ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments
March 31, 2023 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 97.6% | ||||||||
Aerospace/Defense – 2.7% | ||||||||
BAE Systems PLC (United Kingdom)(a)(b) | 16,111 | $ | 795,400 | |||||
Airlines – 2.5% | ||||||||
Copa Holdings SA, Class A (Panama)* | 7,890 | 728,642 | ||||||
Banks – 13.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)(b) | 112,922 | 796,100 | ||||||
HDFC Bank Ltd. (India)(b) | 9,680 | 645,366 | ||||||
ING Groep NV (Netherlands)(b) | 50,771 | 602,652 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan)(a)(b) | 130,990 | 837,026 | ||||||
UBS Group AG (Switzerland) | 46,253 | 987,039 | ||||||
Total Banks | 3,868,183 | |||||||
Beverages – 5.3% | ||||||||
Coca-Cola Femsa SAB de CV (Mexico)(b) | 9,850 | 792,629 | ||||||
Fomento Economico Mexicano SAB de CV (Mexico)(b) | 7,805 | 742,958 | ||||||
Total Beverages | 1,535,587 | |||||||
Biotechnology – 2.2% | ||||||||
Argenx SE (Netherlands)*(b) | 1,698 | 632,641 | ||||||
Building Materials – 2.5% | ||||||||
CRH PLC (Ireland)(b) | 14,381 | 731,561 | ||||||
Chemicals – 2.0% | ||||||||
Sociedad Quimica y Minera de Chile SA (Chile)(b) | 7,083 | 574,148 | ||||||
Commercial Services – 5.3% | ||||||||
New Oriental Education & Technology Group, Inc. (China)*(a)(b) | 16,964 | 654,980 | ||||||
RELX PLC (United Kingdom)(b) | 26,877 | 871,890 | ||||||
Total Commercial Services | 1,526,870 | |||||||
Electric – 2.5% | ||||||||
Pampa Energia SA (Argentina)*(a)(b) | 21,804 | 719,096 | ||||||
Electrical Components & Equipment – 3.2% | ||||||||
ABB Ltd. (Switzerland)(b) | 27,286 | 935,910 | ||||||
Insurance – 2.3% | ||||||||
Aegon NV (Netherlands)(c) | 153,171 | 658,635 | ||||||
Internet – 11.3% | ||||||||
iQIYI, Inc. (China)*(b) | 84,724 | 616,791 | ||||||
PDD Holdings, Inc. (China)*(b) | 7,538 | 572,134 | ||||||
Tencent Music Entertainment Group (China)*(b) | 84,833 | 702,417 | ||||||
Trip.com Group Ltd. (China)*(b) | 17,879 | 673,502 | ||||||
Vipshop Holdings Ltd. (China)*(b) | 46,553 | 706,675 | ||||||
Total Internet | 3,271,519 | |||||||
Iron/Steel – 4.9% | ||||||||
Gerdau SA (Brazil)(b) | 116,035 | 572,053 | ||||||
POSCO Holdings, Inc. (South Korea)(a)(b) | 12,100 | 843,249 | ||||||
Total Iron/Steel | 1,415,302 | |||||||
Lodging – 2.4% | ||||||||
H World Group Ltd. (China)*(b) | 14,182 | 694,634 | ||||||
Metal Fabricate/Hardware – 3.7% | ||||||||
Tenaris SA(b) | 37,813 | 1,074,645 | ||||||
Mining – 2.3% | ||||||||
BHP Group Ltd. (Australia)(a)(b) | 10,731 | 680,453 | ||||||
Miscellaneous Manufacturing – 2.6% | ||||||||
Siemens AG (Germany)(b) | 9,521 | 770,725 | ||||||
Oil & Gas – 3.1% | ||||||||
YPF SA (Argentina)*(b) | 82,085 | 901,293 | ||||||
Pharmaceuticals – 7.7% | ||||||||
AstraZeneca PLC (United Kingdom)(b) | 9,959 | 691,254 | ||||||
Novo Nordisk A/S (Denmark)(b) | 9,787 | 1,557,503 | ||||||
Total Pharmaceuticals | 2,248,757 | |||||||
Retail – 2.5% | ||||||||
Luckin Coffee, Inc. (China)*(b) | 25,984 | 714,820 | ||||||
Semiconductors – 7.8% | ||||||||
ASE Technology Holding Co., Ltd. (Taiwan)(b) | 93,918 | 748,526 | ||||||
ASML Holding NV (Netherlands) | 1,062 | 722,914 | ||||||
STMicroelectronics NV (Singapore) | 15,124 | 808,983 | ||||||
Total Semiconductors | 2,280,423 | |||||||
Telecommunications – 3.0% | ||||||||
America Movil SAB de CV (Mexico)*(a)(b) | 41,100 | 865,155 | ||||||
Transportation – 2.5% | ||||||||
Tsakos Energy Navigation Ltd. (Greece) | 37,335 | 725,419 | ||||||
Total Common Stocks | ||||||||
(Cost $26,801,768) | 28,349,818 | |||||||
MONEY MARKET FUNDS – 15.5% | ||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.79%(d)(e) | 3,760,288 | 3,760,288 | ||||||
Invesco Government & Agency Portfolio - Private Investment Class, 4.73%(d) | 736,006 | 736,006 | ||||||
Total Money Market Funds | ||||||||
(Cost $4,496,294) | 4,496,294 | |||||||
Total Investments – 113.1% | ||||||||
(Cost $31,298,062) | 32,846,112 | |||||||
Liabilities in Excess of Other Assets – (13.1%) | (3,808,166 | ) | ||||||
Net Assets – 100.0% | $ | 29,037,946 |
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 $4,366,040; the aggregate market value of the collateral held by the fund is $4,443,004. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $682,716. |
(b) | American Depositary Receipt. |
(c) | Registered Shares. |
(d) | Rate shown reflects the 7-day yield as of March 31, 2023. |
(e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
March 31, 2023 (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 March 31, 2023, 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 | $ | 28,349,818 | $ | - | $ | - | $ | 28,349,818 | ||||||||
Money Market Funds | 4,496,294 | - | - | 4,496,294 | ||||||||||||
Total | $ | 32,846,112 | $ | - | $ | - | $ | 32,846,112 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | ||||
Net Assets | ||||
Aerospace/Defense | 2.7 | % | ||
Airlines | 2.5 | |||
Banks | 13.3 | |||
Beverages | 5.3 | |||
Biotechnology | 2.2 | |||
Building Materials | 2.5 | |||
Chemicals | 2.0 | |||
Commercial Services | 5.3 | |||
Electric | 2.5 | |||
Electrical Components & Equipment | 3.2 | |||
Insurance | 2.3 | |||
Internet | 11.3 | |||
Iron/Steel | 4.9 | |||
Lodging | 2.4 | |||
Metal Fabricate/Hardware | 3.7 | |||
Mining | 2.3 | |||
Miscellaneous Manufacturing | 2.6 | |||
Oil & Gas | 3.1 | |||
Pharmaceuticals | 7.7 | |||
Retail | 2.5 | |||
Semiconductors | 7.8 | |||
Telecommunications | 3.0 | |||
Transportation | 2.5 | |||
Money Market Funds | 15.5 | |||
Total Investments | 113.1 | |||
Liabilities in Excess of Other Assets | (13.1 | ) | ||
Net Assets | 100.0 | % |