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)	$100
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	4
Wgt avg mkt cap (mns)	$818,557
Large cap (>$10bn)	99.8%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	99.3%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	99.8 %
ISHARES MSCI USA MOMENTUM FACTOR E	50.9 %
INVESCO QQQ TRUST SERIES I	49.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	IRELAND	1.8 %
	BRITAIN	1.1 %
	ARGENTINA	0.5 %
	NETHERLANDS	0.5 %
	CHINA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.1%	29.4%	--	--	13.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	96%
MSCI EAFE	0.86	71%
MSCI Emg. Mkts.	0.64	42%

Technical Indicators
Recent close	$42.12
30d moving avg.	$38.01
Annualized volatility	17.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.0%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$139,885

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 5 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	99.8	128	-10	3.1	-0.1
XNAV	FundX Aggressive ETF	20.6	141	-23	2.7	-0.5
XCOR	FundX ETF	15.3	139	-21	3.2	+0.1
AESR	Anfield U.S. Equity Sector Rotation ETF	9.8	108	10	4.4	+1.2
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.1	75	43	5.0	+1.8

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	24.2	%
Divided by: Fwd. P/BV	5.6	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	1.50	CATEGORY AVERAGE	1.55

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.