DWSH - AdvisorShares Dorsey Wright Short ETF
Insure Your Portfolio
Delivering protection to an investment portfolio during unexpected market downturns.
|Symbol||Exchange||Inception Date||CUSIP||NAV Value||Leverage Exposure|
<strong>About The ETF</strong>
While people often insure their most valuable possessions – cars, homes, jewelry, health, life – from loss or damage, they often overlook sheltering their investment portfolio from the harm of volatile markets. Using a short hedging strategy with a long equity portfolio may help to shield your financial investments from unexpected market downturns.
The AdvisorShares Dorsey Wright Short ETF (DWSH) uses an actively managed, relative strength investment strategy to sell short those securities demonstrating the lowest relative strength (aka highest relative weakness) within an investment universe comprised primarily of large-capitalization U.S.-traded equities. DWSH may be used to hedge long equity exposure and seek positive returns in declining equity markets. It is not an inverse fund.
<strong>What Is Relative Strength?</strong>
Relative strength is a way of recording historic performance patterns to identify momentum signals for current and future performance trends of a security versus an investment universe or benchmark. It is the comparison of price performance within a universe of securities to identify those that have appreciated more. Numerous studies by both academics and investment professionals have demonstrated that securities showing the greatest gains relative to their market often continue to outperform. Analyzing securities by their relative strength provides a way to identify the current market leaders – the securities leading the market and the ones you want to own. It also identifies those with the weakest relative strength – the laggards underperforming that you want to avoid or sell short. Nasdaq Dorsey Wright is recognized as a leader in relative strength analysis.
<strong>Why Invest in DWSH?</strong>
- Hedging Tool – DWSH can be implemented as part of a long/short strategy, providing investors with a “buy and hold” alternative to hedge their long domestically-traded equity exposure against market downturns.
- Alpha-Seeking Exposure – DWSH’s systematic and selective approach offers the potential to add alpha to an investment portfolio, especially during market corrections. Also, during severe market downturns and at certain technical levels, the strategy can seek to enhance its total return by allocating short exposure more broadly to the domestic equity market and shorting individual ETFs or futures contracts.
- Different from Inverse Funds – Spreading your investment risk among equities not correlated to the broader market may help diversify and mitigate your overall portfolio risk. DWSH differs considerably from inverse fund investment strategies which are often subject to daily resets and indiscriminately sell short the top companies within a market-cap weighted index.
- Strategy Diversification – DWSH’s systematic investment process seeks to limit unnecessary risk while maximizing relative weakness exposure. If a security becomes too large as a percentage of the portfolio, it is trimmed to bring it back in line with the other securities weights. The process also implements pre-determined stop prices for each position.
<strong>Where Can DWSH Fit in a Traditional Portfolio?</strong>
- Dedicated Short Portfolio of Weakest Companies – DWSH typically has a modified equal weight portfolio of 75 – 100 U.S.-traded large cap equities that demonstrate the highest relative weakness according to Nasdaq Dorsey Wright’s proprietary relative strength model.
- Systematic Approach –DWSH’s investment process is entirely systematic and designed to remove human emotion from the decision process. It allows for the ongoing analysis of a large universe of securities through diverse and changing markets.
- Relative Strength/Weakness Analysis – DWSH uses relative strength investing, a repeatable process which compares price performance within a universe of stocks. Analyzing securities by their relative strength not only identifies the current market leaders, but also those with the weakest relative strength – the laggards underperforming the market that DWSH wants to sell short.
- Disciplined Sell Process – Securities are automatically sold from the portfolio when they reach a predetermined sell price. This sell price is identified when the security is purchased and not adjusted for different market scenarios. The sell process is an entirely technical, systematic approach and takes the emotion out of the sell decision.
<strong>About the Portfolio Strategist</strong>
John G. Lewis, CMT | Nasdaq Dorsey Wright, Senior Portfolio Manager
Since joining Nasdaq Dorsey Wright in 2002, Mr. Lewis has developed relative strength and momentum strategies for the firm’s separately managed accounts, global asset allocation strategies, ETFs, and UITs. As 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. He began his career in the investment industry in 1994.
Get a quick and easy introduction to the DWSH ETF.
Get a quick and easy introduction to the DWSH ETF.
|Assets Under Management||$19,348,440.61|
|30-Day Median bid-ask Spread||0.003217|
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.
As of 11/30/2023
DWSH Performance During Market Drawdowns
DWSH Sector Allocation
Source: Morningstar & AdvisorShares
DWSH Market Cap
As of 10/31/2023
|NAV||Market Price Return||S&P 500 Index|
|Since Inception (7/10/2018, Annualized)||-15.86||-15.87||9.83|
As of 9/30/2023
|NAV||Market Price Return||S&P 500 Index|
|Since Inception (7/10/2018, Annualized)||-17.41||-17.44||10.44|
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.
|Date||Account Symbol||Stock Ticker||Security ID||Security Description||Shares||Share Price||Market Value||Portfolio Weight||Asset Group|
|HPP||444097109||HUDSON PACIFIC PROPERTIES IN||-45,749.00||6.71||-306,975.79||-1.59%||S|
|SNAP||83304A106||SNAP INC - A||-19,374.00||14.14||-273,948.36||-1.42%||S|
|SPR||848574109||SPIRIT AEROSYSTEMS HOLD-CL A||-9,480.00||28.17||-267,051.60||-1.38%||S|
|IFF||459506101||INTL FLAVORS & FRAGRANCES||-3,469.00||76.78||-266,349.82||-1.38%||S|
|FL||344849104||FOOT LOCKER INC||-8,870.00||29.71||-263,527.70||-1.36%||S|
|UAA||904311107||UNDER ARMOUR INC-CLASS A||-28,250.00||8.6||-242,950.00||-1.26%||S|
|BURL||122017106||BURLINGTON STORES INC||-1,330.00||174.06||-231,499.80||-1.20%||S|
|EPAM||29414B104||EPAM SYSTEMS INC||-888||258.89||-229,894.32||-1.19%||S|
|ALK||011659109||ALASKA AIR GROUP INC||-5,730.00||39.73||-227,652.90||-1.18%||S|
|FHN||320517105||FIRST HORIZON CORP||-17,026.00||13.34||-227,126.84||-1.17%||S|
|FIS||31620M106||FIDELITY NATIONAL INFO SERV||-3,764.00||59.9||-225,463.60||-1.17%||S|
|EL||518439104||ESTEE LAUDER COMPANIES-CL A||-1,697.00||131.94||-223,902.18||-1.16%||S|
|EEFT||298736109||EURONET WORLDWIDE INC||-2,490.00||89.12||-221,908.80||-1.15%||S|
|ZBRA||989207105||ZEBRA TECHNOLOGIES CORP-CL A||-910||241.22||-219,510.20||-1.13%||S|
|SBAC||78410G104||SBA COMMUNICATIONS CORP||-873||250.57||-218,747.61||-1.13%||S|
|ICUI||44930G107||ICU MEDICAL INC||-2,350.00||91.34||-214,649.00||-1.11%||S|
|CFG||174610105||CITIZENS FINANCIAL GROUP||-7,500.00||28.52||-213,900.00||-1.11%||S|
|ARE||015271109||ALEXANDRIA REAL ESTATE EQUIT||-1,810.00||118.14||-213,833.40||-1.10%||S|
|WPC||92936U109||WP CAREY INC||-3,330.00||63.38||-211,055.40||-1.09%||S|
|IART||457985208||INTEGRA LIFESCIENCES HOLDING||-5,141.00||41.02||-210,883.82||-1.09%||S|
|LUV||844741108||SOUTHWEST AIRLINES CO||-7,880.00||26.69||-210,317.20||-1.09%||S|
|CCI||22822V101||CROWN CASTLE INC||-1,757.00||118.57||-208,327.49||-1.08%||S|
|PAYC||70432V102||PAYCOM SOFTWARE INC||-1,120.00||185.75||-208,040.00||-1.08%||S|
|SLAB||826919102||SILICON LABORATORIES INC||-1,900.00||109.08||-207,252.00||-1.07%||S|
|MHK||608190104||MOHAWK INDUSTRIES INC||-2,250.00||91.93||-206,842.50||-1.07%||S|
|JBLU||477143101||JETBLUE AIRWAYS CORP||-44,520.00||4.63||-206,127.60||-1.07%||S|
|MKSI||55306N104||MKS INSTRUMENTS INC||-2,440.00||84.19||-205,423.60||-1.06%||S|
|NUS||67018T105||NU SKIN ENTERPRISES INC - A||-11,660.00||17.56||-204,749.60||-1.06%||S|
|SAGE||78667J108||SAGE THERAPEUTICS INC||-10,020.00||20.39||-204,307.80||-1.06%||S|
|CAG||205887102||CONAGRA BRANDS INC||-7,130.00||28.36||-202,206.80||-1.04%||S|
|PARA||92556H206||PARAMOUNT GLOBAL-CLASS B||-12,805.00||15.78||-202,062.90||-1.04%||S|
|TFC||89832Q109||TRUIST FINANCIAL CORP||-6,016.00||33.27||-200,152.32||-1.03%||S|
|CPB||134429109||CAMPBELL SOUP CO||-4,920.00||40.6||-199,752.00||-1.03%||S|
|MPW||58463J304||MEDICAL PROPERTIES TRUST INC||-37,885.00||5.21||-197,380.85||-1.02%||S|
|MDU||552690109||MDU RESOURCES GROUP INC||-10,220.00||19.31||-197,348.20||-1.02%||S|
|WBA||931427108||WALGREENS BOOTS ALLIANCE INC||-9,491.00||20.79||-197,317.89||-1.02%||S|
|MKTX||57060D108||MARKETAXESS HOLDINGS INC||-820||240.17||-196,939.40||-1.02%||S|
|WTRG||29670G102||ESSENTIAL UTILITIES INC||-5,430.00||36.03||-195,642.90||-1.01%||S|
|ZD||48123V102||ZIFF DAVIS INC||-2,976.00||64.74||-192,666.24||-1.00%||S|
|PYPL||70450Y103||PAYPAL HOLDINGS INC||-3,191.00||59.65||-190,343.15||-0.98%||S|
|SMG||810186106||SCOTTS MIRACLE-GRO CO||-3,255.00||58.15||-189,278.25||-0.98%||S|
|CBRL||22410J106||CRACKER BARREL OLD COUNTRY||-2,590.00||72.36||-187,412.40||-0.97%||S|
|UHAL||023586100||U-HAUL HOLDING CO||-3,176.00||58.44||-185,605.44||-0.96%||S|
|JBGS||46590V100||JBG SMITH PROPERTIES||-12,309.00||15.01||-184,758.09||-0.95%||S|
|NWL||651229106||NEWELL BRANDS INC||-22,683.00||8.11||-183,959.13||-0.95%||S|
|DG||256677105||DOLLAR GENERAL CORP||-1,360.00||134.69||-183,178.40||-0.95%||S|
|TSN||902494103||TYSON FOODS INC-CL A||-3,764.00||48.2||-181,424.80||-0.94%||S|
|HCSG||421906108||HEALTHCARE SERVICES GROUP||-18,050.00||10||-180,500.00||-0.93%||S|
|D||25746U109||DOMINION ENERGY INC||-3,833.00||46.67||-178,886.11||-0.92%||S|
|DEI||25960P109||DOUGLAS EMMETT INC||-13,140.00||13.55||-178,047.00||-0.92%||S|
|HAIN||405217100||HAIN CELESTIAL GROUP INC||-16,417.00||10.84||-177,960.28||-0.92%||S|
|LEG||524660107||LEGGETT & PLATT INC||-7,440.00||23.9||-177,816.00||-0.92%||S|
|WBD||934423104||WARNER BROS DISCOVERY INC||-15,647.00||11.33||-177,280.51||-0.92%||S|
|ATUS||02156K103||ALTICE USA INC- A||-77,162.00||2.29||-176,700.98||-0.91%||S|
|HIW||431284108||HIGHWOODS PROPERTIES INC||-8,369.00||20.48||-171,397.12||-0.89%||S|
|AAP||00751Y106||ADVANCE AUTO PARTS INC||-3,137.00||54.09||-169,680.33||-0.88%||S|
|SEE||81211K100||SEALED AIR CORP||-4,967.00||34.06||-169,176.02||-0.87%||S|
|BAX||071813109||BAXTER INTERNATIONAL INC||-4,627.00||36.55||-169,116.85||-0.87%||S|
|LNC||534187109||LINCOLN NATIONAL CORP||-6,725.00||24.13||-162,274.25||-0.84%||S|
|CABO||12685J105||CABLE ONE INC||-297||543||-161,271.00||-0.83%||S|
|VAC||57164Y107||MARRIOTT VACATIONS WORLD||-2,010.00||77.53||-155,835.30||-0.81%||S|
|MD||58502B106||PEDIATRIX MEDICAL GROUP INC||-12,570.00||8.77||-110,238.90||-0.57%||S|
|NLOP||64110Y108||NET LEASE OFFICE PROPERTY||-333||18.74||-6,240.42||-0.03%||S|
|X9USDISLQ||INVESCO GOVT AGENCY INSTL 1901||32,012,661.38||1||32,012,661.38||165.42%||MM|
Fees & Expenses
|Acquired Fund Fees and Expenses (a)||0.23%|
|Total Annual Operating Expenses||2.79%|
|Total Annual Operating Expenses After Recapture||2.84%|
(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.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution (per share)|