DWAW ETF: What Is It? Returns, Expense Ratio, Holdings, and Alternative ETFs
The AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) is an actively managed fund of funds that uses a relative strength momentum model to select global equity ETFs. Its global diversification, double-layer fee structure, and differences from similar products are the key selection criteria.
SubscribeWhat Is the AdvisorShares Dorsey Wright FSM All Cap World ETF?
Rather than tracking a specific index, the fund applies Dorsey Wright's relative strength-based fund selection model and uses an active strategy that holds the relatively stronger assets among global equity ETFs. It invests broadly across U.S. and international markets and a range of market capitalizations.
It suits investors who want diversified exposure to global equities through a rules-based momentum strategy.
It is an ETF managed actively by AdvisorShares.
How Does the AdvisorShares Dorsey Wright FSM All Cap World ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | No index tracked (active) |
| Management Style | Active (selection based on a momentum model) |
| Rebalancing Frequency | Adjusted according to model signals |
| Dividend Frequency | Irregular |
| Issuer | AdvisorShares |
| Expense Ratio | 1.23% |
Using Dorsey Wright's relative strength evaluation method, the fund shifts weight toward the global equity ETFs with relatively stronger momentum. It is a fund of funds whose ETF holdings change with market conditions, and its underlying assets consist of multiple factor and regional ETFs.
- Rules-based management driven by relative strength
- Diversification through a fund of funds holding global equity ETFs
AdvisorShares Dorsey Wright FSM All Cap World ETF Size and Costs (AUM and Management Fees)
Assets under management (AUM) stand at $88.3M, and the expense ratio is 1.23% per year.
Because it is a fund of funds holding several underlying ETFs, it follows momentum at the asset class level rather than at the level of individual stocks.
AdvisorShares Dorsey Wright FSM All Cap World ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangePerformance depends on the direction of global equity markets and on momentum signals. In strong markets the fund shifts weight toward rising assets, while in more volatile conditions turnover costs and signal lag can affect results.
Fund flows move in and out with demand for rules-based global allocation, and during transitions between market regimes, the momentum strategy's rotation of holdings can also create volatility in flows.
AdvisorShares Dorsey Wright FSM All Cap World ETF Pros and Cons
Its strength is rules-based global momentum diversification, while the fee burden of an active fund-of-funds structure and signal lag are its weaknesses.
💪 Key Strengths
⚠️ Points of Caution
AdvisorShares Dorsey Wright FSM All Cap World ETF Alternative ETFs and Related Products
Products shown in the table such as RSSB, GAL, and GAA use a global asset allocation approach that combines stocks and bonds, so they differ in character from this fund's equity-focused momentum approach, while the GYLD family differs in that it focuses on global high-dividend assets. PDP, a U.S. equity product from the same Dorsey Wright momentum family, is also a direct comparison. For low-cost, broad global exposure, you can also look at ACWI, and for a concentrated international momentum factor, IMTM.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 RSSB | Return Stacked Global Stocks & Bonds ETF | $29.87 | +0.2% | $497.4M | 0.39% | 3.28% | +3.4% |
 GAL | State Street Global Allocation ETF | $52.15 | -0.1% | $328.0M | 0.35% | 2.78% | +5.3% |
 GAA | Cambria Global Asset Allocation ETF | $34.77 | +0.0% | $79.1M | 0.32% | 3.49% | +8.9% |
 GYLD | Arrow Dow Jones Global Yield ETF | $13.30 | +0.1% | $39.0M | 0.75% | 7.81% | +0.6% |
 ASGM | Virtus AlphaSimplex Global Macro ETF | $32.24 | -0.9% | $10.6M | 0.86% | 1.64% | +19.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 AAXJ | iShares MSCI All Country Asia ex Japan ETF | 0.99% | $105.99 | -0.2% | $0.0M | - | 1.46% |
 EEMA | iShares MSCI Emerging Markets Asia ETF | 0.40% | $106.55 | +0.8% | $0.0M | - | 1.45% |
 ESGD | iShares Trust iShares ESG Aware MSCI EAFE ETF | 0.40% | $102.94 | +0.2% | $0.0M | - | 3.33% |
 IWB | iShares Russell 1000 ETF | 0.20% | $411.45 | -0.4% | $0.0M | - | 0.93% |
AdvisorShares Dorsey Wright FSM All Cap World ETF Investor Checkpoints
Here are the points to review before investing in DWAW. Because it is an active fund-of-funds momentum strategy, you should carefully check in advance the cost structure in which its own fee and the underlying ETF fees are layered, the trading turnover, and the currency exposure that comes from international assets.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Fee Structure | Confirm the combined total of its own fee and the underlying ETF fees | Fund-of-funds structure |
| 🔄 Turnover | Trading frequency driven by momentum signals | Needs verification |
| 🌍 Regional Allocation | Trend in U.S. and international weightings | Global diversification |
| 💱 Currency | Effect of converting international assets into Korean won | Unhedged |
Given the nature of momentum strategies, performance can suffer if the response is delayed when trends reverse, and the double-layer fees of the fund-of-funds structure and currency fluctuations on international assets also affect results.
It can be an option for investors who want rules-based global momentum diversification, and if minimizing costs is the priority, it is advisable to compare it with a low-cost, broad product such as ACWI before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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