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.

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.

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

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

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.

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.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF Schedule of Investments December 31, 2021 (Unaudited)

See accompanying Notes to Financial Statements.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF Schedule of Investments (continued) December 31, 2021 (Unaudited)

See accompanying Notes to Financial Statements.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF Schedule of Investments (continued) December 31, 2021 (Unaudited)