AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) NPORT-P AdvisorShares Dorsey Wright ADR ETF (Sep 2023 report)

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

September 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.7%
Aerospace/Defense – 4.9%
BAE Systems PLC (United Kingdom)(a)		13,431	$	664,163
Embraer SA (Brazil)*(a)		38,340		526,025
Total Aerospace/Defense				1,190,188
Airlines – 2.4%
Copa Holdings SA, Class A (Panama)		6,590		587,301
Apparel – 1.6%
Hermes International SCA (France)(a)		2,212		403,579
Banks – 14.8%
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)(b)		94,109		757,578
Grupo Financiero Galicia SA (Argentina)*(a)(b)		33,216		433,469
ING Groep NV (Netherlands)(a)		42,312		557,672
Mitsubishi UFJ Financial Group, Inc. (Japan)(a)(b)		109,168		926,836
UBS Group AG (Switzerland)		38,553		950,331
Total Banks				3,625,886
Beverages – 5.5%
Coca-Cola Femsa SAB de CV (Mexico)(a)		8,210		643,992
Fomento Economico Mexicano SAB de CV (Mexico)(a)		6,505		710,021
Total Beverages				1,354,013
Biotechnology – 2.8%
Argenx SE (Netherlands)*(a)		1,418		697,131
Building Materials – 5.5%
Cemex SAB de CV (Mexico)*(a)		105,678		686,907
CRH PLC		12,000		656,760
Total Building Materials				1,343,667
Commercial Services – 6.5%
New Oriental Education & Technology Group, Inc. (China)*(a)		14,144		828,131
RELX PLC (United Kingdom)(a)		22,406		755,082
Total Commercial Services				1,583,213
Electric – 2.8%
Pampa Energia SA (Argentina)*(a)		18,184		679,354
Electrical Components & Equipment – 3.3%
ABB Ltd. (Switzerland)(a)		22,746		809,530
Engineering & Construction – 1.9%
EHang Holdings Ltd. (China)*(a)(b)		25,672		462,610
Food Service – 2.2%
Compass Group PLC (United Kingdom)(a)		21,728		529,077
Internet – 7.1%
MercadoLibre, Inc. (Brazil)*		480		608,582
Trip.com Group Ltd. (China)*(a)		14,901		521,088
Vipshop Holdings Ltd. (China)*(a)		38,805		621,268
Total Internet				1,750,938
Iron/Steel – 6.1%
POSCO Holdings, Inc. (South Korea)(a)(b)		10,100		1,035,250
Ternium SA (Mexico)(a)		11,701		466,870
Total Iron/Steel				1,502,120
Mining – 1.3%
DRDGOLD Ltd. (South Africa)(a)		37,828		313,972
Miscellaneous Manufacturing – 2.3%
Siemens AG (Germany)(a)		7,941		567,385
Oil & Gas – 3.4%
YPF SA (Argentina)*(a)(b)		68,406		837,974
Pharmaceuticals – 6.1%
Novo Nordisk A/S (Denmark)(a)		16,328		1,484,868
Retail – 3.1%
Luckin Coffee, Inc. (China)*(a)		21,664		758,470
Semiconductors – 11.2%
ASE Technology Holding Co., Ltd. (Taiwan)(a)		78,276		588,635
ASML Holding NV (Netherlands)		901		530,383
NXP Semiconductors NV (China)		2,864		572,571
STMicroelectronics NV (Singapore)		12,605		544,032
Tokyo Electron Ltd. (Japan)(a)		7,264		496,494
Total Semiconductors				2,732,115
Software – 2.3%
SAP SE (Germany)(a)		4,428		572,629
Transportation – 2.6%
Tsakos Energy Navigation Ltd. (Greece)		31,116		646,591
Total Common Stocks
(Cost $22,048,689)				24,432,611
MONEY MARKET FUNDS – 9.4%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.30%(c)(d)		2,213,437		2,213,437
Invesco Government & Agency Portfolio - Private Investment Class, 5.26%(c)		91,930		91,930
Total Money Market Funds
(Cost $2,305,367)				2,305,367
Total Investments – 109.1%
(Cost $24,354,056)				26,737,978
Liabilities in Excess of Other Assets – (9.1%)				(2,234,267	)
Net Assets – 100.0%			$	24,503,711

PLC - Public Limited Company

*	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 $2,887,256; the aggregate market value of the collateral held by the fund is $2,972,983. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $759,546.
(c)	Rate shown reflects the 7-day yield as of September 30, 2023.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES DORSEY WRIGHT ADR 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	$	24,432,611	$	-	$	-	$	24,432,611
Money Market Funds		2,305,367		-		-		2,305,367
Total	$	26,737,978	$	-	$	-	$	26,737,978

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.9	%
Airlines		2.4
Apparel		1.6
Banks		14.8
Beverages		5.5
Biotechnology		2.8
Building Materials		5.5
Commercial Services		6.5
Electric		2.8
Electrical Components & Equipment		3.3
Engineering & Construction		1.9
Food Service		2.2
Internet		7.1
Iron/Steel		6.1
Mining		1.3
Miscellaneous Manufacturing		2.3
Oil & Gas		3.4
Pharmaceuticals		6.1
Retail		3.1
Semiconductors		11.2
Software		2.3
Transportation		2.6
Money Market Funds		9.4
Total Investments		109.1
Liabilities in Excess of Other Assets		(9.1	)
Net Assets		100.0	%