At a glance
DWSH charges 3.53% a year. It has $10.8M in assets; it paid 7.31% of its price in distributions over the past 12 months, annual. Over the past year it returned −11.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned −11.5% a year. At its worst it fell 8.4% in the 2020 crash (S&P 500: 33.7%) and 23.6% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 8.0% of the fund, out of 99 in all.
The short version
AdvisorShares Dorsey Wright Short ETF (DWSH) is an actively managed fund that bets against U.S. large-company stocks by selling short about 100 of them. The stocks are picked by a Dorsey, Wright & Associates model that targets the weakest price trends. It may gain when markets slump, as in 2022. But its 3.53% expense ratio is very high, and it lost 84.5% from its March 2020 peak to August 2026.
Price history
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DWSH -11.2% 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 | |
|---|---|---|---|---|---|---|
| DWSH official prospectus, to Dec 31, 2025 | — | -1.95% | — | -6.86% | — | -14.03% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | +14.42% | — | +14.58% |
| DWSH price data to Oct 27, 2026 | -12.9% | -11.2% | -11.5% | -4.3% | — | -14.2% |
- Over the year to Oct 27, 2026, DWSH returned -11.2%.
- Its 5-year annualized return was -4.3%.
- In the 2020 COVID crash, while stocks fell, it gained 73.9%.
- Its worst full calendar year was 2020 (-50.0%); its best was 2022 (+17.4%).
- The deepest fall in its price history was 84.5% (Mar 18, 2020 to Aug 28, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -12.9% | — |
| 2025 | -2.5% | -1.95% |
| 2024 | +5.9% | +5.88% |
| 2023 | -22.1% | -22.10% |
| 2022 | +17.4% | +16.60% |
| 2021 | -25.7% | -25.67% |
| 2020 | -50.0% | -49.55% |
| 2019 | -25.3% | -25.26% |
| 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 | Gained 73.9% over that stretch · deepest drop along the way 8.4%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 32.2% over that stretch · deepest drop along the way 23.6%, back to its old high 1.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4100 | -4.7% |
| 2024 | $0.4300 | -40.3% |
| 2023 | $0.7200 | +2300.0% |
| 2019 | $0.0300 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (86.69% of net assets), with its inverse exposure coming from 0 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | -0.73% | |
| UNIVERSAL DISPLAY CORP | -0.75% | |
| AECOM | -0.77% | |
| FIDELITY NATIONAL INFORMATION SERVICES INC | -0.77% | |
| BOOZ ALLEN HAMILTON HOLDING CORP | -0.78% | |
| FMC CORP | -0.82% | |
| BROADRIDGE FINANCIAL SOLUTIONS INC | -0.82% | |
| SALESFORCE INC | -0.83% | |
| COPART INC | -0.83% | |
| INTUIT INC | -0.86% | |
| VERISK ANALYTICS INC | -0.86% | |
| ENOVIS CORP | -0.87% | |
| PAYCHEX INC | -0.88% | |
| MAXIMUS INC | -0.90% | |
| BOSTON SCIENTIFIC CORP | -0.90% |
By country
Bermuda -1%Ireland -2.08%United States -99.4%By asset type
Stocks -102.48%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.19%, -1.19%, -1.03%.
How it works
DWSH aims to grow in value through short selling. The fund borrows shares and sells them, then later repurchases them to return to the lender. If the price fell in between, the fund gains. If it rose, the fund loses, and those losses have no fixed ceiling because a price can keep climbing. Normally, at least 80% of net assets is used for short exposure to U.S. stocks, mostly large companies and ETFs.
AdvisorShares picks the shorts using a rules-based model owned and developed by Dorsey, Wright & Associates. The model ranks securities by relative strength, meaning how a price has moved compared with others, and the fund shorts the lowest-ranked. Only price movement counts, not company financials. The model also tries to spot periods, typically after severe market drops, when the weakest stocks may rebound and beat the market. AdvisorShares keeps full discretion. The prospectus names no rebalancing schedule, and turnover was 257%, meaning heavy trading.
As of June 30, 2026, it held 100 short positions in 99 companies, equal to about 102% of net assets. They included Salesforce, Intuit, Paychex and Boston Scientific. Cash and short-term holdings back the shorts. Some inverse funds reset each day to a set multiple of an index. DWSH doesn't, so its exposure drifts: a shorted stock that rises becomes a bigger bet, and one that falls shrinks.
What it really costs
- DWSH charges 3.53% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.54% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $356 in the first year and $4,232 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWSH | $356 | $1,189 | $2,039 | $4,232 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It bets against U.S. stocks, which have tended to rise over long periods, its gains in crashes have been brief, and its 3.53% expense ratio is charged every year.
DWSH has jumped in crashes. It gained 73.9% in the 2020 COVID crash and 32.2% in the 2022 bear market, each measured from the market's peak to its low. It launched in 2018, so it has no 2008 record. Those gains faded quickly. Its strongest quarter, up 53.79% in early 2020, was followed by its weakest, down 44.78%, and 2020 ended down 49.55%. Its deepest drop, 84.5% from March 2020 to August 2026, had not recovered as of October 27, 2026. Anyone drawing cash would have needed precise timing to benefit.
Costs are high. In the SEC's standard example, the 3.53% expense ratio comes to $356 in year one and $4,232 over 10 years on $10,000. The 7.31% trailing yield as of October 27, 2026 is paid once a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting short-term exposure against U.S. large-company stocks with the weakest price trends, spread across 100 short positions as of June 30, 2026.
- Investors wanting a position that may rise in crashes: it gained 73.9% in the 2020 COVID crash and 32.2% in the 2022 bear market.
- Those who prefer shorts picked by Dorsey Wright's price-only relative-strength model, with manager discretion, over an index-based inverse fund.
Look elsewhere if
- Long-term holders: it lost 84.5% from its March 2020 peak to August 2026 and had not recovered as of October 27, 2026.
- Cost-conscious investors: the 3.53% expense ratio means $356 in costs after one year on $10,000 in the SEC's standard example.
- Retirees seeking dependable income: the 7.31% trailing yield as of October 27, 2026 is paid once a year, alongside a -11.2% one-year return.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DWSH good for retirement?
Its record makes it a hard fit for long-term retirement holding. DWSH bets against U.S. stocks, which have tended to rise over time, and it charges 3.53% a year. It lost 84.5% from its March 2020 peak to August 2026. It returned -6.86% a year over the five years to December 31, 2025. Its gains came in short bursts, such as the 2020 COVID crash and the 2022 bear market, and faded quickly. It is also small, with $10.8 million in net assets as of June 30, 2026.
Is DWSH the same as an inverse S&P 500 ETF?
No. Index-based inverse ETFs usually aim for the opposite of an index's daily return, but DWSH follows no index. AdvisorShares actively manages it. As of June 30, 2026, it shorted about 100 U.S. stocks that a Dorsey, Wright & Associates relative-strength model ranked weakest, using price data only. Its results can differ widely from the inverse of the S&P 500. Over the year to October 27, 2026, its beta was -0.6. That means it tended to move a bit more than half as much as the market, in the opposite direction.
Does DWSH pay dividends?
Yes, once a year. As of October 27, 2026, DWSH's trailing 12-month yield was 7.31%, or about $0.41 per share. That yield is the past year's payouts divided by the share price. A single annual payment is not the same as steady income, and its size can change from year to year. Over the same year, the fund's price-based return was -11.2%.
What is DWSH's expense ratio?
DWSH's expense ratio is 3.53%, according to its prospectus filed October 28, 2026. The expense ratio is the yearly cost as a share of assets, and this one is far above the fund's 0.75% management fee. In short-selling funds, the expense ratio can include costs such as dividends owed to the lenders of borrowed shares and fees for borrowing them. The SEC's standard example assumes $10,000 invested and a 5% yearly return. In it, costs total $356 after one year, $2,039 after five years and $4,232 after 10 years.
How has DWSH performed compared with the S&P 500?
It has trailed far behind. As of December 31, 2025, DWSH returned -1.95% over one year, -6.86% a year over five years and -14.03% a year since its July 2018 launch. The S&P 500, whose figures reflect no fees, returned 17.88%, 14.42% and 14.58% over the same periods. DWSH's only positive calendar years were 2022, up 16.6%, and 2024, up 5.88%. A fund that bets against stocks tends to lag when markets rise.