DWUS: 1st Quarter 2025 Portfolio Review
Strategy
Performance
Amid a weak US equity market in the first quarter of 2025, DWUS fell -3.331% (NAV) | -3.36% (market) in the first quarter, but it was able to beat its benchmark, the S&P 500 Index (SPX) which fell -4.27%. DWUS made no changes to its holdings in the first quarter, but that may be subject to change in May during its evaluation period.
Holdings
The portfolio continues to be allocated to securities that we believe display favorable relative strength characteristics. The portfolio is made up of two ETFs, both of which have shown high relative strength versus the broad market. DWUS did not make a change in the first quarter and still holds MTUM and SPY. With its allocation to MTUM and SPY, DWUS is heavily weighted in the largest stocks in the US and with a tilt towards technology and financials.
| Ticker | Security Description | Portfolio Weight % |
| SPY | SPDR S&P 500 ETF TRUST | 50.18% |
| MTUM | ISHARES MSCI USA MOMENTUM FA | 49.49% |
As of 3.312025. Cash not included. Holdings are subject to change.
Top 10 Stocks Underlying Exposure
| Security Description | Ticker | Portfolio Weight % |
| NVIDIA Corporation | NVDA | 4.79% |
| Broadcom Inc. | AVGO | 2.92% |
| Apple Inc. | AAPL | 3.51% |
| JPMorgan Chase & Co. | JPM | 3.23% |
| Microsoft Corporation | MSFT | 2.93% |
| Walmart Inc. | WMT | 2.81% |
| Costco Wholesale Corporation | COST | 2.01% |
| Amazon.com, Inc. | AMZN | 1.89% |
| Oracle Corporation | ORCL | 1.14% |
| AbbVie, Inc. | ABBV | 0.39% |
As of 3.31.2025. Holdings are subject to change.
Sector
DWUS is heavily weighted towards the technology and financial sectors. Information Technology makes up nearly 24% of the underlying sector exposure. Financials are not too far behind and make up roughly 20% of the allocation. Consumer staples, healthcare, consumer discretionary, communication services, and industrials each make up roughly 9% of DWUS’s sector exposure. Energy, materials, utilities, and real estate are the most underweight sectors.
As of 3.31.2025. Holdings are subject to change.
Respectfully,
Nasdaq Dorsey Wright
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) Portfolio Model Manager
Past Commentary
Definition:
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
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. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual issuers, industries or the securities market as a whole. 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.