The AdvisorShares Dorsey Wright FSM All Cap World Equity ETF (DWAW) endeavors to generate superior returns beyond broad market benchmarks, which inherently include both thriving and struggling investments. It achieves this by employing Dorsey Wright’s proven trend-following methodology and advanced investment models, specifically designed to identify leading asset classes and divest from underperforming ones. Distinct from many passively managed ETFs that merely replicate an index—thereby holding numerous less attractive securities—DWAW benefits from an active management strategy. Its rigorous investment framework systematically assesses a wide spectrum of asset classes within the FSM All Cap World universe, making deliberate choices for their inclusion in or exclusion from its dynamic, tactical portfolio. Successfully navigating portfolio performance largely depends on judiciously allocating to or avoiding specific asset classes—be they domestic or international, small or large capitalization, growth or value-oriented, or based on particular factors or market segments. As market conditions evolve, certain asset classes fall into favor while others decline, with trends varying in duration from months to years. DWAW capitalizes on these shifts by investing in top-ranked FSM funds, aiming to capture the growth of those exhibiting the most significant relative strength while steering clear of the weakest. Moreover, DWAW integrates a systematic defensive mechanism, grounded in the belief that mitigating substantial losses is paramount for capital preservation and sustained long-term gains. This rules-based approach strategically increases the portfolio’s allocation to cash or short-term fixed income when momentum indicators signal potential market instability. This temporary defensive posture is designed to protect the portfolio from severe market downturns.