ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments
September 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.5% | ||||||||
Auto Parts & Equipment – 0.4% | ||||||||
Garrett Motion, Inc. (Switzerland)*(a) | 4,458 | $ | 25,188 | |||||
Banks – 20.4% | ||||||||
Amalgamated Financial Corp. | 1,541 | 34,750 | ||||||
BayCom Corp. | 1,740 | 30,589 | ||||||
BCB Bancorp, Inc. | 1,713 | 28,830 | ||||||
Business First Bancshares, Inc. | 1,373 | 29,561 | ||||||
Byline Bancorp, Inc. | 1,619 | 32,785 | ||||||
Cambridge Bancorp | 367 | 29,265 | ||||||
Capital City Bank Group, Inc. | 1,059 | 32,945 | ||||||
Capstar Financial Holdings, Inc. | 1,965 | 36,411 | ||||||
Carter Bankshares, Inc.* | 2,244 | 36,128 | ||||||
Coastal Financial Corp.* | 1,305 | 51,861 | ||||||
Equity Bancshares, Inc., Class A | 1,071 | 31,734 | ||||||
Esquire Financial Holdings, Inc. | 1,217 | 45,698 | ||||||
First Bank | 2,828 | 38,659 | ||||||
First Business Financial Services, Inc. | 1,106 | 35,735 | ||||||
First Foundation, Inc. | 1,480 | 26,847 | ||||||
First Guaranty Bancshares, Inc. | 1,332 | 29,144 | ||||||
First Internet Bancorp | 850 | 28,781 | ||||||
Five Star Bancorp | 1,201 | 34,060 | ||||||
Hanmi Financial Corp. | 1,858 | 43,997 | ||||||
John Marshall Bancorp, Inc. | 1,197 | 29,398 | ||||||
Mercantile Bank Corp. | 996 | 29,591 | ||||||
Metrocity Bankshares, Inc. | 1,311 | 25,748 | ||||||
Metropolitan Bank Holding Corp.* | 618 | 39,774 | ||||||
Midland States Bancorp, Inc. | 1,258 | 29,651 | ||||||
MVB Financial Corp. | 1,095 | 30,474 | ||||||
Northeast Bank(a) | 1,170 | 42,904 | ||||||
Northrim BanCorp, Inc. | 778 | 32,334 | ||||||
Old Second Bancorp, Inc. | 2,659 | 34,700 | ||||||
OP Bancorp | 2,573 | 28,612 | ||||||
Parke Bancorp, Inc. | 1,503 | 31,503 | ||||||
PCB Bancorp | 1,970 | 35,598 | ||||||
Peapack-Gladstone Financial Corp. | 930 | 31,295 | ||||||
Provident Bancorp, Inc. | 2,380 | 34,058 | ||||||
Shore Bancshares, Inc. | 1,778 | 30,795 | ||||||
South Plains Financial, Inc. | 1,020 | 28,111 | ||||||
TrustCo Bank Corp. NY | 1,001 | 31,451 | ||||||
Unity Bancorp, Inc. | 1,154 | 28,977 | ||||||
Total Banks | 1,232,754 | |||||||
Beverages – 0.5% | ||||||||
Vita Coco Co., Inc. (The)* | 2,743 | 31,243 | ||||||
Biotechnology – 4.1% | ||||||||
Aldeyra Therapeutics, Inc.* | 5,008 | 26,743 | ||||||
AVEO Pharmaceuticals, Inc.* | 4,341 | 35,726 | ||||||
Biomea Fusion, Inc.* | 2,520 | 24,646 | ||||||
CTI BioPharma Corp.* | 6,945 | 40,420 | ||||||
Cymabay Therapeutics, Inc.* | 8,629 | 30,201 | ||||||
Immatics NV (Germany)* | 2,799 | 27,990 | ||||||
Rallybio Corp.* | 2,268 | 32,818 | ||||||
Vera Therapeutics, Inc.* | 1,403 | 29,898 | ||||||
Total Biotechnology | 248,442 | |||||||
Building Materials – 0.6% | ||||||||
Modine Manufacturing Co.* | 2,678 | 34,653 | ||||||
Chemicals – 0.5% | ||||||||
Hawkins, Inc. | 740 | 28,853 | ||||||
Coal – 5.6% | ||||||||
Alpha Metallurgical Resources, Inc. | 1,580 | 216,207 | ||||||
Hallador Energy Co.*(a) | 7,798 | 43,825 | ||||||
Natural Resource Partners LP | 1,229 | 54,383 | ||||||
SunCoke Energy, Inc. | 4,338 | 25,204 | ||||||
Total Coal | 339,619 | |||||||
Commercial Services – 7.0% | ||||||||
Alta Equipment Group, Inc. | 2,597 | 28,593 | ||||||
Barrett Business Services, Inc. | 430 | 33,540 | ||||||
Civeo Corp.* | 1,703 | 42,796 | ||||||
CRA International, Inc. | 450 | 39,933 | ||||||
DLH Holdings Corp.* | 2,062 | 25,301 | ||||||
Franklin Covey Co.* | 949 | 43,075 | ||||||
Hackett Group, Inc. (The) | 1,832 | 32,463 | ||||||
HireQuest, Inc. | 1,893 | 24,420 | ||||||
Lincoln Educational Services Corp.* | 4,764 | 25,916 | ||||||
Resources Connection, Inc. | 1,455 | 26,292 | ||||||
Textainer Group Holdings Ltd. (China) | 1,645 | 44,185 | ||||||
Transcat, Inc.* | 771 | 58,357 | ||||||
Total Commercial Services | 424,871 | |||||||
Computers – 0.4% | ||||||||
Vuzix Corp.*(a) | 3,989 | 23,096 | ||||||
Distribution/Wholesale – 3.2% | ||||||||
Hudson Technologies, Inc.* | 9,691 | 71,229 | ||||||
Titan Machinery, Inc.* | 1,386 | 39,168 | ||||||
Veritiv Corp.* | 856 | 83,691 | ||||||
Total Distribution/Wholesale | 194,088 | |||||||
Diversified Financial Services – 3.0% | ||||||||
Diamond Hill Investment Group, Inc. | 182 | 30,030 | ||||||
EZCORP, Inc., Class A* | 5,220 | 40,246 | ||||||
GAMCO Investors, Inc., Class A | 1,520 | 25,916 | ||||||
Oppenheimer Holdings, Inc., Class A | 805 | 24,939 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 1,779 | 29,087 | ||||||
Velocity Financial, Inc.* | 3,089 | 33,485 | ||||||
Total Diversified Financial Services | 183,703 | |||||||
Electric – 0.6% | ||||||||
Genie Energy Ltd., Class B | 3,640 | 34,034 | ||||||
Electronics – 2.4% | ||||||||
Bel Fuse, Inc., Class B | 2,245 | 56,686 | ||||||
Ituran Location and Control Ltd. (Israel) | 1,343 | 31,346 | ||||||
Kimball Electronics, Inc.* | 1,653 | 28,349 | ||||||
Vishay Precision Group, Inc.* | 966 | 28,584 | ||||||
Total Electronics | 144,965 | |||||||
Energy - Alternate Sources – 1.0% | ||||||||
Maxeon Solar Technologies Ltd.* | 1,428 | 33,944 | ||||||
REX American Resources Corp.* | 900 | 25,128 | ||||||
Total Energy - Alternate Sources | 59,072 | |||||||
Engineering & Construction – 1.3% | ||||||||
MYR Group, Inc.* | 561 | 47,533 | ||||||
Sterling Infrastructure, Inc.* | 1,453 | 31,196 | ||||||
Total Engineering & Construction | 78,729 | |||||||
Entertainment – 0.8% | ||||||||
Golden Entertainment, Inc.* | 1,470 | 51,288 | ||||||
Environmental Control – 1.3% | ||||||||
CECO Environmental Corp.* | 4,526 | 40,055 | ||||||
Heritage-Crystal Clean, Inc.* | 1,199 | 35,455 | ||||||
Total Environmental Control | 75,510 |
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Food – 1.1% | ||||||||
Nathan’s Famous, Inc. | 554 | $ | 35,273 | |||||
Seneca Foods Corp., Class A* | 630 | 31,777 | ||||||
Total Food | 67,050 | |||||||
Forest Products & Paper – 0.6% | ||||||||
Clearwater Paper Corp.* | 903 | 33,953 | ||||||
Gas – 0.6% | ||||||||
Global Partners LP | 1,451 | 35,912 | ||||||
Healthcare - Products – 0.8% | ||||||||
ClearPoint Neuro, Inc.* | 2,392 | 24,781 | ||||||
RxSight, Inc.* | 2,057 | 24,684 | ||||||
Total Healthcare - Products | 49,465 | |||||||
Home Furnishings – 0.5% | ||||||||
Ethan Allen Interiors, Inc. | 1,295 | 27,376 | ||||||
Insurance – 3.0% | ||||||||
Ambac Financial Group, Inc.* | 2,338 | 29,810 | ||||||
Donegal Group, Inc., Class A | 1,821 | 24,565 | ||||||
Greenlight Capital Re Ltd., Class A* | 3,929 | 29,232 | ||||||
Investors Title Co. | 192 | 27,072 | ||||||
MBIA, Inc.* | 3,107 | 28,584 | ||||||
Tiptree, Inc. | 3,769 | 40,554 | ||||||
Total Insurance | 179,817 | |||||||
Investment Companies – 0.5% | ||||||||
Crescent Capital BDC, Inc. | 1,971 | 29,604 | ||||||
Iron/Steel – 0.4% | ||||||||
Mesabi Trust(a) | 1,190 | 25,597 | ||||||
Leisure Time – 0.5% | ||||||||
Xponential Fitness, Inc., Class A* | 1,680 | 30,677 | ||||||
Machinery - Construction & Mining – 0.5% | ||||||||
Babcock & Wilcox Enterprises, Inc.* | 4,262 | 27,192 | ||||||
Machinery - Diversified – 0.9% | ||||||||
DXP Enterprises, Inc.* | 1,028 | 24,343 | ||||||
Thermon Group Holdings, Inc.* | 1,862 | 28,693 | ||||||
Total Machinery - Diversified | 53,036 | |||||||
Metal Fabricate/Hardware – 2.4% | ||||||||
Northwest Pipe Co.* | 1,025 | 28,802 | ||||||
Steel Partners Holdings LP* | 2,778 | 115,287 | ||||||
Total Metal Fabricate/Hardware | 144,089 | |||||||
Miscellaneous Manufacturing – 0.5% | ||||||||
Haynes International, Inc. | 940 | 33,013 | ||||||
Oil & Gas – 7.4% | ||||||||
Cross Timbers Royalty Trust | 1,887 | 36,419 | ||||||
Diamond Offshore Drilling, Inc.* | 5,031 | 33,356 | ||||||
Epsilon Energy Ltd. | 5,118 | 32,346 | ||||||
Kimbell Royalty Partners LP | 2,745 | 46,610 | ||||||
North European Oil Royalty Trust | 2,090 | 30,200 | ||||||
Permian Basin Royalty Trust | 5,332 | 87,072 | ||||||
Sabine Royalty Trust | 600 | 42,648 | ||||||
San Juan Basin Royalty Trust | 7,217 | 67,840 | ||||||
Voc Energy Trust | 4,873 | 32,990 | ||||||
W&T Offshore, Inc.* | 5,763 | 33,771 | ||||||
Total Oil & Gas | 443,252 | |||||||
Oil & Gas Services – 1.7% | ||||||||
Forum Energy Technologies, Inc.* | 1,627 | 34,557 | ||||||
KLX Energy Services Holdings, Inc.* | 4,620 | 38,023 | ||||||
TETRA Technologies, Inc.* | 7,560 | 27,140 | ||||||
Total Oil & Gas Services | 99,720 | |||||||
Packaging & Containers – 0.7% | ||||||||
UFP Technologies, Inc.* | 470 | 40,345 | ||||||
Pharmaceuticals – 2.3% | ||||||||
Concert Pharmaceuticals, Inc.* | 5,009 | 33,560 | ||||||
Harrow Health, Inc.* | 3,644 | 43,983 | ||||||
ProPhase Labs, Inc. | 2,902 | 32,735 | ||||||
Tricida, Inc.*(a) | 2,950 | 30,916 | ||||||
Total Pharmaceuticals | 141,194 | |||||||
Pipelines – 1.0% | ||||||||
Green Plains Partners LP | 2,696 | 32,891 | ||||||
NextDecade Corp.* | 4,971 | 29,926 | ||||||
Total Pipelines | 62,817 | |||||||
REITS – 3.3% | ||||||||
BRT Apartments Corp. | 1,750 | 35,542 | ||||||
CTO Realty Growth, Inc.(a) | 1,863 | 34,913 | ||||||
Farmland Partners, Inc. | 2,980 | 37,757 | ||||||
Granite Point Mortgage Trust, Inc. | 2,674 | 17,221 | ||||||
Hersha Hospitality Trust, Class A | 3,139 | 25,049 | ||||||
Nexpoint Real Estate Finance, Inc. | 1,498 | 22,440 | ||||||
Whitestone REIT | 2,872 | 24,297 | ||||||
Total REITS | 197,219 | |||||||
Retail – 3.8% | ||||||||
Bassett Furniture Industries, Inc. | 1,408 | 22,077 | ||||||
Biglari Holdings, Inc., Class B* | 234 | 27,050 | ||||||
Caleres, Inc. | 1,653 | 40,036 | ||||||
Genesco, Inc.* | 801 | 31,495 | ||||||
J Jill, Inc.* | 1,798 | 29,865 | ||||||
Movado Group, Inc. | 1,178 | 33,196 | ||||||
TravelCenters of America, Inc.* | 890 | 47,998 | ||||||
Total Retail | 231,717 | |||||||
Savings & Loans – 2.5% | ||||||||
FS Bancorp, Inc. | 1,142 | 31,131 | ||||||
Greene County Bancorp, Inc. | 690 | 39,516 | ||||||
Hingham Institution For Savings The | 97 | 24,358 | ||||||
HomeTrust Bancshares, Inc. | 1,158 | 25,592 | ||||||
Southern Missouri Bancorp, Inc. | 613 | 31,281 | ||||||
Total Savings & Loans | 151,878 | |||||||
Semiconductors – 1.8% | ||||||||
Aehr Test Systems*(a) | 1,910 | 26,931 | ||||||
AXT, Inc.* | 3,711 | 24,864 | ||||||
Richardson Electronics Ltd. | 3,752 | 56,655 | ||||||
Total Semiconductors | 108,450 | |||||||
Software – 2.9% | ||||||||
Computer Programs and Systems, Inc.* | 946 | 26,375 | ||||||
Digi International, Inc.* | 1,605 | 55,485 | ||||||
Donnelley Financial Solutions, Inc.* | 1,797 | 66,435 | ||||||
Inspired Entertainment, Inc.* | 2,804 | 24,759 | ||||||
Total Software | 173,054 | |||||||
Telecommunications – 1.0% | ||||||||
AST SpaceMobile, Inc.*(a) | 3,108 | 22,440 | ||||||
Preformed Line Products Co. | 516 | 36,713 | ||||||
Total Telecommunications | 59,153 | |||||||
Transportation – 5.2% | ||||||||
Ardmore Shipping Corp. (Ireland)* | 5,483 | 50,060 |
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Investments | Shares/ Principal | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Transportation (continued) | ||||||||
Capital Product Partners LP (Greece) | 2,992 | $ | 40,063 | |||||
Covenant Logistics Group, Inc. | 1,346 | 38,630 | ||||||
Dorian LPG Ltd. | 2,401 | 32,582 | ||||||
GasLog Partners LP (Greece) | 5,655 | 29,180 | ||||||
KNOT Offshore Partners LP (United Kingdom)(a) | 1,781 | 24,898 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)* | 1,364 | 37,564 | ||||||
Tsakos Energy Navigation Ltd. (Greece) | 2,414 | 36,862 | ||||||
USD Partners LP | 5,620 | 22,592 | ||||||
Total Transportation | 312,431 | |||||||
Water – 0.5% | ||||||||
York Water Co. (The) | 790 | 30,360 | ||||||
Total Common Stocks | ||||||||
(Cost $6,367,816) | 5,998,479 | |||||||
MONEY MARKET FUND – 1.2% | ||||||||
STIT - Government & Agency Portfolio, Institutional Class, 2.88%(b) | ||||||||
(Cost $70,254) | 70,254 | 70,254 | ||||||
REPURCHASE AGREEMENT – 3.5%(c) | ||||||||
RBC Dominion Securities, Inc., dated 09/30/22, due 10/03/22, 3.04%, total to be received $210,830, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 8/15/25-8/20/52, totaling $214,993) | ||||||||
(Cost $210,777) | $ | 210,777 | 210,777 | |||||
Total Investments – 104.2% | ||||||||
(Cost $6,648,847) | 6,279,510 | |||||||
Liabilities in Excess of Other Assets – (4.2%) | (251,415 | ) | ||||||
Net Assets – 100.0% | $ | 6,028,095 |
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 $269,932; the aggregate market value of the collateral held by the fund is $276,570. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $65,793. |
(b) | Rate shown reflects the 7-day yield as of September 30, 2022. |
(c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
Fair Value Measurements
The following is a summary of the inputs used, as of September 30, 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 | $ | 5,998,479 | $ | - | $ | - | $ | 5,998,479 | ||||||||
Money Market Fund | 70,254 | - | - | 70,254 | ||||||||||||
Repurchase Agreement | - | 210,777 | - | 210,777 | ||||||||||||
Total | $ | 6,068,733 | $ | 210,777 | $ | - | $ | 6,279,510 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | ||||
Net Assets | ||||
Auto Parts & Equipment | 0.4 | % | ||
Banks | 20.4 | |||
Beverages | 0.5 | |||
Biotechnology | 4.1 | |||
Building Materials | 0.6 | |||
Chemicals | 0.5 | |||
Coal | 5.6 | |||
Commercial Services | 7.0 | |||
Computers | 0.4 | |||
Distribution/Wholesale | 3.2 | |||
Diversified Financial Services | 3.0 | |||
Electric | 0.6 | |||
Electronics | 2.4 | |||
Energy - Alternate Sources | 1.0 | |||
Engineering & Construction | 1.3 | |||
Entertainment | 0.8 | |||
Environmental Control | 1.3 | |||
Food | 1.1 | |||
Forest Products & Paper | 0.6 | |||
Gas | 0.6 | |||
Healthcare - Products | 0.8 | |||
Home Furnishings | 0.5 | |||
Insurance | 3.0 | |||
Investment Companies | 0.5 | |||
Iron/Steel | 0.4 | |||
Leisure Time | 0.5 | |||
Machinery - Construction & Mining | 0.5 | |||
Machinery - Diversified | 0.9 | |||
Metal Fabricate/Hardware | 2.4 | |||
Miscellaneous Manufacturing | 0.5 | |||
Oil & Gas | 7.4 | |||
Oil & Gas Services | 1.7 | |||
Packaging & Containers | 0.7 | |||
Pharmaceuticals | 2.3 | |||
Pipelines | 1.0 | |||
REITS | 3.3 | |||
Retail | 3.8 | |||
Savings & Loans | 2.5 | |||
Semiconductors | 1.8 | |||
Software | 2.9 | |||
Telecommunications | 1.0 | |||
Transportation | 5.2 | |||
Water | 0.5 | |||
Money Market Fund | 1.2 | |||
Repurchase Agreement | 3.5 | |||
Total Investments | 104.2 | |||
Liabilities in Excess of Other Assets | (4.2 | ) | ||
Net Assets | 100.0 | % |