ETF Evaluator:
AdvisorShares DW FSM All Cap World ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
| 30.5% | FIS Bright Portfolios Focused Equity ETF (BRIF) |
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ETF Details
AdvisorShares DW FSM All Cap World ETF Overview
AdvisorShares DW FSM All Cap World ETF (DWAW) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). AdvisorShares launched the ETF in 2019.
The investment seeks to provide long-term capital appreciation with capital preservation as a secondary objective.
The fund is an actively managed exchange-traded fund ("ETF") that is primarily a "fund of funds." The Advisor seeks to achieve it's investment objective by investing in ETFs that invest primarily in domestic and foreign equity securities of any capitalization, including in emerging markets. The fund invests in fixed income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents ("Defensive Investments"). It may invest in affiliated and unaffiliated ETFs.
About AdvisorShares DW FSM All Cap World ETF (DWAW)
There are 1 members of the management team with an average tenure of 6.05 years: Dan Ahrens (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. AdvisorShares DW FSM All Cap World ETF has 7 securities in its portfolio. The top 10 holdings constitute 99.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AdvisorShares DW FSM All Cap World ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. AdvisorShares DW FSM All Cap World ETF has 21.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.1% There is 21.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AdvisorShares DW FSM All Cap World ETF has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $91 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DWAW Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AdvisorShares DW FSM All Cap World ETF expense ratio is high compared to funds in the Large Blend category. AdvisorShares DW FSM All Cap World ETF has an expense ratio of 1.23%, which is 197% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AdvisorShares DW FSM All Cap World ETF has a portfolio turnover rate of 317%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, AdvisorShares DW FSM All Cap World ETF returned -2.8%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
AdvisorShares DW FSM All Cap World ETF has a trailing yield of 0.68%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AdvisorShares DW FSM All Cap World ETF Grades
Year to date, the ETF has returned 12.5%, 3.0 percentage points better than the category, which translates into a grade of B. The fund has returned 21.0% over the past year (grade of B), 15.8% over the past three years (grade of D) and 7.3% per year over the past five years (grade of F).
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DWAW Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DWAW Return (NAV) | -2.8% | 4.8% | 21.0% | 15.8% | 7.3% | na |
| DWAW Return (Price) | -2.9% | 4.7% | 21.0% | 15.8% | 7.3% | na |
| NAV +/- Price Return | 0.095% | 0.059% | -0.055% | 0.025% | -0.021% | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| DWAW Grade (NAV) | F | B | B | D | F | na |
| +/- Category (NAV) | -2.0% | 1.1% | 3.4% | -1.6% | -3.8% | na |
| DWAW Tax-Cost Ratio | na | na | 0.3% | 0.3% | 0.3% | na |
DWAW Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DWAW Return (NAV) | 12.5% | 10.6% | 18.6% | 11.0% | -17.5% | 3.4% | 48.8% | na | na | na | na |
| DWAW Return (Price) | 12.4% | 9.1% | 20.4% | 11.2% | -17.8% | 3.5% | 48.9% | na | na | na | na |
| NAV +/- Price Ret | -0.008% | -0.137% | 0.091% | 0.011% | 0.015% | 0.028% | 0.001% | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| DWAW Grade (NAV) | B | F | D | F | C | F | A | na | na | na | na |
| +/- Category | 3.0% | -4.8% | -3.2% | -11.8% | -0.5% | -23.5% | 30.5% | na | na | na | na |
| Risk Measures | |
| Beta: | 1.17 |
| R-Squared: | 88% |
| Standard Deviation: | 16.4% |
| Category Risk Index: | 1.21 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.33 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 91 Mil |
| Share Class Assets: | $ 91 Mil |
| Turnover: | 317.0% |
| Expense Ratio: | 1.23% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 6.1 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Ahrens Dan (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 99.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.2% |
Portfolio Allocation |
|
| Domestic Stock: | 78.1% |
| Foreign Stock: | 21.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AdvisorShares |
| Phone Number: | 877-843-3831 |
| Website: | www.advisorshares.com |
| Inception Date: | December 26, 2019 |
Expenses and Fees
| Expense Ratio (%): | 1.23% (Rating: High) |
| Category Average Expense Ratio (%): | 0.41% |
