AVGE vs DWAW

AVGEAAvantis All Equity Markets ETF

DWAWDAdvisorShares Dorsey Wright FSM All Cap World Equity ETF

In short

AVGE Avantis's whole-world equity portfolio in one ticker: a fund built from its own factor ETFs across US, developed and emerging markets, tilted toward smaller and cheaper stocks, at 0.23% a year with no waiver involved.

DWAW A momentum machine in ETF clothing. DWAW rents whole markets instead of picking stocks, letting Dorsey Wright relative-strength rankings steer money across US, developed and emerging equity, with MSCI ACWI as the stated yardstick.

Stated mandate

AVGE The fund seeks long-term capital appreciation through a broadly diversified equity portfolio. It invests directly or through Avantis ETFs and emphasizes companies expected to offer higher returns or better risk characteristics than a passive, market-cap-weighted index.

DWAW The fund invests through ETFs holding domestic and foreign equity securities across market capitalizations, including emerging markets.

Why people hold it

• AVGE One ticker, the whole map: it owns a series of other Avantis ETFs spanning US, developed international and emerging markets.avantisinvestors.com
• 0.23% a year, below the typical global active equity fund, and that is the real number, not a temporary waiver.
• No closet indexing. The mandate emphasizes companies Avantis expects to offer higher returns or better risk traits than a passive, cap-weighted index.ifa.com
• Sits among the strongest implementations in its global active equity peer group, and it pays shareholders quarterly.

• DWAW One ticket to the whole equity map: US, developed international and emerging markets, across market caps, held through other ETFs rather than single names.
• Rules drive the rotation. The FSM All Cap World Core Model ranks by relative strength, so shifts follow momentum signals rather than a manager's mood.
• Conventional 1940 Act ETF wrapper with a named benchmark, the MSCI All Country World Index (Net): 1099 tax reporting, no K-1, and a clear scorecard.
• Trading since 2019, so the model has a live public record instead of a backtest.

Worth knowing

• AVGE At the fund level you hold a handful of Avantis ETFs, so the stock-level diversification is look-through and one firm's research drives the entire stack.avantisinvestors.com
• The prospectus targets roughly 70% US equity (band 63% to 77%), so the geographic mix follows Avantis's policy rather than global market weights.ifa.com
• A close sibling, AVTM, covers total equity markets at 0.22% with no waiver attached.

• DWAW Cost is the headline trade-off: 1.23% a year, while global peers such as GSWO, DFAW and AVGE run between 0.15% and 0.25%.
• A smaller, lightly traded fund, so bid-ask spreads tend to run wider than in the giant global index funds.
• Momentum buys what is already working, so the mix can sit far from world-index weights and reshuffle when leadership changes.

Full AVGE profile⁠

Full DWAW profile⁠