At a glance
DWUS charges 1.11% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $130.4M in assets, the 8th largest of that group; it paid 0.03% of its price in distributions over the past 12 months, annual. Over the past year it returned +5.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +19.8% a year. At its worst it fell 30.5% in the 2020 crash (S&P 500: 33.7%) and 26.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows.
The short version
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) is an actively managed "fund of funds": instead of buying stocks, it buys other US large-company ETFs chosen by a Dorsey Wright price-trend model. When that model signals broad stock weakness, it can move into short-term bond funds and cash. As of June 30, 2026, it held just two ETFs, MTUM and QQQM. Its 1.11% expense ratio is high for stock exposure.
Price history
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DWUS +5.3% 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 | |
|---|---|---|---|---|---|---|
| DWUS official prospectus, to Dec 31, 2025 | — | +12.68% | — | +10.03% | — | +14.01% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | +14.42% | — | +14.99% |
| DWUS price data to Oct 27, 2026 | +8.1% | +5.3% | +19.8% | +8.8% | — | +13.5% |
- Over the year to Oct 27, 2026, DWUS returned +5.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.8%.
- In the 2020 COVID crash it fell 30.5% and regained its old high 3 months after the low.
- Its worst full calendar year was 2022 (-17.9%); its best was 2020 (+36.0%).
- The deepest fall in its price history was 30.5% (Feb 19, 2020 to Mar 23, 2020), recovered by Jun 23, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +12.8% | +12.68% |
| 2024 | +20.3% | +20.49% |
| 2023 | +20.6% | +20.35% |
| 2022 | -17.9% | -17.28% |
| 2021 | +20.2% | +19.33% |
| 2020 | +36.0% | +36.44% |
| 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 30.5% over that stretch · deepest drop along the way 30.5%, back to its old high 3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.4% over that stretch · deepest drop along the way 26.4%, back to its old high 15.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0200 | -77.8% |
| 2024 | $0.0900 | -25.0% |
| 2023 | $0.1200 | -60.0% |
| 2022 | $0.3000 | +114.3% |
| 2021 | $0.1400 | +366.7% |
| 2020 | $0.0300 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 99.83% of assets, and 2.32% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST MSCI USA MOMENTUM FACTOR ETF | 51.15% | |
| INVESCO EXCHANGE-TRADED FUND TRUST II NASDAQ 100 ETF | 48.68% |
By country
United States 99.83%By asset type
Stocks 99.83%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $5.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.76%, +7.80%, +3.73%.
How it works
DWUS aims for long-term growth, with protecting capital as a secondary goal. AdvisorShares manages it using the FSM Core Solution US Core Model, which is owned by Dorsey, Wright and Associates (DWA). DWA picks a set of US large-company ETFs and ranks them on technical indicators. These are measures based on price movements and trends, not on company earnings. Every ETF that ranks in a top tier goes into the portfolio. If a holding falls out of the top tier at a rebalancing, it is sold and its share goes to a "Defensive Investment".
Defensive Investments are short- or ultra-short-duration bond ETFs, money market funds and cash. Duration measures how sensitive a bond fund is to interest rates. When the model sees broad stock weakness and cash strength, the fund sells stock ETFs and moves some or all of its assets into these defensive holdings. While it is defensive, it rebalances more often so it can return to stocks once conditions improve. The advisor generally follows the model but has full discretion. At least 80% of net assets go to US investments.
As of June 30, 2026, the fund held two ETFs: the iShares MSCI USA Momentum Factor ETF (MTUM), at about 51.1% of assets, and the Invesco Nasdaq 100 ETF (QQQM), at about 48.7%. Portfolio turnover was 204%. That much trading can raise costs and lead to taxable gains.
What it really costs
- DWUS charges 1.11% 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 $113 in the first year and $1,352 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWUS | $113 | $353 | $612 | $1,352 |
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
It is a high-cost tactical strategy concentrated in two stock ETFs, and its one-year beta was 1.39 as of October 27, 2026, meaning it swung more than the market.
DWUS could serve as a smaller satellite position for investors who want a trend-following tilt toward US large-company stocks. Its defensive switch has not prevented steep losses. The fund fell 30.5% between February 19 and March 23, 2020, and recovered by June 23, 2020. In the 2022 bear market it dropped 26.4% and did not regain its peak until January 19, 2024. Its worst calendar year was 2022, at -17.28%. A retiree selling shares to cover spending during a stretch like that would have sold at depressed prices. Income is negligible: the yield was 0.03% as of October 27, 2026, paid once a year. Costs are high at 1.11%, or $113 in the first year on $10,000 under the SEC's standard example. The fund launched in December 2019, so it has no 2008 record. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based, price-trend approach that can shift from stock ETFs into short-term bond funds and cash when signals weaken.
- Those comfortable with heavy exposure to momentum and Nasdaq-100 stocks, which made up nearly all assets as of June 30, 2026.
- Investors holding it in a tax-advantaged account, where the tax effects of 204% portfolio turnover may matter less.
Look elsewhere if
- Cost-focused investors: the 1.11% expense ratio adds up to about $1,352 over 10 years on $10,000 under the SEC's standard example.
- Anyone seeking income: the trailing yield was 0.03% as of October 27, 2026, and it pays only once a year.
- Those wanting dependable downside protection: it fell 30.5% in 2020 and 26.4% in 2022, and trailed the S&P 500 over five years.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DWUS this fund | 1.11% | $130.4M | +5.3% | +19.8% |
| 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 DWUS hold?
DWUS holds other ETFs rather than individual stocks. As of June 30, 2026, it owned just two: the iShares MSCI USA Momentum Factor ETF (MTUM), at about 51.1% of assets, and the Invesco Nasdaq 100 ETF (QQQM), at about 48.7%. A Dorsey Wright ranking model decides which US large-company ETFs make the cut. The fund can replace them with short-term bond funds, money market funds and cash when the model flags broad stock weakness.
How does DWUS compare to the S&P 500?
DWUS has trailed the S&P 500 Index over every period shown in its prospectus. As of December 31, 2025, it returned 12.68% over one year, 10.03% a year over five years and 14.01% a year since its December 2019 launch. The S&P 500 returned 17.88%, 14.42% and 14.99% over the same periods. The index figures reflect no fees. DWUS carries a 1.11% expense ratio.
Does DWUS protect against stock market crashes?
Not reliably. Its model can move the fund into short-term bond funds and cash when it spots broad stock weakness, and preserving capital is a secondary goal. Even so, DWUS fell 30.5% between February 19 and March 23, 2020. It also fell 26.4% between January 3 and October 12, 2022. It recovered from the 2020 drop by June 23, 2020, but did not regain its 2022 peak until January 19, 2024.
Does DWUS pay a dividend?
Yes, but very little. DWUS pays distributions once a year. Its trailing 12-month yield was 0.03% as of October 27, 2026, or about $0.02 per share. The fund's objective is long-term growth, not income. That means it may not suit investors who rely on regular cash payouts from their holdings.
What is the DWUS expense ratio?
DWUS has a 1.11% expense ratio, according to its prospectus filed October 28, 2026. Of that, 0.75% is the management fee. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $113 after one year, $353 after three, $612 after five and $1,352 after ten. Its 204% portfolio turnover can add trading costs, and those are not part of the expense ratio.