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

Semi-Annual Report

December 31, 2021

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

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC		1
Shareholder Expense Examples		3
Schedules of Investments
AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)		7
AdvisorShares Dorsey Wright ADR ETF (AADR)		11
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)		14
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)		17
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)		18
AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)		20
AdvisorShares Dorsey Wright Short ETF (DWSH)		25
AdvisorShares DoubleLine Value Equity ETF (DBLV)		29
AdvisorShares Focused Equity ETF (CWS)		32
AdvisorShares Gerber Kawasaki ETF (GK)		34
AdvisorShares Hotel ETF (BEDZ)		37
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)		39
AdvisorShares North Square McKee Core Reserves ETF (HOLD) [formerly, AdvisorShares Sage Core Reserves ETF (HOLD)]		56
AdvisorShares North Square McKee ESG Core Bond ETF (MENV) [formerly, AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB)]		60
AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)		66
AdvisorShares Psychedelics ETF (PSIL)		69
AdvisorShares Pure Cannabis ETF (YOLO)		72
AdvisorShares Pure US Cannabis ETF (MSOS)		76
AdvisorShares Q Dynamic Growth ETF (QPX)		80
AdvisorShares Q Portfolio Blended Allocation ETF (QPT)		82
AdvisorShares Ranger Equity Bear ETF (HDGE)		84
AdvisorShares Restaurant ETF (EATZ)		88
AdvisorShares STAR Global Buy-Write ETF (VEGA)		90
AdvisorShares Vice ETF (VICE)		93
Statements of Assets and Liabilities		96
Statements of Operations		102
Statements of Changes in Net Assets		108
Financial Highlights		120
Notes to Financial Statements		132
Liquidity Risk Management Program		155
Board Review of Investment Advisory and Sub-Advisory Agreements		156
Supplemental Information		164

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2021

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

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

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

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

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

Sincerest regards,

Noah Hamman

CEO, AdvisorShares Investments

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

Investing involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.

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

ADVISORSHARES TRUST

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

December 31, 2021

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

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

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

Fund Name	Beginning Account Value 7/1/2021		Ending Account Value 12/31/2021		Annualized Expense Ratio for the Period		Expenses Paid
AdvisorShares Alpha DNA Equity Sentiment ETF
Actual	$	1,000.00	$	1,001.20	0.95	%	$	4.79	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.42	0.95	%	$	4.84
AdvisorShares Dorsey Wright ADR ETF
Actual	$	1,000.00	$	973.30	0.94	%	$	4.68	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.47	0.94	%	$	4.79
AdvisorShares Dorsey Wright Alpha Equal Weight ETF
Actual	$	1,000.00	$	1,023.20	0.91	%	$	4.64	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.62	0.91	%	$	4.63
AdvisorShares Dorsey Wright FSM All Cap World ETF(7)
Actual	$	1,000.00	$	1,048.10	0.88	%	$	4.54	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.77	0.88	%	$	4.48

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2021		Ending Account Value 12/31/2021		Annualized Expense Ratio for the Period		Expenses Paid
AdvisorShares Dorsey Wright FSM US Core ETF(7)
Actual	$	1,000.00	$	1,101.50	0.89	%	$	4.71	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.72	0.89	%	$	4.53
AdvisorShares Dorsey Wright Micro Cap ETF
Actual	$	1,000.00	$	1,040.50	1.25	%	$	6.43	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.90	1.25	%	$	6.36
AdvisorShares Dorsey Wright Short ETF
Actual	$	1,000.00	$	994.00	1.25	%	$	6.28	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.90	1.25	%	$	6.36
AdvisorShares DoubleLine Value ETF
Actual	$	1,000.00	$	1,040.40	0.90	%	$	4.63	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.67	0.90	%	$	4.58
AdvisorShares Focused Equity ETF
Actual	$	1,000.00	$	1,129.40	0.65	%	$	3.51	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.91	0.65	%	$	3.33
AdvisorShares Gerber Kawasaki ETF
Actual	$	1,000.00	$	1,058.70	0.75	%	$	3.87	(2)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.31	0.75	%	$	3.80
AdvisorShares Hotel ETF
Actual	$	1,000.00	$	1,081.30	0.99	%	$	5.19	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21	0.99	%	$	5.04
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	997.50	0.75	%	$	3.78	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.42	0.75	%	$	3.82
AdvisorShares North Square McKee Core Reserves ETF(3)
Actual	$	1,000.00	$	999.60	0.35	%	$	1.76	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.44	0.35	%	$	1.79
AdvisorShares North Square McKee ESG Core Bond ETF(4)
Actual	$	1,000.00	$	1,003.60	0.47	%	$	2.37	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,022.84	0.47	%	$	2.40

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2021		Ending Account Value 12/31/2021		Annualized Expense Ratio for the Period		Expenses Paid
AdvisorShares Poseidon Dynamic Cannabis ETF
Actual	$	1,000.00	$	782.50	0.99	%	$	1.09	(5)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,004.94	0.99	%	$	1.22
AdvisorShares Psychedelics ETF
Actual	$	1,000.00	$	558.20	0.99	%	$	2.26	(6)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,011.76	0.99	%	$	2.92
AdvisorShares Pure Cannabis ETF
Actual	$	1,000.00	$	642.10	0.71	%	$	2.94	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.63	0.71	%	$	3.62
AdvisorShares Pure US Cannabis ETF
Actual	$	1,000.00	$	636.40	0.71	%	$	2.93	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.63	0.71	%	$	3.62
AdvisorShares Q Dynamic Growth ETF(7)
Actual	$	1,000.00	$	1,086.60	1.15	%	$	6.05	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.41	1.15	%	$	5.85
AdvisorShares Q Portfolio Blended Allocation ETF(7)
Actual	$	1,000.00	$	1,049.50	0.99	%	$	5.11	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21	0.99	%	$	5.04
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	1,073.40	1.72	%	$	8.99	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.53	1.72	%	$	8.74
AdvisorShares Restaurant ETF
Actual	$	1,000.00	$	963.60	0.99	%	$	4.90	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21	0.99	%	$	5.04
AdvisorShares STAR Global Buy-Write ETF(7)
Actual	$	1,000.00	$	1,037.30	1.85	%	$	9.50	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.88	1.85	%	$	9.40
AdvisorShares Vice ETF
Actual	$	1,000.00	$	922.70	0.99	%	$	4.80	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21	0.99	%	$	5.04

____________

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

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

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

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

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

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

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

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

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

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

December 31, 2021 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Semiconductors — 19.4%
Advanced Micro Devices, Inc.*	5,271	$	758,497
Alpha & Omega Semiconductor Ltd.*	13,479		816,288
Ambarella, Inc.*	3,917		794,720
Axcelis Technologies, Inc.*	11,292		841,932
Broadcom, Inc.	1,218		810,469
Diodes, Inc.*	7,332		805,127
Lattice Semiconductor Corp.*	10,212		786,937
MaxLinear, Inc.*	10,719		808,106
Microchip Technology, Inc.	9,266		806,698
NVIDIA Corp.	2,643		777,333
NXP Semiconductors NV (China)	3,519		801,558
Onto Innovation, Inc.*	7,997		809,536
QUALCOMM, Inc.	4,405		805,542
Semtech Corp.*	9,154		814,065
Silicon Motion Technology Corp. (Taiwan)(a)	8,679		824,765
Synaptics, Inc.*	2,827		818,445
Ultra Clean Holdings, Inc.*	13,866		795,354
Wolfspeed, Inc.*	7,255		810,891
Total Semiconductors			14,486,263
Software — 17.1%
BigCommerce Holdings, Inc., Series 1*	21,633		765,159
Black Knight, Inc.*	10,069		834,619
Box, Inc., Class A*	29,739		778,864
Confluent, Inc., Class A*	10,690		815,006
Coupa Software, Inc.*	5,089		804,317
Datto Holding Corp.*	30,571		805,546
Evolent Health, Inc., Class A*	30,311		838,705
HubSpot, Inc.*	1,203		792,957
Microsoft Corp.	2,403		808,177
Monday.com Ltd.*	2,662		821,813
PubMatic, Inc., Class A*	23,786		809,913
RingCentral, Inc., Class A*	4,259		797,924
Snowflake, Inc., Class A*	2,330		789,288
Sprout Social, Inc., Class A*	8,504		771,228
Veritone, Inc.*(b)	35,005		786,912
Workiva, Inc.*	6,026		786,333
Total Software			12,806,761

Investments	Shares/ Principal	Value
COMMON STOCKS (continued)
Telecommunications — 2.3%
Arista Networks, Inc.*	5,535	$	795,656
Calix, Inc.*	11,893		951,083
Total Telecommunications			1,746,739
Total Common Stocks (Cost $71,462,067)			73,281,570
MONEY MARKET FUND — 2.8%
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(c) (Cost $2,074,909)	2,074,909		2,074,909

	Notional Amount		Contracts
PURCHASED PUT OPTIONS — 1.5%
iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $205.00	$	22,714,000		1,108	422,702
iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $206.00		21,279,800		1,033	412,683
SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $425.00		17,807,500		419	261,875
SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $430.00		3,569,000		83	56,938
Total Purchased Put Options (Cost $1,910,943)					1,154,198
REPURCHASE AGREEMENTS — 0.5%(d)
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $157,671, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $160,823)			$	157,670	157,670

See accompanying Notes to Financial Statements.

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

December 31, 2021 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $253,980)	$	249,000	$	249,000
Total Repurchase Agreements (Cost $406,670)				406,670
Total Investments — 102.8% (Cost $75,854,589)				76,917,347
Liabilities in Excess of Other Assets — (2.8%)				(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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

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

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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		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	Principal		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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments

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) (Cost $95,368)	95,368		95,368

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)

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.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments

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) (Cost $176,930)	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

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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		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	Principal		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.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

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.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

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.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		Value
MONEY MARKET FUND — 0.2%
STIT — Government & Agency Portfolio, Institutional Class, 0.03%(b) (Cost $17,710)		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.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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 Net Assets
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.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

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.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

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

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.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
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 Net Assets
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 Holding Name		Value at 6/30/2021			Purchases/ Additions			Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)				Number of Shares at 12/31/2021		Value at 12/31/2021			Dividend Income
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.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		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	Principal		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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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) (Cost $362,804)	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.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		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	Principal		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.

See accompanying Notes to Financial Statements.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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 Net Assets
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 Holding Name		Value at 6/30/2021			Purchases/ Additions			Sales/ Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Number of Shares at 12/31/2021		Value at 12/31/2021			Capital Gain Distribution
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.

ADVISORSHARES HOTEL ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	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/ Principal		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 (Cost $8,294,898)				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) (Cost $144,598)	$	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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES HOTEL ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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 (Cost $31,288,917)				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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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 (Cost $24,277,878)				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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Materials — 1.0%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.13%, 08/15/26‡	$	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 (Cost $19,470,098)				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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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 (Cost $10,662,773)				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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

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 (Cost $5,691,296)				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) (Cost $126,678)		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.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $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 (Cost $2,854,012)				2,854,012
Total Investments — 102.8% (Cost $101,655,039)				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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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 Net Assets
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.

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
(formerly AdvisorShares Sage Core Reserves ETF)
Schedule of Investments

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 (Cost $16,513,781)				16,511,663

See accompanying Notes to Financial Statements.

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued)

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 (Cost $8,078,157)				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 (Cost $3,130,117)				3,127,348

See accompanying Notes to Financial Statements.

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Principal/ Shares		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 (Cost $2,459,127)				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.

(a) Rate shown reflects the 7-day yield as of December 31, 2021.

See accompanying Notes to Financial Statements.

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
(formerly AdvisorShares FolioBeyond Smart Core Bond ETF)
Schedule of Investments

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%, (SOFR + 0.53%), 05/30/25@		8,000		7,901
Morgan Stanley, 1.59%, (SOFR + 0.88%), 05/04/27@		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.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

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.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

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 (Cost $1,337,290)				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 (Cost $751,993)				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.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

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 (Cost $547,584)				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.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

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 (Cost $203,986)				203,501
U.S. TREASURY BOND — 5.4%
U.S. Treasury Bond, 2.00%, 11/15/41 (Cost $203,107)		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 (Cost $9,678)		9,488		9,641
MONEY MARKET FUND — 3.1%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 12/31/49, 0.03%(b) (Cost $117,227)		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) (Cost $52,597)	$	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.

(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.

See accompanying Notes to Financial Statements.

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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 Net Assets
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.

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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 (Cost $1,505,417)			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.

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2021:

Reference Entity	Number of Contracts	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
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	)

See accompanying Notes to Financial Statements.

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments

December 31, 2021 (Unaudited)

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 (Cost $8,357,007)				5,561,183
MONEY MARKET FUND — 7.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c) (Cost $486,995)		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	Principal		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.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

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 Net Assets
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.

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2021:

Reference Entity	Number of Contracts	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
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.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	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 (Cost $176,872,761)			108,390,836

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUND — 34.4%
Equity Fund — 34.4%
AdvisorShares Pure US Cannabis ETF*† (Cost $73,311,601)		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 (Cost $1,376,448)				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.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $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.

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	108,390,836	$	—	$	—	$	108,390,836
Exchange Traded Fund		65,949,832		—		—		65,949,832
Money Market Funds		1,376,448		—		—		1,376,448
Repurchase Agreements		—		3,341,267		—		3,341,267
Total	$	175,717,116	$	3,341,267	$	—	$	179,058,383

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	—	$	(9,751,143	)	$	—	$	(9,751,143	)
Total	$	—	$	(9,751,143	)	$	—	$	(9,751,143	)

____________

† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture	14.6	%
Distributors	1.1
Equity Fund	34.4
Investment Company	3.0
Pharmaceuticals	13.1
REITS	20.6
Specialty Retail	4.1
Money Market Funds	0.7
Repurchase Agreements	1.7
Total Investments	93.3
Other Assets in Excess of Liabilities	6.7
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2021:

Reference Entity	Number of Contracts	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Ianthus Capital ORD	464,000	—	—	7/01/2022	$	108,907	$	45,426	$	(63,481	)
SOL Global Investments Corp	3,434,625	—	—	7/01/2022		12,046,595		8,105,715		(3,940,880	)
Terrascend ORD	1,300,000	—	—	7/01/2022		13,696,282		7,949,500		(5,746,782	)
Net Unrealized Depreciation									$	(9,751,143	)

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. As of December 31, 2021, cash in the amount of $0 has been segregated as collateral from the broker for Swap contracts.

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 Holding Name	Value at 6/30/2021		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2021	Value at 12/31/2021		Capital Gain Distribution
AdvisorShares Pure US Cannabis ETF†	$	—	$	73,925,430	$	(559,971	)	$	(53,858	)	$	(7,361,769	)	2,577,172	$	65,949,832	$	180,376
Intec Pharma Ltd.*		1,537,238		—		(899,998	)		(2,574,872	)		1,937,632		—		—		—
Village Farms International, Inc.*		53,391,095		—		(5,355,469	)		2,082,267			(22,051,881	)	—		—		—
Total	$	54,928,333	$	73,925,431	$	(6,815,438	)	$	(546,463	)	$	(27,476,018	)	2,577,172	$	65,949,832	$	180,376

____________

* Security is no longer an affiliated company at period end.

† Affiliated Company.

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 21.9%
Investment Company — 0.4%
RIV Capital, Inc. (Canada)*	4,446,025	$	5,103,698
Machinery — 0.6%
Urban-GRO, Inc.*†	610,156		6,394,435
Pharmaceuticals — 0.1%
Hempfusion Wellness, Inc. (Canada)*	7,098,596		1,039,873
REITS — 11.0%
AFC Gamma, Inc.	227,741		5,183,385
Innovative Industrial Properties, Inc.	376,447		98,971,681
Power REIT*†	317,572		21,877,535
Total REITS			126,032,601
Specialty Retail — 9.8%
Agrify Corp.*†(a)	2,361,255		21,723,546
GrowGeneration Corp.*†(a)	3,424,075		44,684,179
Hydrofarm Holdings Group, Inc.*(a)	1,630,388		46,123,677
Total Specialty Retail			112,531,402
Total Common Stocks (Cost $320,887,614)			251,102,009
MONEY MARKET FUNDS — 51.0%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c)	730,000		730,000
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b)	581,661,020		581,661,020
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c)	325,000		325,000
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c)	325,000		325,000
Total Money Market Funds (Cost $583,041,020)			583,041,020

Investments	Principal		Value
REPURCHASE AGREEMENTS — 0.7%(c)
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $1,274,070, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $1,300,719)	$	1,274,064	$	1,274,064
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,186, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $2,088,122)		2,047,178		2,047,178
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,187, (collateralized by various U.S. Government Agency Obligations, 1.64%-4.50%, 03/01/31-12/01/51, totaling $2,088,122)		2,047,178		2,047,178
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,187, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $2,088,122)		2,047,178		2,047,178
Total Repurchase Agreements (Cost $7,415,598)				7,415,598
Total Investments — 73.6% (Cost $911,344,232)				841,558,627
Other Assets in Excess of Liabilities — 26.4%				302,135,242
Net Assets — 100.0%			$	1,143,693,869

____________

REITS — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

* Non-income producing security.

† Affiliated Company.

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,622,122; the aggregate market value of the collateral held by the fund is $9,128,577. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $332,979.

(b) Rate shown reflects the 7-day yield as of December 31, 2021.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	251,102,009	$	—	$	—	$	251,102,009
Money Market Funds		583,041,020		—		—		583,041,020
Repurchase Agreements		—		7,415,598		—		7,415,598
Total	$	834,143,029	$	7,415,598	$	—	$	841,558,627

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	—	$	(211,929,221	)	$	—	$	(211,929,221	)
Total	$	—	$	(211,929,221	)	$	—	$	(211,929,221	)

____________

† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Investment Company	0.4	%
Machinery	0.6
Pharmaceuticals	0.1
REITS	11.0
Specialty Retail	9.8
Money Market Funds	51.0
Repurchase Agreements	0.7
Total Investments	73.6
Other Assets in Excess of Liabilities	26.4
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2021:

Reference Entity	Number of Contracts	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
4Front Ventures ORD	20,016,571	—	—	9/02/2022	$	27,357,774	$	20,216,737	$	(7,141,037	)
4Front Ventures ORD	600,000	SOFR + 1.00%	Monthly	9/02/2022		606,602		606,000		(602	)
Acreage Holdings FX SUB VOT CL E ORD	2,438,467	—	—	9/02/2022		4,978,339		4,096,624		(881,715	)
AYR Wellness	1,130,000	—	—	9/02/2022		31,800,033		17,153,400		(14,646,633	)
AYR Wellness	2,620,911	SOFR + 1.00%	Monthly	9/02/2022		39,826,152		39,785,429		(40,723	)
C21 Investments ORD	7,877,268	—	—	9/02/2022		10,556,970		3,955,176		(6,601,794	)
Columbia Care ORD	2,851,401	—	—	9/02/2022		20,114,524		8,156,432		(11,958,092	)
Columbia Care ORD	9,715,773	SOFR + 1.00%	Monthly	9/02/2022		27,821,686		27,791,969		(29,717	)
Cresco Labs ORD	3,911,025	—	—	9/02/2022		51,002,428		26,086,537		(24,915,891	)
Cresco Labs ORD	8,411,618	SOFR + 1.00%	Monthly	9/02/2022		56,171,212		56,105,492		(65,720	)
Curaleaf Holdings SUB VOT ORD	3,760,000	—	—	9/02/2022		55,905,167		33,840,000		(22,065,167	)
Curaleaf Holdings SUB VOT ORD	8,278,295	SOFR + 1.00%	Monthly	9/02/2022		74,579,443		74,504,655		(74,788	)
Gage Growth	2,503,000	—	—	9/02/2022		5,273,200		4,480,370		(792,830	)
Glass House Brands	750,000	—	—	9/02/2022		5,737,030		2,874,375		(2,862,655	)
Goodness Growth Hold	4,140,230	—	—	9/02/2022		12,790,717		7,079,793		(5,710,924	)
Gramf Tpco ORD	5,592,948	—	—	9/02/2022		34,144,823		7,774,198		(26,370,625	)
Green Thumb Industries SUB VOT ORD	1,547,178	—	—	9/02/2022		49,103,244		34,286,223		(14,817,021	)
Green Thumb Industries SUB VOT ORD	4,748,042	SOFR + 1.00%	Monthly	9/02/2022		105,316,567		105,218,937		(97,630	)
Jushi Holdings CL B SUB VOT ORD	6,226,698	—	—	9/02/2022		32,093,059		20,236,769		(11,856,290	)
Jushi Holdings CL B SUB VOT ORD	1,450,000	SOFR + 1.00%	Monthly	9/02/2022		4,717,387		4,712,500		(4,887	)
Lowell Farms ORD	4,564,503	—	—	9/02/2022		6,072,717		1,453,109		(4,619,608	)
Planet 13 Holdings ORD	2,625,509	—	—	9/02/2022		19,117,629		7,771,507		(11,346,122	)
Planet 13 Holdings ORD	4,133,776	SOFR + 1.00%	Monthly	9/02/2022		12,250,808		12,235,977		(14,831	)
Terrascend ORD	2,354,905	—	—	9/02/2022		25,557,085		14,400,244		(11,156,841	)
Terrascend ORD	5,751,676	SOFR + 1.00%	Monthly	9/02/2022		35,204,326		35,171,499		(32,827	)
Trulieve Cannabis ORD	2,181,888	—	—	9/02/2022		76,032,126		56,750,907		(19,281,219	)
Trulieve Cannabis ORD	3,603,533	SOFR + 1.00%	Monthly	9/02/2022		93,819,224		93,727,893		(91,331	)
Vapen Mj Ventures ORD	4,856,256	—	—	9/02/2022		4,387,665		2,476,690		(1,910,975	)
Verano Holdings ORD	3,500,784	—	—	9/02/2022		56,536,910		44,039,863		(12,497,047	)
Verano Holdings ORD	4,330,000	SOFR + 1.00%	Monthly	9/02/2022		54,515,079		54,471,400		(43,679	)
Net Unrealized Depreciation									$	(211,929,221	)

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

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 Holding Name	Value at 6/30/2021		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2021	Value at 12/31/2021		Dividend Income
Agrify Corp.	$	—	$	39,262,092	$	(1,582,941	)	$	(39,793	)	$	(15,915,812	)	2,361,255	$	21,723,546	$	—
GrowGeneration Corp.		40,177,305		61,370,273		(8,004,252	)		(760,323	)		(48,098,824	)	3,424,075		44,684,179		—
Power REIT		6,923,139		8,475,013		(288,346	)		155,113			6,612,616		317,572		21,877,535		—
Urban-GRO, Inc.		—		7,634,315		(343,391	)		(3,937	)		(892,552	)	610,156		6,394,435		—
Total	$	47,100,444	$	116,741,693	$	(10,218,930	)	$	(648,940	)	$	(58,294,572	)	6,713,058	$	94,679,695	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	Value
EXCHANGE TRADED FUNDS — 97.8%
Equity Fund — 97.8%
First Trust Dow Jones Internet Index Fund*(a)	96,497	$	21,820,867
Invesco QQQ Trust Series 1	125,961		50,113,584
iShares Russell 2000 Growth ETF	16,434		4,815,984
Technology Select Sector SPDR Fund	220,080		38,265,309
Vanguard Total Stock Market ETF	37,993		9,173,030
Total Exchange Traded Funds (Cost $111,900,336)			124,188,774
MONEY MARKET FUNDS — 5.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c)	944,000		944,000
Federated Government Obligations Fund, Institutional Class, 0.03%(b)(c)	641,000		641,000
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(b)	2,835,611		2,835,611
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c)	944,000		944,000
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c)	857,000		857,000
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(b)(c)	857,000		857,000
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c)	383,000		383,000
Total Money Market Funds (Cost $7,461,611)			7,461,611

Investments	Principal		Value
REPURCHASE AGREEMENTS — 4.3%(c)
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,352,822, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $2,399,868)	$	2,352,812	$	2,352,812
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $777,125, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $792,664)		777,122		777,122
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,352,822, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $2,399,868)		2,352,812		2,352,812
Total Repurchase Agreements (Cost $5,482,746)				5,482,746
Total Investments — 108.0% (Cost $124,844,693)				137,133,131
Liabilities in Excess of Other Assets — (8.0%)				(10,173,788	)
Net Assets — 100.0%			$	126,959,343

____________

ETF — Exchange Traded Fund

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $9,791,429; the aggregate market value of the collateral held by the fund is $10,108,746.

(b) Rate shown reflects the 7-day yield as of December 31, 2021.

See accompanying Notes to Financial Statements.

ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	124,188,774	$	—	$	—	$	124,188,774
Money Market Funds		7,461,611		—		—		7,461,611
Repurchase Agreements		—		5,482,746		—		5,482,746
Total	$	131,650,385	$	5,482,746	$	—	$	137,133,131

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund	97.8	%
Money Market Funds	5.9
Repurchase Agreements	4.3
Total Investments	108.0
Liabilities in Excess of Other Assets	(8.0	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 98.0%
Commodity Fund — 11.5%
SPDR Gold Shares*		3,891	$	665,205
Debt Fund — 33.2%
iShares 20+ Year Treasury Bond ETF(a)		11,445		1,696,035
Vanguard Total Bond Market ETF		2,695		228,401
Total Debt Fund				1,924,436
Equity Fund — 53.3%
Invesco Nasdaq Internet ETF*(a)		2,843		612,240
Invesco QQQ Trust Series 1		3,521		1,400,830
Technology Select Sector SPDR Fund		6,217		1,080,950
Total Equity Fund				3,094,020
Total Exchange Traded Funds (Cost $5,379,021)				5,683,661
MONEY MARKET FUND — 2.2%
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(b) (Cost $125,848)		125,848		125,848
REPURCHASE AGREEMENTS — 37.1%(c)
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $510,498)	$	500,488		500,488
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $148,370, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $151,336)		148,369		148,369

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $510,498)	$	500,488	$	500,488
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 1.88%-6.50%, 01/20/27-05/20/51, totaling $510,498)		500,488		500,488
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $510,498)		500,488		500,488
Total Repurchase Agreements (Cost $2,150,321)				2,150,321
Total Investments — 137.3% (Cost $7,655,190)				7,959,830
Liabilities in Excess of Other Assets — (37.3%)				(2,161,981	)
Net Assets — 100.0%			$	5,797,849

____________

ETF — Exchange Traded Fund

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,105,200; the aggregate market value of the collateral held by the fund is $2,150,321.

(b) Rate shown reflects the 7-day yield as of December 31, 2021.

See accompanying Notes to Financial Statements.

ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	5,683,661	$	—	$	—	$	5,683,661
Money Market Fund		125,848		—		—		125,848
Repurchase Agreements		—		2,150,321		—		2,150,321
Total	$	5,809,509	$	2,150,321	$	—	$	7,959,830

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commodity Fund	11.5	%
Debt Fund	33.2
Equity Fund	53.3
Money Market Fund	2.2
Repurchase Agreements	37.1
Total Investments	137.3
Liabilities in Excess of Other Assets	(37.3	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUND — 26.5%
Debt Fund — 26.5%
AdvisorShares North Square McKee Core Reserves ETF† (Cost $19,886,000)	200,000		$	19,680,000
MONEY MARKET FUNDS — 184.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(a)(b)	122,116,9712			122,116,972
Fidelity Institutional Money Market Government Portfolio — Class III, 0.01%(a)	15,441,488			15,441,488
Total Money Market Funds (Cost $137,558,460)				137,558,460
Total Investments Before Securities Sold, Not Yet Purchased (Cost $157,444,460)				157,238,460
Securities Sold, Not Yet Purchased — (81.8)%(c)
COMMON STOCKS — (81.8)%
Apparel — (3.1)%
Hanesbrands, Inc.	(140,000	)		(2,340,800	)
Auto Parts & Equipment — (2.8)%
American Axle & Manufacturing Holdings, Inc.*	(100,000	)		(933,000	)
BorgWarner, Inc.	(25,000	)		(1,126,750	)
Total Auto Parts & Equipment				(2,059,750	)
Banks — (7.6)%
Credit Suisse Group AG (Switzerland)(d)	(270,000	)		(2,602,800	)
Deutsche Bank AG (Germany)*	(175,000	)		(2,187,500	)
Mizuho Financial Group, Inc. (Japan)(d)	(350,000	)		(892,500	)
Total Banks				(5,682,800	)
Commercial Services — (3.2)%
Euronet Worldwide, Inc.*	(15,323	)		(1,826,042	)
Riot Blockchain, Inc.*	(25,000	)		(558,250	)
Total Commercial Services				(2,384,292	)
Computers — (1.4)%
NCR Corp.*	(25,000	)		(1,005,000	)

Investments	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services — (5.0)%
Capital One Financial Corp.	(6,000	)	$	(870,540	)
Nomura Holdings, Inc. (Japan)(d)	(318,614	)		(1,379,598	)
OneMain Holdings, Inc.	(30,000	)		(1,501,200	)
Total Diversified Financial Services				(3,751,338	)
Electrical Components & Equipment — (4.5)%
Universal Display Corp.	(20,200	)		(3,333,606	)
Entertainment — (2.3)%
Caesars Entertainment, Inc.*	(18,000	)		(1,683,540	)
Food — (1.1)%
Grocery Outlet Holding Corp.*	(30,000	)		(848,400	)
Hand/Machine Tools — (2.9)%
Snap-on, Inc.	(10,000	)		(2,153,800	)
Home Builders — (4.5)%
Thor Industries, Inc.	(18,000	)		(1,867,860	)
Winnebago Industries, Inc.	(20,000	)		(1,498,400	)
Total Home Builders				(3,366,260	)
Home Furnishings — (1.5)%
Leggett & Platt, Inc.	(27,000	)		(1,111,320	)
Housewares — (3.0)%
Newell Brands, Inc.	(102,906	)		(2,247,467	)
Insurance — (1.8)%
Goosehead Insurance, Inc., Class A	(10,000	)		(1,300,800	)
Internet — (1.2)%
Magnite, Inc.*	(50,000	)		(875,000	)
Leisure Time — (1.8)%
Malibu Boats, Inc., Class A*	(20,000	)		(1,374,600	)
Machinery – Construction & Mining — (3.4)%
Caterpillar, Inc.	(12,247	)		(2,531,945	)
Media — (2.1)%
Sinclair Broadcast Group, Inc., Class A	(60,000	)		(1,585,800	)
Real Estate — (1.4)%
KE Holdings, Inc. (China)*(d)	(50,000	)		(1,006,000	)

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
REITS — (4.4)%
Americold Realty Trust	(25,000	)	$	(819,750	)
JBG SMITH Properties	(40,000	)		(1,148,400	)
Two Harbors Investment Corp.	(225,000	)		(1,298,250	)
Total REITS				(3,266,400	)
Retail — (13.6)%
Carvana Co.*	(15,000	)		(3,476,850	)
FirstCash Holdings, Inc.	(10,000	)		(748,100	)
La-Z-Boy, Inc.	(22,393	)		(813,090	)
Ollie’s Bargain Outlet Holdings, Inc.*	(22,500	)		(1,151,775	)
O’Reilly Automotive, Inc.*	(2,500	)		(1,765,575	)
Restaurant Brands International, Inc. (Canada)	(35,000	)		(2,123,800	)
Total Retail				(10,079,190	)
Software — (7.3)%
Clear Secure, Inc., Class A*	(30,000	)		(941,100	)
Guidewire Software, Inc.*	(6,000	)		(681,180	)
Pegasystems, Inc.	(10,000	)		(1,118,200	)
Procore Technologies, Inc.*	(10,000	)		(799,700	)
PTC, Inc.*	(15,500	)		(1,877,825	)
Total Software				(5,418,005	)
Telecommunications — (1.9)%
Plantronics, Inc.*	(20,000	)		(586,800	)
Telefonaktiebolaget LM Ericsson (Sweden)(d)	(75,000	)		(815,250	)
Total Telecommunications				(1,402,050	)
Total Common Stocks (Cost $(60,932,362))				(60,808,163	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(60,932,362)]				(60,808,163	)
Total Investments — 129.6% (Cost $96,512,098)				96,430,297
Liabilities in Excess of Other Assets — (29.6%)				(22,050,613	)
Net Assets — 100.0%			$	74,379,684

____________

ETF — Exchange Traded Fund

REITS — Real Estate Investment Trusts

* Non-income producing security.

† Affiliated Company.

(a) Rate shown reflects the 7-day yield as of December 31, 2021.

(b) A portion of this security has been pledged as collateral for securities sold, not yet purchased.

(c) As of December 31, 2021 cash in the amount of $7,098,860 has been segregated as collateral from the broker for securities sold short.

(d) American Depositary Receipt.

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	19,680,000	$	—	$	—	$	19,680,000
Money Market Funds		137,558,460		—		—		137,558,460
Total	$	157,238,460	$	—	$	—	$	157,238,460

Liabilities		Level 1				Level 2			Level 3			Total
Common Stocks		$	(60,808,163	)		$	—		$	—		$	(60,808,163	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Apparel	(3.1	)%
Auto Parts & Equipment	(2.8	)
Banks	(7.6	)
Commercial Services	(3.2	)
Computers	(1.4	)
Debt Fund	26.5
Diversified Financial Services	(5.0	)
Electrical Components & Equipment	(4.5	)
Entertainment	(2.3	)
Food	(1.1	)
Hand/Machine Tools	(2.9	)
Home Builders	(4.5	)
Home Furnishings	(1.5	)
Housewares	(3.0	)
Insurance	(1.8	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Internet	(1.2	)%
Leisure Time	(1.8	)
Machinery – Construction & Mining	(3.4	)
Media	(2.1	)
Real Estate	(1.4	)
REITS	(4.4	)
Retail	(13.6	)
Software	(7.3	)
Telecommunications	(1.9	)
Money Market Funds	184.9
Total Investments	129.6
Liabilities in Excess of Other Assets	(29.6	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

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 Holding Name		Value at 6/30/2021			Purchases/ Additions			Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2021		Value at 12/31/2021			Dividend Income
AdvisorShares North Square McKee Core Reserves ETF		$	19,736,000		$	—		$	—		$	—		$	(56,000)		200,000		$	19,680,000		$	46,862

See accompanying Notes to Financial Statements.

ADVISORSHARES RESTAURANT ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 95.2%
Entertainment — 7.2%
RCI Hospitality Holdings, Inc.	3,778	$	294,231
Food — 1.1%
Sweetgreen, Inc., Class A*(a)	1,448		46,336
Internet — 2.0%
DoorDash, Inc., Class A*	380		56,582
Just Eat Takeaway.com NV (United Kingdom)*(a)(b)	2,332		25,092
Total Internet			81,674
Retail — 84.9%
BJ’s Restaurants, Inc.*	1,255		43,360
Bloomin’ Brands, Inc.*	7,870		165,113
Carrols Restaurant Group, Inc.	7,555		22,363
Cheesecake Factory, Inc. (The)*	2,130		83,389
Chipotle Mexican Grill, Inc.*	86		150,349
Chuy’s Holdings, Inc.*	3,985		120,028
Cracker Barrel Old Country Store, Inc.	256		32,932
Darden Restaurants, Inc.	1,119		168,566
Dave & Buster’s Entertainment, Inc.*	5,343		205,171
Del Taco Restaurants, Inc.	17,923		223,141
Denny’s Corp.*	9,304		148,864
Dine Brands Global, Inc.	1,018		77,174
Domino’s Pizza, Inc.	415		234,197
El Pollo Loco Holdings, Inc.*	6,680		94,789
Fiesta Restaurant Group, Inc.*	15,466		170,281
Jack in the Box, Inc.	1,745		152,653
McDonald’s Corp.	394		105,620
ONE Group Hospitality, Inc. (The)*	15,360		193,690
Papa John’s International, Inc.	1,780		237,577
Restaurant Brands International, Inc. (Canada)(a)	1,255		76,153
Ruth’s Hospitality Group, Inc.*	6,394		127,241
Shake Shack, Inc., Class A*	681		49,141
Starbucks Corp.	321		37,547
Texas Roadhouse, Inc.	418		37,319
Wendy’s Co. (The)	6,436		153,499
Wingstop, Inc.	1,157		199,930

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Retail (continued)
Yum China Holdings, Inc. (China)		869	$	43,311
Yum! Brands, Inc.		1,014		140,804
Total Retail				3,494,202
Total Common Stocks (Cost $4,017,777)				3,916,443
MONEY MARKET FUND — 5.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c) (Cost $219,887)		219,887		219,887
REPURCHASE AGREEMENT — 3.6%(d)
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $147,545, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $150,495) (Cost $147,544)	$	147,544		147,544
Total Investments — 104.1% (Cost $4,385,208)				4,283,874
Liabilities in Excess of Other Assets — (4.1%)				(168,402	)
Net Assets — 100.0%			$	4,115,472

____________

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $144,570; the aggregate market value of the collateral held by the fund is $147,544.

(b) American Depositary Receipt.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES RESTAURANT ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,916,443	$	—	$	—	$	3,916,443
Money Market Fund		219,887		—		—		219,887
Repurchase Agreement		—		147,544		—		147,544
Total	$	4,136,330	$	147,544	$	—	$	4,283,874

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Entertainment	7.2	%
Food	1.1
Internet	2.0
Retail	84.9
Money Market Fund	5.3
Repurchase Agreement	3.6
Total Investments	104.1
Liabilities in Excess of Other Assets	(4.1	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	Value
EXCHANGE TRADED FUNDS — 93.1%
Debt Fund — 13.7%
iShares Core Total USD Bond Market ETF(a)(b)	38,041	$	2,013,510
iShares TIPS Bond ETF(b)	9,038		1,167,710
iShares US Treasury Bond ETF	32,686		872,062
Total Debt Fund			4,053,282
Equity Fund — 79.4%
iShares Global Financials ETF	10,817		866,009
iShares MSCI EAFE ETF	75,463		5,937,429
iShares MSCI Emerging Markets ETF	17,319		846,033
iShares Russell 2000 ETF(b)	5,197		1,156,073
iShares Russell Mid-Cap Growth ETF(b)	15,253		1,757,451
iShares U.S. Energy ETF	32,501		978,280
SPDR S&P 500 ETF Trust(a)	23,071		10,957,802
Technology Select Sector SPDR Fund	5,719		994,362
Total Equity Fund			23,493,439
Total Exchange Traded Funds (Cost $25,216,953)			27,546,721
MONEY MARKET FUNDS — 7.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(c)(d)	242,000		242,000
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.01%(c)	2,082,833		2,082,833
Total Money Market Funds (Cost $2,324,833)			2,324,833

		Notional Amount	Contracts
PURCHASED PUT OPTION — 0.1%
SPDR S&P 500 ETF Trust, expiring 03/18/22, Strike Price $385.00 (Cost $55,501)	$	5,236,000	136	24,888

Investments	Principal		Value
REPURCHASE AGREEMENTS — 11.0%(d)
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $825,787)	$	809,595	$	809,595
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $807,602, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $824,494)		807,598		807,598
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $825,787)		809,595		809,595
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $825,787)		809,595		809,595
Total Repurchase Agreements (Cost $3,236,383)				3,236,383
Total Investments Before Written Options — 112.1% (Cost $30,833,670)			$	33,132,825

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Notional Amount			Contracts		Value
WRITTEN CALL OPTIONS — (0.2)%
iShares MSCI EAFE ETF, expiring 01/21/22, Strike Price $80.00	$	(36,728,000	)	(459	)	$	(14,229	)
SPDR S&P 500 ETF Trust, expiring 01/21/22, Strike Price $482.00		(6,748,000	)	(140	)		(31,010	)
Total Written Options [Premiums Received $(27,915)]							(45,239	)
Total Investments — 111.9% (Cost $30,805,755)							33,087,586
Liabilities in Excess of Other Assets — (11.9%)							(3,500,685	)
Net Assets — 100.0%						$	29,586,901

____________

ETF — Exchange Traded Fund

TIPS — Treasury Inflation Protected Securities

(a) All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,682,870 as of December 31, 2021.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,401,268; the aggregate market value of the collateral held by the fund is $3,478,383.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	27,546,721	$	—	$	—	$	27,546,721
Money Market Funds		2,324,833		—		—		2,324,833
Purchased Put Option		24,888		—		—		24,888
Repurchase Agreements		—		3,236,383		—		3,236,383
Total	$	29,896,442	$	3,236,383	$	—	$	33,132,825

Liabilities		Level 1			Level 2				Level 3			Total
Written Call Options		$	—		$	(45,239	)		$	—		$	(45,239	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund	13.7	%
Equity Fund	79.4
Purchased Put Option	0.1
Written Call Options	(0.2	)
Money Market Funds	7.9
Repurchase Agreements	11.0
Total Investments	111.9
Liabilities in Excess of Other Assets	(11.9	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments

December 31, 2021 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 99.5%
Agriculture — 8.6%
Altria Group, Inc.	2,030	$	96,202
British American Tobacco PLC (United Kingdom)(a)(b)	3,297		123,341
Philip Morris International, Inc.	1,234		117,230
Turning Point Brands, Inc.	5,434		205,297
Universal Corp.	4,196		230,444
Vector Group Ltd.	23,136		265,601
Total Agriculture			1,038,115
Apparel — 2.1%
LVMH Moet Hennessy Louis Vuitton SE (France)(b)	1,509		249,739
Beverages — 19.1%
Anheuser-Busch InBev SA/NV (Belgium)(b)	2,006		121,463
Boston Beer Co., Inc. (The), Class A*	295		149,005
Brown-Forman Corp., Class B	1,273		92,751
Constellation Brands, Inc., Class A	975		244,696
Diageo PLC (United Kingdom)(b)	1,060		233,348
Duckhorn Portfolio, Inc. (The)*	14,220		331,895
MGP Ingredients, Inc.	5,800		492,942
Molson Coors Beverage Co., Class B	3,168		146,837
Pernod Ricard SA (France)(b)	9,938		481,794
Total Beverages			2,294,731
Electronics — 2.8%
Turtle Beach Corp.*	15,092		335,948
Entertainment — 25.3%
Caesars Entertainment, Inc.*	3,743		350,083
DraftKings, Inc., Class A*(a)	3,757		103,205
International Game Technology PLC(a)	23,580		681,698
Monarch Casino & Resort, Inc.*	4,790		354,220
Penn National Gaming, Inc.*(a)	7,476		387,631
RCI Hospitality Holdings, Inc.	7,728		601,857
Red Rock Resorts, Inc., Class A	10,354		569,573
Total Entertainment			3,048,267

Investments	Shares	Value
COMMON STOCKS (continued)
Lodging — 7.7%
Boyd Gaming Corp.*	4,839	$	317,293
Full House Resorts, Inc.*	49,993		605,415
Total Lodging			922,708
Miscellaneous Manufacturing — 5.6%
Smith & Wesson Brands, Inc.	21,988		391,387
Sturm Ruger & Co., Inc.	4,212		286,500
Total Miscellaneous Manufacturing			677,887
Real Estate — 1.1%
Douglas Elliman, Inc.*	11,568		133,032
REITS — 8.4%
Gaming and Leisure Properties, Inc.	11,016		536,039
VICI Properties, Inc.	15,868		477,785
Total REITS			1,013,824
Retail — 15.9%
Chuy’s Holdings, Inc.*	12,391		373,217
Del Taco Restaurants, Inc.	46,715		581,602
Jack in the Box, Inc.	2,418		211,527
McDonald’s Corp.	1,276		342,057
Wingstop, Inc.	2,298		397,094
Total Retail			1,905,497
Software — 2.9%
Activision Blizzard, Inc.	2,956		196,663
Take-Two Interactive Software, Inc.*	837		148,751
Total Software			345,414
Total Common Stocks (Cost $10,218,803)			11,965,162
MONEY MARKET FUND — 3.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c) (Cost $447,473)	447,473		447,473

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENT — 0.8%(d)
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $90,634, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $92,530) (Cost $90,634)	$	90,634	$	90,634
Total Investments — 104.0% (Cost $10,756,910)				12,503,269
Liabilities in Excess of Other Assets — (4.0%)				(473,034	)
Net Assets — 100.0%			$	12,030,235

____________

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 $969,808; the aggregate market value of the collateral held by the fund is $984,773. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $894,139.

(b) American Depositary Receipt.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,965,162	$	—	$	—	$	11,965,162
Money Market Fund		447,473		—		—		447,473
Repurchase Agreement		—		90,634		—		90,634
Total	$	12,412,635	$	90,634	$	—	$	12,503,269

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture	8.6	%
Apparel	2.1
Beverages	19.1
Electronics	2.8
Entertainment	25.3
Lodging	7.7
Miscellaneous Manufacturing	5.6
Real Estate	1.1
REITS	8.4
Retail	15.9
Software	2.9
Money Market Fund	3.7
Repurchase Agreement	0.8
Total Investments	104.0
Liabilities in Excess of Other Assets	(4.0	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares Alpha DNA Equity Sentiment ETF		AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF		AdvisorShares Dorsey Wright FSM All Cap World ETF
ASSETS
Investments, at Cost	$	75,447,919	$	66,582,134		$	78,193,645	$	146,179,142
Repurchase Agreements, at Cost (Note 2)		406,670		6,344,111			1,124,574		—
Total Cost of Investments		75,854,589		72,926,245			79,318,219		146,179,142
Investments, at Market Value (including securities on loan) (Note 2)(a)		76,510,677		80,556,692			83,959,273		150,880,740
Repurchase Agreements, at Market Value (Note 2)		406,670		6,344,111			1,124,574		—
Total Market Value of Investments		76,917,347		86,900,803			85,083,847		150,880,740
Cash		—		—			1,663		—
Cash collateral held at brokers		—		186,802			13,424		—
Dividends and Interest Receivable		7,349		9,465			8,534		2,410
Reclaim Receivable		—		15,383			—		—
Prepaid Expenses		20,378		3,030			7,393		20,435
Total Assets		76,945,074		87,115,483			85,114,861		150,903,585
LIABILITIES
Cash collateral for securities on loan(b)		406,670		9,849,111			1,124,574		—
Advisory Fees Payable		48,493		48,487			55,241		96,283
Trustee Fees Payable		61		—			—		—
Payable for Securities Purchased		1,638,294		—			—		—
CCO Fees Payable		1,093		881			85		1,715
Accrued Expenses		37,358		27,254			16,242		18,934
Total Liabilities		2,131,969		9,925,733			1,196,142		116,932
NET ASSETS	$	74,813,105	$	77,189,750		$	83,918,719	$	150,786,653
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	73,845,680	$	109,710,991		$	81,384,928	$	147,320,098
Total Distributable Earnings/Accumulated (Loss)		967,425		(32,521,241	)		2,533,791		3,466,555
NET ASSETS	$	74,813,105	$	77,189,750		$	83,918,719	$	150,786,653
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		2,710,000		1,200,000			2,985,000		3,985,000
Net Asset Value (NAV) Per Share	$	27.61	$	64.32		$	28.11	$	37.84

(a) Market value of securities on loan	$	1,504,059	$	14,869,466		$	7,676,139	$	—
(b) Non-cash collateral for securities on loan	$	1,124,590	$	5,442,875		$	6,790,950	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares Dorsey Wright FSM US Core ETF		AdvisorShares Dorsey Wright Micro-Cap ETF		AdvisorShares Dorsey Wright Short ETF			AdvisorShares DoubleLine Value Equity ETF
ASSETS
Investments, at Cost	$	101,590,676	$	9,400,916	$	32,129,125		$	38,705,707
Investments in Affiliates, at Cost (Note 8)		—		—		9,862,980			—
Repurchase Agreements, at Cost (Note 2)		29,534,276		376,169		—			599,874
Total Cost of Investments		131,124,952		9,777,085		41,992,105			39,305,581
Investments, at Market Value (including securities on loan) (Note 2)(a)		124,761,809		11,589,723		32,129,125			48,188,496
Investments in Affiliates, at Market Value (Note 8)		—		—		9,840,000			—
Repurchase Agreements, at Market Value (Note 2)		29,534,276		376,169		—			599,874
Total Market Value of Investments		154,296,085		11,965,892		41,969,125			48,788,370
Cash collateral held at brokers		—		—		24,408,118			—
Dividends and Interest Receivable		12,035		11,324		724			61,784
Receivable from Securities Sold		—		—		1,620,217			—
Reclaim Receivable		—		—		—			4,069
Prepaid CCO Fees		33		29		—			—
Prepaid Expenses		15,887		1,091		9,360			668
Total Assets		154,324,040		11,978,336		68,007,544			48,854,891
LIABILITIES
Cash collateral for securities on loan(b)		51,261,276		376,169		—			599,874
Advisory Fees Payable		65,021		5,625		28,576			30,216
Securities Sold, Not Yet Purchased(c)		—		—		31,926,494			—
Payable for Securities Purchased		—		—		3,203,572			—
Capital Shares Payable		—		—		853,731			—
CCO Fees Payable		—		—		2,834			325
Dividend Payable on Securities Sold, Not Yet Purchased		—		—		39,143			—
Accrued Expenses		14,003		19,878		64,529			46,571
Total Liabilities		51,340,300		401,672		36,118,879			676,986
NET ASSETS	$	102,983,740	$	11,576,664	$	31,888,665		$	48,177,905
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	79,045,853	$	10,269,588	$	118,097,521		$	63,483,599
Total Distributable Earnings/Accumulated (Loss)		23,937,887		1,307,076		(86,208,856	)		(15,305,694	)
NET ASSETS	$	102,983,740	$	11,576,664	$	31,888,665		$	48,177,905
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		2,530,000		295,000		3,735,000			490,000
Net Asset Value (NAV) Per Share	$	40.71	$	39.24	$	8.54		$	98.32

(a) Market value of securities on loan	$	50,485,050	$	624,598	$	—		$	1,372,247
(b) Non-cash collateral for securities on loan	$	398,574	$	251,487	$	—		$	842,667
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—	$	—	$	34,236,455		$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares Focused Equity ETF		AdvisorShares Gerber Kawasaki ETF		AdvisorShares Hotel ETF		AdvisorShares Newfleet Multi-Sector Income ETF
ASSETS
Investments, at Cost	$	23,945,384	$	24,903,916	$	8,578,304	$	98,801,027
Investments in Affiliates, at Cost (Note 8)		—		846,326		—		—
Repurchase Agreements, at Cost (Note 2)		—		1,079,079		144,598		2,854,012
Total Cost of Investments		23,945,384		26,829,321		8,722,902		101,655,039
Investments, at Market Value (including securities on loan) (Note 2)(a)		32,842,622		25,945,933		9,004,635		98,561,148
Investments in Affiliates, at Market Value (Note 8)		—		705,388		—		—
Repurchase Agreements, at Market Value (Note 2)		—		1,079,079		144,598		2,854,012
Total Market Value of Investments		32,842,622		27,730,400		9,149,233		101,415,160
Cash		—		238,315		—		32,481
Cash collateral held at brokers		—		350		—		—
Dividends and Interest Receivable		13,776		14,470		8,209		313,593
Receivable from Securities Sold		15,446,492		—		—		—
Prepaid CCO Fees		—		—		—		416
Prepaid Organizational Fees		—		5,829		—		—
Prepaid Expenses		3,616		18,869		10,842		8,631
Total Assets		48,306,506		28,008,233		9,168,284		101,770,281
LIABILITIES
Cash collateral for securities on loan(b)		—		1,079,079		144,598		2,854,012
Advisory Fees Payable		11,749		7,884		3,473		46,879
Trustee Fees Payable		19		998		50		—
Payable for Securities Purchased		6,725,312		143,624		—		188,813
Capital Shares Payable		8,405,376		—		—		—
CCO Fees Payable		155		6,398		2,460		—
Accrued Expenses		28,796		13,495		35,084		35,830
Total Liabilities		15,171,407		1,251,478		185,665		3,125,534
NET ASSETS	$	33,135,099	$	26,756,755	$	8,982,619	$	98,644,747
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	21,661,768	$	26,301,879	$	8,638,707	$	106,738,221
Total Distributable Earnings/Accumulated (Loss)		11,473,331		454,876		343,912		(8,093,474	)
NET ASSETS	$	33,135,099	$	26,756,755	$	8,982,619	$	98,644,747
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		630,000		1,010,000		340,000		2,040,000
Net Asset Value (NAV) Per Share	$	52.60	$	26.49	$	26.42	$	48.36

(a) Market value of securities on loan	$	—	$	1,073,834	$	138,526	$	3,004,901
(b) Non-cash collateral for securities on loan	$	—	$	24,582	$	—	$	220,160

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares North Square McKee Core Reserves ETF(1)			AdvisorShares North Square McKee ESG Core Bond ETF(2)			AdvisorShares Poseidon Dynamic Cannabis ETF			AdvisorShares Psychedelics ETF
ASSETS
Investments, at Cost	$	35,326,459		$	3,772,162		$	3,471,278		$	8,844,002
Repurchase Agreements, at Cost (Note 2)		—			52,597			—			854,343
Total Cost of Investments		35,326,459			3,824,759			3,471,278			9,698,345
Investments, at Market Value (including securities on loan) (Note 2)(a)		35,316,088			3,763,465			3,383,939			6,048,178
Repurchase Agreements, at Market Value (Note 2)		—			52,597			—			854,343
Total Market Value of Investments		35,316,088			3,816,062			3,383,939			6,902,521
Cash		—			—			19,873			—
Cash collateral held at brokers		—			—			3,420,000			—
Unrealized Appreciation OTC Swap Contracts		—			—			—			10,800
Dividends and Interest Receivable		152,022			14,522			1,927			1,558
Receivable from Securities Sold		—			20,298			14,616			—
Capital Shares Receivable		—			—			—			451,138
Due from Investment Advisor		—			5,667			3,280			5,138
OTC Swap Contracts		—			—			—			701,425
Prepaid Organizational Fees		—			—			16,177			78,356
Prepaid Expenses		2,219			170			14,028			21,676
Total Assets		35,470,329			3,856,719			6,873,840			8,172,612
LIABILITIES
Unrealized Depreciation on OTC Swap Contracts		—			—			3,565			252,172
Cash collateral for securities on loan		—			52,597			—			854,343
Advisory Fees Payable		4,265			—			—			—
Trustee Fees Payable		—			—			19			—
Payable for Securities Purchased		—			45,000			19,873			355,926
CCO Fees Payable		2,115			150			855			2,174
Accrued Expenses		40,567			19,801			3,494			9,969
Total Liabilities		46,947			117,548			27,806			1,474,584
NET ASSETS	$	35,423,382		$	3,739,171		$	6,846,034		$	6,698,028
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	36,456,798		$	4,720,102		$	7,198,746		$	10,057,990
Total Distributable Earnings/Accumulated (Loss)		(1,033,416	)		(980,931	)		(352,712	)		(3,359,962	)
NET ASSETS	$	35,423,382		$	3,739,171		$	6,846,034		$	6,698,028
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		360,000			145,000			875,000			1,200,000
Net Asset Value (NAV) Per Share	$	98.40		$	25.79		$	7.82		$	5.58

(a) Market value of securities on loan	$	—		$	51,398		$	—		$	825,100

____________

(1) Formerly known as AdvisorShares Sage Core Reserves ETF.

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

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares Pure Cannabis ETF			AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF		AdvisorShares Q Portfolio Blended Allocation ETF
ASSETS
Investments, at Cost	$	178,249,209		$	754,184,369		$	119,361,947	$	5,504,869
Investments in Affiliates, at Cost (Note 8)		73,311,601			149,744,265			—		—
Repurchase Agreements, at Cost (Note 2)		3,341,267			7,415,598			5,482,746		2,150,321
Total Cost of Investments		254,902,077			911,344,232			124,844,693		7,655,190
Investments, at Market Value (including securities on loan) (Note 2)(a)		109,767,284			739,463,334			131,650,385		5,809,509
Investments in Affiliates, at Market Value (Note 8)		65,949,832			94,679,695			—		—
Repurchase Agreements, at Market Value (Note 2)		3,341,267			7,415,598			5,482,746		2,150,321
Total Market Value of Investments		179,058,383			841,558,627			137,133,131		7,959,830
Cash		—			20,997			—		—
Foreign currency(b)		1,005,118			—			—		—
Dividends and Interest Receivable		259,610			681,195			8,468		606
Receivable from Securities Sold		246,833			—			—		—
Capital Shares Receivable		—			15,165,453			916,623		—
Due from Investment Advisor		—			—			—		1,293
Prepaid CCO Fees		—			2,002			631		—
OTC Swaps Contracts		25,850,701			528,541,690			—		—
Prepaid Organizational Fees		—			—			15,913		15,913
Prepaid Expenses		188,269			415,346			32,790		17,992
Total Assets		206,608,914			1,386,385,310			138,107,556		7,995,634
LIABILITIES
Unrealized Depreciation on Swaps Contracts		—			211,929,221			—		—
Unrealized Depreciation on OTC Swap Contracts		9,751,143			—			—		—
Cash collateral for securities on loan(c)		4,579,267			8,795,598			10,108,746		2,150,321
Advisory Fees Payable		42,653			562,877			103,277		—
Trustee Fees Payable		—			—			—		73
Payable for Securities Purchased		309,593			2,738,119			891,845		—
CCO Fees Payable		93			—			—		403
Due to Custodian – Foreign Currency(b)		—			29			—		—
Due to Broker		—			18,365,148			—		—
Accrued Expenses		10,122			300,449			44,345		46,988
Total Liabilities		14,692,871			242,691,441			11,148,213		2,197,785
NET ASSETS	$	191,916,043		$	1,143,693,869		$	126,959,343	$	5,797,849
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	324,048,127		$	1,664,833,908		$	114,816,581	$	5,813,904
Total Distributable Earnings / Accumulated (Loss)		(132,132,084	)		(521,140,039	)		12,142,762		(16,055	)
NET ASSETS	$	191,916,043		$	1,143,693,869		$	126,959,343	$	5,797,849
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		14,680,000			44,815,000			4,155,000		215,000
Net Asset Value (NAV) Per Share	$	13.07		$	25.52		$	30.56	$	26.97

(a) Market value of securities on loan	$	12,761,141		$	8,622,122		$	9,791,429	$	2,105,200
(b) Foreign currency at cost	$	1,001,620		$	—		$	—	$	—
(c) Non-cash collateral for securities on loan	$	9,102,440		$	332,979		$	—	$	—

See accompanying Notes to Financial Statements.

100

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2021 (Unaudited)

	AdvisorShares Ranger Equity Bear ETF			AdvisorShares Restaurant ETF			AdvisorShares STAR Global Buy-Write ETF		AdvisorShares Vice ETF
ASSETS
Investments, at Cost	$	137,558,460		$	4,237,664		$	27,597,287	$	10,666,276
Investments in Affiliates, at Cost (Note 8)		19,886,000			—			—		—
Repurchase Agreements, at Cost (Note 2)		—			147,544			3,236,383		90,634
Total Cost of Investments		157,444,460			4,385,208			30,833,670		10,756,910
Investments, at Market Value (including securities on loan) (Note 2)(a)		137,558,460			4,136,330			29,896,442		12,412,635
Investments in Affiliates, at Market Value (Note 8)		19,680,000			—			—		—
Repurchase Agreements, at Market Value (Note 2)		—			147,544			3,236,383		90,634
Total Market Value of Investments		157,238,460			4,283,874			33,132,825		12,503,269
Cash collateral held at brokers		7,098,860			—			—		—
Dividends and Interest Receivable		3,001			1,212			51,859		16,324
Receivable from Securities Sold		3,087,242			—			—		149,522
Reclaim Receivable		—			78			—		2,337
Due from Investment Advisor		—			849			—		—
Prepaid CCO Fees		—			—			134		—
Prepaid Expenses		3,580			15,262			3,938		2,106
Total Assets		167,431,143			4,301,275			33,188,756		12,673,558
LIABILITIES
Cash collateral for securities on loan(b)		—			147,544			3,478,383		90,634
Advisory Fees Payable		93,151			—			38,342		3,015
Trustee Fees Payable		—			58			208		—
Securities Sold, Not Yet Purchased(c)		60,808,163			—			—		—
Payable for Securities Purchased		5,730,252			—			—		514,140
Options Written, at value(d)		—			—			45,239		—
CCO Fees Payable		2,397			2,947			—		93
Due to Broker		26,156,993			—			10,810		—
Dividend Payable on Securities Sold, Not Yet Purchased		215,580			—			—		—
Accrued Expenses		44,923			35,254			28,873		35,441
Total Liabilities		93,051,459			185,803			3,601,855		643,323
NET ASSETS	$	74,379,684		$	4,115,472		$	29,586,901	$	12,030,235
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	443,099,998		$	4,414,471		$	27,505,685	$	10,434,685
Total Distributable Earnings/Accumulated (Loss)		(368,720,314	)		(298,999	)		2,081,216		1,595,550
NET ASSETS	$	74,379,684		$	4,115,472		$	29,586,901	$	12,030,235
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		3,012,500			175,000			720,000		365,000
Net Asset Value (NAV) Per Share	$	24.69		$	23.52		$	41.09	$	32.96

(a) Market value of securities on loan	$	—		$	144,570		$	3,401,268	$	969,808
(b) Non-cash collateral for securities on loan	$	—		$	—		$	—	$	894,139
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	60,932,362		$	—		$	—	$	—
(d) Premiums received for options written	$	—		$	—		$	27,915	$	—

See accompanying Notes to Financial Statements.

101

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares Alpha DNA Equity Sentiment ETF			AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
INVESTMENT INCOME:
Dividend Income	$	214,116		$	1,510,873		$	303,077		$	334,915
Securities lending income (net) (Note 2)		1,138			25,880			1,858			35,584
Foreign withholding tax		(603	)		(47,700	)		—			—
Total Investment Income		214,651			1,489,053			304,935			370,499

EXPENSES:
Advisory Fees		286,303			309,096			315,515			574,587
Accounting & Administration Fees		17,900			40,452			27,832			34,842
Professional Fees		19,200			13,391			13,114			21,706
Exchange Listing Fees		5,945			4,046			4,700			7,626
Custody Fees		6,319			3,570			4,940			6,490
Report to Shareholders		3,495			6,793			3,068			6,118
Trustee Fees		2,357			2,069			2,148			2,326
CCO Fees		2,350			3,377			2,729			6,625
Pricing Fees		—			381			1,901			2,661
Transfer Agent Fees		2,825			3,090			3,155			5,745
Insurance Fees		978			882			1,005			2,269
Registration Fees		1,625			—			611			1,325
Organizational Fees		7,745			—			—			—
Miscellaneous Fees		977			1,348			1,052			1,912
Total Expenses		358,019			388,495			381,770			674,232
Net Expenses		358,019			388,495			381,770			674,232
Net Investment Income (Loss)		(143,368	)		1,100,558			(76,835	)		(303,733	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(3,632,810	)		(86,414	)		(8,111,008	)		(4,959,542	)
In-Kind Redemptions		5,068,438			1,820,240			5,712,785			4,040,541
Options Written		(48	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,380,771	)		(5,087,241	)		5,130,829			8,668,302
Net Realized and Unrealized Gain (Loss)		54,809			(3,353,415	)		2,732,606			7,749,301
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(88,559	)	$	(2,252,857	)	$	2,655,771		$	7,445,568

See accompanying Notes to Financial Statements.

102

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares Dorsey Wright FSM US Core ETF		AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares DoubleLine Value Equity ETF
INVESTMENT INCOME:
Dividend Income	$	443,766	$	101,884		$	3,602		$	461,773
Dividend Income from Affiliates		—		—			23,431			—
Securities lending income (net) (Note 2)		40,985		20,813			—			2,040
Total Investment Income		484,751		122,697			27,033			463,813

EXPENSES:
Advisory Fees		375,960		38,125			110,606			172,130
Accounting & Administration Fees		27,059		33,535			35,808			37,803
Professional Fees		15,159		7,230			11,626			10,981
Exchange Listing Fees		4,114		372			831			4,195
Custody Fees		4,380		2,016			1,558			2,686
Report to Shareholders		4,582		670			8,878			2,817
Trustee Fees		2,297		2,137			2,132			2,202
CCO Fees		3,021		271			800			1,529
Pricing Fees		1,930		—			348			—
Transfer Agent Fees		3,760		381			1,106			1,844
Insurance Fees		1,266		82			1,058			774
Registration Fees		686		122			—			—
Interest on Securities Sold, Not Yet Purchased		—		—			65,448			—
Dividend Expense		—		—			213,189			—
Miscellaneous Fees		1,052		107			430			581
Total Expenses		445,266		85,048			453,818			237,542
Advisory Fees Waived/Recoupment		—		(21,507	)		8,493			(16,233	)
Net Expenses		445,266		63,541			462,311			221,309
Net Investment Income (Loss)		39,485		59,156			(435,278	)		242,504

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		99,330		(342,773	)		—			3,613,063
In-Kind Redemptions		860,242		308,971			—			635,369
Short Sales		—		—			(2,896,505	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		8,595,796		273,760			—			(2,587,894	)
Investments in Affiliates		—		—			(28,000	)		—
Short Sales		—		—			2,626,543			—
Net Realized and Unrealized Gain (Loss)		9,555,368		239,958			(297,962	)		1,660,538
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,594,853	$	299,114		$	(733,240	)	$	1,903,042

See accompanying Notes to Financial Statements.

103

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares Focused Equity ETF			AdvisorShares Gerber Kawasaki ETF(1)			AdvisorShares Hotel ETF			AdvisorShares Newfleet Multi-Sector Income ETF
INVESTMENT INCOME:
Dividend Income	$	122,103		$	55,866		$	47,247		$	3,524
Interest Income		—			—			—			998,189
Securities lending income (net) (Note 2)		724			6,532			384			1,261
Foreign withholding tax		—			(641	)		—			—
Total Investment Income		122,827			61,757			47,631			1,002,974

EXPENSES:
Advisory Fees		99,534			55,566			26,624			258,538
Accounting & Administration Fees		37,806			753			2,138			59,837
Professional Fees		9,682			20,324			10,276			15,508
Exchange Listing Fees		4,366			4,285			4,880			3,950
Custody Fees		1,268			1,801			1,187			9,288
Report to Shareholders		2,178			2,063			996			4,601
Trustee Fees		2,278			3,273			2,091			2,146
CCO Fees		1,011			6,804			1,045			3,171
Pricing Fees		—			—			—			839
Transfer Agent Fees		1,149			556			333			3,878
Insurance Fees		520			1,074			694			1,270
Registration Fees		82			—			200			964
Organizational Fees		—			7,521			10,081			—
Miscellaneous Fees		454			480			142			1,201
Total Expenses		160,328			104,500			60,687			365,191
Advisory Fees Waived/Recoupment		(60,794	)		(48,934	)		(16,760	)		22,617
Net Expenses		99,534			55,566			43,927			387,808
Net Investment Income (Loss)		23,293			6,191			3,704			615,166

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(31,115	)		(425,110	)		(214,758	)		38,086
Investments in Affiliates		—			(92,123	)		—			—
In-Kind Redemptions		3,102,722			72,571			179,270			—
Distributions by other Investment Companies		—			1,862			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		650,764			1,042,017			708,120			(925,158	)
Investments in Affiliates		—			(140,938	)		—			—
Net Realized and Unrealized Gain (Loss)		3,722,371			458,279			672,632			(887,072	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,745,664		$	464,470		$	676,336		$	(271,906	)

____________

(1) Represents the period July 2, 2021 (commencement of operations) to December 31, 2021.

See accompanying Notes to Financial Statements.

104

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares North Square McKee Core Reserves ETF(1)			AdvisorShares North Square McKee ESG Core Bond ETF(2)			AdvisorShares Poseidon Dynamic Cannabis ETF(3)			AdvisorShares Psychedelics ETF(4)
INVESTMENT INCOME:
Dividend Income	$	30		$	60,592		$	684		$	5
Interest Income		150,585			8,500			—			—
Securities lending income (net) (Note 2)		96			1,400			—			1,802
Total Investment Income		150,711			70,492			684			1,807

EXPENSES:
Advisory Fees		59,834			10,121			3,034			7,705
Accounting & Administration Fees		41,433			29,959			171			319
Professional Fees		10,420			8,330			3,945			13,724
Exchange Listing Fees		4,012			4,205			1,048			2,905
Custody Fees		2,136			435			398			1,122
Report to Shareholders		2,248			748			617			2,163
Trustee Fees		2,149			2,123			802			2,222
CCO Fees		1,123			146			863			2,231
Pricing Fees		696			—			—			—
Transfer Agent Fees		1,496			175			28			96
Insurance Fees		996			147			370			1,025
Organizational Fees		—			—			1,150			8,794
Miscellaneous Fees		605			100			62			75
Total Expenses		127,148			56,489			12,488			42,381
Advisory Fees Waived/Recoupment		(57,342	)		(10,121	)		(3,034	)		(7,705	)
Expense Reimbursement		—			(27,056	)		(5,697	)		(21,951	)
Net Expenses		69,806			19,312			3,757			12,725
Net Investment Income (Loss)		80,905			51,180			(3,073	)		(10,918	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		47,254			110,574			(163,664	)		(193,038	)
In-Kind Redemptions		—			(8,921	)		—			—
Swaps		—			—			(95,071	)		(118,810	)
Futures		1,062			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(142,138	)		(130,557	)		(87,339	)		(2,795,824	)
Swaps		—			—			(3,565	)		(241,372	)
Futures		(2,152	)		—			—			—
Net Realized and Unrealized Gain (Loss)		(95,974	)		(28,904	)		(349,639	)		(3,349,044	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,069	)	$	22,276		$	(352,712	)	$	(3,359,962	)

____________

(1) Formerly known as AdvisorShares Sage Core Reserves ETF.

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

(3) Represents the period November 17, 2021 (commencement of operations) to December 31, 2021.

(4) Represents the period September 16, 2021 (commencement of operations) to December 31, 2021.

See accompanying Notes to Financial Statements.

105

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares Pure Cannabis ETF			AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF(1)			AdvisorShares Q Portfolio Blended Allocation ETF(1)
INVESTMENT INCOME:
Dividend Income	$	461,636		$	1,047,956		$	304,612		$	23,573
Securities lending income (net) (Note 2)		330,685			17,635			38,369			1,392
Total Investment Income		792,321			1,065,591			342,981			24,965

EXPENSES:
Advisory Fees		793,738			2,807,371			496,261			15,303
Accounting & Administration Fees		50,621			121,865			13,187			13,529
Professional Fees		36,868			100,378			20,305			14,897
Exchange Listing Fees		4,141			4,021			4,280			4,302
Custody Fees		16,064			37,522			4,429			665
Report to Shareholders		40,819			81,817			3,618			337
Trustee Fees		2,178			2,288			2,074			2,329
CCO Fees		10,609			31,166			2,060			76
Pricing Fees		1,399			—			—			—
Transfer Agent Fees		9,914			35,096			3,722			155
Insurance Fees		4,482			12,263			858			55
Registration Fees		6,415			12,008			767			44
Organizational Fees		—			55,680			8,550			8,550
Miscellaneous Fees		2,996			8,377			651			128
Total Expenses		980,244			3,309,852			560,762			60,370
Advisory Fees Waived/Recoupment		(35,402	)		15,629			10,281			(15,303	)
Expense Reimbursement		—			—			—			(24,594	)
Net Expenses		944,842			3,325,481			571,043			20,473
Net Investment Income (Loss)		(152,521	)		(2,259,890	)		(228,062	)		4,492

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(17,688,158	)		(5,589,515	)		374,430			10,369
Investments in Affiliates		(2,574,872	)		(940,155	)		—			—
In-Kind Redemptions		4,164,212			3,330,663			408,522			32,207
In-Kind Redemptions in Affiliates		2,028,409			291,215			—			—
Swaps		(25,859,299	)		(230,554,640	)		—			—
Foreign Currency Transactions		(33,672	)		(6,820	)		—			—
Distributions by other Investment Companies		180,376			—			—			351
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(39,624,706	)		(7,337,087	)		7,397,927			121,330
Investments in Affiliates		(27,476,018	)		(58,294,572	)		—			—
Swaps		(12,174,795	)		(151,406,224	)		—			—
Foreign Currency Translations		3,051			—			—			—
Net Realized and Unrealized Gain (Loss)		(119,055,472	)		(450,507,135	)		8,180,879			164,257
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(119,207,993	)	$	(452,767,025	)	$	7,952,817		$	168,749

____________

(1) Represents the period December 28, 2020 (commencement of operations) to December 31, 2021.

See accompanying Notes to Financial Statements.

106

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

	AdvisorShares Ranger Equity Bear ETF			AdvisorShares Restaurant ETF(1)			AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF
INVESTMENT INCOME:
Dividend Income	$	15,952		$	23,936		$	260,263		$	113,811
Dividend Income from Affiliates		46,862			—			—			—
Securities lending income (net) (Note 2)		—			232			6,716			1,043
Foreign withholding tax		2,782			(317	)		—			(893	)
Total Investment Income		65,596			23,851			266,979			113,961

EXPENSES:
Advisory Fees		479,802			15,383			149,378			37,120
Accounting & Administration Fees		38,575			1,390			39,091			38,124
Professional Fees		10,499			11,810			9,967			14,175
Exchange Listing Fees		4,998			4,880			4,430			4,068
Custody Fees		2,617			1,047			1,139			1,183
Report to Shareholders		3,116			954			1,098			1,682
Trustee Fees		2,130			2,091			2,393			1,967
CCO Fees		1,187			1,008			379			475
Pricing Fees		2,210			—			1,564			69
Transfer Agent Fees		2,399			192			830			464
Insurance Fees		1,136			677			183			210
Registration Fees		—			152			71			—
Interest on Securities Sold, Not Yet Purchased		636,395			—			—			—
Dividend Expense		379,486			—			—			—
Organizational Fees		—			10,081			—			—
Miscellaneous Fees		1,785			128			296			244
Total Expenses		1,566,335			49,793			210,819			99,781
Advisory Fees Waived/Recoupment		—			(15,383	)		(6,116	)		(37,120	)
Expense Reimbursement		—			(9,026	)		—			(1,414	)
Net Expenses		1,566,335			25,384			204,703			61,247
Net Investment Income (Loss)		(1,500,739	)		(1,533	)		62,276			52,714

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		—			(168,918	)		(40,109	)		54,779
In-Kind Redemptions		—			26,687			108,548			119,234
Short Sales		3,496,334			—			—			—
Options Written		—			—			(30,479	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(70,397	)		745,530			(1,318,889	)
Investments in Affiliates		(56,000	)		—			—			—
Short Sales		1,103,536			—			—			—
Options Written		—			—			(14,686	)		—
Net Realized and Unrealized Gain (Loss)		4,543,870			(212,628	)		768,804			(1,144,876	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,043,131		$	(214,161	)	$	831,080		$	(1,092,162	)

____________

(1) Represents the period April 20, 2021 (commencement of operations) to December 31, 2021.

See accompanying Notes to Financial Statements.

107

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Alpha DNA Equity Sentiment ETF						AdvisorShares Dorsey Wright ADR ETF
	Six months ended December 31, 2021 (Unaudited)			For the period February 2, 2021* to June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(143,368	)	$	(160,118	)	$	1,100,558		$	356,321
Net Realized Gain (Loss)		1,435,580			2,719,382			1,733,826			19,387,682
Net Change in Unrealized Appreciation (Depreciation)		(1,380,771	)		2,443,529			(5,087,241	)		(1,463,361	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(88,559	)		5,002,793			(2,252,857	)		18,280,642
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(549,941	)		(284,565	)
Total Distributions		—			—			(549,941	)		(284,565	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		39,454,993			96,371,099			—			10,147,730
Value of Shares Redeemed		(34,460,070	)		(31,467,151	)		(8,843,920	)		(15,186,661	)
Net Increase (Decrease) From Capital Stock Transactions		4,994,923			64,903,948			(8,843,920	)		(5,038,931	)
Net Increase (Decrease) in Net Assets		4,906,364			69,906,741			(11,646,718	)		12,957,146
Net Assets:
Beginning of Year/Period		69,906,741			—			88,836,468			75,879,322
End of Year/Period	$	74,813,105		$	69,906,741		$	77,189,750		$	88,836,468
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,535,000			—			1,335,000			1,425,000
Shares Sold		1,415,000			3,705,000			—			170,000
Shares Repurchased		(1,240,000	)		(1,170,000	)		(135,000	)		(260,000	)
Shares Outstanding, End of Year/Period		2,710,000			2,535,000			1,200,000			1,335,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

108

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Alpha Equal Weight ETF						AdvisorShares Dorsey Wright FSM All Cap World ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(76,835	)	$	(276,933	)	$	(303,733	)	$	(438,845	)
Net Realized Gain (Loss)		(2,398,223	)		18,631,882			(919,001	)		38,026,512
Net Change in Unrealized Appreciation (Depreciation)		5,130,829			(2,677,985	)		8,668,302			(8,322,601	)
Net Increase (Decrease) In Net Assets Resulting From Operations		2,655,771			15,676,964			7,445,568			29,265,066
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(1,162,300	)		(14,018	)		(2,192,696	)		(215,144	)
Total Distributions		(1,162,300	)		(14,018	)		(2,192,696	)		(215,144	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		47,108,830			85,533,754			81,999,221			295,124,496
Value of Shares Redeemed		(44,077,253	)		(61,136,384	)		(92,138,315	)		(242,186,339	)
Net Increase (Decrease) From Capital Stock Transactions		3,031,577			24,397,370			(10,139,094	)		52,938,157
Net Increase (Decrease) in Net Assets		4,525,048			40,060,316			(4,886,222	)		81,988,079
Net Assets:
Beginning of Year/Period		79,393,671			39,333,355			155,672,875			73,684,796
End of Year/Period	$	83,918,719		$	79,393,671		$	150,786,653		$	155,672,875
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,850,000			1,925,000			4,250,000			2,625,000
Shares Sold		1,670,000			3,085,000			2,120,000			8,535,000
Shares Repurchased		(1,535,000	)		(2,160,000	)		(2,385,000	)		(6,910,000	)
Shares Outstanding, End of Year/Period		2,985,000			2,850,000			3,985,000			4,250,000

See accompanying Notes to Financial Statements.

109

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright FSM US Core ETF						AdvisorShares Dorsey Wright Micro-Cap ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	39,485		$	(151,194	)	$	59,156		$	(5,175	)
Net Realized Gain (Loss)		959,572			8,461,136			(33,802	)		484,121
Net Change in Unrealized Appreciation (Depreciation)		8,595,796			11,295,797			273,760			1,419,273
Net Increase (Decrease) In Net Assets Resulting From Operations		9,594,853			19,605,739			299,114			1,898,219
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(367,102	)		(144,245	)		(48,464	)		—
Total Distributions		(367,102	)		(144,245	)		(48,464	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		3,387,816			67,515,703			3,390,395			5,434,395
Value of Shares Redeemed		(3,280,805	)		(40,095,468	)		(963,695	)		(545,097	)
Net Increase (Decrease) From Capital Stock Transactions		107,011			27,420,235			2,426,700			4,889,298
Net Increase (Decrease) in Net Assets		9,334,762			46,881,729			2,677,350			6,787,517
Net Assets:
Beginning of Year/Period		93,648,978			46,767,249			8,899,314			2,111,797
End of Year/Period	$	102,983,740		$	93,648,978		$	11,576,664		$	8,899,314
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,525,000			1,700,000			235,000			100,000
Shares Sold		90,000			1,945,000			85,000			160,000
Shares Repurchased		(85,000	)		(1,120,000	)		(25,000	)		(25,000	)
Shares Outstanding, End of Year/Period		2,530,000			2,525,000			295,000			235,000

See accompanying Notes to Financial Statements.

110

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Short ETF						AdvisorShares DoubleLine Value Equity ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(435,278	)	$	(1,864,666	)	$	242,504		$	537,254
Net Realized Gain (Loss)		(2,896,505	)		(27,066,731	)		4,248,432			5,873,938
Net Change in Unrealized Appreciation (Depreciation)		2,598,543			(19,190,288	)		(2,587,894	)		10,696,504
Net Increase (Decrease) In Net Assets Resulting From Operations		(733,240	)		(48,121,685	)		1,903,042			17,107,696
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(520,610	)		(614,874	)
Total Distributions		—			—			(520,610	)		(614,874	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		12,617,814			23,413,492			985,011			964,855
Value of Shares Redeemed		(5,160,294	)		(63,225,521	)		(2,432,153	)		(10,698,303	)
Net Increase (Decrease) From Capital Stock Transactions		7,457,520			(39,812,029	)		(1,447,142)			(9,733,448	)
Net Increase (Decrease) in Net Assets		6,724,280			(87,933,714	)		(64,710	)		6,759,374
Net Assets:
Beginning of Year/Period		25,164,385			113,098,099			48,242,615			41,483,241
End of Year/Period	$	31,888,665		$	25,164,385		$	48,177,905		$	48,242,615
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,930,000			5,850,000			505,000			625,000
Shares Sold		1,395,000			1,475,000			10,000			10,000
Shares Repurchased		(590,000	)		(4,395,000	)		(25,000	)		(130,000	)
Shares Outstanding, End of Year/Period		3,735,000			2,930,000			490,000			505,000

See accompanying Notes to Financial Statements.

111

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Focused Equity ETF						AdvisorShares Gerber Kawasaki ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			For the period July 2, 2021* to December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	23,293		$	58,217		$	6,191
Net Realized Gain (Loss)		3,071,607			1,044,419			(442,800	)
Net Change in Unrealized Appreciation (Depreciation)		650,764			4,977,298			901,079
Net Increase (Decrease) In Net Assets Resulting From Operations		3,745,664			6,079,934			464,470
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(52,120	)		(62,748	)		(9,594	)
Total Distributions		(52,120	)		(62,748	)		(9,594	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		8,925,734			7,478,401			26,709,461
Value of Shares Redeemed		(8,405,377	)		(4,190,848	)		(407,582	)
Net Increase (Decrease) From Capital Stock Transactions		520,357			3,287,553			26,301,879
Net Increase (Decrease) in Net Assets		4,213,901			9,304,739			26,756,755
Net Assets:
Beginning of Year/Period		28,921,198			19,616,459			—
End of Year/Period	$	33,135,099		$	28,921,198		$	26,756,755
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		620,000			550,000			—
Shares Sold		170,000			170,000			1,025,000
Shares Repurchased		(160,000	)		(100,000	)		(15,000	)
Shares Outstanding, End of Year/Period		630,000			620,000			1,010,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

112

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Hotel ETF						AdvisorShares Newfleet Multi-Sector Income ETF
	Six months ended December 31, 2021 (Unaudited)			For the period April 20, 2021* to June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	3,704		$	22,750		$	615,166		$	1,195,721
Net Realized Gain (Loss)		(35,488	)		(41,231	)		38,086			440,439
Net Change in Unrealized Appreciation (Depreciation)		708,120			(281,789	)		(925,158	)		406,669
Net Increase (Decrease) In Net Assets Resulting From Operations		676,336			(300,270	)		(271,906	)		2,042,829
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(32,154	)		—			(771,398	)		(1,321,431	)
Total Distributions		(32,154	)		—			(771,398	)		(1,321,431	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		2,870,894			8,023,869			8,066,264			55,802,623
Value of Shares Redeemed		(2,256,056	)		—			(5,336,801	)		(17,332,533	)
Net Increase (Decrease) From Capital Stock Transactions		614,838			8,023,869			2,729,463			38,470,090
Net Increase (Decrease) in Net Assets		1,259,020			7,723,599			1,686,159			39,191,488
Net Assets:
Beginning of Year/Period		7,723,599			—			96,958,588			57,767,100
End of Year/Period	$	8,982,619		$	7,723,599		$	98,644,747		$	96,958,588
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		315,000			—			1,985,000			1,200,000
Shares Sold		115,000			315,000			165,000			1,140,000
Shares Repurchased		(90,000	)		—			(110,000	)		(355,000	)
Shares Outstanding, End of Year/Period		340,000			315,000			2,040,000			1,985,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

113

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares North Square McKee Core Reserves ETF(1)						AdvisorShares North Square McKee ESG Core Bond ETF(2)
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	80,905		$	613,130		$	51,180		$	109,511
Net Realized Gain (Loss)		48,316			323,325			101,653			83,801
Net Change in Unrealized Appreciation (Depreciation)		(144,290	)		30,243			(130,557	)		54,063
Net Increase (Decrease) In Net Assets Resulting From Operations		(15,069	)		966,698			22,276			247,375
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(93,921	)		(647,683	)		(48,281	)		(120,549	)
Total Distributions		(93,921	)		(647,683	)		(48,281	)		(120,549	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			19,742,687			512,358			—
Value of Shares Redeemed		(6,900,021	)		(78,550,212	)		(2,328,053	)		(2,857,937	)
Net Increase (Decrease) From Capital Stock Transactions		(6,900,021	)		(58,807,525	)		(1,815,695	)		(2,857,937	)
Net Increase (Decrease) in Net Assets		(7,009,011	)		(58,488,510	)		(1,841,700	)		(2,731,111	)
Net Assets:
Beginning of Year/Period		42,432,393			100,920,903			5,580,871			8,311,982
End of Year/Period	$	35,423,382		$	42,432,393		$	3,739,171		$	5,580,871
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		430,000			1,025,000			215,000			325,000
Shares Sold		—			200,000			20,000			—
Shares Repurchased		(70,000	)		(795,000	)		(90,000	)		(110,000	)
Shares Outstanding, End of Year/Period		360,000			430,000			145,000			215,000

____________

(1) Formerly known as AdvisorShares Sage Core Reserves ETF.

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

See accompanying Notes to Financial Statements.

114

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Poseidon Dynamic Cannabis ETF			AdvisorShares Psychedelics ETF
	For the period November 17, 2021* to December 31, 2021			For the period September 16, 2021* to December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(3,073	)	$	(10,918	)
Net Realized Gain (Loss)		(258,735	)		(311,848	)
Net Change in Unrealized Appreciation (Depreciation)		(90,904	)		(3,037,196	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(352,712	)		(3,359,962	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—
Total Distributions		—			—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		7,198,746			10,057,990
Net Increase (Decrease) From Capital Stock Transactions		7,198,746			10,057,990
Net Increase (Decrease) in Net Assets		6,846,034			6,698,028
Net Assets:
Beginning of Year/Period		—			—
End of Year/Period	$	6,846,034		$	6,698,028
Changes in Shares Outstanding
Shares Sold		875,000			1,200,000
Shares Outstanding, End of Year/Period		875,000			1,200,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

115

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Pure Cannabis ETF						AdvisorShares Pure US Cannabis ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			For the period September 1, 2020* to June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(152,521	)	$	444,125		$	(2,259,890	)	$	(2,315,252	)
Net Realized Gain (Loss)		(39,783,004	)		35,943,090			(233,469,252	)		6,245,620
Net Change in Unrealized Appreciation (Depreciation)		(79,272,468	)		17,051,093			(217,037,883	)		(64,676,943	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(119,207,993	)		53,438,308			(452,767,025	)		(60,746,575	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(7,501,920	)		(728,447	)		(3,055,413	)		—
Total Distributions		(7,501,920	)		(728,447	)		(3,055,413	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			295,185,617			774,091,171			1,101,452,333
Value of Shares Redeemed		(35,782,313	)		(38,990,037	)		(125,269,359	)		(90,011,263	)
Net Increase (Decrease) From Capital Stock Transactions		(35,782,313	)		256,195,580			648,821,812			1,011,441,070
Net Increase (Decrease) in Net Assets		(162,492,226	)		308,905,441			192,999,374			950,694,495
Net Assets:
Beginning of Year/Period		354,408,269			45,502,828			950,694,495			—
End of Year/Period	$	191,916,043		$	354,408,269		$	1,143,693,869		$	950,694,495
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		16,755,000			4,475,000			23,640,000			—
Shares Sold		—			13,935,000			25,615,000			25,900,000
Shares Repurchased		(2,075,000	)		(1,655,000	)		(4,440,000	)		(2,260,000	)
Shares Outstanding, End of Year/Period		14,680,000			16,755,000			44,815,000			23,640,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

116

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Q Dynamic Growth ETF						AdvisorShares Q Portfolio Blended Allocation ETF
	Six months ended December 31, 2021 (Unaudited)			For the period December 28, 2020* to June 30, 2021			Six months ended December 31, 2021 (Unaudited)			For the period December 28, 2020* to June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(228,062	)	$	(115,613	)	$	4,492		$	1,165
Net Realized Gain (Loss)		782,952			(585,027	)		42,927			(378,559	)
Net Change in Unrealized Appreciation (Depreciation)		7,397,927			4,890,511			121,330			183,310
Net Increase (Decrease) In Net Assets Resulting From Operations		7,952,817			4,189,871			168,749			(194,084	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(16,342	)		—
Total Distributions		—			—			(16,342	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		52,765,163			64,573,046			2,559,876			10,699,062
Value of Shares Redeemed		(2,521,554	)		—			(393,016	)		(7,026,396	)
Net Increase (Decrease) From Capital Stock Transactions		50,243,609			64,573,046			2,166,860			3,672,666
Net Increase (Decrease) in Net Assets		58,196,426			68,762,917			2,319,267			3,478,582
Net Assets:
Beginning of Year/Period		68,762,917			—			3,478,582			—
End of Year/Period	$	126,959,343		$	68,762,917		$	5,797,849		$	3,478,582
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,445,000			—			135,000			—
Shares Sold		1,795,000			2,445,000			95,000			430,000
Shares Repurchased		(85,000	)		—			(15,000	)		(295,000	)
Shares Outstanding, End of Year/Period		4,155,000			2,445,000			215,000			135,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

117

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Ranger Equity Bear ETF						AdvisorShares Restaurant ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			For the period April 20, 2021* to June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(1,500,739	)	$	(4,083,134	)	$	(1,533	)	$	(194	)
Net Realized Gain (Loss)		3,496,334			(65,099,412	)		(142,231	)		(37,625	)
Net Change in Unrealized Appreciation (Depreciation)		1,047,536			1,581,889			(70,397	)		(30,937	)
Net Increase (Decrease) In Net Assets Resulting From Operations		3,043,131			(67,600,657	)		(214,161	)		(68,756	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(6,358	)		—
Total Distributions		—			—			(6,358	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		39,656,933			44,585,473			—			6,299,395
Value of Shares Redeemed		(18,975,653	)		(88,348,866	)		(1,652,295	)		(242,353	)
Net Increase (Decrease) From Capital Stock Transactions		20,681,280			(43,763,393	)		(1,652,295	)		6,057,042
Net Increase (Decrease) in Net Assets		23,724,411			(111,364,050	)		(1,872,814	)		5,988,286
Net Assets:
Beginning of Year/Period		50,655,273			162,019,323			5,988,286			—
End of Year/Period	$	74,379,684		$	50,655,273		$	4,115,472		$	5,988,286
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,202,500			3,337,500			245,000			—
Shares Sold		1,580,000			1,300,000			—			255,000
Shares Repurchased		(770,000	)		(2,435,000	)		(70,000	)		(10,000	)
Shares Outstanding, End of Year/Period		3,012,500			2,202,500			175,000			245,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

118

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares STAR Global Buy-Write ETF						AdvisorShares Vice ETF
	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	62,276		$	(53,752	)	$	52,714		$	72,734
Net Realized Gain (Loss)		37,960			3,452,454			174,013			1,636,316
Net Change in Unrealized Appreciation (Depreciation)		730,844			(732,181	)		(1,318,889	)		3,470,745
Net Increase (Decrease) In Net Assets Resulting From Operations		831,080			2,666,521			(1,092,162	)		5,179,795
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(166,381	)		(36,638	)		(118,472	)		(128,419	)
Total Distributions		(166,381	)		(36,638	)		(118,472	)		(128,419	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		11,010,815			11,496,290			—			1,682,551
Value of Shares Redeemed		(411,757	)		(8,684,765	)		(647,851	)		(1,970,784	)
Net Increase (Decrease) From Capital Stock Transactions		10,599,058			2,811,525			(647,851	)		(288,233	)
Net Increase (Decrease) in Net Assets		11,263,757			5,441,408			(1,858,485	)		4,763,143
Net Assets:
Beginning of Year/Period		18,323,144			12,881,736			13,888,720			9,125,577
End of Year/Period	$	29,586,901		$	18,323,144		$	12,030,235		$	13,888,720
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		460,000			400,000			385,000			400,000
Shares Sold		270,000			290,000			—			50,000
Shares Repurchased		(10,000	)		(230,000	)		(20,000	)		(65,000	)
Shares Outstanding, End of Year/Period		720,000			460,000			365,000			385,000

See accompanying Notes to Financial Statements.

119

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Alpha DNA Equity Sentiment ETF	Six months ended December 31, 2021 (Unaudited)			For the period February 2, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	27.58		$	25.35
Investment Operations
Net Investment Loss(1)		(0.05	)		(0.07	)
Net Realized and Unrealized Gain		0.08			2.30
Net Increase in Net Assets Resulting from Investment Operations(2)		0.03			2.23
Net Asset Value, End of Year/Period	$	27.61		$	27.58
Market Value, End of Year/Period	$	27.62		$	27.58
Total Return
Total Investment Return Based on Net Asset Value(3)		0.12	%		8.78	%
Total Investment Return Based on Market(3)		0.14	%		8.80	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	74,813		$	69,907
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.95	%		1.08	%
Expenses, prior to expense waivers and reimbursements(4)		0.95	%		1.08	%
Net Investment Loss(4)		(0.38	)%		(0.67	)%
Portfolio Turnover Rate(5)		254	%		244	%

AdvisorShares Dorsey Wright ADR ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares Dorsey Wright ADR ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	66.54		$	53.25		$	49.75		$	53.34		$	46.56		$	39.06
Investment Operations
Net Investment Income (Loss)(1)		0.88			0.27			(0.03	)		0.23			0.55			0.68
Net Realized and Unrealized Gain (Loss)		(2.65	)		13.23			3.54			(3.51	)		6.66			7.27
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(1.77	)		13.50			3.51			(3.28	)		7.21			7.95
Distributions from Net Investment Income		(0.45	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)		(0.45	)
Total Distributions		(0.45	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)		(0.45	)
Net Asset Value, End of Year/Period	$	64.32		$	66.54		$	53.25		$	49.75		$	53.34		$	46.56
Market Value, End of Year/Period	$	64.33		$	66.49		$	52.97		$	49.69		$	53.19		$	46.61
Total Return
Total Investment Return Based on Net Asset Value(3)		(2.67	)%		25.39	%		7.06	%		(6.16	)%		15.45	%		20.43	%
Total Investment Return Based on Market(3)		(2.57	)%		25.95	%		6.62	%		(6.00	)%		15.01	%		20.55	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	77,190		$	88,836		$	75,879		$	108,198		$	246,701		$	65,185
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.94	%		1.10	%		1.02	%		0.88	%		1.02	%		1.25	%
Expenses, prior to expense waivers and reimbursements(4)		0.94	%		0.96	%		0.97	%		1.07	%		0.95	%		1.43	%
Net Investment Income (Loss)(4)		2.67	%		0.44	%		(0.06	)%		0.47	%		0.96	%		1.55	%
Portfolio Turnover Rate(5)		46	%		85	%		48	%		120	%		71	%		108	%(6)

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) During the year, the Fund underwent a sub-advisor change. As a result, investment transactions were increased during the period, which caused a higher than normal portfolio rate.

See accompanying Notes to Financial Statements.

120

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Dorsey Wright Alpha Equal Weight ETF	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			For the period December 26, 2019* to June 30, 2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	27.86		$	20.43		$	25.09
Investment Operations
Net Investment Income (Loss)(1)		(0.03	)		(0.11	)		0.01
Net Realized and Unrealized Gain (Loss)		0.67			7.55			(4.67	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		0.64			7.44			(4.66	)
Distributions from Net Investment Income		—			(0.01	)		—
Distributions from Realized Capital Gains		(0.39	)		—			—
Total Distributions		(0.39	)		(0.01	)		—
Net Asset Value, End of Year/Period	$	28.11		$	27.86		$	20.43
Market Value, End of Year/Period	$	28.12		$	27.90		$	20.44
Total Return
Total Investment Return Based on Net Asset Value(3)		2.32	%		36.36	%		(18.57	)%
Total Investment Return Based on Market(3)		2.18	%		36.52	%		(18.53	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	83,919		$	79,394		$	39,333
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.91	%		0.96	%		0.99	%
Expenses, prior to expense waivers and reimbursements(4)		0.91	%		0.91	%		1.19	%
Net Investment Income (Loss)(4)		(0.18	)%		(0.42	)%		0.09	%
Portfolio Turnover Rate(5)		216	%		372	%		147	%

AdvisorShares Dorsey Wright FSM All Cap World ETF	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			For the period December 26, 2019* to June 30, 2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	36.63		$	28.07		$	25.12
Investment Operations
Net Investment Loss(1)		(0.07	)		(0.12	)		(0.02	)
Net Realized and Unrealized Gain		1.83			8.74			2.97
Net Increase in Net Assets Resulting from Investment Operations(2)		1.76			8.62			2.95
Distributions from Realized Capital Gains		(0.55	)		(0.06	)		—
Total Distributions		(0.55	)		(0.06	)		—
Net Asset Value, End of Year/Period	$	37.84		$	36.63		$	28.07
Market Value, End of Year/Period	$	37.85		$	36.67		$	28.07
Total Return
Total Investment Return Based on Net Asset Value(3)		4.81	%		30.70	%		11.76	%
Total Investment Return Based on Market(3)		4.71	%		30.85	%		11.74	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	150,787		$	155,673		$	73,685
Ratio to Average Net Assets of:(6)
Expenses, net of expense waivers and reimbursements(4)		0.88	%		0.88	%		0.99	%
Expenses, prior to expense waivers and reimbursements(4)		0.88	%		0.86	%		1.12	%
Net Investment Loss(4)		(0.40	)%		(0.34	)%		(0.17	)%
Portfolio Turnover Rate(5)		102	%		209	%		46	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

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

See accompanying Notes to Financial Statements.

121

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Dorsey Wright FSM US Core ETF	Six months ended December 31, 2021 (Unaudited)			Year ended June 30, 2021			For the period December 26, 2019* to June 30, 2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	37.09		$	27.51		$	25.14
Investment Operations
Net Investment Income (Loss)(1)		0.02			(0.07	)		0.05
Net Realized and Unrealized Gain		3.74			9.72			2.32
Net Increase in Net Assets Resulting from Investment Operations(2)		3.76			9.65			2.37
Distributions from Net Investment Income		—			(0.03	)		—
Distributions from Realized Capital Gains		(0.14	)		(0.04	)		—
Total Distributions		(0.14	)		(0.07	)		—
Net Asset Value, End of Year/Period	$	40.71		$	37.09		$	27.51
Market Value, End of Year/Period	$	40.68		$	37.16		$	27.46
Total Return
Total Investment Return Based on Net Asset Value(3)		10.15	%		35.08	%		9.43	%
Total Investment Return Based on Market(3)		9.86	%		35.59	%		9.23	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	102,984		$	93,649		$	46,767
Ratio to Average Net Assets of:(4)
Expenses, net of expense waivers and reimbursements(5)		0.89	%		0.92	%		0.99	%
Expenses, prior to expense waivers and reimbursements(5)		0.89	%		0.89	%		1.15	%
Net Investment Income (Loss)(5)		0.08	%		(0.22	)%		0.37	%
Portfolio Turnover Rate(6)		3	%		64	%		53	%

AdvisorShares Dorsey Wright Micro-Cap ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,						For the period July 11, 2018* to June 30, 2019
AdvisorShares Dorsey Wright Micro-Cap ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			For the period July 11, 2018* to June 30, 2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	37.87		$	21.12		$	23.04		$	24.71
Investment Operations
Net Investment Income (Loss)(1)		0.22			(0.04	)		(0.01	)		(0.02	)
Net Realized and Unrealized Gain (Loss)		1.31			16.79			(1.89	)		(1.65	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		1.53			16.75			(1.90	)		(1.67	)
Distributions from Net Investment Income		(0.16	)		—			(0.02	)		—
Total Distributions		(0.16	)		—			(0.02	)		—
Net Asset Value, End of Year/Period	$	39.24		$	37.87		$	21.12		$	23.04
Market Value, End of Year/Period	$	39.11		$	37.92		$	20.80		$	23.02
Total Return
Total Investment Return Based on Net Asset Value(3)		4.05	%		79.33	%		(8.26	)%		(6.79	)%
Total Investment Return Based on Market(3)		3.56	%		82.31	%		(9.58	)%		(6.86	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	11,577		$	8,899		$	2,112		$	2,304
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(5)		1.25	%		1.25	%		1.17	%		0.99	%
Expenses, prior to expense waivers and reimbursements(5)		1.67	%		3.17	%		4.98	%		4.79	%
Net Investment Income (Loss)(5)		1.16	%		(0.12	)%		(0.05	)%		(0.11	)%
Portfolio Turnover Rate(6)		55	%		163	%		119	%		103	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

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

(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

122

ADVISORSHARES TRUST
Financial Highlights

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,						For the period July 11, 2018* to June 30, 2019
AdvisorShares Dorsey Wright Short ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			For the period July 11, 2018* to June 30, 2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	8.59		$	19.33		$	24.90		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		(0.13	)		(0.46	)		(0.65	)		0.13
Net Realized and Unrealized Gain (Loss)		0.08			(10.28	)		(4.89	)		(0.19	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(0.05	)		(10.74	)		(5.54	)		(0.06	)
Distributions from Net Investment Income		—			—			(0.03	)		(0.04	)
Total Distributions		—			—			(0.03	)		(0.04	)
Net Asset Value, End of Year/Period	$	8.54		$	8.59		$	19.33		$	24.90
Market Value, End of Year/Period	$	8.50		$	8.56		$	19.36		$	24.93
Total Return
Total Investment Return Based on Net Asset Value(3)		(0.60	)%		(55.58	)%		(22.26	)%		(0.27	)%
Total Investment Return Based on Market(3)		(0.70	)%		(55.79	)%		(22.24	)%		(0.18	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	31,889		$	25,164		$	113,098		$	24,281
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		3.13	%(5)		3.48	%(5)		3.56	%(5)		2.70	%(5)
Expenses, prior to expense waivers and reimbursements(4)		3.08	%(5)		3.55	%(5)		3.56	%(5)		3.26	%(5)
Net Investment Income (Loss)(4)		(2.95	)%		(3.18	)%		(2.58	)%		0.53	%
Portfolio Turnover Rate(6)		92	%		243	%		555	%		357	%

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares DoubleLine Value Equity ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	95.53		$	66.37		$	68.21		$	67.88		$	66.23		$	55.56
Investment Operations
Net Investment Income(1)		0.48			0.95			0.82			0.62			0.53			0.47
Net Realized and Unrealized Gain (Loss)		3.37			29.23			(1.84	)		0.45			1.59			10.93
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		3.85			30.18			(1.02	)		1.07			2.12			11.40
Distributions from Net Investment Income		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)		(0.73	)
Total Distributions		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)		(0.73	)
Net Asset Value, End of Year/Period	$	98.32		$	95.53		$	66.37		$	68.21		$	67.88		$	66.23
Market Value, End of Year/Period	$	98.17		$	95.41		$	66.28		$	68.13		$	67.88		$	66.17
Total Return
Total Investment Return Based on Net Asset Value(3)		4.04	%		45.78	%		(1.63	)%		1.74	%		3.15	%		20.55	%
Total Investment Return Based on Market(3)		4.00	%		45.79	%		(1.65	)%		1.63	%		3.26	%		20.52	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	48,178		$	48,243		$	41,483		$	61,386		$	95,034		$	142,400
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.90	%		0.90	%		0.90	%		0.90	%		0.87	%		0.90	%
Expenses, prior to expense waivers and reimbursements(4)		0.97	%		1.05	%		1.07	%		1.17	%		1.07	%		1.07	%
Net Investment Income(4)		0.99	%		1.18	%		1.18	%		0.93	%		0.77	%		0.76	%
Portfolio Turnover Rate(6)		24	%		40	%		93	%		218	%		171	%		180	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) The expense ratio includes interest and dividend expenses on short sales of 1.89%, 2.46%, 2.47% and 1.71% for the period ended December 31, 2021, June 30, 2021, June 30, 2020 and June 30, 2019, respectively.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

123

ADVISORSHARES TRUST
Financial Highlights

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,												For the period September 20, 2016* to
AdvisorShares Focused Equity ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			June 30, 2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	46.65		$	35.67		$	34.42		$	31.80		$	28.59		$	25.00
Investment Operations
Net Investment Income(1)		0.04			0.10			0.14			0.16			0.13			0.06
Net Realized and Unrealized Gain		5.99			11.00			1.26			3.21			3.17			3.54
Net Increase in Net Assets Resulting from Investment Operations(2)		6.03			11.10			1.40			3.37			3.30			3.60
Distributions from Net Investment Income		(0.08	)		(0.12	)		(0.15	)		(0.16	)		(0.09	)		(0.01	)
Distributions from Realized Capital Gains		—			—			—			(0.59	)		—			—
Total Distributions		(0.08	)		(0.12	)		(0.15	)		(0.75	)		(0.09	)		(0.01	)
Net Asset Value, End of Year/Period	$	52.60		$	46.65		$	35.67		$	34.42		$	31.80		$	28.59
Market Value, End of Year/Period	$	53.38		$	46.68		$	34.88		$	34.31		$	31.79		$	28.59
Total Return
Total Investment Return Based on Net Asset Value(3)		12.94	%		31.15	%		4.02	%		11.09	%		11.57	%		14.39	%
Total Investment Return Based on Market(3)		14.53	%		34.20	%		2.06	%		10.74	%		11.51	%		14.40	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	33,135		$	28,921		$	19,616		$	17,211		$	14,311		$	12,150
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.65	%		0.66	%		0.77	%		0.72	%		0.68	%		0.75	%
Expenses, prior to expense waivers and reimbursements(4)		1.05	%		1.19	%		1.43	%		1.63	%		1.39	%		2.04	%
Net Investment Income(4)		0.15	%		0.24	%		0.41	%		0.49	%		0.42	%		0.28	%
Portfolio Turnover Rate(5)		22	%		25	%		23	%		19	%		26	%		36	%

AdvisorShares Gerber Kawasaki ETF	For the period July 2, 2021* to December 31, 2021 (Unaudited)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.00
Investment Operations
Net Investment Income(1)		0.01
Net Realized and Unrealized Gain		1.48
Distributions of Net Realized Gains by other investment companies		0.01
Net Increase in Net Assets Resulting from Investment Operations(2)		1.50
Distributions from Net Investment Income		(0.01	)
Total Distributions		(0.01	)
Net Asset Value, End of Year/Period	$	26.49
Market Value, End of Year/Period	$	26.50
Total Return
Total Investment Return Based on Net Asset Value(3)		5.87	%
Total Investment Return Based on Market(3)		5.91	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	26,757
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.75	%
Expenses, prior to expense waivers and reimbursements(4)		1.41	%
Net Investment Income(4)		0.08	%
Portfolio Turnover Rate(5)		25	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

124

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Hotel ETF	Six months ended December 31, 2021 (Unaudited)			For the period April 20, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	24.52		$	24.32
Investment Operations
Net Investment Income(1)		0.01			0.13
Net Realized and Unrealized Gain		1.98			0.07
Net Increase in Net Assets Resulting from Investment Operations(2)		1.99			0.20
Distributions from Net Investment Income		(0.09	)		—
Total Distributions		(0.09	)		—
Net Asset Value, End of Year/Period	$	26.42		$	24.52
Market Value, End of Year/Period	$	26.44		$	24.56
Total Return
Total Investment Return Based on Net Asset Value(3)		8.13	%		0.81	%
Total Investment Return Based on Market(3)		8.04	%		0.99	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	8,983		$	7,724
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements(4)		1.37	%		6.60	%
Net Investment Income(4)		0.08	%		2.70	%
Portfolio Turnover Rate(5)		40	%		21	%

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares Newfleet Multi-Sector Income ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	48.85		$	48.14		$	48.44		$	47.86		$	48.68		$	48.83
Investment Operations
Net Investment Income(1)		0.29			0.78			1.21			1.35			1.05			0.74
Net Realized and Unrealized Gain (Loss)		(0.41	)		0.83			(0.22	)		0.65			(0.62	)		0.38
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—			0.00	(6)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(0.12	)		1.61			0.99			2.00			0.43			1.12
Distributions from Net Investment Income		(0.37	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)		(1.27	)
Total Distributions		(0.37	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)		(1.27	)
Net Asset Value, End of Year/Period	$	48.36		$	48.85		$	48.14		$	48.44		$	47.86		$	48.68
Market Value, End of Year/Period	$	48.34		$	48.83		$	48.17		$	48.38		$	47.79		$	48.70
Total Return
Total Investment Return Based on Net Asset Value(3)		(0.25	)%		3.36	%		2.10	%		4.27	%		0.87	%		2.30	%
Total Investment Return Based on Market(3)		(0.26	)%		3.27	%		2.28	%		4.29	%		0.70	%		2.37	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	98,645		$	96,959		$	57,767		$	75,080		$	155,529		$	258,005
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements(4)		0.71	%		0.78	%		0.82	%		0.96	%		0.84	%		0.80	%
Net Investment Income(4)		1.19	%		1.61	%		2.51	%		2.81	%		2.17	%		1.53	%
Portfolio Turnover Rate(5)		31	%		95	%		63	%		40	%		66	%		63	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

125

ADVISORSHARES TRUST
Financial Highlights

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares North Square McKee Core Reserves ETF(1)	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	98.68		$	98.46		$	99.64		$	99.21		$	99.43		$	99.43
Investment Operations
Net Investment Income(2)		0.20			0.83			2.03			2.37			1.53			0.97
Net Realized and Unrealized Gain (Loss)		(0.25	)		0.23			(1.19	)		0.33			(0.16	)		0.11
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		(0.05	)		1.06			0.84			2.70			1.37			1.08
Distributions from Net Investment Income		(0.23	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)		(1.08	)
Total Distributions		(0.23	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)		(1.08	)
Net Asset Value, End of Year/Period	$	98.40		$	98.68		$	98.46		$	99.64		$	99.21		$	99.43
Market Value, End of Year/Period	$	98.40		$	98.68		$	98.35		$	99.61		$	99.19		$	99.44
Total Return
Total Investment Return Based on Net Asset Value(4)		(0.04	)%		1.09	%		0.83	%		2.74	%		1.38	%		1.08	%
Total Investment Return Based on Market(4)		(0.04	)%		1.21	%		0.75	%		2.74	%		1.34	%		0.88	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	35,423		$	42,432		$	100,921		$	72,240		$	52,087		$	84,519
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(5)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Expenses, prior to expense waivers and reimbursements(5)		0.64	%		0.57	%		0.53	%		0.65	%		0.65	%		0.50	%
Net Investment Income(5)		0.41	%		0.84	%		2.05	%		2.39	%		1.53	%		0.97	%
Portfolio Turnover Rate(6)		39	%		103	%		101	%		91	%		74	%		81	%

	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares North Square McKee ESG Core Bond ETF(7)	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.96		$	25.58		$	25.71		$	25.39		$	25.88		$	25.61
Investment Operations
Net Investment Income(2)		0.29			0.43			0.81			1.04			0.90			0.81
Net Realized and Unrealized Gain (Loss)		(0.20	)		0.36			(0.10	)		0.38			(0.50	)		0.25
Distributions of Net Realized Gains by other investment companies		—			0.08			—			—			—			0.01
Net Increase in Net Assets Resulting from Investment Operations(3)		0.09			0.87			0.71			1.42			0.40			1.07
Distributions from Net Investment Income		(0.26	)		(0.49	)		(0.84	)		(1.10	)		(0.89	)		(0.80	)
Total Distributions		(0.26	)		(0.49	)		(0.84	)		(1.10	)		(0.89	)		(0.80	)
Net Asset Value, End of Year/Period	$	25.79		$	25.96		$	25.58		$	25.71		$	25.39		$	25.88
Market Value, End of Year/Period	$	25.74		$	25.96		$	25.57		$	25.70		$	25.38		$	25.89
Total Return
Total Investment Return Based on Net Asset Value(4)		0.36	%		3.44	%		2.73	%		5.82	%		1.55	%		4.23	%
Total Investment Return Based on Market(4)		0.16	%		3.46	%		2.75	%		5.80	%		1.47	%		4.24	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	3,739		$	5,581		$	8,312		$	5,785		$	18,405		$	17,466
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(5)		0.83	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses, prior to expense waivers and reimbursements(5)		2.42	%		2.15	%		1.50	%		1.49	%		1.22	%		1.20	%
Net Investment Income(5)		2.20	%		1.65	%		3.14	%		4.14	%		3.47	%		3.15	%
Portfolio Turnover Rate(6)		322	%		256	%		765	%		150	%		39	%		21	%

____________

(1) Formerly known as AdvisorShares Sage Core Reserves ETF.

(2) Based on average shares outstanding.

(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

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

See accompanying Notes to Financial Statements.

126

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Poseidon Dynamic Cannabis ETF	For the period November 17, 2021* to December 31, 2021 (Unaudited)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	10.00
Investment Operations
Net Investment Loss(1)		(0.01	)
Net Realized and Unrealized Loss		(2.17	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(2.18	)
Net Asset Value, End of Year/Period	$	7.82
Market Value, End of Year/Period	$	7.89
Total Return
Total Investment Return Based on Net Asset Value(3)		(21.75	)%
Total Investment Return Based on Market(3)		(21.10	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	6,846
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.99	%
Expenses, prior to expense waivers and reimbursements(4)		3.29	%
Net Investment Loss(4)		(0.81	)%
Portfolio Turnover Rate(5)		17	%

AdvisorShares Psychedelics ETF	For the period September 16, 2021* to December 31, 2021 (Unaudited)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	10.00
Investment Operations
Net Investment Loss(1)		(0.02	)
Net Realized and Unrealized Loss		(4.40	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(4.42	)
Net Asset Value, End of Year/Period	$	5.58
Market Value, End of Year/Period	$	5.85
Total Return
Total Investment Return Based on Net Asset Value(3)		(44.18	)%
Total Investment Return Based on Market(3)		(41.50	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	6,698
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.99	%
Expenses, prior to expense waivers and reimbursements(4)		3.30	%
Net Investment Loss(4)		(0.85	)%
Portfolio Turnover Rate(5)		20	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

127

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Pure Cannabis ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,						For the period April 17, 2019* to June 30, 2019
AdvisorShares Pure Cannabis ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			For the period April 17, 2019* to June 30, 2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	21.15		$	10.17		$	22.99		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		(0.01	)		0.04			0.70			0.06
Net Realized and Unrealized Gain (Loss)		(7.57	)		11.05			(12.75	)		(2.07	)
Distributions of Net Realized Gains by other investment companies		0.01			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(7.57	)		11.09			(12.05	)		(2.01	)
Distributions from Net Investment Income		—			(0.11	)		(0.70	)		—
Distributions from Realized Capital Gains		(0.51	)		—			(0.07	)		—
Total Distributions		(0.51	)		(0.11	)		(0.77	)		—
Net Asset Value, End of Year/Period	$	13.07		$	21.15		$	10.17		$	22.99
Market Value, End of Year/Period	$	12.99		$	21.12		$	10.18		$	23.02
Total Return
Total Investment Return Based on Net Asset Value(3)		(35.79	)%		109.96	%		(52.76	)%		(8.06	)%
Total Investment Return Based on Market(3)		(36.07	)%		109.35	%		(52.70	)%		(7.92	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	191,916		$	354,408		$	45,503		$	59,762
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.71	%		0.74	%		0.74	%		0.74	%
Expenses, prior to expense waivers and reimbursements(4)		0.72	%		0.69	%		1.17	%		1.10	%
Net Investment Income (Loss)(4)		(0.12	)%		0.21	%		5.67	%		1.35	%
Portfolio Turnover Rate(5)		14	%		46	%		59	%		26	%

AdvisorShares Pure US Cannabis ETF	Six months ended December 31, 2021 (Unaudited)			For the period September 1, 2020* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	40.22		$	25.00
Investment Operations
Net Investment Loss(1)		(0.07	)		(0.17	)
Net Realized and Unrealized Gain (Loss)		(14.56	)		15.39
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(14.63	)		15.22
Distributions from Realized Capital Gains		(0.07	)		—
Total Distributions		(0.07	)		—
Net Asset Value, End of Year/Period	$	25.52		$	40.22
Market Value, End of Year/Period	$	25.58		$	40.08
Total Return
Total Investment Return Based on Net Asset Value(3)		(36.36	)%		60.86	%
Total Investment Return Based on Market(3)		(36.00	)%		60.32	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	1,143,694		$	950,694
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(4)		0.71	%		0.69	%
Expenses, prior to expense waivers and reimbursements(4)		0.71	%		0.69	%
Net Investment Loss(4)		(0.48	)%		(0.49	)%
Portfolio Turnover Rate(5)		10	%		68	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

128

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Q Dynamic Growth ETF	Six months ended December 31, 2021 (Unaudited)			For the period December 28, 2020* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	28.12		$	25.00
Investment Operations
Net Investment Loss(1)		(0.07	)		(0.09	)
Net Realized and Unrealized Gain		2.51			3.21
Net Increase in Net Assets Resulting from Investment Operations(2)		2.44			3.12
Net Asset Value, End of Year/Period	$	30.56		$	28.12
Market Value, End of Year/Period	$	30.56		$	28.13
Total Return
Total Investment Return Based on Net Asset Value(3)		8.66	%		12.50	%
Total Investment Return Based on Market(3)		8.64	%		12.52	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	126,959		$	68,763
Ratio to Average Net Assets of:(4)
Expenses, net of expense waivers and reimbursements(5)		1.15	%		1.43	%
Expenses, prior to expense waivers and reimbursements(5)		1.13	%		1.49	%
Net Investment Loss(5)		(0.46	)%		(0.65	)%
Portfolio Turnover Rate(6)		39	%		61	%

AdvisorShares Q Portfolio Blended Allocation ETF	Six months ended December 31, 2021 (Unaudited)			For the period December 28, 2020* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.77		$	25.00
Investment Operations
Net Investment Income(1)		0.03			0.01
Net Realized and Unrealized Gain		1.25			0.76
Distributions of Net Realized Gains by other investment companies		0.00	(7)		0.00	(7)
Net Increase in Net Assets Resulting from Investment Operations(2)		1.28			0.77
Distributions from Net Investment Income		(0.08	)		—
Total Distributions		(0.08	)		—
Net Asset Value, End of Year/Period	$	26.97		$	25.77
Market Value, End of Year/Period	$	26.96		$	25.76
Total Return
Total Investment Return Based on Net Asset Value(3)		4.95	%		3.07	%
Total Investment Return Based on Market(3)		4.95	%		3.04	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	5,798		$	3,479
Ratio to Average Net Assets of:(4)
Expenses, net of expense waivers and reimbursements(5)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements(5)		2.92	%		3.59	%
Net Investment Income(5)		0.22	%		0.04	%
Portfolio Turnover Rate(6)		121	%		248	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(7) Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

129

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Ranger Equity Bear ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares Ranger Equity Bear ETF	Six months ended December 31, 2021 (Unaudited)			2021(1)			2020(1)			2019(1)			2018(1)			2017(1)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	23.00		$	48.55		$	63.84		$	78.01		$	85.65		$	106.05
Investment Operations
Net Investment Income (Loss)(2)		(0.58	)		(1.59	)		(0.64	)		0.13			(1.34	)		(2.00	)
Net Realized and Unrealized Gain (Loss)		2.27			(23.96	)		(14.55	)		(14.30	)		(6.30	)		(18.40	)
Distributions of Net Realized Gains by other investment companies		—			0.00	(3)		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		1.69			(25.55	)		(15.19	)		(14.17	)		(7.64	)		(20.40	)
Distributions from Net Investment Income		—			—			(0.10	)		—			—			—
Total Distributions		—			—			(0.10	)		—			—			—
Net Asset Value, End of Year/Period	$	24.69		$	23.00		$	48.55		$	63.84		$	78.01		$	85.65
Market Value, End of Year/Period	$	24.69		$	23.00		$	48.50		$	63.90		$	77.80		$	85.50
Total Return
Total Investment Return Based on Net Asset Value(5)		7.34	%		(52.62	)%		(23.79	)%		(18.16	)%		(8.92	)%		(19.24	)%
Total Investment Return Based on Market(5)		7.35	%		(52.58	)%		(23.94	)%		(17.87	)%		(9.01	)%		(19.42	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	74,380		$	50,655		$	162,019		$	135,814		$	133,587		$	174,504
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		4.83	%(7)		4.90	%(7)		3.10	%(7)		2.94	%(7)		2.52	%(7)		2.67	%(7)
Expenses, prior to expense waivers and reimbursements(6)		4.83	%(7)		4.90	%(7)		3.10	%(7)		2.94	%(7)		2.52	%(7)		2.67	%(7)
Net Investment Income (Loss)(6)		(4.69	)%		(4.49	)%		(1.07	)%		0.18	%		(1.63	)%		(2.15	)%
Portfolio Turnover Rate(8)		793	%		669	%		593	%		338	%		301	%		245	%

AdvisorShares Restaurant ETF	Six months ended December 31, 2021 (Unaudited)			For the period April 20, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	24.44		$	24.69
Investment Operations
Net Investment Loss(2)		(0.01	)		(0.00	)(3)
Net Realized and Unrealized Loss		(0.87	)		(0.25	)
Net Decrease in Net Assets Resulting from Investment Operations(4)		(0.88	)		(0.25	)
Distributions from Net Investment Income		(0.04	)		—
Total Distributions		(0.04	)		—
Net Asset Value, End of Year/Period	$	23.52		$	24.44
Market Value, End of Year/Period	$	23.52		$	24.44
Total Return
Total Investment Return Based on Net Asset Value(5)		(3.64	)%		(1.01	)%
Total Investment Return Based on Market(5)		(3.62	)%		(1.01	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	4,115		$	5,988
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements(6)		1.94	%		7.93	%
Net Investment Loss(6)		(0.06	)%		(0.03	)%
Portfolio Turnover Rate(8)		27	%		26	%

____________

* Commencement of operations.

(1) After the close of business on February 5, 2021, the Fund’s applicable class underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

(2) Based on average shares outstanding.

(3) Amount represents less than $0.005 or 0.005%.

(4) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(5) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) The expense ratio includes interest and dividend expenses on short sales of 3.11%, 3.14%, 1.42%, 1.22%, 0.84%, and 1.03% for the periods ended December 31, 2021, June 30, 2021, June 30, 2020, June 30, 2019, June 30, 2018, and June 30, 2017, respectively.

(8) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

130

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares STAR Global Buy-Write ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,
AdvisorShares STAR Global Buy-Write ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			2018			2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	39.83		$	32.20		$	32.28		$	30.99		$	29.13		$	26.77
Investment Operations
Net Investment Income (Loss)(1)		0.11			(0.16	)		0.09			0.13			0.11			0.09
Net Realized and Unrealized Gain (Loss)		1.38			7.89			(0.02	)		1.29			1.75			2.48
Distributions of Net Realized Gains by other investment companies		—			0.00	(2)		—			—			0.00	(2)		0.01
Net Increase in Net Assets Resulting from Investment Operations(3)		1.49			7.73			0.07			1.42			1.86			2.58
Distributions from Net Investment Income		—			(0.10	)		(0.15	)		(0.13	)		—			(0.22	)
Distributions from Realized Capital Gains		(0.23	)		—			—			—			—			—
Total Distributions		(0.23	)		(0.10	)		(0.15	)		(0.13	)		—			(0.22	)
Net Asset Value, End of Year/Period	$	41.09		$	39.83		$	32.20		$	32.28		$	30.99		$	29.13
Market Value, End of Year/Period	$	41.13		$	39.83		$	32.25		$	32.19		$	31.01		$	29.13
Total Return
Total Investment Return Based on Net Asset Value(4)		3.73	%		24.04	%		0.20	%		4.62	%		6.41	%		9.70	%
Total Investment Return Based on Market(4)		3.84	%		23.86	%		0.63	%		4.27	%		6.45	%		9.74	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	29,587		$	18,323		$	12,882		$	14,527		$	17,047		$	17,477
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements(6)		1.91	%		2.48	%		2.20	%		2.34	%		2.18	%		2.14	%
Net Investment Income (Loss)(6)		0.56	%		(0.43	)%		0.26	%		0.43	%		0.38	%		0.32	%
Portfolio Turnover Rate(7)		15	%		55	%		47	%		49	%		12	%		26	%

AdvisorShares Vice ETF	Six months ended December 31, 2021 (Unaudited)			Years Ended June 30,									For the period December 12, 2017* to June 30, 2018
AdvisorShares Vice ETF	Six months ended December 31, 2021 (Unaudited)			2021			2020			2019			For the period December 12, 2017* to June 30, 2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	36.07		$	22.81		$	25.11		$	25.60		$	25.00
Investment Operations
Net Investment Income(1)		0.14			0.19			0.42			0.45			0.23
Net Realized and Unrealized Gain (Loss)		(2.93	)		13.44			(2.10	)		(0.57	)		0.41
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		(2.79	)		13.63			(1.68	)		(0.12	)		0.64
Distributions from Net Investment Income		(0.14	)		(0.37	)		(0.62	)		(0.37	)		(0.04	)
Distributions from Realized Capital Gains		(0.18	)		—			—			—			—
Total Distributions		(0.32	)		(0.37	)		(0.62	)		(0.37	)		(0.04	)
Net Asset Value, End of Year/Period	$	32.96		$	36.07		$	22.81		$	25.11		$	25.60
Market Value, End of Year/Period	$	32.99		$	36.06		$	22.80		$	25.12		$	25.68
Total Return
Total Investment Return Based on Net Asset Value(4)		(7.73	)%		59.98	%		(6.91	)%		(0.22	)%		2.58	%
Total Investment Return Based on Market(4)		(7.61	)%		60.05	%		(6.99	)%		(0.50	)%		2.89	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	12,030		$	13,889		$	9,126		$	13,183		$	12,800
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.99	%		0.99	%		0.90	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements(6)		1.61	%		1.71	%		1.59	%		1.43	%		2.18	%
Net Investment Income(6)		0.85	%		0.63	%		1.77	%		1.79	%		1.64	%
Portfolio Turnover Rate(7)		32	%		125	%		41	%		76	%		25	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(2) Amount represents less than $0.005 or 0.005%.

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

(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

131

ADVISORSHARES TRUST
Notes to Financial Statements

December 31, 2021 (Unaudited)

1. Organization

AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies”.

The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). As of December 31, 2021, the Trust is comprised of 24 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):

Fund	Ticker	Commencement of Operations
AdvisorShares Alpha DNA Equity Sentiment ETF	SENT	February 2, 2021
AdvisorShares Dorsey Wright ADR ETF	AADR	July 21, 2010
AdvisorShares Dorsey Wright Alpha Equal Weight ETF	DWEQ	December 26, 2019
AdvisorShares Dorsey Wright FSM All Cap World ETF	DWAW	December 26, 2019
AdvisorShares Dorsey Wright FSM US Core ETF	DWUS	December 26, 2019
AdvisorShares Dorsey Wright Micro Cap ETF	DWMC	July 10, 2018
AdvisorShares Dorsey Wright Short ETF	DWSH	July 10, 2018
AdvisorShares Double Line Value ETF	DBLV	October 4, 2011
AdvisorShares Focused Equity ETF	CWS	September 20, 2016
AdvisorShares Gerber Kawasaki ETF	GK	July 2, 2021
AdvisorShares Hotel ETF	BEDZ	April 20, 2021
AdvisorShares Newfleet Multi-Sector Income ETF	MINC	March 19, 2013
AdvisorShares North Square McKee Core Reserves ETF*	HOLD	January 14, 2014
AdvisorShares North Square McKee ESG Core Bond ETF**	MENV	June 21, 2011
AdvisorShares Poseidon Dynamic Cannabis ETF	PSDN	November 17, 2021
AdvisorShares Psychedelics ETF	PSIL	September 16, 2021
AdvisorShares Pure Cannabis ETF	YOLO	April 17, 2019
AdvisorShares Pure US Cannabis ETF	MSOS	September 1, 2020
AdvisorShares Q Dynamic Growth ETF	QPX	December 28, 2020
AdvisorShares Q Portfolio Blended Allocation ETF	QPT	December 28, 2020
AdvisorShares Ranger Equity Bear ETF	HDGE	January 27, 2011
AdvisorShares Restaurant ETF	EATZ	April 20, 2021
AdvisorShares STAR Global Buy-Write ETF	VEGA	September 17, 2012
AdvisorShares Vice ETF	VICE	December 12, 2017

____________

* Effective November 1, 2021, AdvisorShares Sage Core Reserves ETF changed its name to AdvisorShares North Square McKee Core Reserves ETF.

** Effective November 1, 2021, AdvisorShares FolioBeyond Smart Core Bond ETF changed its name and ticker to AdvisorShares North Square McKee ESG Core Bond ETF (MENV).

AdvisorShares Alpha DNA Equity Sentiment ETF (“Alpha DNA Equity Sentiment ETF”) seeks to provide long-term capital appreciation.

AdvisorShares Dorsey Wright ADR ETF (“Dorsey Wright ADR ETF”) seeks long-term capital appreciation above international benchmarks such as the MSCI EAFE Index.

132

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

1. Organization – (continued)

AdvisorShares Dorsey Wright Alpha Equal Weight ETF (“Dorsey Wright Alpha Equal Weight ETF”) seeks to provide long-term capital appreciation.

AdvisorShares Dorsey Wright FSM All Cap World ETF (“Dorsey Wright FSM All Cap World ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright FSM US Core ETF (“Dorsey Wright FSM US Core ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright Micro-Cap ETF (“Dorsey Wright Micro-Cap ETF”) seeks long term capital appreciation.

AdvisorShares Dorsey Wright Short ETF (“Dorsey Wright Short ETF”) seeks capital appreciation through short selling securities.

AdvisorShares DoubleLine Value Equity ETF (‘‘DoubleLine Value Equity ETF”) seeks to generate long-term capital appreciation.

AdvisorShares Focused Equity ETF (“Focused Equity ETF”) seeks long-term capital appreciation.

AdvisorShares Gerber Kawasaki ETF (“Gerber Kawasaki ETF”) seeks long-term capital appreciation.

AdvisorShares Hotel ETF (“Hotel ETF”) seeks to provide long-term capital appreciation..

AdvisorShares Newfleet Multi-Sector Income ETF (‘‘Newfleet Multi-Sector Income ETF’’) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates.

AdvisorShares North Square McKee Core Reserves ETF (“North Square McKee Core Reserves ETF”) seeks to preserve capital while maximizing income.

AdvisorShares North Square McKee ESG Core Bond ETF (“North Square McKee ESG Core Bond ETF”) seeks investment results that exceed the price and yield performance of its benchmark, the Bloomberg U.S. Aggregate Bond Index.

AdvisorShares Poseidon Dynamic Cannabis ETF (“Poseidon Dynamic Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Psychedelics ETF (“Psychedelics ETF”) seeks long-term capital appreciation.

AdvisorShares Pure Cannabis ETF (“Pure Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Pure US Cannabis ETF (“Pure US Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Q Dynamic Growth ETF (“Q Dynamic Growth ETF”) seeks to achieve long-term growth.

AdvisorShares Q Portfolio Blended Allocation ETF (“Q Portfolio Blended Allocation ETF”) seeks to maximize total return over the long-term.

AdvisorShares Ranger Equity Bear ETF (‘‘Ranger Equity Bear ETF’’) seeks capital appreciation through short sales of domestically traded equity securities.

AdvisorShares Restaurant ETF (“Restaurant ETF”) seeks to provide long-term capital appreciation.

133

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

1. Organization – (continued)

AdvisorShares STAR Global Buy-Write ETF (‘‘STAR Global Buy-Write ETF’’) seeks consistent repeatable returns across all market cycles.

AdvisorShares Vice ETF (“Vice ETF”) seeks long-term capital appreciation.

Some of the Funds are considered “fund of funds” and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds (“ETFs”), as well as other exchange-traded products (“ETPs”), including, but not limited to, exchange-traded notes (“ETNs”) and closed-end funds (collectively with ETFs, ETNs, and ETPs), that offer diversified exposure to various global regions, credit qualities, durations and maturity dates.

For the period ended December 31, 2021, the Funds held significant positions (greater than 25% of net assets), except those invested in short term money market instruments, in other funds as follows:

Funds	Security Name	Market Value as of December 31, 2021		% of Fund Net Assets as of December 31, 2021		Reference location
Dorsey Wright FSM All Cap World ETF	Invesco Nasdaq 100 ETF	$	75,118,515	49.8	%	https://www.invesco.com
	Invesco S&P 500 Pure Growth ETF		75,585,295	50.1	%	https://www.invesco.com
Dorsey Wright FSM US Core ETF	Invesco QQQ Trust Series 1		51,230,747	49.7	%	https://www.invesco.com
	Invesco S&P 500 Equal Weight ETF		51,522,581	50.0	%	https://www.invesco.com
Dorsey Wright Short ETF	AdvisorShares North Square McKee Core Reserves ETF		9,840,000	30.9	%	Contained within this report.
Pure Cannabis	AdvisorShares Pure US Cannabis		65,949,832	34.4		Contained within this report.
Q Dynamic Growth ETF	Invesco QQQ Trust Series 1		50,113,584	39.5		https://www.invesco.com
	Technology Select Sector SPDR Fund		382,065,309	30.1		https://www.ssga.com
Q Portfolio Blended Allocation ETF	iShares 20+ Year Treasury Bond ETF		1,696,035	29.3		https://www.ishares.com
Ranger Equity Bear ETF	AdvisorShares North Square McKee Core Reserves ETF		19,680,000	26.5		Contained within this report.
STAR Global Buy-Write ETF	SPDR S&P 500 ETF Trust		10,957,802	37.0		https://us.spdrs.com

134

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

1. Organization – (continued)

Reverse Split

After the close of the markets on February 5, 2021 (the Record Date), the AdvisorShares Ranger Equity Bear ETF effected a reverse split of its issued and outstanding shares, with a 1 for 10 ratio, with approval by the Board. Shares of the Fund began trading on the NYSE Arca on a split-adjusted basis on February 8, 2021.

The effect of the reverse split was reducing the number of Shares outstanding and resulted in a proportionate increase in the NAV per Share of the Fund. Therefore, the reverse split did not change the aggregate value of a shareholder’s investment or the total market value of the shares outstanding.

The reverse split was applied retroactively for all periods presented in the financial statements.

2. Summary of Significant Accounting Policies

These financial statements are prepared in accordance with U.S. generally accepted accounting principles (‘‘GAAP’’) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment Valuation

In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an Over-the-Counter (“OTC”) market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.

Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.

Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.

135

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Expenses

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Futures Contracts

Certain Funds may invest in futures contracts (‘‘futures’’), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market’. Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and a Fund will realize a loss or gain. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

Swap Agreements

Certain funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.

Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

Equity swaps are derivatives and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, do not accurately analyze and predict future market trends, the values of assets or economic factors, the Funds may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by the Funds are recorded as realized gains or losses.

136

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Repurchase Agreements

The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At December 31, 2021, the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.

Short Sales

Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When the Funds make a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Funds are also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amount of income or fees paid to Ranger Equity Bear ETF for the period ended December 31, 2021 was $636,395, which is included as Interest on Securities Sold, Not Yet Purchased in the Statements of Operations.

Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds.

Term Loans

Certain Funds invests in senior secured corporate loans or bank loans, some of which may be partially or entirely unfunded and purchased on a when-issued or delayed delivery basis, that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain

137

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, actual maturity may be substantially less than the stated maturity. Bank loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.

Options

Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

Short-Term Investments

Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements.

Securities Lending

The Funds participate in a securities lending program offered by The Bank of New York Mellon (‘‘BNYM’’) (the ‘‘Program’’), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted as cash and non-cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into money market instruments and overnight repurchase agreements, which are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. Government or any agency, instrumentality or authority of the U.S. government. The securities purchased with cash collateral received are reflected in the Schedule of Investments. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.

138

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

The money market instruments and repurchase agreements income related to the Program earned by the Funds is disclosed on the Statements of Operations.

The value of loaned securities and related collateral outstanding at December 31, 2021 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedules of Investments or Statements of Asset and Liabilities.

Fund and Description	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Statements of Assets and (Liabilities)		Net Amounts Presented in the Statements of Assets and (Liabilities)			Gross Amounts not offset in the Statements of Assets and Liabilities					Net Amount
Fund and Description	Gross Amounts of Recognized Assets (Liabilities)								Financial Instruments			Collateral Pledged/ Received		Net Amount
Alpha DNA Equity Sentiment ETF
Securities Lending	$	(406,670	)	$	—	$	(406,670	)	$	406,670	(1)	$	—	—
Repurchase Agreements and Money Market Instruments		406,670			—		406,670			406,670	(2)		—	—
Dorsey Wright ADR ETF
Securities Lending		(9,849,111	)		—		(9,849,111	)		9,849,111	(1)		—	—
Repurchase Agreements and Money Market Instruments		9,849,111			—		9,849,111			9,849,111	(2)		—	—
Dorsey Wright Alpha Equal Weight ETF
Securities Lending		(1,124,574	)		—		(1,124,574	)		1,124,574	(1)		—	—
Repurchase Agreements and Money Market Instruments		1,124,574			—		1,124,574			1,124,574	(2)		—	—
Dorsey Wright FSM US Core ETF
Securities Lending		(51,261,276	)		—		(51,261,276	)		51,261,276	(1)		—	—
Repurchase Agreements and Money Market Instruments		51,261,276			—		51,261,276			51,261,276	(2)		—	—
Dorsey Wright Micro-Cap ETF
Securities Lending		(376,169	)		—		(376,169	)		376,169	(1)		—	—
Repurchase Agreements and Money Market Instruments		376,169			—		376,169			376,169	(2)		—	—
DoubleLine Value Equity ETF
Securities Lending		(599,874	)		—		(599,874	)		599,874	(1)		—	—
Repurchase Agreements and Money Market Instruments		599,874			—		599,874			599,874	(2)		—	—
Gerber Kawasaki ETF													—	—
Securities Lending		(1,079,079	)		—		(1,079,079	)		1,079,079	(1)		—	—
Repurchase Agreements and Money Market Instruments		1,079,079			—		1,079,079			1,079,079	(2)
Hotel ETF
Securities Lending		(144,598	)		—		(144,598	)		144,598	(1)		—	—
Repurchase Agreements and Money Market Instruments		144,598			—		144,598			144,598	(2)		—	—
Newfleet Multi-Sector Income ETF
Securities Lending		(2,854,012	)		—		(2,854,012	)		2,854,012	(1)		—	—
Repurchase Agreements and Money Market Instruments		2,854,012			—		2,854,012			2,854,012	(2)		—	—

139

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Fund and Description	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Statements of Assets and (Liabilities)		Net Amounts Presented in the Statements of Assets and (Liabilities)			Gross Amounts not offset in the Statements of Assets and Liabilities					Net Amount
Fund and Description	Gross Amounts of Recognized Assets (Liabilities)								Financial Instruments			Collateral Pledged/ Received		Net Amount
North Square McKee ESG Core Bond ETF
Securities Lending	$	(52,597	)	$	—	$	(52,597	)	$	52,597	(1)	$	—	—
Repurchase Agreements and Money Market Instruments		52,597			—		52,597			52,597	(2)		—	—
Psychedelics ETF
Securities Lending		(854,343	)		—		(854,343	)		854,343	(1)		—	—
Repurchase Agreements and Money Market Instruments		854,343			—		854,343			854,343	(2)		—	—
Swaps		(241,372	)		—		(241,372	)		—	(2)		—	(241,372	)
Pure Cannabis ETF
Securities Lending		(4,579,267	)		—		(4,579,267	)		4,579,267	(1)		—	—
Repurchase Agreements and Money Market Instruments		4,579,267			—		4,579,267			4,579,267	(2)		—	—
Swaps		(9,751,143	)		—		(9,751,143	)		—	(2)		—	(9,751,143	)
Pure US Cannabis ETF
Securities Lending		(8,795,598	)		—		(8,795,598	)		8,795,598	(1)		—	—
Repurchase Agreements and Money Market Instruments		8,975,598			—		8,975,598			8,975,598	(2)		—	—
Swaps		(211,929,221	)		—		(211,929,221	)		—	(2)		—	(211,929,221	)
AdvisorShares Q Dynamic Growth ETF
Securities Lending		(10,108,746	)		—		(10,108,746	)		10,108,746	(1)		—	—
Repurchase Agreements and Money Market Instruments		10,108,746			—		10,108,746			10,108,746	(2)		—	—
AdvisorShares Q Portfolio Blended Allocation ETF
Securities Lending		(2,150,321	)		—		(2,150,321	)		2,150,321	(1)		—	—
Repurchase Agreements and Money Market Instruments		2,150,321			—		2,150,321			2,150,321	(2)		—	—
AdvisorShares Restaurant ETF
Securities Lending		(147,544	)		—		(147,544	)		147,544	(1)		—	—
Repurchase Agreements and Money Market Instruments		147,544			—		147,544			147,544	(2)		—	—
STAR Global Buy-Write ETF
Securities Lending		(3,478,383	)		—		(3,478,383	)		3,478,383	(1)		—	—
Repurchase Agreements and Money Market Instruments		3,478,383			—		3,478,383			3,478,383	(2)		—	—
Vice ETF
Securities Lending		(90,634	)		—		(90,634	)		90,634	(1)		—	—
Repurchase Agreements and Money Market Instruments		90,634			—		90,634			90,634	(2)		—	—

____________

(1) Collateral for securities on loan is included in the Schedules of Investments and consists of Repurchase Agreements and shares of Money Market instruments.

(2) Repurchase agreements are collateralized by U.S. Government Agency Obligations in the event the other party to the repurchase agreement defaults on its obligation. Amounts may also include Money Market instruments.

140

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Dividends and Distributions

Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.

Indemnifications

In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Recent Accounting Pronouncement

Accounting Standards Update 2020-04 Reference Rate Reform

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

3. Investment Advisory Agreement and Other Agreements

Investment Advisory Agreement

Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the ‘‘Advisor’’) pursuant to which the Advisor acts as the Fund’s investment advisor. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisors, if applicable. For its services, each Fund pays the Advisor an annual management fee and which is calculated daily and paid monthly based on average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.

The Advisor’s annual management fee for each Fund is as follows:

Fund:	Rate:
Alpha DNA Equity Sentiment ETF	0.76	%
Dorsey Wright ADR ETF	0.75	%
Dorsey Wright Alpha Equal Weight ETF	0.75	%
Dorsey Wright FSM All Cap World ETF	0.75	%
Dorsey Wright FSM US Core ETF	0.75	%
Dorsey Wright Micro-CAP ETF	0.75	%
Dorsey Wright Short ETF	0.75	%
DoubleLine Value Equity ETF	0.70	%

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December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund:	Rate:
Focused Equity ETF	0.75	%*
Gerber Kawasaki ETF	0.75	%
Hotel ETF	0.60	%
Newfleet Multi-Sector Income ETF	0.50	%
North Square McKee Core Reserves ETF	0.30	%**
North Square McKee ESG Core Bond ETF	0.24	%***
Poseidon Dynamic Cannabis ETF	0.80	%
Psychedelics ETF	0.60	%
Pure Cannabis ETF	0.60	%****
Pure US Cannabis ETF	0.60	%
Q Dynamic Growth ETF	1.00	%*
Q Portfolio Blended Allocation ETF	0.74	%*
Ranger Equity Bear ETF	1.50	%
Restaurant ETF	0.60	%
STAR Global Buy-Write ETF	1.35	%
Vice ETF	0.60	%

____________

* The Advisor’s advisory fee has two components — the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund’s net performance is in line with Fund’s pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment. The Advisor’s annual base fee based on the Fund’s average daily net assets. The performance fee adjustment is derived by comparing the Fund’s performance over a rolling twelve-month period to its performance benchmark, which is set forth in the table below. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor’s annual advisory fee may range as follows, based on the Fund’s average daily net assets:

Fund	Performance Benchmark	Annual Advisory Fee Range
Focused Equity ETF	S&P 500 Index	0.65% to 0.85%
Q Dynamic Growth ETF	S&P 500 Index	0.90% to 1.10%
Q Portfolio Blended Allocation ETF	Blended 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index	0.64% to 0.84%

____________

** Effective November 1, 2021, AdvisorShares Sage Core Reserves ETF changed its name to AdvisorShares North Square McKee Core Reserves ETF and the Fund’s investment advisory fee of 0.30% did not change.

*** Effective November 1, 2021, AdvisorShares FolioBeyond Smart Core Bond ETF changed its name to AdvisorShares North Square McKee ESG Core Bond ETF and the Fund’s investment advisory fee changed from 0.50% to 0.24%.

**** Prior to November 24, 2021, the advisory fee was 0.60%. Effective November 24, 2021, the advisory fee is 0.60% less the acquired fund fees and expenses related to any investment in AdvisorShares Pure US Cannabis ETF.

142

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Sub-Advisory Agreements

Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. The Advisor supervises the day-to-day investment and reinvestment of the assets in each Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor is entitled to a fee, which is paid by the Advisor and is not an additional expense of the applicable Fund, and is calculated daily and paid monthly by the Advisor, at an annual rate based on the average daily net assets of its respective Fund(s) as follows:

	Sub-Advisor	Sub-Advisory Fee Rate
AdvisorShares Alpha DNA Equity Sentiment ETF	Alpha DNA Investment Management LL	0.45	%
AdvisorShares Dorsey Wright ADR ETF	Dorsey, Wright & Associates, LLC	0.25	%
AdvisorShares Dorsey Wright Micro Cap ETF	Dorsey, Wright & Associates, LLC	0.25	%
AdvisorShares Dorsey Wright Short ETF	Dorsey, Wright & Associates, LLC	0.25	%
AdvisorShares DoubleLine Value ETF	Doubleline Equity LP	0.35	%
AdvisorShares Gerber Kawasaki ETF	Gerber Kawasaki, Inc.	0.50	%
AdvisorShares Newfleet Multi-Sector Income ETF	Newfleet Asset Management, LLC	0.25	%
AdvisorShares North Square McKee Core Reserves ETF	CMS Advisors, LLC	0.12	%**
AdvisorShares North Square McKee ESG Core Bond ETF	CMS Advisors, LLC	0.12	%
AdvisorShares Poseidon Dynamic Cannabis ETF	Poseidon Investment Management, LLC	0.50	%
AdvisorShares Q Dynamic Growth ETF	ThinkBetter, LLC	0.65	%*
AdvisorShares Q Portfolio Blended Allocation ETF	ThinkBetter, LLC	0.50	%*
AdvisorShares Ranger Equity Bear ETF	Ranger Alternative Management, L.P.	1.00	%
AdvisorShares STAR Global Buy-Write ETF	ChangePath, LLC	0.85	%

____________

* The sub-advisory fee has two components — the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the sub-adviser is paid when net performance is in line with a pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If a Fund outperforms the performance benchmark, the sub-adviser may receive an upward fee adjustment. If a Fund underperforms the performance benchmark, the sub-adviser may receive a downward fee adjustment. The performance fee adjustment is derived by comparing a Fund’s performance over a rolling twelve-month period to its performance benchmark, which is the S&P 500 Index for AdvisorShares Q Dynamic Growth ETF and Blended 60% S&P 500 Index/40% Bloomberg Barclays US Aggregate Bond Index for AdvisorShares Q Portfolio Blended Allocation ETF. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the sub-adviser’s annual sub-advisory fee may range from 0.40% to 0.60% of AdvisorShares Q Portfolio Blended Allocation ETF’s average daily net assets and 0.55% to 0.75% of AdvisorShares Q Dynamic Growth ETF’s average daily net assets.

** Effective November 1, 2021, the Fund’s sub-advisory fee was changed from 0.15% to 0.12% of the Fund’s daily net assets. The fees reflected prior to November 1, 2021 represent the sub-advisory fees paid to Sage Advisory Services, Ltd. Co., the Fund’s former investment sub-advisor.

From time to time, each sub-advisor may waive all or a portion of its fee.

Expense Limitation Agreement

The Advisor has contractually agreed to waive its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures

143

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding a specified percentage of each Fund’s average daily net assets for at least one year from the date of the Fund’s currently effective prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Advisor, for any reason, upon ninety (90) days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. If at any point it becomes unnecessary for the Advisor to waive fees or reimburse expenses, the Board may permit the Advisor to retain the difference between the Fund’s total annual operating expenses and the expense limitation currently in effect, or, if the current expense limitation is lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The expense limits in effect for each Fund during the period ended December 31, 2021 were as follows:

Fund:		Rate:
Alpha DNA Equity Sentiment ETF		1.12%
Dorsey Wright ADR ETF		1.10%(a)
Dorsey Wright Alpha Equal Weight ETF		0.99%
Dorsey Wright FSM All Cap World ETF		0.99%
Dorsey Wright FSM US Core ETF		0.99%
Dorsey Wright Micro-Cap ETF		1.25%(b)
Dorsey Wright Short ETF		1.25%(b)
DoubleLine Value Equity ETF		0.90%
Focused Equity ETF		0.65% – 0.85%(c)
Gerber Kawasaki ETF		0.75%
Hotel ETF		0.79%
Newfleet Multi-Sector Income ETF		0.75%
North Square McKee Core Reserves ETF		0.35%
North Square McKee ESG Core Bond ETF		0.47%
Poseidon Dynamic Cannabis ETF		0.99%
Psychedelics ETF		0.99%
Pure Cannabis ETF		0.74%
Pure US Cannabis ETF		0.74%
Q Dynamic Growth ETF		1.45%
Q Portfolio Blended Allocation ETF		0.99%
Ranger Equity Bear ETF		1.85%
Restaurant ETF		0.79%
STAR Global Buy-Write ETF		1.85%
Vice ETF		0.99%(d)

____________

(a) Prior to November 1, 2019, the expense limit was 0.88%.

(b) Prior to November 1, 2019, the expense limit was 0.99%.

(c) The expense limit is equal to the annual rate of the Advisor’s contractual advisory fee, which can range from 0.65% to 0.85%.

(d) Prior to November 1, 2019, the expense limit was 0.75%.

144

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

The Advisor may recapture operating expenses waived and/or reimbursed within three years after the date on which such waiver or reimbursement occurred. The Funds must pay their ordinary operating expenses before the Advisor is permitted to recapture and must remain in compliance with any applicable expense limitation. All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured during the fiscal years indicated:

Fund	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
Dorsey Wright ADR ETF	$	220,876	$	105,551	6/30/2022
Total		220,876		105,551

Dorsey Wright Alpha Equal Weight ETF		31,003		—	6/30/2023
Total		31,003		—

Dorsey Wright FSM All Cap World ETF		22,184		—	6/30/2023
Total		22,184		—

Dorsey Wright FSM US Core ETF		26,148		—	6/30/2023
Total		26,148		—

Dorsey Wright Micro Cap ETF		86,234		86,234	6/30/2022
		77,363		77,363	6/30/2023
		82,864		82,864	6/30/2024
Total		246,461		246,461

Dorsey Wright Short ETF		42,681		42,681	6/30/2022
Total		42,681		42,681

DoubleLine Value Equity ETF		200,619		200,619	6/30/2022
		91,372		91,372	6/30/2023
		67,609		67,609	6/30/2024
Total		359,600		359,600

Focused Equity ETF		136,738		136,738	6/30/2022
		125,698		125,698	6/30/2023
		125,958		125,958	6/30/2024
Total		388,394		388,394

Hotel ETF		47,305		47,305	6/30/2024
Total		47,305		47,305

Newfleet Multi-Sector Income ETF		249,159		249,159	6/30/2022
		50,459		50,459	6/30/2023
		21,007		21,007	6/30/2024
Total		320,625		320,625

145

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
North Square McKee Core Reserves ETF	$	192,747	$	192,747	6/30/2022
		165,567		165,567	6/30/2023
		158,115		158,115	6/30/2024
Total		516,429		516,429

North Square McKee ESG Core Bond ETF		82,792		82,792	6/30/2022
		39,057		39,057	6/30/2023
		79,608		79,608	6/30/2024
Total		201,457		201,457

Pure Cannabis ETF		33,071		—	6/30/2022
		196,096		114,084	6/30/2023
Total		229,167		114,084

Pure US Cannabis ETF		16,091		16,091	6/30/2024
Total		16,091		16,091

Q Dynamic Growith ETF		10,281		10,281	6/30/2024
Total		10,281		10,281

Q Portfolio Blended Allocation ETF		71,767		71,767	6/30/2024
Total		71,767		71,767

Restaurant ETF		47,820		47,820	6/30/2024
Total		47,820		47,820

STAR Global Buy-Write ETF		77,386		77,386	6/30/2022
		49,370		49,370	6/30/2023
		78,833		78,833	6/30/2024
Total		205,589		205,589

Vice ETF		89,372		89,372	6/30/2022
		79,288		79,288	6/30/2023
		83,764		83,764	6/30/2024
Total		252,424		252,424

Administrator, Custodian, Fund Accountant and Transfer Agent

The Bank of New York Mellon (‘‘BNYM’’) (in each capacity, the ‘‘Administrator’’, ‘‘Custodian’’, ‘‘Fund Accountant’’ or ‘‘Transfer Agent’’), serves as the Fund’s Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement, a Custody Agreement or a Transfer Agency and Service Agreement, as the case may be.

Distribution Arrangement

Foreside Fund Services, LLC (the ‘‘Distributor’’) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan (‘‘Plan’’) pursuant to Rule 12b-1 under

146

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fees are currently paid by each Fund under the Plan, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in each Fund.

4. Creation and Redemption Transactions

The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called ‘‘Creation Units.’’ Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only ‘‘Authorized Participants’’ may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

5. Summary of Fair Value Disclosure

The Financial Accounting Standard Board’s (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s net asset value is computed and that may

147

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

5. Summary of Fair Value Disclosure – (continued)

materially affect the value of the Fund’s investment). Examples of events that may be ‘‘significant events’’ are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For more detailed categories, see the accompanying Schedules of Investments.

6. Derivative Instruments

The Funds have adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective.

At December 31, 2021, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

Fund:		Asset Derivatives:		Equity Risk
Psychedelics ETF		Unrealized Appreciation on Swaps Contracts		$	10,800

Fund:	Liability Derivatives:	Equity Risk
Poseidon Dynamic Cannabis ETF	Unrealized Depreciation on Swaps Contracts	$	(3,565	)
Psychedelics ETF	Unrealized Depreciation on Swaps Contracts		(252,172	)
Pure Cannabis ETF	Unrealized Depreciation on Swaps Contracts		(9,751,143	)
Pure US Cannabis ETF	Unrealized Depreciation on Swaps Contracts		(211,929,221	)
STAR Global Buy-Write ETF	Options Written, at value		(45,239	)

Transactions in derivative instruments during the period ended December 31, 2021, were as follows:

Statements of Operations:

Fund:	Realized Gain (Loss):	Equity Risk			Credit Risk
Pure Cannabis ETF	Swaps	$	(25,859,299	)	$	—
Pure US Cannabis ETF	Swaps		(230,554,640	)		—
STAR Global Buy-Write ETF	Options Written		(30,479	)		—
STAR Global Buy-Write ETF	Purchased Options		(82,631	)		—

Fund:	Change in Unrealized Gain (Loss):	Equity Risk			Credit Risk
Alpha DNA Equity Sentiment ETF	Purchased Options	$	(756,745	)	$	—
Pure Cannabis ETF	Swaps		(12,174,795	)		—
Pure US Cannabis ETF	Swaps		(151,406,224	)		—
STAR Global Buy-Write ETF	Options Written		(14,686	)		—
STAR Global Buy-Write ETF	Purchased Options		(30,613	)		—

148

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

6. Derivative Instruments – (continued)

For the period ended December 31, 2021, the average volume of the derivatives opened by the Funds was as follows:

	Alpha DNA Equity Sentiment ETF		Poseidon Dynamic Cannabis ETF		Psychedelics ETF		Pure Cannabis ETF		Pure US Cannabis ETF		STAR Global Buy- Write ETF
Futures Contracts	$	—	$	—	$	—	$	—	$	—	$	—
Long Swaps Contracts		—		9,596		50,471		1,084,736		1,073,093		—
Purchased Options Contracts		257,904		—		—		—		—		35,278
Written Options Contracts		—		—		—		—		—		8,251

7. Federal Income Tax

Each Fund intends to qualify as a ‘‘regulated investment company’’ under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2018 − 2020), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

At June 30, 2021, the approximate cost of investments, excluding short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Other Derivatives Net Unrealized Appreciation (Depreciation)
Alpha DNA Equity Sentiment ETF	$	67,613,919	$	3,284,008	$	(1,458,085	)	$	1,825,923		$	—
Dorsey Wright ADR ETF		86,811,248		20,409,485		(1,351,183	)		19,058,302			—
Dorsey Wright Alpha Equal Weight ETF		79,553,699		3,169,069		(3,277,728	)		(108,659	)		—
Dorsey Wright FSM All Cap World ETF		238,666,127		—		(3,966,704	)		(3,966,704	)		—
Dorsey Wright FSM US Core ETF		124,588,493		14,788,092		(257,909	)		14,530,183			—
Dorsey Wright Micro-Cap ETF		7,971,797		2,074,140		(159,093	)		1,915,047			—
Dorsey Wright Short ETF		33,819,648		1,328,291		(1,323,271	)		5,020			(410,425	)
DoubleLine Value Equity ETF		38,392,337		12,269,579		(899,707	)		11,369,872			—
Focused Equity ETF		20,765,562		8,283,837		(86,579	)		8,197,258			—
Hotel ETF		8,076,737		93,395		(400,273	)		(306,878	)		—
Newfleet Multi-Sector Income ETF		98,243,596		902,743		(231,510	)		671,233			—

149

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Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

7. Federal Income Tax – (continued)

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Other Derivatives Net Unrealized Appreciation (Depreciation)
North Square McKee Core Reserves ETF	$	43,094,665	$	137,994	$	(6,246	)	$	131,748		$	—
North Square McKee ESG Core Bond ETF		5,603,025		54,980		(36,868	)		18,112			—
Pure Cannabis ETF		335,060,049		228,569,786		(243,916,939	)		(15,347,153	)		2,423,201
Pure US Cannabis ETF		657,557,918		1,123,927,286		(1,131,692,034	)		(7,764,748	)		(60,522,997	)
Q Dynamic Growth ETF		86,188,852		4,926,648		(154,181	)		4,772,467			—
Q Portfolio Blended Allocation ETF		4,361,055		191,229		(64,054	)		127,175			—
Ranger Equity Bear ETF		144,754,313		519,035		(669,035	)		(150,000	)		(1,145,139	)
Restaurant ETF		6,087,389		152,258		(227,220	)		(74,962	)		—
STAR Global Buy-Write ETF		16,888,171		1,607,246		(54,086	)		1,553,160			(2,638	)
Vice ETF		11,202,703		3,337,932		(300,212	)		3,037,720			—

Under current tax regulations, capital losses on securities transactions realized after October 31 (‘‘Post-October Losses’’) may be deferred and treated as occurring on the first business day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2021 are as follows:

Fund	Late Year Ordinary Loss Deferral		Short-Term Capital Post- October Loss		Long-Term Capital Post-October Loss
Alpha DNA Equity Sentiment ETF	$	159,177	$	—	$	—
Dorsey Wright ADR ETF		—		—		—
Dorsey Wright Alpha Equal Weight ETF		—		—		—
Dorsey Wright FSM All Cap World ETF		—		—		—
Dorsey Wright FSM US Core ETF		—		—		—
Dorsey Wright Micro-Cap ETF		2,072		—		—
Dorsey Wright Short ETF		399,396		—		—
DoubleLine Value Equity ETF		—		—		—
Focused Equity ETF		—		—		—
Hotel ETF		—		—		—
Newfleet Multi-Sector Income ETF		—		—		—
North Square McKee Core Reserves ETF		—		—		—
North Square McKee ESG Core Bond ETF		—		—		—
Pure Cannabis ETF		—		—		—
Pure US Cannabis ETF		—		—		—
Q Dynamic Growth ETF		112,454		—		—
Q Portfolio Blended Allocation ETF		—		—		—
Ranger Equity Bear ETF		1,195,402		—		—
Restaurant ETF		1,554		—		—
STAR Global Buy-Write ETF		—		—		—
Vice ETF		—		—		—

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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

7. Federal Income Tax – (continued)

The following Funds have capital loss carryforwards available to offset future realized gains of:

Fund	Short-Term No Expiration		Long-Term No Expiration		Total
Alpha DNA Equity Sentiment ETF	$	609,821	$	—	$	609,821
Dorsey Wright ADR ETF		48,830,902		—		48,830,902
Dorsey Wright Alpha Equal Weight ETF		—		—		—
Dorsey Wright FSM All Cap World ETF		—		—		—
Dorsey Wright FSM US Core ETF		—		—		—
Dorsey Wright Micro-Cap ETF		856,571		—		856,571
Dorsey Wright Short ETF		84,531,744		139,071		84,670,815
DoubleLine Value Equity ETF		28,233,007		146,240		28,379,247
Focused Equity ETF		42,311		404,533		446,844
Hotel ETF		16,142		—		16,142
Newfleet Multi-Sector Income ETF		2,006,393		5,756,970		7,763,363
North Square McKee Core Reserves ETF		1,051,480		12,574		1,064,054
North Square McKee ESG Core Bond ETF		253,410		719,752		973,162
Pure Cannabis ETF		—		—		—
Pure US Cannabis ETF		—		—		—
Q Dynamic Growth ETF		466,983		—		466,983
Q Portfolio Blended Allocation ETF		296,802		—		296,802
Ranger Equity Bear ETF		368,708,556		564,348		369,272,904
Restaurant ETF		3,324		—		3,324
STAR Global Buy-Write ETF		—		—		—
Vice ETF		—		233,930		233,930

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2021:

Fund	Utilized Amount
Alpha DNA Equity Sentiment ETF	$	—
Dorsey Wright ADR ETF		13,907,583
Dorsey Wright Alpha Equal Weight ETF		9,481,255
Dorsey Wright FSM All Cap World ETF		—
Dorsey Wright FSM US Core ETF		—
Dorsey Wright Micro-Cap ETF		—
Dorsey Wright Short ETF		—
DoubleLine Value Equity ETF		3,321,032
Focused Equity ETF		248,688
Hotel ETF		—
Newfleet Multi-Sector Income ETF		317,008
North Square McKee Core Reserves ETF		311,467
North Square McKee ESG Core Bond ETF		—
Pure Cannabis ETF		20,264,148

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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

7. Federal Income Tax – (continued)

Fund	Utilized Amount
Pure US Cannabis ETF	$	—
Q Dynamic Growth ETF		—
Q Portfolio Blended Allocation ETF		—
Ranger Equity Bear ETF		—
Restaurant ETF		—
STAR Global Buy-Write ETF		663,174
Vice ETF		965,912

8. Investment Transactions

Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 2021 were as follows:

	Purchases								Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Alpha DNA Equity Sentiment ETF	$	192,448,624	$	—	$	38,296,019	$	193,347,492	$	—	$	33,918,453
Dorsey Wright ADR ETF		37,981,649		—		—		37,304,478		—		8,691,047
Dorsey Wright Alpha Equal Weight ETF		177,458,615		—		47,071,273		178,942,165		—		43,689,337
Dorsey Wright FSM All Cap World ETF		153,287,835		—		81,838,478		156,353,440		—		91,030,850
Dorsey Wright FSM US Core ETF		2,702,871		—		3,378,469		2,973,664		—		3,271,112
Dorsey Wright Micro Cap ETF		5,701,077		—		3,364,119		5,541,534		—		963,360
Dorsey Wright Short ETF		34,387,531		—		—		41,204,739		—		—
Double Line Value ETF		11,394,788		—		967,016		11,260,734		—		2,378,172
Focused Equity ETF		6,725,312		—		8,852,010		7,238,042		—		8,208,450
Gerber Kawasaki ETF		3,915,648		—		26,234,501		3,639,440		—		405,831
Hotel ETF		3,430,828		—		2,758,768		3,591,910		—		2,188,254
Newfleet Multi-Sector Income ETF		27,791,548		2,776,462		—		28,443,705		2,230,821		—
North Square McKee Core Reserves ETF		11,727,055		—		—		17,003,381		—		—
North Square McKee ESG Core Bond ETF		14,020,246		1,282,457		—		14,129,002		742,221		2,317,629
Poseidon Dynamic Cannabis ETF		171,061		—		2,693,745		1,195,927		—		—
Psychedelics ETF		1,321,213		—		7,873,709		644,877		—		—
Pure Cannabis ETF		81,520,229		—		—		25,638,810		—		19,738,729
Pure US Cannabis ETF		128,896,967		—		118,071,576		18,728,250		—		20,354,005
Q Dynamic Growth ETF		37,671,372		—		51,294,431		37,606,533		—		2,456,832
Q Portfolio Blended Allocation ETF		4,843,146		—		2,482,998		4,822,564		—		382,913
Ranger Equity Bear ETF		464,336,461		—		—		479,396,650		—		—
Restaurant ETF		1,327,815		—		—		1,515,190		—		1,635,581
STAR Global Buy-Write ETF		3,189,937		—		10,294,673		3,610,493		—		383,776
Vice ETF		3,930,347		—		—		4,068,768		—		643,257

9. Risks Involved with Investing in the Funds

As with any investment, an investor could lose all or part of their investment in a Fund and the Fund’s performance could trail that of other investments. A Fund may be subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund’s prospectus. Please refer to each Fund’s currently effective prospectus for the specific list and description of the principal risks of investing in the Fund.

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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

Credit Risk

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. The Fund’s, and its affiliates, manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its Statements of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

Fund of Funds Risk

Some of the Funds’ investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds is subject to the risk associated with the Underlying ETFs that comprise their Underlying Index. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.

Liquidity Risk

In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Fund may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to ‘‘circuit breaker’’ rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged.

Market Risk

Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund’s investments may decline in value due to factors affecting securities markets generally, or particular countries, segments, economic sectors, industries or companies within those markets. The value of a security held in a short position may increase due to general economic and market conditions which are not specifically related to a particular issuer, such as real or perceived positive economic conditions or changes in interest or currency rates. Because the market value of ETF shares may differ from their net asset value, the shares may trade at a premium or discount. An investment in the Fund may lose money.

153

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2021 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

New Fund Risk

Some of the Funds are new funds. As new funds, there can be no assurance that the Funds will grow to or maintain an economically viable size, than it otherwise would be at higher asset levels or it could ultimately liquidate.

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.

10. Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require additional disclosure.

154

LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, AdvisorShares Trust (the “Trust”), on behalf of its series (the “Funds”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk based on factors specific to the circumstances of the Funds. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining shareholders’ interests. The Board of Trustees of the Trust appointed AdvisorShares Investments, LLC, the Funds’ investment adviser, as the administrator of the Program (the “Program Administrator”).

At the Board’s August 2021 meeting, the Trustees reviewed a written report provided by the Program Administrator addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period December 1, 2020 through June 30, 2021. The report did not reflect that any material changes had been made to the Program since its implementation. The report noted that the Program utilizes analysis from a third-party liquidity metrics service provider to assist in liquidity classification, calculation, and monitoring. The Program Administrator concluded in the report that the Program has been adequately designed and effectively implemented to meet the requirements of Rule 22e-4 and the Funds’ liquidity needs.

155

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of the Sub-Advisory Agreements for the AdvisorShares Dorsey Wright ADR ETF,
AdvisorShares Dorsey Wright Micro-Cap ETF, AdvisorShares Dorsey Wright Short ETF,
DoubleLine Value Equity ETF, and AdvisorShares Ranger Equity Bear ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 20, 2021 and November 16, 2021, the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of the renewal of separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Dorsey, Wright & Associates, LLC, on behalf of the AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, and AdvisorShares Dorsey Wright Short ETF, (2) DoubleLine Equity LP, on behalf of the AdvisorShares DoubleLine Value Equity ETF, and (3) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.

Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements and decide whether to renew the Sub-Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by each Sub-Advisor; (ii) the performance of each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) any ancillary benefits to each Sub-Advisor. The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of the Sub-Advisory Agreements in light of the written materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Advisors, including those individuals responsible for portfolio management. The Board also considered the Sub-Advisors’

156

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

operational capabilities and resources and their experience in managing investment portfolios. The most recent Form ADV for each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and compensation. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.

Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund.

Cost of Services and Profitability. In considering whether the sub-advisory fee payable with respect to each Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fee waived and/or expenses reimbursed by each Sub-Advisor over the period, as applicable, the costs and other expenses incurred by each Sub-Advisor in providing the services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the sub-advisory fee appears to be reasonable in light of the services rendered.

Economies of Scale. The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by a Sub-Advisor and whether a Sub-Advisor’s fee includes breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by each Sub-Advisor as a result of its relationship with a Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with a Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund; and (iii) agreed to renew each Sub-Advisory Agreement for another year.

Approval of the Advisory and Sub-Advisory Agreements for
AdvisorShares Gerber Kawasaki ETF

At a meeting held on May 20, 2021, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Gerber Kawasaki ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series was being conducted at that meeting. The Board also considered the approval of a separate sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Advisor and Gerber Kawasaki, Inc. (the “Sub-Advisor”), on behalf of the Fund, pursuant to which the Sub-Advisor would perform portfolio management and related services.

157

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

In connection with its consideration of the Agreements, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor and Sub-Advisor about the Agreements and the services proposed to be provided thereunder, including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rates and various other materials that it considered relevant to its consideration and approval of the proposed Agreements.

In considering each of the Agreements, the Board considered and discussed information and analysis provided by the Advisor and Sub-Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor and Sub-Advisor to the Fund, the Board reviewed the services to be provided by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board received the most recent Form ADV for the Sub-Advisor as well as responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. The Board discussed the Trust’s chief compliance officer’s ongoing review and monitoring of the Sub-Advisor’s compliance infrastructure. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor and the Sub-Advisor.

Performance. In connection with the assessment of the ability of each of the Advisor and Sub-Advisor to perform its duties under its Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that each of the Advisor and Sub-Advisor has the resources necessary to perform its obligations under its Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor and Sub-Advisor, reviewed the fees to be paid pursuant to the Agreements, and considered the estimated profitability projected by each of the Advisor and Sub-Advisor from its relationship with the Fund. In addition, the Board discussed the fee arrangement between the Advisor and Sub-Advisor, noting that the Advisor would pay the Sub-Advisor out of the advisory fee it receives from the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fees proposed to be paid to the Advisor and Sub-Advisor appear to be reasonable in light of the services to be provided.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory and sub-advisory fees appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.

Ancillary Benefits. The Board noted the potential benefits to be received by each of the Advisor and Sub-Advisor as a result of its relationship with the Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Agreements are fair and reasonable; (ii) concluded that the fees to be paid to the Advisor are fair and reasonable in light of the services that it will provide to Fund; (iii) concluded that the fees to be paid to the Sub-Advisor are fair and reasonable in light of the services that the Sub-Advisor will provide to the Fund; and (iv) agreed to approve each of the Agreements for an initial term of two years.

Approval of the Advisory Agreement for AdvisorShares Psychedelics ETF

In connection with its consideration of the Advisory Agreement, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor about the services proposed to be provided thereunder, including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rate and various other materials that it considered relevant to its consideration and approval of the proposed agreement.

In considering the Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor to the Fund, the Board reviewed the services to be provided by the Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including implementing the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including those individuals responsible for portfolio management, the Advisor’s operational capabilities and resources, and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Performance. In connection with the assessment of the ability of the Advisor to perform its duties under the Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the resources necessary to perform its obligations under the Advisory Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor, reviewed the fee to be paid pursuant to the Advisory Agreement, and considered the estimated profitability projected by the Advisor from its relationship with the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangement in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid to the Advisor appears to be reasonable in light of the services to be provided.

Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.

Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor as a result of its relationship with the Fund (other than the advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to the Advisor is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.

Approval of the Advisory and Sub-Advisory Agreements for
AdvisorShares Poseidon Dynamic Cannabis ETF

At a meeting held on October 18, 2021, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Poseidon Dynamic Cannabis ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series was most recently conducted at the May 2021 Board meeting. The Board also considered the approval of a separate sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Advisor and Poseidon Investment Management, LLC (the “Sub-Advisor”), on behalf of the Fund, pursuant to which the Sub-Advisor would perform portfolio management and related services.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor and Sub-Advisor to the Fund, the Board reviewed the services to be provided by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board received the most recent Form ADV for the Sub-Advisor as well as responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor and the Sub-Advisor.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Agreements are fair and reasonable; (ii) concluded that the fees to be paid to the Advisor are fair and reasonable in light of the services that it will provide to Fund; (iii) concluded that the fees to be paid to the Sub-Advisor are fair and reasonable in light of the services that the Sub-Advisor will provide to the Fund; and (iv) agreed to approve each of the Agreements for an initial term of two years.

Approval of Sub-Advisory Agreement for AdvisorShares North Square McKee Core
Reserves ETF (formerly AdvisorShares Sage Core Reserves ETF) and AdvisorShares North
Square McKee Core Bond ETF (formerly AdvisorShares FolioBeyond Smart Core Bond ETF)

At a meeting held on October 18, 2021, the Board, including the Independent Trustees, considered the approval of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and CSM Advisors, LLC (“CSM”) with respect to the AdvisorShares North Square McKee Core Reserves ETF and the AdvisorShares North Square McKee ESG Core Bond ETF (each, a “Fund” and, together, the “Funds”). The Sub-Advisory Agreement replaced a sub-advisory agreement between the Advisor and Sage Advisory Services, Ltd. Co. (“Sage”) with respect to the AdvisorShares North Square McKee Core Reserves ETF.

In connection with its consideration of the Sub-Advisory Agreement, the Board, including the Independent Trustees, requested, received and evaluated materials from CSM about the services proposed to be provided thereunder, including information about the key features of the Funds and related matters. The Board also reviewed information regarding the proposed investment sub-advisory fee rate and various other materials that it considered relevant to its consideration and approval of the proposed agreement.

In considering the Sub-Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor and CSM. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by CSM to the Funds, the Board reviewed the services to be provided by CSM, noting that these services include, among other things, furnishing a continuous investment program for each Fund, including arranging for, or implementing, the purchase and sale of portfolio securities. The Board received the most recent Form ADV for CSM as well as responses to a detailed series of questions that, among other things, requested information about CSM’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of CSM, including those individuals responsible for portfolio management, CSM’s operational capabilities and resources, and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Funds by CSM.

Performance. In connection with the assessment of the ability of CSM to perform its duties under the Sub-Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that CSM has the resources necessary to perform its obligations under the Sub-Advisory Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by CSM, reviewed the proposed fee to be paid pursuant to the Sub-Advisory Agreement, and considered the estimated profitability projected by CSM from its relationship with each Fund. The Board discussed the fee arrangement between the Advisor and CSM, noting that the Advisor would pay CSM out of the advisory fee it receives from each Fund. With respect to AdvisorShares North Square McKee Core Reserves ETF, the Board noted that the proposed fee under the Sub-Advisory Agreement is lower than

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

the current sub-advisory fee payable to Sage. With respect to AdvisorShares North Square McKee ESG Core Bond ETF, the Board noted that the Advisor proposed a decrease in the aggregate advisory fee to be paid by the Fund to the Adviser. The Board also reviewed information regarding advisory fees of comparable funds and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. Based on its review, within the context of its full deliberations, the Board determined that the fees proposed to be paid to CSM appear to be reasonable in light of the services to be provided.

Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in a Fund, the Board determined to reassess whether the fees appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the existence for each Fund of a contractual expense limitation agreement with the Advisor and noted the proposed decrease in the aggregate advisory fee and expense limitation for AdvisorShares North Square McKee ESG Core Bond ETF.

Ancillary Benefits. The Board noted the potential benefits to be received by CSM as a result of its relationship with each Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Sub-Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to CSM with respect to each Fund is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Sub-Advisory Agreement for an initial term of two years.

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SUPPLEMENTAL INFORMATION

Quarterly Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available without charge on the SEC’s website at www.sec.gov.

Proxy Voting Information

A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC’s website at www.sec.gov.

Premium/Discount Information

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Fund’s website at www.advisorshares.com.

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ADVISORSHARES TRUST

Investment Advisor

AdvisorShares Investments, LLC
4800 Montgomery Lane, Suite 150
Bethesda, MD 20814

Sub-Advisors

Alpha DNA Investment Management LLC

8860 Columbia 100 Parkway, Suite 301

Columbia, MD 21045

ChangePath, LLC

11460 Tomahawk Creek Parkway, Suite 200

Leawood, KS 66211

CMS Advisors, LLC

420 Fort Duquesne Boulevard

Pittsburgh, PA 15222

Dorsey, Wright & Associates, LLC

3300 W. Leigh Street

Richmond, VA 23230

DoubleLine Equity LP

505 N. Brand Boulevard, Suite 860

Glendale, CA 91203

Gerber Kawasaki, Inc.

2716 Ocean Park Boulevard

Santa Monica, CA 90405

Newfleet Asset Management, LLC

1 Financial Plaza

Hartford, CT 06103

Poseidon Investment Management, LLC

330 Fell Street, Suite 200

San Francisco, CA 94102

Ranger Alternative Management, L.P.

2828 N. Harwood Street, Suite 1900

Dallas, TX 75201

ThinkBetter, LLC

1549 Ringling Boulevard, Suite 510

Sarasota, FL 34236

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

Custodian/Fund Administrator/Transfer Agent

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, D.C. 20004

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
50 South 16th Street, Suite 2900
Philadelphia, PA 19102

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This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund’s risks, objectives, fees and expenses, experience of management and other information.