ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	AdvisorShares
Website	advisorshares.com
Inception date	Dec 26, 2019
Assets (mns)	$119
Currency	USD
Expense ratio	118 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	3
Wgt avg mkt cap (mns)	$658,100
Large cap (>$10bn)	99.1%
Mid cap ($2-10bn)	0.5%
Small cap (<$2bn)	0.1%
Developed mkts	99.4%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	99.8 %
INVESCO QQQ TRUST	50.4 %
ISHARES MSCI USA MOMENTUM FACTOR E	49.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	BRITAIN	1.1 %
	SWITZERLAND	0.6 %
	IRELAND	0.5 %
	NETHERLANDS	0.4 %
	ARGENTINA	0.3 %
	CHINA	0.2 %
	AUSTRALIA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.8%	28.4%	--	--	14.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	95%
MSCI EAFE	0.81	64%
MSCI Emg. Mkts.	0.63	38%

Technical Indicators
Recent close	$49.36
30d moving avg.	$49.45
Annualized volatility	17.7%
Short interest (ETF)	0.3%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.1%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$118,266

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 4 potential alternatives to the AdvisorShares Dorsey Wright FSM US Core ETF ETF based on the alternatives' overlap in portfolio holdings with DWUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DWUS

Expense:

118 bp

ALTAR Score™:

3.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWUS
Ticker	Fund Name	Overlap¹ vs DWUS (%)	Expense ratio (bp)	Savings vs DWUS (bp)	ALTAR Score™ (%)	ALTAR vs DWUS (%)
DWAW	AdvisorShares Dorsey Wright FSM All Cap World ETF	49.2	128	-10	2.8	-0.5
AESR	Anfield U.S. Equity Sector Rotation ETF	11.0	108	10	4.3	+1.0
BDGS	Bridges Capital Tactical ETF	10.1	78	40	0.0	-3.2
XNAV	FundX Aggressive ETF	6.3	141	-23	3.1	-0.2

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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 US Core ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	20.6	%
Divided by: Fwd. P/BV	4.7	x
Less: Expense ratio	118	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.