Summary
CWS Chart
CWS: Quality, Concentration Do Not Translate Into Outperformance
AdvisorShares Focused Equity ETF is an actively managed ETF with just 25 stocks in the portfolio, with adjustments applied only once a year. CWS' returns remain unconvincing, as it has underperformed IVV both since my August article and since the beginning of the year. Since inception, CWS has underperformed IVV every calendar year except for 2022. For October 2016–November 2025, its annualized return was around 3% weaker than IVV's.
CWS: A Quality ETF Trading At A Premium
CWS offers a concentrated, high-quality mid- and large-cap portfolio with a strong tilt toward technology, healthcare, and industrials, but trades at a premium valuation. The fund's historical returns are only slightly ahead of the benchmark and lag top-performing peers, despite strong profitability and moderate risk metrics. CWS faces notable drawbacks, including high expense ratio and wide bid-ask spreads, making it less attractive versus lower-cost, more efficient alternatives.
CWS: Returns Disappoint Despite High-Quality Portfolio, A Hold
CWS is an actively managed vehicle with a high-conviction, quality-centered strategy at its crux. CWS has 25 equities in the portfolio, with most of the net assets allocated to industrials. Since April 2024, its growth and quality characteristics have improved. CWS has significantly underperformed the S&P 500 since my April 2024 article. Since inception, its returns have also been mostly unconvincing.
AdvisorShares Focused Equity ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
 Thomas Mason Mason & Associates Inc. | 48,177 | $3.11M | $3.44M | $334,688.53 | 10.77% |
 Amy Ardeel Icon Wealth Advisors LLC | 5,112 | $331,053.12 | $365,185.94 | $34,132.82 | 10.31% |
 United Advisor Group LLC United Advisor Group, LLC | 6,703 | $460,691.74 | $478,842.21 | $18,150.47 | 3.94% |
 Jessica Riley Hale GC Wealth Management RIA, LLC | 10,692 | $705,745.6 | $763,804.4 | $58,058.8 | 8.23% |
| MA Marie-Andree Alain Federation des caisses Desjardins du Quebec | 1,369 | $89,635.56 | $89,635.56 | - | - |
AdvisorShares Focused Equity ETF (CWS) FAQ
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AdvisorShares Focused Equity ETF Profile
| ARCA Exchange | US Country |
Overview
The fund operates with a clear focus on investing in a select group of U.S. exchange-listed equity securities, comprising common and preferred stock as well as American Depositary Receipts (ADRs). By dedicating at least 80% of its net assets towards equity securities, the fund primarily aims to achieve its investment objectives by relying on a disciplined investment strategy. The investment decisions are heavily influenced by research sourced from a specially developed model by Edward J. Elfenbein. This model emphasizes the selection of securities that not only have a robust fundamental foundation but also exhibit consistency in their financial performance, alongside high earnings quality. The fund's approach underscores a methodical selection process, seeking to invest in companies that demonstrate continual financial reliability and strength.
Products and Services
Listed below are the primary investment focuses of the fund:
- Equity Securities:
The core of the fund's investment strategy is concentrated on equity securities, which include both common and preferred shares, as well as American Depositary Receipts (ADRs). These securities are primarily from companies that are listed on U.S. exchanges, ensuring a high level of transparency and governance. The selection of these securities is carefully curated to align with the fund's investment objective, focusing on entities that demonstrate solid fundamentals, consistent financial performance, and superior earnings quality.
- Focus on Fundamental Soundness:
Integral to the fund's investment strategy is the emphasis on investing in companies that are fundamentally sound. This implies that the chosen entities not only possess a stable and reliable financial standing but also showcase persistent success in their operations. The fund employs a rigorous analysis approach grounded in Edward J. Elfenbein's model, which sifts through various firms to identify those with an impressive track record of financial consistency and high-quality earnings. This model bases its selection on a combination of qualitative and quantitative evaluations, thereby facilitating investments that are anticipated to yield stable returns in the long term.
