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Name

As of 05/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Deepwater Beachfront Small Cap ETF

DBSC | ETF

$25.84

$4.5 M

0.00%

0.85%

Vitals

YTD Return

6.0%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$4.5 M

Holdings in Top 10

21.8%

52 WEEK LOW AND HIGH

$25.8
$22.03
$26.42

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Deepwater Beachfront Small Cap ETF

DBSC | ETF

$25.84

$4.5 M

0.00%

0.85%

DBSC - Profile

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Deepwater Beachfront Small Cap ETF
  • Fund Family Name
    Dakota Funds
  • Inception Date
    Dec 16, 2025
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that invests primarily in equity securities of small-cap companies listed on a U.S. exchange and selected by Deepwater Asset Management, LLC, the Fund’s investment adviser (“Deepwater” or the “Adviser”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies. The Fund defines “small-cap” companies as those with a total market capitalization that falls within the range of the Russell 2000® Index (the “Index”) at the time of purchase. As of October 31, 2025, the average weighted market capitalization represented by companies in the Index was approximately $4.879 billion. The Adviser expects to hold between 50-100 stocks in the Fund’s portfolio to balance diversification with opportunity for high-conviction security outperformance.
In selecting securities for the Fund, the Adviser considers stock selection across sectors and industries. The term “beachfront” in the Fund’s name represents the Adviser’s commitment to constructing a portfolio of companies that the Adviser believes are the highest-quality companies in their respective industries.
While attention is given to top-down analysis, the Adviser utilizes primarily a bottom-up approach to identify investment opportunities. In selecting securities for the Fund, the Adviser focuses on fundamental stock analysis, but layers on statistical, quantitative, and other research techniques to bolster the research process.
A proprietary quantitative screening is applied to build a custom universe that allows the team to focus its efforts. The screening process utilizes fundamental and statistical attributes such as revenue growth, average trading volume, margin expansion, and valuation, while also incorporating factor-screening methodology, to create an internal list of companies. Quantitative measures, including factor analysis with an emphasis on growth, momentum, and earnings per shares revisions, further direct internal research efforts and help refine a focus list of companies. These approaches help identify companies
that the Adviser believes have strong growth prospects, a sustainable competitive advantage, participate in attractive industries and end-markets, and are run by high-quality management teams. The process also reveals valuation opportunities in the stocks of those companies. This multi-oriented approach allows for idiosyncratic stock picking at the stock-level, which the Adviser believes will translate to the goal of providing superior returns at the Fund’s portfolio-level.
When evaluating a security for sale, the Adviser incorporates the same multi-oriented approach in order to determine whether there has been a deterioration in the fundamentals of the company, an overvaluation of the stock by the broader market, or if the Adviser believes there is a stock with a better investment profile.
The Adviser has engaged Penserra Capital Management LLC (“Penserra” or the “Sub-Adviser”) as sub-adviser to trade portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions, as instructed by the Adviser.
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DBSC - Performance

Return Ranking - Trailing

Period DBSC Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period DBSC Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period DBSC Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period DBSC Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

DBSC - Holdings

Concentration Analysis

DBSC Category Low Category High DBSC % Rank
Net Assets 4.5 M N/A N/A N/A
Number of Holdings 101 N/A N/A N/A
Net Assets in Top 10 818 K N/A N/A N/A
Weighting of Top 10 21.78% N/A N/A N/A

Top 10 Holdings

  1. Rambus Inc 2.42%
  2. Nextpower Inc 2.39%
  3. Modine Manufacturing Co 2.24%
  4. Sterling Infrastructure Inc 2.23%
  5. Guardant Health Inc 2.19%
  6. Axsome Therapeutics Inc 2.12%
  7. Watts Water Technologies Inc 2.10%
  8. Dycom Industries Inc 2.10%
  9. Coeur Mining Inc 2.00%
  10. American Healthcare REIT Inc 1.99%

Asset Allocation

Weighting Return Low Return High DBSC % Rank
Stocks 		99.34% N/A N/A N/A
Cash 		0.72% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High DBSC % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High DBSC % Rank
US 		99.34% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

DBSC - Expenses

Operational Fees

DBSC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

DBSC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

DBSC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DBSC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

DBSC - Distributions

Dividend Yield Analysis

DBSC Category Low Category High DBSC % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

DBSC Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly

Net Income Ratio Analysis

DBSC Category Low Category High DBSC % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

DBSC Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

DBSC - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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