372Q113 KORNIT DIGITAL LTD 404.00 32.42 13,097.68 0.59% FS 1
DWMC LPG Y2106R110 DORIAN LPG LTD 1,200.00 10.88 13,056.00 0.59% FS 1
DWMC AMRC 02361E108 AMERESCO INC-CL A 856.00 15.23 13,036.88 0.59% S 1
DWMC SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 732.00 17.72 12,971.04 0.59% FS 1
DWMC ADES 00770C101 ADVANCED EMISSIONS SOLUTIONS 916.00 14.08 12,897.28 0.58% S 1
DWMC ATAX 02364V107 AMERICA FIRST MULTIFAMILY IN 1,608.00 7.99 12,847.92 0.58% S 1
DWMC PCYO 746228303 PURE CYCLE CORP 1,172.00 10.92 12,798.24 0.58% S 1
DWMC IBCP 453838609 INDEPENDENT BANK CORP - MICH 584.00 21.86 12,766.24 0.58% S 1
DWMC WRLD 981419104 WORLD ACCEPTANCE CORP 96.00 132.28 12,698.88 0.57% S 1
DWMC EVER 30041R108 EVERQUOTE INC - CLASS A 565.00 22.40 12,656.00 0.57% S 1
DWMC JYNT 47973J102 JOINT CORP/THE 668.00 18.91 12,631.88 0.57% S 1
DWMC TLRA 879181105 TELARIA INC 1,588.00 7.93 12,592.84 0.57% S 1
DWMC CARA 140755109 CARA THERAPEUTICS INC 568.00 22.16 12,586.88 0.57% S 1
DWMC VRRM 92511U102 VERRA MOBILITY CORP 860.00 14.55 12,513.00 0.57% S 1
DWMC NWPX 667746101 NORTHWEST PIPE CO 440.00 28.43 12,509.20 0.56% S 1
DWMC LNTH 516544103 LANTHEUS HOLDINGS INC 472.00 26.38 12,451.36 0.56% S 1
DWMC OFLX 682095104 OMEGA FLEX INC 124.00 99.83 12,378.92 0.56% S 1
DWMC CLAR 18270P109 CLARUS CORP 1,040.00 11.81 12,282.40 0.55% S 1
DWMC EVOP 26927E104 EVO PAYMENTS INC-CLASS A 420.00 29.14 12,238.80 0.55% S 1
DWMC DHT Y2065G121 DHT HOLDINGS INC 2,036.00 6.01 12,236.36 0.55% FS 1
DWMC PIRS 720795103 PIERIS PHARMACEUTICALS INC 2,122.00 5.76 12,222.72 0.55% S 1
DWMC MCBC 554225102 MACATAWA BANK CORP 1,144.00 10.64 12,172.16 0.55% S 1
DWMC VSLR 92854Q106 VIVINT SOLAR INC 1,564.00 7.78 12,167.92 0.55% S 1
DWMC MLR 600551204 MILLER INDUSTRIES INC/TENN 352.00 34.42 12,115.84 0.55% S 1
DWMC BCOV 10921T101 BRIGHTCOVE 1,113.00 10.88 12,109.44 0.55% S 1
DWMC LMRK 51508J108 LANDMARK INFRASTRUCTURE PART 708.00 17.10 12,106.80 0.55% S 1
DWMC BFC 06211J100 BANK FIRST CORP 177.00 68.37 12,101.49 0.55% S 1
DWMC POWL 739128106 POWELL INDUSTRIES INC 308.00 39.21 12,076.68 0.55% S 1
DWMC VEC 92242T101 VECTRUS INC 293.00 41.00 12,013.00 0.54% S 1
DWMC BLFS 09062W204 BIOLIFE SOLUTIONS INC 577.00 20.74 11,966.98 0.54% S 1
DWMC FNKO 361008105 FUNKO INC-CLASS A 540.00 21.92 11,836.80 0.53% S 1
DWMC IMXI 46005L101 INTERNATIONAL MONEY EXPRESS 849.00 13.86 11,767.14 0.53% S 1
DWMC SCU 811246107 SCULPTOR CAPITAL MANAGEMENT 484.00 24.29 11,756.36 0.53% S 1
DWMC ZIXI 98974P100 ZIX CORP 1,488.00 7.90 11,755.20 0.53% S 1
DWMC ZYME 98985W102 ZYMEWORKS INC 428.00 27.44 11,744.32 0.53% FS 1
DWMC OPY 683797104 OPPENHEIMER HOLDINGS-CL A 376.00 31.20 11,731.20 0.53% S 1
DWMC SAFE 78645L100 SAFEHOLD INC 396.00 29.58 11,713.68 0.53% S 1
DWMC GLP 37946R109 Global Partners LP/MA 588.00 19.87 11,683.56 0.53% S 1
DWMC FBM 350392106 FOUNDATION BUILDING MATERIAL 708.00 16.50 11,682.00 0.53% S 1
DWMC DYAI 26745T101 DYADIC INTERNATIONAL INC 1,904.00 6.13 11,671.52 0.53% S 1
DWMC BDSI 09060J106 BIODELIVERY SCIENCES INTL 2,512.00 4.60 11,555.20 0.52% S 1
DWMC GMRE 37954A204 GLOBAL MEDICAL REIT INC 1,004.00 11.46 11,505.84 0.52% S 1
DWMC ACRE 04013V108 ARES COMMERCIAL REAL ESTATE CORP 728.00 15.72 11,444.16 0.52% S 1
DWMC FC 353469109 FRANKLIN COVEY CO 313.00 36.50 11,424.50 0.52% S 1
DWMC UEIC 913483103 UNIVERSAL ELECTRONICS INC 235.00 48.60 11,421.00 0.52% S 1
DWMC REPH 75629F109 RECRO PHARMA INC 961.00 11.84 11,378.24 0.51% S 1
DWMC CAMT M20791105 CAMTEK LTD 1,152.00 9.84 11,335.68 0.51% FS 1
DWMC IDT 448947507 IDT CORP 1,000.00 11.29 11,290.00 0.51% S 1
DWMC CIO 178587101 CITY OFFICE REIT INC 795.00 14.17 11,265.15 0.51% S 1
DWMC APYX 03837C106 APYX MEDICAL CORP 1,536.00 7.33 11,258.88 0.51% S 1
DWMC AMSWA 029683109 AMERICAN SOFTWARE INC-CL A 745.00 15.08 11,234.60 0.51% S 1
DWMC ROAD 21044C107 CONSTRUCTION PARTNERS INC-A 701.00 16.00 11,216.00 0.51% S 1
DWMC DSPG 23332B106 DSP GROUP INC 765.00 14.59 11,161.35 0.50% S 1
DWMC SRI 86183P102 STONERIDGE INC 360.00 31.00 11,160.00 0.50% S 1
DWMC RILY 05580M108 B. RILEY FINANCIAL INC 447.00 24.94 11,148.18 0.50% S 1
DWMC CORR 21870U502 CORENERGY INFRASTRUCTURE TRU 236.00 47.13 11,122.68 0.50% S 1
DWMC LAWS 520776105 LAWSON PRODUCTS INC 281.00 39.55 11,113.55 0.50% S 1
DWMC IMKTA 457030104 INGLES MARKETS INC-CLASS A 280.00 39.36 11,020.80 0.50% S 1
DWMC GOOD 376536108 GLADSTONE COMMERCIAL CORP 479.00 23.00 11,017.00 0.50% S 1
DWMC STAR 45031U101 ISTAR INC 848.00 12.99 11,015.52 0.50% S 1
DWMC TTGT 87874R100 TECHTARGET 445.00 24.72 11,000.40 0.50% S 1
DWMC OLP 682406103 ONE LIBERTY PROPERTIES INC 385.00 28.57 10,999.45 0.50% S 1
DWMC AJX 38983D300 GREAT AJAX CORP 728.00 15.10 10,992.80 0.50% S 1
DWMC SMTA 84861U105 SPIRIT MTA REIT 1,285.00 8.52 10,948.20 0.49% S 1
DWMC NEWT 652526203 NEWTEK BUSINESS SERVICES COR 473.00 23.14 10,945.22 0.49% S 1
DWMC DHX 23331S100 DHI GROUP INC 2,649.00 4.08 10,807.92 0.49% S 1
DWMC ERII 29270J100 ENERGY RECOVERY INC 1,109.00 9.72 10,779.48 0.49% S 1
DWMC WAAS G0443N107 AQUAVENTURE HOLDINGS LTD 576.00 18.70 10,771.20 0.49% FS 1
DWMC RVI 76133Q102 RETAIL VALUE INC 288.00 37.36 10,759.68 0.49% S 1
DWMC UFPT 902673102 UFP TECHNOLOGIES INC 272.00 39.50 10,744.00 0.49% S 1
DWMC HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 412.00 26.06 10,736.72 0.48% S 1
DWMC UBFO 911460103 UNITED SECURITY BANCSHARE/CA 1,000.00 10.70 10,700.00 0.48% S 1
DWMC NCMI 635309107 NATIONAL CINEMEDIA INC 1,252.00 8.50 10,642.00 0.48% S 1
DWMC ANIK 035255108 ANIKA THERAPEUTICS INC 200.00 53.12 10,624.00 0.48% S 1
DWMC ARVN 04335A105 ARVINAS INC 433.00 24.49 10,604.17 0.48% S 1
DWMC BMRC 063425102 BANK OF MARIN BANCORP/CA 241.00 43.65 10,519.65 0.48% S 1
DWMC SPKE 846511103 SPARK ENERGY INC-CLASS A 1,025.00 10.10 10,352.50 0.47% S 1
DWMC PKBK 700885106 PARKE BANCORP INC 452.00 22.75 10,283.00 0.46% S 1
DWMC DOVA 25985T102 DOVA PHARMACEUTICALS INC 680.00 15.10 10,268.00 0.46% S 1
DWMC VCEL 92346J108 VERICEL CORP 637.00 16.07 10,236.59 0.46% S 1
DWMC HNGR 41043F208 HANGER INC 472.00 21.54 10,166.88 0.46% S 1
DWMC ATEX 03676C100 ANTERIX INC 268.00 37.89 10,154.52 0.46% S 1
DWMC GPMT 38741L107 GRANITE POINT MORTGAGE TRUST INC 540.00 18.76 10,130.40 0.46% S 1
DWMC FCBC 31983A103 FIRST COMMUNITY BANKSHARES 309.00 32.68 10,098.12 0.46% S 1
DWMC SBR 785688102 SABINE ROYALTY TRUST 232.00 43.36 10,059.52 0.45% S 1
DWMC PI 453204109 IMPINJ INC 303.00 32.61 9,880.83 0.45% S 1
DWMC BCML 07272M107 BAYCOM CORP 428.00 23.03 9,856.84 0.45% S 1
DWMC IOTS 00687D101 ADESTO TECHNOLOGIES CORP 1,076.00 9.13 9,823.88 0.44% S 1
DWMC LUNA 550351100 Luna Innovations Inc 1,593.00 6.14 9,781.02 0.44% S 1
DWMC MSON 604871103 MISONIX INC 500.00 19.08 9,540.00 0.43% S 1
DWMC SNDX 87164F105 SYNDAX PHARMACEUTICALS INC 1,065.00 8.70 9,265.50 0.42% S 1
DWMC BSTC 090931106 BIOSPECIFICS TECHNOLOGIES 160.00 57.75 9,240.00 0.42% S 1
DWMC MCRI 609027107 MONARCH CASINO & RESORT INC 208.00 43.83 9,116.64 0.41% S 1
DWMC PETQ 71639T106 PETIQ INC 332.00 27.23 9,040.36 0.41% S 1
DWMC HMLP Y3262R100 HOEGH LNG PARTNERS LP 568.00 15.59 8,855.12 0.40% FS 1
DWMC MTRX 576853105 MATRIX SERVICE CO 509.00 17.22 8,764.98 0.40% S 1
DWMC JCAP 476405105 JERNIGAN CAPITAL INC 440.00 19.61 8,628.40 0.39% S 1
DWMC AIRG 00938A104 AIRGAIN INC 709.00 12.00 8,508.00 0.38% S 0
DWMC PERI M78673114 PERION NETWORK LTD 1,734.00 4.65 8,063.10 0.36% FS 0
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 55,165.53 1 55,165.53 2.49% MM
CASH -36,498.45 100 -36,498.45 -1.65% CA

FUND

Characteristics

As of 08/31/2019

DWMC Sector Change

DWMC Sector Allocation

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 0.37%
Gross Expenses Ratio 1.12%
Fee Waiver and/or Expense Reimbursement -0.13%
Net Expense Ratio 0.90%

*The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses from exceeding 0.99% 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
12/27/2019 12/30/2019 - - - - -
12/27/2018 12/28/2018 12/31/2018 $0.00 $0.00 $0.00 $0.00 $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.