AdvisorShares Cornerstone Small Cap ETF

C000168075 Fund Overview

AdvisorShares Cornerstone Small Cap ETF is a US ETF managed by AdvisorShares Trust, categorised as Developed ex-US Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: AdvisorShares Trust
• Category: Developed ex-US Real Estate
• Assets under management: $3.59M
• SEC CIK: 0001408970
• SEC series ID: S000053430
• Share class ID: C000168075

C000168075 Investment Objective and Strategy

AdvisorShares Cornerstone Small Cap ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by AdvisorShares Trust.

Investment objective

The AdvisorShares Cornerstone Small Cap ETF (the Fund) seeks to provide total return through long-term capital appreciation and current income.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in a diversified group of U.S.-traded equity securities consisting of common and preferred stock, American Depositary Receipts (ADRs), and equity real estate investment trusts (REITs). ADRs are securities traded on a local stock exchange that represent interests in securities issued by a foreign publicly listed company. The Fund also may invest in repurchase agreements. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small cap securities. Cornerstone Investment Partners, LLC (the Sub-Advisor) generally defines a small cap company as one having a market capitalization less than the market cap of the largest company in the Russell 2000 Index (the Index) at the time of acquisition.

In choosing securities of publicly-traded U.S. companies with market capitalization rankings between 1000 and 2800, the Sub-Advisor creates an investable universe of 1800 companies for the Fund similar to the components of the Index, but excluding the smallest 200 market capitalization securities in the Index. At each rebalance, individual sector weights in the Fund are targeted to be within the Index sector weight plus or minus 15%. Securities are targeted to be equally weighted within the sectors, but may shift with price movements. The Sub-Advisor's investment philosophy is based on the view that the market often misprices fundamental improvements and is slow to recognize improving fundamentals, particularly in small cap stocks. The Sub-Advisor seeks to benefit from the volatility of small cap stocks by participating in upside volatility while reducing exposure to downside volatility.

The Sub-Advisor generally intends to select stocks that satisfy three basic criteria: analysts have positively revised their forward looking estimates of the company's profitability and the company has generated earnings in excess of analyst expectations; balance sheet strength; and financial flexibility, as determined by measuring a company's ability to meet debt and capital expenditure requirements. The 1800 companies included in the investable universe are ranked according to these criteria, and the most attractive companies are then considered for inclusion within the strategy, subject to the sector weight limitations described above and the Fund's investment objective.

C000168075 Costs and Fees

C000168075 costs about $90 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.90%
• Gross expense ratio: 3.39%
• Portfolio turnover: 96%
• Brokerage commissions: 28.64 bps of average net assets (SEC N-CEN)

C000168075 Cashflows

Over the 12 months to 2020-03, AdvisorShares Cornerstone Small Cap ETF had net inflows of $0, from monthly SEC N-PORT filings.

C000168075 Debt Constituents

No individual debt constituents are reported in AdvisorShares Cornerstone Small Cap ETF's latest SEC N-PORT filing.

C000168075 Prospectus and SEC Filings

Official AdvisorShares Cornerstone Small Cap ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-11-15
• Prospectus (485BPOS) — filed 2018-11-14
• Prospectus (485BPOS) — filed 2017-11-17
• Portfolio holdings (N-PORT) — filed 2020-05-27
• Portfolio holdings (N-PORT) — filed 2020-02-25
• Portfolio holdings (N-PORT) — filed 2019-11-20
• Annual census (N-CEN) — filed 2019-09-04
• Annual census (N-CEN) — filed 2018-09-10

Related Funds

Other Developed ex-US Real Estate funds tracked on ABC INVEST:

• Vanguard Global Ex-U.s. Real Estate Index Fund (VGRLX)
• Xtrackers International Real Estate ETF (HAUZ)
• Fidelity International Real Estate Fund (FIRAX)
• SPDR® Dow Jones International Real Estate ETF (RWX)
• Third Avenue International Real Estate Value Fund (REIZX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.