ETF Research Center

AdvisorShares Dorsey Wright FSM All Cap World ETF

ALTAR
Score™

2.1%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	26.2x	P/Sales ratio	2.8x
P/BV ratio	5.3x	Div. yield	0.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

DWAW is an actively managed fund of funds that follows a proprietary rules-based momentum strategy and seeks long-term capital appreciation.

FUND BASICS
Category	Global Equities
Fund Sponsor	AdvisorShares
Website	advisorshares.com
Inception date	Dec 26, 2019
Assets (mns)	$86
Currency	USD
Expense ratio	128 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	6
Wgt avg mkt cap (mns)	$142,371
Large cap (>$10bn)	95.7%
Mid cap ($2-10bn)	2.9%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	99.5 %
ISHARES EDGE MSCI INTL VALUE FACTO	20.8 %
ISHARES MSCI INTL MOMENTUM FACTOR	19.9 %
ISHARES MSCI USA MOMENTUM FACTOR E	19.8 %
INVESCO NASDAQ 100 ETF	19.5 %
ISHARES RUSSELL 1000 GROWTH ETF	19.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	56.9 %
	JAPAN	10.1 %
	BRITAIN	6.0 %
	GERMANY	4.1 %
	CANADA	4.0 %
	FRANCE	3.2 %
	SPAIN	2.4 %
	NETHERLANDS	1.8 %
	SWITZERLAND	1.7 %
	ITALY	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.9%	10.9%	4.4%	--	10.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	88%
MSCI EAFE	1.01	60%
MSCI Emg. Mkts.	0.90	54%

Technical Indicators
Recent close	$45.03
30d moving avg.	$44.15
Annualized volatility	16.8%
Short interest (ETF)	0.1%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.1%
Bid/Ask (% of price)	0.36%
ADV underlying (mns)	$148,819

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 3 potential alternatives to the AdvisorShares Dorsey Wright FSM All Cap World ETF ETF based on the alternatives' overlap in portfolio holdings with DWAW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DWAW

Expense:

128 bp

ALTAR Score™:

2.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWAW
Ticker	Fund Name	Overlap¹ vs DWAW (%)	Expense ratio (bp)	Savings vs DWAW (bp)	ALTAR Score™ (%)	ALTAR vs DWAW (%)
DWUS	AdvisorShares Dorsey Wright FSM US Core ETF	19.8	118	10	1.7	-0.4
XNAV	FundX Aggressive ETF	3.4	141	-13	3.7	+1.6
DAK	Dakota Active Equity ETF	2.3	43	85	3.7	+1.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	AdvisorShares Dorsey Wright FSM All Cap World ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.8	%
Divided by: Fwd. P/BV	5.3	x
Less: Expense ratio	128	bp
Equals: ALTAR Score	2.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.