(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 2/25/2020

NAV $22.81 Closing Price $23.13
Change $-0.85 Close Change $-0.66
Shares Outstanding 100,000 Volume 105
4PM Bid/Offer Midpoint $23.13 Premium Discount $0.32
Assets Under Management $2,280,676.58    

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 1/31/2020

NAV Market Price Return Russell Microcap Index
1 Month -2.00 -1.59 -4.66
3 Months 7.28 8.85 5.45
YTD -2.00 -1.59 -4.66
1 Year 11.07 12.43 5.64
Since Inception (7/10/2018, Annualized) -3.56 -2.93 -7.09

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 2/26/2020

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
02/26/2020 DWMC KOD 50015M109 KODIAK SCIENCES INC 973 62.39 60,705.47 2.68% S 1
FIVN 338307101 FIVE9 INC 788 74.05 58,351.40 2.58% S
CWST 147448104 CASELLA WASTE SYSTEMS INC-A 1,028 52.51 53,980.28 2.38% S
ERI 28470R102 ELDORADO RESORTS INC 920 51.40 47,288.00 2.09% S
KNSL 49714P108 KINSALE CAPITAL GROUP INC 280 127.59 35,725.20 1.58% S
CDLX 14161W105 CARDLYTICS INC 405 83.88 33,971.40 1.50% S
EVER 30041R108 EVERQUOTE INC - CLASS A 860 39.17 33,686.20 1.49% S
APPF 03783C100 APPFOLIO INC - A 272 123.72 33,651.84 1.49% S
AUDC M15342104 AUDIOCODES LTD 1,236 24.02 29,688.72 1.31% FS
NOVT 67000B104 NOVANTA INC 308 92.04 28,348.32 1.25% FS
KRYS 501147102 KRYSTAL BIOTECH INC 457 55.00 25,135.00 1.11% S
SAFE 78645L100 SAFEHOLD INC 396 57.41 22,734.36 1.00% S
PAR 698884103 PAR TECHNOLOGY CORP/DEL 804 27.82 22,367.28 0.99% S
CRMT 03062T105 AMERICA'S CAR-MART INC 197 110.87 21,841.39 0.96% S
ARVN 04335A105 ARVINAS INC 433 48.55 21,019.99 0.93% S
RDNT 750491102 RADNET INC 948 22.03 20,884.44 0.92% S
FRTA 34960W106 FORTERRA INC 1,455 14.26 20,748.30 0.92% S
AMRC 2.36E+111 AMERESCO INC-CL A 856 23.59 20,193.04 0.89% S
SKYW 830879102 SKYWEST INC 428 46.73 20,000.44 0.88% S
ADUS 6739106 ADDUS HOMECARE CORP 212 93.62 19,847.44 0.88% S
HLNE 407497106 HAMILTON LANE INC-CLASS A 284 66.76 18,959.84 0.84% S
GPRK G38327105 GEOPARK LTD 1,096 17.07 18,708.72 0.83% FS
VCYT 92337F107 VERACYTE INC 772 23.26 17,956.72 0.79% S
SPNS G7T16G103 SAPIENS INTERNATIONAL CORP 732 24.19 17,707.08 0.78% FS
CGEN M25722105 COMPUGEN LTD 2,093 8.45 17,675.39 0.78% FS
CHCT 20369C106 COMMUNITY HEALTHCARE TRUST I 348 50.24 17,483.52 0.77% S
NXRT 65341D102 NEXPOINT RESIDENTIAL 357 48.94 17,471.58 0.77% S
RCM 749397105 R1 RCM INC 1,332 13.09 17,435.88 0.77% S
ZYME 98985W102 ZYMEWORKS INC 428 40.45 17,312.60 0.76% FS
RDVT 75704L104 RED VIOLET INC 676 25.57 17,285.32 0.76% S
MTEM 608550109 MOLECULAR TEMPLATES INC 1,037 16.44 17,048.28 0.75% S
AGYS 00847J105 AGILYSYS INC 532 31.59 16,803.22 0.74% S
KRNT M6372Q113 KORNIT DIGITAL LTD 404 41.09 16,600.36 0.73% FS
ICAD 44934S206 ICAD INC 1,453 11.29 16,404.37 0.72% S
GSHD 38267D109 GOOSEHEAD INSURANCE INC -A 289 55.64 16,078.52 0.71% S
ATEC 02081G201 ALPHATEC HOLDINGS INC 2,616 6.10 15,957.60 0.70% S
VEC 92242T101 VECTRUS INC 293 54.00 15,822.00 0.70% S
MLAB 59064R109 MESA LABORATORIES INC 61 256.87 15,669.07 0.69% S
PCYO 746228303 PURE CYCLE CORP 1,172 13.07 15,318.04 0.68% S
FLGT 359664109 FULGENT GENETICS INC 892 17.12 15,271.04 0.67% S
LLNW 53261M104 LIMELIGHT NETWORKS INC 2,899 5.23 15,161.77 0.67% S
GMRE 37954A204 GLOBAL MEDICAL REIT INC 1,004 15.07 15,130.28 0.67% S
OFG 67103X102 OFG BANCORP 828 17.88 14,804.64 0.65% FS
REPH 75629F109 RECRO PHARMA INC 961 15.34 14,741.74 0.65% S
ABR 38923108 ARBOR REALTY TRUST INC 1,068 13.70 14,631.60 0.65% S
NWPX 667746101 NORTHWEST PIPE CO 440 32.70 14,388.00 0.64% S
MSEX 596680108 MIDDLESEX WATER CO 217 65.53 14,220.01 0.63% S
PRPL 74640Y106 PURPLE INNOVATION INC 906 15.58 14,115.48 0.62% S
XOMA 98419J206 XOMA CORP 577 24.27 14,003.79 0.62% S
STAR 45031U101 ISTAR INC 848 16.16 13,703.68 0.61% S
VRRM 92511U102 VERRA MOBILITY CORP 860 15.91 13,682.60 0.60% S
KPTI 48576U106 KARYOPHARM THERAPEUTICS INC 949 14.38 13,646.62 0.60% S
DCO 264147109 DUCOMMUN INC 304 44.89 13,646.56 0.60% S
PERI M78673114 PERION NETWORK LTD 1,734 7.79 13,507.86 0.60% FS
CUE 22978P106 CUE BIOPHARMA INC 710 18.93 13,440.30 0.59% S
LPG Y2106R110 DORIAN LPG LTD 1,200 11.20 13,440.00 0.59% FS
GLDD 390607109 GREAT LAKES DREDGE & DOCK CO 1,373 9.78 13,427.94 0.59% S
CHEF 163086101 CHEFS' WAREHOUSE INC/THE 420 31.91 13,402.20 0.59% S
CELH 15118V207 CELSIUS HOLDINGS INC 2,072 6.44 13,343.68 0.59% S
TBBK 05969A105 BANCORP INC/THE 988 13.40 13,239.20 0.58% S
HLIT 413160102 HARMONIC INC 2,104 6.29 13,234.16 0.58% S
UFPT 902673102 UFP TECHNOLOGIES INC 272 48.16 13,099.52 0.58% S
AMSWA 29683109 AMERICAN SOFTWARE INC-CL A 745 17.05 12,702.25 0.56% S
CLAR 18270P109 CLARUS CORP 1,040 12.21 12,698.40 0.56% S
ATAX 02364V107 AMERICA FIRST MULTIFAMILY IN 1,608 7.78 12,510.24 0.55% S
ATEX 03676C100 ANTERIX INC 268 46.59 12,486.12 0.55% S
ARDX 39697107 ARDELYX INC 1,823 6.84 12,469.32 0.55% S
BDSI 09060J106 BIODELIVERY SCIENCES INTL 2,512 4.93 12,384.16 0.55% S
CAMT M20791105 CAMTEK LTD 1,152 10.66 12,280.32 0.54% FS
ROAD 21044C107 CONSTRUCTION PARTNERS INC-A 701 17.40 12,197.40 0.54% S
VERU 92536C103 VERU INC 2,867 4.25 12,184.75 0.54% S
IBCP 453838609 INDEPENDENT BANK CORP - MICH 584 20.81 12,153.04 0.54% S
HALL 40624Q203 HALLMARK FINL SERVICES INC 760 15.98 12,144.80 0.54% S
ACRE 04013V108 ARES COMMERCIAL REAL ESTATE CORP 728 16.67 12,135.76 0.54% S
LUNA 550351100 Luna Innovations Inc 1,593 7.59 12,090.87 0.53% S
BRT 55645303 BRT APARTMENTS CORP 701 17.22 12,071.22 0.53% S
SNR 648691103 NEW SENIOR INVESTMENT GROUP INC 1,565 7.70 12,050.50 0.53% S
UTI 913915104 UNIVERSAL TECHNICAL INSTITUT 1,553 7.51 11,663.03 0.52% S
MCBC 554225102 MACATAWA BANK CORP 1,144 10.13 11,588.72 0.51% S
YORW 987184108 YORK WATER CO 245 47.18 11,559.10 0.51% S
LAWS 520776105 LAWSON PRODUCTS INC 281 41.03 11,529.43 0.51% S
COLL 19459J104 COLLEGIUM PHARMACEUTICAL INC 508 22.57 11,465.56 0.51% S
SEAC 811699107 SEACHANGE INTERNATIONAL INC 2,929 3.91 11,452.39 0.51% S
TRNS 893529107 TRANSCAT INC 371 30.72 11,397.12 0.50% S
CWCO G23773107 CONSOLIDATED WATER CO-ORD SH 663 17.18 11,390.34 0.50% FS
XENE 98420N105 XENON PHARMACEUTICALS INC 827 13.77 11,387.79 0.50% FS
LMRK 51508J108 LANDMARK INFRASTRUCTURE PART 708 16.03 11,349.24 0.50% S
XAN 30068N105 EXANTAS CAPITAL CORP 935 12.13 11,341.55 0.50% S
CCBG 139674105 CAPITAL CITY BANK GROUP INC 407 27.73 11,286.11 0.50% S
NCBS 6.54E+106 NICOLET BANKSHARES INC 160 70.49 11,278.40 0.50% S
FUNC 33741H107 FIRST UNITED CORP 480 23.39 11,227.20 0.50% S
UEIC 913483103 UNIVERSAL ELECTRONICS INC 235 47.72 11,214.20 0.50% S
CAI 12477X106 CAI INTERNATIONAL INC 431 25.98 11,197.38 0.49% S
ERII 29270J100 ENERGY RECOVERY INC 1,109 10.06 11,156.54 0.49% S
BFC 06211J100 BANK FIRST CORP 177 62.98 11,147.46 0.49% S
ELF 26856L103 ELF BEAUTY INC 644 17.21 11,083.24 0.49% S
TTGT 87874R100 TECHTARGET 445 24.86 11,062.70 0.49% S
OESX 686275108 ORION ENERGY SYSTEMS INC 2,309 4.77 11,013.93 0.49% S
HNGR 41043F208 HANGER INC 472 23.29 10,992.88 0.49% S
RILY 05580M108 B. RILEY FINANCIAL INC 447 24.48 10,942.56 0.48% S
HCCI 42726M106 HERITAGE-CRYSTAL CLEAN INC 412 26.39 10,872.68 0.48% S
MLR 600551204 MILLER INDUSTRIES INC/TENN 352 30.76 10,827.52 0.48% S
ACIU H00263105 AC IMMUNE SA 1,481 7.31 10,826.11 0.48% FS
RADA M81863124 RADA ELECTRONIC INDS LTD 2,121 5.10 10,817.10 0.48% FS
DSPG 23332B106 DSP GROUP INC 765 14.12 10,801.80 0.48% S
ICHR G4740B105 ICHOR HOLDINGS LTD 365 29.44 10,745.60 0.47% FS
KDMN 48283N106 KADMON HOLDINGS INC 2,421 4.43 10,725.03 0.47% S
DJCO 233912104 DAILY JOURNAL CORP 40 267.88 10,715.20 0.47% S
APYX 03837C106 APYX MEDICAL CORP 1,536 6.96 10,690.56 0.47% S
AJX 38983D300 GREAT AJAX CORP 728 14.68 10,687.04 0.47% S
SENEA 817070501 SENECA FOODS CORP - CL A 326 32.78 10,686.28 0.47% S
FBM 350392106 FOUNDATION BUILDING MATERIAL 708 15.07 10,669.56 0.47% S
GLP 37946R109 Global Partners LP/MA 588 18.07 10,625.16 0.47% S
HOV 442487401 HOVNANIAN ENTERPRISES-A 403 26.30 10,598.90 0.47% S
XPEL 98379L100 XPEL INC 810 13.07 10,586.70 0.47% S
EFC 28852N109 ELLINGTON FINANCIAL INC 597 17.73 10,584.81 0.47% S
OFLX 682095104 OMEGA FLEX INC 124 85.00 10,540.00 0.47% S
UTMD 917488108 UTAH MEDICAL PRODUCTS INC 111 93.89 10,421.79 0.46% S
NCMI 635309107 NATIONAL CINEMEDIA INC 1,252 8.29 10,379.08 0.46% S
FC 353469109 FRANKLIN COVEY CO 313 33.06 10,347.78 0.46% S
MCRI 609027107 MONARCH CASINO & RESORT INC 208 49.51 10,298.08 0.45% S
OLP 682406103 ONE LIBERTY PROPERTIES INC 385 26.64 10,256.40 0.45% S
CIO 178587101 CITY OFFICE REIT INC 795 12.90 10,255.50 0.45% S
SYBT 861025104 STOCK YARDS BANCORP INC 273 37.51 10,240.23 0.45% S
NX 747619104 QUANEX BUILDING PRODUCTS CORP 571 17.93 10,238.03 0.45% S
CORR 21870U502 CORENERGY INFRASTRUCTURE TRU 236 43.01 10,150.36 0.45% S
NK 63016Q102 NANTKWEST INC 2,044 4.93 10,076.92 0.45% S
CCRN 227483104 CROSS COUNTRY HEALTHCARE INC 1,050 9.52 9,996.00 0.44% S
NEWT 652526203 NEWTEK BUSINESS SERVICES COR 501 19.90 9,969.90 0.44% S
SPAR 846819100 SPARTAN MOTORS INC 618 16.06 9,925.08 0.44% S
BMRC 63425102 BANK OF MARIN BANCORP/CA 241 40.99 9,878.59 0.44% S
PKBK 700885106 PARKE BANCORP INC 497 19.81 9,845.57 0.43% S
CYBE 232517102 Cyberoptics Corp 480 20.51 9,844.80 0.43% S
TG 894650100 TREDEGAR CORP 546 17.97 9,811.62 0.43% S
GOOD 376536108 GLADSTONE COMMERCIAL CORP 479 20.39 9,766.81 0.43% S
SPKE 846511103 SPARK ENERGY INC-CLASS A 1,025 9.52 9,758.00 0.43% S
WSR 966084204 WHITESTONE REIT 754 12.87 9,703.98 0.43% S
PRVB 74374N102 PROVENTION BIO INC 746 12.90 9,623.40 0.43% S
UBFO 911460103 UNITED SECURITY BANCSHARE/CA 1,000 9.61 9,610.00 0.42% S
VCEL 92346J108 VERICEL CORP 637 15.04 9,580.48 0.42% S
GPMT 38741L107 GRANITE POINT MORTGAGE TRUST INC 540 17.73 9,574.20 0.42% S
ZUMZ 989817101 ZUMIEZ INC 331 28.83 9,542.73 0.42% S
KBAL 494274103 KIMBALL INTERNATIONAL-B 551 17.22 9,488.22 0.42% S
RVI 76133Q102 RETAIL VALUE INC 299 31.65 9,463.35 0.42% S
SPWH 84920Y106 SPORTSMAN'S WAREHOUSE HOLDIN 1,556 6.05 9,413.80 0.42% S
PCTI 69325Q105 PC-TEL INC 1,225 7.60 9,310.00 0.41% S
RYI 783754104 RYERSON HOLDING CORP 1,097 8.37 9,181.89 0.41% S
IMKTA 457030104 INGLES MARKETS INC-CLASS A 280 32.78 9,178.40 0.41% S
PKE 70014A104 PARK AEROSPACE CORP 613 14.75 9,041.75 0.40% S
DGII 253798102 DIGI INTERNATIONAL INC 636 14.10 8,967.60 0.40% S
NLTX 64049K104 NEOLEUKIN THERAPEUTICS INC 895 10.00 8,950.00 0.40% S
BZH 07556Q881 BEAZER HOMES USA INC 662 13.33 8,824.46 0.39% S
AOSL G6331P104 ALPHA & OMEGA SEMICONDUCTOR 831 10.54 8,758.74 0.39% FS
ISEE 46583P102 IVERIC BIO INC 1,559 5.57 8,675.84 0.38% S
HIBB 428567101 HIBBETT SPORTS INC 427 20.30 8,668.10 0.38% S
BBSI 68463108 BARRETT BUSINESS SVCS INC 123 65.47 8,052.81 0.36% S
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 28,775 1.00 28,774.74 1.27% MM
CASH (41,014) 100.00 -41,013.88 -1.81% 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 01/31/2020

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 - - - - -
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
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Contact Info

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Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814

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ETF Symbols

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Copyright © AdvisorShares 2019 • Foreside Fund Services, LLC Distributor

  • 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.