DWMC vs FPXE

AdvisorShares Dorsey Wright Micro-Cap ETF

The investment seeks long term capital appreciation. The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in U.S.-traded equity securities consisting of common and preferred stock and American Depositary Receipts ("ADRs"). ADRs are securities traded on a local exchange stock exchange that represent interests in securities issued by a foreign publicly listed company. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in micro-cap securities.

First Trust IPOX Europe Equity Opportunities ETF

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the IPOX® 100 Europe Index (the "index"). The fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the index. The index seeks to measure the performance of the equity securities of the 100 largest and typically most liquid initial public offerings ("IPOs") (including spin-offs and equity carve-outs) of companies that are economically tied to Europe. The fund is non-diversified.