ETF Research Center

WCM / BNY Mellon Focused Growth ADR ETF is an actively managed exchange-traded fund incorporated in the USA. The Fund's objective is long-term capital appreciation above international benchmarks such as the BNY Mellon Classic ADR Index and the MSCI EAFE Index. The fund invests in a concentrated, high-quality, large-cap growth portfolio for the non-U.S. universe.

FUND BASICS
Category	International Equities
Fund Sponsor	AdvisorShares Trust
Website
Inception date	Jul 21, 2010
Assets (mns)	$105
Currency	USD
Expense ratio	110 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Proprietary
Index replication	n/a
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	38
Wgt avg mkt cap (mns)	$50,770
Large cap (>$10bn)	59.6%
Mid cap ($2-10bn)	37.9%
Small cap (<$2bn)	2.5%
Developed mkts	61.6%
Emerging mkts	38.4%

TOP TEN HOLDINGS
Total	36.9 %
GALAPAGOS NV SPONSORED ADR	5.1 %
NICE SYSTEMS LTD-SPONS ADR	4.8 %
ARGENX SE ADR	3.7 %
AIRBUS GROUP NV - UNSP ADR	3.6 %
MERCADOLIBRE INC	3.5 %
ALLEGION PLC	3.4 %
LVMH MOET HENNESSY-UNSP ADR	3.3 %
COSAN LTD-CLASS A SHARES	3.3 %
ANGLOGOLD ASHANTI-SPON ADR	3.3 %
GOLD FIELDS LTD-SPONS ADR	2.9 %

TOP COUNTRY EXPOSURE
	NETHERLANDS	14.3 %
	IRELAND	13.9 %
	BRAZIL	10.0 %
	SOUTH AFRICA	8.5 %
	CHINA	8.0 %
	BRITAIN	7.7 %
	INDIA	6.9 %
	BELGIUM	5.3 %
	SWITZERLAND	5.2 %
	ISRAEL	4.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.3%	15.4%	6.5%	--	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	42%
MSCI EAFE	1.22	56%
MSCI Emg. Mkts.	0.95	54%

Technical Indicators
Recent close	$51.38
30d moving avg.	$50.26
Annualized volatility	18.0%
Short interest (ETF)	0.1%
Short interest (Underlying)	1.5%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.4%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$2,395

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WCM/BNY Mellon Focused Growth ETF based on the alternatives' overlap in portfolio holdings with AADR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AADR

Expense:

110 bp

ALTAR Score™:

3.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AADR
Ticker	Fund Name	Overlap¹ vs AADR (%)	Expense ratio (bp)	Savings vs AADR (bp)	ALTAR Score™ (%)	ALTAR vs AADR (%)
ADRU	BLDRs Europe 100 ADR	15.2	30	80	8.1	+5.0
ADRD	BLDRs Developed Markets 100 ADR	14.6	30	80	9.0	+5.9
FNI	First Trust ISE Chindia	12.4	59	51	4.0	+0.9
EEB	Invesco BRIC	12.4	64	46	6.6	+3.6
ADRE	BLDRs Emerging Markets 50 ADR	9.3	30	80	6.4	+3.3
BICK	First Trust BICK Index Fund	9.3	64	46	5.6	+2.5
KEMQ	KraneShares EM Consumer Focus	8.5	80	30	7.8	+4.7
XCEM	Columbia EM Core ex-China	8.4	16	94	7.6	+4.5
PGJ	Invesco Golden Dragon China	7.9	70	40	3.7	+0.7
ACT	AdvisorShares Vice	7.6	99	11	7.9	+4.9
AIIQ	AI Powered International Equity	7.3	79	31	4.6	+1.5
CNCR	Loncar Cancer Immunotherapy	6.5	79	31	-3.5	-6.5
ADRA	BLDRs Asia 50 ADR	6.3	30	80	9.2	+6.1
GDX	VanEck Vectors Gold Miners ETF	5.7	52	58	2.4	-0.7
ECOW	Pacer Emerging Markets Cash Cows 100	5.5	70	40	10.9	+7.8
PIE	Invesco DWA Emg. Mkts. Technical Leaders	5.3	90	20	5.2	+2.1
PID	Invesco International Dividend Achievers	5.2	54	56	7.4	+4.3
PPH	VanEck Vectors Pharmaceuticals	5.1	36	74	9.4	+6.4
GDXJ	VanEck Vectors Jr. Gold Miners	5.1	53	57	2.4	-0.7
CHIQ	Global X MSCI China Consumer Discretionary	5.1	65	45	5.3	+2.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	WCM/BNY Mellon Focused Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.8	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	110	bp
Equals: ALTAR Score	3.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.