DWAW: 2nd Quarter 2025 Portfolio Review
Strategy
Performance
DWAW struggled in the first quarter after heavily allocating towards growth entering 2025 but was able to turn around in the second quarter with a 12.18% (NAV) | 12.20% (market) return in Q2. DWAW swapped both of its holdings in May as new relative strength entered the picture which helped its rebound in Q2.
Holdings
The portfolio continues to be allocated to securities that displayed favorable relative strength characteristics during the fund’s last evaluation. With changes to its holdings in May, DWAW has a blend of US and international equity exposure. The portfolio is made up of two ETFs, both of which have shown high relative strength versus the broad market. DWAW currently holds the iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P International Developed Low Volatility ETF (IDLV).
Top Holding(s)
| Ticker | Security Description | Portfolio Weight % |
| MTUM | ISHARES MSCI USA MOMENTUM FA | 51.69% |
| IDLV | INVESCO S&P INTERNATIONAL DE | 47.25% |
As of 06.30.2025. Cash not included. Holdings are subject to change.
Top 10 Underlying Stock Exposure
| Security Description | Ticker | Portfolio Weight % |
| Broadcom Inc. | AVGO | 2.93% |
| Meta Platforms Inc Class A | META | 2.73% |
| Netflix, Inc. | NFLX | 2.65% |
| JPMorgan Chase & Co. | JPM | 2.42% |
| Berkshire Hathaway Inc. Class B | BRK.B | 2.25% |
| Walmart Inc. | WMT | 2.21% |
| Visa Inc. Class A | V | 2.14% |
| Tesla, Inc. | TSLA | 2.05% |
| Palantir Technologies Inc. Class A | PLTR | 1.79% |
| Philip Morris International Inc. | PM | 1.60% |
As of 06.30.2025. Holdings are subject to change.
Respectfully,
Nasdaq Dorsey Wright
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) Portfolio Model Manager
Past Commentary
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
Investing Involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. The market value of debt securities held by the Fund typically changes as interest rates change, as demand for the instruments changes, and as actual or perceived creditworthiness of an issuer changes.
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
Holdings and allocations are subject to risks and to change. The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.