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ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831

Semi-Annual Report

December 31, 2021

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports may be made available on a website, and you would be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other communications electronically. You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to continue receiving paper copies of your shareholder reports and for information about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

 

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC

 

1

Shareholder Expense Examples

 

3

Schedules of Investments

   

AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)

 

7

AdvisorShares Dorsey Wright ADR ETF (AADR)

 

11

AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)

 

14

AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)

 

17

AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)

 

18

AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)

 

20

AdvisorShares Dorsey Wright Short ETF (DWSH)

 

25

AdvisorShares DoubleLine Value Equity ETF (DBLV)

 

29

AdvisorShares Focused Equity ETF (CWS)

 

32

AdvisorShares Gerber Kawasaki ETF (GK)

 

34

AdvisorShares Hotel ETF (BEDZ)

 

37

AdvisorShares Newfleet Multi-Sector Income ETF (MINC)

 

39

AdvisorShares North Square McKee Core Reserves ETF (HOLD)
[formerly, AdvisorShares Sage Core Reserves ETF (HOLD)]

 

56

AdvisorShares North Square McKee ESG Core Bond ETF (MENV)
[formerly, AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB)]

 

60

AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)

 

66

AdvisorShares Psychedelics ETF (PSIL)

 

69

AdvisorShares Pure Cannabis ETF (YOLO)

 

72

AdvisorShares Pure US Cannabis ETF (MSOS)

 

76

AdvisorShares Q Dynamic Growth ETF (QPX)

 

80

AdvisorShares Q Portfolio Blended Allocation ETF (QPT)

 

82

AdvisorShares Ranger Equity Bear ETF (HDGE)

 

84

AdvisorShares Restaurant ETF (EATZ)

 

88

AdvisorShares STAR Global Buy-Write ETF (VEGA)

 

90

AdvisorShares Vice ETF (VICE)

 

93

Statements of Assets and Liabilities

 

96

Statements of Operations

 

102

Statements of Changes in Net Assets

 

108

Financial Highlights

 

120

Notes to Financial Statements

 

132

Liquidity Risk Management Program

 

155

Board Review of Investment Advisory and Sub-Advisory Agreements

 

156

Supplemental Information

 

164

 

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2021

The year of 2021 was supposed to be getting back to normal with the world reopening from the global pandemic. While the stock market overall was strong, we never truly reopened, and the impact of new virus variants continued to have a damaging impact on the U.S. and global economies. While the stock market overall was positive, a global supply chain slow down had a corresponding effect on inflation, pushing the price of goods and services to increasingly higher costs. This, coupled with a labor shortage, also had the impact of driving wages higher.

In December, the Federal Reserve began communicating potential upcoming interest rate increases and the possibility of discontinuing their bond buying, bringing volatility into the market. Unfortunately, we believe this makes sense, as the market should not be trading at all-time highs during a global pandemic. As the Fed reverses course, investors should expect a corresponding negative effect on the stock market, though hopefully we will see dramatically improved metrics for the economy.

With the convergence of economic activity, Fed action, and upcoming mid-term elections in the United States, we expect 2022 to be a volatile year, with investors focusing on risk management.

In 2021, we saw significant growth driven by investors interest in cannabis investing. Despite the negative returns for cannabis stocks, investors continue to make new allocations to the cannabis sector as the fundamentals of the industry continue to dramatically improve. Additionally, fruition of the industry’s expectation of federal legalization would greatly improve the ability for cannabis companies to operate.

At AdvisorShares, we understand that our success is driven by the trust of our investors, and we appreciate your support. We will continue to seek to improve our existing ETF offerings, bring more innovative strategies and managers to our ETF line-up. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.

Sincerest regards,

Noah Hamman

CEO, AdvisorShares Investments

For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.

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. 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.

There is no guarantee the Advisor’s investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.

1

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC (Continued)

December 31, 2021

Cannabis-Related Company Risk. Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.

The views in this report were those of the Fund’s CEO as of December 31, 2021 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

2

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited)

As a shareholder of the Fund, you incur transaction costs and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at July 1, 2021 and held for the period ended December 31, 2021, unless noted below for Funds not in operations for the full six month period.

Actual Expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses attributable to your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETFs. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

In addition, if these transactional costs were included, your costs would have been higher.

Fund Name

 

Beginning
Account
Value
7/1/2021

 

Ending
Account
Value
12/31/2021

 

Annualized
Expense
Ratio for the
Period

 

Expenses
Paid

AdvisorShares Alpha DNA Equity Sentiment ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,001.20

 

0.95

%

 

$

4.79

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.42

 

0.95

%

 

$

4.84

 

AdvisorShares Dorsey Wright ADR ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

973.30

 

0.94

%

 

$

4.68

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.47

 

0.94

%

 

$

4.79

 

AdvisorShares Dorsey Wright Alpha Equal Weight ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,023.20

 

0.91

%

 

$

4.64

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.62

 

0.91

%

 

$

4.63

 

AdvisorShares Dorsey Wright FSM All Cap World ETF(7)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,048.10

 

0.88

%

 

$

4.54

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.77

 

0.88

%

 

$

4.48

 

3

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name

 

Beginning
Account
Value
7/1/2021

 

Ending
Account
Value
12/31/2021

 

Annualized
Expense
Ratio for the
Period

 

Expenses
Paid

AdvisorShares Dorsey Wright FSM US Core ETF(7)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,101.50

 

0.89

%

 

$

4.71

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.72

 

0.89

%

 

$

4.53

 

AdvisorShares Dorsey Wright Micro Cap ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,040.50

 

1.25

%

 

$

6.43

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,018.90

 

1.25

%

 

$

6.36

 

AdvisorShares Dorsey Wright Short ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

994.00

 

1.25

%

 

$

6.28

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,018.90

 

1.25

%

 

$

6.36

 

AdvisorShares DoubleLine Value ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,040.40

 

0.90

%

 

$

4.63

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.67

 

0.90

%

 

$

4.58

 

AdvisorShares Focused Equity ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,129.40

 

0.65

%

 

$

3.51

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,021.91

 

0.65

%

 

$

3.33

 

AdvisorShares Gerber Kawasaki ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,058.70

 

0.75

%

 

$

3.87

(2)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,021.31

 

0.75

%

 

$

3.80

 

AdvisorShares Hotel ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,081.30

 

0.99

%

 

$

5.19

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.21

 

0.99

%

 

$

5.04

 

AdvisorShares Newfleet Multi-Sector Income ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

997.50

 

0.75

%

 

$

3.78

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,021.42

 

0.75

%

 

$

3.82

 

AdvisorShares North Square McKee Core Reserves ETF(3)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

999.60

 

0.35

%

 

$

1.76

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,023.44

 

0.35

%

 

$

1.79

 

AdvisorShares North Square McKee ESG Core Bond ETF(4)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,003.60

 

0.47

%

 

$

2.37

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,022.84

 

0.47

%

 

$

2.40

 

4

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name

 

Beginning
Account
Value
7/1/2021

 

Ending
Account
Value
12/31/2021

 

Annualized
Expense
Ratio for the
Period

 

Expenses
Paid

AdvisorShares Poseidon Dynamic Cannabis ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

782.50

 

0.99

%

 

$

1.09

(5)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,004.94

 

0.99

%

 

$

1.22

 

AdvisorShares Psychedelics ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

558.20

 

0.99

%

 

$

2.26

(6)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,011.76

 

0.99

%

 

$

2.92

 

AdvisorShares Pure Cannabis ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

642.10

 

0.71

%

 

$

2.94

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,021.63

 

0.71

%

 

$

3.62

 

AdvisorShares Pure US Cannabis ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

636.40

 

0.71

%

 

$

2.93

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,021.63

 

0.71

%

 

$

3.62

 

AdvisorShares Q Dynamic Growth ETF(7)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,086.60

 

1.15

%

 

$

6.05

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,019.41

 

1.15

%

 

$

5.85

 

AdvisorShares Q Portfolio Blended Allocation ETF(7)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,049.50

 

0.99

%

 

$

5.11

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.21

 

0.99

%

 

$

5.04

 

AdvisorShares Ranger Equity Bear ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,073.40

 

1.72

%

 

$

8.99

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,016.53

 

1.72

%

 

$

8.74

 

AdvisorShares Restaurant ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

963.60

 

0.99

%

 

$

4.90

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.21

 

0.99

%

 

$

5.04

 

AdvisorShares STAR Global Buy-Write ETF(7)

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

1,037.30

 

1.85

%

 

$

9.50

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,015.88

 

1.85

%

 

$

9.40

 

AdvisorShares Vice ETF

 

 

   

 

     

 

 

 

 

 

Actual

 

$

1,000.00

 

$

922.70

 

0.99

%

 

$

4.80

(1)

Hypothetical (assuming a 5% return before expenses)

 

$

1,000.00

 

$

1,020.21

 

0.99

%

 

$

5.04

 

____________

(1)     Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

(2)     Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/365 (to reflect commencement of operations of July 2, 2021).

(3)     Formerly know as AdvisorShares Sage Core Reserves ETF.

5

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

(4)     Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

(5)     Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 107/365 (to reflect commencement of operations of September 16, 2021).

(6)     Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 45/365 (to reflect commencement of operations of November 17, 2021).

(7)     The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the funds in which the Fund is invested in. These ratios do not include these indirect fees and expenses.

6

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments

 

Shares

 

Value

COMMON STOCKS — 98.0%

     

 

 

Apparel — 4.5%

     

 

 

Oxford Industries, Inc.

 

8,315

 

$

844,139

Steven Madden Ltd.

 

18,273

 

 

849,146

Under Armour, Inc., Class C*

 

46,088

 

 

831,427

Urban Outfitters, Inc.*

 

27,907

 

 

819,350

Total Apparel

     

 

3,344,062

Banks — 1.1%

     

 

 

SVB Financial Group*

 

1,196

 

 

811,175

Biotechnology — 4.3%

     

 

 

Blueprint Medicines Corp.*

 

7,468

 

 

799,897

Dynavax Technologies Corp.*

 

56,545

 

 

795,588

ImmunoGen, Inc.*

 

110,054

 

 

816,601

Ionis Pharmaceuticals, Inc.*

 

26,304

 

 

800,431

Total Biotechnology

     

 

3,212,517

Commercial Services — 1.0%

     

 

 

Cross Country Healthcare, Inc.*

 

27,551

 

 

764,816

Computers — 9.8%

     

 

 

Crowdstrike Holdings, Inc., Class A*

 

3,958

 

 

810,401

ExlService Holdings, Inc.*

 

5,710

 

 

826,637

Fortinet, Inc.*

 

2,251

 

 

809,009

Globant SA*

 

2,641

 

 

829,512

Pure Storage, Inc., Class A*

 

23,995

 

 

781,037

Seagate Technology Holdings PLC

 

7,235

 

 

817,410

Varonis Systems, Inc.*

 

16,695

 

 

814,382

Vocera Communications, Inc.*

 

12,423

 

 

805,507

Zscaler, Inc.*

 

2,487

 

 

799,148

Total Computers

     

 

7,293,043

Distribution/Wholesale — 4.4%

 

 

 

Fastenal Co.

 

12,979

 

 

831,435

G-III Apparel Group Ltd.*

 

29,674

 

 

820,189

IAA, Inc.*

 

16,220

 

 

821,056

WW Grainger, Inc.

 

1,594

 

 

826,075

Total Distribution/Wholesale

     

 

3,298,755

Diversified Financial Services — 1.1%

     

 

 

Charles Schwab Corp. (The)

 

9,570

 

 

804,837

Electrical Components & Equipment — 1.1%

     

 

 

AMETEK, Inc.

 

5,615

 

 

825,630

Electronics — 1.1%

     

 

 

nVent Electric PLC

 

21,696

 

 

824,448

Investments

 

Shares

 

Value

COMMON STOCKS (continued)

 

 

 

Entertainment — 2.2%

     

 

 

Everi Holdings, Inc.*

 

37,856

 

$

808,226

Red Rock Resorts, Inc., Class A

 

15,334

 

 

843,523

Total Entertainment

     

 

1,651,749

Food — 1.1%

     

 

 

Albertsons Cos., Inc., Class A

 

27,765

 

 

838,225

Hand/Machine Tools — 1.1%

     

 

 

Snap-on, Inc.

 

3,860

 

 

831,367

Home Builders — 1.1%

     

 

 

Skyline Champion Corp.*

 

10,426

 

 

823,445

Internet — 7.6%

     

 

 

Alphabet, Inc., Class C*

 

278

 

 

804,418

Criteo SA (France)*(a)

 

21,789

 

 

846,938

Mimecast Ltd.*

 

10,256

 

 

816,070

Okta, Inc.*

 

3,611

 

 

809,478

Perficient, Inc.*

 

6,052

 

 

782,463

Perion Network Ltd. (Israel)*

 

32,791

 

 

788,624

Uber Technologies, Inc.*

 

18,970

 

 

795,412

Total Internet

     

 

5,643,403

Leisure Time — 2.3%

     

 

 

Camping World Holdings, Inc., Class A

 

20,747

 

 

838,179

Vista Outdoor, Inc.*

 

19,635

 

 

904,584

Total Leisure Time

     

 

1,742,763

Pharmaceuticals — 2.1%

     

 

 

Alector, Inc.*(b)

 

35,632

 

 

735,801

Sarepta Therapeutics, Inc.*

 

9,054

 

 

815,313

Total Pharmaceuticals

     

 

1,551,114

Retail — 13.3%

     

 

 

BJ’s Wholesale Club Holdings, Inc.*

 

12,686

 

 

849,581

Boot Barn Holdings, Inc.*

 

6,655

 

 

818,898

Children’s Place, Inc. (The)*

 

10,289

 

 

815,815

Costco Wholesale Corp.

 

1,453

 

 

824,868

Dick’s Sporting Goods, Inc.(b)

 

7,630

 

 

877,374

Home Depot, Inc. (The)

 

2,031

 

 

842,885

Kohl’s Corp.

 

16,146

 

 

797,451

Lithia Motors, Inc.

 

2,776

 

 

824,333

McDonald’s Corp.

 

3,061

 

 

820,562

Tractor Supply Co.

 

3,551

 

 

847,269

Ulta Beauty, Inc.*

 

2,035

 

 

839,112

Williams-Sonoma, Inc.

 

4,862

 

 

822,310

Total Retail

     

 

9,980,458

See accompanying Notes to Financial Statements.

7

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments

 


Shares

 

Value

COMMON STOCKS (continued)

 

 

 

Semiconductors — 19.4%

     

 

 

Advanced Micro Devices, Inc.*

 

5,271

 

$

758,497

Alpha & Omega Semiconductor Ltd.*

 

13,479

 

 

816,288

Ambarella, Inc.*

 

3,917

 

 

794,720

Axcelis Technologies, Inc.*

 

11,292

 

 

841,932

Broadcom, Inc.

 

1,218

 

 

810,469

Diodes, Inc.*

 

7,332

 

 

805,127

Lattice Semiconductor Corp.*

 

10,212

 

 

786,937

MaxLinear, Inc.*

 

10,719

 

 

808,106

Microchip Technology, Inc.

 

9,266

 

 

806,698

NVIDIA Corp.

 

2,643

 

 

777,333

NXP Semiconductors NV (China)

 

3,519

 

 

801,558

Onto Innovation, Inc.*

 

7,997

 

 

809,536

QUALCOMM, Inc.

 

4,405

 

 

805,542

Semtech Corp.*

 

9,154

 

 

814,065

Silicon Motion Technology Corp. (Taiwan)(a)

 

8,679

 

 

824,765

Synaptics, Inc.*

 

2,827

 

 

818,445

Ultra Clean Holdings, Inc.*

 

13,866

 

 

795,354

Wolfspeed, Inc.*

 

7,255

 

 

810,891

Total Semiconductors

     

 

14,486,263

Software — 17.1%

     

 

 

BigCommerce Holdings, Inc., Series 1*

 

21,633

 

 

765,159

Black Knight, Inc.*

 

10,069

 

 

834,619

Box, Inc., Class A*

 

29,739

 

 

778,864

Confluent, Inc., Class A*

 

10,690

 

 

815,006

Coupa Software, Inc.*

 

5,089

 

 

804,317

Datto Holding Corp.*

 

30,571

 

 

805,546

Evolent Health, Inc., Class A*

 

30,311

 

 

838,705

HubSpot, Inc.*

 

1,203

 

 

792,957

Microsoft Corp.

 

2,403

 

 

808,177

Monday.com Ltd.*

 

2,662

 

 

821,813

PubMatic, Inc., Class A*

 

23,786

 

 

809,913

RingCentral, Inc., Class A*

 

4,259

 

 

797,924

Snowflake, Inc., Class A*

 

2,330

 

 

789,288

Sprout Social, Inc., Class A*

 

8,504

 

 

771,228

Veritone, Inc.*(b)

 

35,005

 

 

786,912

Workiva, Inc.*

 

6,026

 

 

786,333

Total Software

     

 

12,806,761

Investments

 

Shares/
Principal

 

Value

COMMON STOCKS (continued)

 

 

 

Telecommunications — 2.3%

     

 

 

Arista Networks, Inc.*

 

5,535

 

$

795,656

Calix, Inc.*

 

11,893

 

 

951,083

Total Telecommunications

     

 

1,746,739

Total Common Stocks (Cost $71,462,067)

     

 

73,281,570

MONEY MARKET FUND — 2.8%

 

 

 

Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(c) (Cost $2,074,909)

 

2,074,909

 

 

2,074,909

 

Notional Amount

 

Contracts

   

PURCHASED PUT OPTIONS — 1.5%

   

iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $205.00

 

$

22,714,000

 

 

1,108

 

422,702

iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $206.00

 

 

21,279,800

 

 

1,033

 

412,683

SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $425.00

 

 

17,807,500

 

 

419

 

261,875

SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $430.00

 

 

3,569,000

 

 

83

 

56,938

Total Purchased Put Options (Cost $1,910,943)

 

 

   

1,154,198

REPURCHASE AGREEMENTS — 0.5%(d)

   

Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $157,671, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $160,823)

 

$

157,670

 

157,670

See accompanying Notes to Financial Statements.

8

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments

 

Principal

 

Value

REPURCHASE AGREEMENTS (continued)

 

 

 

 

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $253,980)

 

$

249,000

 

$

249,000

 

Total Repurchase Agreements (Cost $406,670)

 

 

   

 

406,670

 

Total Investments — 102.8% (Cost $75,854,589)

 

 

   

 

76,917,347

 

Liabilities in Excess of Other Assets — (2.8%)