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)	$125
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	37
Wgt avg mkt cap (mns)	$54,735
Large cap (>$10bn)	58.3%
Mid cap ($2-10bn)	39.4%
Small cap (<$2bn)	2.3%
Developed mkts	62.0%
Emerging mkts	38.0%

TOP TEN HOLDINGS
Total	37.5 %
GALAPAGOS NV SPONSORED ADR	5.2 %
NICE SYSTEMS LTD-SPONS ADR	4.8 %
COSAN LTD-CLASS A SHARES	4.0 %
MERCADOLIBRE INC	3.8 %
ARGENX SE ADR	3.7 %
WNS HOLDINGS LTD-ADR	3.3 %
ALLEGION PLC	3.2 %
AIRBUS GROUP NV - UNSP ADR	3.2 %
GOLD FIELDS LTD-SPONS ADR	3.1 %
ANGLOGOLD ASHANTI-SPON ADR	3.1 %

TOP COUNTRY EXPOSURE
	NETHERLANDS	13.6 %
	IRELAND	13.2 %
	BRAZIL	10.8 %
	SOUTH AFRICA	9.1 %
	CHINA	7.9 %
	INDIA	7.2 %
	BRITAIN	5.3 %
	BELGIUM	5.2 %
	ISRAEL	4.8 %
	RUSSIA	4.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
35.3%	35.3%	8.3%	--	9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	43%
MSCI EAFE	1.28	59%
MSCI Emg. Mkts.	0.94	55%

Technical Indicators
Recent close	$56.15
30d moving avg.	$54.11
Annualized volatility	18.2%
Short interest (ETF)	0.2%
Short interest (Underlying)	1.5%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.3%
Bid/Ask (% of price)	0.47%
ADV underlying (mns)	$2,107

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	16.2	30	80	7.8	+4.7
ADRD	BLDRs Developed Markets 100 ADR	15.3	30	80	8.8	+5.7
EEB	Invesco BRIC	10.9	64	46	6.2	+3.1
FNI	First Trust ISE Chindia	10.8	59	51	3.8	+0.7
KEMQ	KraneShares EM Consumer Focus	8.6	80	30	8.5	+5.4
PGJ	Invesco Golden Dragon China	7.9	70	40	3.4	+0.3
PIE	Invesco DWA Emg. Mkts. Technical Leaders	7.7	90	20	4.7	+1.6
BICK	First Trust BICK Index Fund	7.6	64	46	5.0	+1.9
PPH	VanEck Vectors Pharmaceuticals	7.3	36	74	8.9	+5.8
AIIQ	AI Powered International Equity	6.9	79	31	4.5	+1.4
CNCR	Loncar Cancer Immunotherapy	6.5	79	31	-4.0	-7.0
ADRE	BLDRs Emerging Markets 50 ADR	6.2	30	80	5.8	+2.8
XCEM	Columbia EM Core ex-China	6.1	16	94	7.3	+4.2
GDXJ	VanEck Vectors Jr. Gold Miners	6.0	53	57	2.3	-0.8
GDX	VanEck Vectors Gold Miners ETF	5.6	52	58	2.3	-0.8
CHIQ	Global X MSCI China Consumer Discretionary	5.2	65	45	5.0	+1.9
GENY	Principal Millennials Index	5.2	45	65	4.6	+1.5
ACT	AdvisorShares Vice	5.2	99	11	7.1	+4.0
SMH	VanEck Vectors Semiconductors	4.9	35	75	5.7	+2.6
SOXX	iShares PHLX SOX Semiconductor	4.9	46	64	5.4	+2.3

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%.

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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

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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	13.7	%
Divided by: Fwd. P/BV	3.3	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	1.42	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.