AdvisorShares Dorsey Wright Micro-Cap ETF
ALTAR
Score™
-3.4% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
-79.3x P/Sales
ratio
1.9x
P/BV
ratio
4.1x Div.
yield
1.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The AdvisorShares Dorsey Wright Micro-Cap ETF is an actively managed portfolio of US-listed micro-cap stocks. The fund follows a rules-based momentum strategy and seeks long-term capital appreciation.

FUND BASICS
Category US Equities
Fund Sponsor AdvisorShares
Website www.advisorshares.com
Inception date Jul 10, 2018
Assets (mns) $2
Currency USD
Expense ratio 125 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Momentum
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 156
Wgt avg mkt cap (mns) $969
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 10.8%
Small cap (<$2bn) 89.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
KODIAK SCIENCES, INC. 2.4 %
CASELLA WASTE SYSTEMS INC-A 2.3 %
EVERQUOTE, INC. CLASS A 2.2 %
APPFOLIO INC CLASS A 2.0 %
FIVE9 INC 1.9 %
KINSALE CAPITAL GROUP, INC. 1.8 %
AUDIOCODES LTD 1.8 %
NOVANTA INC 1.4 %
COMPUGEN LTD 1.4 %
MERSANA THERAPEUTICS, INC. 1.4 %
Total 18.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 87.8 %
ISRAEL 7.0 %
CANADA 1.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-12.8% -6.8% -- -- -9.5%

Market Correlations
versus... Beta R-squared
S&P500 1.38 82%
MSCI EAFE 1.48 80%
MSCI Emg. Mkts. 1.10 66%

Technical Indicators
Recent close $20.91
30d moving avg. $20.64
Annualized volatility 32.3%
Short interest (ETF) 1.1%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.0%
Bid/Ask (% of price) 0.81%
ADV underlying (mns) $1,495

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the AdvisorShares Dorsey Wright Micro-Cap ETF ETF based on the alternatives' overlap in portfolio holdings with DWMC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DWMC Expense: 125 bp ALTAR Score™: -3.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DWMC
Ticker Fund
Name
Overlap1
vs DWMC
(%)
Expense
ratio
(bp)
Savings
vs DWMC
(bp)
ALTAR
Score™
(%)
ALTAR
vs DWMC
(%)
DWAS Invesco DWA SmallCap Momentum ETF 21.0 60 65 -1.1 +2.4
IWC iShares Micro-Cap ETF 16.0 60 65 -3.9 -0.4
FDM First Trust Dow Jones Select Microcap Index Fund 11.5 60 65 7.4 +10.9
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 11.1 39 86 7.7 +11.1
BBC Virtus LifeSci Biotech Clinical Trials ETF 10.3 79 46 -1.4 +2.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 7.2 24 101 7.3 +10.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 6.9 29 96 1.8 +5.2
ITEQ BlueStar Israel Technology ETF 6.7 75 50 1.8 +5.3
VFMO Vanguard U.S. Momentum Factor ETF 6.7 13 112 1.2 +4.6
BUY USCF SummerHaven SHPEI Index Fund 6.6 80 45 10.4 +13.9
TPSC Timothy Plan US Small Cap Core ETF 6.1 52 73 8.4 +11.8
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 5.9 35 90 8.4 +11.8
IZRL ARK Israel Innovative Technology ETF 5.7 49 76 0.4 +3.9
SSLY Syntax Stratified SmallCap ETF 5.5 30 95 6.3 +9.7
RZG Invesco S&P Smallcap 600 Pure Growth ETF 5.5 35 90 6.0 +9.4
AFSM First Trust Active Factor Small Cap ETF 5.5 75 50 5.7 +9.2
PXSG Invesco S&P SmallCap Momentum ETF 5.3 39 86 5.1 +8.5
SQLV Legg Mason Small-Cap Quality Value 5.2 62 63 8.0 +11.4
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 5.1 29 96 9.8 +13.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 4.9 20 105 6.0 +9.5
IWO iShares Russell 2000 Growth ETF 4.9 24 101 0.8 +4.2
SBIO ALPS Medical Breakthroughs ETF 4.8 50 75 -1.9 +1.6
VTWG Vanguard Russell 2000 Growth Index Fund 4.8 15 110 0.8 +4.2
XBI SPDR S&P BIOTECH ETF 4.6 35 90 -2.5 +1.0
CSML IQ Chaikin U.S. Small Cap ETF 4.6 35 90 4.2 +7.7
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 4.6 35 90 8.3 +11.7
FYC First Trust Small Cap Growth AlphaDEX Fund 4.5 70 55 2.5 +5.9
PTF Invesco DWA Technology Momentum ETF 4.5 60 65 1.2 +4.7
JSML Janus Henderson Small Cap Growth Alpha ETF 4.4 30 95 7.8 +11.2
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 4.3 40 85 6.8 +10.3
ROGS Hartford Multifactor Global Small Cap ETF 4.1 34 91 8.0 +11.4
ISRA VanEck Vectors Israel ETF 4.1 62 63 6.8 +10.2
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 4.0 29 96 5.7 +9.1
IWM iShares Russell 2000 ETF 4.0 19 106 3.7 +7.1
VTWO Vanguard Russell 2000 Index Fund 3.9 10 115 3.7 +7.1
PSJ Invesco Dynamic Software ETF 3.9 58 67 3.9 +7.3
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 3.8 12 113 7.9 +11.3
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 3.6 30 95 7.9 +11.3
EES WisdomTree SmallCap Earnings Fund 3.6 38 87 11.8 +15.2
XSW SPDR S&P Software & Services ETF 3.4 35 90 4.0 +7.4
BTEC Principal Healthcare Innovators Index ETF 3.4 42 83 -2.4 +1.1
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 3.3 39 86 4.2 +7.7
VFLQ Vanguard U.S. Liquidity Factor ETF 3.2 14 111 4.7 +8.2
PSCH Invesco S&P SmallCap Health Care ETF 3.2 29 96 3.0 +6.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 3.2 35 90 6.4 +9.8
ARKK ARK Innovation ETF 3.2 75 50 -2.9 +0.5
PWC Invesco Dynamic Market ETF 3.1 59 66 4.9 +8.3
PRN Invesco DWA Industrials Momentum ETF 3.1 60 65 4.8 +8.3
VAMO Cambria Value & Momentum ETF 3.1 64 61 7.7 +11.2
IJT iShares S&P Small-Cap 600 Growth ETF 3.1 25 100 5.2 +8.6
SLYG SPDR S&P 600 Small Cap Growth ETF 3.1 15 110 5.3 +8.7
EVX VanEck Vectors Environmental Services ETF 3.1 55 70 6.9 +10.3
VIOG Vanguard S&P Small-Cap 600 Growth ETF 2.9 16 109 5.2 +8.7
SLY SPDR S&P 600 Small Cap ETF 2.9 15 110 7.1 +10.5
SPSM SPDR Portfolio Small Cap ETF 2.9 5 120 7.2 +10.6
IJR iShares Core S&P Small Cap ETF 2.9 7 118 7.2 +10.6
QMOM Alpha Architect U.S. Quantitative Momentum ETF 2.9 49 76 2.2 +5.6
ARKG ARK Genomic Revolution Multi-Sector ETF 2.9 75 50 0.0 +3.4
CNCR Loncar Cancer Immunotherapy ETF 2.9 79 46 -2.9 +0.6
VFMF Vanguard U.S. Multifactor ETF 2.8 19 106 7.3 +10.7
PBS Invesco Dynamic Media ETF 2.8 63 62 5.3 +8.7
DES WisdomTree U.S. SmallCap Dividend Fund 2.8 38 87 8.8 +12.3
VIOO Vanguard S&P Small-Cap 600 ETF 2.8 10 115 7.3 +10.7
GERM ETFMG Treatments Testing and Advancements ETF 2.7 68 57 -3.1 +0.4
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 2.7 38 87 9.2 +12.6
XWEB SPDR S&P Internet ETF 2.7 35 90 -0.2 +3.3
VTWV Vanguard Russell 2000 Value Index Fund 2.7 15 110 7.5 +11.0
IWN iShares Russell 2000 Value ETF 2.7 24 101 7.4 +10.8
IJS iShares S&P Small-cap 600 Value ETF 2.7 25 100 9.3 +12.8
SLYV SPDR S&P 600 Small Cap Value ETF 2.7 15 110 9.4 +12.8
PXQ Invesco Dynamic Networking ETF 2.6 63 62 4.1 +7.5
VIOV Vanguard S&P Small-Cap 600 Value ETF 2.6 15 110 9.8 +13.2
RZV Invesco S&P Smallcap 600 Pure Value ETF 2.6 35 90 10.2 +13.7
VFQY Vanguard U.S. Quality Factor ETF 2.6 13 112 6.1 +9.5
SKYY First Trust Cloud Computing ETF 2.6 60 65 2.2 +5.6
PSCF Invesco S&P SmallCap Financials ETF 2.6 29 96 11.6 +15.1
JKK iShares Morningstar Small-Cap Growth ETF 2.5 30 95 1.1 +4.6
BFOR Barron's 400 ETF 2.5 65 60 6.4 +9.8
OSCV Opus Small Cap Value Plus ETF 2.5 79 46 5.6 +9.0
RYJ Invesco Raymond James SB-1 Equity ETF 2.4 82 43 3.5 +7.0
PSCT Invesco S&P SmallCap Information Technology ETF 2.4 29 96 5.6 +9.1
FIVG Defiance Next Gen Connectivity ETF 2.4 30 95 4.9 +8.3
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 2.4 29 96 9.5 +13.0
AVUV Avantis U.S. Small Cap Value ETF 2.4 25 100 9.5 +12.9
CALF Pacer US Small Cap Cash Cows 100 ETF 2.3 59 66 13.4 +16.8
GFIN Goldman Sachs Motif Finance Reimagined ETF 2.3 50 75 5.4 +8.8
IFRA iShares U.S. Infrastructure ETF 2.3 40 85 6.1 +9.5
PEZ Invesco DWA Consumer Cyclicals Momentum ETF 2.2 60 65 3.0 +6.5
SCHA Schwab U.S. Small-Cap ETF 2.2 4 121 4.7 +8.2
XITK SPDR FactSet Innovative Technology ETF 2.2 45 80 0.3 +3.8
KOMP SPDR Kensho New Economies Composite ETF 2.2 20 105 2.6 +6.0
FYX First Trust Small Cap Core AlphaDEX Fund 2.2 63 62 6.7 +10.1
PBSM Invesco PureBeta MSCI USA Small Cap ETF 2.2 6 119 5.4 +8.8
SMDV ProShares Russell 2000 Dividend Growers ETF 2.2 40 85 7.6 +11.0
XSVM Invesco S&P SmallCap Value with Momentum ETF 2.1 39 86 11.8 +15.3
XSHQ Invesco S&P SmallCap Quality ETF 2.1 29 96 6.7 +10.2
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 2.1 80 45 5.7 +9.1
FSMD Fidelity Small-Mid Factor ETF 2.0 29 96 7.1 +10.5
HELX Franklin Genomic Advancements ETF 2.0 50 75 -1.8 +1.7
AIIQ AI Powered International Equity ETF 2.0 79 46 4.6 +8.1

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

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
AdvisorShares Dorsey Wright Micro-Cap ETF
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 -9.0 %
Divided by: Fwd. P/BV 4.1 x
Less: Expense ratio 125 bp
Equals: ALTAR Score -3.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.27 CATEGORY
AVERAGE
1.52
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.