ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 99.4% | ||||||||
| Aerospace/Defense – 3.9% | ||||||||
| HEICO Corp. | 30,349 | $ | 5,796,659 | |||||
| Auto Parts & Equipment – 4.4% | ||||||||
| Miller Industries, Inc. | 127,518 | 6,388,652 | ||||||
| Chemicals – 4.1% | ||||||||
| Celanese Corp. | 34,975 | 6,010,803 | ||||||
| Commercial Services – 7.7% | ||||||||
| Moody’s Corp. | 13,936 | 5,477,266 | ||||||
| Rollins, Inc. | 124,476 | 5,759,505 | ||||||
| Total Commercial Services | 11,236,771 | |||||||
| Computers – 3.9% | ||||||||
| Science Applications International Corp. | 43,401 | 5,659,056 | ||||||
| Diversified Financial Services – 7.8% | ||||||||
| Federal Agricultural Mortgage Corp., Class C | 28,223 | 5,556,544 | ||||||
| Intercontinental Exchange, Inc. | 42,638 | 5,859,741 | ||||||
| Total Diversified Financial Services | 11,416,285 | |||||||
| Electronics – 4.3% | ||||||||
| Amphenol Corp., Class A | 54,514 | 6,288,190 | ||||||
| Food – 3.9% | ||||||||
| Hershey Co. (The) | 29,598 | 5,756,811 | ||||||
| Healthcare - Products – 12.3% | ||||||||
| Abbott Laboratories | 49,789 | 5,659,018 | ||||||
| Stryker Corp. | 18,158 | 6,498,204 | ||||||
| Thermo Fisher Scientific, Inc. | 10,211 | 5,934,735 | ||||||
| Total Healthcare - Products | 18,091,957 | |||||||
| Insurance – 3.9% | ||||||||
| Aflac, Inc. | 67,304 | 5,778,721 | ||||||
| Leisure Time – 3.9% | ||||||||
| Polaris, Inc. | 57,347 | 5,741,582 | ||||||
| Machinery - Diversified – 4.1% | ||||||||
| Otis Worldwide Corp. | 60,542 | 6,010,004 | ||||||
| Media – 3.6% | ||||||||
| FactSet Research Systems, Inc. | 11,543 | 5,245,024 | ||||||
| Packaging & Containers – 3.9% | ||||||||
| Silgan Holdings, Inc. | 118,621 | 5,760,236 | ||||||
| Pharmaceuticals – 4.4% | ||||||||
| Cencora, Inc. | 26,701 | 6,488,076 | ||||||
| Real Estate – 3.8% | ||||||||
| McGrath RentCorp | 45,354 | 5,595,323 | ||||||
| Software – 16.0% | ||||||||
| Broadridge Financial Solutions, Inc. | 26,790 | 5,488,199 | ||||||
| Fair Isaac Corp.(a) | 4,655 | 5,816,935 | ||||||
| Fiserv, Inc.(a) | 41,021 | 6,555,976 | ||||||
| Intuit, Inc. | 8,715 | 5,664,750 | ||||||
| Total Software | 23,525,860 | |||||||
| Water – 3.5% | ||||||||
| American Water Works Co., Inc. | 41,530 | 5,075,381 | ||||||
| Total Common Stocks (Cost $126,704,879) | 145,865,391 | |||||||
| MONEY MARKET FUND – 0.6% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.21%(b) (Cost $808,184) | 808,184 | 808,184 | ||||||
| Total Investments – 100.0% (Cost $127,513,063) | 146,673,575 | |||||||
| Liabilities in Excess of Other Assets – (0.0)%** | (48,827 | ) | ||||||
| Net Assets – 100.0% | $ | 146,624,748 | ||||||
| ** | Less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2024. |
ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)
March 31, 2024 (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, 2024, 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 | $ | 145,865,391 | $ | - | $ | - | $ | 145,865,391 | ||||||||
| Money Market Fund | 808,184 | - | - | 808,184 | ||||||||||||
| Total | $ | 146,673,575 | $ | - | $ | - | $ | 146,673,575 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets | ||||
| Aerospace/Defense | 3.9 | % | ||
| Auto Parts & Equipment | 4.4 | |||
| Chemicals | 4.1 | |||
| Commercial Services | 7.7 | |||
| Computers | 3.9 | |||
| Diversified Financial Services | 7.8 | |||
| Electronics | 4.3 | |||
| Food | 3.9 | |||
| Healthcare - Products | 12.3 | |||
| Insurance | 3.9 | |||
| Leisure Time | 3.9 | |||
| Machinery - Diversified | 4.1 | |||
| Media | 3.6 | |||
| Packaging & Containers | 3.9 | |||
| Pharmaceuticals | 4.4 | |||
| Real Estate | 3.8 | |||
| Software | 16.0 | |||
| Water | 3.5 | |||
| Money Market Fund | 0.6 | |||
| Total Investments | 100.0 | |||
| Liabilities in Excess of Other Assets | (0.0 | )** | ||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |