BDVL vs DWAW

BDVLAiShares Disciplined Volatility Equity Active ETF

DWAWDAdvisorShares Dorsey Wright FSM All Cap World Equity ETF

In short

BDVL A global low-volatility fund with an active engine: a quant model picks roughly 500 stocks on low vol, quality and value, scored against MSCI's ACWI Minimum Volatility Index. Fee: 0.39% net of a waiver through June 30, 2028.

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

BDVL The Fund seeks risk-adjusted total return through active management of equity exposure, with a focus on managing volatility relative to the broad equity market.

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

Why people hold it

• BDVL Costs 0.39% net of a waiver through June 30, 2028, below the median fee among global active equity peers and under sibling fund BFLX at 0.40%.
• Roughly 500 holdings worldwide, so no single stock runs the show. Its holdings build and risk profile rank among the strongest in its peer group.
• Built to hold core equity exposure while leaning toward stocks that have shown smaller price swings than the broad market.ishares.com
• Trading since 2017, a long life for an active equity ETF, and it has gathered billions from investors along the way.

• 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

• BDVL A model, not an index, picks the names. Active discretion cuts both ways against the MSCI minimum-volatility benchmark it is measured by.
• The low-vol tilt means lighter exposure to the market's most volatile high-flyers, which shapes how it behaves when those names run.
• Cheaper active options sit in the same category: AVTM at 0.22% and AVGE at 0.23% deliver broad global equity without the volatility focus.

• 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 BDVL profile⁠

Full DWAW profile⁠