AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) NPORT-P AdvisorShares Dorsey Wright ADR ETF (Mar 2024 report)

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

March 31, 2024 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.0%
Aerospace/Defense – 6.4%
BAE Systems PLC (United Kingdom)(a)		12,246	$	849,260
Embraer SA (Brazil)(a)(b)		31,860		848,751
Total Aerospace/Defense				1,698,011
Apparel – 1.8%
Hermes International SCA (France)(a)		1,882		482,583
Banks – 20.6%
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)		78,204		925,936
Banco Macro SA (Argentina)(a)(b)		16,245		782,684
Grupo Financiero Galicia SA (Argentina)(a)(b)(c)		27,386		696,152
ING Groep NV (Netherlands)(a)		37,419		617,039
Mitsubishi UFJ Financial Group, Inc. (Japan)(a)(c)		87,458		894,695
Sumitomo Mitsui Financial Group, Inc. (Japan)(a)(c)		50,488		594,244
UBS Group AG (Switzerland)		30,513		937,359
Total Banks				5,448,109
Beverages – 5.3%
Coca-Cola Femsa SAB de CV (Mexico)(a)		6,980		678,456
Fomento Economico Mexicano SAB de CV (Mexico)(a)		5,625		732,769
Total Beverages				1,411,225
Building Materials – 3.2%
Cemex SAB de CV (Mexico)(a)(b)		94,843		854,535
Commercial Services – 6.9%
New Oriental Education & Technology Group, Inc. (China)(a)(b)		12,109		1,051,303
RELX PLC (United Kingdom)(a)		17,586		761,298
Total Commercial Services				1,812,601
Computers – 2.3%
Logitech International SA (Switzerland)(c)		6,765		604,588
Diversified Financial Services – 2.6%
Nomura Holdings, Inc. (Japan)(a)(c)		107,105		687,614
Electric – 3.6%
Companhia Paranaense de Energia (Brazil)(a)		29,789		229,971
Companhia Paranaense de Energia (Brazil)(a)(b)		7,386		49,708
Pampa Energia SA (Argentina)(a)(b)(c)		15,249		657,842
Total Electric				937,521
Electronics – 3.3%
ABB Ltd. (Switzerland)(a)		18,641		864,197
Food Service – 2.0%
Compass Group PLC (United Kingdom)(a)		18,138		533,620
Internet – 4.2%
MercadoLibre, Inc. (Brazil)(b)		409		618,391
Vipshop Holdings Ltd. (China)(a)		30,105		498,238
Total Internet				1,116,629
Mining – 2.5%
Harmony Gold Mining Co. Ltd. (South Africa)(a)		79,695		651,108
Miscellaneous Manufacturing – 2.3%
Siemens AG (Germany)(a)		6,490		619,341
Oil & Gas – 8.3%
Eni SpA (Italy)(a)		14,537		461,114
Petroleo Brasileiro SA (Brazil)(a)		38,796		590,087
YPF SA (Argentina)(a)(b)		57,438		1,137,272
Total Oil & Gas				2,188,473
Pharmaceuticals – 8.6%
Avadel Pharmaceuticals PLC(a)(b)(c)		31,765		536,511
Novo Nordisk A/S (Denmark)(a)		13,488		1,731,859
Total Pharmaceuticals				2,268,370
Semiconductors – 8.0%
ASE Technology Holding Co., Ltd. (Taiwan)(a)		67,301		739,638
NXP Semiconductors NV (China)		2,444		605,550
Tokyo Electron Ltd. (Japan)(a)		5,899		766,472
Total Semiconductors				2,111,660
Software – 2.8%
SAP SE (Germany)(a)		3,791		739,359
Telecommunications – 1.8%
Telefonica Brasil SA (Brazil)(a)		46,170		464,932
Transportation – 2.5%
Tsakos Energy Navigation Ltd. (Greece)		25,601		650,009
Total Common Stocks (Cost $18,307,759)				26,144,485
MONEY MARKET FUNDS – 16.3%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(d)(e)		4,016,235		4,016,235
Invesco Government & Agency Portfolio - Private Investment Class, 5.25%(d)		276,542		276,542
Total Money Market Funds (Cost $4,292,777)				4,292,777
Total Investments – 115.3% (Cost $22,600,536)				30,437,262
Liabilities in Excess of Other Assets – (15.3%)				(4,033,809	)
Net Assets – 100.0%			$	26,403,453

PLC - Public Limited Company

(a)	American Depositary Receipt.
(b)	Non-income producing security.
(c)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,237,339; the aggregate market value of the collateral held by the fund is $4,401,304. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $385,069.
(d)	Rate shown reflects the 7-day yield as of March 31, 2024.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES DORSEY WRIGHT ADR 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	$	26,144,485	$	-	$	-	$	26,144,485
Money Market Funds		4,292,777		-		-		4,292,777
Total	$	30,437,262	$	-	$	-	$	30,437,262

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		6.4	%
Apparel		1.8
Banks		20.6
Beverages		5.3
Building Materials		3.2
Commercial Services		6.9
Computers		2.3
Diversified Financial Services		2.6
Electric		3.6
Electronics		3.3
Food Service		2.0
Internet		4.2
Mining		2.5
Miscellaneous Manufacturing		2.3
Oil & Gas		8.3
Pharmaceuticals		8.6
Semiconductors		8.0
Software		2.8
Telecommunications		1.8
Transportation		2.5
Money Market Funds		16.3
Total Investments		115.3
Liabilities in Excess of Other Assets		(15.3	)
Net Assets		100.0	%