(DWSH) DORSEY WRIGHT SHORT ETF

DWSH

Overview

Markets can easily move in any direction and an investment portfolio can easily follow suit. Similar to insuring the most valuable and important possessions in life, incorporating a hedge into an equity allocation can provide an effective means of delivering protection to an investment portfolio during unexpected market downturns. Such a specialized approach to long/short diversification requires a specialized skill set from a manager with a deep expertise in navigating all aspects of the equity market.

The AdvisorShares Dorsey Wright Short ETF (Ticker: DWSH) is managed by Nasdaq Dorsey Wright a firm renowned for relative strength investing. Relative strength investing involves buying securities that have appreciated in price more than the other securities in their investment universe and holding those securities until they exhibit sell signals. In implementing DWSH’s shorting strategy to its core philosophy of relative strength investing, Dorsey Wright identifies and short sells those securities with the highest relative weakness within an investment universe primarily comprised of large-capitalization U.S.-traded equities. DWSH’s investment process is purely systematic and removes any human emotion from the day-to-day decision making.

Symbol Exchange Inception Date CUSIP NAV Value Leverage Exposure
DWSH Nasdaq 7/10/2018 00768Y529 DWSH.NV No
<strong>Why Invest in DWSH?</strong>
  • Hedging Investment Tool – DWSH can be implemented as part of a long/short strategy to provide an investor with a “buy and hold” alternative to hedge their long domestically-traded equity exposure.
  • Alpha-Seeking Exposure – DWSH’s systematic and selective approach offers the potential opportunity to add alpha to an investment portfolio, especially during a bear market. At certain technical levels during severe market downturns, the strategy can allocate its short exposure more broadly to the domestic equity market – by shorting individual ETFs or futures contracts – seeking to enhance its total return.
  • For 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. DWSH differs considerably from inverse ETF investment strategies, which are subject to daily resets and blindly sell short the top companies within a market-cap weighted index such as the S&P 500.
  • For Strategy Diversification – The systematic portfolio management process seeks 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 also seeks to similarly spread out allocations within its stock model. The objective sell discipline represents an important component of the portfolio construction process.
<strong>Where Can DWSH Fit in a Traditional Portfolio?</strong>

DWSH can provide a satellite equity holding to a broad-based equity allocation that may be used to hedge volatility and risk for similar long equity exposure, seeking positive returns in a declining equity market.

<strong>Key Attributes</strong>
  1. Dedicated Short Portfolio of Weakest Companies – DWSH typically has a portfolio of 75 – 100 equities that begin with a modified equal weighting, demonstrating the highest relative weakness characteristics according to Dorsey Wright’s proprietary individual stock rotation methodology.
  2. Systematic Approach – DWSH’s investment process is entirely systematic and is designed to remove human emotion from the decision process. This approach allows the portfolio manager the ability to continually execute their proven investment process through all types of different markets. The process also allows the portfolio manager the ability to analyze a large number of securities that may become very different over time.
  3. Relative Strength/Weakness Analysis – DWSH uses a core philosophy of relative strength investing, which compares price performance within a universe of stocks. Relative strength investing provides a repeatable process both to identify and to identify and select the leaders, as well as conversely to identify and select the laggards through relative weakness to sell short.
  4. Disciplined Sell Process – Securities are automatically sold from the portfolio when they surpass 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 technical, systematic ranks 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

12/1/2022
NAV $9.14
Change $-0.07
Shares Outstanding 4,170,000
Assets Under Management $38,123,951.03

Market Data

12/1/2022
Closing Price $9.16
Close Change $-0.04
Volume 85,179

Regulatory Data

12/1/2022
Premium Discount $0.03
30-Day Median bid-ask Spread 0.004184
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 9/30/2022

  NAV Market Price Return S&P 500 Index
1 Month -10.45 -10.35 8.10
3 Months 6.36 5.96 -5.86
YTD 16.78 17.18 -17.70
1 Year 14.24 14.35 -14.61
3 Years -27.26 -27.28 10.22
Since Inception (7/10/2018, Annualized) -19.16 -19.18 9.75

As of 9/30/2022

  NAV Market Price Return S&P 500 Index
1 Month 15.46 14.77 -9.21
3 Months 6.12 6.32 -4.88
YTD 30.40 30.71 -23.87
1 Year 26.40 26.39 -15.47
3 Years -24.57 -24.63 8.16
Since Inception (7/10/2018, Annualized) -17.38 -17.42 7.95

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
12/01/2022 DWSH NFLX 64110L106 NETFLIX INC -1,862.00 316.95 -590,160.90 -1.55% S
GPS 364760108 GAP INC/THE -36,967.00 14.41 -532,694.47 -1.40% S
TWOU 90214J101 2U INC -62,609.00 8.33 -521,532.97 -1.37% S
BURL 122017106 BURLINGTON STORES INC -2,640.00 194.61 -513,770.40 -1.35% S
CLB N22717107 CORE LABORATORIES N.V. -22,913.00 21.5 -492,629.50 -1.29% FS
NVDA 67066G104 NVIDIA CORP -2,788.00 171.35 -477,723.80 -1.25% S
IDXX 45168D104 IDEXX LABORATORIES INC -996 439.17 -437,413.32 -1.15% S
NEM 651639106 NEWMONT CORP -8,738.00 48.57 -424,404.66 -1.11% S
W 94419L101 WAYFAIR INC- CLASS A -10,067.00 41.63 -419,089.21 -1.10% S
SMG 810186106 SCOTTS MIRACLE-GRO CO -7,408.00 55.23 -409,143.84 -1.07% S
SIX 83001A102 SIX FLAGS ENTERTAINMENT CORP -16,887.00 24.03 -405,794.61 -1.06% S
CTLT 148806102 CATALENT INC -7,760.00 52.23 -405,304.80 -1.06% S
TFX 879369106 TELEFLEX INC -1,654.00 244.8 -404,899.20 -1.06% S
TER 880770102 TERADYNE INC -4,356.00 92.29 -402,015.24 -1.05% S
MASI 574795100 MASIMO CORP -2,754.00 145.74 -401,367.96 -1.05% S
WDAY 98138H101 WORKDAY INC-CLASS A -2,358.00 169.48 -399,633.84 -1.05% S
SNAP 83304A106 SNAP INC - A -36,733.00 10.87 -399,287.71 -1.05% S
CMPR G2143T103 CIMPRESS PLC -12,765.00 31.25 -398,906.25 -1.05% FS
CGNX 192422103 COGNEX CORP -7,873.00 50.6 -398,373.80 -1.04% S
ILMN 452327109 ILLUMINA INC -1,800.00 220.86 -397,548.00 -1.04% S
BFH 018581108 BREAD FINANCIAL HOLDINGS INC -9,842.00 40.39 -397,518.38 -1.04% S
EXAS 30063P105 EXACT SCIENCES CORP -8,636.00 46 -397,256.00 -1.04% S
EEFT 298736109 EURONET WORLDWIDE INC -4,189.00 94.32 -395,106.48 -1.04% S
ENOV 194014502 ENOVIS CORP -6,990.00 56.51 -395,004.90 -1.04% S
CCL 143658300 CARNIVAL CORP -39,542.00 9.97 -394,233.74 -1.03% FS
AMD 007903107 ADVANCED MICRO DEVICES -5,060.00 77.48 -392,048.80 -1.03% S
NCR 62886E108 NCR CORPORATION -16,420.00 23.77 -390,303.40 -1.02% S
CHTR 16119P108 CHARTER COMMUNICATIONS INC-A -996 389.16 -387,603.36 -1.02% S
META 30303M102 META PLATFORMS INC-CLASS A -3,211.00 120.44 -386,732.84 -1.01% S
UA 904311206 UNDER ARMOUR INC-CLASS C -44,116.00 8.76 -386,456.16 -1.01% S
SYNH 87166B102 SYNEOS HEALTH INC -10,744.00 35.96 -386,354.24 -1.01% S
ZG 98954M101 ZILLOW GROUP INC - A -10,166.00 37.92 -385,494.72 -1.01% S
SWKS 83088M102 SKYWORKS SOLUTIONS INC -4,014.00 94.97 -381,209.58 -1.00% S
SQ 852234103 BLOCK INC -5,476.00 69.17 -378,774.92 -0.99% S
PEGA 705573103 PEGASYSTEMS INC -10,124.00 37.4 -378,637.60 -0.99% S
ANSS 03662Q105 ANSYS INC -1,455.00 259.61 -377,732.55 -0.99% S
BBY 086516101 BEST BUY CO INC -4,353.00 86.47 -376,403.91 -0.99% S
EXPE 30212P303 EXPEDIA GROUP INC -3,534.00 105.93 -374,356.62 -0.98% S
PVH 693656100 PVH CORP -5,089.00 73.52 -374,143.28 -0.98% S
SPLK 848637104 SPLUNK INC -4,080.00 91.49 -373,279.20 -0.98% S
KMX 143130102 CARMAX INC -5,400.00 69.1 -373,140.00 -0.98% S
KSS 500255104 KOHLS CORP -11,730.00 31.8 -373,014.00 -0.98% S
TREE 52603B107 LENDINGTREE INC -14,781.00 25.12 -371,298.72 -0.97% S
NKE 654106103 NIKE INC -CL B -3,301.00 111.11 -366,774.11 -0.96% S
HAIN 405217100 HAIN CELESTIAL GROUP INC -19,338.00 18.74 -362,394.12 -0.95% S
TROW 74144T108 T ROWE PRICE GROUP INC -2,847.00 127.09 -361,825.23 -0.95% S
TRU 89400J107 TRANSUNION -5,790.00 62.47 -361,701.30 -0.95% S
INTC 458140100 INTEL CORP -12,034.00 29.83 -358,974.22 -0.94% S
DHC 25525P107 DIVERSIFIED HEALTHCARE TRUST -352,941.00 1.01 -356,470.41 -0.93% S
BLUE 09609G100 BLUEBIRD BIO INC -46,817.00 7.61 -356,277.37 -0.93% S
BFAM 109194100 BRIGHT HORIZONS FAMILY SOLUT -4,747.00 74.84 -355,265.48 -0.93% S
MKTX 57060D108 MARKETAXESS HOLDINGS INC -1,298.00 273.27 -354,704.46 -0.93% S
GRMN H2906T109 GARMIN LTD -3,738.00 94.36 -352,717.68 -0.93% FS
GWRE 40171V100 GUIDEWIRE SOFTWARE INC -5,779.00 60.9 -351,941.10 -0.92% S
BIO 090572207 BIO-RAD LABORATORIES-A -840 418.04 -351,153.60 -0.92% S
FBHS 34964C106 FORTUNE BRANDS HOME & SECURI -5,325.00 65.56 -349,107.00 -0.92% S
MKSI 55306N104 MKS INSTRUMENTS INC -4,180.00 83.28 -348,110.40 -0.91% S
MHK 608190104 MOHAWK INDUSTRIES INC -3,380.00 102.9 -347,802.00 -0.91% S
LUMN 550241103 LUMEN TECHNOLOGIES INC -61,500.00 5.59 -343,785.00 -0.90% S
CE 150870103 CELANESE CORP -3,196.00 107.49 -343,538.04 -0.90% S
CRL 159864107 CHARLES RIVER LABORATORIES -1,518.00 226.2 -343,371.60 -0.90% S
SPR 848574109 SPIRIT AEROSYSTEMS HOLD-CL A -12,821.00 26.74 -342,833.54 -0.90% S
EBAY 278642103 EBAY INC -7,587.00 45.16 -342,628.92 -0.90% S
STX G7997R103 SEAGATE TECHNOLOGY HOLDINGS -6,410.00 53.3 -341,653.00 -0.90% FS
VFC 918204108 VF CORP -10,199.00 33.48 -341,462.52 -0.90% S
QRTEA 74915M100 QURATE RETAIL INC-SERIES A -144,577.00 2.36 -341,201.72 -0.89% S
SWK 854502101 STANLEY BLACK & DECKER INC -4,142.00 82.32 -340,969.44 -0.89% S
SABR 78573M104 SABRE CORP -56,566.00 6.01 -339,961.66 -0.89% S
PARA 92556H206 PARAMOUNT GLOBAL-CLASS B -16,850.00 20.17 -339,864.50 -0.89% S
VNO 929042109 VORNADO REALTY TRUST -13,712.00 24.78 -339,783.36 -0.89% S
WDC 958102105 WESTERN DIGITAL CORP -9,450.00 35.84 -338,688.00 -0.89% S
BALL 058498106 BALL CORP -6,040.00 55.85 -337,334.00 -0.88% S
SLG 78440X887 SL GREEN REALTY CORP -8,009.00 41.41 -331,652.69 -0.87% S
DISH 25470M109 DISH NETWORK CORP-A -21,218.00 15.59 -330,788.62 -0.87% S
IPGP 44980X109 IPG PHOTONICS CORP -3,561.00 92.78 -330,389.58 -0.87% S
JELD 47580P103 JELD-WEN HOLDING INC -30,450.00 10.68 -325,206.00 -0.85% S
QRVO 74736K101 QORVO INC -3,310.00 97.25 -321,897.50 -0.84% S
SIVB 78486Q101 SVB FINANCIAL GROUP -1,405.00 228.17 -320,578.85 -0.84% S
HBI 410345102 HANESBRANDS INC -47,297.00 6.75 -319,254.75 -0.84% S
WBD 934423104 WARNER BROS DISCOVERY INC -27,403.00 11.63 -318,696.89 -0.84% S
PACW 695263103 PACWEST BANCORP -12,303.00 25.89 -318,524.67 -0.84% S
ADBE 00724F101 ADOBE INC -923 344.11 -317,613.53 -0.83% S
OLED 91347P105 UNIVERSAL DISPLAY CORP -2,787.00 112.89 -314,624.43 -0.83% S
WW 98262P101 WW INTERNATIONAL INC -81,882.00 3.8 -311,151.60 -0.82% S
JBLU 477143101 JETBLUE AIRWAYS CORP -38,723.00 7.96 -308,235.08 -0.81% S
PYPL 70450Y103 PAYPAL HOLDINGS INC -3,925.00 78.53 -308,230.25 -0.81% S
CRM 79466L302 SALESFORCE INC -2,075.00 147 -305,025.00 -0.80% S
DEI 25960P109 DOUGLAS EMMETT INC -17,419.00 17.03 -296,645.57 -0.78% S
AMZN 023135106 AMAZON.COM INC -3,085.00 95.5 -294,617.50 -0.77% S
CABO 12685J105 CABLE ONE INC -400 728.12 -291,248.00 -0.76% S
HPP 444097109 HUDSON PACIFIC PROPERTIES IN -25,369.00 11.46 -290,728.74 -0.76% S
XRAY 24906P109 DENTSPLY SIRONA INC -9,170.00 31.44 -288,304.80 -0.76% S
DIS 254687106 WALT DISNEY CO/THE -2,747.00 98.59 -270,826.73 -0.71% S
ZBRA 989207105 ZEBRA TECHNOLOGIES CORP-CL A -1,003.00 268.82 -269,626.46 -0.71% S
XPO 983793100 XPO LOGISTICS INC -7,168.00 37.48 -268,656.64 -0.70% S
SBNY 82669G104 SIGNATURE BANK -1,892.00 138.04 -261,171.68 -0.68% S
HLF G4412G101 HERBALIFE NUTRITION LTD -14,959.00 17.33 -259,239.47 -0.68% FS
ALGN 016255101 ALIGN TECHNOLOGY INC -1,235.00 201.77 -249,185.95 -0.65% S
NKTR 640268108 NEKTAR THERAPEUTICS -83,235.00 2.88 -239,716.80 -0.63% S
ATUS 02156K103 ALTICE USA INC- A -56,997.00 4.1 -233,687.70 -0.61% S
HOLD 00768Y651 ADVISORSHARES NORTH SQUARE M 100,000.00 97.23 9,722,500.00 25.50% MF
CASH 27,473,031.30 100 27,473,031.30 72.05% CA
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 37,000,908.63 1 37,000,908.63 97.04% MM
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 10/31/2022

DWSH Performance During Market Drawdowns

DWSH Sector Allocation

DWSH Market Cap

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 1.88%
Acquired Fund Fees and Expenses (a) 0.06%
Fee/Expense Recapture(b) 0.08%
Total Annual Operating Expenses 2.77%

(a) Total Annual Operating Expenses and Total Annual Operating Expenses After Waiver/Reimbursement in this fee table may not correlate to the expense ratios in the Fund’s financial highlights. For more information, please read the full prospectus.

(b) 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. Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security. Because a short position loses value as the security’s price increases, the loss on a short sale is theoretically unlimited. Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. As with any fund, there is no guarantee that the Fund will achieve its investment objective.

      Definitions

      Alpha: One of the most commonly quoted indicators of investment performance, alpha, is defined as the excess return on an investment relative to the return on a benchmark index.  

      Short: A short, or a short position, is created when a trader sells a security first with the intention of repurchasing it or covering it later at a lower price.