(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

8/18/2022
NAV $8.65
Change $0
Shares Outstanding 3,930,000
Assets Under Management $33,996,930.04

Market Data

8/18/2022
Closing Price $8.67
Close Change $0.02
Volume 79,034

Regulatory Data

8/18/2022
Premium Discount $0.05
30-Day Median bid-ask Spread 0.004246
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 6/30/2022

  NAV Market Price Return S&P 500 Index
1 Month 10.80 10.82 -8.25
3 Months 25.01 24.85 -16.10
YTD 22.88 22.94 -19.96
1 Year 22.15 22.08 -10.62
3 Years -25.00 -25.13 10.60
Since Inception (7/10/2018, Annualized) -19.58 -19.66 9.85

As of 6/30/2022

  NAV Market Price Return S&P 500 Index
1 Month 10.80 10.82 -8.25
3 Months 25.01 24.85 -16.10
YTD 22.88 22.94 -19.96
1 Year 22.15 22.08 -10.62
3 Years -25.00 -25.13 10.60
Since Inception (7/10/2018, Annualized) -19.58 -19.66 9.85

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
08/18/2022 DWSH COMM 20337X109 COMMSCOPE HOLDING CO INC -55,367.00 11.02 -610,144.34 -1.79% S
CMPR G2143T103 CIMPRESS PLC -10,819.00 46.69 -505,139.11 -1.49% FS
EPAM 29414B104 EPAM SYSTEMS INC -1,063.00 449.2 -477,499.60 -1.40% S
FGEN 31572Q808 FIBROGEN INC -32,939.00 14.41 -474,650.99 -1.40% S
W 94419L101 WAYFAIR INC- CLASS A -6,526.00 71.34 -465,564.84 -1.37% S
XYL 98419M100 XYLEM INC -4,277.00 102.35 -437,750.95 -1.29% S
QRTEA 74915M100 QURATE RETAIL INC-SERIES A -111,701.00 3.9 -435,633.90 -1.28% S
LII 526107107 LENNOX INTERNATIONAL INC -1,626.00 267.1 -434,304.60 -1.28% S
SAGE 78667J108 SAGE THERAPEUTICS INC -10,079.00 42.97 -433,094.63 -1.27% S
SNAP 83304A106 SNAP INC - A -34,245.00 12.56 -430,117.20 -1.27% S
BLUE 09609G100 BLUEBIRD BIO INC -70,500.00 5.81 -409,605.00 -1.20% S
NFLX 64110L106 NETFLIX INC -1,657.00 245.17 -406,246.69 -1.19% S
GPN 37940X102 GLOBAL PAYMENTS INC -2,966.00 134.24 -398,155.84 -1.17% S
HLF G4412G101 HERBALIFE NUTRITION LTD -12,995.00 30.52 -396,607.40 -1.17% FS
SVC 81761L102 SERVICE PROPERTIES TRUST -48,935.00 8.09 -395,884.15 -1.16% S
FL 344849104 FOOT LOCKER INC -12,264.00 31.98 -392,202.72 -1.15% S
ADSK 052769106 AUTODESK INC -1,712.00 228.86 -391,808.32 -1.15% S
SQ 852234103 BLOCK INC -4,902.00 79.72 -390,787.44 -1.15% S
DAN 235825205 DANA INC -22,349.00 17.47 -390,437.03 -1.15% S
MASI 574795100 MASIMO CORP -2,438.00 159.93 -389,909.34 -1.15% S
GT 382550101 GOODYEAR TIRE & RUBBER CO -25,730.00 15.14 -389,552.20 -1.15% S
BA 097023105 BOEING CO/THE -2,309.00 168.69 -389,505.21 -1.15% S
AMZN 023135106 AMAZON.COM INC -2,693.00 142.3 -383,213.90 -1.13% S
VSAT 92552V100 VIASAT INC -9,850.00 38.83 -382,475.50 -1.12% S
SABR 78573M104 SABRE CORP -49,641.00 7.68 -381,242.88 -1.12% S
ECL 278865100 ECOLAB INC -2,167.00 175.38 -380,048.46 -1.12% S
FND 339750101 FLOOR & DECOR HOLDINGS INC-A -3,957.00 95.8 -379,080.60 -1.11% S
SIVB 78486Q101 SVB FINANCIAL GROUP -820 457.46 -375,117.20 -1.10% S
SPR 848574109 SPIRIT AEROSYSTEMS HOLD-CL A -11,100.00 33.66 -373,626.00 -1.10% S
GM 37045V100 GENERAL MOTORS CO -9,618.00 38.72 -372,408.96 -1.10% S
XPO 983793100 XPO LOGISTICS INC -6,361.00 58.44 -371,736.84 -1.09% S
MAC 554382101 MACERICH CO/THE -33,095.00 11.21 -370,994.95 -1.09% S
TGT 87612E106 TARGET CORP -2,119.00 173.05 -366,692.95 -1.08% S
GE 369604301 GENERAL ELECTRIC CO -4,528.00 79.21 -358,662.88 -1.05% S
674599162 OCCIDENTAL PETROLEUM-CW27 -8,342.00 42.79 -356,954.18 -1.05% W
EBAY 278642103 EBAY INC -7,352.00 48.54 -356,866.08 -1.05% S
PYPL 70450Y103 PAYPAL HOLDINGS INC -3,568.00 99.86 -356,300.48 -1.05% S
SLG 78440X887 SL GREEN REALTY CORP -7,220.00 49.16 -354,935.20 -1.04% S
WDAY 98138H101 WORKDAY INC-CLASS A -2,044.00 173.13 -353,877.72 -1.04% S
ADBE 00724F101 ADOBE INC -804 439.03 -352,980.12 -1.04% S
KMT 489170100 KENNAMETAL INC -12,897.00 27.26 -351,572.22 -1.03% S
GPS 364760108 GAP INC/THE -32,188.00 10.87 -349,883.56 -1.03% S
ANSS 03662Q105 ANSYS INC -1,248.00 279.88 -349,290.24 -1.03% S
DXCM 252131107 DEXCOM INC -3,988.00 87.53 -349,069.64 -1.03% S
ISRG 46120E602 INTUITIVE SURGICAL INC -1,518.00 229.59 -348,517.62 -1.03% S
TTWO 874054109 TAKE-TWO INTERACTIVE SOFTWRE -2,660.00 130.47 -347,050.20 -1.02% S
UA 904311206 UNDER ARMOUR INC-CLASS C -39,377.00 8.8 -346,517.60 -1.02% S
WW 98262P101 WW INTERNATIONAL INC -50,767.00 6.79 -344,707.93 -1.01% S
ZG 98954M101 ZILLOW GROUP INC - A -9,410.00 35.95 -338,289.50 -0.99% S
NKTR 640268108 NEKTAR THERAPEUTICS -72,191.00 4.68 -337,853.88 -0.99% S
TROW 74144T108 T ROWE PRICE GROUP INC -2,563.00 131.77 -337,726.51 -0.99% S
CRM 79466L302 SALESFORCE INC -1,797.00 187.93 -337,710.21 -0.99% S
IDXX 45168D104 IDEXX LABORATORIES INC -894 374.75 -335,026.50 -0.99% S
HPP 444097109 HUDSON PACIFIC PROPERTIES IN -22,600.00 14.77 -333,802.00 -0.98% S
SRCL 858912108 STERICYCLE INC -6,185.00 53.8 -332,753.00 -0.98% S
IPGP 44980X109 IPG PHOTONICS CORP -3,267.00 101.62 -331,992.54 -0.98% S
SBNY 82669G104 SIGNATURE BANK -1,631.00 201.65 -328,891.15 -0.97% S
GWRE 40171V100 GUIDEWIRE SOFTWARE INC -4,137.00 79.47 -328,767.39 -0.97% S
MKSI 55306N104 MKS INSTRUMENTS INC -2,908.00 112.55 -327,295.40 -0.96% S
GRMN H2906T109 GARMIN LTD -3,303.00 99.09 -327,294.27 -0.96% FS
WYNN 983134107 WYNN RESORTS LTD -4,974.00 65.51 -325,846.74 -0.96% S
ILMN 452327109 ILLUMINA INC -1,556.00 209.06 -325,297.36 -0.96% S
FBHS 34964C106 FORTUNE BRANDS HOME & SECURI -4,685.00 69.2 -324,202.00 -0.95% S
BFAM 109194100 BRIGHT HORIZONS FAMILY SOLUT -4,250.00 76.12 -323,510.00 -0.95% S
PVH 693656100 PVH CORP -4,601.00 70.2 -322,990.20 -0.95% S
TRIP 896945201 TRIPADVISOR INC -11,875.00 27.15 -322,406.25 -0.95% S
HBI 410345102 HANESBRANDS INC -30,297.00 10.64 -322,360.08 -0.95% S
ALGN 016255101 ALIGN TECHNOLOGY INC -1,142.00 281.66 -321,655.72 -0.95% S
CBRL 22410J106 CRACKER BARREL OLD COUNTRY -2,890.00 110.27 -318,680.30 -0.94% S
PACW 695263103 PACWEST BANCORP -10,762.00 29.49 -317,371.38 -0.93% S
CGNX 192422103 COGNEX CORP -6,677.00 47.21 -315,221.17 -0.93% S
BBY 086516101 BEST BUY CO INC -3,807.00 82.42 -313,772.94 -0.92% S
TWOU 90214J101 2U INC -38,231.00 8.16 -311,964.96 -0.92% S
DIS 254687106 WALT DISNEY CO/THE -2,531.00 122.67 -310,477.77 -0.91% S
TREE 52603B107 LENDINGTREE INC -7,351.00 42.19 -310,138.69 -0.91% S
HAIN 405217100 HAIN CELESTIAL GROUP INC -12,474.00 24.8 -309,355.20 -0.91% S
META 30303M102 META PLATFORMS INC-CLASS A -1,771.00 174.66 -309,322.86 -0.91% S
QRVO 74736K101 QORVO INC -2,877.00 107.05 -307,982.85 -0.91% S
VFC 918204108 VF CORP -6,601.00 46.63 -307,804.63 -0.91% S
ATUS 02156K103 ALTICE USA INC- A -28,897.00 10.65 -307,753.05 -0.91% S
EXAS 30063P105 EXACT SCIENCES CORP -7,920.00 38.48 -304,761.60 -0.90% S
SWKS 83088M102 SKYWORKS SOLUTIONS INC -2,743.00 111.08 -304,692.44 -0.90% S
MKTX 57060D108 MARKETAXESS HOLDINGS INC -1,105.00 272.53 -301,145.65 -0.89% S
ZBRA 989207105 ZEBRA TECHNOLOGIES CORP-CL A -877 342.38 -300,267.26 -0.88% S
OLED 91347P105 UNIVERSAL DISPLAY CORP -2,351.00 127.43 -299,587.93 -0.88% S
BFH 018581108 BREAD FINANCIAL HOLDINGS INC -6,532.00 44.67 -291,784.44 -0.86% S
CHTR 16119P108 CHARTER COMMUNICATIONS INC-A -632 458.07 -289,500.24 -0.85% S
JBLU 477143101 JETBLUE AIRWAYS CORP -33,248.00 8.7 -289,257.60 -0.85% S
BURL 122017106 BURLINGTON STORES INC -1,709.00 168.99 -288,803.91 -0.85% S
XRAY 24906P109 DENTSPLY SIRONA INC -7,922.00 36.36 -288,043.92 -0.85% S
CRL 159864107 CHARLES RIVER LABORATORIES -1,305.00 220.15 -287,295.75 -0.84% S
NCLH G66721104 NORWEGIAN CRUISE LINE HOLDIN -20,652.00 13.81 -285,204.12 -0.84% FS
PEGA 705573103 PEGASYSTEMS INC -6,782.00 40.46 -274,399.72 -0.81% S
SWK 854502101 STANLEY BLACK & DECKER INC -2,647.00 102.47 -271,238.09 -0.80% S
SMG 810186106 SCOTTS MIRACLE-GRO CO -3,226.00 81.88 -264,144.88 -0.78% S
AGIO 00847X104 AGIOS PHARMACEUTICALS INC -9,994.00 26.15 -261,343.10 -0.77% S
WBD 934423104 WARNER BROS DISCOVERY INC -19,265.00 13.19 -254,105.35 -0.75% S
DHC 25525P107 DIVERSIFIED HEALTHCARE TRUST -131,773.00 1.87 -246,415.51 -0.72% S
CCL 143658300 CARNIVAL CORP -23,470.00 10.45 -245,261.50 -0.72% FS
JELD 47580P103 JELD-WEN HOLDING INC -18,412.00 13.3 -244,879.60 -0.72% S
DISH 25470M109 DISH NETWORK CORP-A -11,533.00 18.45 -212,783.85 -0.63% S
OGN 68622V106 ORGANON & CO -190 30.73 -5,838.70 -0.02% S
ZIMV 98888T107 ZIMVIE INC -218 18.38 -4,006.84 -0.01% S
HOLD 00768Y651 ADVISORSHARES NORTH SQUARE M 100,000.00 97.61 9,760,500.00 28.71% MF
CASH 23,534,394.69 100 23,534,394.69 69.22% CA
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 35,703,647.37 1 35,703,647.37 105.01% 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 7/31/2022

DWSH Performance During Market Drawdowns

DWSH Sector Allocation

DWSH Market Cap

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 2.80%
Acquired Fund Fees 0.20%
Gross Expenses Ratio 3.75%
Fee Waiver and/or Expense Reimbursement -0.07%
Net Expense Ratio 3.68%

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. “Other Expenses” is comprised of 2.46% is short interest expense and 0.34% in remaining expenses.

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.