- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ADVISORSHARES
TRUST
4800
Montgomery Lane
Suite 150
Bethesda, Maryland
20814
www.advisorshares.com
1.877.843.3831
Semi-Annual Report
December 31, 2022
TABLE OF CONTENTS
i
Letter from the CEO of AdvisorShares Investments, LLC
December 31, 2022
There was no place to hide in 2022. Domestic equities, international equities, and the broad bond market, as measured by the Bloomberg Aggregate Bond Index, were all down double digits in 2022. The only slightly bright spot was domestic large cap value, however that category was still ultimately down for the year.
While equity and bond performance was negative and challenging, this was nothing compared to performance for “innovation” stocks (predominantly technology stocks) and other categories considered more risky or volatile, such as cannabis and cryptocurrency.
This was a year of cleaning up supply chains and paying the price for all the U.S. Government stimulus issued in 2020 and 2021. Inflation has been continuously growing in many categories, which caused the Federal Reserve to take aggressive action by increasing interest rates and continuing to reduce its balance sheet.
We expect the Federal Reserve to continue to aggressively fight inflation. Throughout 2022, the Federal Reserve has openly communicated its plans to the public. This transparency can be helpful for financial advisors and investors to understand how best to position their investment portfolios.
Looking forward, higher interest rates will take a toll on both valuations and the amount of speculative capital that will enter the market. We expect companies with strong cash flows to thrive in a higher interest rate environment. Additionally, we anticipate seeing fewer startups and IPOs and would not be surprised if mergers and acquisitions heat up as firms look for partners to ensure financial stability and growth. With a potential recession looming ahead (if we are not already in one), we believe investors will be less interested in broad market investing and more focused on risk management and hedging.
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 by bringing more innovative strategies and managers to our ETF line-up. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.
Sincerest
regards,
Noah Hamman
CEO, AdvisorShares Investments
For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.
Investing involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.
There is no guarantee the Advisor’s investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.
1
ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC (Continued)
December 31, 2022
The views in this report were those of the Fund’s CEO as of December 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.
2
Shareholder Expense Examples (Unaudited)
As a shareholder of a 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 a 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, 2022 and held for the period ended December 31, 2022, 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 ETF funds. 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 7/1/2022 |
Ending Account Value 12/31/2022 |
Annualized Expense Ratio for the Period |
Expenses Paid |
||||||||||||
| AdvisorShares Alpha DNA Equity Sentiment ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,086.20 | 1.03 | % | $ | 5.42 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.01 | 1.03 | % | $ | 5.24 | ||||||||
| AdvisorShares Dorsey Wright ADR ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,004.40 | 1.10 | % | $ | 5.56 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.66 | 1.10 | % | $ | 5.60 | ||||||||
| AdvisorShares Dorsey Wright Alpha Equal Weight ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 935.80 | 0.99 | % | $ | 4.83 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Dorsey Wright FSM All Cap World ETF(3) | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,028.60 | 0.99 | % | $ | 5.06 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
3
ADVISORSHARES TRUST
Shareholder Expense Examples (Unaudited) (continued)
Fund Name |
Beginning Account Value 7/1/2022 |
Ending Account Value 12/31/2022 |
Annualized Expense Ratio for the Period |
Expenses Paid |
||||||||||||
| AdvisorShares Dorsey Wright FSM US Core ETF(3) | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,046.80 | 0.99 | % | $ | 5.11 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Dorsey Wright Micro Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,091.40 | 1.25 | % | $ | 6.59 | (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 | $ | 949.90 | 1.14 | % | $ | 5.60 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.46 | 1.14 | % | $ | 5.80 | ||||||||
| AdvisorShares Drone Technology ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 939.00 | 0.99 | % | $ | 4.84 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Focused Equity ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,126.00 | 0.84 | % | $ | 4.50 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.97 | 0.84 | % | $ | 4.28 | ||||||||
| AdvisorShares Gerber Kawasaki ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 926.90 | 0.75 | % | $ | 3.64 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | 0.75 | % | $ | 3.82 | ||||||||
| AdvisorShares Hotel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,166.20 | 0.99 | % | $ | 5.41 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Insider Advantage ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,014.00 | 0.90 | % | $ | 4.57 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.67 | 0.90 | % | $ | 4.58 | ||||||||
| AdvisorShares Let Bob AI Powered Momentum ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 979.90 | 0.99 | % | $ | 4.94 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Managed Bitcoin Strategy ETF(3) | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,054.30 | 1.49 | % | $ | 7.72 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.69 | 1.49 | % | $ | 7.58 | ||||||||
4
ADVISORSHARES TRUST
Shareholder Expense Examples (Unaudited) (continued)
Fund Name |
Beginning Account Value 7/1/2022 |
Ending Account Value 12/31/2022 |
Annualized Expense Ratio for the Period |
Expenses Paid |
||||||||||||
| AdvisorShares MSOS 2x Daily ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 239.70 | 0.95 | % | $ | 2.08 | (2) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,014.31 | 0.95 | % | $ | 3.38 | ||||||||
| AdvisorShares Newfleet Multi-Sector Income ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 992.60 | 0.75 | % | $ | 3.77 | (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 | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,010.60 | 0.35 | % | $ | 1.77 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,023.44 | 0.35 | % | $ | 1.79 | ||||||||
| AdvisorShares Poseidon Dynamic Cannabis ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 625.10 | 0.99 | % | $ | 4.06 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Psychedelics ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 742.20 | 0.99 | % | $ | 4.35 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares Pure Cannabis ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 687.30 | 0.52 | % | $ | 2.21 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,022.58 | 0.52 | % | $ | 2.65 | ||||||||
| AdvisorShares Pure US Cannabis ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 683.20 | 0.74 | % | $ | 3.14 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.48 | 0.74 | % | $ | 3.77 | ||||||||
| AdvisorShares Q Dynamic Growth ETF(3) | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 961.80 | 1.26 | % | $ | 6.23 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.26 | % | $ | 6.41 | ||||||||
| AdvisorShares Ranger Equity Bear ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 903.90 | 1.68 | % | $ | 8.06 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,016.74 | 1.68 | % | $ | 8.54 | ||||||||
| AdvisorShares Restaurant ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,098.10 | 0.99 | % | $ | 5.24 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
5
ADVISORSHARES TRUST
Shareholder Expense Examples (Unaudited) (continued)
Fund Name |
Beginning Account Value 7/1/2022 |
Ending Account Value 12/31/2022 |
Annualized Expense Ratio for the Period |
Expenses Paid |
||||||||||||
| AdvisorShares STAR Global Buy-Write ETF(3) | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,006.60 | 1.84 | % | $ | 9.31 | (1) | |||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,015.93 | 1.84 | % | $ | 9.35 | ||||||||
| AdvisorShares Vice ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,069.20 | 0.99 | % | $ | 5.16 | (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 130/365 (to reflect commencement of operations of August 24, 2022). | |
| (3) | The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the funds in which the Fund is invested in. These ratios do not include these indirect fees and expenses. |
6
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS — 96.7% | ||||||||
| Airlines — 4.0% | ||||||||
| American Airlines Group, Inc.* | 35,495 | $ | 451,497 | |||||
| Delta Air Lines, Inc.* | 13,798 | 453,402 | ||||||
| Southwest Airlines Co.* | 13,133 | 442,188 | ||||||
| United Airlines Holdings, Inc.* | 11,616 | 437,923 | ||||||
| Total Airlines | 1,785,010 | |||||||
| Auto Manufacturers — 1.9% | ||||||||
| PACCAR, Inc. | 4,438 | 439,229 | ||||||
| Wabash National Corp. | 19,017 | 429,784 | ||||||
| Total Auto Manufacturers | 869,013 | |||||||
| Banks — 22.1% | ||||||||
| Associated Banc-Corp. | 19,507 | 450,417 | ||||||
| Bank of New York Mellon Corp. (The) | 9,961 | 453,425 | ||||||
| Bank OZK | 11,118 | 445,387 | ||||||
| Banner Corp. | 6,999 | 442,337 | ||||||
| BOK Financial Corp. | 4,291 | 445,363 | ||||||
| Cullen/Frost Bankers, Inc. | 3,391 | 453,377 | ||||||
| First Financial Bancorp | 18,303 | 443,482 | ||||||
| Hancock Whitney Corp. | 9,233 | 446,785 | ||||||
| Heritage Financial Corp. | 14,508 | 444,525 | ||||||
| Huntington Bancshares, Inc. | 31,329 | 441,739 | ||||||
| JPMorgan Chase & Co. | 3,384 | 453,794 | ||||||
| Lakeland Financial Corp. | 6,108 | 445,701 | ||||||
| OFG Bancorp (Puerto Rico) | 16,512 | 455,071 | ||||||
| Old National Bancorp | 25,250 | 453,995 | ||||||
| Pinnacle Financial Partners, Inc. | 6,065 | 445,171 | ||||||
| Preferred Bank/Los Angeles CA | 5,912 | 441,153 | ||||||
| Regions Financial Corp. | 20,942 | 451,509 | ||||||
| Stock Yards Bancorp, Inc. | 6,944 | 451,221 | ||||||
| Trustmark Corp. | 12,951 | 452,119 | ||||||
| Veritex Holdings, Inc. | 15,679 | 440,266 | ||||||
| Westamerica Bancorp | 7,575 | 447,001 | ||||||
| Wintrust Financial Corp. | 5,348 | 452,013 | ||||||
| Total Banks | 9,855,851 | |||||||
| Biotechnology — 4.1% | ||||||||
| Fate Therapeutics, Inc.* | 44,175 | 445,726 | ||||||
| Gilead Sciences, Inc. | 5,243 | 450,112 | ||||||
| Intra-Cellular Therapies, Inc.* | 9,082 | 480,619 | ||||||
| Vertex Pharmaceuticals, Inc.* | 1,553 | 448,475 | ||||||
| Total Biotechnology | 1,824,932 | |||||||
| Building Materials — 1.0% | ||||||||
| Johnson Controls International PLC | 6,938 | 444,032 | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Commercial Services — 3.0% | ||||||||
| Cross Country Healthcare, Inc.* | 16,621 | $ | 441,620 | |||||
| Paylocity Holding Corp.* | 2,357 | 457,871 | ||||||
| United Rentals, Inc.* | 1,242 | 441,431 | ||||||
| Total Commercial Services | 1,340,922 | |||||||
| Computers — 3.0% | ||||||||
| Fortinet, Inc.* | 9,038 | 441,868 | ||||||
| Hewlett Packard Enterprise Co. | 28,050 | 447,678 | ||||||
| Zscaler, Inc.* | 4,144 | 463,713 | ||||||
| Total Computers | 1,353,259 | |||||||
| Distribution/Wholesale — 3.0% | ||||||||
| MRC Global, Inc.* | 38,140 | 441,661 | ||||||
| Titan Machinery, Inc.* | 11,093 | 440,725 | ||||||
| WW Grainger, Inc. | 791 | 439,994 | ||||||
| Total Distribution/Wholesale | 1,322,380 | |||||||
| Diversified Financial Services — 3.0% | ||||||||
| Cboe Global Markets, Inc. | 3,543 | 444,540 | ||||||
| Discover Financial Services | 4,607 | 450,703 | ||||||
| Synchrony Financial | 13,691 | 449,886 | ||||||
| Total Diversified Financial Services | 1,345,129 | |||||||
| Electrical Components & Equipment — 1.0% | ||||||||
| AMETEK, Inc. | 3,182 | 444,589 | ||||||
| Electronics — 3.0% | ||||||||
| Advanced Energy Industries, Inc. | 5,323 | 456,607 | ||||||
| Hubbell, Inc. | 1,888 | 443,076 | ||||||
| nVent Electric PLC | 11,596 | 446,098 | ||||||
| Total Electronics | 1,345,781 | |||||||
| Energy — Alternate Sources — 1.0% | ||||||||
| Enphase Energy, Inc.* | 1,600 | 423,936 | ||||||
| Food — 2.0% | ||||||||
| Chefs’ Warehouse, Inc. (The)* | 13,037 | 433,872 | ||||||
| Performance Food Group Co.* | 7,503 | 438,100 | ||||||
| Total Food | 871,972 | |||||||
| Healthcare — Products — 1.0% | ||||||||
| Lantheus Holdings, Inc.* | 9,051 | 461,239 | ||||||
| Home Builders — 1.0% | ||||||||
| Installed Building Products, Inc. | 5,137 | 439,727 | ||||||
| Investment Companies — 3.0% | ||||||||
| Ares Capital Corp.(a) | 23,895 | 441,341 | ||||||
See accompanying Notes to Financial Statements.
7
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Investment Companies (continued) | ||||||||
| Main Street Capital Corp.(a) | 12,143 | $ | 448,684 | |||||
| Sixth Street Specialty Lending, Inc. | 25,174 | 448,097 | ||||||
| Total Investment Companies | 1,338,122 | |||||||
| Lodging — 1.0% | ||||||||
| Hyatt Hotels Corp., Class A* | 4,937 | 446,552 | ||||||
| Machinery — Construction & Mining — 1.0% | ||||||||
| Caterpillar, Inc. | 1,833 | 439,114 | ||||||
| Miscellaneous Manufacturing — 1.0% | ||||||||
| Parker-Hannifin Corp. | 1,521 | 442,611 | ||||||
| Oil & Gas — 3.0% | ||||||||
| Helmerich & Payne, Inc. | 9,119 | 452,029 | ||||||
| Nabors Industries Ltd.* | 2,874 | 445,096 | ||||||
| Patterson-UTI Energy, Inc. | 26,482 | 445,957 | ||||||
| Total Oil & Gas | 1,343,082 | |||||||
| Oil & Gas Services — 3.0% | ||||||||
| NOW, Inc.* | 34,585 | 439,230 | ||||||
| RPC, Inc. | 50,572 | 449,585 | ||||||
| Schlumberger NV | 8,322 | 444,894 | ||||||
| Total Oil & Gas Services | 1,333,709 | |||||||
| Packaging & Containers — 1.0% | ||||||||
| O-I Glass, Inc.* | 26,294 | 435,692 | ||||||
| Pharmaceuticals — 1.0% | ||||||||
| Neurocrine Biosciences, Inc.* | 3,748 | 447,661 | ||||||
| Retail — 6.0% | ||||||||
| AutoZone, Inc.* | 181 | 446,379 | ||||||
| Five Below, Inc.* | 2,494 | 441,114 | ||||||
| Hibbett, Inc. | 6,606 | 450,661 | ||||||
| Texas Roadhouse, Inc. | 4,777 | 434,468 | ||||||
| Tractor Supply Co. | 2,001 | 450,165 | ||||||
| Ulta Beauty, Inc.* | 962 | 451,245 | ||||||
| Total Retail | 2,674,032 | |||||||
| Savings & Loans — 1.0% | ||||||||
| Northwest Bancshares, Inc. | 31,426 | 439,335 | ||||||
| Semiconductors — 4.0% | ||||||||
| Applied Materials, Inc. | 4,642 | 452,038 | ||||||
| Lam Research Corp. | 1,093 | 459,388 | ||||||
| Microchip Technology, Inc. | 6,334 | 444,964 | ||||||
| Rambus, Inc.* | 12,359 | 442,699 | ||||||
| Total Semiconductors | 1,799,089 | |||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Software — 12.6% | ||||||||
| Alteryx, Inc., Class A* | 9,339 | $ | 473,207 | |||||
| Bill.Com Holdings, Inc.* | 4,369 | 476,046 | ||||||
| Confluent, Inc., Class A* | 20,896 | 464,727 | ||||||
| Everbridge, Inc.* | 16,198 | 479,137 | ||||||
| HashiCorp, Inc., Class A*(a) | 17,038 | 465,819 | ||||||
| Monday.com Ltd.* | 3,975 | 484,950 | ||||||
| Nutanix, Inc., Class A* | 17,653 | 459,861 | ||||||
| Procore Technologies, Inc.* | 9,535 | 449,861 | ||||||
| Qualtrics International, Inc., Class A* | 44,775 | 464,764 | ||||||
| Roper Technologies, Inc. | 1,029 | 444,621 | ||||||
| Samsara, Inc., Class A* | 37,913 | 471,258 | ||||||
| Splunk, Inc.* | 5,296 | 455,933 | ||||||
| Total Software | 5,590,184 | |||||||
| Telecommunications — 2.0% | ||||||||
| Arista Networks, Inc.* | 3,743 | 454,213 | ||||||
| Calix, Inc.* | 6,661 | 455,812 | ||||||
| Total Telecommunications | 910,025 | |||||||
| Transportation — 2.0% | ||||||||
| International Seaways, Inc.(a) | 11,785 | 436,281 | ||||||
| Tsakos Energy Navigation Ltd. (Greece) | 25,806 | 436,895 | ||||||
| Total Transportation | 873,176 | |||||||
| Venture Capital — 1.0% | ||||||||
| Hercules Capital, Inc. | 33,679 | 445,236 | ||||||
| Total Common Stocks | ||||||||
| (Cost $43,000,743) | 43,085,392 | |||||||
| MONEY MARKET FUNDS — 0.8% | ||||||||
| Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 4.19%(b) | 519 | 519 | ||||||
| Fidelity Investments Money Market Government Portfolio — Class I, 3.81%(b) | 364,974 | 364,974 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $365,493) | 365,493 | |||||||
See accompanying Notes to Financial Statements.
8
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Notional Amount |
Contracts |
Value |
||||||||||
| PURCHASED PUT OPTIONS — 2.5% | ||||||||||||
| Shares Russell 2000 ETF, expiring 03/31/23, Strike Price $165.00* | $ | 26,730,000 | 1,620 | $ | 771,930 | |||||||
| SPDR S&P 500 ETF Trust, expiring 03/17/23, Strike Price $365.00* | 15,293,500 | 419 | 346,304 | |||||||||
| Total Purchased Put Options | ||||||||||||
| (Cost $1,223,867) | 1,118,234 | |||||||||||
| REPURCHASE AGREEMENTS — 2.9%(c) | ||||||||||||
| BofA Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $305,590) | $ | 299,598 | 299,598 | |||||||||
| Citigroup Global Markets, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.50%, 8/28/23-12/1/52, totaling $305,590) | 299,598 | 299,598 | ||||||||||
| Daiwa Capital Markets America, dated 01/03/23, due 12/30/22, 4.26%, total to be received $68,026, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.13%, 1/3/23-11/15/43, totaling $69,354) | 67,994 | 67,994 | ||||||||||
| Deutsche Bank Securities, Inc., dated 01/03/23, due 12/30/22, 4.29%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $305,590) | 299,598 | 299,598 | ||||||||||
| Contracts | Value | |||||||
| REPURCHASE AGREEMENTS (continued) | ||||||||
| RBC Dominion Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $305,590) | $ | 299,598 | $ | 299,598 | ||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,266,386) | 1,266,386 | |||||||
| Total Investments — 102.9% | ||||||||
| (Cost $45,856,489) | 45,835,505 | |||||||
| Liabilities
in Excess of Other Assets — (2.9%) |
(1,299,546 | ) | ||||||
| Net Assets — 100.0% | $ | 44,535,959 | ||||||
ETF — Exchange Traded Fund
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 $1,624,042; the aggregate market value of the collateral held by the fund is $1,673,415. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $407,029. | |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
9
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, 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 | $ | 43,085,392 | $ | - | $ | - | $ | 43,085,392 | ||||||||
| Money Market Funds | 365,493 | - | - | 365,493 | ||||||||||||
| Purchased Put Options | 1,118,234 | - | - | 1,118,234 | ||||||||||||
| Repurchase Agreements | - | 1,266,386 | - | 1,266,386 | ||||||||||||
| Total | $ | 44,569,119 | $ | 1,266,386 | $ | - | $ | 45,835,505 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Airlines | 4.0 | % | ||
| Auto Manufacturers | 1.9 | |||
| Banks | 22.1 | |||
| Biotechnology | 4.1 | |||
| Building Materials | 1.0 | |||
| Commercial Services | 3.0 | |||
| Computers | 3.0 | |||
| Distribution/Wholesale | 3.0 | |||
| Diversified Financial Services | 3.0 | |||
| Electrical Components & Equipment | 1.0 | |||
| Electronics | 3.0 | |||
| Energy — Alternate Sources | 1.0 | |||
| Food | 2.0 | |||
| Healthcare — Products | 1.0 | |||
| Home Builders | 1.0 | |||
| Investment Companies | 3.0 | |||
| Lodging | 1.0 | |||
| Machinery — Construction & Mining | 1.0 | |||
| Miscellaneous Manufacturing | 1.0 | |||
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| % of Net Assets |
||||
| Oil & Gas | 3.0 | % | ||
| Oil & Gas Services | 3.0 | |||
| Packaging & Containers | 1.0 | |||
| Pharmaceuticals | 1.0 | |||
| Purchased Put Option | 2.5 | |||
| Retail | 6.0 | |||
| Savings & Loans | 1.0 | |||
| Semiconductors | 4.0 | |||
| Software | 12.6 | |||
| Telecommunications | 2.0 | |||
| Transportation | 2.0 | |||
| Venture Capital | 1.0 | |||
| Money Market Funds | 0.8 | |||
| Repurchase Agreements | 2.9 | |||
| Total Investments | 102.9 | |||
| Liabilities in Excess of Other Assets | (2.9 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
10
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS — 99.9% | ||||||||
| Aerospace/Defense — 2.4% | ||||||||
| BAE Systems PLC (United Kingdom)(a)(b) | 18,925 | $ | 797,594 | |||||
| Agriculture — 2.7% | ||||||||
| British American Tobacco PLC (United Kingdom)(b) | 22,507 | 899,830 | ||||||
| Airlines — 2.3% | ||||||||
| Copa Holdings SA, Class A (Panama)* | 9,255 | 769,738 | ||||||
| Auto Manufacturers — 3.5% | ||||||||
| Tata Motors Ltd. (India)*(b) | 50,713 | 1,171,977 | ||||||
| Banks — 22.3% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA (Spain)(b) | 132,678 | 797,395 | ||||||
| Credicorp Ltd. (Peru) | 6,632 | 899,697 | ||||||
| HDFC Bank Ltd. (India)(b) | 11,360 | 777,138 | ||||||
| ICICI Bank Ltd. (India)(b) | 63,851 | 1,397,699 | ||||||
| ING Groep NV (Netherlands)(b) | 59,654 | 725,989 | ||||||
| Itau Unibanco Holding SA (Brazil)(b) | 179,885 | 847,258 | ||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan)(b) | 153,891 | 1,026,453 | ||||||
| UBS Group AG (Switzerland)(a) | 54,333 | 1,014,397 | ||||||
| Total Banks | 7,486,026 | |||||||
| Beverages — 7.6% | ||||||||
| Coca-Cola Femsa SAB de CV (Mexico)(b) | 11,547 | 783,810 | ||||||
| Diageo PLC (United Kingdom)(a)(b) | 5,996 | 1,068,427 | ||||||
| Fomento Economico Mexicano SAB de CV (Mexico)(b) | 9,170 | 716,361 | ||||||
| Total Beverages | 2,568,598 | |||||||
| Biotechnology — 5.4% | ||||||||
| Argenx SE (Netherlands)*(b) | 1,992 | 754,630 | ||||||
| Genmab A/S (Denmark)*(b) | 25,185 | 1,067,340 | ||||||
| Total Biotechnology | 1,821,970 | |||||||
| Chemicals — 2.0% | ||||||||
| Sociedad Quimica y Minera de Chile SA (Chile)(b) | 8,322 | 664,429 | ||||||
| Commercial Services — 2.6% | ||||||||
| RELX PLC (United Kingdom)(b) | 31,555 | 874,705 | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Electric — 4.6% | ||||||||
| Centrais Eletricas Brasileiras SA (Brazil)(b) | 99,872 | $ | 791,985 | |||||
| Cia Paranaense de Energia (Brazil)(b) | 104,595 | 752,038 | ||||||
| Total Electric | 1,544,023 | |||||||
| Electrical Components & Equipment — 2.9% | ||||||||
| ABB Ltd. (Switzerland)(b) | 32,053 | 976,334 | ||||||
| Insurance — 2.7% | ||||||||
| Aegon NV (Netherlands)(a) (c) | 179,957 | 906,983 | ||||||
| Internet — 4.7% | ||||||||
| MakeMyTrip Ltd. (India)* | 31,180 | 859,632 | ||||||
| Trip.com Group Ltd. (China)*(b) | 21,002 | 722,469 | ||||||
| Total Internet | 1,582,101 | |||||||
| Iron/Steel — 2.1% | ||||||||
| Gerdau SA (Brazil)(b) | 129,821 | 719,208 | ||||||
| Metal Fabricate/Hardware — 4.6% | ||||||||
| Tenaris SA(b) | 44,428 | 1,562,089 | ||||||
| Office/Business Equipment — 2.2% | ||||||||
| Canon, Inc. (Japan)(a)(b) | 34,255 | 742,648 | ||||||
| Oil & Gas — 6.1% | ||||||||
| Equinor ASA (Norway)(b) | 32,635 | 1,168,659 | ||||||
| YPF SA (Argentina)*(b) | 96,419 | 886,091 | ||||||
| Total Oil & Gas | 2,054,750 | |||||||
| Pharmaceuticals — 7.0% | ||||||||
| AstraZeneca PLC (United Kingdom)(b) | 11,696 | 792,989 | ||||||
| Novo Nordisk A/S (Denmark)(b) | 11,488 | 1,554,786 | ||||||
| Total Pharmaceuticals | 2,347,775 | |||||||
| Semiconductors — 2.7% | ||||||||
| NXP Semiconductors NV (China) | 5,779 | 913,255 | ||||||
| Telecommunications — 5.3% | ||||||||
| America Movil SAB de CV, Class L (Mexico)(b) | 48,277 | 878,641 | ||||||
| KT Corp. (South Korea)(a)(b) | 67,263 | 908,051 | ||||||
| Total Telecommunications | 1,786,692 | |||||||
| Transportation — 4.2% | ||||||||
| Diana Shipping, Inc. (Greece) | 161,447 | 629,643 | ||||||
| OceanPal, Inc. (Greece) | 20,037 | 22,241 | ||||||
See accompanying Notes to Financial Statements.
11
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Investments |
Shares/ Principal |
Value |
||||||
| COMMON STOCKS (continued) | ||||||||
| Transportation (continued) | ||||||||
| Tsakos Energy Navigation Ltd. (Greece) | 43,866 | $ | 742,652 | |||||
| Total Transportation | 1,394,536 | |||||||
| Total Common Stocks | ||||||||
| (Cost $32,268,579) | 33,585,261 | |||||||
| MONEY MARKET FUND — 0.0%** | ||||||||
| Invesco
Government & Agency Portfolio — Private Investment Class,
3.92%(d) (Cost $44) |
44 | 44 | ||||||
| REPURCHASE AGREEMENTS — 10.1%(e) | ||||||||
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%- 6.50%, 5/1/37-5/1/58, totaling $802,175) | $ | 786,446 | 786,446 | |||||
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $232,942, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $237,489) | 232,832 | 232,832 | ||||||
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $802,175) | 786,446 | 786,446 | ||||||
| National Bank Financial Inc., dated 12/30/22, due 01/03/23, 4.34%, total to be received $786,825, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.44%, 1/3/23-9/9/49, totaling $802,175) | 786,446 | 786,446 | ||||||
| Investments | Principal | Value | ||||||
| REPURCHASE AGREEMENTS (continued) | ||||||||
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $802,175) | $ | 786,446 | $ | 786,446 | ||||
| Total Repurchase Agreements | ||||||||
| (Cost $3,378,616) | 3,378,616 | |||||||
| Total Investments — 110.0% | ||||||||
| (Cost $35,647,239) | 36,963,921 | |||||||
| Liabilities
in Excess of Other Assets — (10.0%) |
(3,363,303 | ) | ||||||
| Net Assets — 100.0% | $ | 33,600,618 | ||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| ** | Less than 0.05%. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,280,950; the aggregate market value of the collateral held by the fund is $3,378,616. | |
| (b) | American Depositary Receipt. | |
| (c) | Registered Shares. | |
| (d) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
12
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, 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 | $ | 33,585,261 | $ | - | $ | - | $ | 33,585,261 | ||||||||
| Money Market Fund | 44 | - | - | 44 | ||||||||||||
| Repurchase Agreements | - | 3,378,616 | - | 3,378,616 | ||||||||||||
| Total | $ | 33,585,305 | $ | 3,378,616 | $ | - | $ | 36,963,921 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| %
of Net Assets |
||||
| Aerospace/Defense | 2.4 | % | ||
| Agriculture | 2.7 | |||
| Airlines | 2.3 | |||
| Auto Manufacturers | 3.5 | |||
| Banks | 22.3 | |||
| Beverages | 7.6 | |||
| Biotechnology | 5.4 | |||
| Chemicals | 2.0 | |||
| Commercial Services | 2.6 | |||
| Electric | 4.6 | |||
| Electrical Components & Equipment | 2.9 | |||
| Insurance | 2.7 | |||
| Internet | 4.7 | |||
| Iron/Steel | 2.1 | |||
| Metal Fabricate/Hardware | 4.6 | |||
| Office/Business Equipment | 2.2 | |||
| Oil & Gas | 6.1 | |||
| Pharmaceuticals | 7.0 | |||
| Semiconductors | 2.7 | |||
| Telecommunications | 5.3 | |||
| Transportation | 4.2 | |||
| Money Market Fund | 0.0 | ** | ||
| Repurchase Agreements | 10.1 | |||
| Total Investments | 110.0 | |||
| Liabilities in Excess of Other Assets | (10.0 | ) | ||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |
See accompanying Notes to Financial Statements.
13
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments
December 31, 2022 (Unaudited)
|
Investments |
|
Value |
||||||
| COMMON STOCKS — 99.8% | ||||||||
| Biotechnology — 12.9% | ||||||||
| Biohaven Ltd.*(a) | 58,596 | $ | 813,313 | |||||
| Halozyme Therapeutics, Inc.* | 16,677 | 948,921 | ||||||
| Regeneron Pharmaceuticals, Inc.* | 1,288 | 929,279 | ||||||
| Sarepta Therapeutics, Inc.* | 7,352 | 952,672 | ||||||
| United Therapeutics Corp.* | 3,431 | 954,127 | ||||||
| Total Biotechnology | 4,598,312 | |||||||
| Commercial Services — 2.3% | ||||||||
| AMN Healthcare Services, Inc.* | 7,889 | 811,147 | ||||||
| Electric — 17.6% | ||||||||
| AES Corp. (The) | 33,519 | 964,006 | ||||||
| CenterPoint Energy, Inc. | 30,849 | 925,161 | ||||||
| Constellation Energy Corp. | 9,813 | 845,979 | ||||||
| NextEra Energy, Inc. | 11,270 | 942,172 | ||||||
| NRG Energy, Inc. | 22,180 | 705,768 | ||||||
| PG&E Corp.*(a) | 60,305 | 980,559 | ||||||
| Vistra Corp. | 39,603 | 918,790 | ||||||
| Total Electric | 6,282,435 | |||||||
| Electronics — 2.6% | ||||||||
| Mettler-Toledo International, Inc.* | 633 | 914,970 | ||||||
| Gas — 2.6% | ||||||||
| National Fuel Gas Co. | 14,461 | 915,381 | ||||||
| Healthcare — Products — 5.2% | ||||||||
| IDEXX Laboratories, Inc.* | 2,194 | 895,064 | ||||||
| Thermo Fisher Scientific, Inc. | 1,743 | 959,853 | ||||||
| Total Healthcare — Products | 1,854,917 | |||||||
| Healthcare — Services — 10.3% | ||||||||
| Acadia Healthcare Co., Inc.* | 10,900 | 897,288 | ||||||
| Chemed Corp. | 1,825 | 931,535 | ||||||
| Medpace Holdings, Inc.* | 4,252 | 903,168 | ||||||
| UnitedHealth Group, Inc. | 1,785 | 946,371 | ||||||
| Total Healthcare — Services | 3,678,362 | |||||||
| Oil & Gas — 23.2% | ||||||||
| Chord Energy Corp. | 6,192 | 847,127 | ||||||
| Devon Energy Corp. | 13,931 | 856,896 | ||||||
| Marathon Oil Corp. | 30,827 | 834,487 | ||||||
| Matador Resources Co. | 13,975 | 799,929 | ||||||
| Investments | Shares/ Principal |
Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Oil & Gas (continued) | ||||||||
| Murphy Oil Corp. | 19,916 | $ | 856,587 | |||||
| Occidental Petroleum Corp. | 13,254 | 834,869 | ||||||
| Ovintiv, Inc. | 17,014 | 862,780 | ||||||
| PDC Energy, Inc. | 12,483 | 792,421 | ||||||
| Southwestern Energy Co.* | 130,016 | 760,594 | ||||||
| Texas Pacific Land Corp. | 357 | 836,890 | ||||||
| Total Oil & Gas | 8,282,580 | |||||||
| Pharmaceuticals — 5.3% | ||||||||
| Eli Lilly & Co. | 2,613 | 955,940 | ||||||
| McKesson Corp. | 2,486 | 932,548 | ||||||
| Total Pharmaceuticals | 1,888,488 | |||||||
| Pipelines — 15.1% | ||||||||
| Antero Midstream Corp. | 85,170 | 918,984 | ||||||
| Cheniere Energy, Inc. | 5,495 | 824,030 | ||||||
| DT Midstream, Inc. | 15,737 | 869,627 | ||||||
| Kinder Morgan, Inc. | 50,424 | 911,666 | ||||||
| ONEOK, Inc. | 14,447 | 949,168 | ||||||
| Williams Cos., Inc. (The) | 27,916 | 918,436 | ||||||
| Total Pipelines | 5,391,911 | |||||||
| Water — 2.7% | ||||||||
| American Water Works Co., Inc. | 6,322 | 963,599 | ||||||
| Total
Common Stocks (Cost $35,794,811) |
35,582,102 | |||||||
| MONEY MARKET FUND — 0.4% | ||||||||
| BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
3.94%(b) (Cost $157,928) |
157,928 | 157,928 | ||||||
| REPURCHASE AGREEMENTS — 1.2%(c) | ||||||||
| Deutsche Bank Securities, Inc., dated 12/30/22, due 01/03/23, 4.29%, total to be received $177,388, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $180,849) | $ | 177,303 | 177,303 | |||||
See accompanying Notes to Financial Statements.
14
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Principal | Value | ||||||
| REPURCHASE AGREEMENTS (continued) | ||||||||
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980) | 249,000 | $ | 249,000 | |||||
| Total
Repurchase Agreements (Cost $426,303) |
426,303 | |||||||
| Total
Investments — 101.4% (Cost $36,379,042) |
$ | 36,166,333 | ||||||
| Liabilities
in Excess of Other Assets — (1.4%) |
(512,458 | ) | ||||||
| Net Assets — 100.0% | $ | 35,653,875 | ||||||
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,360,872; the aggregate market value of the collateral held by the fund is $1,415,569. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $989,266. | |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
15
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, 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 | $ | 35,582,102 | $ | - | $ | - | $ | 35,582,102 | ||||||||
| Money Market Fund | 157,928 | - | - | 157,928 | ||||||||||||
| Repurchase Agreements | - | 426,303 | - | 426,303 | ||||||||||||
| Total | $ | 35,740,030 | $ | 426,303 | $ | - | $ | 36,166,333 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Biotechnology | 12.9 | % | ||
| Commercial Services | 2.3 | |||
| Electric | 17.6 | |||
| Electronics | 2.6 | |||
| Gas | 2.6 | |||
| Healthcare — Products | 5.2 | |||
| Healthcare — Services | 10.3 | |||
| Oil & Gas | 23.2 | |||
| Pharmaceuticals | 5.3 | |||
| Pipelines | 15.1 | |||
| Water | 2.7 | |||
| Money Market Fund | 0.4 | |||
| Repurchase Agreements | 1.2 | |||
| Total Investments | 101.4 | |||
| Liabilities in Excess of Other Assets | (1.4 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
16
ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares/ Principal |
Value | ||||||
| EXCHANGE TRADED FUNDS — 99.8% | ||||||||
| Equity Fund — 99.8% | ||||||||
| Invesco S&P 500 Equal Weight ETF(a) | 310,294 | $ | 43,829,028 | |||||
| Invesco S&P 500 Pure Value ETF | 544,007 | 42,421,666 | ||||||
| Total
Exchange Traded Funds (Cost $90,585,586) |
86,250,694 | |||||||
| MONEY MARKET FUND — 0.4% | ||||||||
| BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
3.94%(b) (Cost $335,486) |
335,486 | 335,486 | ||||||
| REPURCHASE AGREEMENTS — 45.1%(c) | ||||||||
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $9,245,481) | $ | 9,064,197 | 9,064,197 | |||||
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $2,683,827, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,736,211) | 2,682,560 | 2,682,560 | ||||||
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $9,245,481) | 9,064,197 | 9,064,197 | ||||||
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $9,245,481) | 9,064,197 | 9,064,197 | ||||||
| Investments | Principal | Value | ||||||
| REPURCHASE AGREEMENTS (continued) | ||||||||
| Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $9,245,545) | $ | 9,064,197 | $ | 9,064,197 | ||||
| Total
Repurchase Agreements (Cost $38,939,348) |
38,939,348 | |||||||
| Total
Investments — 145.3% (Cost $129,860,420) |
125,525,528 | |||||||
| Liabilities
in Excess of Other Assets — (45.3%) |
(39,084,802 | ) | ||||||
| Net Assets — 100.0% | $ | 86,440,726 | ||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $37,916,868; the aggregate market value of the collateral held by the fund is $38,939,348. | |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
17
ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 86,250,694 | $ | - | $ | - | $ | 86,250,694 | ||||||||
| Money Market Fund | 335,486 | - | - | 335,486 | ||||||||||||
| Repurchase Agreements | - | 38,939,348 | - | 38,939,348 | ||||||||||||
| Total | $ | 86,586,180 | $ | 38,939,348 | $ | - | $ | 125,525,528 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Equity Fund | 99.8 | % | ||
| Money Market Fund | 0.4 | |||
| Repurchase Agreements | 45.1 | |||
| Total Investments | 145.3 | |||
| Liabilities in Excess of Other Assets | (45.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
18
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares/ Principal |
Value | ||||||
| EXCHANGE TRADED FUNDS — 100.0% | ||||||||
| Equity Fund — 100.0% | ||||||||
| Invesco S&P 500 Equal Weight ETF(a) | 278,345 | $ | 39,316,231 | |||||
| Invesco S&P 500 Low Volatility ETF | 619,610 | 39,593,079 | ||||||
| Total
Exchange Traded Funds (Cost $82,526,358) |
78,909,310 | |||||||
| MONEY MARKET FUND — 0.2% | ||||||||
| BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class,
3.94%(b) (Cost $149,740) |
149,740 | 149,740 | ||||||
| REPURCHASE AGREEMENTS — 36.5%(c) | ||||||||
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $6,846,790) | $ | 6,712,539 | 6,712,539 | |||||
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $1,988,431, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,027,242) | 1,987,492 | 1,987,492 | ||||||
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $6,846,790) | 6,712,539 | 6,712,539 | ||||||
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $6,846,790) | 6,712,539 | 6,712,539 | ||||||
| Investments | Principal | Value | ||||||
| REPURCHASE AGREEMENTS (continued) | ||||||||
| Truist Securities, Inc., dated 12/30/22, due 01/03/22, 4.32%, total to be received $6,715,761, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $6,846,837) | $ | 6,712,539 | $ | 6,712,539 | ||||
| Total
Repurchase Agreements (Cost $28,837,648) |
28,837,648 | |||||||
| Total
Investments — 136.7% (Cost $111,513,746) |
107,896,698 | |||||||
| Liabilities
in Excess of Other Assets — (36.7%) |
(28,971,263 | ) | ||||||
| Net Assets — 100.0% | $ | 78,925,435 | ||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $28,046,883; the aggregate market value of the collateral held by the fund is $28,837,648. | |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
19
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 78,909,310 | $ | - | $ | - | $ | 78,909,310 | ||||||||
| Money Market Fund | 149,740 | - | - | 149,740 | ||||||||||||
| Repurchase Agreements | - | 28,837,648 | - | 28,837,648 | ||||||||||||
| Total | $ | 79,059,050 | $ | 28,837,648 | $ | - | $ | 107,896,698 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Equity Fund | 100.0 | % | ||
| Money Market Fund | 0.2 | |||
| Repurchase Agreements | 36.5 | |||
| Total Investments | 136.7 | |||
| Liabilities in Excess of Other Assets | (36.7 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
20
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS — 100.6% | ||||||||
| Auto Parts & Equipment — 0.9% | ||||||||
| China Automotive Systems, Inc. (China)* | 3,500 | $ | 20,300 | |||||
| Garrett Motion, Inc. (Switzerland)*(a) | 3,186 | 24,277 | ||||||
| Total Auto Parts & Equipment | 44,577 | |||||||
| Banks — 18.4% | ||||||||
| Amalgamated Financial Corp. | 1,097 | 25,275 | ||||||
| BayCom Corp. | 1,243 | 23,592 | ||||||
| BCB Bancorp, Inc. | 1,221 | 21,966 | ||||||
| Business First Bancshares, Inc. | 977 | 21,631 | ||||||
| Byline Bancorp, Inc. | 1,151 | 26,438 | ||||||
| Cambridge Bancorp | 259 | 21,512 | ||||||
| Capital City Bank Group, Inc. | 759 | 24,667 | ||||||
| Capstar Financial Holdings, Inc. | 1,401 | 24,742 | ||||||
| Carter Bankshares, Inc.* | 1,603 | 26,594 | ||||||
| Civista Bancshares, Inc. | 1,035 | 22,780 | ||||||
| CNB Financial Corp. | 900 | 21,411 | ||||||
| Coastal Financial Corp.* | 933 | 44,336 | ||||||
| Equity Bancshares, Inc., Class A | 764 | 24,960 | ||||||
| Esquire Financial Holdings, Inc. | 869 | 37,593 | ||||||
| First Bank | 2,024 | 27,850 | ||||||
| First Business Financial Services, Inc. | 794 | 29,021 | ||||||
| First Guaranty Bancshares, Inc. | 948 | 22,231 | ||||||
| Five Star Bancorp | 853 | 23,236 | ||||||
| Hanmi Financial Corp. | 1,330 | 32,917 | ||||||
| Independent Bank Corp. | 1,061 | 25,379 | ||||||
| John Marshall Bancorp, Inc. | 854 | 24,578 | ||||||
| Mercantile Bank Corp. | 708 | 23,704 | ||||||
| Metrocity Bankshares, Inc. | 939 | 20,311 | ||||||
| Midland States Bancorp, Inc. | 898 | 23,905 | ||||||
| Northeast Bank | 834 | 35,111 | ||||||
| Northrim BanCorp, Inc. | 555 | 30,286 | ||||||
| Old Second Bancorp, Inc. | 1,903 | 30,524 | ||||||
| OP Bancorp | 1,841 | 20,546 | ||||||
| Parke Bancorp, Inc. | 1,071 | 22,213 | ||||||
| PCB Bancorp | 1,406 | 24,872 | ||||||
| Peapack-Gladstone Financial Corp. | 666 | 24,788 | ||||||
| Shore Bancshares, Inc. | 1,274 | 22,206 | ||||||
| South Plains Financial, Inc. | 732 | 20,152 | ||||||
| TrustCo Bank Corp. NY | 713 | 26,802 | ||||||
| Unity Bancorp, Inc. | 823 | 22,493 | ||||||
| Total Banks | 900,622 | |||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Biotechnology — 5.1% | ||||||||
| 89bio, Inc.* | 2,900 | $ | 36,917 | |||||
| Aldeyra Therapeutics, Inc.* | 3,580 | 24,917 | ||||||
| Astria Therapeutics, Inc.* | 2,270 | 33,800 | ||||||
| Cymabay Therapeutics, Inc.* | 6,162 | 38,636 | ||||||
| Dyne Therapeutics, Inc.* | 1,733 | 20,085 | ||||||
| Immatics NV (Germany)* | 1,995 | 17,376 | ||||||
| Mersana Therapeutics, Inc.* | 2,988 | 17,510 | ||||||
| Provention Bio, Inc.* | 2,970 | 31,393 | ||||||
| WaVe Life Sciences Ltd.* | 4,400 | 30,800 | ||||||
| Total Biotechnology | 251,434 | |||||||
| Building Materials — 1.3% | ||||||||
| LSI Industries, Inc. | 2,000 | 24,480 | ||||||
| Modine Manufacturing Co.* | 1,910 | 37,933 | ||||||
| Total Building Materials | 62,413 | |||||||
| Chemicals — 0.4% | ||||||||
| Hawkins, Inc. | 524 | 20,226 | ||||||
| Coal — 6.0% | ||||||||
| Alpha Metallurgical Resources, Inc. | 1,124 | 164,543 | ||||||
| Hallador Energy Co.*(a) | 5,566 | 55,604 | ||||||
| Natural Resource Partners LP(a) | 881 | 47,865 | ||||||
| SunCoke Energy, Inc. | 3,102 | 26,770 | ||||||
| Total Coal | 294,782 | |||||||
| Commercial Services — 6.6% | ||||||||
| Alta Equipment Group, Inc. | 1,853 | 24,441 | ||||||
| Barrett Business Services, Inc. | 310 | 28,917 | ||||||
| CRA International, Inc. | 318 | 38,933 | ||||||
| DLH Holdings Corp.* | 1,474 | 17,489 | ||||||
| Franklin Covey Co.* | 673 | 31,476 | ||||||
| Hackett Group, Inc. (The) | 1,304 | 26,562 | ||||||
| HireQuest, Inc. | 1,353 | 21,391 | ||||||
| Lincoln Educational Services Corp.* | 3,401 | 19,692 | ||||||
| Resources Connection, Inc. | 1,035 | 19,023 | ||||||
| ShotSpotter, Inc.* | 600 | 20,298 | ||||||
| Textainer Group Holdings Ltd. (China) | 1,177 | 36,499 | ||||||
| Transcat, Inc.* | 555 | 39,333 | ||||||
| Total Commercial Services | 324,054 | |||||||
| Distribution/Wholesale — 3.8% | ||||||||
| Hudson Technologies, Inc.* | 6,919 | 70,020 | ||||||
| Titan Machinery, Inc.* | 990 | 39,333 | ||||||
See accompanying Notes to Financial Statements.
21
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Distribution/Wholesale (continued) | ||||||||
| Veritiv Corp. | 616 | $ | 74,973 | |||||
| Total Distribution/Wholesale | 184,326 | |||||||
| Diversified Financial Services — 2.6% | ||||||||
| Diamond Hill Investment Group, Inc. | 134 | 24,793 | ||||||
| EZCORP, Inc., Class A* | 3,732 | 30,416 | ||||||
| Oppenheimer Holdings, Inc., Class A | 577 | 24,424 | ||||||
| Silvercrest Asset Management Group, Inc., Class A | 1,275 | 23,932 | ||||||
| Velocity Financial, Inc.* | 2,201 | 21,239 | ||||||
| Total Diversified Financial Services | 124,804 | |||||||
| Electric — 0.5% | ||||||||
| Genie Energy Ltd., Class B | 2,596 | 26,843 | ||||||
| Electronics — 3.0% | ||||||||
| Bel Fuse, Inc., Class B | 1,604 | 52,804 | ||||||
| Ituran Location and Control Ltd. (Israel) | 959 | 20,264 | ||||||
| Kimball Electronics, Inc.* | 1,185 | 26,769 | ||||||
| Stoneridge, Inc.* | 1,000 | 21,560 | ||||||
| Vishay Precision Group, Inc.* | 690 | 26,668 | ||||||
| Total Electronics | 148,065 | |||||||
| Energy — Alternate Sources — 0.4% | ||||||||
| REX American Resources Corp.* | 643 | 20,486 | ||||||
| Engineering & Construction — 1.5% | ||||||||
| MYR Group, Inc.* | 405 | 37,288 | ||||||
| Sterling Infrastructure, Inc.* | 1,033 | 33,883 | ||||||
| Total Engineering & Construction | 71,171 | |||||||
| Entertainment — 0.8% | ||||||||
| Golden Entertainment, Inc.* | 1,050 | 39,270 | ||||||
| Environmental Control — 1.3% | ||||||||
| CECO Environmental Corp.* | 3,230 | 37,726 | ||||||
| Heritage-Crystal Clean, Inc.* | 851 | 27,641 | ||||||
| Total Environmental Control | 65,367 | |||||||
| Food — 1.1% | ||||||||
| Nathan’s Famous, Inc. | 398 | 26,750 | ||||||
| Seneca Foods Corp., Class A* | 450 | 27,427 | ||||||
| Total Food | 54,177 | |||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Forest Products & Paper — 0.5% | ||||||||
| Clearwater Paper Corp.* | 644 | $ | 24,350 | |||||
| Gas — 0.7% | ||||||||
| Global Partners LP | 1,031 | 35,848 | ||||||
| Healthcare — Products — 1.1% | ||||||||
| Axogen, Inc.* | 1,962 | 19,581 | ||||||
| Zynex, Inc.(a) | 2,362 | 32,855 | ||||||
| Total Healthcare — Products | 52,436 | |||||||
| Home Furnishings — 0.5% | ||||||||
| Ethan Allen Interiors, Inc. | 923 | 24,386 | ||||||
| Insurance — 2.6% | ||||||||
| Ambac Financial Group, Inc.* | 1,666 | 29,055 | ||||||
| Donegal Group, Inc., Class A | 1,305 | 18,531 | ||||||
| Greenlight Capital Re Ltd., Class A* | 2,801 | 22,828 | ||||||
| Investors Title Co. | 132 | 19,477 | ||||||
| Tiptree, Inc. | 2,689 | 37,216 | ||||||
| Total Insurance | 127,107 | |||||||
| Investment Companies — 0.4% | ||||||||
| Crescent Capital BDC, Inc. | 1,407 | 17,981 | ||||||
| Iron/Steel — 0.6% | ||||||||
| Haynes International, Inc. | 671 | 30,658 | ||||||
| Leisure Time — 0.6% | ||||||||
| Xponential Fitness, Inc., Class A* | 1,200 | 27,516 | ||||||
| Machinery — Diversified — 1.0% | ||||||||
| DXP Enterprises, Inc.* | 735 | 20,249 | ||||||
| Thermon Group Holdings, Inc.* | 1,334 | 26,787 | ||||||
| Total Machinery — Diversified | 47,036 | |||||||
| Metal Fabricate/Hardware — 2.2% | ||||||||
| Northwest Pipe Co.* | 732 | 24,668 | ||||||
| Steel Partners Holdings LP* | 1,986 | 85,001 | ||||||
| Total Metal Fabricate/Hardware | 109,669 | |||||||
| Oil & Gas — 7.7% | ||||||||
| Cross Timbers Royalty Trust | 1,347 | 34,268 | ||||||
| Diamond Offshore Drilling, Inc.* | 3,591 | 37,346 | ||||||
| Epsilon Energy Ltd. | 3,654 | 24,226 | ||||||
| Kimbell Royalty Partners LP | 1,965 | 32,816 | ||||||
See accompanying Notes to Financial Statements.
22
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Oil & Gas (continued) | ||||||||
| North European Oil Royalty Trust | 1,490 | $ | 18,908 | |||||
| Permian Basin Royalty Trust | 3,808 | 95,962 | ||||||
| Sabine Royalty Trust | 432 | 36,914 | ||||||
| San Juan Basin Royalty Trust | 5,153 | 58,847 | ||||||
| Voc Energy Trust | 3,481 | 36,098 | ||||||
| Total Oil & Gas | 375,385 | |||||||
| Oil & Gas Services — 5.3% | ||||||||
| Civeo Corp.* | 1,211 | 37,662 | ||||||
| Forum Energy Technologies, Inc.* | 1,159 | 34,190 | ||||||
| Helix Energy Solutions Group, Inc.* | 5,044 | 37,225 | ||||||
| KLX Energy Services Holdings, Inc.* | 3,300 | 57,123 | ||||||
| Nine Energy Service, Inc.* | 5,000 | 72,650 | ||||||
| TETRA Technologies, Inc.* | 5,393 | 18,660 | ||||||
| Total Oil & Gas Services | 257,510 | |||||||
| Packaging & Containers — 0.8% | ||||||||
| UFP Technologies, Inc.* | 338 | 39,847 | ||||||
| Pharmaceuticals — 2.1% | ||||||||
| Harrow Health, Inc.* | 2,600 | 38,376 | ||||||
| Imara, Inc.* | 5,500 | 22,495 | ||||||
| ProPhase Labs, Inc. | 2,074 | 19,973 | ||||||
| scPharmaceuticals, Inc.* | 3,300 | 23,661 | ||||||
| Total Pharmaceuticals | 104,505 | |||||||
| Pipelines — 0.5% | ||||||||
| Green Plains Partners LP | 1,928 | 24,987 | ||||||
| REITS — 2.4% | ||||||||
| BRT Apartments Corp. | 1,246 | 24,472 | ||||||
| CTO Realty Growth, Inc. | 1,379 | 25,208 | ||||||
| Farmland Partners, Inc. | 2,128 | 26,515 | ||||||
| Hersha Hospitality Trust, Class A | 2,239 | 19,076 | ||||||
| Whitestone REIT | 2,049 | 19,752 | ||||||
| Total REITS | 115,023 | |||||||
| Retail — 3.6% | ||||||||
| Biglari Holdings, Inc., Class B* | 162 | 22,485 | ||||||
| Caleres, Inc. | 1,185 | 26,402 | ||||||
| Chuy’s Holdings, Inc.* | 740 | 20,942 | ||||||
| J Jill, Inc.* | 1,282 | 31,794 | ||||||
| Movado Group, Inc. | 842 | 27,154 | ||||||
| Ruth’s Hospitality Group, Inc. | 1,161 | 17,972 | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Retail (continued) | ||||||||
| TravelCenters of America, Inc.* | 638 | $ | 28,570 | |||||
| Total Retail | 175,319 | |||||||
| Savings & Loans — 2.4% | ||||||||
| FS Bancorp, Inc. | 818 | 27,354 | ||||||
| Greene County Bancorp, Inc. | 493 | 28,308 | ||||||
| Hingham Institution For Savings The | 73 | 20,145 | ||||||
| HomeTrust Bancshares, Inc. | 822 | 19,868 | ||||||
| Southern Missouri Bancorp, Inc. | 433 | 19,844 | ||||||
| Total Savings & Loans | 115,519 | |||||||
| Semiconductors — 1.7% | ||||||||
| Aehr Test Systems* | 1,363 | 27,396 | ||||||
| Richardson Electronics Ltd. | 2,684 | 57,250 | ||||||
| Total Semiconductors | 84,646 | |||||||
| Software — 2.8% | ||||||||
| Computer Programs and Systems, Inc.* | 675 | 18,373 | ||||||
| Digi International, Inc.* | 1,149 | 41,996 | ||||||
| Donnelley Financial Solutions, Inc.* | 1,281 | 49,511 | ||||||
| Inspired Entertainment, Inc.* | 2,000 | 25,340 | ||||||
| Total Software | 135,220 | |||||||
| Telecommunications — 1.1% | ||||||||
| Aviat Networks, Inc.* | 750 | 23,392 | ||||||
| Preformed Line Products Co. | 372 | 30,984 | ||||||
| Total Telecommunications | 54,376 | |||||||
| Transportation — 5.4% | ||||||||
| Ardmore Shipping Corp. (Ireland)* | 3,911 | 56,358 | ||||||
| Capital Product Partners LP (Greece) | 2,140 | 29,211 | ||||||
| Covenant Logistics Group, Inc. | 962 | 33,256 | ||||||
| Dorian LPG Ltd. | 1,717 | 32,537 | ||||||
| GasLog Partners LP (Greece) | 4,035 | 26,873 | ||||||
| Teekay Corp. (Bermuda)* | 5,650 | 25,651 | ||||||
| Teekay Tankers Ltd., Class A (Canada)* | 973 | 29,978 | ||||||
| Tsakos Energy Navigation Ltd. (Greece) | 1,723 | 29,171 | ||||||
| Total Transportation | 263,035 | |||||||
| Venture Capital — 0.4% | ||||||||
| Chicago Atlantic Real Estate Finance, Inc. | 1,462 | 22,032 | ||||||
See accompanying Notes to Financial Statements.
23
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares/ Principal |
Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Water — 0.5% | ||||||||
| York Water Co. (The) | 562 | $ | 25,279 | |||||
| Total
Common Stocks (Cost $4,425,438) |
4,922,287 | |||||||
| MONEY MARKET FUND — 0.4% | ||||||||
| STIT —
Government & Agency Portfolio, Institutional Class,
4.22%(b) (Cost $18,996) |
18,996 | 18,996 | ||||||
| REPURCHASE AGREEMENT — 2.2%(c) | ||||||||
| Nomura
Securities International, Inc., dated 12/30/22, due 01/03/23, 4.30%, total
to be received $106,263, (collateralized by various U.S. Government Agency
Obligations, 1.97%-9.00%, 2/1/23-7/1/60, totaling $108,336) (Cost $106,212) |
$ | 106,212 | 106,212 | |||||
| Total
Investments — 103.2% (Cost $4,550,646) |
5,047,495 | |||||||
| Liabilities
in Excess of Other Assets — (3.2%) |
(157,950 | ) | ||||||
| Net Assets — 100.0% | $ | 4,889,545 | ||||||
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 $157,350; the aggregate market value of the collateral held by the fund is $162,253. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $56,041. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2022. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
24
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, 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 | $ | 4,922,287 | $ | - | $ | - | $ | 4,922,287 | ||||||||
| Money Market Fund | 18,996 | - | - | 18,996 | ||||||||||||
| Repurchase Agreement | - | 106,212 | - | 106,212 | ||||||||||||
| Total | $ | 4,941,283 | $ | 106,212 | $ | - | $ | 5,047,495 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Auto Parts & Equipment | 0.9 | % | ||
| Banks | 18.4 | |||
| Biotechnology | 5.1 | |||
| Building Materials | 1.3 | |||
| Chemicals | 0.4 | |||
| Coal | 6.0 | |||
| Commercial Services | 6.6 | |||
| Distribution/Wholesale | 3.8 | |||
| Diversified Financial Services | 2.6 | |||
| Electric | 0.5 | |||
| Electronics | 3.0 | |||
| Energy — Alternate Sources | 0.4 | |||
| Engineering & Construction | 1.5 | |||
| Entertainment | 0.8 | |||
| Environmental Control | 1.3 | |||
| Food | 1.1 | |||
| Forest Products & Paper | 0.5 | |||
| Gas | 0.7 | |||
| Healthcare — Products | 1.1 | |||
| Home Furnishings | 0.5 | |||
| Insurance | 2.6 | |||
| Investment Companies | 0.4 | |||
| Iron/Steel | 0.6 | |||
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| % of Net Assets |
||||
| Leisure Time | 0.6 | % | ||
| Machinery — Diversified | 1.0 | |||
| Metal Fabricate/Hardware | 2.2 | |||
| Oil & Gas | 7.7 | |||
| Oil & Gas Services | 5.3 | |||
| Packaging & Containers | 0.8 | |||
| Pharmaceuticals | 2.1 | |||
| Pipelines | 0.5 | |||
| REITS | 2.4 | |||
| Retail | 3.6 | |||
| Savings & Loans | 2.4 | |||
| Semiconductors | 1.7 | |||
| Software | 2.8 | |||
| Telecommunications | 1.1 | |||
| Transportation | 5.4 | |||
| Venture Capital | 0.4 | |||
| Water | 0.5 | |||
| Money Market Fund | 0.4 | |||
| Repurchase Agreement | 2.2 | |||
| Total Investments | 103.2 | |||
| Liabilities in Excess of Other Assets | (3.2 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
25
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| EXCHANGE TRADED FUND — 24.4% | ||||||||
| Debt Fund — 24.4% | ||||||||
| AdvisorShares
North Square McKee Core Reserves ETF† (Cost $9,862,980) |
100,000 | $ | 9,731,000 | |||||
| MONEY MARKET FUND — 89.9% | ||||||||
| STIT —
Government & Agency Portfolio, Institutional Class,
4.22%(a)(b) (Cost $35,741,679) |
35,741,679 | 35,741,679 | ||||||
| Total
Investments Before Securities Sold, Not Yet Purchased (Cost $45,604,659) |
45,472,679 | |||||||
| Securities Sold, Not Yet Purchased — (92.7)%(c) | ||||||||
| COMMON STOCKS — (92.7)% | ||||||||
| Aerospace/Defense — (1.0)% | ||||||||
| Spirit AeroSystems Holdings, Inc., Class A | (13,821 | ) | (409,102 | ) | ||||
| Airlines — (0.7)% | ||||||||
| JetBlue Airways Corp.* | (43,223 | ) | (280,085 | ) | ||||
| Apparel — (5.0)% | ||||||||
| Hanesbrands, Inc. | (53,097 | ) | (337,697 | ) | ||||
| NIKE, Inc., Class B | (3,851 | ) | (450,605 | ) | ||||
| PVH Corp. | (5,689 | ) | (401,587 | ) | ||||
| Under Armour, Inc., Class C* | (52,316 | ) | (466,659 | ) | ||||
| VF Corp. | (11,299 | ) | (311,965 | ) | ||||
| Total Apparel | (1,968,513 | ) | ||||||
| Banks — (2.5)% | ||||||||
| PacWest Bancorp | (13,103 | ) | (300,714 | ) | ||||
| Signature Bank | (2,892 | ) | (333,216 | ) | ||||
| SVB Financial Group* | (1,605 | ) | (369,375 | ) | ||||
| Total Banks | (1,003,305 | ) | ||||||
| Biotechnology — (2.8)% | ||||||||
| Bio-Rad Laboratories, Inc., Class A* | (940 | ) | (395,261 | ) | ||||
| Illumina, Inc.* | (2,000 | ) | (404,400 | ) | ||||
| Nektar Therapeutics* | (145,835 | ) | (329,587 | ) | ||||
| Total Biotechnology | (1,129,248 | ) | ||||||
| Building Materials — (1.8)% | ||||||||
| JELD-WEN Holding, Inc.* | (33,650 | ) | (324,722 | ) | ||||
| Mohawk Industries, Inc.* | (3,630 | ) | (371,059 | ) | ||||
| Total Building Materials | (695,781 | ) | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Chemicals — (1.0)% | ||||||||
| Celanese Corp. | (3,696 | ) | $ | (377,879 | ) | |||
| Commercial Services — (9.7)% | ||||||||
| 2U, Inc.* | (66,309 | ) | (415,757 | ) | ||||
| Block, Inc.* | (6,726 | ) | (422,662 | ) | ||||
| Bright Horizons Family Solutions, Inc.* | (5,147 | ) | (324,776 | ) | ||||
| Cimpress PLC (Ireland)* | (14,465 | ) | (399,379 | ) | ||||
| Euronet Worldwide, Inc.* | (4,689 | ) | (442,548 | ) | ||||
| MarketAxess Holdings, Inc. | (1,398 | ) | (389,888 | ) | ||||
| PayPal Holdings, Inc.* | (4,325 | ) | (308,026 | ) | ||||
| Sabre Corp.* | (63,966 | ) | (395,310 | ) | ||||
| TransUnion | (6,790 | ) | (385,332 | ) | ||||
| WW International, Inc.* | (96,082 | ) | (370,877 | ) | ||||
| Total Commercial Services | (3,854,555 | ) | ||||||
| Computers — (2.9)% | ||||||||
| NCR Corp.* | (18,720 | ) | (438,235 | ) | ||||
| Seagate Technology Holdings PLC | (7,070 | ) | (371,953 | ) | ||||
| Western Digital Corp.* | (10,300 | ) | (324,965 | ) | ||||
| Total Computers | (1,135,153 | ) | ||||||
| Diversified Financial Services — (3.8)% | ||||||||
| Ally Financial, Inc. | (15,800 | ) | (386,310 | ) | ||||
| Bread Financial Holdings, Inc. | (10,612 | ) | (399,648 | ) | ||||
| LendingTree, Inc.* | (16,181 | ) | (345,140 | ) | ||||
| T. Rowe Price Group, Inc. | (3,347 | ) | (365,024 | ) | ||||
| Total Diversified Financial Services | (1,496,122 | ) | ||||||
| Electrical Components & Equipment — (0.9)% | ||||||||
| Universal Display Corp. | (3,187 | ) | (344,323 | ) | ||||
| Electronics — (1.0)% | ||||||||
| Garmin Ltd. | (4,238 | ) | (391,125 | ) | ||||
| Entertainment — (1.9)% | ||||||||
| Cinemark Holdings, Inc.* | (33,900 | ) | (293,574 | ) | ||||
| Six Flags Entertainment Corp.* | (19,087 | ) | (443,773 | ) | ||||
| Total Entertainment | (737,347 | ) | ||||||
| Food — (0.9)% | ||||||||
| Hain Celestial Group, Inc. (The)* | (22,638 | ) | (366,283 | ) | ||||
| Hand/Machine Tools — (0.8)% | ||||||||
| Stanley Black & Decker, Inc. | (4,392 | ) | (329,927 | ) | ||||
| Healthcare — Products — (6.3)% | ||||||||
| Align Technology, Inc.* | (1,885 | ) | (397,546 | ) | ||||
See accompanying Notes to Financial Statements.
26
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Healthcare — Products (continued) | ||||||||
| DENTSPLY SIRONA, Inc. | (10,370 | ) | $ | (330,181 | ) | |||
| Exact Sciences Corp.* | (10,106 | ) | (500,348 | ) | ||||
| Masimo Corp.* | (2,954 | ) | (437,044 | ) | ||||
| Teleflex, Inc. | (1,754 | ) | (437,851 | ) | ||||
| West Pharmaceutical Services, Inc. | (1,670 | ) | (393,035 | ) | ||||
| Total Healthcare — Products | (2,496,005 | ) | ||||||
| Healthcare — Services — (2.8)% | ||||||||
| Catalent, Inc.* | (8,260 | ) | (371,783 | ) | ||||
| Charles River Laboratories International, Inc.* | (1,518 | ) | (330,772 | ) | ||||
| Syneos Health, Inc.* | (11,644 | ) | (427,102 | ) | ||||
| Total Healthcare — Services | (1,129,657 | ) | ||||||
| Housewares — (2.1)% | ||||||||
| Newell Brands, Inc. | (32,600 | ) | (426,408 | ) | ||||
| Scotts Miracle-Gro Co. (The) | (8,608 | ) | (418,263 | ) | ||||
| Total Housewares | (844,671 | ) | ||||||
| Internet — (6.3)% | ||||||||
| Amazon.com, Inc.* | (3,485 | ) | (292,740 | ) | ||||
| eBay, Inc. | (8,687 | ) | (360,250 | ) | ||||
| Expedia Group, Inc.* | (3,834 | ) | (335,858 | ) | ||||
| Meta Platforms, Inc., Class A* | (3,611 | ) | (434,548 | ) | ||||
| Snap, Inc., Class A* | (41,533 | ) | (371,720 | ) | ||||
| Wayfair, Inc., Class A* | (10,067 | ) | (331,104 | ) | ||||
| Zillow Group, Inc., Class A* | (12,016 | ) | (375,019 | ) | ||||
| Total Internet | (2,501,239 | ) | ||||||
| Leisure Time — (0.9)% | ||||||||
| Carnival Corp.* | (46,342 | ) | (373,516 | ) | ||||
| Machinery — Diversified — (2.1)% | ||||||||
| Cognex Corp. | (8,873 | ) | (418,007 | ) | ||||
| Enovis Corp.* | (7,690 | ) | (411,569 | ) | ||||
| Total Machinery — Diversified | (829,576 | ) | ||||||
| Media — (5.6)% | ||||||||
| Altice USA, Inc., Class A* | (56,997 | ) | (262,186 | ) | ||||
| Cable One, Inc. | (440 | ) | (313,218 | ) | ||||
| Charter Communications, Inc., Class A* | (1,046 | ) | (354,699 | ) | ||||
| DISH Network Corp., Class A* | (25,018 | ) | (351,253 | ) | ||||
| Paramount Global, Class B | (19,750 | ) | (333,380 | ) | ||||
| Walt Disney Co. (The)* | (3,147 | ) | (273,411 | ) | ||||
| Warner Bros Discovery, Inc.* | (35,503 | ) | (336,569 | ) | ||||
| Total Media | (2,224,716 | ) | ||||||
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Mining — (1.1)% | ||||||||
| Newmont Corp. | (9,438 | ) | $ | (445,474 | ) | |||
| Office/Business Equipment — (0.7)% | ||||||||
| Zebra Technologies Corp., Class A* | (1,103 | ) | (282,820 | ) | ||||
| Packaging & Containers — (0.9)% | ||||||||
| Ball Corp. | (7,040 | ) | (360,026 | ) | ||||
| Pharmaceuticals — (0.8)% | ||||||||
| Herbalife Nutrition Ltd.* | (21,859 | ) | (325,262 | ) | ||||
| REITS — (4.8)% | ||||||||
| Diversified Healthcare Trust | (528,041 | ) | (341,537 | ) | ||||
| Douglas Emmett, Inc. | (19,419 | ) | (304,490 | ) | ||||
| Hudson Pacific Properties, Inc. | (28,369 | ) | (276,030 | ) | ||||
| Medical Properties Trust, Inc. | (32,400 | ) | (360,936 | ) | ||||
| SL Green Realty Corp. | (8,909 | ) | (300,411 | ) | ||||
| Vornado Realty Trust | (15,312 | ) | (318,643 | ) | ||||
| Total REITS | (1,902,047 | ) | ||||||
| Retail — (1.6)% | ||||||||
| CarMax, Inc.* | (6,000 | ) | (365,340 | ) | ||||
| Qurate Retail, Inc., Series A* | (173,577 | ) | (282,930 | ) | ||||
| Total Retail | (648,270 | ) | ||||||
| Semiconductors — (9.7)% | ||||||||
| Advanced Micro Devices, Inc.* | (5,660 | ) | (366,598 | ) | ||||
| Entegris, Inc. | (5,600 | ) | (367,304 | ) | ||||
| Intel Corp. | (13,534 | ) | (357,704 | ) | ||||
| IPG Photonics Corp.* | (3,861 | ) | (365,521 | ) | ||||
| Marvell Technology, Inc. | (9,700 | ) | (359,288 | ) | ||||
| MKS Instruments, Inc. | (4,680 | ) | (396,536 | ) | ||||
| NVIDIA Corp. | (3,138 | ) | (458,587 | ) | ||||
| Qorvo, Inc.* | (3,710 | ) | (336,274 | ) | ||||
| Skyworks Solutions, Inc. | (4,514 | ) | (411,361 | ) | ||||
| Teradyne, Inc. | (5,056 | ) | (441,642 | ) | ||||
| Total Semiconductors | (3,860,815 | ) | ||||||
| Software — (7.7)% | ||||||||
| Adobe, Inc.* | (1,023 | ) | (344,270 | ) | ||||
| ANSYS, Inc.* | (1,655 | ) | (399,832 | ) | ||||
| Fidelity National Information Services, Inc. | (5,700 | ) | (386,745 | ) | ||||
| Guidewire Software, Inc.* | (6,679 | ) | (417,838 | ) | ||||
| Pegasystems, Inc. | (11,524 | ) | (394,582 | ) | ||||
| Salesforce, Inc.* | (2,275 | ) | (301,642 | ) | ||||
| Splunk, Inc.* | (4,730 | ) | (407,206 | ) | ||||
| Workday, Inc., Class A* | (2,558 | ) | (428,030 | ) | ||||
| Total Software | (3,080,145 | ) | ||||||
See accompanying Notes to Financial Statements.
27
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Telecommunications — (0.9)% | ||||||||
| Lumen Technologies, Inc. | (70,100 | ) | $ | (365,922 | ) | |||
| Toys/Games/Hobbies — (1.0)% | ||||||||
| Hasbro, Inc. | (6,600 | ) | (402,666 | ) | ||||
| Transportation — (0.7)% | ||||||||
| XPO, Inc.* | (8,168 | ) | (271,913 | ) | ||||
| Total
Securities Sold, Not Yet Purchased [Proceeds Received $(49,877,148)] |
(36,863,488 | ) | ||||||
| Total
Investments — 21.6% (Cost $(4,272,489)) |
8,609,191 | |||||||
| Other Assets in Excess of Liabilities — 78.4% | 31,161,280 | |||||||
| Net Assets — 100.0% | $ | 39,770,471 | ||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
| * | Non-income producing security. |
| † | Affiliated Company. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2022. | |
| (b) | A portion of this security has been pledged as collateral for securities sold, not yet purchased. | |
| (c) | As of December 31, 2022 cash in the amount of $31,099,953 has been segregated as collateral from the broker for securities sold short. |
See accompanying Notes to Financial Statements.
28
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Fund | $ | 9,731,000 | $ | - | $ | - | $ | 9,731,000 | ||||||||
| Money Market Fund | 35,741,679 | - | - | 35,741,679 | ||||||||||||
| Total | $ | 45,472,679 | $ | - | $ | - | $ | 45,472,679 | ||||||||
| Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | (36,863,488 | ) | $ | - | $ | - | $ | (36,863,488 | ) | ||||||
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, 2022 were as follows:
| Affiliated Holding Name | Value at 6/30/2022 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 12/31/2022 | Value at 12/31/2022 | Dividend Income | ||||||||||||||||||||||||
| AdvisorShares North Square McKee Core Reserves ETF | $ | 9,738,000 | $ | - | $ | - | $ | - | $ | (7,000 | ) | 100,000 | $ | 9,731,000 | $ | 116,270 | ||||||||||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets |
||||
| Aerospace/Defense | (1.0 | )% | ||
| Airlines | (0.7 | ) | ||
| Apparel | (5.0 | ) | ||
| Banks | (2.5 | ) | ||
| Biotechnology | (2.8 | ) | ||
| Building Materials | (1.8 | ) | ||
| Chemicals | (1.0 | ) | ||
| Commercial Services | (9.7 | ) | ||
| Computers | (2.9 | ) | ||
| Debt Fund | 24.4 | |||
| Diversified Financial Services | (3.8 | ) | ||
| Electrical Components & Equipment | (0.9 | ) | ||
| Electronics | (1.0 | ) | ||
| Entertainment | (1.9 | ) | ||
| Food | (0.9 | ) | ||
| Hand/Machine Tools | (0.8 | ) | ||
| Healthcare — Products | (6.3 | ) | ||
| Healthcare — Services | (2.8 | ) | ||
| Housewares | (2.1 | ) | ||
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)