(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 Indicative Value Leverage Exposure
DWSH Nasdaq 7/10/2018 00768Y529 DWSH.IV 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

As of 12/5/2019

NAV $24.66 Closing Price $24.73
Change $0.07 Close Change $0.13
Shares Outstanding 1,875,000 Volume 32,572
4PM Bid/Offer Midpoint $24.69 Premium Discount $0.03
Assets Under Management $46,241,059.03    

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 10/31/2019

NAV Market Price Return S&P 500 Index
1 Month -0.14 -0.17 2.17
3 Months 2.50 2.61 2.43
YTD -14.95 -15.08 23.16
1 Year -6.85 -7.18 14.33
Since Inception (7/10/2018, Annualized) 2.95 2.92 5.81

As of 9/30/2019

  NAV Market Price Return S&P 500 Index
1 Month -8.38 -8.49 1.87
3 Months 4.31 4.21 1.70
YTD -14.83 -14.93 20.55
1 Year 3.56 3.44 4.25
Since Inception (7/10/2018, Annualized) 4.03 4.02 7.44

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 12/5/2019

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
12/05/2019 DWSH VIAC 92556H206 VIACOMCBS INC - CLASS B -24,720.00 40.86 (1,010,059.20) -2.18% S 1
PCG 69331C108 P G & E CORP -64,660.00 9.78 (632,374.80) -1.37% S 1
TWOU 90214J101 2U INC -24,220.00 23.25 (563,115.00) -1.22% S 1
STLD 858119100 STEEL DYNAMICS INC -16,115.00 34.43 (554,839.45) -1.20% S 1
FGEN 31572Q808 FIBROGEN INC -11,615.00 47.14 (547,531.10) -1.18% S 1
SRPT 803607100 SAREPTA THERAPEUTICS INC -4,932.00 109.96 (542,322.72) -1.17% S 1
ICUI 44930G107 ICU MEDICAL INC -2,904.00 184.22 (534,974.88) -1.16% S 1
FCX 35671D857 FREEPORT-MCMORAN INC -46,760.00 11.33 (529,790.80) -1.15% S 1
PVH 693656100 PVH CORP -5,101.00 100.73 (513,823.73) -1.11% S 1
BERY 08579W103 BERRY GLOBAL GROUP INC -10,873.00 47.20 (513,205.60) -1.11% S 1
HLF G4412G101 HERBALIFE NUTRITION LTD -11,347.00 44.97 (510,274.59) -1.10% FS 1
SNH 81721M109 SENIOR HOUSING PROP TRUST -67,264.00 7.55 (507,843.20) -1.10% S 1
RL 751212101 RALPH LAUREN CORP -4,527.00 112.06 (507,295.62) -1.10% S 1
GRUB 400110102 GRUBHUB INC -12,602.00 40.15 (505,970.30) -1.09% S 1
AGIO - AGIOS PHARMACEUTICALS INC -12,525.00 40.08 (502,002.00) -1.09% S 1
COMM 20337X109 COMMSCOPE HOLDING CO INC -37,980.00 13.17 (500,196.60) -1.08% S 1
UTHR 91307C102 UNITED THERAPEUTICS CORP -5,512.00 90.23 (497,347.76) -1.08% S 1
MHK 608190104 MOHAWK INDUSTRIES INC -3,594.00 138.01 (496,007.94) -1.07% S 1
ALKS G01767105 ALKERMES PLC -23,885.00 20.65 (493,225.25) -1.07% FS 1
ABMD - ABIOMED INC -2,584.00 189.07 (488,556.88) -1.06% S 1
NTAP 64110D104 NETAPP INC -8,097.00 60.08 (486,467.76) -1.05% S 1
GT 382550101 GOODYEAR TIRE & RUBBER CO -30,246.00 15.89 (480,608.94) -1.04% S 1
BMRN 09061G101 BIOMARIN PHARMACEUTICAL INC -5,995.00 80.08 (480,079.60) -1.04% S 1
PTC 69370C100 PTC INC -6,229.00 75.76 (471,909.04) -1.02% S 1
MD 58502B106 MEDNAX INC -18,587.00 25.38 (471,738.06) -1.02% S 1
CDEV 15136A102 CENTENNIAL RESOURCE DEVELO-A -138,221.00 3.41 (471,333.61) -1.02% S 1
CXO 20605P101 CONCHO RESOURCES INC -6,395.00 73.40 (469,393.00) -1.02% S 1
BEN 354613101 FRANKLIN RESOURCES INC -17,524.00 26.46 (463,685.04) -1.00% S 1
CLB N22717107 CORE LABORATORIES N.V. -10,474.00 44.21 (463,055.54) -1.00% FS 1
JWN 655664100 NORDSTROM INC -12,377.00 37.41 (463,023.57) -1.00% S 1
CMD 138098108 CANTEL MEDICAL CORP -5,950.00 77.77 (462,731.50) -1.00% S 1
BLUE 09609G100 BLUEBIRD BIO INC -5,716.00 80.65 (460,995.40) -1.00% S 1
INGR 457187102 INGREDION INC -5,429.00 84.76 (460,162.04) -1.00% S 1
IPGP 44980X109 IPG PHOTONICS CORP -3,272.00 140.17 (458,636.24) -0.99% S 1
MAT 577081102 MATTEL INC -38,839.00 11.74 (455,969.86) -0.99% S 1
NKTR 640268108 NEKTAR THERAPEUTICS -22,783.00 19.86 (452,470.38) -0.98% S 1
EXEL 30161Q104 EXELIXIS INC -26,371.00 17.15 (452,262.65) -0.98% S 1
LOPE 38526M106 GRAND CANYON EDUCATION INC -5,179.00 87.06 (450,883.74) -0.98% S 1
LB 501797104 L BRANDS INC -24,927.00 18.07 (450,430.89) -0.97% S 1
CLR 212015101 CONTINENTAL RESOURCES INC/OK -14,451.00 31.11 (449,570.61) -0.97% S 1
HP 423452101 HELMERICH & PAYNE -11,633.00 38.64 (449,499.12) -0.97% S 1
KHC 500754106 KRAFT HEINZ CO/THE -14,319.00 31.25 (447,468.75) -0.97% S 1
MAC 554382101 MACERICH CO/THE -16,706.00 26.74 (446,718.44) -0.97% S 1
RES 749660106 RPC INC -113,496.00 3.93 (446,039.28) -0.96% S 1
PE 701877102 PARSLEY ENERGY INC-CLASS A -28,692.00 15.52 (445,299.84) -0.96% S 1
ULTA 90384S303 ULTA BEAUTY INC -1,875.00 236.02 (442,537.50) -0.96% S 1
NBL 655044105 NOBLE ENERGY INC -21,093.00 20.98 (442,531.14) -0.96% S 1
TRIP 896945201 TRIPADVISOR INC -15,163.00 29.03 (440,181.89) -0.95% S 1
TCBI 88224Q107 TEXAS CAPITAL BANCSHARES INC -7,673.00 57.13 (438,358.49) -0.95% S 1
DXC 23355L106 DXC TECHNOLOGY CO -12,057.00 36.30 (437,669.10) -0.95% S 1
NUS 67018T105 NU SKIN ENTERPRISES INC - A -11,576.00 37.70 (436,415.20) -0.94% S 1
RIG H8817H100 TRANSOCEAN LTD -82,014.00 5.32 (436,314.48) -0.94% FS 1
AAL - AMERICAN AIRLINES GROUP INC -15,996.00 27.24 (435,731.04) -0.94% S 1
TEX 880779103 TEREX CORP -15,363.00 28.27 (434,312.01) -0.94% S 1
CCL 143658300 CARNIVAL CORP -9,672.00 44.20 (427,502.40) -0.92% FS 1
PTEN 703481101 PATTERSON-UTI ENERGY INC -47,196.00 9.04 (426,651.84) -0.92% S 1
BKR 05722G100 BAKER HUGHES CO D -19,220.00 22.14 (425,530.80) -0.92% S 1
IVZ G491BT108 INVESCO LTD -25,581.00 16.61 (424,900.41) -0.92% FS 1
AA - ALCOA CORP -21,364.00 19.87 (424,502.68) -0.92% S 1
LEA 521865204 LEAR CORP -3,518.00 120.64 (424,411.52) -0.92% S 1
ADS - ALLIANCE DATA SYSTEMS CORP -4,089.00 103.58 (423,538.62) -0.92% S 1
NFLX 64110L106 NETFLIX INC -1,386.00 302.86 (419,763.96) -0.91% S 1
M 55616P104 MACY'S INC -27,626.00 15.11 (417,428.86) -0.90% S 1
XEC 171798101 CIMAREX ENERGY CO -8,944.00 46.16 (412,855.04) -0.89% S 1
X 912909108 UNITED STATES STEEL CORP -30,959.00 13.33 (412,683.47) -0.89% S 1
AMG - AFFILIATED MANAGERS GROUP -4,931.00 83.58 (412,132.98) -0.89% S 1
OI 690768403 OWENS-ILLINOIS INC -40,476.00 10.15 (410,831.40) -0.89% S 1
ALXN - ALEXION PHARMACEUTICALS INC -3,814.00 107.42 (409,699.88) -0.89% S 1
UNM 91529Y106 UNUM GROUP -14,155.00 28.88 (408,796.40) -0.88% S 1
MRO 565849106 MARATHON OIL CORP -33,716.00 12.04 (405,940.64) -0.88% S 1
ALB - ALBEMARLE CORP -6,374.00 63.68 (405,896.32) -0.88% S 1
MYL N59465109 MYLAN NV -21,454.00 18.90 (405,480.60) -0.88% FS 1
FL 344849104 FOOT LOCKER INC -10,121.00 39.84 (403,220.64) -0.87% S 1
W 94419L101 WAYFAIR INC- CLASS A -5,040.00 79.87 (402,544.80) -0.87% S 1
GPS 364760108 GAP INC/THE -24,682.00 16.30 (402,316.60) -0.87% S 1
WLK 960413102 WESTLAKE CHEMICAL CORP -5,935.00 67.61 (401,265.35) -0.87% S 1
FIZZ 635017106 NATIONAL BEVERAGE CORP -8,266.00 48.24 (398,751.84) -0.86% S 1
HAL 406216101 HALLIBURTON CO -18,585.00 21.42 (398,090.70) -0.86% S 1
FDX 31428X106 FEDEX CORP -2,577.00 153.94 (396,703.38) -0.86% S 1
OZK 06417N103 BANK OZK -13,013.00 30.34 (394,814.42) -0.85% S 1
ADNT G0084W101 ADIENT PLC -18,487.00 21.26 (393,033.62) -0.85% FS 1
KSS 500255104 KOHLS CORP -8,251.00 47.08 (388,457.08) -0.84% S 1
SLB 806857108 SCHLUMBERGER LTD -10,742.00 35.85 (385,100.70) -0.83% FS 1
BTU 704551100 PEABODY ENERGY CORP -41,666.00 9.23 (384,577.18) -0.83% S 1
TDC 88076W103 TERADATA CORP -14,927.00 25.70 (383,623.90) -0.83% S 1
FLR 343412102 FLUOR CORP -23,236.00 16.29 (378,514.44) -0.82% S 1
NOV 637071101 NATIONAL OILWELL VARCO INC -16,769.00 22.57 (378,476.33) -0.82% S 1
WPX 98212B103 WPX ENERGY INC -37,504.00 10.07 (377,665.28) -0.82% S 1
TPR 876030107 TAPESTRY INC -14,750.00 25.45 (375,387.50) -0.81% S 1
HCSG 421906108 HEALTHCARE SERVICES GROUP -14,911.00 25.17 (375,309.87) -0.81% S 1
OLN 680665205 OLIN CORP -22,309.00 16.82 (375,237.38) -0.81% S 1
OXY 674599105 OCCIDENTAL PETROLEUM CORP -9,734.00 37.98 (369,697.32) -0.80% S 1
MOS 61945C103 MOSAIC CO/THE -19,562.00 18.55 (362,875.10) -0.78% S 1
APA 37411105 APACHE CORP -19,070.00 18.58 (354,320.60) -0.77% S 1
EQT 26884L109 EQT CORP -40,465.00 8.61 (348,403.65) -0.75% S 1
AR 03674X106 ANTERO RESOURCES CORP -165,794.00 2.10 (348,167.40) -0.75% S 1
QRTEA 74915M100 QURATE RETAIL INC-SERIES A -40,577.00 8.49 (344,498.73) -0.75% S 1
CC 163851108 CHEMOURS CO/THE -21,496.00 15.06 (323,729.76) -0.70% S 1
MIK 59408Q106 MICHAELS COS INC/THE -38,554.00 6.08 (234,408.32) -0.51% S 1
HOLD - ADVISORSHARES SAGE CORE RESE 175,000.00 99.79 17,462,847.50 37.77% MF 1
X9USDISLQ INVESCO GOVT AGENCY INSTL 1901 9,906,630.45 1.00 9,906,630.45 21.43% MM 1
- 62,851,215.30 100.00 62,851,215.30 135.93% CA 0
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 10/31/2019

DWSH Sector Change

DWSH Sector Allocation

DWSH Market Cap

FUND

Fees & Expenses

Management Fee 0.75%
Other Expenses 2.51%
Acquired Fund Fees 0.11%
Gross Expenses Ratio 3.37%
Fee Waiver and/or Expense Reimbursement -0.30%
Net Expense Ratio 3.07%

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 1.71% is short interest expense and 0.80% in remaining expenses.

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) DWSH
12/27/2019 12/30/2019 12/31/2019 - - - - - FORMULA
12/27/2018 12/28/2018 12/31/2018 $0.03611 $0.00000 $0.00000 $0.00000 $0.0361 VALUE
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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

 

AADRACT, CWS, DBLV, DWMC, DWSH, FLRT, FWDB, HDGE, HOLD, MINC, MJUS, SCAP, VEGA, YOLO

 

 

 

 

 

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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. 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.