At a glance
CWS charges 0.65% a year, below the 0.66% average of the 4 funds most like it (the 4th cheapest of 5). It has $132.4M in assets, the 2nd largest of that group; it paid 0.31% of its price in distributions over the past 12 months, annual. Over the past year it returned −3.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +11.9% a year. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows. Its ten largest positions make up 53.4% of the fund, out of 25 in all.
The short version
AdvisorShares Focused Equity ETF (CWS) is an actively managed fund that holds about 25 U.S.-listed stocks. It picks them with a model built by Edward J. Elfenbein, which favors companies with steady sales, earnings and dividend growth. What sets it apart is how concentrated it is: the 10 largest positions made up 53% of assets as of June 30, 2026. Its 0.65% expense ratio is close to the 0.66% average of similar funds.
Price history
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CWS -3.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CWS official prospectus, to Dec 31, 2025 | — | +6.31% | — | +10.00% | — | +12.15% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | +14.42% | — | +15.29% |
| CWS price data to Oct 27, 2026 | -2.1% | -3.1% | +11.9% | +7.0% | +11.1% | +10.7% |
- Over the year to Oct 27, 2026, CWS returned -3.1%, 5th of 5 among similar funds.
- Its 5-year annualized return was +7.0% and its 10-year +11.1%.
- In the 2020 COVID crash it fell 33.8% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2022 (-10.4%); its best was 2019 (+31.0%).
- The deepest fall in its price history was 33.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 12, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.1% | — |
| 2025 | +6.4% | +6.31% |
| 2024 | +9.8% | +10.17% |
| 2023 | +25.1% | +25.27% |
| 2022 | -10.4% | -9.54% |
| 2021 | +22.2% | +21.31% |
| 2020 | +17.1% | +16.90% |
| 2019 | +31.0% | +30.41% |
| 2018 | -6.5% | -5.70% |
| 2017 | +20.9% | +20.67% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.2% over that stretch · deepest drop along the way 23.5%, back to its old high 7.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2100 | -44.7% |
| 2024 | $0.3800 | +153.3% |
| 2023 | $0.1500 | -37.5% |
| 2022 | $0.2400 | +190.2% |
| 2021 | $0.0827 | -31.1% |
| 2020 | $0.1200 | -20.0% |
| 2019 | $0.1500 | -75.0% |
| 2018 | $0.6000 | +566.7% |
| 2017 | $0.0900 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 53.36% of assets.
| Holding | Weight | |
|---|---|---|
| COMFORT SYSTEMS USA INC | 8.57% | |
| IES HOLDINGS INC | 7.48% | |
| CASEY'S GENERAL STORES INC | 5.74% | |
| AMPHENOL CORP | 5.25% | |
| ALLISON TRANSMISSION HOLDINGS INC | 4.58% | |
| HENRY SCHEIN INC | 4.44% | |
| SCIENCE APPLICATIONS INTERNATIONAL CORP | 4.38% | |
| HEICO CORP | 4.37% | |
| SPROUTS FARMERS MARKET INC | 4.32% | |
| MUELLER INDUSTRIES INC | 4.24% | |
| AMERICAN WATER WORKS COMPANY INC | 4.05% | |
| MCKESSON CORP | 3.72% | |
| MOODY'S CORP | 3.67% | |
| STRYKER CORP | 3.61% | |
| THERMO FISHER SCIENTIFIC INC | 3.52% |
By country
United States 99.77%By asset type
Stocks 99.77%By sector
Sectors of the companies held, for the 49.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $29.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.82%, -1.53%, +1.06%.
How it works
CWS does not track an index. It is actively managed, which means a portfolio manager at AdvisorShares chooses what it owns. The manager relies on a model owned and developed by Edward J. Elfenbein. The model looks for financially sound companies with consistent results and high earnings quality, such as firms with a long record of sales and earnings growth or with steadily rising earnings and dividends. The manager may also add lesser-known companies with growth potential, or out-of-favor stocks the model judges to be priced below their intrinsic value (an estimate of what a business is really worth). The manager has full discretion and can depart from the model.
At least 80% of net assets goes into stocks. These include common and preferred shares and American Depositary Receipts (ADRs, U.S.-traded shares that represent foreign companies). Most holdings are large and mid-sized companies, with an occasional small or micro-cap stock. As of June 30, 2026, the fund held 25 stocks. The largest were Comfort Systems USA (8.6%), IES Holdings (7.5%) and Casey's General Stores (5.7%).
Trading is light by design. The fund expects to hold each stock for at least a year on average. Each year the manager typically replaces only a few holdings with the same number of new ones. The prospectus reports portfolio turnover of 27%. The fund held no derivatives as of June 30, 2026.
What it really costs
- CWS charges 0.65% a year, versus an average of 0.66% for the similar funds below (4th of 5, cheapest first).
- The fee includes a 0.13% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $954 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CWS | $66 | $236 | $420 | $954 |
In a retirement portfolio
With about 25 stocks picked by one model and manager, and a record of trailing the S&P 500, CWS fits better as a smaller add-on than as a core holding.
CWS could add a concentrated, quality-focused group of stocks alongside a broad index fund. However, it has trailed the S&P 500: it returned 10.00% a year over five years, against 14.42% for the index, as of Dec. 31, 2025. Its declines have been about as deep as the market's. It fell 33.8% in the 2020 COVID crash and recovered in about 4.7 months. In 2022 it dropped 23.5% and did not recover until Feb. 1, 2023. Its worst calendar year was 2022, at -9.54%. The fund launched in 2016, so it has no 2008 record. Anyone who has to withdraw money during a slump could end up cashing out at low prices. It pays little income, with a 0.31% yield as of Oct. 27, 2026, paid once a year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated portfolio of about 25 steadily growing U.S. companies, picked by a manager rather than an index.
- People willing to pay 0.65% a year for active stock-picking with low turnover and an expected holding period of at least one year.
- Investors looking for a smaller holding beside a broad index fund, with large stakes in companies like Comfort Systems USA and IES Holdings.
Look elsewhere if
- Retirees who need income: the trailing yield was 0.31% as of Oct. 27, 2026, and it pays only once a year.
- Investors who want returns that match the market: CWS trailed the S&P 500 over one and five years through Dec. 31, 2025.
- Anyone uneasy with concentration: the top 10 holdings made up 53% of assets, and the fund fell 33.8% in early 2020.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CWS this fund | — | 0.65% | $132.4M | -3.1% | +11.9% |
| IPDP Dividend Performers ETF | 12% | 1.13% | $22.1M | 0.0% | +15.2% |
| JGRW Jensen Quality Growth ETF | 9% | 0.57% | $87.7M | +4.1% | — |
| TOLL Tema Monopolies and Oligopolies ETF | 8% | 0.55% | $58.7M | +14.5% | +20.2% |
| IAI iShares U.S. Broker-Dealers & Securities Ex… | 8% | 0.4% | $1.33B | +1.5% | +29.4% |
Questions investors ask
What stocks does CWS hold?
CWS held 25 U.S.-listed stocks as of June 30, 2026, and its top 10 made up about 53% of assets. The largest positions were Comfort Systems USA (8.6%), IES Holdings (7.5%), Casey's General Stores (5.7%), Amphenol (5.2%) and Allison Transmission (4.6%). Holdings are chosen with a model developed by Edward J. Elfenbein that favors financially sound companies with consistent earnings, and the manager replaces only a few each year.
How has CWS performed compared to the S&P 500?
CWS has trailed the S&P 500. As of Dec. 31, 2025, the fund returned 6.31% over one year, 10.00% a year over five years and 12.15% a year since its 2016 launch. The S&P 500 Index returned 17.88%, 14.42% and 15.29% over the same periods. Based on prices through Oct. 27, 2026, CWS was down 3.1% over the prior 12 months and down 2.1% year to date.
Does CWS pay a dividend?
Yes, but it is small and paid only once a year. Over the 12 months through Oct. 27, 2026, CWS paid $0.21 per share, a trailing yield of 0.31%. The fund's stated objective is long-term capital appreciation, meaning growth in share value, not income. Investors who rely on regular cash from their portfolio would get little from this fund on its own.
What is the CWS expense ratio?
CWS has an expense ratio of 0.65%, according to its prospectus filed Oct. 28, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $66 in costs after one year, $236 after three years, $420 after five years and $954 after ten years. That is close to the 0.66% average of four similar funds.
CWS vs IPDP: what's the difference?
The Dividend Performers ETF (IPDP) overlaps most with CWS, but they share only about 12% of holdings, and no similar fund shares 20% or more. IPDP charges 1.13% a year, against 0.65% for CWS. As of Oct. 27, 2026, IPDP returned 15.2% a year over three years, against 11.9% for CWS. IPDP is much smaller, with $22.1 million in net assets as of June 30, 2025, against $132.4 million for CWS as of June 30, 2026.