(AADR) Dorsey Wright ADR ETF
Overview
How AADR Works
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The AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) is an actively managed strategy that seeks long-term capital appreciation using a technical, systematically-driven investment approach that seeks to outperform international benchmarks such as the MSCI EAFE Index and the BNY Mellon Classic ADR Index. AADR is managed by Dorsey, Wright & Associates, LLC, a firm renowned for their core philosophy of relative strength investing, which AADR’s investment focus follows. 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. AADR’s investment process is purely systematic and removes any human emotion from the day-to-day decision making.
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In implementing AADR’s strategy, Dorsey Wright measures relative strength across both macroeconomic sector and international equity models and then takes an unconstrained approach to selecting securities for its international portfolio. The investment strategy does not give consideration to the allocation between developed and emerging markets, and will allocate between the two depending on global price trends.
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Fund Documents
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Performance -Month-End
AADR Performance History (%) as of 6/30/2019
| NAV | Market Price Return | MSCI EAFE Index | BNY Mellon Classic ADR Index | |
|---|---|---|---|---|
| 1 Month | 8.47 | 8.66 | 5.93 | 6.31 |
| 3 Months | 9.70 | 9.79 | 3.68 | 3.30 |
| YTD | 24.58 | 25.08 | 14.03 | 14.37 |
| 1 Year | -6.16 | -6.00 | 1.08 | 1.69 |
| 3 Years | 9.27 | 9.23 | 9.11 | 9.46 |
| 5 Years | 5.76 | 5.74 | 2.25 | 2.42 |
| Since Inception (7/20/2010, Annualized) |
8.68 | 8.66 | 6.47 | 5.86 |
Performance -Quarter-End
AADR Performance History (%) as of 6/30/2019
| NAV | Market Price Return | MSCI EAFE Index | BNY Mellon Classic ADR Index | |
|---|---|---|---|---|
| 1 Month | 8.47 | 8.66 | 5.93 | 6.31 |
| 3 Months | 9.70 | 9.79 | 3.68 | 3.30 |
| YTD | 24.58 | 25.08 | 14.03 | 14.37 |
| 1 Year | -6.16 | -6.00 | 1.08 | 1.69 |
| 3 Years | 9.27 | 9.23 | 9.11 | 9.46 |
| 5 Years | 5.76 | 5.74 | 2.25 | 2.42 |
| Since Inception (7/20/2010, Annualized) |
8.68 | 8.66 | 6.47 | 5.86 |
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.
The performance for periods before 09/01/16 is for the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (the “Predecessor Fund”) which was renamed the AdvisorShares Dorsey Wright ADR ETF on 09/01/16. The Predecessor Fund had different portfolio managers and investment strategy than the Dorsey Wright ADR ETF. Performance prior to 09/01/16 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since 09/01/16 reflects actual Dorsey Wright ADR ETF performance.
The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. One cannot invest directly in an index.
The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world's premier companies. One cannot invest directly in an index.
Fund Distributions
| Ex-Date | Record Date | Pay Date | Cash Div | ST Cap Gain | LT Cap Gain | Return of Capital | Total Distribution |
|---|---|---|---|---|---|---|---|
|
06-25-19
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06-26-19
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06-28-19
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$0.30609 | $0.00 | $0.00 | $0.00 | $0.30609/per share |
03-26-19
|
03-27-19
|
03-29-19
|
$0.00055 | $0.00 | $0.00 | $0.00 | $0.00055/per share |
12-27-18 | 12-28-18 | 12-31-18
| $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
09-26-18 | 09-27-18 | 09-28-18
| $0.00074 | $0.00 | $0.00 | $0.00 | $0.00074/per share |
06-25-18 | 06-26-18 | 06-29-18
| $0.28385 | $0.00 | $0.00 | $0.00 | $0.28385/per share |
03-26-18 | 03-27-18 | 03-29-18 | $0.01442 | $0.00 | $0.00 | $0.00 | $0.01442/per share |
12-27-17 | 12-28-17 | 12-29-17 | $0.13034 | $0.00 | $0.00 | $0.00 | $0.13034/per share |
09-26-17 | 09-27-17 | 09-29-17 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
06-23-17 | 06-28-17 | 06-30-17 | $0.30343 | $0.00 | $0.00 | $0.00 | $0.30343/per share |
03-24-17 | 03-28-17 | 03-31-17 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
12-23-16 | 12-28-16 | 12-30-16 | $0.0299 | $0.00 | $0.00 | $0.00 | $0.0299/per share |
09-26-16 | 09-28-16 | 09-30-16 | $0.1183 | $0.00 | $0.00 | $0.00 | $0.1183/per share |
06-24-16 | 06-28-16 | 06-30-16 | $0.0600 | $0.00 | $0.00 | $0.00 | $0.0600/per share |
03-24-16 | 03-29-16 | 03-31-16 | $0.0243 | $0.00 | $0.00 | $0.00 | $0.0243/per share |
12-24-15 | 12-29-15 | 12-31-15 | $0.0061 | $0.00 | $0.00 | $0.00 | $0.0061/per share |
09-24-15 | 09-28-15 | 09-30-15 | $0.1054 | $0.00 | $0.00 | $0.00 | $0.1054/per share |
06-24-15 | 06-26-15 | 06-30-15 | $0.0769 | $0.00 | $0.00 | $0.00 | $0.0769/per share |
03-25-15 | 03-27-15 | 03-31-15 | $0.1230 | $0.00 | $0.00 | $0.00 | $0.1230/per share |
12-24-14 | 12-29-14 | 12-31-14 | $0.011 | $0.00 | $0.00 | $0.00 | $0.011/per share |
09-24-14 | 09-26-14 | 09-30-14 | $0.021 | $0.00 | $0.00 | $0.00 | $0.021/per share |
06-24-14 | 06-26-14 | 06-30-14 | $0.115 | $0.00 | $0.00 | $0.00 | $0.115/per share |
03-25-14 | 03-27-14 | 03-31-14 | $0.036 | $0.00 | $0.00 | $0.00 | $0.036/per share |
12-24-13 | 12-27-13 | 12-31-13 | $0.009 | $0.00 | $0.00 | $0.00 | $0.009/per share |
09-24-13 | 09-26-13 | 09-30-13 | $0.014 | $0.00 | $0.00 | $0.00 | $0.014/per share |
06-24-13 | 06-26-13 | 06-28-13 | $0.102 | $0.00 | $0.00 | $0.00 | $0.102/per share |
03-22-13 | 03-26-13 | 03-28-13 | $0.003 | $0.00 | $0.00 | $0.00 | $0.003/per share |
12-24-12 | 12-27-12 | 12-31-12 | $0.056 | $0.00 | $0.00 | $0.00 | $0.056/per share |
09-24-12 | 09-26-12 | 09-28-12 | $0.008 | $0.00 | $0.00 | $0.00 | $0.008/per share |
06-25-12 | 06-27-12 | 06-29-12 | $0.039 | $0.00 | $0.00 | $0.00 | $0.039/per share |
03-26-12 | 03-28-12 | 03-30-12 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
12-23-11 | 12-28-11 | 12-30-11 | $0.073 | $0.122 | $0.00 | $0.00 | $0.195/per share |
09-26-11 | 09-28-11 | 09-30-11 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
06-24-11 | 06-28-11 | 06-30-11 | $0.02 | $0.00 | $0.00 | $0.00 | $0.02/per share |
03-25-11 | 03-29-11 | 03-31-11 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00/per share |
12-23-10 | 12-28-10 | 12-31-10 | $0.07 | $0.00 | $0.00 | $0.00 | $0.07/per share |
Why Invest in AADR
- Alpha-Seeking Complement to Broad Based Exposure - Broad based indexes by their nature have the good and the bad, the strong and the weak, and AADR offers the opportunity to add alpha with a historically successful trend following process that owns the strongest companies while eliminating the weakest performers.
- For Manager Diversification - Through an established portfolio manager, spreading your investment risk among foreign companies, markets, and currencies that are different than the U.S. economy can help diversify and mitigate your overall portfolio risk.
- For 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 spreads the allocation among multiple macro sectors and limits the allocation to each based on the size of the macro sector. The process also seeks to spread out allocations within each macro sector to multiple industry groups if possible. The objective sell discipline represents an important of the portfolio construction process.
- For Potential Tax Advantages Over Other Investment Structures - The portfolio manager believes that the ETF structure offers potential tax advantages over other investment structures, including separately managed accounts and mutual funds. Furthermore, this strategy was previously only available as a separately managed account with high investment minimums. AADR now makes the strategy available to a much broader group of investors.
Where Does AADR Fit in a Traditional Portfolio?
- AADR can serve as an alpha-seeking complement to a broad-based market cap weighted position, such as a fund that tracks the MSCI EAFE Index, as well as a standalone investment solution for international equity exposure.
5 Key Attributes
- Concentrated Portfolio of Highest-Ranked - AADR typically has a portfolio of less than 40 equities that demonstrate favorable relative strength characteristics according to Dorsey Wright's proprietary macroeconomic sector ranking and individual stock rotation methodology.
- Unconstrained International Equity Portfolio - AADR is uniquely positioned from an investment opportunity perspective because it is not limited by style (value or growth), investment capitalization (small, mid or large), or even classification of international market (emerging or developed).
- Systematic Approach - AADR’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 markets that may become very different over time.
- Relative Strength Analysis - AADR 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.
- 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 technical, systematic ranks and does not allow for any portfolio manager discretion or overrides.
About American Depositary Receipts
An American depositary receipt (ADR) is a negotiable U.S. security that generally represents a company’s publicly traded equity or debt. Depositary receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank such as BNY Mellon, to issue depositary receipts.
About the Portfolio Manager
- John G. Lewis, Senior Vice President & Senior Portfolio Manager
Mr. Lewis joined Dorsey Wright Money Management in 2002. As Senior Portfolio Manager, he is responsible for investment strategy across DWA’s funds, ETFs, UITs and SMA accounts. He has worked in the investment industry since 1994. Mr. Lewis has conducted extensive research on relative strength and has authored several original research papers on the subject and works closely with the investment team on new product development. He holds a Bachelor of Business Administration from the University of San Diego and an MBA from the University of Southern California.
Price History
| NAV | $51.71 | Closing Price | $51.51 |
| Change | $-0.31 | Change | $-0.49 |
| Shares Outstanding | 2,225,000 | Volume | 7,640 |
| 4PM Bid/Offer Midpoint | $51.64 | Premium/Discount | $-0.07 |
| Assets Under Management | $115,052,278.79 | ||
| 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. 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 Basics
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Symbol
AADR
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Exchange
NYSE Arca
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Inception Date
07/20/2010
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CUSIP
00768Y206
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Indicative Value
AADR.IV
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Options
No
Fees & Expenses
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Management Fee
0.75%
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Other Expenses
0.21%
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Gross Expense Ratio
0.96%
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Fee Waiver and/or Expense Reimbursement
-0.08%
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Net Expense Ratio
0.88%*
- *The Advisor has contractually agreed to keep net expenses from exceeding 0.88% of the Fund’s average daily net assets for at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Expenses.”