At a glance
DWAW charges 1.19% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $94.3M in assets, the 8th largest of that group; it paid 0.68% of its price in distributions over the past 12 months, annual. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +20.8% a year. At its worst it fell 29.0% in the 2020 crash (S&P 500: 33.7%) and 25.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 17 months after the lows.
The short version
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) is an actively managed "fund of funds." It holds other ETFs that invest in US and foreign stocks, picked by a Dorsey Wright ranking model. When that model signals broad stock-market weakness, the fund can move into short-term bond ETFs, money market funds and cash. Its 1.19% expense ratio and 207% portfolio turnover are high. It also trailed the MSCI ACWI over the five years to December 31, 2025.
Price history
The interactive chart needs JavaScript.
DWAW +12.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DWAW official prospectus, to Dec 31, 2025 | — | +10.58% | — | +4.43% | — | +10.66% |
| MSCI All Country World Index (Net) (reflects no deduction for fees, expenses, or taxes) index, same period | — | +22.34% | — | +11.19% | — | +11.99% |
| DWAW price data to Oct 27, 2026 | +12.5% | +12.2% | +20.8% | +6.7% | — | +11.3% |
- Over the year to Oct 27, 2026, DWAW returned +12.2%, 4th of 8 among similar funds.
- Its 5-year annualized return was +6.7%.
- In the 2020 COVID crash it fell 29% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2022 (-17.8%); its best was 2020 (+48.9%).
- The deepest fall in its price history was 31.6% (Feb 12, 2021 to Sep 30, 2022), recovered by Jul 5, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.5% | — |
| 2025 | +10.9% | +10.58% |
| 2024 | +18.5% | +18.65% |
| 2023 | +11.2% | +11.05% |
| 2022 | -17.8% | -17.54% |
| 2021 | +3.5% | +3.39% |
| 2020 | +48.9% | +48.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.8% over that stretch · deepest drop along the way 29%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25% over that stretch · deepest drop along the way 25.9%, back to its old high 17 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3400 | -41.4% |
| 2023 | $0.5800 | +262.5% |
| 2022 | $0.1600 | -70.9% |
| 2021 | $0.5500 | +816.7% |
| 2020 | $0.0600 |
What's inside
As of Jun 30, 2026, the fund held 5 securities; the ten largest made up 99.02% of assets. It also reported 3.5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST MSCI USA VALUE FACTOR ETF | 23.45% | |
| ISHARES INC MSCI EM ASIA ETF | 20.43% | |
| ISHARES TRUST MSCI USA QUALITY FACTOR ETF | 19.27% | |
| ISHARES TRUST ISHARES MSCI INTL MOMENTUM FACTOR ETF | 18.31% | |
| ISHARES TRUST ISHARES MSCI INTL VALUE FACTOR ETF | 17.56% |
By country
United States 99.02%By asset type
Stocks 99.02%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.43%, +7.09%, +0.69%.
How it works
DWAW is an actively managed "fund of funds": it buys other ETFs and tracks no index. AdvisorShares follows the FSM Core Solution All Cap World Core Model, owned by Dorsey, Wright and Associates (DWA). The model uses technical indicators (signals based on past price movements) to rank a preset list of US and foreign stock ETFs picked by DWA, spanning all company sizes and emerging markets. Top-tier ETFs go into the portfolio.
At each rebalance, an ETF that drops out of the top tier is sold, and the money goes into a "Defensive Investment": short-term bond ETFs, money market funds or cash. If the model signals broad stock weakness and cash strength, the advisor moves some or all of the fund into these holdings, then rebalances more often to get back into stocks sooner. The advisor may also depart from the model. The October 28, 2026, prospectus reports 207% portfolio turnover, meaning heavy trading that can raise costs and taxes.
As of June 30, 2026, five iShares MSCI ETFs made up 99% of assets, so the fund was in stock mode, not defensive: USA Value Factor (VLUE, 23.4%), EM Asia (EEMA, 20.4%), USA Quality Factor (QUAL, 19.3%), International Momentum Factor (IMTM, 18.3%) and International Value Factor (IVLU, 17.6%).
What it really costs
- DWAW charges 1.19% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $121 in the first year and $1,443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWAW | $121 | $378 | $654 | $1,443 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
DWAW is a high-cost tactical stock fund whose model-driven shifts have not protected it much in sell-offs, so it fits better as a small side position than as a core holding.
DWAW launched on December 26, 2019, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 29% between February 20 and March 23, 2020, and it recovered by June 5, 2020. In the 2022 bear market it dropped 25.9% by September 30, 2022, and it took about 17 months to recover. Its official 2022 return was -17.54%, its worst calendar year. Its deepest drop was 31.6%, from February 12, 2021 to September 30, 2022, and it was not back to its old high until July 5, 2024. So the defensive switch did not prevent large losses. Anyone who had to sell shares in 2022 would have sold at depressed prices. Income is small: the trailing yield was 0.68% as of October 27, 2026, paid once a year. Costs are high at 1.19%. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based model to rotate among global stock ETFs, including emerging Asia, and to move toward cash when trends weaken.
- Holders willing to pay a 1.19% expense ratio for Dorsey Wright's technical ranking approach instead of a fixed global index allocation.
- People using a tax-advantaged account, where the fund's 207% turnover and the gains it may generate matter less.
Look elsewhere if
- Cost-conscious investors. The SEC example shows $1,443 in costs over 10 years on $10,000, far more than typical global index funds charge.
- Retirees who want downside protection. The fund still fell 25.9% in 2022 and needed about 17 months to recover.
- Income seekers. The trailing yield was just 0.68% as of October 27, 2026, paid only once a year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DWAW this fund | 1.19% | $94.3M | +12.2% | +20.8% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does DWAW hold?
DWAW holds other ETFs, not individual stocks. As of June 30, 2026, it owned five iShares funds: MSCI USA Value Factor (VLUE) at 23.4%, MSCI EM Asia (EEMA) at 20.4%, MSCI USA Quality Factor (QUAL) at 19.3%, MSCI Intl Momentum Factor (IMTM) at 18.3% and MSCI Intl Value Factor (IVLU) at 17.6%. Together they made up about 99% of the fund. These holdings change whenever the Dorsey Wright model's rankings shift.
Does DWAW go to cash in a bear market?
It can. When the Dorsey Wright model signals broad stock weakness and cash strength, the managers can move some or all of the fund into short-term bond ETFs, money market funds and cash. That has not stopped big losses, though. The fund fell 29% in the 2020 COVID crash and 25.9% in the 2022 bear market. Its deepest drop was 31.6%, from February 2021 to September 2022.
What is DWAW's expense ratio?
DWAW's expense ratio is 1.19%, according to its prospectus filed October 28, 2026, and that includes a 0.75% management fee. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $121 over one year, $378 over three years, $654 over five years and $1,443 over 10 years. That is high for a stock fund. The fund also turns over its portfolio heavily (207%), which can add trading costs.
Does DWAW pay dividends?
Yes, but not much, and only once a year. As of October 27, 2026, the trailing 12-month yield was 0.68%, or about $0.34 per share. The fund aims for long-term growth, with protecting capital as a secondary goal, so income is not its focus. Investors who want regular cash payouts may find that this fund's single small annual payment doesn't meet that need.
How has DWAW performed compared with the MSCI ACWI?
It has lagged. As of December 31, 2025, DWAW returned 10.58% over one year, against 22.34% for the MSCI All Country World Index (Net). Over five years it returned 4.43% a year, against 11.19% for the index. Since its December 2019 launch it returned 10.66% a year, against 11.99%. Its strongest year was 2020, when it gained 48.84%. The index figures don't include fees, which partly explains the gap.