(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 7/10/2020

NAV $21.26 Closing Price $21.24
Change $0.01 Close Change $1.41
Shares Outstanding 100,000 Volume 135
4PM Bid/Offer Midpoint $21.24 Premium Discount $-0.02
Assets Under Management $2,125,616.47    

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 6/30/2020

NAV Market Price Return Russell Microcap Index
1 Month 3.35 2.06 6.25
3 Months 31.70 29.92 30.54
YTD -11.33 -13.15 -11.21
1 Year -8.26 -9.58 -4.77
Since Inception (7/10/2018, Annualized) -7.63 -8.33 -3.72

As of 6/30/2020

NAV Market Price Return Russell Microcap Index
1 Month 3.35 2.06 6.25
3 Months 31.70 29.92 30.54
YTD -11.33 -13.15 -11.21
1 Year -8.26 -9.58 -4.77
Since Inception (7/10/2018, Annualized) -7.63 -8.33 -3.72

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 7/9/2020

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
07/10/2020 DWMC EVER 30041R108 EVERQUOTE INC - CLASS A 789 62.16 49,044.24 2.31% S
KOD 50015M109 KODIAK SCIENCES INC 913 52.75 48,160.75 2.27% S
CWST 147448104 CASELLA WASTE SYSTEMS INC-A 924 51.43 47,521.32 2.24% S
FIVN 338307101 FIVE9 INC 363 119.06 43,218.78 2.03% S
APPF 03783C100 APPFOLIO INC - A 254 161.28 40,965.12 1.93% S
KNSL 49714P108 KINSALE CAPITAL GROUP INC 245 158.24 38,768.80 1.82% S
AUDC M15342104 AUDIOCODES LTD 1,190.00 32.07 38,163.30 1.80% FS
CGEN M25722105 COMPUGEN LTD 1,990.00 15.86 31,561.40 1.49% FS
NOVT 67000B104 NOVANTA INC 281 103.54 29,094.74 1.37% FS
MRSN 59045L106 MERSANA THERAPEUTICS INC 1,259.00 21.57 27,156.63 1.28% S
CELH 15118V207 CELSIUS HOLDINGS INC 1,934.00 12.93 25,006.62 1.18% S
NK 63016Q102 NANTKWEST INC 1,668.00 13.8 23,018.40 1.08% S
AMRC 2.36E+111 AMERESCO INC-CL A 798 28.55 22,782.90 1.07% S
APPS 25400W102 DIGITAL TURBINE INC 1,706.00 13.22 22,553.32 1.06% S
SPWH 84920Y106 SPORTSMAN'S WAREHOUSE HOLDIN 1,556.00 14.42 22,437.52 1.06% S
ACMR 00108J109 ACM RESEARCH INC-CLASS A 271 81.63 22,121.73 1.04% S
GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 270 81.91 22,115.70 1.04% S
PRTS 90343C100 US AUTO PARTS NETWORK INC 1,889.00 11.47 21,666.83 1.02% S
ZYXI 98986M103 ZYNEX INC 728 28.58 20,806.24 0.98% S
VCYT 92337F107 VERACYTE INC 693 29 20,097.00 0.95% S
SWBI 831754106 SMITH & WESSON BRANDS INC 912 21.88 19,954.56 0.94% S
KRNT M6372Q113 KORNIT DIGITAL LTD 381 52.33 19,937.73 0.94% FS
BCLI 1.05E+205 BRAINSTORM CELL THERAPEUTICS 1,500.00 13.25 19,875.00 0.94% S
SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 671 27.48 18,439.08 0.87% FS
CYTK 23282W605 CYTOKINETICS INC 712 25.5 18,156.00 0.85% S
CYBE 232517102 Cyberoptics Corp 480 37.46 17,980.80 0.85% S
HLNE 407497106 HAMILTON LANE INC-CLASS A 249 68.03 16,939.47 0.80% S
RCM 749397105 R1 RCM INC 1,279.00 13.09 16,742.11 0.79% S
CALX 13100M509 CALIX INC 1,140.00 14.55 16,587.00 0.78% S
ADUS 6739106 ADDUS HOMECARE CORP 183 89.6 16,396.80 0.77% S
NLS 63910B102 NAUTILUS INC 1,500.00 10.66 15,990.00 0.75% S
CYRX 229050307 CRYOPORT INC 467 33.68 15,728.56 0.74% S
CAMT M20791105 CAMTEK LTD 1,152.00 13.06 15,045.12 0.71% FS
NEON 64051M709 NEONODE INC 1,364.00 10.86 14,813.04 0.70% S
ADVM 00773U108 ADVERUM BIOTECHNOLOGIES INC 742 19.88 14,750.96 0.69% S
TWST 90184D100 TWIST BIOSCIENCE CORP 265 54.71 14,498.15 0.68% S
CLW 18538R103 CLEARWATER PAPER CORP 380 37.08 14,090.40 0.66% S
TTGT 87874R100 TECHTARGET 445 31.41 13,977.45 0.66% S
VAPO 922107107 VAPOTHERM INC 301 46.16 13,894.16 0.65% S
VSTO 928377100 VISTA OUTDOOR INC 940 14.66 13,780.40 0.65% S
SLP 829214105 SIMULATIONS PLUS INC 217 62.46 13,553.82 0.64% S
WRTC 98212N107 WRAP TECHNOLOGIES INC 1,091.00 12.22 13,332.02 0.63% S
ZYME 98985W102 ZYMEWORKS INC 399 33.19 13,242.81 0.62% FS
NBSE 64132K102 NEUBASE THERAPEUTICS INC 1,578.00 8.29 13,081.62 0.62% S
MTBC 55378G102 MTBC INC 1,235.00 10.52 12,992.20 0.61% S
OFLX 682095104 OMEGA FLEX INC 115 112.27 12,911.05 0.61% S
ECOM 159179100 CHANNELADVISOR CORP 730 17.48 12,760.40 0.60% S
HEAR 900450206 TURTLE BEACH CORP 719 17.63 12,675.97 0.60% S
MSEX 596680108 MIDDLESEX WATER CO 198 63.64 12,600.72 0.59% S
VEC 92242T101 VECTRUS INC 279 43.81 12,222.99 0.58% S
OCUL 67576A100 OCULAR THERAPEUTIX INC 1,646.00 7.42 12,213.32 0.57% S
GRWG 39986L109 GROWGENERATION CORP 1,843.00 6.62 12,200.66 0.57% S
AGTC 03820J100 APPLIED GENETIC TECHNOLOGIES 2,050.00 5.84 11,972.00 0.56% S
AKRO 00973Y108 AKERO THERAPEUTICS INC 317 37.67 11,941.39 0.56% S
PETS 716382106 PETMED EXPRESS INC 311 37.99 11,814.89 0.56% S
ROAD 21044C107 CONSTRUCTION PARTNERS INC-A 736 16.03 11,798.08 0.56% S
SCPL 809087109 SCIPLAY CORP-CLASS A 762 15.41 11,742.42 0.55% S
ASMB 45396108 ASSEMBLY BIOSCIENCES INC 510 23.02 11,740.20 0.55% S
CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 277 41.71 11,553.67 0.54% S
CEVA 157210105 CEVA INC 305 37.42 11,413.10 0.54% S
ELF 26856L103 ELF BEAUTY INC 566 20.06 11,353.96 0.53% S
VOXX 91829F104 VOXX INTERNATIONAL CORP 2,004.00 5.65 11,322.60 0.53% S
UFPT 902673102 UFP TECHNOLOGIES INC 255 44.36 11,311.80 0.53% S
VERI 92347M100 VERITONE INC 822 13.75 11,302.50 0.53% S
KALA 483119103 KALA PHARMACEUTICALS INC 1,105.00 10.16 11,226.80 0.53% S
ACLS 54540208 AXCELIS TECHNOLOGIES INC 396 28.33 11,218.68 0.53% S
BCEL 04965G109 ATRECA INC - A 541 20.66 11,177.06 0.53% S
AVXL 32797300 ANAVEX LIFE SCIENCES CORP 2,361.00 4.71 11,120.31 0.52% S
FUV 39587100 ARCIMOTO INC 1,562.00 7.1 11,090.20 0.52% S
SPRO 84833T103 SPERO THERAPEUTICS INC 850 13.02 11,067.00 0.52% S
SPTN 847215100 SPARTANNASH CO 538 20.55 11,055.90 0.52% S
GMRE 37954A204 GLOBAL MEDICAL REIT INC 1,004.00 11.01 11,054.04 0.52% S
DJCO 233912104 DAILY JOURNAL CORP 40 276.15 11,046.00 0.52% S
EGAN 28225C806 EGAIN CORP 1,023.00 10.78 11,027.94 0.52% S
CSTL 14843C105 CASTLE BIOSCIENCES INC 264 41.75 11,022.00 0.52% S
BFC 06211J100 BANK FIRST CORP 177 62.21 11,011.17 0.52% S
XPEL 98379L100 XPEL INC 741 14.81 10,974.21 0.52% S
ARDX 39697107 ARDELYX INC 1,703.00 6.42 10,933.26 0.51% S
FF 36116M106 FUTUREFUEL CORP 942 11.55 10,880.10 0.51% S
SRLP 849343108 SPRAGUE RESOURCES LP 710 15.25 10,827.50 0.51% S
AMSWA 29683109 AMERICAN SOFTWARE INC-CL A 690 15.69 10,826.10 0.51% S
HZO 567908108 MARINEMAX INC 456 23.58 10,752.48 0.51% S
CCH G22707106 COLLIER CREEK HOLDINGS-A 784 13.7 10,740.80 0.51% FS
ATEN 2121101 A10 NETWORKS INC 1,474.00 7.24 10,671.76 0.50% S
MIRM 604749101 MIRUM PHARMACEUTICALS INC 550 19.03 10,466.50 0.49% S
CLAR 18270P109 CLARUS CORP 990 10.57 10,459.35 0.49% S
DSPG 23332B106 DSP GROUP INC 663 15.75 10,442.25 0.49% S
FRHC 356390104 FREEDOM HOLDING CORP/NV 538 19.37 10,421.06 0.49% S
IMKTA 457030104 INGLES MARKETS INC-CLASS A 261 39.92 10,419.12 0.49% S
NH 630104107 NANTHEALTH INC 1,996.00 5.21 10,399.16 0.49% S
PDFS 693282105 PDF SOLUTIONS INC 534 19.47 10,396.98 0.49% S
HSKA 42805E306 HESKA CORP 113 91.84 10,377.92 0.49% S
CRBP 21833P103 CORBUS PHARMACEUTICALS HOLDI 1,351.00 7.68 10,375.68 0.49% S
GLT 377316104 GLATFELTER 652 15.75 10,269.00 0.48% S
GLDD 390607109 GREAT LAKES DREDGE & DOCK CO 1,223.00 8.4 10,267.09 0.48% S
EARN 288578107 ELLINGTON RESIDENTIAL MORTGA 1,045.00 9.82 10,261.90 0.48% S
AGLE 00773J103 AEGLEA BIOTHERAPEUTICS INC 1,157.00 8.85 10,239.45 0.48% S
XBIT 98400H102 XBIOTECH INC 691 14.81 10,233.71 0.48% FS
KDMN 48283N106 KADMON HOLDINGS INC 2,421.00 4.21 10,192.41 0.48% S
RLMD 75955J402 RELMADA THERAPEUTICS INC 240 42.33 10,159.20 0.48% S
AFMD N01045108 AFFIMED NV 2,300.00 4.41 10,143.00 0.48% FS
TCX 898697206 TUCOWS INC-CLASS A 169 59.59 10,070.71 0.47% S
AKTS 00973N102 AKOUSTIS TECHNOLOGIES INC 1,208.00 8.3 10,026.40 0.47% S
HCI 4.04E+107 HCI GROUP INC 220 45.49 10,007.80 0.47% S
OVID 690469101 OVID THERAPEUTICS INC 1,336.00 7.47 9,979.92 0.47% S
SYBT 861025104 STOCK YARDS BANCORP INC 273 36.19 9,879.87 0.46% S
ACTG 3881307 ACACIA RESEARCH CORP 2,571.00 3.82 9,821.22 0.46% S
PRVL 74140Y101 PREVAIL THERAPEUTICS INC 653 15.04 9,821.12 0.46% S
IRMD 46266A109 IRADIMED CORP 414 23.66 9,795.24 0.46% S
YORW 987184108 YORK WATER CO 211 46.34 9,777.74 0.46% S
RADA M81863124 RADA ELECTRONIC INDS LTD 1,561.00 6.25 9,756.25 0.46% FS
LOCO 268603107 EL POLLO LOCO HOLDINGS INC 677 14.41 9,755.57 0.46% S
MGIC 559166103 MAGIC SOFTWARE ENTERPRISES 897 10.86 9,741.42 0.46% FS
ATOM 04965B100 ATOMERA INC 1,134.00 8.55 9,695.70 0.46% S
LAND 376549101 GLADSTONE LAND CORP 614 15.77 9,682.78 0.46% S
FPI 31154R109 FARMLAND PARTNERS INC 1,418.00 6.82 9,670.76 0.46% S
NLTX 64049K104 NEOLEUKIN THERAPEUTICS INC 795 12.13 9,643.35 0.45% S
ODC 677864100 OIL-DRI CORP OF AMERICA 286 33.7 9,638.20 0.45% S
SURF 86877M209 SURFACE ONCOLOGY INC 1,667.00 5.77 9,618.59 0.45% S
NWPX 667746101 NORTHWEST PIPE CO 397 23.94 9,504.18 0.45% S
NGVC 63888U108 NATURAL GROCERS BY VITAMIN C 711 13.28 9,442.08 0.44% S
XONE 302104104 EXONE CO/THE 1,090.00 8.62 9,395.80 0.44% S
UEIC 913483103 UNIVERSAL ELECTRONICS INC 207 45.3 9,377.10 0.44% S
SHYF 825698103 SHYFT GROUP INC/THE 555 16.88 9,368.40 0.44% S
ACEL 00436Q106 ACCEL ENTERTAINMENT INC 993 9.39 9,324.27 0.44% S
CTSO 23283X206 CYTOSORBENTS CORP 913 10.14 9,257.82 0.44% S
MITK 606710200 MITEK SYSTEMS INC 1,034.00 8.9 9,202.60 0.43% S
CNSL 209034107 CONSOLIDATED COMMUNICATIONS 1,466.00 6.23 9,133.18 0.43% S
SRRK 80706P103 SCHOLAR ROCK HOLDING CORP 577 15.82 9,128.14 0.43% S
CATB 14875P206 CATABASIS PHARMACEUTICALS IN 1,414.00 6.44 9,106.16 0.43% S
GNE 372284208 GENIE ENERGY LTD-B 1,197.00 7.55 9,037.35 0.43% S
XENE 98420N105 XENON PHARMACEUTICALS INC 674 13.22 8,910.28 0.42% FS
APEI 02913V103 AMERICAN PUBLIC EDUCATION 303 28.96 8,774.88 0.41% S
VERU 92536C103 VERU INC 2,867.00 3.06 8,773.02 0.41% S
RST 777780107 ROSETTA STONE INC 550 15.94 8,767.00 0.41% S
ALLT M0854Q105 ALLOT LTD 840 10.4 8,731.80 0.41% FS
PLAB 719405102 PHOTRONICS INC 781 11.15 8,704.25 0.41% S
LBC 550550107 LUTHER BURBANK CORP 943 9.22 8,694.46 0.41% S
LFVN 53222K205 LIFEVANTAGE CORP 668 12.77 8,530.36 0.40% S
IIIV 46571Y107 I3 VERTICALS INC-CLASS A 311 27.37 8,512.07 0.40% S
RRBI 75686R202 RED RIVER BANCSHARES INC 212 40.15 8,511.80 0.40% S
AXTI 00246W103 AXT INC 1,784.00 4.76 8,491.84 0.40% S
NPTN 64051T100 NEOPHOTONICS CORP 941 9.02 8,487.82 0.40% S
UTI 913915104 UNIVERSAL TECHNICAL INSTITUT 1,340.00 6.33 8,482.20 0.40% S
IESC 44951W106 IES HOLDINGS INC 418 20.25 8,464.50 0.40% S
PFSW 717098206 PFSWEB INC 1,357.00 6.2 8,413.40 0.40% S
ASPN 04523Y105 ASPEN AEROGELS INC 1,391.00 6.04 8,401.64 0.40% S
LYTS 50216C108 LSI INDUSTRIES INC 1,518.00 5.52 8,379.36 0.39% S
UTMD 917488108 UTAH MEDICAL PRODUCTS INC 101 82.88 8,370.88 0.39% S
KIDS 68752L100 ORTHOPEDIATRICS CORP 188 42.61 8,010.68 0.38% S
LQDA 53635D202 LIQUIDIA TECHNOLOGIES INC 1,060.00 7.44 7,881.10 0.37% S
UMH 903002103 UMH PROPERTIES INC 626 11.92 7,461.92 0.35% S
NEWT 652526203 NEWTEK BUSINESS SERVICES COR 413 17.83 7,363.79 0.35% S
PCTI 69325Q105 PCTEL INC 1,039.00 6.18 6,421.02 0.30% S
DX 26817Q886 DYNEX CAPITAL INC 457 13.73 6,274.61 0.30% S
BMRC 63425102 BANK OF MARIN BANCORP/CA 202 30.91 6,243.82 0.29% S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 41,414.81 1 41,414.81 1.95% MM
CASH -40,022.90 100 -40,022.90 -1.88% 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 5/31/2020

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 - - - - - FORMULA
12/27/2019 12/30/2019 12/31/2019 $0.0178 $0.0000 $0.0000 $0.0000 $0.0178 VALUE
12/27/2018 12/28/2018 12/31/2018 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 VALUE
  • 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.