ADVISORSHARES RESTAURANT ETF
Schedule of Investments
September 30, 2023 (Unaudited)
| Investments | | Shares | | | Value | |
| COMMON STOCKS – 98.2% | | | | | | | | |
| | | | | | | | | |
| Retail – 98.2% | | | | | | | | |
| Arcos Dorados Holdings, Inc., Class A (Brazil) | | | 15,007 | | | $ | 141,966 | |
| BJ’s Restaurants, Inc.* | | | 4,901 | | | | 114,977 | |
| Bloomin’ Brands, Inc. | | | 4,114 | | | | 101,163 | |
| Brinker International, Inc.* | | | 3,501 | | | | 110,597 | |
| Carrols Restaurant Group, Inc.* | | | 22,092 | | | | 145,586 | |
| Casey’s General Stores, Inc. | | | 429 | | | | 116,482 | |
| Chipotle Mexican Grill, Inc.* | | | 62 | | | | 113,573 | |
| Chuy’s Holdings, Inc.* | | | 3,521 | | | | 125,277 | |
| Darden Restaurants, Inc. | | | 935 | | | | 133,911 | |
| Dave & Buster’s Entertainment, Inc.* | | | 982 | | | | 36,403 | |
| Dine Brands Global, Inc. | | | 1,567 | | | | 77,488 | |
| Domino’s Pizza, Inc. | | | 309 | | | | 117,046 | |
| El Pollo Loco Holdings, Inc. | | | 13,900 | | | | 124,405 | |
| Jack in the Box, Inc. | | | 1,563 | | | | 107,941 | |
| McDonald’s Corp. | | | 540 | | | | 142,258 | |
| Red Robin Gourmet Burgers, Inc.* | | | 11,180 | | | | 89,887 | |
| Restaurant Brands International, Inc. (Canada) | | | 2,068 | | | | 137,770 | |
| Shake Shack, Inc., Class A* | | | 281 | | | | 16,318 | |
| Starbucks Corp. | | | 1,121 | | | | 102,314 | |
| Texas Roadhouse, Inc. | | | 1,064 | | | | 102,250 | |
| Wendy’s Co. (The) | | | 976 | | | | 19,920 | |
| Wingstop, Inc. | | | 609 | | | | 109,523 | |
| Yum! Brands, Inc. | | | 319 | | | | 39,856 | |
| Total Retail | | | | | | | 2,326,911 | |
| | | | | | | | | |
| Total Common Stocks | | | | | | | | |
| (Cost $2,329,377) | | | | | | | 2,326,911 | |
| | | | | | | | | |
| MONEY MARKET FUND – 2.6% | | | | | | | | |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.23%(a) | | | | | | | | |
| (Cost $62,290) | | | 62,290 | | | | 62,290 | |
| | | | | | | | | |
| Total Investments – 100.8% | | | | | | | | |
| (Cost $2,391,667) | | | | | | | 2,389,201 | |
| Liabilities in Excess of Other Assets – (0.8%) | | | | | | | (18,268 | ) |
| Net Assets – 100.0% | | | | | | $ | 2,370,933 | |
| * | Non-income producing security. |
| | |
| (a) | Rate shown reflects the 7-day yield as of September 30, 2023. |
ADVISORSHARES RESTAURANT ETF
Schedule of Investments (continued)
September 30, 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 September 30, 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 | | $ | 2,326,911 | | | $ | - | | | $ | - | | | $ | 2,326,911 | |
| Money Market Fund | | | 62,290 | | | | - | | | | - | | | | 62,290 | |
| Total | | $ | 2,389,201 | | | $ | - | | | $ | - | | | $ | 2,389,201 | |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | | % of | |
| | | Net Assets | |
| Retail | | | 98.2 | % |
| Money Market Fund | | | 2.6 | |
| Total Investments | | | 100.8 | |
| Liabilities in Excess of Other Assets | | | (0.8 | ) |
| Net Assets | | | 100.0 | % |
