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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
1 | ||
3 | ||
Schedules of Investments |
||
7 | ||
11 | ||
14 | ||
17 | ||
18 | ||
20 | ||
25 | ||
29 | ||
32 | ||
34 | ||
37 | ||
39 | ||
56 | ||
60 | ||
66 | ||
69 | ||
72 | ||
76 | ||
80 | ||
82 | ||
84 | ||
88 | ||
90 | ||
93 | ||
96 | ||
102 | ||
108 | ||
120 | ||
132 | ||
155 | ||
Board Review of Investment Advisory and Sub-Advisory Agreements |
156 | |
164 |
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
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 |
Ending |
Annualized |
Expenses
| |||||||||
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 |
Ending |
Annualized |
Expenses
| |||||||||
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 |
Ending |
Annualized |
Expenses
| |||||||||
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
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 December 31, 2021 (Unaudited) |
Investments |
|
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/ |
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 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%) |
|
|
(2,104,242 |
) | |||||
Net Assets — 100.0% |
|
$ |
74,813,105 |
|
____________
ETF — Exchange Traded Fund
PLC — Public Limited Company
* Non-income producing security.
(a) American Depositary Receipt.
(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,504,059; the aggregate market value of the collateral held by the fund is $1,531,260. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,124,590.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
9
ADVISORSHARES
ALPHA DNA EQUITY SENTIMENT ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
73,281,570 |
$ |
— |
$ |
— |
$ |
73,281,570 | ||||
Money Market Fund |
|
2,074,909 |
|
— |
|
— |
|
2,074,909 | ||||
Purchased Put Options |
|
835,385 |
|
318,813 |
|
— |
|
1,154,198 | ||||
Repurchase Agreements |
|
— |
|
406,670 |
|
— |
|
406,670 | ||||
Total |
$ |
76,191,864 |
$ |
725,483 |
$ |
— |
$ |
76,917,347 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Apparel |
4.5 |
% | |
Banks |
1.1 |
| |
Biotechnology |
4.3 |
| |
Commercial Services |
1.0 |
| |
Computers |
9.8 |
| |
Distribution/Wholesale |
4.4 |
| |
Diversified Financial Services |
1.1 |
| |
Electrical Components & Equipment |
1.1 |
| |
Electronics |
1.1 |
| |
Entertainment |
2.2 |
| |
Food |
1.1 |
| |
Hand/Machine Tools |
1.1 |
| |
Home Builders |
1.1 |
| |
Internet |
7.6 |
| |
Leisure Time |
2.3 |
| |
Pharmaceuticals |
2.1 |
| |
Purchased Put Option |
1.5 |
| |
Retail |
13.3 |
| |
Semiconductors |
19.4 |
| |
Software |
17.1 |
| |
Telecommunications |
2.3 |
| |
Money Market Fund |
2.8 |
| |
Repurchase Agreements |
0.5 |
| |
Total Investments |
102.8 |
| |
Liabilities in Excess of Other Assets |
(2.8 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
10
Investments |
Shares |
Value | |||
COMMON STOCKS — 99.0% |
|
||||
Aerospace/Defense — 3.7% |
|
||||
Embraer SA (Brazil)*(a) |
161,575 |
$ |
2,867,956 | ||
Airlines — 1.7% |
|
||||
Controladora Vuela Cia de Aviacion SAB de CV (Mexico)*(a) |
73,634 |
|
1,323,203 | ||
Apparel — 4.5% |
|
||||
LVMH Moet Hennessy Louis Vuitton SE (France)(a) |
21,093 |
|
3,490,891 | ||
Auto Manufacturers — 5.8% |
|
||||
Tata Motors Ltd. (India)*(a)(b) |
91,260 |
|
2,928,533 | ||
Volkswagen AG (Germany)(a) |
53,705 |
|
1,568,186 | ||
Total Auto Manufacturers |
|
4,496,719 | |||
Banks — 15.9% |
|
||||
Banco Bilbao Vizcaya Argentaria SA (Spain)(a) |
313,377 |
|
1,839,523 | ||
Barclays PLC (United Kingdom)(a)(b) |
140,545 |
|
1,454,641 | ||
BNP Paribas SA (France)(a) |
44,728 |
|
1,556,087 | ||
Grupo Financiero Galicia SA (Argentina)(a)(b) |
164,728 |
|
1,563,269 | ||
ICICI Bank Ltd. (India)(a) |
115,404 |
|
2,283,845 | ||
ING Groep NV (Netherlands)(a) |
136,502 |
|
1,900,108 | ||
UBS Group AG (Switzerland)(b) |
92,446 |
|
1,652,010 | ||
Total Banks |
|
12,249,483 | |||
Beverages — 2.9% |
|
||||
Diageo PLC (United Kingdom)(a)(b) |
10,154 |
|
2,235,302 | ||
Biotechnology — 9.1% |
|
||||
Bicycle Therapeutics PLC (United Kingdom)*(a) |
45,630 |
|
2,777,498 | ||
BioNTech SE (Germany)*(a) |
9,589 |
|
2,472,044 | ||
Genmab A/S (Denmark)*(a) |
45,069 |
|
1,782,930 | ||
Total Biotechnology |
|
7,032,472 | |||
Building Materials — 2.7% |
|
||||
CRH PLC (Ireland)(a)(b) |
38,882 |
|
2,052,970 | ||
Chemicals — 2.5% |
|
||||
Sasol Ltd. (South Africa)*(a)(b) |
117,750 |
|
1,931,100 | ||
Commercial Services — 2.3% |
|
||||
RELX PLC (United Kingdom)(a) |
53,631 |
|
1,748,907 | ||
Diversified Financial Services — 2.0% | |||||
AerCap Holdings NV (Ireland)* |
23,704 |
|
1,550,716 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Electrical Components & Equipment — 2.9% | |||||
ABB Ltd. (Switzerland)(a) |
58,230 |
$ |
2,222,639 | ||
Healthcare – Products — 2.2% |
|
||||
Alcon, Inc. (Switzerland)(b) |
19,698 |
|
1,716,090 | ||
Healthcare – Services — 2.3% |
|
||||
ICON PLC (Ireland)* |
5,836 |
|
1,807,409 | ||
Iron/Steel — 5.9% |
|
||||
ArcelorMittal SA (Luxembourg)(b) |
66,280 |
|
2,109,692 | ||
Ternium SA (Mexico)(a) |
55,403 |
|
2,411,139 | ||
Total Iron/Steel |
|
4,520,831 | |||
Metal Fabricate/Hardware — 2.2% |
|
||||
Tenaris SA(a) |
81,525 |
|
1,700,612 | ||
Oil & Gas — 6.5% |
|
||||
Eni SpA (Italy)(a) |
62,857 |
|
1,737,996 | ||
Equinor ASA (Norway)(a)(b) |
59,108 |
|
1,556,314 | ||
Gazprom PJSC (Russia)(a) |
187,676 |
|
1,724,742 | ||
Total Oil & Gas |
|
5,019,052 | |||
Pharmaceuticals — 2.9% |
|
||||
Novo Nordisk A/S (Denmark)(a) |
20,308 |
|
2,274,496 | ||
Semiconductors — 9.5% |
|
||||
ASML Holding NV (Netherlands) |
6,219 |
|
4,951,194 | ||
NXP Semiconductors NV (China) |
10,442 |
|
2,378,479 | ||
Total Semiconductors |
|
7,329,673 | |||
Telecommunications — 5.6% |
|
||||
America Movil SAB de CV, Class L (Mexico)(a) |
86,116 |
|
1,817,909 | ||
SK Telecom Co., Ltd. (South Korea)(a)(b) |
34,609 |
|
923,022 | ||
Telkom Indonesia Persero Tbk PT (Indonesia)(a) |
53,158 |
|
1,541,050 | ||
Total Telecommunications |
|
4,281,981 | |||
Transportation — 5.9% |
|
||||
Danaos Corp. (Greece) |
46,650 |
|
3,482,422 | ||
Diana Shipping, Inc. (Greece) |
274,712 |
|
1,068,630 | ||
Total Transportation |
|
4,551,052 | |||
Total Common Stocks (Cost $62,428,996) |
|
76,403,554 |
See accompanying Notes to Financial Statements.
11
ADVISORSHARES
DORSEY WRIGHT ADR ETF December 31, 2021 (Unaudited) |
Investments |
Shares/ |
Value | ||||
MONEY MARKET FUNDS — 5.4% |
|
|||||
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(c)(d) |
|
567,000 |
$ |
567,000 | ||
Federated Government Obligations Fund, Institutional Class, 0.03%(c)(d) |
|
567,000 |
|
567,000 | ||
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(c)(d) |
|
335,000 |
|
335,000 | ||
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(c)(d) |
|
567,000 |
|
567,000 | ||
Invesco Government & Agency Portfolio — Private Investment Class, 0.03%(c) |
|
648,138 |
|
648,138 | ||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) |
|
567,000 |
|
567,000 | ||
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(c)(d) |
|
567,000 |
|
567,000 | ||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(c)(d) |
|
335,000 |
|
335,000 | ||
Total Money Market Funds (Cost $4,153,138) |
|
|
4,153,138 | |||
REPURCHASE AGREEMENTS — 8.2%(d) | ||||||
BNP Paribas Securities Corp., dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,900,008, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/27/22-04/20/51, totaling $1,938,000) |
$ |
1,900,000 |
|
1,900,000 | ||
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $1,900,010, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $1,939,750) |
|
1,900,000 |
|
1,900,000 |
Investments |
|
Value | |||||
REPURCHASE AGREEMENTS (continued) |
|
| |||||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,900,007, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $1,938,000) |
$ |
1,900,000 |
$ |
1,900,000 |
| ||
Deutsche Bank Securities, Inc., dated 12/31/21, due 01/03/22, 0.04%, total to be received $644,113, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.38%, 01/31/22-12/01/51, totaling $656,993) |
|
644,111 |
|
644,111 |
| ||
Total Repurchase Agreements (Cost $6,344,111) |
|
|
6,344,111 |
| |||
Total Investments — 112.6% (Cost $72,926,245) |
|
|
86,900,803 |
| |||
Liabilities in Excess of Other Assets — (12.6%) |
|
|
(9,711,053 |
) | |||
Net Assets — 100.0% |
|
$ |
77,189,750 |
|
____________
PLC — Public Limited Company
* Non-income producing security.
(a) American Depositary Receipt.
(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $14,869,466; the aggregate market value of the collateral held by the fund is $15,291,986. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,442,875.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
12
ADVISORSHARES
DORSEY WRIGHT ADR ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
76,403,554 |
$ |
— |
$ |
— |
$ |
76,403,554 | ||||
Money Market Funds |
|
4,153,138 |
|
— |
|
— |
|
4,153,138 | ||||
Repurchase Agreements |
|
— |
|
6,344,111 |
|
— |
|
6,344,111 | ||||
Total |
$ |
80,556,692 |
$ |
6,344,111 |
$ |
— |
$ |
86,900,803 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Aerospace/Defense |
3.7 |
% | |
Airlines |
1.7 |
| |
Apparel |
4.5 |
| |
Auto Manufacturers |
5.8 |
| |
Banks |
15.9 |
| |
Beverages |
2.9 |
| |
Biotechnology |
9.1 |
| |
Building Materials |
2.7 |
| |
Chemicals |
2.5 |
| |
Commercial Services |
2.3 |
| |
Diversified Financial Services |
2.0 |
| |
Electrical Components & Equipment |
2.9 |
| |
Healthcare – Products |
2.2 |
| |
Healthcare – Services |
2.3 |
| |
Iron/Steel |
5.9 |
| |
Metal Fabricate/Hardware |
2.2 |
| |
Oil & Gas |
6.5 |
| |
Pharmaceuticals |
2.9 |
| |
Semiconductors |
9.5 |
| |
Telecommunications |
5.6 |
| |
Transportation |
5.9 |
| |
Money Market Funds |
5.4 |
| |
Repurchase Agreements |
8.2 |
| |
Total Investments |
112.6 |
| |
Liabilities in Excess of Other Assets |
(12.6 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
13
ADVISORSHARES
DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | |||
COMMON STOCKS — 99.9% |
|
||||
Apparel — 4.1% |
|
||||
Crocs, Inc.* |
11,875 |
$ |
1,522,613 | ||
NIKE, Inc., Class B |
11,384 |
|
1,897,371 | ||
Total Apparel |
|
3,419,984 | |||
Auto Manufacturers — 2.3% |
|
||||
Tesla, Inc.* |
1,812 |
|
1,914,885 | ||
Banks — 7.0% |
|
||||
Signature Bank |
6,300 |
|
2,037,861 | ||
SVB Financial Group* |
2,828 |
|
1,918,063 | ||
Western Alliance Bancorp |
18,050 |
|
1,943,082 | ||
Total Banks |
|
5,899,006 | |||
Commercial Services — 2.4% |
|
||||
S&P Global, Inc.(a) |
4,333 |
|
2,044,873 | ||
Computers — 5.9% |
|
||||
EPAM Systems, Inc.* |
3,480 |
|
2,326,206 | ||
Zscaler, Inc.* |
8,065 |
|
2,591,526 | ||
Total Computers |
|
4,917,732 | |||
Distribution/Wholesale — 2.5% |
|
||||
Pool Corp. |
3,704 |
|
2,096,464 | ||
Diversified Financial Services — 4.8% | |||||
Apollo Asset Management, Inc.(a) |
27,341 |
|
1,980,309 | ||
Nasdaq, Inc. |
9,841 |
|
2,066,708 | ||
Total Diversified Financial Services |
|
4,047,017 | |||
Electronics — 2.8% |
|
||||
Amphenol Corp., Class A |
26,612 |
|
2,327,486 | ||
Engineering & Construction — 2.5% |
|
||||
TopBuild Corp.* |
7,527 |
|
2,076,775 | ||
Insurance — 4.8% |
|
||||
Aon PLC, Class A |
6,690 |
|
2,010,746 | ||
Arthur J Gallagher & Co. |
12,000 |
|
2,036,040 | ||
Total Insurance |
|
4,046,786 | |||
Internet — 2.1% |
|
||||
Etsy, Inc.* |
7,959 |
|
1,742,543 | ||
Office/Business Equip — 2.5% |
|
||||
Zebra Technologies Corp., Class A* |
3,540 |
|
2,107,008 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Retail — 14.2% |
|
||||
Bath & Body Works, Inc. |
28,131 |
$ |
1,963,263 | ||
Dick’s Sporting Goods, Inc. |
17,198 |
|
1,977,598 | ||
Domino’s Pizza, Inc. |
4,030 |
|
2,274,250 | ||
GameStop Corp., Class A*(a) |
10,921 |
|
1,620,567 | ||
Home Depot, Inc. (The) |
4,880 |
|
2,025,249 | ||
Yum! Brands, Inc. |
14,840 |
|
2,060,682 | ||
Total Retail |
|
11,921,609 | |||
Semiconductors — 14.9% |
|
||||
Advanced Micro Devices, Inc.* |
18,482 |
|
2,659,560 | ||
Broadcom, Inc. |
4,174 |
|
2,777,421 | ||
Lattice Semiconductor Corp.* |
27,158 |
|
2,092,796 | ||
Monolithic Power Systems, Inc. |
4,266 |
|
2,104,546 | ||
NVIDIA Corp. |
9,722 |
|
2,859,337 | ||
Total Semiconductors |
|
12,493,660 | |||
Software — 20.3% |
|
||||
Adobe, Inc.* |
3,210 |
|
1,820,263 | ||
Cadence Design Systems, Inc.* |
11,178 |
|
2,083,020 | ||
Cloudflare, Inc., Class A* |
16,380 |
|
2,153,970 | ||
HubSpot, Inc.* |
3,268 |
|
2,154,102 | ||
Intuit, Inc. |
3,592 |
|
2,310,446 | ||
MongoDB, Inc.*(a) |
5,060 |
|
2,678,511 | ||
MSCI, Inc. |
3,138 |
|
1,922,621 | ||
ServiceNow, Inc.* |
2,977 |
|
1,932,401 | ||
Total Software |
|
17,055,334 | |||
Venture Capital — 6.8% |
|
||||
Ares Management Corp., Class A |
23,756 |
|
1,930,650 | ||
Blackstone, Inc. |
14,200 |
|
1,837,338 | ||
KKR & Co., Inc. |
26,641 |
|
1,984,755 | ||
Total Venture Capital |
|
5,752,743 | |||
Total Common Stocks (Cost $78,098,277) |
|
83,863,905 | |||
MONEY MARKET FUND — 0.1% |
|
||||
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
0.01%(b)
|
95,368 |
|
95,368 |
See accompanying Notes to Financial Statements.
14
ADVISORSHARES
DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
REPURCHASE AGREEMENTS — 1.3%(c) |
|
|||||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $266,980) |
$ |
261,745 |
$ |
261,745 | ||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $266,980) |
|
261,745 |
|
261,745 | ||
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 1.88%-6.50%, 01/20/27-05/20/51, totaling $266,980) |
|
261,745 |
|
261,745 | ||
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $77,594, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24-09/20/69, totaling $79,146) |
|
77,594 |
|
77,594 |
Investments |
Principal |
Value | |||||
REPURCHASE AGREEMENTS (continued) |
|
| |||||
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,745, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $266,980) |
$ |
261,745 |
$ |
261,745 |
| ||
Total Repurchase Agreements (Cost $1,124,574) |
|
|
1,124,574 |
| |||
Total Investments — 101.3% (Cost $79,318,219) |
|
|
85,083,847 |
| |||
Liabilities in Excess of Other Assets — (1.3%) |
|
|
(1,165,128 |
) | |||
Net Assets — 100.0% |
|
$ |
83,918,719 |
|
____________
PLC — Public Limited Company
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $7,676,139; the aggregate market value of the collateral held by the fund is $7,915,524. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,790,950.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
15
ADVISORSHARES
DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
83,863,905 |
$ |
— |
$ |
— |
$ |
83,863,905 | ||||
Money Market Fund |
|
95,368 |
|
— |
|
— |
|
95,368 | ||||
Repurchase Agreements |
|
— |
|
1,124,574 |
|
— |
|
1,124,574 | ||||
Total |
$ |
83,959,273 |
$ |
1,124,574 |
$ |
— |
$ |
85,083,847 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Apparel |
4.1 |
% | |
Auto Manufacturers |
2.3 |
| |
Banks |
7.0 |
| |
Commercial Services |
2.4 |
| |
Computers |
5.9 |
| |
Distribution/Wholesale |
2.5 |
| |
Diversified Financial Services |
4.8 |
| |
Electronics |
2.8 |
| |
Engineering & Construction |
2.5 |
| |
Insurance |
4.8 |
| |
Internet |
2.1 |
| |
Office/Business Equip |
2.5 |
| |
Retail |
14.2 |
| |
Semiconductors |
14.9 |
| |
Software |
20.3 |
| |
Venture Capital |
6.8 |
| |
Money Market Fund |
0.1 |
| |
Repurchase Agreements |
1.3 |
| |
Total Investments |
101.3 |
| |
Liabilities in Excess of Other Assets |
(1.3 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
16
ADVISORSHARES
DORSEY WRIGHT FSM ALL CAP WORLD ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | ||||
EXCHANGE TRADED FUNDS — 100.0% |
|
| ||||
Equity Fund — 100.0% |
|
| ||||
Invesco Nasdaq 100 ETF |
459,300 |
$ |
75,118,515 |
| ||
Invesco S&P 500 Pure Growth ETF |
358,530 |
|
75,585,295 |
| ||
Total Exchange Traded Funds (Cost $146,002,212) |
|
150,703,810 |
| |||
MONEY MARKET FUND — 0.1% |
|
| ||||
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
0.01%(a)
|
176,930 |
|
176,930 |
| ||
Total Investments — 100.1% (Cost $146,179,142) |
|
150,880,740 |
| |||
Liabilities in Excess of Other Assets — (0.1%) |
|
(94,087 |
) | |||
Net Assets — 100.0% |
$ |
150,786,653 |
|
____________
ETF — Exchange Traded Fund
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Exchange Traded Funds |
$ |
150,703,810 |
$ |
— |
$ |
— |
$ |
150,703,810 | ||||
Money Market Fund |
|
176,930 |
|
— |
|
— |
|
176,930 | ||||
Total |
$ |
150,880,740 |
$ |
— |
$ |
— |
$ |
150,880,740 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of |
|||||
Equity Fund |
100.0 |
% |
|||
Money Market Fund |
0.1 |
|
|||
Total Investments |
100.1 |
|
|||
Liabilities in Excess of Other Assets |
(0.1 |
) |
|||
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
17
Investments |
Shares/ |
Value | ||||
EXCHANGE TRADED FUNDS — 99.8% |
|
|||||
Equity Fund — 99.8% |
|
|
||||
Invesco QQQ Trust Series 1 |
|
128,769 |
$ |
51,230,747 | ||
Invesco S&P 500 Equal Weight ETF(a) |
|
316,575 |
|
51,522,581 | ||
Total Exchange Traded Funds (Cost $79,582,195) |
|
|
102,753,328 | |||
MONEY MARKET FUNDS — 21.3% | ||||||
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) |
|
3,702,000 |
|
3,702,000 | ||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) |
|
281,481 |
|
281,481 | ||
Federated Government Obligations Fund, Institutional Class, 0.03%(b)(c) |
|
3,630,000 |
|
3,630,000 | ||
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c) |
|
2,061,000 |
|
2,061,000 | ||
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c) |
|
3,702,000 |
|
3,702,000 | ||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) |
|
3,112,000 |
|
3,112,000 | ||
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(b)(c) |
|
3,459,000 |
|
3,459,000 | ||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) |
|
2,061,000 |
|
2,061,000 | ||
Total Money Market Funds (Cost $22,008,481) |
|
|
22,008,481 | |||
REPURCHASE AGREEMENTS — 28.7%(c) |
|
|||||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $11,931,122, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $12,169,693) |
$ |
11,931,072 |
|
11,931,072 |
Investments |
|
Value | |||||
REPURCHASE AGREEMENTS (continued) |
|
| |||||
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $5,672,160, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $5,785,575) |
$ |
5,672,132 |
$ |
5,672,132 |
| ||
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $11,931,122, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $12,169,693) |
|
11,931,072 |
|
11,931,072 |
| ||
Total Repurchase Agreements (Cost $29,534,276) |
|
|
29,534,276 |
| |||
Total Investments — 149.8% (Cost $131,124,952) |
|
|
154,296,085 |
| |||
Liabilities in Excess of Other Assets — (49.8%) |
|
|
(51,312,345 |
) | |||
Net Assets — 100.0% |
|
$ |
102,983,740 |
|
____________
ETF — Exchange Traded Fund
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $50,485,050; the aggregate market value of the collateral held by the fund is $51,659,850. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $398,574.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
18
ADVISORSHARES
DORSEY WRIGHT FSM US CORE ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Exchange Traded Funds |
$ |
102,753,328 |
$ |
— |
$ |
— |
$ |
102,753,328 | ||||
Money Market Funds |
|
22,008,481 |
|
— |
|
— |
|
22,008,481 | ||||
Repurchase Agreements |
|
— |
|
29,534,276 |
|
— |
|
29,534,276 | ||||
Total |
$ |
124,761,809 |
$ |
29,534,276 |
$ |
— |
$ |
154,296,085 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Equity Fund |
99.8 |
% | |
Money Market Funds |
21.3 |
| |
Repurchase Agreements |
28.7 |
| |
Total Investments |
149.8 |
| |
Liabilities in Excess of Other Assets |
(49.8 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
19
Investments |
Shares |
Value | |||
COMMON STOCKS — 100.0% |
|
||||
Advertising — 0.8% |
|
||||
Stagwell, Inc.* |
10,478 |
$ |
90,844 | ||
Auto Parts & Equipment — 0.7% |
|
||||
Shyft Group, Inc. (The) |
1,644 |
|
80,770 | ||
Banks — 8.7% |
|
||||
Business First Bancshares, Inc. |
1,934 |
|
54,752 | ||
Byline Bancorp, Inc. |
2,264 |
|
61,920 | ||
Capstar Financial Holdings, Inc. |
2,764 |
|
58,127 | ||
Coastal Financial Corp.* |
1,832 |
|
92,736 | ||
Esquire Financial Holdings, Inc.* |
1,710 |
|
54,070 | ||
First Bank |
3,969 |
|
57,590 | ||
First Foundation, Inc. |
2,075 |
|
51,585 | ||
First Internet Bancorp |
1,208 |
|
56,824 | ||
Hanmi Financial Corp. |
2,606 |
|
61,710 | ||
Merchants Bancorp |
1,469 |
|
69,528 | ||
Metrocity Bankshares, Inc. |
1,838 |
|
50,600 | ||
Metropolitan Bank Holding Corp.* |
873 |
|
93,001 | ||
MVB Financial Corp. |
1,537 |
|
63,816 | ||
Northeast Bank |
1,646 |
|
58,812 | ||
PCB Bancorp |
2,769 |
|
60,807 | ||
Provident Bancorp, Inc. |
3,349 |
|
62,291 | ||
Total Banks |
|
1,008,169 | |||
Biotechnology — 1.4% |
|
||||
AnaptysBio, Inc.* |
1,548 |
|
53,793 | ||
Bioceres Crop Solutions Corp. (Argentina)* |
3,815 |
|
53,944 | ||
Harvard Bioscience, Inc.* |
7,740 |
|
54,567 | ||
Total Biotechnology |
|
162,304 | |||
Building Materials — 1.4% |
|
||||
Smith-Midland Corp.* |
1,208 |
|
56,776 | ||
Tecnoglass, Inc.(a) |
4,130 |
|
108,165 | ||
Total Building Materials |
|
164,941 | |||
Chemicals — 2.1% |
|
||||
AdvanSix, Inc. |
1,814 |
|
85,712 | ||
CVR Partners LP |
1,131 |
|
93,522 | ||
Intrepid Potash, Inc.* |
1,596 |
|
68,197 | ||
Total Chemicals |
|
247,431 | |||
Coal — 1.7% |
|
||||
Alpha Metallurgical Resources, Inc.* |
2,226 |
|
135,897 | ||
Natural Resource Partners LP |
1,740 |
|
58,151 | ||
Total Coal |
|
194,048 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Commercial Services — 6.5% |
|
||||
Atento SA (Brazil)* |
2,408 |
$ |
61,476 | ||
Carriage Services, Inc. |
1,170 |
|
75,395 | ||
Civeo Corp.* |
2,380 |
|
45,625 | ||
CRA International, Inc. |
637 |
|
59,470 | ||
Cross Country Healthcare, Inc.* |
3,404 |
|
94,495 | ||
Franklin Covey Co.* |
1,340 |
|
62,123 | ||
HireQuest, Inc. |
2,658 |
|
53,585 | ||
Information Services Group, Inc. |
9,736 |
|
74,188 | ||
RCM Technologies, Inc.* |
6,674 |
|
47,519 | ||
Textainer Group Holdings Ltd. (China) |
2,308 |
|
82,419 | ||
Transcat, Inc.* |
1,079 |
|
99,732 | ||
Total Commercial Services |
|
756,027 | |||
Computers — 0.9% |
|
||||
Everspin Technologies, Inc.*(a) |
5,126 |
|
57,924 | ||
Senstar Technologies Ltd. (Israel) |
15,273 |
|
44,750 | ||
Total Computers |
|
102,674 | |||
Distribution/Wholesale — 3.3% |
|
||||
A-Mark Precious Metals, Inc. |
720 |
|
43,992 | ||
Hudson Technologies, Inc.* |
13,618 |
|
60,464 | ||
Titan Machinery, Inc.* |
1,947 |
|
65,594 | ||
Veritiv Corp.* |
1,198 |
|
146,839 | ||
VSE Corp. |
968 |
|
58,990 | ||
Total Distribution/Wholesale |
|
375,879 | |||
Diversified Financial Services — 8.2% |
|
||||
Atlanticus Holdings Corp.* |
2,006 |
|
143,068 | ||
B. Riley Financial, Inc. |
1,108 |
|
98,457 | ||
Cowen, Inc., Class A |
1,585 |
|
57,218 | ||
Curo Group Holdings Corp. |
3,364 |
|
53,858 | ||
EZCORP, Inc., Class A* |
7,350 |
|
54,170 | ||
Freedom Holding Corp. NV (Kazakhstan)*(a) |
1,587 |
|
110,027 | ||
GAMCO Investors, Inc., Class A |
2,132 |
|
53,257 | ||
Medallion Financial Corp.* |
6,031 |
|
34,980 | ||
Ocwen Financial Corp.* |
1,354 |
|
54,119 | ||
Oportun Financial Corp.* |
2,113 |
|
42,788 | ||
Oppenheimer Holdings, Inc., Class A |
1,128 |
|
52,305 | ||
Pzena Investment Management, Inc., Class A |
4,844 |
|
45,873 | ||
Regional Management Corp. |
1,540 |
|
88,488 | ||
Velocity Financial, Inc.* |
4,347 |
|
59,554 | ||
Total Diversified Financial Services |
|
948,162 |
See accompanying Notes to Financial Statements.
20
ADVISORSHARES
DORSEY WRIGHT MICRO-CAP
ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Electrical Components & Equipment — 0.5% | |||||
Insteel Industries, Inc. |
1,372 |
$ |
54,619 | ||
Electronics — 4.3% |
|
||||
Camtek Ltd. (Israel)* |
3,408 |
|
156,904 | ||
Identiv, Inc.* |
4,534 |
|
127,587 | ||
Ipsidy, Inc.*(a) |
3,430 |
|
48,123 | ||
Kimball Electronics, Inc.* |
2,320 |
|
50,483 | ||
Napco Security Technologies, Inc.*(a) |
1,200 |
|
59,976 | ||
Neonode, Inc.*(a) |
5,706 |
|
50,498 | ||
Total Electronics |
|
493,571 | |||
Engineering & Construction — 2.2% |
|
||||
Concrete Pumping Holdings, Inc.* |
6,904 |
|
56,613 | ||
IES Holdings, Inc.* |
1,233 |
|
62,439 | ||
MYR Group, Inc.* |
782 |
|
86,450 | ||
Sterling Construction Co., Inc.* |
2,030 |
|
53,389 | ||
Total Engineering & Construction |
|
258,891 | |||
Entertainment — 1.9% |
|
||||
Golden Entertainment, Inc.* |
2,065 |
|
104,344 | ||
RCI Hospitality Holdings, Inc. |
1,429 |
|
111,291 | ||
Total Entertainment |
|
215,635 | |||
Environmental Control — 0.5% |
|
||||
Heritage-Crystal Clean, Inc.* |
1,692 |
|
54,178 | ||
Gas — 0.4% |
|
||||
Global Partners LP |
2,028 |
|
47,638 | ||
Healthcare – Products — 1.5% |
|
||||
Apollo Endosurgery, Inc.* |
9,629 |
|
81,173 | ||
Apyx Medical Corp.* |
3,989 |
|
51,139 | ||
Cutera, Inc.* |
1,066 |
|
44,047 | ||
Total Healthcare – Products |
|
176,359 | |||
Home Builders — 0.6% |
|
||||
Hovnanian Enterprises, Inc., Class A* |
535 |
|
68,100 | ||
Home Furnishings — 0.4% |
|
||||
Ethan Allen Interiors, Inc. |
1,822 |
|
47,900 | ||
Housewares — 0.9% |
|
||||
Dogness International Corp., Class A (Virgin Islands)*(a) |
12,880 |
|
108,321 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Insurance — 1.7% |
|
||||
Investors Title Co. |
257 |
$ |
50,668 | ||
MBIA, Inc.* |
4,365 |
|
68,923 | ||
Tiptree, Inc. |
5,299 |
|
73,285 | ||
Total Insurance |
|
192,876 | |||
Internet — 0.6% |
|
||||
DHI Group, Inc.* |
11,914 |
|
74,343 | ||
Iron/Steel — 0.5% |
|
||||
Huadi International Group Co., Ltd. (China)* |
1,740 |
|
55,697 | ||
Leisure Time — 1.9% |
|
||||
OneWater Marine, Inc., Class A |
1,424 |
|
86,821 | ||
Vista Outdoor, Inc.* |
2,773 |
|
127,752 | ||
Total Leisure Time |
|
214,573 | |||
Lodging — 2.1% |
|
||||
Bluegreen Vacations Holding Corp.* |
2,198 |
|
77,150 | ||
Century Casinos, Inc.* |
4,648 |
|
56,613 | ||
Full House Resorts, Inc.* |
9,440 |
|
114,318 | ||
Total Lodging |
|
248,081 | |||
Machinery – Diversified — 2.4% |
|
||||
Kornit Digital Ltd. (Israel)* |
1,122 |
|
170,825 | ||
Ranpak Holdings Corp.* |
2,904 |
|
109,132 | ||
Total Machinery – Diversified |
|
279,957 | |||
Media — 3.9% |
|
||||
Cumulus Media, Inc., Class A* |
4,325 |
|
48,656 | ||
Entravision Communications Corp., Class A |
12,872 |
|
87,272 | ||
Gannett Co., Inc.* |
9,522 |
|
50,753 | ||
Houghton Mifflin Harcourt Co.* |
6,788 |
|
109,287 | ||
Thryv Holdings, Inc.* |
2,170 |
|
89,252 | ||
Townsquare Media, Inc., Class A* |
4,676 |
|
62,331 | ||
Total Media |
|
447,551 | |||
Metal Fabricate/Hardware — 3.1% |
|
||||
Mayville Engineering Co., Inc.* |
2,790 |
|
41,599 | ||
Ryerson Holding Corp. |
2,989 |
|
77,863 | ||
Steel Partners Holdings LP*(a) |
3,900 |
|
163,800 | ||
TimkenSteel Corp.* |
4,648 |
|
76,692 | ||
Total Metal Fabricate/Hardware |
|
359,954 |
See accompanying Notes to Financial Statements.
21
ADVISORSHARES
DORSEY WRIGHT MICRO-CAP
ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Miscellaneous Manufacturing — 0.9% |
|
||||
Haynes International, Inc. |
1,338 |
$ |
53,961 | ||
Loop Industries, Inc. (Canada)* |
4,158 |
|
51,019 | ||
Total Miscellaneous Manufacturing |
|
104,980 | |||
Oil & Gas — 4.8% |
|
||||
Berry Corp. |
6,171 |
|
51,960 | ||
Calumet Specialty Products Partners LP* |
9,014 |
|
118,985 | ||
Kimbell Royalty Partners LP |
3,850 |
|
52,475 | ||
Permian Basin Royalty Trust |
7,491 |
|
75,659 | ||
Ranger Oil Corp., Class A* |
1,810 |
|
48,725 | ||
San Juan Basin Royalty Trust |
10,141 |
|
61,759 | ||
SandRidge Energy, Inc.* |
9,623 |
|
100,657 | ||
SilverBow Resources, Inc.* |
2,246 |
|
48,895 | ||
Total Oil & Gas |
|
559,115 | |||
Pharmaceuticals — 1.6% |
|
||||
Ideaya Biosciences, Inc.* |
2,484 |
|
58,722 | ||
Opiant Pharmaceuticals, Inc.* |
2,138 |
|
71,901 | ||
ProQR Therapeutics NV (Netherlands)* |
6,860 |
|
54,948 | ||
Total Pharmaceuticals |
|
185,571 | |||
REITS — 3.8% |
|
||||
Cedar Realty Trust, Inc. |
2,264 |
|
56,849 | ||
City Office REIT, Inc. |
3,064 |
|
60,422 | ||
Farmland Partners, Inc. |
4,187 |
|
50,035 | ||
Gladstone Land Corp. |
2,339 |
|
78,965 | ||
Granite Point Mortgage Trust, Inc. |
3,762 |
|
44,053 | ||
Plymouth Industrial REIT, Inc. |
2,159 |
|
69,088 | ||
Preferred Apartment Communities, Inc. |
4,507 |
|
81,396 | ||
Total REITS |
|
440,808 | |||
Retail — 10.5% |
|
||||
Aspen Aerogels, Inc.* |
2,655 |
|
132,192 | ||
Biglari Holdings, Inc., Class B* |
330 |
|
47,048 | ||
Build-A-Bear Workshop, Inc. |
3,382 |
|
66,017 | ||
Caleres, Inc. |
2,322 |
|
52,663 | ||
Cato Corp. (The), Class A |
3,411 |
|
58,533 | ||
Conn’s, Inc.* |
2,132 |
|
50,145 | ||
Genesco, Inc.* |
1,124 |
|
72,127 | ||
Good Times Restaurants, Inc.* |
11,336 |
|
49,198 | ||
Huttig Building Products, Inc.* |
9,223 |
|
102,099 | ||
J Jill, Inc.* |
2,529 |
|
48,506 | ||
Kura Sushi USA, Inc., Class A* |
1,581 |
|
127,808 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Retail (continued) |
|
||||
Lazydays Holdings, Inc.* |
2,171 |
$ |
46,763 | ||
Movado Group, Inc. |
1,654 |
|
69,187 | ||
Noodles & Co.* |
4,539 |
|
41,169 | ||
ONE Group Hospitality, Inc. (The)* |
6,275 |
|
79,128 | ||
Tile Shop Holdings, Inc. |
6,886 |
|
49,097 | ||
Tilly’s, Inc., Class A |
3,563 |
|
57,400 | ||
TravelCenters of America, Inc.* |
1,247 |
|
64,370 | ||
Total Retail |
|
1,213,450 | |||
Semiconductors — 1.1% |
|
||||
Pixelworks, Inc.* |
12,186 |
|
53,619 | ||
Richardson Electronics Ltd. |
5,285 |
|
71,453 | ||
Total Semiconductors |
|
125,072 | |||
Software — 2.0% |
|
||||
Donnelley Financial Solutions, Inc.* |
2,528 |
|
119,170 | ||
Inspired Entertainment, Inc.* |
4,582 |
|
59,383 | ||
Red Violet, Inc.* |
1,402 |
|
55,645 | ||
Total Software |
|
234,198 | |||
Telecommunications — 4.6% |
|
||||
Calix, Inc.* |
3,363 |
|
268,939 | ||
Clearfield, Inc.*(a) |
1,476 |
|
124,604 | ||
IDT Corp., Class B* |
3,184 |
|
140,606 | ||
Total Telecommunications |
|
534,149 | |||
Transportation — 5.6% |
|
||||
Capital Product Partners LP (Greece) |
4,199 |
|
67,646 | ||
Covenant Logistics Group, Inc.* |
1,890 |
|
49,953 | ||
Danaos Corp. (Greece) |
2,065 |
|
154,152 | ||
Daseke, Inc.* |
5,830 |
|
58,533 | ||
Grindrod Shipping Holdings Ltd. (Singapore)(a) |
3,676 |
|
66,278 | ||
OceanPal, Inc. (Greece)* |
1,142 |
|
2,318 | ||
PAM Transportation Services, Inc.* |
1,253 |
|
88,976 | ||
USA Truck, Inc.* |
2,995 |
|
59,541 | ||
USD Partners LP |
7,898 |
|
41,780 | ||
Yellow Corp.*(a) |
4,448 |
|
56,000 | ||
Total Transportation |
|
645,177 | |||
Total Common Stocks (Cost $9,383,206) |
|
11,572,013 |
See accompanying Notes to Financial Statements.
22
ADVISORSHARES
DORSEY WRIGHT MICRO-CAP
ETF December 31, 2021 (Unaudited) |
Investments |
Shares/ |
Value | |||||
MONEY MARKET FUND — 0.2% |
|
| |||||
STIT —
Government & Agency Portfolio, Institutional Class, 0.03%(b) |
|
17,710 |
$ |
17,710 |
| ||
REPURCHASE AGREEMENTS — 3.2%(c) |
|
| |||||
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $127,170, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $129,712) |
$ |
127,169 |
|
127,169 |
| ||
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 $376,169) |
|
|
376,169 |
| |||
Total Investments — 103.4% (Cost $9,777,085) |
|
|
11,965,892 |
| |||
Liabilities in Excess of Other Assets — (3.4%) |
|
|
(389,228 |
) | |||
Net Assets — 100.0% |
|
$ |
11,576,664 |
|
____________
LP — Limited Partnership
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $624,598; the aggregate market value of the collateral held by the fund is $627,656. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $251,487.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
23
ADVISORSHARES
DORSEY WRIGHT MICRO-CAP
ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
11,572,013 |
$ |
— |
$ |
— |
$ |
11,572,013 | ||||
Money Market Fund |
|
17,710 |
|
— |
|
— |
|
17,710 | ||||
Repurchase Agreements |
|
— |
|
376,169 |
|
— |
|
376,169 | ||||
Total |
$ |
11,589,723 |
$ |
376,169 |
$ |
— |
$ |
11,965,892 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Advertising |
0.8 |
% | |
Auto Parts & Equipment |
0.7 |
| |
Banks |
8.7 |
| |
Biotechnology |
1.4 |
| |
Building Materials |
1.4 |
| |
Chemicals |
2.1 |
| |
Coal |
1.7 |
| |
Commercial Services |
6.5 |
| |
Computers |
0.9 |
| |
Distribution/Wholesale |
3.3 |
| |
Diversified Financial Services |
8.2 |
| |
Electrical Components & Equipment |
0.5 |
| |
Electronics |
4.3 |
| |
Engineering & Construction |
2.2 |
| |
Entertainment |
1.9 |
| |
Environmental Control |
0.5 |
| |
Gas |
0.4 |
| |
Healthcare – Products |
1.5 |
| |
Home Builders |
0.6 |
| |
Home Furnishings |
0.4 |
| |
Housewares |
0.9 |
| |
Insurance |
1.7 |
|
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of | |||
Internet |
0.6 |
% | |
Iron/Steel |
0.5 |
| |
Leisure Time |
1.9 |
| |
Lodging |
2.1 |
| |
Machinery – Diversified |
2.4 |
| |
Media |
3.9 |
| |
Metal Fabricate/Hardware |
3.1 |
| |
Miscellaneous Manufacturing |
0.9 |
| |
Oil & Gas |
4.8 |
| |
Pharmaceuticals |
1.6 |
| |
REITS |
3.8 |
| |
Retail |
10.5 |
| |
Semiconductors |
1.1 |
| |
Software |
2.0 |
| |
Telecommunications |
4.6 |
| |
Transportation |
5.6 |
| |
Money Market Fund |
0.2 |
| |
Repurchase Agreements |
3.2 |
| |
Total Investments |
103.4 |
| |
Liabilities in Excess of Other Assets |
(3.4 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
24
Investments |
Shares |
Value | |||||
EXCHANGE TRADED FUND — 30.8% |
|
|
| ||||
Debt Fund — 30.8% |
|
|
| ||||
AdvisorShares North Square McKee Core Reserves ETF† (Cost $9,862,980) |
100,000 |
|
$ |
9,840,000 |
| ||
MONEY MARKET FUND — 100.8% |
|
|
| ||||
STIT — Government & Agency Portfolio, Institutional Class, 0.03%(a)(b) (Cost $32,129,125) |
32,129,125 |
|
|
32,129,125 |
| ||
Total Investments Before Securities Sold, Not Yet Purchased (Cost $41,992,105) |
|
|
41,969,125 |
| |||
Securities Sold, Not Yet Purchased — (100.1)%(c) |
| ||||||
WARRANT — (0.3)% |
|
|
| ||||
Oil & Gas — (0.3)% |
|
|
| ||||
Occidental Petroleum Corp., 08/03/27* |
(8,342 |
) |
|
(105,193 |
) | ||
COMMON STOCKS — (99.8)% |
|
|
| ||||
Aerospace/Defense — (1.9)% |
|
|
| ||||
BWX Technologies, Inc. |
(5,719 |
) |
|
(273,826 |
) | ||
Lockheed Martin Corp. |
(899 |
) |
|
(319,513 |
) | ||
Total Aerospace/Defense |
|
|
(593,339 |
) | |||
Airlines — (3.9)% |
|
|
| ||||
Delta Air Lines, Inc.* |
(8,155 |
) |
|
(318,697 |
) | ||
JetBlue Airways Corp.* |
(21,030 |
) |
|
(299,467 |
) | ||
Southwest Airlines Co.* |
(7,564 |
) |
|
(324,042 |
) | ||
United Airlines Holdings, Inc.* |
(6,979 |
) |
|
(305,541 |
) | ||
Total Airlines |
|
|
(1,247,747 |
) | |||
Apparel — (1.0)% |
|
|
| ||||
VF Corp. |
(4,329 |
) |
|
(316,969 |
) | ||
Auto Parts & Equipment — (1.1)% |
|
|
| ||||
Allison Transmission Holdings, Inc. |
(9,464 |
) |
|
(344,016 |
) | ||
Biotechnology — (10.7)% |
|
|
| ||||
Amgen, Inc. |
(1,581 |
) |
|
(355,677 |
) | ||
Biogen, Inc.* |
(1,328 |
) |
|
(318,614 |
) | ||
Bluebird Bio, Inc.* |
(32,223 |
) |
|
(321,908 |
) | ||
Exelixis, Inc.* |
(18,783 |
) |
|
(343,353 |
) | ||
FibroGen, Inc.* |
(31,150 |
) |
|
(439,215 |
) | ||
Incyte Corp.* |
(4,906 |
) |
|
(360,100 |
) | ||
Ionis Pharmaceuticals, Inc.* |
(9,510 |
) |
|
(289,389 |
) | ||
Nektar Therapeutics* |
(25,841 |
) |
|
(349,112 |
) |
Investments |
Shares |
Value | |||||
COMMON STOCKS (continued) |
|
|
| ||||
Biotechnology (continued) |
|
|
| ||||
Sage Therapeutics, Inc.* |
(7,429 |
) |
$ |
(316,030 |
) | ||
Vertex Pharmaceuticals, Inc.* |
(1,468 |
) |
|
(322,373 |
) | ||
Total Biotechnology |
|
|
(3,415,771 |
) | |||
Chemicals — (1.1)% |
|
|
| ||||
NewMarket Corp. |
(1,066 |
) |
|
(365,340 |
) | ||
Commercial Services — (10.8)% |
|
|
| ||||
2U, Inc.* |
(10,086 |
) |
|
(202,426 |
) | ||
Brink’s Co. (The) |
(4,926 |
) |
|
(322,998 |
) | ||
Cimpress PLC (Ireland)* |
(3,460 |
) |
|
(247,771 |
) | ||
Euronet Worldwide, Inc.* |
(2,933 |
) |
|
(349,526 |
) | ||
FleetCor Technologies, Inc.* |
(1,207 |
) |
|
(270,175 |
) | ||
Global Payments, Inc. |
(2,441 |
) |
|
(329,974 |
) | ||
Grand Canyon Education, Inc.* |
(3,574 |
) |
|
(306,327 |
) | ||
MarketAxess Holdings, Inc. |
(713 |
) |
|
(293,235 |
) | ||
PayPal Holdings, Inc.* |
(1,653 |
) |
|
(311,723 |
) | ||
Sabre Corp.* |
(29,590 |
) |
|
(254,178 |
) | ||
WEX, Inc.* |
(2,329 |
) |
|
(326,968 |
) | ||
WW International, Inc.* |
(14,698 |
) |
|
(237,079 |
) | ||
Total Commercial Services |
|
|
(3,452,380 |
) | |||
Computers — (1.2)% |
|
|
| ||||
Western Digital Corp.* |
(5,755 |
) |
|
(375,284 |
) | ||
Distribution/Wholesale — (0.9)% |
|
|
| ||||
KAR Auction Services, Inc.* |
(18,883 |
) |
|
(294,952 |
) | ||
Diversified Financial Services — (1.9)% |
|
|
| ||||
LendingTree, Inc.* |
(2,750 |
) |
|
(337,150 |
) | ||
Western Union Co. (The) |
(14,671 |
) |
|
(261,731 |
) | ||
Total Diversified Financial Services |
|
|
(598,881 |
) | |||
Electric — (1.1)% |
|
|
| ||||
Pinnacle West Capital Corp. |
(4,862 |
) |
|
(343,209 |
) | ||
Electrical Components & Equipment — (1.1)% |
| ||||||
Universal Display Corp. |
(2,033 |
) |
|
(335,506 |
) | ||
Environmental Control — (1.0)% |
|
|
| ||||
Stericycle, Inc.* |
(5,369 |
) |
|
(320,207 |
) | ||
Food — (5.2)% |
|
|
| ||||
Campbell Soup Co. |
(7,882 |
) |
|
(342,552 |
) | ||
Conagra Brands, Inc. |
(9,842 |
) |
|
(336,104 |
) | ||
Hormel Foods Corp. |
(7,092 |
) |
|
(346,161 |
) | ||
Lamb Weston Holdings, Inc. |
(5,030 |
) |
|
(318,801 |
) | ||
Performance Food Group Co.* |
(7,081 |
) |
|
(324,947 |
) | ||
Total Food |
|
|
(1,668,565 |
) |
See accompanying Notes to Financial Statements.
25
ADVISORSHARES
DORSEY WRIGHT SHORT ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | |||||
COMMON STOCKS (continued) |
|
|
| ||||
Food Service — (0.9)% |
|
|
| ||||
Healthcare Services Group, Inc. |
(16,685 |
) |
$ |
(296,826 |
) | ||
Healthcare – Products — (2.7)% |
|
|
| ||||
Exact Sciences Corp.* |
(2,554 |
) |
|
(198,778 |
) | ||
Teleflex, Inc. |
(975 |
) |
|
(320,268 |
) | ||
Zimmer Biomet Holdings, Inc. |
(2,634 |
) |
|
(334,623 |
) | ||
Total Healthcare – Products |
|
|
(853,669 |
) | |||
Healthcare – Services — (2.0)% |
|
|
| ||||
Encompass Health Corp. |
(5,023 |
) |
|
(327,801 |
) | ||
Universal Health Services, Inc., Class B |
(2,474 |
) |
|
(320,779 |
) | ||
Total Healthcare – Services |
|
|
(648,580 |
) | |||
Household Products/Wares — (1.1)% |
|
|
| ||||
Clorox Co. (The) |
(1,958 |
) |
|
(341,397 |
) | ||
Housewares — (1.0)% |
|
|
| ||||
Scotts Miracle-Gro Co. (The) |
(1,979 |
) |
|
(318,619 |
) | ||
Insurance — (1.0)% |
|
|
| ||||
Reinsurance Group of America, Inc. |
(2,919 |
) |
|
(319,601 |
) | ||
Internet — (4.8)% |
|
|
| ||||
GoDaddy, Inc., Class A* |
(4,573 |
) |
|
(388,065 |
) | ||
TripAdvisor, Inc.* |
(9,263 |
) |
|
(252,509 |
) | ||
Twitter, Inc.* |
(7,249 |
) |
|
(313,302 |
) | ||
Wayfair, Inc., Class A* |
(1,539 |
) |
|
(292,364 |
) | ||
Zendesk, Inc.* |
(2,874 |
) |
|
(299,729 |
) | ||
Total Internet |
|
|
(1,545,969 |
) | |||
Leisure Time — (1.8)% |
|
|
| ||||
Carnival Corp.* |
(14,120 |
) |
|
(284,095 |
) | ||
Norwegian Cruise Line Holdings Ltd.* |
(13,195 |
) |
|
(273,664 |
) | ||
Total Leisure Time |
|
|
(557,759 |
) | |||
Lodging — (1.7)% |
|
|
| ||||
Las Vegas Sands Corp.* |
(7,718 |
) |
|
(290,506 |
) | ||
Wynn Resorts Ltd.* |
(3,127 |
) |
|
(265,920 |
) | ||
Total Lodging |
|
|
(556,426 |
) | |||
Machinery – Diversified — (1.0)% |
|
|
| ||||
Flowserve Corp. |
(10,020 |
) |
|
(306,612 |
) | ||
Media — (3.2)% |
|
|
| ||||
Altice USA, Inc., Class A* |
(16,576 |
) |
|
(268,200 |
) | ||
Cable One, Inc. |
(149 |
) |
|
(262,754 |
) |
Investments |
Shares |
Value | |||||
COMMON STOCKS (continued) |
|
|
| ||||
Media (continued) |
|
|
| ||||
Discovery, Inc., Class A* |
(11,045 |
) |
$ |
(259,999 |
) | ||
ViacomCBS, Inc., Class B |
(7,791 |
) |
|
(235,132 |
) | ||
Total Media |
|
|
(1,026,085 |
) | |||
Mining — (2.3)% |
|
|
| ||||
Newmont Corp. |
(5,687 |
) |
|
(352,708 |
) | ||
Royal Gold, Inc. |
(3,491 |
) |
|
(367,288 |
) | ||
Total Mining |
|
|
(719,996 |
) | |||
Office/Business Equipment — (1.2)% |
|
|
| ||||
Xerox Holdings Corp. |
(17,022 |
) |
|
(385,378 |
) | ||
Oil & Gas Services — (1.9)% |
|
|
| ||||
Core Laboratories NV |
(11,114 |
) |
|
(247,953 |
) | ||
NOV, Inc. |
(25,416 |
) |
|
(344,387 |
) | ||
Total Oil & Gas Services |
|
|
(592,340 |
) | |||
Packaging & Containers — (1.1)% |
|
|
| ||||
O-I Glass, Inc.* |
(28,512 |
) |
|
(342,999 |
) | ||
Pharmaceuticals — (6.7)% |
|
|
| ||||
Agios Pharmaceuticals, Inc.* |
(7,618 |
) |
|
(250,404 |
) | ||
Cardinal Health, Inc. |
(6,537 |
) |
|
(336,590 |
) | ||
Herbalife Nutrition Ltd.* |
(7,739 |
) |
|
(316,757 |
) | ||
Jazz Pharmaceuticals PLC* |
(2,417 |
) |
|
(307,926 |
) | ||
Neurocrine Biosciences, Inc.* |
(3,452 |
) |
|
(294,007 |
) | ||
Organon & Co. |
(250 |
) |
|
(7,612 |
) | ||
Perrigo Co., PLC |
(7,627 |
) |
|
(296,690 |
) | ||
Sarepta Therapeutics, Inc.* |
(3,691 |
) |
|
(332,375 |
) | ||
Total Pharmaceuticals |
|
|
(2,142,361 |
) | |||
REITS — (2.9)% |
|
|
| ||||
Diversified Healthcare Trust |
(104,456 |
) |
|
(322,769 |
) | ||
Omega Healthcare Investors, Inc. |
(10,764 |
) |
|
(318,507 |
) | ||
Service Properties Trust |
(31,133 |
) |
|
(273,659 |
) | ||
Total REITS |
|
|
(914,935 |
) | |||
Retail — (5.2)% |
|
|
| ||||
Cracker Barrel Old Country Store, Inc. |
(2,311 |
) |
|
(297,287 |
) | ||
Gap, Inc. (The) |
(17,799 |
) |
|
(314,152 |
) | ||
Nordstrom, Inc.* |
(14,704 |
) |
|
(332,604 |
) | ||
Nu Skin Enterprises, Inc., Class A |
(8,106 |
) |
|
(411,380 |
) | ||
Qurate Retail, Inc., Series A |
(41,563 |
) |
|
(315,879 |
) | ||
Total Retail |
|
|
(1,671,302 |
) |
See accompanying Notes to Financial Statements.
26
ADVISORSHARES
DORSEY WRIGHT SHORT ETF December 31, 2021 (Unaudited) |
Investments |
Shares |
Value | |||||
COMMON STOCKS (continued) |
|
|
| ||||
Semiconductors — (2.0)% |
|
|
| ||||
Intel Corp. |
(5,995 |
) |
$ |
(308,742 |
) | ||
IPG Photonics Corp.* |
(1,911 |
) |
|
(328,960 |
) | ||
Total Semiconductors |
|
|
(637,702 |
) | |||
Software — (6.5)% |
|
|
| ||||
Activision Blizzard, Inc. |
(4,296 |
) |
|
(285,813 |
) | ||
Black Knight, Inc.* |
(4,005 |
) |
|
(331,975 |
) | ||
CDK Global, Inc. |
(6,819 |
) |
|
(284,625 |
) | ||
Citrix Systems, Inc. |
(2,858 |
) |
|
(270,338 |
) | ||
Fair Isaac Corp.* |
(802 |
) |
|
(347,803 |
) | ||
Fidelity National Information Services, Inc. |
(2,260 |
) |
|
(246,679 |
) | ||
Fiserv, Inc.* |
(3,015 |
) |
|
(312,927 |
) | ||
Total Software |
|
|
(2,080,160 |
) | |||
Telecommunications — (3.7)% |
|
|
| ||||
AT&T, Inc. |
(11,653 |
) |
|
(286,664 |
) | ||
CommScope Holding Co., Inc.* |
(26,542 |
) |
|
(293,024 |
) | ||
T-Mobile US, Inc.* |
(2,709 |
) |
|
(314,190 |
) | ||
Verizon Communications, Inc. |
(5,512 |
) |
|
(286,403 |
) | ||
Total Telecommunications |
|
|
(1,180,281 |
) |
Investments |
Shares |
Value | |||||
COMMON STOCKS (continued) |
|
|
| ||||
Transportation — (2.2)% |
|
|
| ||||
FedEx Corp. |
(1,296 |
) |
$ |
(335,198 |
) | ||
Kirby Corp.* |
(6,310 |
) |
|
(374,940 |
) | ||
Total Transportation |
|
|
(710,138 |
) | |||
Total Securities Sold, Not Yet Purchased [Proceeds Received $(34,236,455)] |
|
|
(31,926,494 |
) | |||
Total Investments — 31.5% (Cost $7,755,650) |
|
|
10,042,631 |
| |||
Other Assets in Excess of Liabilities — 68.5% |
|
|
21,846,034 |
| |||
Net Assets — 100.0% |
|
$ |
31,888,665 |
|
____________
ETF — Exchange Traded Fund
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) A portion of this security has been pledged as collateral for securities sold, not yet purchased.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) As of December 31, 2021 cash in the amount of $24,408,118 has been segregated as collateral from the broker for securities sold short.
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Exchange Traded Fund |
$ |
9,840,000 |
$ |
— |
$ |
— |
$ |
9,840,000 | ||||
Money Market Fund |
|
32,129,125 |
|
— |
|
— |
|
32,129,125 | ||||
Total |
$ |
41,969,125 |
$ |
— |
$ |
— |
$ |
41,969,125 |
Liabilities |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||||
Warrant |
$ |
(105,193 |
) |
$ |
— |
$ |
— |
$ |
(105,193 |
) | ||||
Common Stocks |
|
(31,821,301 |
) |
|
— |
|
— |
|
(31,821,301 |
) | ||||
Total |
$ |
(31,926,494 |
) |
$ |
— |
$ |
— |
$ |
(31,926,494 |
) |
See accompanying Notes to Financial Statements.
27
ADVISORSHARES
DORSEY WRIGHT SHORT ETF December 31, 2021 (Unaudited) |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Aerospace/Defense |
(1.9 |
)% | |
Airlines |
(3.9 |
) | |
Apparel |
(1.0 |
) | |
Auto Parts & Equipment |
(1.1 |
) | |
Biotechnology |
(10.7 |
) | |
Chemicals |
(1.1 |
) | |
Commercial Services |
(10.8 |
) | |
Computers |
(1.2 |
) | |
Debt Fund |
30.8 |
| |
Distribution/Wholesale |
(0.9 |
) | |
Diversified Financial Services |
(1.9 |
) | |
Electric |
(1.1 |
) | |
Electrical Components & Equipment |
(1.1 |
) | |
Environmental Control |
(1.0 |
) | |
Food |
(5.2 |
) | |
Food Service |
(0.9 |
) | |
Healthcare – Products |
(2.7 |
) | |
Healthcare – Services |
(2.0 |
) | |
Household Products/Wares |
(1.1 |
) | |
Housewares |
(1.0 |
) | |
Insurance |
(1.0 |
) |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of | |||
Internet |
(4.8 |
)% | |
Leisure Time |
(1.8 |
) | |
Lodging |
(1.7 |
) | |
Machinery – Diversified |
(1.0 |
) | |
Media |
(3.2 |
) | |
Mining |
(2.3 |
) | |
Office/Business Equipment |
(1.2 |
) | |
Oil & Gas |
(0.3 |
) | |
Oil & Gas Services |
(1.9 |
) | |
Packaging & Containers |
(1.1 |
) | |
Pharmaceuticals |
(6.7 |
) | |
REITS |
(2.9 |
) | |
Retail |
(5.2 |
) | |
Semiconductors |
(2.0 |
) | |
Software |
(6.5 |
) | |
Telecommunications |
(3.7 |
) | |
Transportation |
(2.2 |
) | |
Money Market Fund |
100.8 |
| |
Total Investments |
31.5 |
| |
Other Assets in Excess of Liabilities |
68.5 |
| |
Net Assets |
100.0 |
% |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated |
Value at
|
Purchases/
|
Sales/
|
Realized |
Change in |
Number of |
Value at
|
Dividend
| ||||||||||||||||
AdvisorShares North Square McKee Core Reserves ETF |
$ |
9,868,000 |
$ |
— |
$ |
— |
$ |
— |
$ |
(28,000 |
) |
100,000 |
$ |
9,840,000 |
$ |
23,431 |
See accompanying Notes to Financial Statements.
28
Investments |
Shares |
Value | |||
COMMON STOCKS — 97.6% |
|
||||
Aerospace/Defense — 4.4% |
|
||||
Boeing Co. (The)* |
5,243 |
$ |
1,055,521 | ||
Raytheon Technologies Corp. |
12,152 |
|
1,045,801 | ||
Total Aerospace/Defense |
|
2,101,322 | |||
Agriculture — 2.1% |
|
||||
Philip Morris International, Inc. |
10,723 |
|
1,018,685 | ||
Banks — 11.4% |
|
||||
Bank of America Corp. |
37,469 |
|
1,666,996 | ||
Citizens Financial Group, Inc. |
20,664 |
|
976,374 | ||
State Street Corp. |
13,166 |
|
1,224,438 | ||
Wells Fargo & Co. |
34,293 |
|
1,645,378 | ||
Total Banks |
|
5,513,186 | |||
Beverages — 1.8% |
|
||||
PepsiCo, Inc. |
4,982 |
|
865,423 | ||
Biotechnology — 0.9% |
|
||||
BioMarin Pharmaceutical, Inc.* |
4,676 |
|
413,125 | ||
Chemicals — 3.2% |
|
||||
DuPont de Nemours, Inc. |
12,541 |
|
1,013,062 | ||
International Flavors & Fragrances, Inc. |
3,355 |
|
505,431 | ||
Total Chemicals |
|
1,518,493 | |||
Commercial Services — 1.5% |
|
||||
Herc Holdings, Inc. |
4,491 |
|
703,066 | ||
Computers — 2.2% |
|
||||
KBR, Inc. |
22,221 |
|
1,058,164 | ||
Diversified Financial Services — 4.4% |
|
||||
Capital One Financial Corp. |
5,057 |
|
733,720 | ||
Intercontinental Exchange, Inc. |
10,163 |
|
1,389,994 | ||
Total Diversified Financial Services |
|
2,123,714 | |||
Electronics — 4.9% |
|
||||
Flex Ltd.* |
31,484 |
|
577,101 | ||
nVent Electric PLC |
23,015 |
|
874,570 | ||
Vontier Corp. |
30,060 |
|
923,744 | ||
Total Electronics |
|
2,375,415 | |||
Food — 3.7% |
|
||||
Mondelez International, Inc., Class A |
16,120 |
|
1,068,917 | ||
US Foods Holding Corp.* |
19,983 |
|
696,008 | ||
Total Food |
|
1,764,925 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Healthcare – Products — 4.0% |
|
||||
Alcon, Inc. (Switzerland)(a) |
9,458 |
$ |
823,981 | ||
Medtronic PLC |
10,726 |
|
1,109,605 | ||
Total Healthcare – Products |
|
1,933,586 | |||
Healthcare – Services — 2.5% |
|
||||
Anthem, Inc. |
2,546 |
|
1,180,173 | ||
Insurance — 5.9% |
|
||||
Chubb Ltd. |
5,915 |
|
1,143,429 | ||
Markel Corp.* |
502 |
|
619,468 | ||
Prudential Financial, Inc. |
9,983 |
|
1,080,560 | ||
Total Insurance |
|
2,843,457 | |||
Internet — 6.1% |
|
||||
Alphabet, Inc., Class A* |
585 |
|
1,694,768 | ||
Amazon.com, Inc.* |
122 |
|
406,789 | ||
Meta Platforms, Inc., Class A* |
2,556 |
|
859,711 | ||
Total Internet |
|
2,961,268 | |||
Media — 3.6% |
|
||||
Comcast Corp., Class A |
23,473 |
|
1,181,396 | ||
Discovery, Inc., Class A*(a) |
24,484 |
|
576,353 | ||
Total Media |
|
1,757,749 | |||
Mining — 1.5% |
|
||||
Arconic Corp.* |
22,021 |
|
726,913 | ||
Oil & Gas — 5.3% |
|
||||
Chevron Corp. |
9,898 |
|
1,161,530 | ||
EOG Resources, Inc. |
9,865 |
|
876,308 | ||
Valero Energy Corp. |
6,776 |
|
508,946 | ||
Total Oil & Gas |
|
2,546,784 | |||
Pharmaceuticals — 9.2% |
|
||||
AstraZeneca PLC (United Kingdom)(b) |
20,007 |
|
1,165,408 | ||
Cigna Corp. |
4,453 |
|
1,022,542 | ||
CVS Health Corp. |
11,088 |
|
1,143,838 | ||
Sanofi (France)(b) |
22,339 |
|
1,119,184 | ||
Total Pharmaceuticals |
|
4,450,972 | |||
REITS — 2.6% |
|
||||
American Tower Corp. |
2,474 |
|
723,645 | ||
Boston Properties, Inc. |
4,708 |
|
542,267 | ||
Total REITS |
|
1,265,912 |
See accompanying Notes to Financial Statements.
29
ADVISORSHARES
DOUBLELINE VALUE EQUITY ETF December 31, 2021 (Unaudited) |
Investments |
Shares/ |
Value | ||||
COMMON STOCKS (continued) |
|
|||||
Retail — 5.6% |
|
|
||||
Advance Auto Parts, Inc. |
|
3,727 |
$ |
894,033 | ||
Dollar General Corp. |
|
3,057 |
|
720,932 | ||
TJX Cos., Inc. (The) |
|
14,156 |
|
1,074,724 | ||
Total Retail |
|
|
2,689,689 | |||
Semiconductors — 2.3% |
|
|
||||
KLA Corp. |
|
1,228 |
|
528,175 | ||
Microchip Technology, Inc. |
|
6,597 |
|
574,335 | ||
Total Semiconductors |
|
|
1,102,510 | |||
Software — 4.5% |
|
|
||||
Fidelity National Information Services, Inc. |
|
5,432 |
|
592,903 | ||
Microsoft Corp. |
|
4,720 |
|
1,587,430 | ||
Total Software |
|
|
2,180,333 | |||
Telecommunications — 2.6% |
|
|
||||
Verizon Communications, Inc. |
|
24,356 |
|
1,265,538 | ||
Transportation — 1.4% |
|
|
||||
Norfolk Southern Corp. |
|
2,233 |
|
664,786 | ||
Total Common Stocks (Cost $37,542,399) |
|
|
47,025,188 | |||
MONEY MARKET FUND — 2.4% |
|
|||||
Allspring Government Money Market Fund — Institutional Class, 0.01%(c) (Cost $1,163,308) |
|
1,163,308 |
|
1,163,308 | ||
REPURCHASE AGREEMENTS — 1.2%(d) |
|
|||||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $255,000) |
$ |
250,000 |
|
250,000 |
Investments |
|
Value | |||||
REPURCHASE AGREEMENTS (continued) |
|
| |||||
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $99,875, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $101,871) |
$ |
99,874 |
$ |
99,874 |
| ||
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $255,000) |
|
250,000 |
|
250,000 |
| ||
Total Repurchase Agreements (Cost $599,874) |
|
|
599,874 |
| |||
Total Investments — 101.2% (Cost $39,305,581) |
|
|
48,788,370 |
| |||
Liabilities in Excess of Other Assets — (1.2%) |
|
|
(610,465 |
) | |||
Net Assets — 100.0% |
|
$ |
48,177,905 |
|
____________
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,372,247; the aggregate market value of the collateral held by the fund is $1,442,541. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $842,667.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
30
ADVISORSHARES
DOUBLELINE VALUE EQUITY ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
47,025,188 |
$ |
— |
$ |
— |
$ |
47,025,188 | ||||
Money Market Fund |
|
1,163,308 |
|
— |
|
— |
|
1,163,308 | ||||
Repurchase Agreements |
|
— |
|
599,874 |
|
— |
|
599,874 | ||||
Total |
$ |
48,188,496 |
$ |
599,874 |
$ |
— |
$ |
48,788,370 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Aerospace/Defense |
4.4 |
% | |
Agriculture |
2.1 |
| |
Banks |
11.4 |
| |
Beverages |
1.8 |
| |
Biotechnology |
0.9 |
| |
Chemicals |
3.2 |
| |
Commercial Services |
1.5 |
| |
Computers |
2.2 |
| |
Diversified Financial Services |
4.4 |
| |
Electronics |
4.9 |
| |
Food |
3.7 |
| |
Healthcare – Products |
4.0 |
| |
Healthcare – Services |
2.5 |
| |
Insurance |
5.9 |
| |
Internet |
6.1 |
| |
Media |
3.6 |
| |
Mining |
1.5 |
| |
Oil & Gas |
5.3 |
| |
Pharmaceuticals |
9.2 |
| |
REITS |
2.6 |
| |
Retail |
5.6 |
| |
Semiconductors |
2.3 |
| |
Software |
4.5 |
| |
Telecommunications |
2.6 |
| |
Transportation |
1.4 |
| |
Money Market Fund |
2.4 |
| |
Repurchase Agreements |
1.2 |
| |
Total Investments |
101.2 |
| |
Liabilities in Excess of Other Assets |
(1.2 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
31
Investments |
Shares |
Value | |||
COMMON STOCKS — 98.0% |
|
||||
Aerospace/Defense — 3.9% |
|
||||
HEICO Corp. |
9,003 |
$ |
1,298,413 | ||
Auto Parts & Equipment — 4.0% |
|
||||
Miller Industries, Inc. |
39,382 |
|
1,315,359 | ||
Building Materials — 7.9% |
|
||||
Carrier Global Corp. |
24,150 |
|
1,309,896 | ||
Trex Co., Inc.* |
9,653 |
|
1,303,445 | ||
Total Building Materials |
|
2,613,341 | |||
Chemicals — 7.8% |
|
||||
Sherwin-Williams Co. (The) |
3,705 |
|
1,304,753 | ||
Stepan Co. |
10,462 |
|
1,300,322 | ||
Total Chemicals |
|
2,605,075 | |||
Commercial Services — 3.9% |
|
||||
Moody’s Corp. |
3,297 |
|
1,287,742 | ||
Computers — 3.9% |
|
||||
Science Applications International Corp. |
15,318 |
|
1,280,432 | ||
Diversified Financial Services — 3.9% |
|
||||
Intercontinental Exchange, Inc. |
9,481 |
|
1,296,716 | ||
Food — 4.0% |
|
||||
Hershey Co. (The) |
6,789 |
|
1,313,468 | ||
Healthcare – Products — 15.6% |
|
||||
Abbott Laboratories |
9,196 |
|
1,294,245 | ||
Danaher Corp. |
3,965 |
|
1,304,524 | ||
Stryker Corp. |
4,771 |
|
1,275,861 | ||
Thermo Fisher Scientific, Inc. |
1,958 |
|
1,306,456 | ||
Total Healthcare – Products |
|
5,181,086 | |||
Household Products/Wares — 8.0% |
|
||||
Church & Dwight Co., Inc. |
12,883 |
|
1,320,507 | ||
Reynolds Consumer Products, Inc. |
42,304 |
|
1,328,346 | ||
Total Household Products/Wares |
|
2,648,853 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Insurance — 3.9% |
|
||||
Aflac, Inc. |
22,135 |
$ |
1,292,463 | ||
Machinery – Diversified — 3.9% |
|
||||
Otis Worldwide Corp. |
14,989 |
|
1,305,092 | ||
Media — 3.9% |
|
||||
FactSet Research Systems, Inc. |
2,659 |
|
1,292,301 | ||
Packaging & Containers — 3.9% |
|
||||
Silgan Holdings, Inc. |
30,356 |
|
1,300,451 | ||
Pharmaceuticals — 3.9% |
|
||||
Zoetis, Inc. |
5,271 |
|
1,286,282 | ||
Retail — 3.9% |
|
||||
Ross Stores, Inc. |
11,362 |
|
1,298,449 | ||
Software — 11.7% |
|
||||
Broadridge Financial Solutions, Inc. |
7,090 |
|
1,296,194 | ||
Fair Isaac Corp.* |
2,962 |
|
1,284,530 | ||
Fiserv, Inc.* |
12,367 |
|
1,283,571 | ||
Total Software |
|
3,864,295 | |||
Total Common Stocks (Cost $23,582,580) |
|
32,479,818 | |||
MONEY MARKET FUND — 1.1% |
|
||||
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
0.01%(a)
|
362,804 |
|
362,804 | ||
Total Investments — 99.1% (Cost $23,945,384) |
|
32,842,622 | |||
Other Assets in Excess of Liabilities — 0.9% |
|
292,477 | |||
Net Assets — 100.0% |
$ |
33,135,099 |
____________
* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
32
ADVISORSHARES
FOCUSED EQUITY ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
32,479,818 |
$ |
— |
$ |
— |
$ |
32,479,818 | ||||
Money Market Fund |
|
362,804 |
|
— |
|
— |
|
362,804 | ||||
Total |
$ |
32,842,622 |
$ |
— |
$ |
— |
$ |
32,842,622 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Aerospace/Defense |
3.9 |
% | |
Auto Parts & Equipment |
4.0 |
| |
Building Materials |
7.9 |
| |
Chemicals |
7.8 |
| |
Commercial Services |
3.9 |
| |
Computers |
3.9 |
| |
Diversified Financial Services |
3.9 |
| |
Food |
4.0 |
| |
Healthcare – Products |
15.6 |
| |
Household Products/Wares |
8.0 |
| |
Insurance |
3.9 |
| |
Machinery – Diversified |
3.9 |
| |
Media |
3.9 |
| |
Packaging & Containers |
3.9 |
| |
Pharmaceuticals |
3.9 |
| |
Retail |
3.9 |
| |
Software |
11.7 |
| |
Money Market Fund |
1.1 |
| |
Total Investments |
99.1 |
| |
Other Assets in Excess of Liabilities |
0.9 |
| |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
33
Investments |
Shares |
Value | |||
COMMON STOCKS — 92.8% |
|
||||
Apparel — 2.0% |
|
||||
NIKE, Inc., Class B |
3,232 |
$ |
538,677 | ||
Auto Manufacturers — 8.4% |
|
||||
Arcimoto, Inc.*(a) |
18,242 |
|
141,923 | ||
Tesla, Inc.* |
2,004 |
|
2,117,787 | ||
Total Auto Manufacturers |
|
2,259,710 | |||
Banks — 1.6% |
|
||||
SVB Financial Group* |
619 |
|
419,831 | ||
Biotechnology — 2.5% |
|
||||
Illumina, Inc.* |
671 |
|
255,275 | ||
Moderna, Inc.* |
1,654 |
|
420,083 | ||
Total Biotechnology |
|
675,358 | |||
Commercial Services — 2.8% |
|
||||
Block, Inc.* |
2,598 |
|
419,603 | ||
PayPal Holdings, Inc.* |
1,770 |
|
333,787 | ||
Total Commercial Services |
|
753,390 | |||
Computers — 4.8% |
|
||||
Apple, Inc. |
5,690 |
|
1,010,373 | ||
Crowdstrike Holdings, Inc., Class A* |
1,281 |
|
262,285 | ||
Total Computers |
|
1,272,658 | |||
Diversified Financial Services — 1.9% |
|
||||
Coinbase Global, Inc., Class A* |
1,971 |
|
497,421 | ||
Electric — 2.5% |
|
||||
NextEra Energy, Inc. |
7,252 |
|
677,047 | ||
Energy – Alternate Sources — 2.2% |
|
||||
SolarEdge Technologies, Inc.* |
1,184 |
|
332,195 | ||
SunPower Corp.*(a) |
12,922 |
|
269,682 | ||
Total Energy – Alternate Sources |
|
601,877 | |||
Healthcare – Products — 3.0% |
|
||||
Abbott Laboratories |
1,128 |
|
158,755 | ||
Thermo Fisher Scientific, Inc. |
968 |
|
645,888 | ||
Total Healthcare – Products |
|
804,643 | |||
Healthcare – Services — 2.1% | |||||
Fulgent Genetics, Inc.*(a) |
5,477 |
|
550,931 | ||
Holding Companies – Diversified — 1.1% |
|
||||
Gores Guggenheim, Inc., Class A*(a) |
24,876 |
|
291,049 |
Investments |
Shares |
Value | |||
COMMON STOCKS (continued) |
|
||||
Home Builders — 3.7% |
|
||||
Lennar Corp., Class A |
8,442 |
$ |
980,623 | ||
Internet — 8.4% |
|
||||
Alphabet, Inc., Class C* |
272 |
|
787,056 | ||
Amazon.com, Inc.* |
182 |
|
606,850 | ||
Netflix, Inc.* |
922 |
|
555,450 | ||
Shopify, Inc., Class A (Canada)* |
222 |
|
305,781 | ||
Total Internet |
|
2,255,137 | |||
Leisure Time — 1.6% |
|
||||
Callaway Golf Co.* |
15,594 |
|
427,899 | ||
Lodging — 3.4% |
|
||||
MGM Resorts International |
20,255 |
|
909,044 | ||
Media — 1.6% |
|
||||
Walt Disney Co. (The)* |
2,771 |
|
429,200 | ||
Miscellaneous Manufacturing — 0.7% |
|
||||
Axon Enterprise, Inc.* |
1,164 |
|
182,748 | ||
Pharmaceuticals — 2.5% |
|
||||
Zoetis, Inc. |
2,733 |
|
666,934 | ||
REITS — 8.9% |
|
||||
Crown Castle International Corp. |
864 |
|
180,351 | ||
Innovative Industrial Properties, Inc. |
3,466 |
|
911,246 | ||
MGM Growth Properties LLC, Class A |
12,249 |
|
500,372 | ||
Prologis, Inc. |
4,672 |
|
786,578 | ||
Total REITS |
|
2,378,547 | |||
Retail — 8.2% |
|
||||
Home Depot, Inc. (The) |
2,222 |
|
922,152 | ||
Petco Health & Wellness Co., Inc.*(a) |
33,142 |
|
655,880 | ||
Starbucks Corp. |
3,105 |
|
363,192 | ||
Target Corp. |
1,035 |
|
239,541 | ||
Total Retail |
|
2,180,765 | |||
Semiconductors — 7.4% |
|
||||
ASML Holding NV (Netherlands) NVIDIA Corp. |
734 |
|
584,367 | ||
Total Semiconductors |
4,731 |
|
1,391,434 | ||
|
1,975,801 |
See accompanying Notes to Financial Statements.
34
ADVISORSHARES
GERBER KAWASAKI ETF December 31, 2021 (Unaudited) |
Investments |
Shares/ |
Value | ||||
COMMON STOCKS (continued) |
|
|||||
Software — 8.4% |
|
|
||||
Electronic Arts, Inc. |
|
1,776 |
$ |
234,254 | ||
Microsoft Corp. |
|
3,636 |
|
1,222,860 | ||
ROBLOX Corp., Class A* |
|
4,148 |
|
427,908 | ||
Take-Two Interactive Software, Inc.* |
|
1,162 |
|
206,511 | ||
Unity Software, Inc.* |
|
1,149 |
|
164,295 | ||
Total Software |
|
|
2,255,828 | |||
Venture Capital — 3.1% |
|
|
||||
Blackstone, Inc. |
|
6,408 |
|
829,131 | ||
Total Common Stocks (Cost $23,784,487) |
|
|
24,814,249 | |||
EXCHANGE TRADED FUNDS — 6.5% |
|
|||||
Equity Fund — 6.5% |
|
|
||||
AdvisorShares Pure US Cannabis ETF† |
|
27,565 |
|
705,388 | ||
Global X Lithium & Battery Tech ETF |
|
12,336 |
|
1,041,652 | ||
Total Exchange Traded Funds (Cost $1,875,723) |
|
|
1,747,040 | |||
MONEY MARKET FUND — 0.3% |
|
|||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) (Cost $90,032) |
|
90,032 |
|
90,032 | ||
REPURCHASE AGREEMENTS — 4.0%(c) |
|
|||||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $256,179) |
$ |
251,156 |
|
251,156 | ||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22- 01/01/52, totaling $256,179) |
|
251,156 |
|
251,156 |
Investments |
|
Value | |||||
REPURCHASE AGREEMENTS (continued) |
|
| |||||
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 1.88%- 6.50%, 01/20/27-05/20/51, totaling $256,179) |
$ |
251,156 |
$ |
251,156 |
| ||
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $74,455, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24- 09/20/69, totaling $75,944) |
|
74,455 |
|
74,455 |
| ||
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 0.00%- 6.50%, 05/15/22-12/01/51, totaling $256,179) |
|
251,156 |
|
251,156 |
| ||
Total Repurchase Agreements (Cost $1,079,079) |
|
|
1,079,079 |
| |||
Total Investments — 103.6% (Cost $26,829,321) |
|
|
27,730,400 |
| |||
Liabilities in Excess of Other Assets — (3.6%) |
|
|
(973,645 |
) | |||
Net Assets — 100.0% |
|
$ |
26,756,755 |
|
____________
ETF — Exchange Traded Fund
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,073,834; the aggregate market value of the collateral held by the fund is $1,103,661. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $24,582.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
35
ADVISORSHARES
GERBER KAWASAKI ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
24,814,249 |
$ |
— |
$ |
— |
$ |
24,814,249 | ||||
Exchange Traded Funds |
|
1,747,040 |
|
— |
|
— |
|
1,747,040 | ||||
Money Market Fund |
|
90,032 |
|
— |
|
— |
|
90,032 | ||||
Repurchase Agreements |
|
— |
|
1,079,079 |
|
— |
|
1,079,079 | ||||
Total |
$ |
26,651,321 |
$ |
1,079,079 |
$ |
— |
$ |
27,730,400 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | |||
Apparel |
2.0 |
% | |
Auto Manufacturers |
8.4 |
| |
Banks |
1.6 |
| |
Biotechnology |
2.5 |
| |
Commercial Services |
2.8 |
| |
Computers |
4.8 |
| |
Diversified Financial Services |
1.9 |
| |
Electric |
2.5 |
| |
Energy – Alternate Sources |
2.2 |
| |
Equity Fund |
6.5 |
| |
Healthcare – Products |
3.0 |
| |
Healthcare – Services |
2.1 |
| |
Holding Companies – Diversified |
1.1 |
| |
Home Builders |
3.7 |
| |
Internet |
8.4 |
|
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of | |||
Leisure Time |
1.6 |
% | |
Lodging |
3.4 |
| |
Media |
1.6 |
| |
Miscellaneous Manufacturing |
0.7 |
| |
Pharmaceuticals |
2.5 |
| |
REITS |
8.9 |
| |
Retail |
8.2 |
| |
Semiconductors |
7.4 |
| |
Software |
8.4 |
| |
Venture Capital |
3.1 |
| |
Money Market Fund |
0.3 |
| |
Repurchase Agreements |
4.0 |
| |
Total Investments |
103.6 |
| |
Liabilities in Excess of Other Assets |
(3.6 |
) | |
Net Assets |
100.0 |
% |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated |
Value at
|
Purchases/ |
Sales/ |
Realized |
Change in |
Number of |
Value at
|
Capital | ||||||||||||||||||
AdvisorShares Pure US Cannabis ETF |
$ |
— |
$ |
1,130,561 |
$ |
(192,112 |
) |
$ |
(92,123 |
) |
$ |
(140,938 |
) |
27,565 |
$ |
705,388 |
$ |
1,862 |
See accompanying Notes to Financial Statements.
36
Investments |
|
Value | |||
COMMON STOCKS — 97.1% |
|
||||
Entertainment — 20.1% |
|
||||
Golden Entertainment, Inc.* |
11,419 |
$ |
577,002 | ||
Marriott Vacations Worldwide Corp. |
552 |
|
93,277 | ||
Monarch Casino & Resort, Inc.* |
6,048 |
|
447,250 | ||
Penn National Gaming, Inc.* |
5,003 |
|
259,405 | ||
Red Rock Resorts, Inc., Class A |
4,602 |
|
253,156 | ||
Vail Resorts, Inc. |
529 |
|
173,459 | ||
Total Entertainment |
|
1,803,549 | |||
Internet — 7.7% |
|
||||
Airbnb, Inc., Class A* |
2,127 |
|
354,124 | ||
Booking Holdings, Inc.* |
68 |
|
163,148 | ||
Expedia Group, Inc.* |
986 |
|
178,190 | ||
Total Internet |
|
695,462 | |||
Leisure Time — 5.1% |
|
||||
Carnival Corp.*(a) |
7,130 |
|
143,456 | ||
Norwegian Cruise Line Holdings Ltd.* |
10,726 |
|
222,457 | ||
Royal Caribbean Cruises Ltd.* |
1,195 |
|
91,896 | ||
Total Leisure Time |
|
457,809 | |||
Lodging — 54.2% |
|
||||
Bluegreen Vacations Holding Corp.* |
21,612 |
|
758,581 | ||
Boyd Gaming Corp.* |
3,005 |
|
197,038 | ||
Century Casinos, Inc.* |
33,156 |
|
403,840 | ||
Choice Hotels International, Inc. |
3,594 |
|
560,628 | ||
Full House Resorts, Inc.* |
36,482 |
|
441,797 | ||
Hilton Grand Vacations, Inc.* |
10,642 |
|
554,555 | ||
Hilton Worldwide Holdings, Inc.* |
1,103 |
|
172,057 | ||
Hyatt Hotels Corp., Class A* |
754 |
|
72,309 | ||
InterContinental Hotels Group PLC (United Kingdom)*(b) |
5,448 |
|
355,264 | ||
Marriott International, Inc., Class A* |
1,141 |
|
188,539 | ||
Playa Hotels & Resorts NV* |
38,981 |
|
311,068 | ||
Target Hospitality Corp.* |
75,541 |
|
268,926 | ||
Travel + Leisure Co. |
2,397 |
|
132,482 | ||
Wyndham Hotels & Resorts, Inc. |
4,983 |
|
446,726 | ||
Total Lodging |
|
4,863,810 |
Investments |
Shares/ |
Value | |||||
COMMON STOCKS (continued) |
| ||||||
REITS — 10.0% |
|
|
| ||||
Gaming and Leisure Properties, Inc. |
|
10,022 |
$ |
487,670 |
| ||
VICI Properties, Inc. |
|
13,714 |
|
412,929 |
| ||
Total REITS |
|
|
900,599 |
| |||
Total Common Stocks
|
|
|
8,721,229 |
| |||
MONEY MARKET FUND — 3.2% |
|
| |||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c) (Cost $283,406) |
|
283,406 |
|
283,406 |
| ||
REPURCHASE AGREEMENT — 1.6%(d) |
|
| |||||
RBC
Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to
be received $144,599, (collateralized by various U.S. Government Agency
Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $147,490) |
$ |
144,598 |
|
144,598 |
| ||
Total Investments — 101.9% (Cost $8,722,902) |
|
|
9,149,233 |
| |||
Liabilities in Excess of Other Assets — (1.9%) |
|
|
(166,614 |
) | |||
Net Assets — 100.0% |
|
$ |
8,982,619 |
|
____________
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $138,526; the aggregate market value of the collateral held by the fund is $144,598.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
37
ADVISORSHARES
HOTEL ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
8,721,229 |
$ |
— |
$ |
— |
$ |
8,721,229 | ||||
Money Market Fund |
|
283,406 |
|
— |
|
— |
|
283,406 | ||||
Repurchase Agreement |
|
— |
|
144,598 |
|
— |
|
144,598 | ||||
Total |
$ |
9,004,635 |
$ |
144,598 |
$ |
— |
$ |
9,149,233 |
SUMMARY OF SCHEDULE OF INVESTMENTS
%
of | |||
Entertainment |
20.1 |
% | |
Internet |
7.7 |
| |
Leisure Time |
5.1 |
| |
Lodging |
54.2 |
| |
REITS |
10.0 |
| |
Money Market Fund |
3.2 |
| |
Repurchase Agreement |
1.6 |
| |
Total Investments |
101.9 |
| |
Liabilities in Excess of Other Assets |
(1.9 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
38
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES — 31.6% |
||||||
ACC Auto Trust, Class B, Series 2021-A, 1.79%, 04/15/27‡ |
$ |
265,000 |
$ |
262,914 | ||
ACC Trust, Class A, Series 2020-A, 6.00%, 03/20/23‡ |
|
52,650 |
|
53,261 | ||
Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40‡ |
|
242,361 |
|
237,313 | ||
Affirm Asset Securitization Trust, Class A, Series 2021-A, 0.88%, 08/15/25‡ |
|
455,000 |
|
455,175 | ||
American Credit Acceptance Receivables Trust, Class C, Series 2019-2, 3.17%, 06/12/25‡ |
|
53,723 |
|
53,943 | ||
American Credit Acceptance Receivables Trust, Class C, Series 2021-1, 0.83%, 03/15/27‡ |
|
455,000 |
|
453,211 | ||
American Credit Acceptance Receivables Trust, Class C, Series 2021-2, 0.97%, 07/13/27‡ |
|
265,000 |
|
263,808 | ||
American Credit Acceptance Receivables Trust, Class C, Series 2021-3, 0.98%, 11/15/27‡ |
|
260,000 |
|
257,225 | ||
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26‡ |
|
145,000 |
|
145,789 | ||
AmeriCredit Automobile Receivables Trust, Class D, Series 2018-1, 3.82%, 03/18/24 |
|
285,000 |
|
291,619 | ||
Amur Equipment Finance Receivables IX LLC, Class B, Series 2021-1A, 1.38%, 02/22/27‡ |
|
135,000 |
|
133,569 | ||
Amur Equipment Finance Receivables VI LLC, Class A2, Series 2018-2A, 3.89%, 07/20/22‡ |
|
34,161 |
|
34,339 | ||
Amur Equipment Finance Receivables VIII LLC, Class B, Series 2020-1A, 2.50%, 03/20/26‡ |
|
212,227 |
|
214,670 | ||
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40‡ |
|
217,659 |
|
221,516 | ||
Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46‡ |
|
415,000 |
|
422,177 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40‡ |
$ |
470,000 |
$ |
481,432 | ||
Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50‡ |
|
241,938 |
|
248,060 | ||
Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27‡ |
|
264,215 |
|
263,425 | ||
Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27‡ |
|
260,000 |
|
256,734 | ||
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31‡ |
|
78,389 |
|
79,202 | ||
BCC Funding Corp. XVI LLC, Class B, Series 2019-1A, 2.64%, 09/20/24‡ |
|
220,000 |
|
221,080 | ||
BCC Funding XVII LLC, Class B, Series 2020-1, 1.46%, 09/22/25‡ |
|
145,000 |
|
144,786 | ||
BHG Securitization Trust, Class A, Series 2021-A, 1.42%, 11/17/33‡ |
|
219,774 |
|
218,446 | ||
BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34‡ |
|
210,000 |
|
206,949 | ||
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡ |
|
157,713 |
|
160,187 | ||
Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35‡ |
|
59,024 |
|
59,044 | ||
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡ |
|
20,689 |
|
20,687 | ||
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡ |
|
144,255 |
|
146,515 | ||
Carnow Auto Receivables Trust, Class D, Series 2019-1A, 4.62%, 12/16/24‡ |
|
260,000 |
|
265,030 | ||
Carvana Auto Receivables Trust, Class C, Series 2021-N2, 1.07%, 03/10/28 |
|
250,000 |
|
248,222 | ||
Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25‡ |
|
170,000 |
|
173,775 | ||
Carvana Auto Receivables Trust, Class D, Series 2021-N3, 1.58%, 06/12/28 |
|
210,000 |
|
207,706 |
See accompanying Notes to Financial Statements.
39
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27‡ |
$ |
210,000 |
$ |
213,273 | ||
CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27‡ |
|
270,000 |
|
265,141 | ||
CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41‡ |
|
291,126 |
|
288,232 | ||
CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45‡ |
|
354,753 |
|
353,607 | ||
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51‡ |
|
96,976 |
|
94,984 | ||
Commonbond Student Loan Trust, Class A1, Series 2019-AGS, 2.54%, 01/25/47‡ |
|
85,899 |
|
87,169 | ||
Consumer Loan Underlying Bond Credit Trust, Class B, Series 2019-P1, 3.28%, 07/15/26‡ |
|
75,925 |
|
76,036 | ||
CPS Auto Receivables Trust, Class D, Series 2018-D, 4.34%, 09/16/24‡ |
|
176,863 |
|
179,306 | ||
CPS Auto Receivables Trust, Class E, Series 2019-D, 3.86%, 10/15/25‡ |
|
245,000 |
|
251,551 | ||
Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 02/15/30‡ |
|
680,000 |
|
676,335 | ||
Credit Acceptance Auto Loan Trust, Class B, Series 2019-3A, 2.86%, 01/16/29‡ |
|
250,000 |
|
254,648 | ||
Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27‡ |
|
171,134 |
|
170,830 | ||
Crossroads Asset Trust, Class A2, Series 2021-A, 0.82%, 03/20/24‡ |
|
697,046 |
|
697,224 | ||
Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27‡ |
|
232,264 |
|
232,511 | ||
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32‡ |
|
129,281 |
|
131,371 | ||
Drive Auto Receivables Trust, Class C, Series 2019-3, 2.90%, 08/15/25 |
|
188,225 |
|
189,837 | ||
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25‡ |
|
220,000 |
|
221,974 | ||
DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26‡ |
|
165,000 |
|
169,398 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
DT Auto Owner Trust, Class D, Series 2021-1A, 1.16%, 11/16/26‡ |
$ |
270,000 |
$ |
266,339 | ||
Exeter Automobile Receivables Trust, Class C, Series 2019-4A, 2.44%, 09/16/24‡ |
|
165,207 |
|
166,052 | ||
Exeter Automobile Receivables Trust, Class C, Series 2021-1A, 0.74%, 01/15/26 |
|
900,000 |
|
897,756 | ||
Exeter Automobile Receivables Trust, Class D, Series 2017-3A, 5.28%, 10/15/24‡ |
|
230,000 |
|
233,064 | ||
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24‡ |
|
145,863 |
|
149,070 | ||
Exeter Automobile Receivables Trust, Class E, Series 2019-2A, 4.68%, 05/15/26‡ |
|
660,000 |
|
688,863 | ||
Fair Square Issuance Trust, Class A, Series 2020-AA, 2.90%, 09/20/24‡ |
|
395,000 |
|
395,545 | ||
FHF Trust, Class A, Series 2020-1A, 2.59%, 12/15/23‡ |
|
48,006 |
|
48,227 | ||
First Investors Auto Owner Trust, Class B, Series 2021-1A, 0.89%, 03/15/27‡ |
|
350,000 |
|
347,148 | ||
First Investors Auto Owner Trust, Class C, Series 2019-1A, 3.26%, 03/17/25‡ |
|
305,000 |
|
308,593 | ||
First Investors Auto Owner Trust, Class C, Series 2021-2A, 1.47%, 11/15/27‡ |
|
260,000 |
|
256,785 | ||
Flagship Credit Auto Trust, Class C, Series 2020-1, 2.24%, 01/15/26‡ |
|
430,000 |
|
434,561 | ||
Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26‡ |
|
145,000 |
|
145,819 | ||
Flagship Credit Auto Trust, Class C, Series 2020-4, 1.28%, 02/16/27‡ |
|
145,000 |
|
144,843 | ||
Flagship Credit Auto Trust, Class C, Series 2021-1, 0.91%, 03/15/27‡ |
|
455,000 |
|
447,919 | ||
Foundation Finance Trust, Class A, Series 2017-1A, 3.30%, 07/15/33‡ |
|
54,130 |
|
54,590 | ||
Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41‡ |
|
267,215 |
|
263,183 | ||
Foursight Capital Automobile Receivables Trust, Class C, Series 2021-2, 1.57%, 07/15/27‡ |
|
310,000 |
|
305,405 |
See accompanying Notes to Financial Statements.
40
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Foursight Capital Automobile Receivables Trust, Class E, Series 2019-1, 4.30%, 09/15/25‡ |
$ |
130,000 |
$ |
133,683 | ||
FREED ABS Trust, Class B, Series 2019-2, 3.19%, 11/18/26‡ |
|
74,565 |
|
74,733 | ||
GCI Funding I LLC, Class A, Series 2021-1 (Bermuda), 2.38%, 06/18/46‡ |
|
188,822 |
|
187,721 | ||
Genesis Private Label Amortizing Trust, Class B, Series 2020-1, 2.83%, 07/20/30‡ |
|
72,746 |
|
72,746 | ||
Genesis Sales Finance Master Trust, Class A, Series 2020-AA, 1.65%, 09/22/25‡ |
|
315,000 |
|
316,070 | ||
Global SC Finance VII Srl, Class A, Series 2020-1A (Barbados), 2.17%, 10/17/40‡ |
|
266,904 |
|
266,789 | ||
GLS Auto Receivables Issuer Trust, Class B, Series 2019-3A, 2.72%, 06/17/24‡ |
|
154,697 |
|
155,627 | ||
GLS Auto Receivables Issuer Trust, Class B, Series 2020-1A, 2.43%, 11/15/24‡ |
|
245,000 |
|
247,166 | ||
GLS Auto Receivables Issuer Trust, Class B, Series 2020-2A, 3.16%, 06/16/25‡ |
|
180,000 |
|
183,914 | ||
GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25‡ |
|
135,000 |
|
137,587 | ||
GLS Auto Receivables Issuer Trust, Class C, Series 2021-3A, 1.11%, 09/15/26‡ |
|
210,000 |
|
207,388 | ||
GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26‡ |
|
110,000 |
|
112,921 | ||
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡ |
|
27,517 |
|
27,744 | ||
Goldenttree Loan Management US CLO 1 Ltd., Class A, Series 2021-9A (Cayman Islands), 1.20%, (3-Month USD LIBOR + 1.07%), 01/20/33@‡ |
|
250,000 |
|
250,152 | ||
Hertz Vehicle Financing LLC, Class A, Series 2021-1A, 1.21%, 12/26/25‡ |
|
390,000 |
|
386,741 | ||
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39‡ |
|
200,780 |
|
204,688 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Jersey Mike’s Funding, Class A2, Series 2019-1A, 4.43%, 02/15/50‡ |
$ |
195,000 |
$ |
205,637 | ||
Lendingpoint Asset Securitization Trust, Class A, Series 2021-A, 1.00%, 12/15/28‡ |
|
172,944 |
|
172,545 | ||
Lendmark Funding Trust, Class A, Series 2019-1A, 3.00%, 12/20/27‡ |
|
200,000 |
|
201,977 | ||
Ll ABS Trust, Class A, Series 2021-1A, 1.07%, 05/15/29‡ |
|
219,145 |
|
218,073 | ||
Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32‡ |
|
120,000 |
|
121,480 | ||
Mariner Finance Issuance Trust, Class A, Series 2020-AA, 2.19%, 08/21/34‡ |
|
355,000 |
|
357,552 | ||
Marlette Funding Trust, Class A, Series 2019-4A, 2.39%, 12/17/29‡ |
|
5,413 |
|
5,421 | ||
Marlette Funding Trust, Class B, Series 2021-1A, 1.00%, 06/16/31‡ |
|
275,000 |
|
274,119 | ||
Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26‡ |
|
230,000 |
|
229,895 | ||
Mission Lane Credit Card Master Trust, Class A, Series 2021-A, 1.59%, 09/15/26‡ |
|
325,000 |
|
322,889 | ||
MVW LLC, Class A, Series 2020-1A, 1.74%, 10/20/37‡ |
|
102,600 |
|
102,837 | ||
MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41‡ |
|
451,244 |
|
445,337 | ||
MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36‡ |
|
92,033 |
|
93,437 | ||
Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69‡ |
|
287,689 |
|
283,099 | ||
NBC Funding LLC, Class A2, Series 2021-1, 2.99%, 07/30/51‡ |
|
309,225 |
|
308,812 | ||
NMEF Funding LLC, Class A, Series 2019-A, 2.73%, 08/17/26‡ |
|
4,527 |
|
4,531 | ||
NMEF Funding LLC, Class B, Series 2019-A, 3.06%, 08/17/26‡ |
|
175,000 |
|
176,133 | ||
Oasis Securitization Funding LLC, Class A, Series 2021-1A, 2.58%, 02/15/33‡ |
|
155,850 |
|
155,945 |
See accompanying Notes to Financial Statements.
41
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Octane Receivables Trust, Class A, Series 2019-1A, 3.16%, 09/20/23‡ |
$ |
16,501 |
$ |
16,582 | ||
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25‡ |
|
74,511 |
|
74,753 | ||
Octane Receivables Trust, Class A, Series 2021-1A, 0.93%, 03/22/27‡ |
|
194,583 |
|
193,731 | ||
Octane Receivables Trust, Class A, Series 2021-2A, 1.21%, 09/20/28‡ |
|
301,818 |
|
300,346 | ||
OneMain Financial Issuance Trust, Class A, Series 2019-1A, 3.48%, 02/14/31‡ |
|
44,996 |
|
45,019 | ||
Oportun Funding XIV LLC, Class A, Series 2021-A, 1.21%, 03/08/28‡ |
|
280,000 |
|
279,488 | ||
Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31‡ |
|
260,000 |
|
258,657 | ||
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡ |
|
47,460 |
|
47,474 | ||
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡ |
|
103,255 |
|
105,047 | ||
Oscar US Funding XII LLC, Class A4, Series 2021-1A (Japan), 1.00%, 04/10/28‡ |
|
190,000 |
|
188,051 | ||
Palmer Square Loan Funding Ltd., Class A1, Series 2021-1A (Cayman Islands), 1.03%, (3-Month USD LIBOR + 0.90%), 04/20/29@‡ |
|
197,937 |
|
198,015 | ||
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25‡ |
|
56,939 |
|
57,126 | ||
Planet Fitness Master Issuer LLC, Class A2II, Series 2018-1A, 4.67%, 09/05/48‡ |
|
285,413 |
|
292,308 | ||
Prestige Auto Receivables Trust, Class C, Series 2020-1A, 1.31%, 11/16/26‡ |
|
500,000 |
|
500,337 | ||
Purchasing Power Funding LLC, Class A, Series 2021-A, 1.57%, 10/15/25‡ |
|
265,000 |
|
263,856 | ||
Regional Management Issuance Trust, Class A, Series 2021-1, 1.68%, 03/17/31‡ |
|
455,000 |
|
449,791 | ||
Santander Consumer Auto Receivables Trust, Class C, Series 2021-AA, 1.03%, 11/16/26‡ |
|
455,000 |
|
446,487 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Santander Drive Auto Receivables Trust, Class C, Series 2021-3, 0.95%, 09/15/27 |
$ |
310,000 |
$ |
307,234 | ||
Sierra Timeshare Receivables Funding LLC, Class B, Series 2020-2A, 2.32%, 07/20/37‡ |
|
73,220 |
|
73,530 | ||
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24‡ |
|
421,264 |
|
425,227 | ||
Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40‡ |
|
144,082 |
|
145,471 | ||
TRP LLC, Class A, Series 2021-1, 2.07%, 06/19/51‡ |
|
322,338 |
|
319,774 | ||
United Auto Credit Securitization Trust, Class D, Series 2019-1, 3.47%, 08/12/24‡ |
|
46,141 |
|
46,250 | ||
Upstart Pass-Through Trust Series, Class A, Series 2021-ST2, 2.50%, 04/20/27‡ |
|
197,196 |
|
197,899 | ||
Upstart Securitization Trust, Class A, Series 2020-3, 1.70%, 11/20/30‡ |
|
54,624 |
|
54,794 | ||
Upstart Securitization Trust, Class A, Series 2021-1, 0.87%, 03/20/31‡ |
|
138,883 |
|
138,445 | ||
Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31‡ |
|
240,000 |
|
238,221 | ||
Upstart Securitization Trust, Class B, Series 2021-3, 1.66%, 07/20/31‡ |
|
345,000 |
|
341,586 | ||
US Auto Funding, Class B, Series 2021-1A, 1.49%, 03/17/25‡ |
|
315,000 |
|
312,600 | ||
US Auto Funding LLC, Class B, Series 2019-1A, 3.99%, 12/15/22‡ |
|
11,778 |
|
11,787 | ||
USASF Receivables LLC, Class B, Series 2020-1A, 3.22%, 05/15/24‡ |
|
280,000 |
|
282,489 | ||
Veros Auto Receivables Trust, Class B, Series 2021-1, 1.49%, 10/15/26‡ |
|
370,000 |
|
366,766 | ||
Welk Resorts LLC, Class B, Series 2019-AA, 2.99%, 06/15/38‡ |
|
259,707 |
|
264,351 | ||
Westgate Resorts LLC, Class A, Series 2018-1A, 3.38%, 12/20/31‡ |
|
105,599 |
|
105,977 |
See accompanying Notes to Financial Statements.
42
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
|
|||||
Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25‡ |
$ |
145,000 |
$ |
145,335 | ||
Total Asset Backed
Securities |
|
|
31,149,191 | |||
MORTGAGE BACKED SECURITIES — 24.4% | ||||||
Commercial Mortgage Backed Securities — 3.2% | ||||||
BPR Trust, Class A, Series 2021-KEN, 1.36%, (1-Month USD LIBOR + 1.25%), 02/15/29@‡ |
|
95,000 |
|
95,077 | ||
BX Trust, Class B, Series 2018-GW, 1.13%, (1-Month USD LIBOR + 1.02%), 05/15/35@‡ |
|
700,000 |
|
698,067 | ||
CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60‡ |
|
105,858 |
|
105,128 | ||
Commercial Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37‡ |
|
150,000 |
|
150,502 | ||
CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65‡ |
|
171,899 |
|
171,600 | ||
GCT Commercial Mortgage Trust, Class A, Series 2021-GCT, 0.91%, (1-Month USD LIBOR + 0.80%), 02/15/38@‡ |
|
315,000 |
|
314,739 | ||
GS Mortgage Securities Corp. Trust, Class A, Series 2020-TWN3, 2.11%, (1-Month USD LIBOR + 2.00%), 11/15/37@‡ |
|
175,000 |
|
175,963 | ||
GS Mortgage Securities Trust, Class AS, Series 2020-GC45, 3.17%, 02/13/53@* |
|
175,000 |
|
185,827 | ||
KKR Industrial Portfolio Trust, Class C, Series 2021-KDIP, 1.11%, (1-Month USD LIBOR + 1.00%), 12/15/37@‡ |
|
382,500 |
|
379,464 | ||
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46@* |
|
275,000 |
|
283,039 | ||
Motel Trust, Class B, Series 2021-MTL6, 1.31%, (1-Month USD LIBOR + 1.20%), 09/15/38@‡ |
|
150,000 |
|
150,052 | ||
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49@‡* |
|
38,605 |
|
38,630 | ||
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡* |
|
36,493 |
|
36,625 |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) | ||||||
Commercial Mortgage Backed Securities (continued) | ||||||
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50@‡* |
$ |
92,331 |
$ |
94,653 | ||
WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47 |
|
250,000 |
|
260,507 | ||
Total Commercial Mortgage Backed Securities |
|
|
3,139,873 | |||
Residential Mortgage Backed Securities — 21.2% | ||||||
Ajax Mortgage Loan Trust, Class A1, Series 2021-A, 1.07%, 09/25/65@‡* |
|
442,539 |
|
435,494 | ||
American Homes 4 Rent Trust, Class A, Series 2014-SFR3, 3.68%, 12/17/36‡ |
|
147,909 |
|
154,986 | ||
Angel Oak Mortgage Trust, Class A1, Series 2020-6, 1.26%, 05/25/65@‡* |
|
63,985 |
|
63,910 | ||
Angel Oak Mortgage Trust, Class A1, Series 2020-4, 1.47%, 06/25/65@‡* |
|
136,036 |
|
135,937 | ||
Angel Oak Mortgage Trust, Class A1, Series 2021-5, 0.95%, 07/25/66@‡* |
|
180,307 |
|
178,004 | ||
Angel Oak Mortgage Trust, Class A1, Series 2021-8, 1.82%, 11/25/66@‡* |
|
485,000 |
|
487,889 | ||
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48@‡* |
|
10,116 |
|
10,135 | ||
Angel Oak Mortgage Trust I LLC, Class A1, Series 2019-2, 3.63%, 03/25/49@‡* |
|
20,924 |
|
21,024 | ||
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50@‡* |
|
73,372 |
|
73,022 | ||
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49@‡* |
|
134,498 |
|
135,124 | ||
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡* |
|
88,367 |
|
89,085 | ||
Arroyo Mortgage Trust, Class A1B, Series 2020-1, 2.10%, 03/25/55‡ |
|
232,794 |
|
233,770 | ||
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35 |
|
64,731 |
|
66,862 | ||
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡* |
|
80,975 |
|
82,377 |
See accompanying Notes to Financial Statements.
43
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) | ||||||
Residential Mortgage Backed Securities (continued) | ||||||
Bravo Residential Funding Trust, Class A1, Series 2021-NQM3, 1.70%, 04/25/60@‡* |
$ |
93,657 |
$ |
93,318 | ||
Cafl Issuer LLC, Class A1, Series 2021-RTL1, 2.24%, 03/28/29‡ |
|
105,000 |
|
103,385 | ||
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡* |
|
136,137 |
|
138,949 | ||
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡* |
|
50,021 |
|
51,056 | ||
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡* |
|
11,193 |
|
11,221 | ||
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64@‡* |
|
86,563 |
|
88,248 | ||
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2019-RP1, 3.50%, 01/25/66@‡* |
|
729,860 |
|
752,083 | ||
COLT Funding LLC, Class A1, Series 2021-3R, 1.05%, 12/25/64@‡* |
|
235,962 |
|
234,864 | ||
COLT Mortgage Loan Trust, Class A1, Series 2020-1, 2.49%, 02/25/50@‡* |
|
111,589 |
|
111,582 | ||
COLT Mortgage Loan Trust, Class A2, Series 2021-2, 1.13%, 08/25/66@‡* |
|
97,960 |
|
96,690 | ||
COLT Mortgage Pass-Through Certificates, Class A1, Series 2021-1R, 0.86%, 05/25/65@‡* |
|
331,885 |
|
331,376 | ||
Corevest American Finance Trust, Class A, Series 2020-3, 1.36%, 08/15/53‡ |
|
416,469 |
|
405,783 | ||
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 2.96%, 04/25/43@‡* |
|
2,694 |
|
2,699 | ||
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.80%, 04/25/44@‡* |
|
128,014 |
|
128,653 | ||
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 2.43%, 01/25/34@* |
|
41,427 |
|
42,214 | ||
CSMC Trust, Class A1, Series 2021-AFC1, 0.83%, 03/25/56@‡* |
|
184,281 |
|
182,185 |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) | ||||||
Residential Mortgage Backed Securities (continued) | ||||||
CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60@‡* |
$ |
81,573 |
$ |
82,140 | ||
CSMC Trust, Class A1, Series 2021-RPL3, 2.00%, 01/25/60@‡* |
|
425,909 |
|
428,452 | ||
CSMC Trust, Class A1, Series 2021-NQM1, 0.81%, 05/25/65@‡* |
|
666,349 |
|
663,341 | ||
CSMC Trust, Class A1, Series 2021-NQM2, 1.18%, 02/25/66@‡* |
|
164,640 |
|
163,159 | ||
Deephaven Residential Mortgage Trust, Class A1, Series 2020-2, 1.69%, 05/25/65‡ |
|
101,108 |
|
101,170 | ||
Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27‡ |
|
315,000 |
|
311,652 | ||
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡* |
|
34,655 |
|
34,860 | ||
Ellington Financial Mortgage Trust, Class A1, Series 2020-1, 2.01%, 05/25/65@‡* |
|
225,948 |
|
226,581 | ||
Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66@‡* |
|
123,099 |
|
122,030 | ||
Ellington Financial Mortgage Trust, Class A1, Series 2021-2, 0.93%, 06/25/66@‡* |
|
239,988 |
|
235,818 | ||
Firstkey Homes Trust, Class B, Series 2020-SFR2, 1.57%, 10/19/37‡ |
|
175,000 |
|
170,992 | ||
Firstkey Homes Trust, Class A, Series 2020-SFR2, 1.27%, 10/19/37‡ |
|
166,525 |
|
162,524 | ||
Firstkey Homes Trust, Class D, Series 2021-SFR1, 2.19%, 08/17/38‡ |
|
240,000 |
|
235,700 | ||
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡* |
|
91,072 |
|
91,791 | ||
Galton Funding Mortgage Trust, Class A1, Series 2020-H1, 2.31%, 01/25/60@‡* |
|
41,932 |
|
42,376 | ||
GS Mortgage-Backed Securities Trust, Class A3, Series 2020-NQM1, 2.35%, 09/27/60@‡* |
|
201,998 |
|
202,603 | ||
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33 |
|
62,901 |
|
65,923 |
See accompanying Notes to Financial Statements.
44
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) | ||||||
Residential Mortgage Backed Securities (continued) | ||||||
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡* |
$ |
100,452 |
$ |
101,421 | ||
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.37%, 06/25/29@‡* |
|
193,981 |
|
194,591 | ||
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.23%, 08/25/34@* |
|
48,003 |
|
50,640 | ||
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.18%, 04/25/35@* |
|
143,882 |
|
144,669 | ||
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 2.34%, 05/25/45@‡* |
|
140,394 |
|
142,374 | ||
Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26‡ |
|
205,000 |
|
205,549 | ||
MetLife Securitization Trust, Class A, Series 2018-1A, 3.75%, 03/25/57@‡* |
|
311,390 |
|
321,702 | ||
MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58@‡* |
|
431,401 |
|
442,593 | ||
MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65@‡* |
|
332,970 |
|
331,611 | ||
New Residential Mortgage Loan Trust, Class B1, Series 2018-4A, 1.15%, (1-Month USD LIBOR + 1.05%), 01/25/48@‡ |
|
505,949 |
|
507,833 | ||
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡* |
|
65,271 |
|
68,010 | ||
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡* |
|
123,275 |
|
129,140 | ||
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡* |
|
264,328 |
|
279,110 | ||
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡* |
|
188,589 |
|
199,487 | ||
New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57@‡* |
|
616,918 |
|
651,051 | ||
New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58@‡* |
|
258,602 |
|
257,543 |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) | ||||||
Residential Mortgage Backed Securities (continued) | ||||||
Newrez Warehouse Securitization Trust, Class C, Series 2021-1, 1.15%, (1-Month USD LIBOR + 1.05%), 05/25/55@‡ |
$ |
300,000 |
$ |
298,942 | ||
NLT Trust, Class A1, Series 2021-INV2, 1.16%, 08/25/56@‡* |
|
300,888 |
|
296,552 | ||
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡* |
|
51,504 |
|
52,544 | ||
PRPM LLC, Class A1, Series 2021-RPL1, 1.32%, 07/25/51@‡* |
|
695,845 |
|
686,799 | ||
PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51@‡* |
|
98,172 |
|
97,589 | ||
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50@‡* |
|
54,444 |
|
55,075 | ||
Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60@‡* |
|
104,262 |
|
104,826 | ||
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡* |
|
132,301 |
|
132,254 | ||
Star Trust, Class A1, Series 2021-1, 1.22%, 05/25/65@‡* |
|
338,764 |
|
337,918 | ||
Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56@‡* |
|
119,022 |
|
117,789 | ||
Starwood Mortgage Residential Trust, Class A1, Series 2020-2, 2.72%, 04/25/60@‡* |
|
162,987 |
|
164,188 | ||
Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65@‡* |
|
450,812 |
|
451,486 | ||
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.11%, 02/25/34 |
|
257,437 |
|
262,366 | ||
Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63@‡* |
|
132,100 |
|
132,119 | ||
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡* |
|
100,000 |
|
102,896 | ||
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡* |
|
86,628 |
|
86,854 | ||
Towd Point Mortgage Trust, Class A2, Series 2017-1, 3.50%, 10/25/56@‡* |
|
250,000 |
|
257,481 |
See accompanying Notes to Financial Statements.
45
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) |
||||||
Residential Mortgage Backed Securities (continued) | ||||||
Towd Point Mortgage Trust, Class A2, Series 2017-2, 3.25%, 04/25/57@‡* |
$ |
260,000 |
$ |
266,200 | ||
Towd Point Mortgage Trust, Class A1, Series 2018-3, 3.75%, 05/25/58@‡* |
|
297,718 |
|
308,355 | ||
Towd Point Mortgage Trust, Class A1, Series 2018-4, 3.00%, 06/25/58@‡* |
|
395,994 |
|
405,945 | ||
Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60@‡* |
|
130,000 |
|
129,462 | ||
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL4, 1.87%, 08/25/51‡ |
|
283,946 |
|
279,841 | ||
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL5, 1.87%, 08/25/51‡ |
|
101,731 |
|
100,408 | ||
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL6, 1.92%, 09/25/51‡ |
|
203,711 |
|
200,554 | ||
VCAT LLC, Class A1, Series 2021-NPL1, 2.29%, 12/26/50‡ |
|
84,338 |
|
84,287 | ||
Verus Securitization Trust, Class A1, Series 2019-INV2, 2.91%, 07/25/59@‡* |
|
56,753 |
|
57,099 | ||
Verus Securitization Trust, Class A1, Series 2020-1, 2.42%, 01/25/60‡ |
|
72,604 |
|
72,866 | ||
Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63@‡* |
|
413,272 |
|
411,738 | ||
Verus Securitization Trust, Class A1, Series 2021-R3, 1.02%, 04/25/64@‡* |
|
336,245 |
|
335,541 | ||
Verus Securitization Trust, Class A1, Series 2020-4, 1.50%, 05/25/65‡ |
|
219,883 |
|
219,596 | ||
Verus Securitization Trust, Class A1, Series 2021-1, 0.82%, 01/25/66@‡* |
|
111,397 |
|
110,402 | ||
Verus Securitization Trust, Class A1, Series 2021-2, 1.03%, 02/25/66@‡* |
|
365,104 |
|
361,668 | ||
Verus Securitization Trust, Class A1, Series 2021-3, 1.05%, 06/25/66@‡* |
|
689,470 |
|
682,259 | ||
Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54@‡* |
|
263,965 |
|
266,598 | ||
Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56‡ |
|
341,007 |
|
338,584 |
Investments |
Principal |
Value | ||||
MORTGAGE BACKED SECURITIES (continued) |
||||||
Residential Mortgage Backed Securities (continued) | ||||||
VOLT XCV LLC, Class A1, Series 2021-NPL4, 2.24%, 03/27/51‡ |
$ |
151,436 |
$ |
150,547 | ||
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 2.56%, 06/25/33@* |
|
57,110 |
|
56,730 | ||
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.60%, 07/25/34@* |
|
22,452 |
|
22,253 | ||
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.62%, 07/25/34@* |
|
55,719 |
|
56,300 | ||
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.77%, 10/25/34@* |
|
85,978 |
|
85,577 | ||
Total Residential Mortgage Backed Securities |
|
|
20,950,849 | |||
Total Mortgage Backed
Securities |
|
|
24,090,722 | |||
CORPORATE BONDS — 19.8% |
|
|
||||
Communication Services — 1.6% | ||||||
Commscope, Inc., 4.75%, 09/01/29‡ |
|
170,000 |
|
169,244 | ||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/27‡ |
|
65,000 |
|
66,613 | ||
Level 3 Financing, Inc., 4.63%, 09/15/27‡ |
|
100,000 |
|
102,151 | ||
Level 3 Financing, Inc., 4.25%, 07/01/28‡ |
|
140,000 |
|
138,827 | ||
Live Nation Entertainment, Inc., 4.75%, 10/15/27‡ |
|
155,000 |
|
159,495 | ||
ROBLOX Corp., 3.88%, 05/01/30‡ |
|
30,000 |
|
30,480 | ||
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25‡ |
|
211,250 |
|
221,288 | ||
T-Mobile USA, Inc., 3.50%, 04/15/25 |
|
145,000 |
|
153,791 | ||
T-Mobile USA, Inc., 2.05%, 02/15/28 |
|
140,000 |
|
139,180 | ||
TripAdvisor, Inc., 7.00%, 07/15/25‡ |
|
115,000 |
|
121,442 | ||
Twitter, Inc., 3.88%, 12/15/27‡(a) |
|
100,000 |
|
104,578 |
See accompanying Notes to Financial Statements.
46
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Communication Services (continued) | ||||||
Verizon Communications, Inc., 1.26%, (3-Month USD LIBOR + 1.10%), 05/15/25@ |
$ |
210,000 |
$ |
214,208 | ||
Total Communication Services |
|
|
1,621,297 | |||
Consumer Discretionary — 0.7% | ||||||
Gap, Inc. (The), 3.63%, 10/01/29‡(a) |
|
80,000 |
|
79,253 | ||
General Motors Co., 6.13%, 10/01/25 |
|
150,000 |
|
172,532 | ||
General Motors Financial Co., Inc., 1.25%, 01/08/26 |
|
55,000 |
|
53,893 | ||
Hyatt Hotels Corp., 1.80%, 10/01/24 |
|
254,000 |
|
254,085 | ||
MGM Growth Properties Operating Partnership LP / Mgp Finance Co.-Issuer, Inc., 4.63%, 06/15/25‡ |
|
75,000 |
|
80,114 | ||
Total Consumer Discretionary |
|
|
639,877 | |||
Consumer Staples — 0.4% |
|
|
||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 03/15/26‡ |
|
195,000 |
|
198,862 | ||
Vector Group Ltd., 5.75%, 02/01/29‡ |
|
185,000 |
|
180,296 | ||
Total Consumer Staples |
|
|
379,158 | |||
Energy — 1.6% |
|
|
||||
Boardwalk Pipelines LP, 4.95%, 12/15/24 |
|
245,000 |
|
265,735 | ||
Chesapeake Energy Corp., 5.50%, 02/01/26‡ |
|
180,000 |
|
189,664 | ||
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25‡ |
|
100,000 |
|
102,367 | ||
CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/29‡ |
|
55,000 |
|
57,146 | ||
DT Midstream, Inc., 4.13%, 06/15/29‡ |
|
155,000 |
|
158,939 | ||
Energy Transfer LP, 4.20%, 04/15/27 |
|
105,000 |
|
114,022 | ||
EQM Midstream Partners LP, 6.00%, 07/01/25‡ |
|
135,000 |
|
146,964 | ||
EQM Midstream Partners LP, 6.50%, 07/01/27‡ |
|
20,000 |
|
22,425 | ||
Midwest Connector Capital Co. LLC, 3.63%, 04/01/22‡ |
|
105,000 |
|
105,193 | ||
NGPL PipeCo. LLC, 4.88%, 08/15/27‡ |
|
118,000 |
|
131,504 |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Energy (continued) |
|
|
||||
Occidental Petroleum Corp., 5.88%, 09/01/25 |
$ |
145,000 |
$ |
160,045 | ||
Targa Resources Partners LP /Targa Resources Partners Finance Corp., 5.88%, 04/15/26 |
|
85,000 |
|
88,802 | ||
Total Energy |
|
|
1,542,806 | |||
Financials — 7.5% |
|
|
||||
Athene Global Funding, 2.45%, 08/20/27‡ |
|
240,000 |
|
244,945 | ||
Bank of America Corp., 0.91%, (3-Month USD LIBOR + 0.77%), 02/05/26@ |
|
253,000 |
|
256,888 | ||
Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27@ |
|
760,000 |
|
755,317 | ||
Blackstone Private Credit Fund, 2.63%, 12/15/26‡ |
|
166,000 |
|
162,029 | ||
Capital One Financial Corp., 3.75%, 07/28/26 |
|
315,000 |
|
338,336 | ||
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)#@ |
|
220,000 |
|
222,475 | ||
Charles Schwab Corp. (The), Series G, 5.38%, (US 5 Year CMT T-Note + 4.97%)#@ |
|
44,000 |
|
48,070 | ||
Citadel LP, 4.88%, 01/15/27‡ |
|
170,000 |
|
181,370 | ||
Citigroup, Inc., 1.46%, (3-Month USD LIBOR + 1.25%), 07/01/26@ |
|
210,000 |
|
214,958 | ||
Coinbase Global, Inc., 3.38%, 10/01/28‡ |
|
105,000 |
|
98,262 | ||
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 3.88%, 02/15/26‡ |
|
250,000 |
|
254,989 | ||
F&G Global Funding, 1.75%, 06/30/26‡ |
|
198,000 |
|
197,078 | ||
Goldman Sachs Group, Inc. (The), 1.78%, (3-Month USD LIBOR + 1.60%), 11/29/23@ |
|
270,000 |
|
275,541 | ||
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27 |
|
105,000 |
|
112,969 | ||
Goldman Sachs Group, Inc. (The), 1.89%, (3-Month USD LIBOR + 1.75%), 10/28/27@ |
|
280,000 |
|
293,394 | ||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/26 |
|
230,000 |
|
239,845 | ||
JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%)#@ |
|
562,000 |
|
577,455 |
See accompanying Notes to Financial Statements.
47
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Financials (continued) |
|
|
||||
JPMorgan Chase & Co., Series Z, 3.93%, (3-Month USD LIBOR + 3.80%)#@ |
$ |
430,000 |
$ |
432,817 | ||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27‡ |
|
145,000 |
|
146,112 | ||
Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T-Note + 3.32%), 12/15/51@‡ |
|
160,000 |
|
159,836 | ||
Lincoln National Corp., 2.17%, (3-Month USD LIBOR + 2.04%), 04/20/67@ |
|
285,000 |
|
245,812 | ||
MetLife, Inc., Series D, 5.88%, (3-Month USD LIBOR + 2.96%)#@(a) |
|
155,000 |
|
174,383 | ||
Morgan Stanley, 1.52%, (3-Month USD LIBOR + 1.40%), 10/24/23@ |
|
280,000 |
|
282,493 | ||
Navient Corp., 5.88%, 10/25/24 |
|
240,000 |
|
256,140 | ||
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@ |
|
244,000 |
|
253,960 | ||
Santander Holdings USA, Inc., 3.24%, 10/05/26 |
|
235,000 |
|
245,582 | ||
Spirit Realty LP, 4.45%, 09/15/26 |
|
96,429 |
|
106,258 | ||
Spirit Realty LP, 2.10%, 03/15/28 |
|
79,000 |
|
77,013 | ||
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 05/06/31@ |
|
135,000 |
|
139,724 | ||
Wells Fargo & Co., 4.10%, 06/03/26 |
|
410,000 |
|
447,534 | ||
Total Financials |
|
|
7,441,585 | |||
Health Care — 1.8% |
|
|
||||
Avantor Funding, Inc., 3.88%, 11/01/29‡ |
|
40,000 |
|
40,494 | ||
Baxter International, Inc., 1.92%, 02/01/27‡ |
|
149,000 |
|
149,731 | ||
Baxter International, Inc., 2.27%, 12/01/28‡ |
|
150,000 |
|
151,342 | ||
HCA, Inc., 5.38%, 02/01/25 |
|
215,000 |
|
236,564 | ||
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29‡ |
|
30,000 |
|
29,954 | ||
Mylan NV, 3.95%, 06/15/26 |
|
50,000 |
|
53,992 | ||
Royalty Pharma PLC, 1.20%, 09/02/25 |
|
23,000 |
|
22,546 | ||
Royalty Pharma PLC, 1.75%, 09/02/27 |
|
323,000 |
|
317,784 |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Health Care (continued) |
|
|
||||
Tenet Healthcare Corp., 7.50%, 04/01/25‡ |
$ |
10,000 |
$ |
10,537 | ||
Tenet Healthcare Corp., 4.88%, 01/01/26‡ |
|
190,000 |
|
195,446 | ||
Universal Health Services, Inc., 1.65%, 09/01/26‡ |
|
260,000 |
|
255,619 | ||
Viatris, Inc., 2.30%, 06/22/27 |
|
275,000 |
|
276,966 | ||
Total Health Care |
|
|
1,740,975 | |||
Industrials — 1.4% |
|
|
||||
Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27‡ |
|
223,030 |
|
244,253 | ||
Boeing Co. (The), 4.88%, 05/01/25 |
|
120,000 |
|
131,443 | ||
Boeing Co. (The), 5.04%, 05/01/27 |
|
112,000 |
|
126,276 | ||
General Electric Co., Series D, 3.53%, (3-Month USD LIBOR + 3.33%)#@ |
|
285,000 |
|
285,000 | ||
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28‡ |
|
276,000 |
|
270,649 | ||
Spirit AeroSystems, Inc., 5.50%, 01/15/25‡ |
|
195,000 |
|
202,265 | ||
Vertiv Group Corp., 4.13%, 11/15/28‡ |
|
155,000 |
|
156,816 | ||
Total Industrials |
|
|
1,416,702 | |||
Information Technology — 1.6% | ||||||
Block, Inc., 2.75%, 06/01/26‡ |
|
115,000 |
|
115,288 | ||
CDW LLC / CDW Finance Corp., 2.67%, 12/01/26 |
|
98,000 |
|
100,557 | ||
CDW LLC / CDW Finance Corp., 3.28%, 12/01/28 |
|
98,000 |
|
100,560 | ||
Citrix Systems, Inc., 1.25%, 03/01/26(a) |
|
25,000 |
|
24,384 | ||
Dell International LLC / EMC Corp., 4.90%, 10/01/26 |
|
210,000 |
|
236,807 | ||
Flex Ltd., 3.75%, 02/01/26 |
|
191,000 |
|
204,286 | ||
HP, Inc., 3.00%, 06/17/27(a) |
|
155,000 |
|
163,217 | ||
Kyndryl Holdings, Inc., 2.05%, 10/15/26‡ |
|
108,000 |
|
105,281 | ||
Kyndryl Holdings, Inc., 2.70%, 10/15/28‡ |
|
105,000 |
|
101,790 | ||
TD Synnex Corp., 1.75%, 08/09/26‡ |
|
107,000 |
|
104,447 | ||
TD Synnex Corp., 2.38%, 08/09/28‡ |
|
110,000 |
|
106,955 | ||
Xerox Holdings Corp., 5.00%, 08/15/25‡ |
|
200,000 |
|
212,210 | ||
Total Information Technology |
|
|
1,575,782 |
See accompanying Notes to Financial Statements.
48
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Materials — 1.0% |
|
|
||||
Ardagh
Packaging Finance |
$ |
200,000 |
$ |
204,750 | ||
Chemours Co. (The), 5.75%, 11/15/28‡ |
|
90,000 |
|
94,208 | ||
Glatfelter Corp., 4.75%, 11/15/29‡ |
|
100,000 |
|
103,273 | ||
International Flavors & Fragrances, Inc., 1.23%, 10/01/25‡ |
|
118,000 |
|
115,549 | ||
International Flavors & Fragrances, Inc., 1.83%, 10/15/27‡ |
|
233,000 |
|
229,072 | ||
Silgan Holdings, Inc., 1.40%, 04/01/26‡ |
|
271,000 |
|
264,713 | ||
Total Materials |
|
|
1,011,565 | |||
Real Estate — 1.0% |
|
|
||||
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 |
|
195,000 |
|
213,813 | ||
Office Properties Income Trust, 4.50%, 02/01/25 |
|
225,000 |
|
237,387 | ||
Office Properties Income Trust, 2.65%, 06/15/26 |
|
105,000 |
|
104,371 | ||
Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23 |
|
231,000 |
|
244,319 | ||
Service Properties Trust, 4.65%, 03/15/24 |
|
200,000 |
|
197,717 | ||
Total Real Estate |
|
|
997,607 | |||
Utilities — 1.2% |
|
|
||||
Dominion Energy, Inc., Series A, 1.45%, 04/15/26 |
|
260,000 |
|
257,376 | ||
Exelon Corp., 3.50%, 06/01/22 |
|
212,000 |
|
213,976 | ||
FirstEnergy Transmission LLC, 2.87%, 09/15/28‡ |
|
119,000 |
|
119,413 | ||
NRG Energy, Inc., 3.75%, 06/15/24‡ |
|
175,000 |
|
182,735 | ||
Puget Energy, Inc., 2.38%, 06/15/28 |
|
151,000 |
|
148,869 | ||
Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51@ |
|
254,000 |
|
254,635 | ||
Total Utilities |
|
|
1,177,004 | |||
Total Corporate Bonds
|
|
|
19,544,358 |
Investments |
Principal |
Value | ||||
TERM LOANS — 10.8% |
|
|
||||
Aerospace — 1.0% |
|
|
||||
Air Canada, 4.25%, (3-Month USD LIBOR + 3.50%), 08/11/28@ |
$ |
28,235 |
$ |
28,250 | ||
American Airlines, Inc., 5.50%, (3-Month USD LIBOR + 4.75%), 04/20/28@ |
|
185,000 |
|
192,020 | ||
Brown Group Holding LLC, 3.00%, (3-Month USD LIBOR + 2.50%), 06/07/28@ |
|
130,463 |
|
130,382 | ||
KKR Apple Bidco LLC, 3.50%, (1-Month USD LIBOR + 3.00%), 07/14/28@ |
|
80,000 |
|
79,856 | ||
Mileage Plus Holdings LLC, 6.25%, (3-Month USD LIBOR + 5.25%), 06/21/27@ |
|
105,000 |
|
111,012 | ||
SkyMiles IP Ltd, 4.75%, (3-Month USD LIBOR + 3.75%), 09/16/27@ |
|
145,000 |
|
153,700 | ||
TransDigm, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 08/22/24@ |
|
162,452 |
|
160,875 | ||
TransDigm, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 05/30/25@ |
|
89,091 |
|
88,012 | ||
United Airlines, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 04/21/28@ |
|
29,775 |
|
29,949 | ||
Total Aerospace |
|
|
974,056 | |||
Chemicals — 0.7% |
|
|
||||
Element Solutions, Inc., 2.09%, (1-Month USD LIBOR + 2.00%), 01/31/26@ |
|
89,316 |
|
89,093 | ||
Ineos US Finance LLC, 2.10%, (1-Month USD LIBOR + 2.00%), 04/01/24@ |
|
238,885 |
|
237,945 | ||
INEOS US Petrochem LLC, 3.25%, (1-Month USD LIBOR + 2.75%), 01/29/26@ |
|
134,325 |
|
134,101 | ||
Nouryon USA LLC, 3.10%, (1-Month USD LIBOR + 3.00%), 10/01/25@ |
|
136,624 |
|
136,326 | ||
Trinseo Materials Operating SCA, 2.60%, (1-Month USD LIBOR + 2.50%), 05/03/28@ |
|
129,350 |
|
128,599 | ||
Total Chemicals |
|
|
726,064 | |||
Consumer Durables — 0.3% |
|
|
||||
Resideo Funding, Inc., 2.75%, (3-Month USD LIBOR + 2.25%), 02/11/28@ |
|
89,325 |
|
89,325 | ||
RH, 2.59%, (1-Month USD LIBOR + 1.00%), 10/15/28@ |
|
105,000 |
|
104,921 |
See accompanying Notes to Financial Statements.
49
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
TERM LOANS (continued) |
|
|||||
Consumer Durables (continued) | ||||||
Ziggo Financing Partnership, 2.10%, (1-Month USD LIBOR + 2.00%), 07/02/25@ |
$ |
133,636 |
$ |
133,331 | ||
Total Consumer Durables |
|
|
327,577 | |||
Consumer Non-Durables — 0.2% | ||||||
Diamond BC BV, 3.50%, (3-Month USD LIBOR + 3.00%), 09/15/28@ |
|
150,000 |
|
149,730 | ||
Energy — 0.2% |
|
|
||||
DT Midstream, Inc., 2.50%, (3-Month USD LIBOR + 2.00%), 06/26/28@ |
|
54,725 |
|
54,901 | ||
Freeport LNG Investments LLLP, 4.00%, (3-Month USD LIBOR + 3.50%), 11/17/28@ |
|
10,000 |
|
9,917 | ||
Oryx Midstream Services Permian Basin LLC, 3.75%, (3-Month USD LIBOR + 3.25%), 09/30/28@ |
|
155,000 |
|
154,213 | ||
Total Energy |
|
|
219,031 | |||
Financials — 0.7% |
|
|
||||
Asurion LLC, 3.35%, (1-Month USD LIBOR + 3.25%), 12/23/26@ |
|
84,150 |
|
83,694 | ||
Avolon TLB Borrower 1 US LLC, 2.75%, (1-Month USD LIBOR + 2.25%), 12/01/27@ |
|
326,700 |
|
327,543 | ||
Citadel Securities LP, 2.60%, (1-Month USD LIBOR + 2.50%), 02/02/28@ |
|
253,224 |
|
251,924 | ||
Total Financials |
|
|
663,161 | |||
Food/Tobacco — 0.6% |
|
|
||||
Aramark Services, Inc., 1.85%, (1-Month USD LIBOR + 1.75%), 03/11/25@ |
|
85,000 |
|
84,123 | ||
Aramark Services, Inc., 2.60%, (1-Month USD LIBOR + 2.50%), 04/06/28@ |
|
109,607 |
|
109,231 | ||
Froneri US, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 01/29/27@ |
|
84,146 |
|
83,209 | ||
Hostess Brands LLC, 3.00%, (3-Month USD LIBOR + 2.25%), 08/03/25@ |
|
133,633 |
|
133,424 | ||
JBS USA LUX SA, 2.10%, (1-Month USD LIBOR + 2.00%), 05/01/26@ |
|
183,117 |
|
182,982 | ||
Total Food/Tobacco |
|
|
592,969 |
Investments |
Principal |
Value | ||||
TERM LOANS (continued) |
|
|||||
Forest Prod/Containers — 0.2% | ||||||
Berry Global, Inc., 1.86%, (2-Month USD LIBOR + 1.75%), 07/01/26@ |
$ |
134,377 |
$ |
133,671 | ||
Mauser Packaging Solutions Holding Co., 3.35%, (1-Month USD LIBOR + 3.25%), 04/03/24@ |
|
89,067 |
|
88,057 | ||
Total Forest Prod/Containers |
|
|
221,728 | |||
Gaming/Leisure — 1.1% |
|
|
||||
Aristocrat International Pty Ltd., 4.75%, (3-Month USD LIBOR + 3.75%), 10/19/24@ |
|
29,587 |
|
29,763 | ||
Aristocrat Leisure Ltd., 1.88%, (3-Month USD LIBOR + 1.75%), 10/19/24@ |
|
135,000 |
|
133,837 | ||
Caesars Resort Collection LLC, 2.85%, (1-Month USD LIBOR + 2.75%), 12/23/24@ |
|
153,927 |
|
153,326 | ||
Hilton Grand Vacations Borrower LLC, 3.50%, (1-Month USD LIBOR + 3.00%), 05/19/28@ |
|
24,938 |
|
24,997 | ||
Hilton Worldwide Finance LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 06/22/26@ |
|
175,000 |
|
173,756 | ||
Scientific Games International, Inc., 2.85%, (1-Month USD LIBOR + 2.75%), 08/14/24@ |
|
208,764 |
|
208,340 | ||
Stars Group Holdings BV, 2.47%, (3-Month USD LIBOR + 2.25%), 07/21/26@ |
|
118,315 |
|
118,042 | ||
Station Casinos LLC, 2.50%, (1-Month USD LIBOR + 2.25%), 02/08/27@ |
|
49,120 |
|
48,776 | ||
UFC Holdings LLC, 3.50%, (3-Month USD LIBOR + 2.75%), 04/29/26@ |
|
169,537 |
|
169,083 | ||
Total Gaming/Leisure |
|
|
1,059,920 | |||
Health Care — 0.9% |
|
|
||||
Agiliti Health Inc, 2.88%, (1-Month USD LIBOR + 2.75%), 01/04/26@ |
|
59,846 |
|
59,622 | ||
Elanco Animal Health, Inc., 1.85%, (1-Month USD LIBOR + 1.75%), 08/01/27@ |
|
143,099 |
|
141,433 | ||
Horizon Therapeutics USA, Inc., 2.25%, (1-Month USD LIBOR + 1.75%), 03/15/28@ |
|
178,650 |
|
178,283 | ||
ICU Medical Inc, 12/15/28(b) |
|
25,000 |
|
25,068 | ||
IQVIA Holdings, Inc., 1.97%, (3-Month USD LIBOR + 1.75%), 06/11/25@ |
|
120,770 |
|
120,519 |
See accompanying Notes to Financial Statements.
50
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
TERM LOANS (continued) |
|
|||||
Health Care (continued) |
|
|
||||
Mozart Borrower LP, 3.75%, (1-Month USD LIBOR + 3.25%), 09/30/28@ |
$ |
60,000 |
$ |
60,054 | ||
Phoenix Newco Inc, 4.00%, (1-Month USD LIBOR + 3.50%), 08/11/28@ |
|
25,000 |
|
25,035 | ||
Select Medical Corp., 2.36%, (1-Month USD LIBOR + 2.25%), 03/06/25@ |
|
90,000 |
|
89,606 | ||
Valeant Pharmaceuticals International, Inc., 3.10%, (1-Month USD LIBOR + 3.00%), 06/02/25@ |
|
204,097 |
|
203,408 | ||
Total Health Care |
|
|
903,028 | |||
Housing — 0.8% |
|
|
||||
American Builders & Contractors Supply Co., Inc., 2.10%, (1-Month USD LIBOR + 2.00%), 01/15/27@ |
|
148,858 |
|
148,082 | ||
CPG International LLC, 3.25%, (3-Month USD LIBOR + 2.50%), 05/05/24@ |
|
135,000 |
|
135,209 | ||
Quikrete Holdings, Inc., 06/11/28(b) |
|
145,000 |
|
144,889 | ||
Standard Industries Inc/NJ, 3.00%, (3-Month USD LIBOR + 2.50%), 08/06/28@ |
|
160,063 |
|
160,396 | ||
Summit Materials LLC, 2.10%, (1-Month USD LIBOR + 2.00%), 11/21/24@ |
|
163,121 |
|
163,284 | ||
Total Housing |
|
|
751,860 | |||
Information Technology — 0.7% | ||||||
Boxer Parent Co Inc, 3.97%, (3-Month USD LIBOR + 3.75%), 10/02/25@ |
|
99,711 |
|
99,213 | ||
CCC Intelligent Solutions Inc, 3.00%, (3-Month USD LIBOR + 2.50%), 09/15/28@ |
|
115,000 |
|
115,054 | ||
Go Daddy Operating Co. LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 02/15/24@ |
|
182,444 |
|
181,557 | ||
Tenable, Inc., 3.25%, (3-Month USD LIBOR + 2.75%), 07/07/28@ |
|
145,000 |
|
144,819 | ||
UKG Inc, 3.75%, (1-Month USD LIBOR + 3.25%), 05/04/26@ |
|
180,440 |
|
179,800 | ||
Total Information Technology |
|
|
720,443 | |||
Manufacturing — 0.4% |
|
|
||||
Gates Global LLC, 3.25%, (1-Month USD LIBOR + 2.50%), 03/31/27@ |
|
133,650 |
|
133,524 |
Investments |
Principal |
Value | ||||
TERM LOANS (continued) |
|
|||||
Manufacturing (continued) |
|
|
||||
NCR Corp., 2.63%, (3-Month USD LIBOR + 2.50%), 08/28/26@ |
$ |
158,118 |
$ |
156,933 | ||
Tenneco, Inc., 3.10%, (1-Month USD LIBOR + 3.00%), 10/01/25@ |
|
89,082 |
|
87,968 | ||
Total Manufacturing |
|
|
378,425 | |||
Media/Telecom – Broadcasting — 0.1% | ||||||
Nexstar Media Group, Inc., 2.60%, (1-Month USD LIBOR + 2.50%), 09/18/26@ |
|
135,588 |
|
135,504 | ||
Media/Telecom – Cable/Wireless Video — 0.6% | ||||||
Charter Communications Operating LLC, 1.86%, (1-Month USD LIBOR + 1.75%), 02/01/27@ |
|
173,228 |
|
171,793 | ||
CSC Holdings LLC, 2.36%, (1-Month USD LIBOR + 2.25%), 01/15/26@ |
|
84,135 |
|
83,167 | ||
CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), 2.36%, (1-Month USD LIBOR + 2.25%), 07/17/25@ |
|
181,660 |
|
179,162 | ||
Virgin Media Bristol LLC, 2.61%, (1-Month USD LIBOR + 2.50%), 01/31/28@ |
|
145,000 |
|
143,883 | ||
Total Media/Telecom – Cable/Wireless Video |
|
|
578,005 | |||
Media/Telecom – Diversified Media — 0.2% | ||||||
Clear Channel, 3.63%, (3-Month USD LIBOR + 3.50%), 08/21/26@ |
|
107,525 |
|
106,192 | ||
Dotdash Meredith Inc, 4.05%, (1-Month USD LIBOR + 4.00%), 11/23/28@ |
|
110,000 |
|
110,207 | ||
Total Media/Telecom – Diversified Media |
|
|
216,399 | |||
Media/Telecom – Telecommunications — 0.2% | ||||||
CenturyLink, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 03/15/27@ |
|
147,817 |
|
146,328 | ||
Cincinnati Bell Inc, 3.45%, (3-Month USD LIBOR + 3.25%), 11/17/28@ |
|
20,000 |
|
20,023 | ||
Total Media/Telecom – Telecommunications |
|
|
166,351 |
See accompanying Notes to Financial Statements.
51
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
TERM LOANS (continued) |
|
|||||
Media/Telecom – Wireless Communications — 0.1% | ||||||
SBA Senior Finance II LLC, 1.86%, (1-Month USD LIBOR + 1.75%), 04/11/25@ |
$ |
128,667 |
$ |
127,441 | ||
Retail — 0.1% |
|
|
||||
PetSmart, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 02/11/28@ |
|
99,750 |
|
100,031 | ||
Service — 1.2% |
|
|
||||
AlixPartners LLP, 3.25%, (1-Month USD LIBOR + 2.75%), 02/04/28@ |
|
158,800 |
|
158,289 | ||
APi Group DE Inc, 10/07/28(b) |
|
20,000 |
|
20,002 | ||
Asplundh Tree Expert LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 09/07/27@ |
|
148,869 |
|
148,456 | ||
Dun & Bradstreet Corp. (The), 3.35%, (1-Month USD LIBOR + 3.25%), 02/06/26@ |
|
168,387 |
|
167,906 | ||
Pike Corp., 3.11%, (1-Month USD LIBOR + 3.00%), 01/21/28@ |
|
105,479 |
|
105,300 | ||
PODS LLC, 3.75%, (1-Month USD LIBOR + 3.00%), 03/31/28@ |
|
119,500 |
|
119,242 | ||
Sedgwick Claims Management Services Inc, 3.35%, (1-Month USD LIBOR + 3.25%), 12/31/25@ |
|
99,743 |
|
99,089 | ||
Trans Union LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 11/16/26@ |
|
138,570 |
|
137,357 | ||
WEX, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 03/31/28@ |
|
213,388 |
|
212,543 | ||
Total Service |
|
|
1,168,184 | |||
Utility — 0.5% |
|
|
||||
Astoria Energy LLC, 4.50%, (3-Month USD LIBOR + 3.50%), 12/10/27@ |
|
117,987 |
|
117,869 | ||
Vistra Operations Co. LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 12/31/25@ |
|
360,957 |
|
358,715 | ||
Total Utility |
|
|
476,584 | |||
Total Term Loans |
|
|
10,656,491 |
Investments |
Principal |
Value | ||||
FOREIGN BONDS — 5.8% |
|
|
||||
Consumer Staples — 0.6% |
|
|
||||
Bacardi Ltd. (Bermuda), 4.70%, 05/15/28‡ |
$ |
210,000 |
$ |
237,882 | ||
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28 |
|
330,000 |
|
322,112 | ||
Total Consumer Staples |
|
|
559,994 | |||
Energy — 0.9% |
|
|
||||
Aker BP ASA (Norway), 2.88%, 01/15/26‡ |
|
150,000 |
|
155,695 | ||
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)#@ |
|
205,000 |
|
220,375 | ||
Lundin Energy Finance BV (Netherlands), 2.00%, 07/15/26‡ |
|
400,000 |
|
397,831 | ||
Petroleos Mexicanos (Mexico), 6.50%, 03/13/27 |
|
100,000 |
|
106,811 | ||
Total Energy |
|
|
880,712 | |||
Financials — 0.7% |
|
|
||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.45%, 10/29/26 |
|
150,000 |
|
151,416 | ||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28 |
|
155,000 |
|
157,447 | ||
Banco Santander (Chile), 2.70%, 01/10/25‡ |
|
150,000 |
|
153,347 | ||
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28 |
|
210,000 |
|
230,883 | ||
Total Financials |
|
|
693,093 | |||
Industrials — 1.0% |
|
|
||||
Ashtead Capital, Inc. (United Kingdom), 4.38%, 08/15/27‡ |
|
445,000 |
|
462,292 | ||
British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35‡ |
|
214,979 |
|
215,179 | ||
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22‡ |
|
137,341 |
|
136,059 | ||
GFL Environmental, Inc. (Canada), 3.75%, 08/01/25‡ |
|
145,000 |
|
146,630 | ||
GFL Environmental, Inc. (Canada), 4.00%, 08/01/28‡(a) |
|
50,000 |
|
49,085 | ||
Total Industrials |
|
|
1,009,245 |
See accompanying Notes to Financial Statements.
52
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
FOREIGN BONDS (continued) |
|
|||||
Information Technology — 0.6% | ||||||
Open Text Corp. (Canada), 3.88%, 02/15/28‡ |
$ |
230,000 |
$ |
234,781 | ||
SK Hynix, Inc. (South Korea), 1.50%, 01/19/26‡ |
|
200,000 |
|
195,923 | ||
TSMC Arizona Corp (Taiwan), 1.75%, 10/25/26 |
|
200,000 |
|
200,316 | ||
Total Information Technology |
|
|
631,020 | |||
Materials — 0.7% |
|
|
||||
Anglo American Capital PLC (South Africa), 2.25%, 03/17/28‡(a) |
|
200,000 |
|
196,717 | ||
Glencore Funding LLC (Australia), 1.63%, 09/01/25‡ |
|
245,000 |
|
242,820 | ||
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡ |
|
180,000 |
|
188,842 | ||
Suzano Austria GMBH (Brazil), 2.50%, 09/15/28 |
|
80,000 |
|
77,300 | ||
Total Materials |
|
|
705,679 | |||
Oil & Gas — 0.2% |
|
|
||||
Petroleos Mexicanos (Mexico), 4.63%, 09/21/23 |
|
180,000 |
|
184,738 | ||
Sovereign Government — 1.1% | ||||||
Indonesia Government International Bond (Indonesia), 5.88%, 01/15/24‡ |
|
200,000 |
|
219,404 | ||
Oman Government International Bond (Oman), 4.88%, 02/01/25‡ |
|
200,000 |
|
208,629 | ||
Qatar Government International Bond (Qatar), 3.40%, 04/16/25‡ |
|
200,000 |
|
212,514 | ||
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25 |
|
200,000 |
|
221,496 | ||
Turkey Government International Bond (Turkey), 7.38%, 02/05/25 |
|
185,000 |
|
186,899 | ||
Total Sovereign Government |
|
|
1,048,942 | |||
Total Foreign Bonds
|
|
|
5,713,423 | |||
U.S. TREASURY NOTES — 5.4% | ||||||
U.S. Treasury Note, 1.75%, 06/15/22(a) |
|
2,090,000 |
|
2,105,151 | ||
U.S. Treasury Note, 0.13%, 12/31/22 |
|
450,000 |
|
448,634 |
Investments |
Principal |
Value | ||||
U.S. TREASURY NOTES (continued) |
|
|||||
U.S. Treasury Note, 0.13%, 03/31/23 |
$ |
990,000 |
$ |
985,591 | ||
U.S. Treasury Note, 0.13%, 04/30/23 |
|
315,000 |
|
313,363 | ||
U.S. Treasury Note, 1.00%, 12/15/24 |
|
1,475,000 |
|
1,477,017 | ||
Total U.S. Treasury Notes (Cost $5,332,414) |
|
|
5,329,756 | |||
EXCHANGE TRADED FUND — 0.1% | ||||||
Debt Fund — 0.1% |
|
|
||||
VanEck
Vectors High Yield Muni ETF(a) |
|
2,022 |
|
126,234 | ||
MONEY MARKET FUND — 2.0% | ||||||
JPMorgan U.S. Government Money Market Fund — Institutional Class, 0.01%(c) (Cost $1,950,973) |
|
1,950,973 |
|
1,950,973 | ||
REPURCHASE AGREEMENTS — 2.9%(d) | ||||||
BNP Paribas Securities Corp., dated 12/31/21, due 01/03/22, 0.05%, total to be received $664,277, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/27/22-04/20/51, totaling $677,559) |
|
664,274 |
|
664,274 | ||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $664,277, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $677,560) |
|
664,274 |
|
664,274 | ||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $664,276, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $677,559) |
|
664,274 |
|
664,274 | ||
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $196,917, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24-09/20/69, totaling $200,854) |
|
196,916 |
|
196,916 |
See accompanying Notes to Financial Statements.
53
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF 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 $664,277, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $677,559) |
$ |
664,274 |
$ |
664,274 |
| ||
Total Repurchase
Agreements |
|
|
2,854,012 |
| |||
Total
Investments — 102.8% |
|
|
101,415,160 |
| |||
Liabilities in Excess of Other Assets — (2.8%) |
|
|
(2,770,413 |
) | |||
Net Assets — 100.0% |
|
$ |
98,644,747 |
|
____________
CMT — Constant Maturity Treasury Index
ETF — Exchange Traded Fund
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
PLC — Public Limited Company
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
# Perpetual security with no stated maturity date.
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
* Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,004,901; the aggregate market value of the collateral held by the fund is $3,074,172. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $220,160.
(b) This loan will settle after December 31, 2021 at which time the interest rate will be determined.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
54
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME
ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Asset Backed Securities |
$ |
— |
$ |
31,149,191 |
$ |
— |
$ |
31,149,191 | ||||
Mortgage Backed Securities |
|
— |
|
24,090,722 |
|
— |
|
24,090,722 | ||||
Corporate Bonds |
|
— |
|
19,544,358 |
|
— |
|
19,544,358 | ||||
Term Loans |
|
— |
|
10,656,491 |
|
— |
|
10,656,491 | ||||
Foreign Bonds |
|
— |
|
5,713,423 |
|
— |
|
5,713,423 | ||||
U.S. Treasury Notes |
|
— |
|
5,329,756 |
|
— |
|
5,329,756 | ||||
Exchange Traded Fund |
|
126,234 |
|
— |
|
— |
|
126,234 | ||||
Money Market Fund |
|
1,950,973 |
|
— |
|
— |
|
1,950,973 | ||||
Repurchase Agreements |
|
— |
|
2,854,012 |
|
— |
|
2,854,012 | ||||
Total |
$ |
2,077,207 |
$ |
99,337,953 |
$ |
— |
$ |
101,415,160 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of
| |||
Aerospace |
1.0 |
% | |
Asset Backed Securities |
31.6 |
| |
Chemicals |
0.7 |
| |
Commercial Mortgage Backed Securities |
3.2 |
| |
Communication Services |
1.6 |
| |
Consumer Discretionary |
0.7 |
| |
Consumer Durables |
0.3 |
| |
Consumer Non-Durables |
0.2 |
| |
Consumer Staples |
1.0 |
| |
Debt Fund |
0.1 |
| |
Energy |
2.7 |
| |
Financials |
8.9 |
| |
Food/Tobacco |
0.6 |
| |
Forest Prod/Containers |
0.2 |
| |
Gaming/Leisure |
1.1 |
| |
Health Care |
2.7 |
| |
Housing |
0.8 |
| |
Industrials |
2.4 |
| |
Information Technology |
2.9 |
| |
Manufacturing |
0.4 |
| |
Materials |
1.7 |
| |
Media/Telecom – Broadcasting |
0.1 |
| |
Media/Telecom – Cable/Wireless Video |
0.6 |
| |
Media/Telecom – Diversified Media |
0.2 |
| |
Media/Telecom – Telecommunications |
0.2 |
|
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of
| |||
Media/Telecom – Wireless Communications |
0.1 |
% | |
Oil & Gas |
0.2 |
| |
Real Estate |
1.0 |
| |
Residential Mortgage Backed Securities |
21.2 |
| |
Retail |
0.1 |
| |
Service |
1.2 |
| |
Sovereign Government |
1.1 |
| |
U.S. Treasury Notes |
5.4 |
| |
Utilities |
1.2 |
| |
Utility |
0.5 |
| |
Money Market |
2.0 |
| |
Repurchase Agreements |
2.9 |
| |
Total Investments |
102.8 |
| |
Liabilities in Excess of Other Assets |
(2.8 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
55
ADVISORSHARES
NORTH SQUARE MCKEE CORE RESERVES ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS — 46.6% |
|
|
||||
Airlines — 1.3% |
|
|
||||
Delta Air Lines, Inc., 3.63%, 03/15/22 |
$ |
229,000 |
$ |
229,009 | ||
United Airlines Holdings, Inc., 4.25%, 10/01/22 |
|
232,000 |
|
235,767 | ||
Total Airlines |
|
|
464,776 | |||
Banks — 14.4% |
|
|
||||
Bank of America Corp., Series MTN, 1.29%, (3-Month USD LIBOR + 1.16%), 01/20/23@ |
|
71,000 |
|
70,933 | ||
Bank of America Corp., 3.00%, (3-Month USD LIBOR + 0.79%), 12/20/23@ |
|
1,000,000 |
|
1,020,959 | ||
Citigroup, Inc., 1.08%, (3-Month USD LIBOR + 0.96%), 04/25/22@ |
|
735,000 |
|
736,292 | ||
Goldman Sachs Group, Inc. (The), 0.48%, (SOFR + 0.43%), 03/08/23@ |
|
585,000 |
|
585,059 | ||
Goldman Sachs Group, Inc. (The), 0.67%, (SOFR + 0.62%), 12/06/23@ |
|
600,000 |
|
600,127 | ||
Morgan Stanley, 4.88%, 11/01/22 |
|
920,000 |
|
951,233 | ||
Wells Fargo & Co., Series M, 3.45%, 02/13/23 |
|
1,116,000 |
|
1,148,608 | ||
Total Banks |
|
|
5,113,211 | |||
Biotechnology — 1.3% |
|
|
||||
Biogen, Inc., 3.63%, 09/15/22 |
|
443,000 |
|
452,567 | ||
Diversified Financial Services — 3.3% | ||||||
Aircastle Ltd., 4.40%, 09/25/23 |
|
325,000 |
|
340,696 | ||
American Express Co., 0.78%, (3-Month USD LIBOR + 0.62%), 05/20/22@ |
|
842,000 |
|
843,096 | ||
Total Diversified Financial Services |
|
|
1,183,792 | |||
Electric — 7.3% |
|
|
||||
Edison International, 2.40%, 09/15/22 |
|
735,000 |
|
742,204 | ||
Entergy Corp., 4.00%, 07/15/22 |
|
667,000 |
|
675,186 | ||
Exelon Corp., 3.50%, 06/01/22 |
|
666,000 |
|
672,207 | ||
OGE Energy Corp., 0.70%, 05/26/23 |
|
113,000 |
|
112,529 | ||
Pacific Gas and Electric Co., 1.75%, 06/16/22 |
|
370,000 |
|
370,002 | ||
Total Electric |
|
|
2,572,128 |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Electronics — 1.3% |
|
|
||||
Jabil, Inc., 4.70%, 09/15/22 |
$ |
442,000 |
$ |
453,766 | ||
Gas — 3.9% |
|
|
||||
CenterPoint Energy Resources Corp., 0.67%, (3-Month USD LIBOR + 0.50%), 03/02/23@ |
|
911,000 |
|
909,132 | ||
Southern California Gas Co., 0.55%, (3-Month USD LIBOR + 0.35%), 09/14/23@ |
|
466,000 |
|
465,552 | ||
Total Gas |
|
|
1,374,684 | |||
Healthcare – Products — 0.7% | ||||||
Boston Scientific Corp., 3.38%, 05/15/22 |
|
256,000 |
|
258,600 | ||
Healthcare – Services — 1.7% | ||||||
Humana, Inc., 3.15%, 12/01/22 |
|
581,000 |
|
590,712 | ||
Media — 1.6% |
|
|
||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.46%, 07/23/22 |
|
344,000 |
|
349,112 | ||
DISH DBS Corp., 5.88%, 07/15/22 |
|
220,000 |
|
223,856 | ||
Total Media |
|
|
572,968 | |||
Pharmaceuticals — 1.9% |
|
|
||||
AbbVie, Inc., 2.90%, 11/06/22 |
|
670,000 |
|
682,482 | ||
Pipelines — 2.4% |
|
|
||||
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23 |
|
509,000 |
|
519,936 | ||
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 06/01/22 |
|
348,000 |
|
349,722 | ||
Total Pipelines |
|
|
869,658 | |||
REITS — 2.4% |
|
|
||||
Kimco Realty Corp., 3.40%, 11/01/22 |
|
822,000 |
|
837,168 | ||
Retail — 1.0% |
|
|
||||
QVC, Inc., 4.38%, 03/15/23 |
|
336,000 |
|
346,475 | ||
Software — 2.1% |
|
|
||||
VMware, Inc., 2.95%, 08/21/22 |
|
730,000 |
|
738,676 | ||
Total Corporate
Bonds |
|
|
16,511,663 |
See accompanying Notes to Financial Statements.
56
ADVISORSHARES
NORTH SQUARE MCKEE CORE RESERVES ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES — 22.8% |
||||||
Diversified Financial Services — 22.8% | ||||||
American Express Credit Account Master Trust, Class A, Series 2019-1, 2.87%, 10/15/24 |
$ |
455,000 |
$ |
457,995 | ||
American Express Credit Account Master Trust, Class A, Series 2019-3, 2.00%, 04/15/25 |
|
540,000 |
|
546,493 | ||
Carvana Auto Receivables Trust, Class A1, Series 2021-N4, 0.83%, 09/11/28 |
|
500,000 |
|
499,142 | ||
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25‡ |
|
589,436 |
|
588,622 | ||
Conn’s Receivables Funding LLC, Class A, Series 2021-A, 1.05%, 05/15/26‡ |
|
603,359 |
|
603,085 | ||
Flagship Credit Auto Trust, Class A, Series 2021-4, 0.81%, 07/17/26‡ |
|
534,128 |
|
532,619 | ||
Ford Credit Auto Lease Trust, Class A2, Series 2021-B, 0.24%, 04/15/24 |
|
590,000 |
|
588,709 | ||
Ford Credit Floorplan Master Owner Trust, Class A, Series 2017-3, 2.48%, 09/15/24 |
|
565,000 |
|
572,869 | ||
GLS Auto Receivables Issuer Trust, Class A, Series 2021-4A, 0.84%, 07/15/25‡ |
|
500,000 |
|
500,026 | ||
GM Financial Consumer Automobile Receivables Trust, Class A2, Series 2021-2, 0.27%, 06/17/24 |
|
481,173 |
|
481,028 | ||
Honda Auto Receivables Owner Trust, Class A2, Series 2021-3, 0.20%, 02/20/24 |
|
425,000 |
|
424,263 | ||
Invitation Homes Trust, Class B, Series 2018-SFR3, 1.26%, (1-Month USD LIBOR + 1.15%), 07/17/37@‡ |
|
50,038 |
|
50,065 | ||
Santander Drive Auto Receivables Trust, Class B, Series 2020-4, 0.73%, 03/17/25 |
|
315,000 |
|
315,184 | ||
Santander Drive Auto Receivables Trust, Class C, Series 2021-1, 0.75%, 02/17/26 |
|
217,000 |
|
216,855 | ||
SoFi Consumer Loan Program Trust, Class A, Series 2020-1, 2.02%, 01/25/29‡ |
|
62,906 |
|
63,158 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
||||||
Diversified Financial Services (continued) | ||||||
Tesla Auto Lease Trust, Class A2, Series 2021-A, 0.36%, 03/20/25‡ |
$ |
254,243 |
$ |
253,741 | ||
Verizon Owner Trust, Class A1A, Series 2019-A, 2.93%, 09/20/23 |
|
326,467 |
|
328,274 | ||
Westlake Automobile Receivables Trust, Class A2, Series 2021-3A, 0.57%, 09/16/24‡ |
|
500,000 |
|
499,739 | ||
World Financial Network Credit Card Master Trust, Class A, Series 2019-B, 2.49%, 04/15/26 |
|
535,000 |
|
540,081 | ||
World Omni Auto Receivables Trust, Class A2, Series 2020-A, 1.71%, 11/15/22 |
|
10,934 |
|
10,940 | ||
Total Asset Backed
Securities |
|
|
8,072,888 | |||
U.S. TREASURY NOTES — 10.5% | ||||||
U.S. Treasury Note, 1.88%, 04/30/22 |
|
2,587,000 |
|
2,601,733 | ||
U.S. Treasury Note, 0.13%, 06/30/22 |
|
1,111,000 |
|
1,110,593 | ||
Total U.S. Treasury Notes (Cost $3,713,674) |
|
|
3,712,326 | |||
MORTGAGE BACKED SECURITIES — 8.8% | ||||||
Commercial Mortgage Backed Securities — 8.8% | ||||||
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49@‡* |
|
166,254 |
|
167,028 | ||
Federal Home Loan Mortgage Corp., Class A2, Series 2012-K019, 2.27%, 03/25/22 |
|
1,820,725 |
|
1,821,565 | ||
Federal Home Loan Mortgage Corp., Class LB, Series 2017-4673, 2.50%, 04/15/44 |
|
126,312 |
|
127,313 | ||
Federal Home Loan Mortgage Corp., Class QM, Series 2018-4776, 3.00%, 06/15/45 |
|
549,343 |
|
556,207 | ||
Mello Warehouse Securitization Trust, Class A, Series 2020-1, 1.00%, (1-Month USD LIBOR + 0.90%), 10/25/53@‡ |
|
455,000 |
|
455,235 | ||
Total Mortgage Backed
Securities |
|
|
3,127,348 |
See accompanying Notes to Financial Statements.
57
ADVISORSHARES
NORTH SQUARE MCKEE CORE RESERVES ETF December 31, 2021 (Unaudited) |
Investments |
Principal/ |
Value | ||||
FOREIGN BONDS — 7.0% |
|
|
||||
Banks — 6.0% |
|
|
||||
Barclays PLC, 1.75%, (3-Month USD LIBOR + 1.63%), 01/10/23 (United Kingdom)@ |
$ |
697,000 |
$ |
697,151 | ||
Barclays PLC, 3.68%, 01/10/23 (United Kingdom) |
|
342,000 |
|
342,161 | ||
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22 (Switzerland) |
|
1,050,000 |
|
1,072,850 | ||
Total Banks |
|
|
2,112,162 | |||
Oil & Gas — 1.0% |
|
|
||||
Ecopetrol SA, 5.88%, 09/18/23 (Colombia) |
|
328,000 |
|
348,098 | ||
Total Foreign Bonds
|
|
|
2,460,260 | |||
MONEY MARKET FUND — 4.0% | ||||||
JPMorgan U.S. Government Money Market Fund — Institutional Class, 0.03%(a) (Cost $1,431,603) |
|
1,431,603 |
|
1,431,603 | ||
Total Investments — 99.7% (Cost $35,326,459) |
|
|
35,316,088 | |||
Other Assets in Excess of Liabilities — 0.3% |
|
|
107,294 | |||
Net Assets — 100.0% |
|
$ |
35,423,382 |
____________
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
* Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
58
ADVISORSHARES
NORTH SQUARE MCKEE CORE RESERVES ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Corporate Bonds |
$ |
— |
$ |
16,511,663 |
$ |
— |
$ |
16,511,663 | ||||
Asset Backed Securities |
|
— |
|
8,072,888 |
|
— |
|
8,072,888 | ||||
U.S. Treasury Notes |
|
— |
|
3,712,326 |
|
— |
|
3,712,326 | ||||
Mortgage Backed Securities |
|
— |
|
3,127,348 |
|
— |
|
3,127,348 | ||||
Foreign Bonds |
|
— |
|
2,460,260 |
|
— |
|
2,460,260 | ||||
Money Market Fund |
|
1,431,603 |
|
— |
|
— |
|
1,431,603 | ||||
Total |
$ |
1,431,603 |
$ |
33,884,485 |
$ |
— |
$ |
35,316,088 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of
| |||
Airlines |
1.3 |
% | |
Banks |
20.4 |
| |
Biotechnology |
1.3 |
| |
Commercial Mortgage Backed Securities |
8.8 |
| |
Diversified Financial Services |
26.1 |
| |
Electric |
7.3 |
| |
Electronics |
1.3 |
| |
Gas |
3.9 |
| |
Healthcare – Products |
0.7 |
| |
Healthcare – Services |
1.7 |
| |
Media |
1.6 |
| |
Oil & Gas |
1.0 |
| |
Pharmaceuticals |
1.9 |
| |
Pipelines |
2.4 |
| |
REITS |
2.4 |
| |
Retail |
1.0 |
| |
Software |
2.1 |
| |
U.S. Treasury Notes |
10.5 |
| |
Money Market Fund |
4.0 |
| |
Total Investments |
99.7 |
| |
Other Assets in Excess of Liabilities |
0.3 |
| |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
59
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS — 35.7% |
|
|
||||
Aerospace/Defense — 0.4% |
|
|
||||
Boeing Co. (The), 4.88%, 05/01/25 |
$ |
15,000 |
$ |
16,430 | ||
Agriculture — 0.2% |
|
|
||||
Altria Group, Inc., 4.80%, 02/14/29 |
|
7,000 |
|
7,909 | ||
Apparel — 0.3% |
|
|
||||
Nike, Inc., 2.75%, 03/27/27(a) |
|
11,000 |
|
11,668 | ||
Auto Manufacturers — 1.2% |
|
|
||||
American Honda Finance Corp., 2.00%, 03/24/28 |
|
16,000 |
|
16,184 | ||
General Motors Financial Co., Inc., 2.40%, 04/10/28 |
|
11,000 |
|
11,061 | ||
Toyota Motor Credit Corp., 3.00%, 04/01/25 |
|
15,000 |
|
15,755 | ||
Total Auto Manufacturers |
|
|
43,000 | |||
Banks — 10.2% |
|
|
||||
Bank of America Corp., Series N, 1.66%, (SOFR + 0.91%), 03/11/27@ |
|
19,000 |
|
18,883 | ||
Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27@ |
|
28,000 |
|
27,827 | ||
Fifth Third Bancorp, 3.65%, 01/25/24 |
|
5,000 |
|
5,241 | ||
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27 |
|
15,000 |
|
16,138 | ||
Goldman Sachs Group, Inc. (The), 1.43%, (SOFR + 0.80%), 03/09/27@ |
|
42,000 |
|
41,187 | ||
Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 01/27/32@ |
|
12,000 |
|
11,531 | ||
JPMorgan Chase & Co., 0.97%, (SOFR + 0.58%), 06/23/25@ |
|
9,000 |
|
8,919 | ||
JPMorgan Chase & Co., 2.01%, (SOFR + 1.59%), 03/13/26@ |
|
44,000 |
|
44,570 | ||
JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27@ |
|
15,000 |
|
14,839 | ||
JPMorgan Chase & Co., 1.95%, (SOFR + 1.07%), 02/04/32@ |
|
7,000 |
|
6,757 | ||
JPMorgan Chase Bank NA, Series 0002, 0.34%, (3-Month USD LIBOR + 0.10%), 12/04/23@ |
|
100,000 |
|
98,156 | ||
KeyCorp, 2.25%, 04/06/27 |
|
6,000 |
|
6,107 | ||
Morgan
Stanley, 0.79%, |
|
8,000 |
|
7,901 | ||
Morgan
Stanley, 1.59%, |
|
19,000 |
|
18,817 |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Banks (continued) |
|
|||||
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/26 |
$ |
5,000 |
$ |
4,937 | ||
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/30 |
|
33,000 |
|
33,993 | ||
US Bancorp, 2.40%, 07/30/24 |
|
14,000 |
|
14,476 | ||
Total Banks |
|
|
380,279 | |||
Beverages — 0.9% |
|
|
||||
Coca-Cola Co. (The), 1.00%, 03/15/28(a) |
|
3,000 |
|
2,888 | ||
Coca-Cola Co. (The), 1.65%, 06/01/30 |
|
7,000 |
|
6,770 | ||
Coca-Cola Co. (The), 2.50%, 06/01/40 |
|
23,000 |
|
23,204 | ||
Total Beverages |
|
|
32,862 | |||
Chemicals — 0.4% |
|
|
||||
DuPont de Nemours, Inc., 4.49%, 11/15/25 |
|
14,000 |
|
15,489 | ||
Computers — 3.7% |
|
|
||||
Apple, Inc., 2.05%, 09/11/26 |
|
18,000 |
|
18,521 | ||
Apple, Inc., 1.40%, 08/05/28 |
|
19,000 |
|
18,630 | ||
Apple, Inc., 4.65%, 02/23/46 |
|
49,000 |
|
64,630 | ||
Hewlett Packard Enterprise Co., 1.45%, 04/01/24 |
|
13,000 |
|
13,092 | ||
International Business Machines Corp., 5.88%, 11/29/32 |
|
17,000 |
|
22,475 | ||
Total Computers |
|
|
137,348 | |||
Diversified Financial Services — 1.3% | ||||||
Capital One Financial Corp., 3.90%, 01/29/24 |
|
16,000 |
|
16,848 | ||
Capital One Financial Corp., 1.88%, (SOFR + 0.86%), 11/02/27@ |
|
21,000 |
|
20,917 | ||
Charles Schwab Corp. (The), 2.00%, 03/20/28 |
|
11,000 |
|
11,163 | ||
Total Diversified Financial Services |
|
|
48,928 | |||
Electric — 3.0% |
|
|
||||
Alabama Power Co., 3.45%, 10/01/49 |
|
12,000 |
|
12,796 | ||
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/30 |
|
9,000 |
|
9,699 | ||
Consolidated Edison Co. of New York, Inc., 3.95%, 03/01/43 |
|
10,000 |
|
10,920 |
See accompanying Notes to Financial Statements.
60
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Electric (continued) |
|
|||||
Consolidated Edison Co. of New York, Inc., Series E, 4.65%, 12/01/48 |
$ |
10,000 |
$ |
12,458 | ||
Duke Energy Carolinas LLC, 5.30%, 02/15/40 |
|
26,000 |
|
34,375 | ||
Duke Energy Corp., 2.45%, 06/01/30 |
|
8,000 |
|
7,961 | ||
Entergy Corp., 1.90%, 06/15/28 |
|
8,000 |
|
7,852 | ||
Florida Power & Light Co., 2.85%, 04/01/25 |
|
5,000 |
|
5,227 | ||
Pacific Gas And Electric Co., 1.37%, 03/10/23 |
|
5,000 |
|
4,970 | ||
Virginia Electric And Power Co., Series A, 3.50%, 03/15/27 |
|
6,000 |
|
6,472 | ||
Total Electric |
|
|
112,730 | |||
Environmental Control — 0.2% | ||||||
Waste Connections, Inc., 4.25%, 12/01/28 |
|
8,000 |
|
8,998 | ||
Healthcare – Services — 0.8% |
|
|
||||
UnitedHealth Group, Inc., 3.75%, 07/15/25 |
|
6,000 |
|
6,514 | ||
UnitedHealth Group, Inc., 2.30%, 05/15/31 |
|
24,000 |
|
24,471 | ||
Total Healthcare – Services |
|
|
30,985 | |||
Insurance — 0.4% |
|
|
||||
American International Group, Inc., 2.50%, 06/30/25 |
|
16,000 |
|
16,518 | ||
Internet — 1.9% |
|
|
||||
Amazon.Com, Inc., 3.88%, 08/22/37 |
|
10,000 |
|
11,789 | ||
Amazon.Com, Inc., 2.88%, 05/12/41 |
|
25,000 |
|
26,070 | ||
Booking Holdings, Inc., 3.65%, 03/15/25 |
|
16,000 |
|
17,017 | ||
Booking Holdings, Inc., 3.60%, 06/01/26 |
|
3,000 |
|
3,240 | ||
eBay, Inc., 1.90%, 03/11/25 |
|
11,000 |
|
11,136 | ||
Total Internet |
|
|
69,252 | |||
Machinery – Construction & Mining — 0.2% | ||||||
Caterpillar Financial Services Corp., 1.45%, 05/15/25 |
|
8,000 |
|
8,033 | ||
Media — 1.1% |
|
|
||||
Walt Disney Co. (The), 3.50%, 05/13/40 |
|
37,000 |
|
40,709 |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Oil & Gas — 1.5% |
|
|
||||
BP Capital Markets America, Inc., 2.75%, 05/10/23 |
$ |
9,000 |
$ |
9,221 | ||
BP Capital Markets America, Inc., 3.02%, 01/16/27 |
|
3,000 |
|
3,171 | ||
BP Capital Markets America, Inc., 3.54%, 04/06/27 |
|
3,000 |
|
3,244 | ||
BP Capital Markets America, Inc., 3.94%, 09/21/28 |
|
10,000 |
|
11,090 | ||
Chevron Corp., 3.08%, 05/11/50 |
|
7,000 |
|
7,437 | ||
Exxon Mobil Corp., 2.99%, 03/19/25 |
|
3,000 |
|
3,156 | ||
Exxon Mobil Corp., 4.23%, 03/19/40 |
|
16,000 |
|
19,003 | ||
Total Oil & Gas |
|
|
56,322 | |||
Pharmaceuticals — 0.7% |
|
|
||||
Cigna Corp., 4.80%, 08/15/38 |
|
20,000 |
|
24,702 | ||
REITS — 0.1% |
|
|
||||
Crown Castle International Corp., 2.10%, 04/01/31 |
|
5,000 |
|
4,796 | ||
Retail — 1.5% |
|
|
||||
Home Depot, Inc. (The), 2.95%, 06/15/29 |
|
21,000 |
|
22,413 | ||
McDonald’s Corp., 3.30%, 07/01/25 |
|
15,000 |
|
15,920 | ||
Starbucks Corp., 3.55%, 08/15/29 |
|
17,000 |
|
18,603 | ||
Total Retail |
|
|
56,936 | |||
Semiconductors — 0.6% |
|
|
||||
Intel Corp., 3.73%, 12/08/47 |
|
20,000 |
|
22,916 | ||
Software — 1.6% |
|
|
||||
Oracle Corp., 2.65%, 07/15/26 |
|
11,000 |
|
11,322 | ||
Oracle Corp., 2.30%, 03/25/28 |
|
3,000 |
|
2,994 | ||
Oracle Corp., 3.60%, 04/01/40 |
|
45,000 |
|
45,386 | ||
Total Software |
|
|
59,702 | |||
Telecommunications — 2.3% |
|
|
||||
AT&T, Inc., 1.70%, 03/25/26 |
|
11,000 |
|
10,959 | ||
AT&T, Inc., 4.35%, 03/01/29 |
|
23,000 |
|
25,879 | ||
Verizon Communications, Inc., 2.10%, 03/22/28 |
|
7,000 |
|
7,024 | ||
Verizon Communications, Inc., 2.65%, 11/20/40 |
|
42,000 |
|
40,097 | ||
Total Telecommunications |
|
|
83,959 |
See accompanying Notes to Financial Statements.
61
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
CORPORATE BONDS (continued) |
|
|||||
Transportation — 1.2% |
|
|
||||
CSX Corp., 3.80%, 03/01/28 |
$ |
10,000 |
$ |
11,006 | ||
FedEx Corp. 2020-1 Class AA Pass-Through Trust, 1.88%, 02/20/34 |
|
10,412 |
|
10,301 | ||
Union Pacific Corp., 3.95%, 09/10/28 |
|
21,000 |
|
23,579 | ||
Total Transportation |
|
|
44,886 | |||
Total Corporate Bonds
|
|
|
1,335,357 | |||
U.S. GOVERNMENT AGENCY SECURITIES — 20.1% | ||||||
Federal Home Loan Mortgage Corp., 2.00%, 11/01/51 |
|
64,524 |
|
64,437 | ||
Federal Home Loan Mortgage Corp., 3.50%, 10/01/34 |
|
15,029 |
|
16,087 | ||
Federal Home Loan Mortgage Corp., 4.00%, 06/01/33 |
|
59,094 |
|
63,635 | ||
Federal National Mortgage Association, 0.88%, 12/18/26 |
|
16,000 |
|
15,650 | ||
Federal National Mortgage Association, 2.50%, 02/01/41 |
|
28,743 |
|
29,628 | ||
Federal National Mortgage Association, 2.50%, 04/01/48 |
|
21,337 |
|
21,916 | ||
Federal National Mortgage Association, 2.50%, 05/01/50 |
|
83,098 |
|
84,413 | ||
Federal National Mortgage Association, 2.50%, 10/01/51 |
|
30,456 |
|
31,127 | ||
Federal National Mortgage Association, 3.00%, 01/01/40 |
|
18,745 |
|
19,691 | ||
Federal National Mortgage Association, 3.00%, 11/01/46 |
|
47,137 |
|
49,254 | ||
Federal National Mortgage Association, 3.00%, 02/01/49 |
|
28,650 |
|
29,910 | ||
Federal National Mortgage Association, 3.00%, 10/01/51 |
|
59,233 |
|
61,775 | ||
Federal National Mortgage Association, 3.50%, 09/01/32 |
|
13,452 |
|
14,418 | ||
Federal National Mortgage Association, 3.50%, 02/01/33 |
|
28,700 |
|
30,355 | ||
Federal National Mortgage Association, 3.50%, 02/01/35 |
|
54,299 |
|
57,553 |
Investments |
Principal |
Value | |||||
U.S. GOVERNMENT AGENCY SECURITIES (continued) |
|||||||
Federal National Mortgage Association, 3.50%, 03/01/48 |
$ |
14,660 |
$ |
15,521 | |||
Federal National Mortgage Association, Class LA, Series 2019-39, 3.00%, 02/25/49 |
|
3,642 |
|
3,744 | |||
Government National Mortgage Association, 3.00%, 10/20/51 |
|
34,579 |
|
35,898 | |||
Federal Home Loan Mortgage Corp., Class GA, Series 2020-4994, 2.00%, 03/25/44 |
|
23,396 |
|
23,656 | |||
Federal Home Loan Mortgage Corp., Class GH, Series 2020-5019, 2.00%, 06/25/42 |
|
7,931 |
|
8,036 | |||
Federal Home Loan Mortgage Corp., Class HA, Series 2011-3816, 3.50%, 11/15/25 |
|
61,093 |
|
63,483 | |||
Government National Mortgage Association, Class ME, Series 2013-28, 1.75%, 11/20/42 |
|
9,857 |
|
9,861 | |||
Total U.S. Government Agency
Securities |
|
|
750,048 | ||||
U.S. GOVERNMENT BONDS AND NOTES — 14.7% | |||||||
Federal Farm Credit Banks Funding Corp., 1.33%, 11/03/26 |
|
35,000 |
|
34,906 | |||
Federal Farm Credit Banks Funding Corp., 1.60%, 12/14/26 |
|
60,000 |
|
60,009 | |||
Federal Farm Credit Banks Funding Corp., 1.77%, 02/04/31 |
|
26,000 |
|
25,500 | |||
Federal Farm Credit Banks Funding Corp., 1.78%, 02/22/28 |
|
17,000 |
|
17,002 | |||
Federal Farm Credit Banks Funding Corp., 2.04%, 12/01/31 |
|
18,000 |
|
17,977 | |||
Federal Farm Credit Banks Funding Corp., 2.20%, 12/09/31 |
|
28,000 |
|
27,976 | |||
Federal Farm Credit Banks Funding Corp., 2.20%, 11/01/33 |
|
36,000 |
|
35,871 | |||
Federal Farm Credit Banks Funding Corp., 2.20%, 09/02/36 |
|
33,000 |
|
32,886 | |||
Federal Farm Credit Banks Funding Corp., 2.43%, 11/16/34 |
|
28,000 |
|
27,885 |
See accompanying Notes to Financial Statements.
62
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Investments |
Principal |
Value | ||||
U.S. GOVERNMENT BONDS AND NOTES (continued) | ||||||
Federal Farm Credit Banks Funding Corp., 2.78%, 12/01/36 |
$ |
38,000 |
$ |
38,031 | ||
Federal Home Loan Banks, 1.15%, 12/10/24 |
|
45,000 |
|
45,010 | ||
Federal Home Loan Banks, 2.00%, 03/25/30 |
|
25,000 |
|
24,927 | ||
Federal Home Loan Banks, Series 0001, 1.50%, 11/23/26 |
|
160,000 |
|
159,852 | ||
Total U.S. Government Bonds
and Notes |
|
|
547,832 | |||
U.S. TREASURY NOTES — 9.2% | ||||||
U.S. Treasury Note, 0.25%, 08/31/25 |
|
58,000 |
|
56,212 | ||
U.S. Treasury Note, 0.75%, 08/31/26 |
|
146,000 |
|
142,829 | ||
U.S. Treasury Note, 0.88%, 09/30/26 |
|
61,000 |
|
59,961 | ||
U.S. Treasury Note, 1.25%, 11/30/26 |
|
4,000 |
|
4,001 | ||
U.S. Treasury Note, 1.13%, 08/31/28 |
|
45,000 |
|
44,176 | ||
U.S. Treasury Note, 1.38%, 11/15/31(a) |
|
38,000 |
|
37,569 | ||
Total U.S. Treasury Notes (Cost $345,726) |
|
|
344,748 | |||
ASSET BACKED SECURITIES — 6.8% | ||||||
Auto Manufacturers — 2.1% |
|
|
||||
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26 |
|
30,000 |
|
29,843 | ||
Exeter Automobile Receivables Trust, Class B, Series 2021-3A, 0.69%, 01/15/26 |
|
50,000 |
|
49,688 | ||
Total Auto Manufacturers |
|
|
79,531 | |||
Diversified Financial Services — 4.7% | ||||||
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25‡ |
|
26,393 |
|
26,356 | ||
Drive Auto Receivables Trust, Class A3, Series 2021-3, 0.79%, 10/15/25 |
|
44,000 |
|
43,919 | ||
GM Financial Automobile Leasing Trust, Class B, Series 2020-1, 1.84%, 12/20/23 |
|
18,000 |
|
18,114 | ||
Verizon Owner Trust 2020-C, Class B, Series 2020-C, 0.67%, 04/21/25 |
|
50,000 |
|
49,608 |
Investments |
Principal |
Value | ||||
ASSET BACKED SECURITIES (continued) |
||||||
Diversified Financial Services (continued) | ||||||
Volvo Financial Equipment LLC Series, Class A3, Series 2019-2A, 2.04%, 11/15/23‡ |
$ |
27,486 |
$ |
27,661 | ||
Westlake Automobile Receivables Trust, Class A3, Series 2021-3A, 0.95%, 06/16/25‡ |
|
10,000 |
|
9,982 | ||
Total Diversified Financial Services |
|
|
175,640 | |||
Total Asset Backed Securities (Cost $255,571) |
|
|
255,171 | |||
FOREIGN BONDS — 5.4% |
|
|
||||
Agriculture — 0.4% |
|
|
||||
BAT Capital Corp., 3.56%, 08/15/27 (United Kingdom) |
|
8,000 |
|
8,402 | ||
BAT Capital Corp., 4.91%, 04/02/30 (United Kingdom) |
|
7,000 |
|
7,873 | ||
Total Agriculture |
|
|
16,275 | |||
Banks — 2.6% |
|
|
||||
Bank of Montreal, 1.85%, 05/01/25 (Canada) |
|
5,000 |
|
5,080 | ||
Bank of Nova Scotia (The), 1.30%, 06/11/25 (Canada) |
|
11,000 |
|
10,950 | ||
Canadian Imperial Bank of Commerce, 2.25%, 01/28/25 (Canada) |
|
8,000 |
|
8,182 | ||
Royal Bank of Canada, Series G, 3.70%, 10/05/23 (Canada) |
|
8,000 |
|
8,394 | ||
Royal Bank of Canada, Series G, 2.30%, 11/03/31 (Canada) |
|
18,000 |
|
18,126 | ||
Toronto-Dominion Bank (The), 1.15%, 06/12/25 (Canada) |
|
23,000 |
|
22,835 | ||
Toronto-Dominion Bank (The), 1.25%, 09/10/26 (Canada) |
|
13,000 |
|
12,791 | ||
Westpac Banking Corp., 1.95%, 11/20/28 (Australia) |
|
9,000 |
|
8,979 | ||
Total Banks |
|
|
95,337 | |||
Beverages — 0.4% |
|
|
||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (Belgium) |
|
10,000 |
|
12,708 | ||
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29 (Belgium) |
|
3,000 |
|
3,498 | ||
Total Beverages |
|
|
16,206 |
See accompanying Notes to Financial Statements.
63
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Investments |
Principal/Shares |
Value | ||||
FOREIGN BONDS (continued) |
||||||
Multi-National — 0.9% |
|
|
||||
International Bank For Reconstruction & Development, 2.70%, 12/28/37 (Supranational) |
$ |
32,000 |
$ |
31,744 | ||
Oil & Gas — 0.5% |
|
|
||||
Shell International Finance BV, 2.38%, 11/07/29 (Netherlands) |
|
20,000 |
|
20,467 | ||
Pipelines — 0.6% |
|
|
||||
TransCanada Pipelines Ltd., 4.10%, 04/15/30 (Canada) |
|
21,000 |
|
23,472 | ||
Total Foreign Bonds
|
|
|
203,501 | |||
U.S. TREASURY BOND — 5.4% |
|
|
||||
U.S.
Treasury Bond, 2.00%, 11/15/41 |
|
197,000 |
|
199,940 | ||
MORTGAGE BACKED SECURITY — 0.3% | ||||||
Diversified Financial Services — 0.3% | ||||||
Citigroup
Commercial Mortgage Trust, Class A1, Series 2018-C6, 3.30%,
11/10/51 |
|
9,488 |
|
9,641 | ||
MONEY MARKET FUND — 3.1% | ||||||
BlackRock
Liquidity Funds FedFund Portfolio, Institutional Class, 12/31/49,
0.03%(b) |
|
117,227 |
|
117,227 |
Investments |
Principal |
Value | |||||
REPURCHASE AGREEMENT — 1.4%(c) |
| ||||||
Citigroup
Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be
received $52,597, (collateralized by various U.S. Government Agency
Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $53,649) |
$ |
52,597 |
$ |
52,597 |
| ||
Total Investments — 102.1% (Cost $3,824,759) |
|
|
3,816,062 |
| |||
Liabilities in Excess of Other Assets — (2.1%) |
|
|
(76,891 |
) | |||
Net Assets — 100.0% |
|
$ |
3,739,171 |
|
____________
LIBOR — London Interbank Offered Rate
REITS — Real Estate Investment Trusts
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $51,398; the aggregate market value of the collateral held by the fund is $52,597.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
64
ADVISORSHARES
NORTH SQUARE MCKEE ESG CORE BOND ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Corporate Bonds |
$ |
— |
$ |
1,335,357 |
$ |
— |
$ |
1,335,357 | ||||
U.S. Government Agency Securities |
|
— |
|
750,048 |
|
— |
|
750,048 | ||||
U.S. Government Bonds and Notes |
|
— |
|
547,832 |
|
— |
|
547,832 | ||||
U.S. Treasury Notes |
|
— |
|
344,748 |
|
— |
|
344,748 | ||||
Asset Backed Securities |
|
— |
|
255,171 |
|
— |
|
255,171 | ||||
Foreign Bonds |
|
— |
|
203,501 |
|
— |
|
203,501 | ||||
U.S. Treasury Bond |
|
— |
|
199,940 |
|
— |
|
199,940 | ||||
Mortgage Back Security |
|
— |
|
9,641 |
|
— |
|
9,641 | ||||
Money Market Fund |
|
117,227 |
|
— |
|
— |
|
117,227 | ||||
Repurchase Agreement |
|
— |
|
52,597 |
|
— |
|
52,597 | ||||
Total |
$ |
117,227 |
$ |
3,698,835 |
$ |
— |
$ |
3,816,062 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of
| |||
Aerospace/Defense |
0.4 |
% | |
Agriculture |
0.6 |
| |
Apparel |
0.3 |
| |
Auto Manufacturers |
3.3 |
| |
Banks |
12.8 |
| |
Beverages |
1.3 |
| |
Chemicals |
0.4 |
| |
Computers |
3.7 |
| |
Diversified Financial Services |
26.4 |
| |
Electric |
3.0 |
| |
Environmental Control |
0.2 |
| |
Healthcare – Services |
0.8 |
| |
Insurance |
0.4 |
| |
Internet |
1.9 |
| |
Machinery – Construction & Mining |
0.2 |
| |
Media |
1.1 |
| |
Multi-National |
0.9 |
| |
Oil & Gas |
2.0 |
| |
Pharmaceuticals |
0.7 |
| |
Pipelines |
0.6 |
| |
REITS |
0.1 |
| |
Retail |
1.5 |
| |
Semiconductors |
0.6 |
| |
Software |
1.6 |
|
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of
| |||
Telecommunications |
2.3 |
% | |
Transportation |
1.2 |
| |
U.S. Government Bond and Notes |
14.7 |
| |
United States Treasury Bond |
5.4 |
| |
United States Treasury Notes |
9.2 |
| |
Money Market Fund |
3.1 |
| |
Repurchase Agreement |
1.4 |
| |
Total Investments |
102.1 |
| |
Liabilities in Excess of Other Assets |
(2.1 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
65
Investments |
Shares |
Value | |||
COMMON STOCKS — 20.7% |
|
||||
Agriculture — 3.1% |
|
||||
Village Farms International, Inc. (Canada)* |
32,955 |
$ |
211,571 | ||
Chemicals — 3.4% |
|
||||
Scotts Miracle-Gro Co. (The) |
1,430 |
|
230,230 | ||
Machinery — 2.8% |
|
||||
Urban-GRO, Inc.* |
18,200 |
|
190,736 | ||
Pharmaceuticals — 2.7% |
|
||||
Intercure Ltd. (Israel)* |
28,832 |
|
186,832 | ||
Software — 2.6% |
|
||||
WM Technology, Inc.* |
30,437 |
|
182,013 | ||
Specialty Retail — 6.1% |
|
||||
GrowGeneration Corp.* |
14,185 |
|
185,114 | ||
Hydrofarm Holdings Group, Inc.* |
8,186 |
|
231,582 | ||
Total Specialty Retail |
|
416,696 | |||
Total Common Stocks
|
|
1,418,078 | |||
MONEY MARKET FUND — 28.7% | |||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(a) (Cost $1,965,861) |
1,965,861 |
|
1,965,861 | ||
Total Investments — 49.4% (Cost $3,471,278) |
|
3,383,939 | |||
Other Assets in Excess of Liabilities — 50.6% |
|
3,462,095 | |||
Net Assets — 100.0% |
$ |
6,846,034 |
____________
SOFR — Secured Overnight Financing Rate
* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
66
ADVISORSHARES
POSEIDON DYNAMIC CANNABIS ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
1,418,078 |
$ |
— |
$ |
— |
$ |
1,418,078 | ||||
Money Market Fund |
|
1,965,861 |
|
— |
|
— |
|
1,965,861 | ||||
Total |
$ |
3,383,939 |
$ |
— |
$ |
— |
$ |
3,383,939 |
Liabilities |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||||
Swaps† |
$ |
— |
$ |
(3,565 |
) |
$ |
— |
$ |
(3,565 |
) |
____________
† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
%
of | |||
Agriculture |
3.1 |
% | |
Chemicals |
3.4 |
| |
Machinery |
2.8 |
| |
Pharmaceuticals |
2.7 |
| |
Software |
2.6 |
| |
Specialty Retail |
6.1 |
| |
Money Market Fund |
28.7 |
| |
Total Investments |
49.4 |
| |
Other Assets in Excess of Liabilities |
50.6 |
| |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
67
ADVISORSHARES
POSEIDON DYNAMIC CANNABIS ETF December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity |
Number of
|
Annual
|
Payment
|
Termination
|
Notional
|
Fair Value |
Unrealized
| |||||||||||
Ascend Well |
789,966 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
$ |
790,321 |
$ |
789,966 |
$ |
(355 |
) | |||||||
AYR Wellness |
623,777 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
624,087 |
|
623,777 |
|
(310 |
) | |||||||
Columbia Care |
531,710 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
531,966 |
|
531,710 |
|
(256 |
) | |||||||
Cresco Labs |
510,822 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
511,103 |
|
510,822 |
|
(281 |
) | |||||||
Curaleaf Holdings SUB VOT |
666,450 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
666,813 |
|
666,450 |
|
(363 |
) | |||||||
Green Thumb Industries SUB VOT |
1,078,197 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
1,078,764 |
|
1,078,197 |
|
(567 |
) | |||||||
Jushi Holdings CL B SUB VOT |
496,493 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
496,755 |
|
496,493 |
|
(262 |
) | |||||||
Planet 13 Holdings |
269,194 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
269,344 |
|
269,194 |
|
(150 |
) | |||||||
Terrascend |
531,711 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
531,970 |
|
531,711 |
|
(259 |
) | |||||||
Trulieve Cannabis |
956,180 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
956,675 |
|
956,180 |
|
(495 |
) | |||||||
Verano Holdings |
629,554 |
SOFR + 1.00% |
Monthly |
11/20/2023 |
|
629,821 |
|
629,554 |
|
(267 |
) | |||||||
Net Unrealized Depreciation |
|
|
$ |
(3,565 |
) |
Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.
See accompanying Notes to Financial Statements.
68
Investments |
Shares/ Principal |
Value | ||||
COMMON STOCKS — 83.0% |
|
|
||||
Biotechnology — 55.1% |
|
|
||||
ATAI Life Sciences NV (Germany)* |
|
77,181 |
$ |
588,891 | ||
Bright Minds Biosciences, Inc. (Canada)* |
|
95,942 |
|
304,136 | ||
Cybin, Inc. (Canada)*(a) |
|
583,184 |
|
699,821 | ||
Enveric Biosciences, Inc.* |
|
300,524 |
|
279,487 | ||
GH Research PLC (Ireland)*(a) |
|
14,242 |
|
332,266 | ||
Mind Medicine MindMed, Inc.* |
|
417,522 |
|
576,180 | ||
PsyBio Therapeutics Corp.* |
|
1,691,178 |
|
270,589 | ||
Seelos Therapeutics, Inc.* |
|
196,677 |
|
320,584 | ||
Small Pharma, Inc. (Canada)* |
|
1,271,892 |
|
317,973 | ||
Total Biotechnology |
|
|
3,689,927 | |||
Healthcare – Services — 16.8% | ||||||
Field Trip Health Ltd. (Canada)*(a) |
|
228,340 |
|
561,716 | ||
Greenbrook TMS, Inc. (Canada)* |
|
64,214 |
|
280,615 | ||
Numinus Wellness, Inc. (Canada)* |
|
674,255 |
|
286,188 | ||
Total Healthcare – Services |
|
|
1,128,519 | |||
Pharmaceuticals — 11.1% |
|
|
||||
Compass Pathways PLC (United Kingdom)*(b) |
|
33,608 |
|
742,737 | ||
Total Common Stocks
|
|
|
5,561,183 | |||
MONEY MARKET FUND — 7.3% | ||||||
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
0.01%(c) |
|
486,995 |
|
486,995 | ||
REPURCHASE AGREEMENTS — 12.8%(d) | ||||||
BofA 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, 1.00%-5.00%, 09/01/28-01/01/61, totaling $253,980) |
$ |
249,000 |
|
249,000 | ||
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $107,344, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $109,589) |
|
107,343 |
|
107,343 |
Investments |
|
Value | |||||
REPURCHASE AGREEMENTS (continued) |
| ||||||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $253,980) |
$ |
249,000 |
$ |
249,000 |
| ||
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 $854,343) |
|
|
854,343 |
| |||
Total Investments — 103.1% (Cost $9,698,345) |
|
|
6,902,521 |
| |||
Liabilities in Excess of Other Assets — (3.1%) |
|
|
(204,493 |
) | |||
Net Assets — 100.0% |
|
$ |
6,698,028 |
|
____________
PLC — Public Limited Company
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $825,100; the aggregate market value of the collateral held by the fund is $854,343.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
69
ADVISORSHARES
PSYCHEDELICS ETF December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
Common Stocks |
$ |
5,561,183 |
$ |
— |
$ |
— |
$ |
5,561,183 | ||||
Money Market Fund |
|
486,995 |
|
— |
|
— |
|
486,995 | ||||
Repurchase Agreements |
|
— |
|
854,343 |
|
— |
|
854,343 | ||||
Swaps† |
|
— |
|
10,800 |
|
— |
|
10,800 | ||||
Total |
$ |
6,048,178 |
$ |
865,143 |
$ |
— |
$ |
6,913,321 |
Liabilities |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||||
Swaps† |
$ |
— |
$ |
(252,172 |
) |
$ |
— |
$ |
(252,172 |
) |
____________
† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
% of
| |||
Biotechnology |
55.1 |
% | |
Healthcare – Services |
16.8 |
| |
Pharmaceuticals |
11.1 |
| |
Money Market Fund |
7.3 |
| |
Repurchase Agreements |
12.8 |
| |
Total Investments |
103.1 |
| |
Liabilities in Excess of Other Assets |
(3.1 |
) | |
Net Assets |
100.0 |
% |
See accompanying Notes to Financial Statements.
70
ADVISORSHARES
PSYCHEDELICS ETF December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity |
Number
|
Annual
|
Payment
|
Termination
|
Notional
|
Fair Value |
Unrealized
| |||||||||||
Betterlife Pharma |
110,000 |
— |
— |
9/19/2022 |
$ |
24,938 |
$ |
18,711 |
$ |
(6,227 |
) | |||||||
Core One Labs |
90,000 |
— |
— |
9/19/2022 |
|
99,949 |
|
48,870 |
|
(51,079 |
) | |||||||
Empower Clinics |
90,000 |
— |
— |
9/19/2022 |
|
30,268 |
|
21,600 |
|
(8,668 |
) | |||||||
Haven Life Sciences |
100,000 |
— |
— |
9/19/2022 |
|
19,091 |
|
13,330 |
|
(5,761 |
) | |||||||
Mindcure Health |
130,000 |
— |
— |
9/19/2022 |
|
30,396 |
|
19,630 |
|
(10,766 |
) | |||||||
Mindset Pharma |
130,000 |
— |
— |
9/19/2022 |
|
76,703 |
|
87,503 |
|
10,800 |
| |||||||
Mydecine Innovations |
345,000 |
— |
— |
9/19/2022 |
|
93,637 |
|
38,019 |
|
(55,618 |
) | |||||||
Novamind |
40,000 |
— |
— |
9/19/2022 |
|
27,601 |
|
16,741 |
|
(10,860 |
) | |||||||
Optimi Health |
40,000 |
— |
— |
9/19/2022 |
|
21,689 |
|
14,848 |
|
(6,841 |
) | |||||||
Psyched Wellness |
160,000 |
— |
— |
9/19/2022 |
|
23,201 |
|
14,928 |
|
(8,273 |
) | |||||||
Red Light Holland |
125,000 |
— |
— |
9/19/2022 |
|
19,989 |
|
13,125 |
|
(6,864 |
) | |||||||
Revive Therapeutics |
160,000 |
— |
— |
9/19/2022 |
|
60,723 |
|
42,880 |
|
(17,843 |
) | |||||||
Tryp Therapeutics |
140,000 |
— |
— |
9/19/2022 |
|
39,076 |
|
30,380 |
|
(8,696 |
) | |||||||
Wesana Health |
71,000 |
— |
— |
9/19/2022 |
|
134,196 |
|
79,520 |
|
(54,676 |
) | |||||||
Net Unrealized Depreciation |
|
|
$ |
(241,372 |
) |
Morgan Stanley acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.
See accompanying Notes to Financial Statements.
71
|
|
Value | |||
COMMON STOCKS — 56.5% |
|
||||
Agriculture — 14.6% |
|
||||
Village Farms International, Inc. (Canada)* |
4,371,653 |
$ |
28,066,012 | ||
Distributors — 1.1% |
|
||||
Greenlane Holdings, Inc., Class A* |
572,931 |
|
552,363 | ||
High Tide, Inc. (Canada)*(a) |
351,447 |
|
1,493,650 | ||
Total Distributors |
|
2,046,013 | |||
Investment Company — 3.0% |
|
||||
RIV Capital, Inc. (Canada)*(a) |
4,985,540 |
|
5,723,020 | ||
Pharmaceuticals — 13.1% |
|
||||
Aleafia Health, Inc. (Canada)*(a) |
1,784,244 |
|
190,692 | ||
Canopy Growth Corp. (Canada)* |
698,260 |
|
6,095,810 | ||
Cardiol Therapeutics, Inc., Class A (Canada)*(a) |
1,020,086 |
|
1,881,645 | ||
cbdMD, Inc.* |
1,080,817 |
|
1,167,282 | ||
Charlottes Web Holdings, Inc.* |
1,306,092 |
|
1,323,515 | ||
Entourage Health Corp. (Canada)* |
694,003 |
|
43,954 | ||
Green Organic Dutchman Holdings Ltd. (The) (Canada)* |
549,594 |
|
41,334 | ||
Hempfusion Wellness, Inc. (Canada)* |
1,927,897 |
|
282,418 | ||
IM Cannabis Corp. (Canada)*(a) |
692,947 |
|
2,314,443 | ||
Intercure Ltd. (Israel)*(a) |
159,194 |
|
1,026,801 | ||
Jazz Pharmaceuticals PLC*(a) |
15,606 |
|
1,988,204 | ||
Khiron Life Sciences Corp. (Canada)*(a) |
317,070 |
|
52,713 | ||
PharmaCielo Ltd. (Canada)* |
387,433 |
|
300,585 | ||
Tilray, Inc., Class 2 (Canada)*(a) |
1,014,206 |
|
7,129,868 | ||
Valens Co., Inc. (The) (Canada)*(a) |
573,556 |
|
1,412,152 | ||
Total Pharmaceuticals |
|
25,251,416 | |||
REITS — 20.6% |
|
||||
Innovative Industrial Properties, Inc. |
139,954 |
|
36,795,306 | ||
Power REIT* |
39,455 |
|
2,718,055 | ||
Total REITS |
|
39,513,361 | |||
Specialty Retail — 4.1% |
|
||||
Agrify Corp.*(a) |
65,926 |
|
606,519 | ||
GrowGeneration Corp.*(a) |
550,536 |
|
7,184,495 | ||
Total Specialty Retail |
|
7,791,014 | |||
Total Common Stocks |
|
108,390,836 |
Investments |
Shares/ |
Value | ||||
EXCHANGE TRADED FUND — 34.4% | ||||||
Equity Fund — 34.4% |
|
|
||||
AdvisorShares
Pure US Cannabis ETF*† |
|
2,577,172 |
$ |
65,949,832 | ||
MONEY MARKET FUNDS — 0.7% | ||||||
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) |
|
413,000 |
|
413,000 | ||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) |
|
138,448 |
|
138,448 | ||
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c) |
|
206,000 |
|
206,000 | ||
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c) |
|
413,000 |
|
413,000 | ||
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) |
|
206,000 |
|
206,000 | ||
Total Money Market Funds
|
|
|
1,376,448 | |||
REPURCHASE AGREEMENTS — 1.7%(c) | ||||||
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,065,830, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $1,087,143) |
$ |
1,065,826 |
|
1,065,826 | ||
Credit Suisse AG, dated 12/31/21, due 01/03/22, 0.03%, total to be received $143,789, (collateralized by various U.S. Government Agency Obligations, 1.25%-1.25%, 12/31/26-04/30/28, totaling $146,665) |
|
143,789 |
|
143,789 | ||
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $1,065,830, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $1,087,143) |
|
1,065,826 |
|
1,065,826 |
See accompanying Notes to Financial Statements.
72
ADVISORSHARES
PURE CANNABIS ETF 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 $1,065,830, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $1,087,143) |
$ |
1,065,826 |
$ |
1,065,826 | ||
Total Repurchase Agreements (Cost $3,341,267) |
|
|
3,341,267 | |||
Total Investments — 93.3% (Cost $254,902,077) |
|
|
179,058,383 | |||
Other Assets in Excess of Liabilities — 6.7% |
|
|
12,857,660 | |||
Net Assets — 100.0% |
|
$ |
191,916,043 |
____________
ETF — Exchange Traded Fund
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $12,761,141; the aggregate market value of the collateral held by the fund is $13,681,707. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $9,102,440.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.