Investment objective & strategy
As of Oct. 28, 2025 · prospectusObjective. The AdvisorShares Dorsey Wright FSM US Core ETF (the Fund) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.
Strategy. The Fund is an actively managed exchange-traded fund (ETF) that is primarily a fund of funds. The Advisor seeks to achieve the Funds investment objective by investing in ETFs that invest primarily in domestic large-capitalization equity securities. During periods in which the Advisor believes the market indicates broad equity weakness and cash strength, the Fund invests in fixed income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents (Defensive Investments). The Fund may invest in affiliated and unaffiliated ETFs. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. investments. The Advisor allocates the Funds portfolio investments using the FSM Core Solution US Core … The Fund is an actively managed exchange-traded fund (ETF) that is primarily a fund of funds. The Advisor seeks to achieve the Funds investment objective by investing in ETFs that invest primarily in domestic large-capitalization equity securities. During periods in which the Advisor believes the market indicates broad equity weakness and cash strength, the Fund invests in fixed income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents (Defensive Investments). The Fund may invest in affiliated and unaffiliated ETFs. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. investments. The Advisor allocates the Funds portfolio investments using the FSM Core Solution US Core Model, a model owned and developed by Dorsey, Wright and Associates, LLC (DWA). The model applies a proprietary ranking system based on certain technical indicators to a pre-determined universe of US large-cap ETFs, selected by DWA. Each ETF within the universe that ranks in a top tier is included in the model. If an ETF in the portfolio no longer ranks in a top tier at the time of rebalancing, then that ETF is removed and the position is allocated to a Defensive Investment. The Advisor uses the model to measure the relative ranking of the Funds core portfolio. When the model identifies broad equity weakness and cash strength, the Advisor will sell equity positions in order to allocate some or all of the portfolio to Defensive Investments. When the Fund is invested in Defensive Investments, the Advisor will shorten the Funds rebalancing frequency to seek to move back into equity ETF positions once the model again identifies favorable equity market conditions. While the Advisor generally expects to use the model when buying and selling investments, the Advisor has full investment discretion over the Funds portfolio. The Funds strategy may involve frequent buying and selling securities, which may lead to relatively high portfolio turnover. The Fund also may invest in repurchase agreements.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| OPTION | QQQ | $54.36M | 50.03% |
| iShares MSCI USA Quality Factor ETF | QUAL | $53.75M | 49.47% |
| BLACKROCK TREASURY TRUST | — | $683.54K | 0.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Direxion Monthly NASDAQ-100 Bull 1.75X Fund · DXQLX | 50% | 1.52% |
| Anchor Risk Managed Equity Strategies Fund · ATESX, ATEAX | 50% | 2.14% |
| LHA Market State Tactical Q ETF · MSTQ | 50% | 1.59% |
Advisers
| Firm | Role |
|---|---|
| AdvisorShares Investments, LLC | Adviser |
Footnotes
- Expense ratio as of October 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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