DWAW Fees and Costs — AdvisorShares Dorsey Wright FSM All Cap World ETF
Data updated: 2026-09-10
The net expense ratio is 1.23%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $60K in broker commissions, 0.0700% of average net assets, and portfolio turnover was 317%.
DWAW Fees and Expenses
Annual operating expenses and sales charges of DWAW. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.23% |
| Fee waiver | — |
| Net expense ratio | 1.23% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
DWAW Costs Over Time
On $10,000 invested in DWAW, assuming 5% a year before costs, total costs come to $808 over 5 years, cutting the return by 1.36% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.23%) | $129 | $402 | $694 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $136 | $446 | $808 |
| Value after costs | $10,364 | $11,131 | $11,955 |
| Impact on return, per year | 1.36% | 1.36% | 1.36% |
DWAW Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0700%
- Total broker commissions: $60K
- Bought from dealers (principal trades, not a cost): $183.7M
- Portfolio turnover (prospectus): 317%
- Securities on loan, average value: $9.7M
- Net income from securities lending: $54K (0.063% of average net assets)
DWAW Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $60K | 100.00% |
DWAW Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $177.4M | 96.57% |
| BOFA SECURITIES, INC. | $5.0M | 2.72% |
| Jane Street Execution Services, LLC | $1.1M | 0.60% |
| CITADEL SECURITIES LLC | $205K | 0.11% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.