ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments
March 31, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 99.7% | ||||||||
| Aerospace/Defense – 4.2% | ||||||||
| HEICO Corp. | 12,187 | $ | 2,084,465 | |||||
| Auto Parts & Equipment – 5.0% | ||||||||
| Miller Industries, Inc. | 70,715 | 2,499,775 | ||||||
| Building Materials – 8.4% | ||||||||
| Carrier Global Corp. | 44,935 | 2,055,776 | ||||||
| Trex Co., Inc.* | 44,312 | 2,156,665 | ||||||
| Total Building Materials | 4,212,441 | |||||||
| Chemicals – 7.5% | ||||||||
| Celanese Corp. | 17,855 | 1,944,231 | ||||||
| Stepan Co. | 17,340 | 1,786,540 | ||||||
| Total Chemicals | 3,730,771 | |||||||
| Commercial Services – 4.1% | ||||||||
| Moody’s Corp. | 6,708 | 2,052,782 | ||||||
| Computers – 3.7% | ||||||||
| Science Applications International Corp. | 17,058 | 1,833,053 | ||||||
| Diversified Financial Services – 3.7% | ||||||||
| Intercontinental Exchange, Inc. | 17,947 | 1,871,693 | ||||||
| Food – 4.1% | ||||||||
| Hershey Co. (The) | 8,084 | 2,056,650 | ||||||
| Healthcare - Products – 15.3% | ||||||||
| Abbott Laboratories | 17,111 | 1,732,660 | ||||||
| Danaher Corp. | 7,066 | 1,780,915 | ||||||
| Stryker Corp. | 7,690 | 2,195,264 | ||||||
| Thermo Fisher Scientific, Inc. | 3,326 | 1,917,006 | ||||||
| Total Healthcare - Products | 7,625,845 | |||||||
| Insurance – 3.4% | ||||||||
| Aflac, Inc. | 26,311 | 1,697,586 | ||||||
| Leisure Time – 4.1% | ||||||||
| Polaris, Inc.(a) | 18,435 | 2,039,464 | ||||||
| Machinery - Diversified – 8.1% | ||||||||
| Middleby Corp. (The)* | 13,695 | 2,007,824 | ||||||
| Otis Worldwide Corp. | 23,837 | 2,011,843 | ||||||
| Total Machinery - Diversified | 4,019,667 | |||||||
| Media – 3.8% | ||||||||
| FactSet Research Systems, Inc. | 4,592 | 1,906,093 | ||||||
| Packaging & Containers – 3.9% | ||||||||
| Silgan Holdings, Inc. | 36,128 | 1,938,990 | ||||||
| Pharmaceuticals – 3.6% | ||||||||
| AmerisourceBergen Corp. | 11,220 | 1,796,434 | ||||||
| Software – 16.8% | ||||||||
| Broadridge Financial Solutions, Inc. | 13,776 | 2,019,149 | ||||||
| Fair Isaac Corp.* | 3,035 | 2,132,664 | ||||||
| Fiserv, Inc.* | 18,674 | 2,110,722 | ||||||
| Intuit, Inc. | 4,740 | 2,113,234 | ||||||
| Total Software | 8,375,769 | |||||||
| Total Common Stocks | ||||||||
| (Cost $43,555,149) | 49,741,478 | |||||||
| MONEY MARKET FUND – 0.4% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.49%(b) | ||||||||
| (Cost $206,846) | 206,846 | 206,846 | ||||||
| Total Investments – 100.1% | ||||||||
| (Cost $43,761,995) | 49,948,324 | |||||||
| Liabilities in Excess of Other Assets – (0.1%) | (63,232 | ) | ||||||
| Net Assets – 100.0% | $ | 49,885,092 | ||||||
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,308,310; the aggregate market value of the collateral held by the fund is $1,311,525. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,311,525. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2023. |
ADVISORSHARES FOCUSED EQUITY 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 | $ | 49,741,478 | $ | - | $ | - | $ | 49,741,478 | ||||||||
| Money Market Fund | 206,846 | - | - | 206,846 | ||||||||||||
| Total | $ | 49,948,324 | $ | - | $ | - | $ | 49,948,324 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets | ||||
| Aerospace/Defense | 4.2 | % | ||
| Auto Parts & Equipment | 5.0 | |||
| Building Materials | 8.4 | |||
| Chemicals | 7.5 | |||
| Commercial Services | 4.1 | |||
| Computers | 3.7 | |||
| Diversified Financial Services | 3.7 | |||
| Food | 4.1 | |||
| Healthcare - Products | 15.3 | |||
| Insurance | 3.4 | |||
| Leisure Time | 4.1 | |||
| Machinery - Diversified | 8.1 | |||
| Media | 3.8 | |||
| Packaging & Containers | 3.9 | |||
| Pharmaceuticals | 3.6 | |||
| Software | 16.8 | |||
| Money Market Fund | 0.4 | |||
| Total Investments | 100.1 | |||
| Liabilities in Excess of Other Assets | (0.1 | ) | ||
| Net Assets | 100.0 | % | ||