ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments
March 31, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 99.4% | ||||||||
| Aerospace/Defense – 4.8% | ||||||||
| Northrop Grumman Corp. | 1,016 | $ | 469,107 | |||||
| Raytheon Technologies Corp. | 3,287 | 321,896 | ||||||
| Total Aerospace/Defense | 791,003 | |||||||
| Apparel – 1.9% | ||||||||
| NIKE, Inc., Class B | 2,576 | 315,921 | ||||||
| Auto Manufacturers – 10.2% | ||||||||
| Polestar Automotive Holding UK PLC, Class A (Hong Kong)*(a) | 51,430 | 194,920 | ||||||
| Tesla, Inc.* | 7,118 | 1,476,700 | ||||||
| Total Auto Manufacturers | 1,671,620 | |||||||
| Auto Parts & Equipment – 0.8% | ||||||||
| Luminar Technologies, Inc.*(b) | 20,731 | 134,544 | ||||||
| Chemicals – 1.7% | ||||||||
| Sociedad Quimica y Minera de Chile SA (Chile)(a) | 3,480 | 282,089 | ||||||
| Computers – 5.0% | ||||||||
| Apple, Inc. | 4,952 | 816,585 | ||||||
| Diversified Financial Services – 4.3% | ||||||||
| LPL Financial Holdings, Inc. | 3,522 | 712,853 | ||||||
| Electric – 1.4% | ||||||||
| NextEra Energy, Inc. | 3,086 | 237,869 | ||||||
| Energy - Alternate Sources – 5.1% | ||||||||
| Enphase Energy, Inc.* | 1,092 | 229,626 | ||||||
| SolarEdge Technologies, Inc.* | 1,425 | 433,129 | ||||||
| SunPower Corp.* | 12,316 | 170,453 | ||||||
| Total Energy - Alternate Sources | 833,208 | |||||||
| Healthcare - Products – 1.3% | ||||||||
| Thermo Fisher Scientific, Inc. | 364 | 209,799 | ||||||
| Home Builders – 1.5% | ||||||||
| Lennar Corp., Class A | 2,379 | 250,057 | ||||||
| Internet – 6.8% | ||||||||
| Alphabet, Inc., Class C* | 3,560 | 370,240 | ||||||
| Netflix, Inc.* | 2,193 | 757,638 | ||||||
| Total Internet | 1,127,878 | |||||||
| Iron/Steel – 1.8% | ||||||||
| Steel Dynamics, Inc. | 2,602 | 294,182 | ||||||
| Leisure Time – 2.0% | ||||||||
| Topgolf Callaway Brands Corp.* | 15,028 | 324,905 | ||||||
| Lodging – 9.7% | ||||||||
| Las Vegas Sands Corp.* | 6,684 | 383,996 | ||||||
| MGM Resorts International | 27,205 | 1,208,446 | ||||||
| Total Lodging | 1,592,442 | |||||||
| Machinery - Diversified – 3.9% | ||||||||
| Deere & Co. | 1,554 | 641,615 | ||||||
| Media – 4.4% | ||||||||
| Walt Disney Co. (The)* | 7,254 | 726,343 | ||||||
| Mining – 1.8% | ||||||||
| MP Materials Corp.* | 10,703 | 301,718 | ||||||
| Pharmaceuticals – 3.7% | ||||||||
| Novo Nordisk A/S (Denmark)(a) | 1,947 | 309,845 | ||||||
| Zoetis, Inc. | 1,806 | 300,591 | ||||||
| Total Pharmaceuticals | 610,436 | |||||||
| REITS – 4.7% | ||||||||
| Prologis, Inc. | 2,092 | 261,019 | ||||||
| VICI Properties, Inc. | 15,598 | 508,807 | ||||||
| Total REITS | 769,826 | |||||||
| Retail – 1.4% | ||||||||
| Home Depot, Inc. (The) | 788 | 232,554 | ||||||
| Semiconductors – 9.9% | ||||||||
| ASML Holding NV (Netherlands) | 604 | 411,149 | ||||||
| NVIDIA Corp. | 3,067 | 851,920 | ||||||
| ON Semiconductor Corp.* | 4,402 | 362,373 | ||||||
| Total Semiconductors | 1,625,442 | |||||||
| Software – 9.0% | ||||||||
| Activision Blizzard, Inc. | 1,033 | 88,414 | ||||||
| Microsoft Corp. | 3,371 | 971,859 | ||||||
| ROBLOX Corp., Class A* | 9,314 | 418,944 | ||||||
| Total Software | 1,479,217 | |||||||
| Venture Capital – 2.3% | ||||||||
| Blackstone, Inc. | 4,331 | 380,435 | ||||||
| Total Common Stocks | ||||||||
| (Cost $18,257,679) | 16,362,541 | |||||||
| MONEY MARKET FUNDS – 1.6% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.49%(c) | 131,248 | 131,248 | ||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.79%(c)(d) | 133,756 | 133,756 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $265,004) | 265,004 | |||||||
| Total Investments – 101.0% | ||||||||
| (Cost $18,522,683) | 16,627,545 | |||||||
| Liabilities in Excess of Other Assets – (1.0%) | (167,950 | ) | ||||||
| Net Assets – 100.0% | $ | 16,459,595 | ||||||
PLC - Public Limited Company
REITS - Real Estate Investment Trusts
| * | Non-income producing security. |
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $133,908; the aggregate market value of the collateral held by the fund is $133,756. |
| (c) | Rate shown reflects the 7-day yield as of March 31, 2023. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES GERBER KAWASAKI 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 | $ | 16,362,541 | $ | - | $ | - | $ | 16,362,541 | ||||||||
| Money Market Funds | 265,004 | - | - | 265,004 | ||||||||||||
| Total | $ | 16,627,545 | $ | - | $ | - | $ | 16,627,545 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of | ||||
| Net Assets | ||||
| Aerospace/Defense | 4.8 | % | ||
| Apparel | 1.9 | |||
| Auto Manufacturers | 10.2 | |||
| Auto Parts & Equipment | 0.8 | |||
| Chemicals | 1.7 | |||
| Computers | 5.0 | |||
| Diversified Financial Services | 4.3 | |||
| Electric | 1.4 | |||
| Energy - Alternate Sources | 5.1 | |||
| Healthcare - Products | 1.3 | |||
| Home Builders | 1.5 | |||
| Internet | 6.8 | |||
| Iron/Steel | 1.8 | |||
| Leisure Time | 2.0 | |||
| Lodging | 9.7 | |||
| Machinery - Diversified | 3.9 | |||
| Media | 4.4 | |||
| Mining | 1.8 | |||
| Pharmaceuticals | 3.7 | |||
| REITS | 4.7 | |||
| Retail | 1.4 | |||
| Semiconductors | 9.9 | |||
| Software | 9.0 | |||
| Venture Capital | 2.3 | |||
| Money Market Funds | 1.6 | |||
| Total Investments | 101.0 | |||
| Liabilities in Excess of Other Assets | (1.0 | ) | ||
| Net Assets | 100.0 | % | ||