AADR

AADR is an actively managed portfolio of international stocks outside the US, chosen for their strong price momentum (relative strength, as defined by sub-advisor Dorsey Wright and Associates), and gains its exposure to these stocks via ADRs. The fund is highly concentrated, handpicking roughly 40 ADRs. Though the sub-advisor aims for diversified sector and industry exposure, it does not target a particular allocation between developed and emerging markets. The fund may incur high portfolio turnover in capturing global price trends to fit its strategy. Prior to Sep. 1, 2016, the fund's name was AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF, which sought out ADRs with growth characteristics and was managed by a different sub-advisor.