Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831
Semi-Annual Report
December 31, 2021
As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports may be made available on a website, and you would be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other communications electronically. You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to continue receiving paper copies of your shareholder reports and for information about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC
The year of 2021 was supposed to be getting back to normal with the world reopening from the global pandemic. While the stock market overall was strong, we never truly reopened, and the impact of new virus variants continued to have a damaging impact on the U.S. and global economies. While the stock market overall was positive, a global supply chain slow down had a corresponding effect on inflation, pushing the price of goods and services to increasingly higher costs. This, coupled with a labor shortage, also had the impact of driving wages higher.
In December, the Federal Reserve began communicating potential upcoming interest rate increases and the possibility of discontinuing their bond buying, bringing volatility into the market. Unfortunately, we believe this makes sense, as the market should not be trading at all-time highs during a global pandemic. As the Fed reverses course, investors should expect a corresponding negative effect on the stock market, though hopefully we will see dramatically improved metrics for the economy.
With the convergence of economic activity, Fed action, and upcoming mid-term elections in the United States, we expect 2022 to be a volatile year, with investors focusing on risk management.
In 2021, we saw significant growth driven by investors interest in cannabis investing. Despite the negative returns for cannabis stocks, investors continue to make new allocations to the cannabis sector as the fundamentals of the industry continue to dramatically improve. Additionally, fruition of the industry’s expectation of federal legalization would greatly improve the ability for cannabis companies to operate.
At AdvisorShares, we understand that our success is driven by the trust of our investors, and we appreciate your support. We will continue to seek to improve our existing ETF offerings, bring more innovative strategies and managers to our ETF line-up. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.
Sincerest regards,
Noah Hamman
CEO, AdvisorShares Investments
For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.
Investing involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.
There is no guarantee the Advisor’s investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.
1
ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC (Continued)
Cannabis-Related Company Risk. Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.
The views in this report were those of the Fund’s CEO as of December 31, 2021 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.
2
ADVISORSHARES TRUST
Shareholder Expense Examples (unaudited)
As a shareholder of the Fund, you incur transaction costs and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at July 1, 2021 and held for the period ended December 31, 2021, unless noted below for Funds not in operations for the full six month period.
Actual Expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses attributable to your account during this period.
Hypothetical Example for Comparison Purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETFs. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have been higher.
Fund Name | | Beginning
Account
Value
7/1/2021 | | Ending
Account
Value
12/31/2021 | | Annualized
Expense
Ratio for the
Period | | Expenses
Paid |
AdvisorShares Alpha DNA Equity Sentiment ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,001.20 | | 0.95 | % | | $ | 4.79 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.42 | | 0.95 | % | | $ | 4.84 | |
AdvisorShares Dorsey Wright ADR ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 973.30 | | 0.94 | % | | $ | 4.68 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.47 | | 0.94 | % | | $ | 4.79 | |
AdvisorShares Dorsey Wright Alpha Equal Weight ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,023.20 | | 0.91 | % | | $ | 4.64 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.62 | | 0.91 | % | | $ | 4.63 | |
AdvisorShares Dorsey Wright FSM All Cap World ETF(7) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,048.10 | | 0.88 | % | | $ | 4.54 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.77 | | 0.88 | % | | $ | 4.48 | |
3
ADVISORSHARES TRUST
Shareholder Expense Examples (unaudited) (continued)
Fund Name | | Beginning
Account
Value
7/1/2021 | | Ending
Account
Value
12/31/2021 | | Annualized
Expense
Ratio for the
Period | | Expenses
Paid |
AdvisorShares Dorsey Wright FSM US Core ETF(7) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,101.50 | | 0.89 | % | | $ | 4.71 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.72 | | 0.89 | % | | $ | 4.53 | |
AdvisorShares Dorsey Wright Micro Cap ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,040.50 | | 1.25 | % | | $ | 6.43 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,018.90 | | 1.25 | % | | $ | 6.36 | |
AdvisorShares Dorsey Wright Short ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 994.00 | | 1.25 | % | | $ | 6.28 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,018.90 | | 1.25 | % | | $ | 6.36 | |
AdvisorShares DoubleLine Value ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,040.40 | | 0.90 | % | | $ | 4.63 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.67 | | 0.90 | % | | $ | 4.58 | |
AdvisorShares Focused Equity ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,129.40 | | 0.65 | % | | $ | 3.51 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,021.91 | | 0.65 | % | | $ | 3.33 | |
AdvisorShares Gerber Kawasaki ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,058.70 | | 0.75 | % | | $ | 3.87 | (2) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,021.31 | | 0.75 | % | | $ | 3.80 | |
AdvisorShares Hotel ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,081.30 | | 0.99 | % | | $ | 5.19 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.21 | | 0.99 | % | | $ | 5.04 | |
AdvisorShares Newfleet Multi-Sector Income ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 997.50 | | 0.75 | % | | $ | 3.78 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,021.42 | | 0.75 | % | | $ | 3.82 | |
AdvisorShares North Square McKee Core Reserves ETF(3) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 999.60 | | 0.35 | % | | $ | 1.76 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,023.44 | | 0.35 | % | | $ | 1.79 | |
AdvisorShares North Square McKee ESG Core Bond ETF(4) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,003.60 | | 0.47 | % | | $ | 2.37 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,022.84 | | 0.47 | % | | $ | 2.40 | |
4
ADVISORSHARES TRUST
Shareholder Expense Examples (unaudited) (continued)
Fund Name | | Beginning
Account
Value
7/1/2021 | | Ending
Account
Value
12/31/2021 | | Annualized
Expense
Ratio for the
Period | | Expenses
Paid |
AdvisorShares Poseidon Dynamic Cannabis ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 782.50 | | 0.99 | % | | $ | 1.09 | (5) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,004.94 | | 0.99 | % | | $ | 1.22 | |
AdvisorShares Psychedelics ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 558.20 | | 0.99 | % | | $ | 2.26 | (6) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,011.76 | | 0.99 | % | | $ | 2.92 | |
AdvisorShares Pure Cannabis ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 642.10 | | 0.71 | % | | $ | 2.94 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,021.63 | | 0.71 | % | | $ | 3.62 | |
AdvisorShares Pure US Cannabis ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 636.40 | | 0.71 | % | | $ | 2.93 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,021.63 | | 0.71 | % | | $ | 3.62 | |
AdvisorShares Q Dynamic Growth ETF(7) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,086.60 | | 1.15 | % | | $ | 6.05 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,019.41 | | 1.15 | % | | $ | 5.85 | |
AdvisorShares Q Portfolio Blended Allocation ETF(7) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,049.50 | | 0.99 | % | | $ | 5.11 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.21 | | 0.99 | % | | $ | 5.04 | |
AdvisorShares Ranger Equity Bear ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,073.40 | | 1.72 | % | | $ | 8.99 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,016.53 | | 1.72 | % | | $ | 8.74 | |
AdvisorShares Restaurant ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 963.60 | | 0.99 | % | | $ | 4.90 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.21 | | 0.99 | % | | $ | 5.04 | |
AdvisorShares STAR Global Buy-Write ETF(7) | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 1,037.30 | | 1.85 | % | | $ | 9.50 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,015.88 | | 1.85 | % | | $ | 9.40 | |
AdvisorShares Vice ETF | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | $ | 922.70 | | 0.99 | % | | $ | 4.80 | (1) |
Hypothetical (assuming a 5% return before expenses) | | $ | 1,000.00 | | $ | 1,020.21 | | 0.99 | % | | $ | 5.04 | |
____________
(1) Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).
(2) Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/365 (to reflect commencement of operations of July 2, 2021).
(3) Formerly know as AdvisorShares Sage Core Reserves ETF.
5
ADVISORSHARES TRUST
Shareholder Expense Examples (unaudited) (continued)
(4) Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.
(5) Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 107/365 (to reflect commencement of operations of September 16, 2021).
(6) Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 45/365 (to reflect commencement of operations of November 17, 2021).
(7) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the funds in which the Fund is invested in. These ratios do not include these indirect fees and expenses.
6
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 98.0% | | | | | |
Apparel — 4.5% | | | | | |
Oxford Industries, Inc. | | 8,315 | | $ | 844,139 |
Steven Madden Ltd. | | 18,273 | | | 849,146 |
Under Armour, Inc., Class C* | | 46,088 | | | 831,427 |
Urban Outfitters, Inc.* | | 27,907 | | | 819,350 |
Total Apparel | | | | | 3,344,062 |
Banks — 1.1% | | | | | |
SVB Financial Group* | | 1,196 | | | 811,175 |
Biotechnology — 4.3% | | | | | |
Blueprint Medicines Corp.* | | 7,468 | | | 799,897 |
Dynavax Technologies Corp.* | | 56,545 | | | 795,588 |
ImmunoGen, Inc.* | | 110,054 | | | 816,601 |
Ionis Pharmaceuticals, Inc.* | | 26,304 | | | 800,431 |
Total Biotechnology | | | | | 3,212,517 |
Commercial Services — 1.0% | | | | | |
Cross Country Healthcare, Inc.* | | 27,551 | | | 764,816 |
Computers — 9.8% | | | | | |
Crowdstrike Holdings, Inc., Class A* | | 3,958 | | | 810,401 |
ExlService Holdings, Inc.* | | 5,710 | | | 826,637 |
Fortinet, Inc.* | | 2,251 | | | 809,009 |
Globant SA* | | 2,641 | | | 829,512 |
Pure Storage, Inc., Class A* | | 23,995 | | | 781,037 |
Seagate Technology Holdings PLC | | 7,235 | | | 817,410 |
Varonis Systems, Inc.* | | 16,695 | | | 814,382 |
Vocera Communications, Inc.* | | 12,423 | | | 805,507 |
Zscaler, Inc.* | | 2,487 | | | 799,148 |
Total Computers | | | | | 7,293,043 |
Distribution/Wholesale — 4.4% | | | |
Fastenal Co. | | 12,979 | | | 831,435 |
G-III Apparel Group Ltd.* | | 29,674 | | | 820,189 |
IAA, Inc.* | | 16,220 | | | 821,056 |
WW Grainger, Inc. | | 1,594 | | | 826,075 |
Total Distribution/Wholesale | | | | | 3,298,755 |
Diversified Financial Services — 1.1% | | | | | |
Charles Schwab Corp. (The) | | 9,570 | | | 804,837 |
Electrical Components & Equipment — 1.1% | | | | | |
AMETEK, Inc. | | 5,615 | | | 825,630 |
Electronics — 1.1% | | | | | |
nVent Electric PLC | | 21,696 | | | 824,448 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Entertainment — 2.2% | | | | | |
Everi Holdings, Inc.* | | 37,856 | | $ | 808,226 |
Red Rock Resorts, Inc., Class A | | 15,334 | | | 843,523 |
Total Entertainment | | | | | 1,651,749 |
Food — 1.1% | | | | | |
Albertsons Cos., Inc., Class A | | 27,765 | | | 838,225 |
Hand/Machine Tools — 1.1% | | | | | |
Snap-on, Inc. | | 3,860 | | | 831,367 |
Home Builders — 1.1% | | | | | |
Skyline Champion Corp.* | | 10,426 | | | 823,445 |
Internet — 7.6% | | | | | |
Alphabet, Inc., Class C* | | 278 | | | 804,418 |
Criteo SA (France)*(a) | | 21,789 | | | 846,938 |
Mimecast Ltd.* | | 10,256 | | | 816,070 |
Okta, Inc.* | | 3,611 | | | 809,478 |
Perficient, Inc.* | | 6,052 | | | 782,463 |
Perion Network Ltd. (Israel)* | | 32,791 | | | 788,624 |
Uber Technologies, Inc.* | | 18,970 | | | 795,412 |
Total Internet | | | | | 5,643,403 |
Leisure Time — 2.3% | | | | | |
Camping World Holdings, Inc., Class A | | 20,747 | | | 838,179 |
Vista Outdoor, Inc.* | | 19,635 | | | 904,584 |
Total Leisure Time | | | | | 1,742,763 |
Pharmaceuticals — 2.1% | | | | | |
Alector, Inc.*(b) | | 35,632 | | | 735,801 |
Sarepta Therapeutics, Inc.* | | 9,054 | | | 815,313 |
Total Pharmaceuticals | | | | | 1,551,114 |
Retail — 13.3% | | | | | |
BJ’s Wholesale Club Holdings, Inc.* | | 12,686 | | | 849,581 |
Boot Barn Holdings, Inc.* | | 6,655 | | | 818,898 |
Children’s Place, Inc. (The)* | | 10,289 | | | 815,815 |
Costco Wholesale Corp. | | 1,453 | | | 824,868 |
Dick’s Sporting Goods, Inc.(b) | | 7,630 | | | 877,374 |
Home Depot, Inc. (The) | | 2,031 | | | 842,885 |
Kohl’s Corp. | | 16,146 | | | 797,451 |
Lithia Motors, Inc. | | 2,776 | | | 824,333 |
McDonald’s Corp. | | 3,061 | | | 820,562 |
Tractor Supply Co. | | 3,551 | | | 847,269 |
Ulta Beauty, Inc.* | | 2,035 | | | 839,112 |
Williams-Sonoma, Inc. | | 4,862 | | | 822,310 |
Total Retail | | | | | 9,980,458 |
See accompanying Notes to Financial Statements.
7
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | |
Shares
| | Value |
COMMON STOCKS (continued) | | | |
Semiconductors — 19.4% | | | | | |
Advanced Micro Devices, Inc.* | | 5,271 | | $ | 758,497 |
Alpha & Omega Semiconductor Ltd.* | | 13,479 | | | 816,288 |
Ambarella, Inc.* | | 3,917 | | | 794,720 |
Axcelis Technologies, Inc.* | | 11,292 | | | 841,932 |
Broadcom, Inc. | | 1,218 | | | 810,469 |
Diodes, Inc.* | | 7,332 | | | 805,127 |
Lattice Semiconductor Corp.* | | 10,212 | | | 786,937 |
MaxLinear, Inc.* | | 10,719 | | | 808,106 |
Microchip Technology, Inc. | | 9,266 | | | 806,698 |
NVIDIA Corp. | | 2,643 | | | 777,333 |
NXP Semiconductors NV (China) | | 3,519 | | | 801,558 |
Onto Innovation, Inc.* | | 7,997 | | | 809,536 |
QUALCOMM, Inc. | | 4,405 | | | 805,542 |
Semtech Corp.* | | 9,154 | | | 814,065 |
Silicon Motion Technology Corp. (Taiwan)(a) | | 8,679 | | | 824,765 |
Synaptics, Inc.* | | 2,827 | | | 818,445 |
Ultra Clean Holdings, Inc.* | | 13,866 | | | 795,354 |
Wolfspeed, Inc.* | | 7,255 | | | 810,891 |
Total Semiconductors | | | | | 14,486,263 |
Software — 17.1% | | | | | |
BigCommerce Holdings, Inc., Series 1* | | 21,633 | | | 765,159 |
Black Knight, Inc.* | | 10,069 | | | 834,619 |
Box, Inc., Class A* | | 29,739 | | | 778,864 |
Confluent, Inc., Class A* | | 10,690 | | | 815,006 |
Coupa Software, Inc.* | | 5,089 | | | 804,317 |
Datto Holding Corp.* | | 30,571 | | | 805,546 |
Evolent Health, Inc., Class A* | | 30,311 | | | 838,705 |
HubSpot, Inc.* | | 1,203 | | | 792,957 |
Microsoft Corp. | | 2,403 | | | 808,177 |
Monday.com Ltd.* | | 2,662 | | | 821,813 |
PubMatic, Inc., Class A* | | 23,786 | | | 809,913 |
RingCentral, Inc., Class A* | | 4,259 | | | 797,924 |
Snowflake, Inc., Class A* | | 2,330 | | | 789,288 |
Sprout Social, Inc., Class A* | | 8,504 | | | 771,228 |
Veritone, Inc.*(b) | | 35,005 | | | 786,912 |
Workiva, Inc.* | | 6,026 | | | 786,333 |
Total Software | | | | | 12,806,761 |
Investments | | Shares/
Principal | | Value |
COMMON STOCKS (continued) | | | |
Telecommunications — 2.3% | | | | | |
Arista Networks, Inc.* | | 5,535 | | $ | 795,656 |
Calix, Inc.* | | 11,893 | | | 951,083 |
Total Telecommunications | | | | | 1,746,739 |
Total Common Stocks (Cost $71,462,067) | | | | | 73,281,570 |
MONEY MARKET FUND — 2.8% | | | |
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(c) (Cost $2,074,909) | | 2,074,909 | | | 2,074,909 |
| | Notional Amount | | Contracts | | |
PURCHASED PUT OPTIONS — 1.5% | | |
iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $205.00 | | $ | 22,714,000 | | | 1,108 | | 422,702 |
iShares Russell 2000 ETF, expiring 03/18/22, Strike Price $206.00 | | | 21,279,800 | | | 1,033 | | 412,683 |
SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $425.00 | | | 17,807,500 | | | 419 | | 261,875 |
SPDR S&P 500 ETF Trust, expiring 04/14/22, Strike Price $430.00 | | | 3,569,000 | | | 83 | | 56,938 |
Total Purchased Put Options (Cost $1,910,943) | | | | | 1,154,198 |
REPURCHASE AGREEMENTS — 0.5%(d) | | |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $157,671, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $160,823) | | $ | 157,670 | | 157,670 |
See accompanying Notes to Financial Statements.
8
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $253,980) | | $ | 249,000 | | $ | 249,000 | |
Total Repurchase Agreements (Cost $406,670) | | | | | | 406,670 | |
Total Investments — 102.8% (Cost $75,854,589) | | | | | | 76,917,347 | |
Liabilities in Excess of Other Assets — (2.8%) | | | | | | (2,104,242 | ) |
Net Assets — 100.0% | | | | | $ | 74,813,105 | |
____________
ETF — Exchange Traded Fund
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 $1,504,059; the aggregate market value of the collateral held by the fund is $1,531,260. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,124,590.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
9
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 73,281,570 | | $ | — | | $ | — | | $ | 73,281,570 |
Money Market Fund | | | 2,074,909 | | | — | | | — | | | 2,074,909 |
Purchased Put Options | | | 835,385 | | | 318,813 | | | — | | | 1,154,198 |
Repurchase Agreements | | | — | | | 406,670 | | | — | | | 406,670 |
Total | | $ | 76,191,864 | | $ | 725,483 | | $ | — | | $ | 76,917,347 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Apparel | | 4.5 | % |
Banks | | 1.1 | |
Biotechnology | | 4.3 | |
Commercial Services | | 1.0 | |
Computers | | 9.8 | |
Distribution/Wholesale | | 4.4 | |
Diversified Financial Services | | 1.1 | |
Electrical Components & Equipment | | 1.1 | |
Electronics | | 1.1 | |
Entertainment | | 2.2 | |
Food | | 1.1 | |
Hand/Machine Tools | | 1.1 | |
Home Builders | | 1.1 | |
Internet | | 7.6 | |
Leisure Time | | 2.3 | |
Pharmaceuticals | | 2.1 | |
Purchased Put Option | | 1.5 | |
Retail | | 13.3 | |
Semiconductors | | 19.4 | |
Software | | 17.1 | |
Telecommunications | | 2.3 | |
Money Market Fund | | 2.8 | |
Repurchase Agreements | | 0.5 | |
Total Investments | | 102.8 | |
Liabilities in Excess of Other Assets | | (2.8 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
10
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 99.0% | | | | | |
Aerospace/Defense — 3.7% | | | | | |
Embraer SA (Brazil)*(a) | | 161,575 | | $ | 2,867,956 |
Airlines — 1.7% | | | | | |
Controladora Vuela Cia de Aviacion SAB de CV (Mexico)*(a) | | 73,634 | | | 1,323,203 |
Apparel — 4.5% | | | | | |
LVMH Moet Hennessy Louis Vuitton SE (France)(a) | | 21,093 | | | 3,490,891 |
Auto Manufacturers — 5.8% | | | | | |
Tata Motors Ltd. (India)*(a)(b) | | 91,260 | | | 2,928,533 |
Volkswagen AG (Germany)(a) | | 53,705 | | | 1,568,186 |
Total Auto Manufacturers | | | | | 4,496,719 |
Banks — 15.9% | | | | | |
Banco Bilbao Vizcaya Argentaria SA (Spain)(a) | | 313,377 | | | 1,839,523 |
Barclays PLC (United Kingdom)(a)(b) | | 140,545 | | | 1,454,641 |
BNP Paribas SA (France)(a) | | 44,728 | | | 1,556,087 |
Grupo Financiero Galicia SA (Argentina)(a)(b) | | 164,728 | | | 1,563,269 |
ICICI Bank Ltd. (India)(a) | | 115,404 | | | 2,283,845 |
ING Groep NV (Netherlands)(a) | | 136,502 | | | 1,900,108 |
UBS Group AG (Switzerland)(b) | | 92,446 | | | 1,652,010 |
Total Banks | | | | | 12,249,483 |
Beverages — 2.9% | | | | | |
Diageo PLC (United Kingdom)(a)(b) | | 10,154 | | | 2,235,302 |
Biotechnology — 9.1% | | | | | |
Bicycle Therapeutics PLC (United Kingdom)*(a) | | 45,630 | | | 2,777,498 |
BioNTech SE (Germany)*(a) | | 9,589 | | | 2,472,044 |
Genmab A/S (Denmark)*(a) | | 45,069 | | | 1,782,930 |
Total Biotechnology | | | | | 7,032,472 |
Building Materials — 2.7% | | | | | |
CRH PLC (Ireland)(a)(b) | | 38,882 | | | 2,052,970 |
Chemicals — 2.5% | | | | | |
Sasol Ltd. (South Africa)*(a)(b) | | 117,750 | | | 1,931,100 |
Commercial Services — 2.3% | | | | | |
RELX PLC (United Kingdom)(a) | | 53,631 | | | 1,748,907 |
Diversified Financial Services — 2.0% |
AerCap Holdings NV (Ireland)* | | 23,704 | | | 1,550,716 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Electrical Components & Equipment — 2.9% |
ABB Ltd. (Switzerland)(a) | | 58,230 | | $ | 2,222,639 |
Healthcare – Products — 2.2% | | | | | |
Alcon, Inc. (Switzerland)(b) | | 19,698 | | | 1,716,090 |
Healthcare – Services — 2.3% | | | | | |
ICON PLC (Ireland)* | | 5,836 | | | 1,807,409 |
Iron/Steel — 5.9% | | | | | |
ArcelorMittal SA (Luxembourg)(b) | | 66,280 | | | 2,109,692 |
Ternium SA (Mexico)(a) | | 55,403 | | | 2,411,139 |
Total Iron/Steel | | | | | 4,520,831 |
Metal Fabricate/Hardware — 2.2% | | | |
Tenaris SA(a) | | 81,525 | | | 1,700,612 |
Oil & Gas — 6.5% | | | | | |
Eni SpA (Italy)(a) | | 62,857 | | | 1,737,996 |
Equinor ASA (Norway)(a)(b) | | 59,108 | | | 1,556,314 |
Gazprom PJSC (Russia)(a) | | 187,676 | | | 1,724,742 |
Total Oil & Gas | | | | | 5,019,052 |
Pharmaceuticals — 2.9% | | | | | |
Novo Nordisk A/S (Denmark)(a) | | 20,308 | | | 2,274,496 |
Semiconductors — 9.5% | | | | | |
ASML Holding NV (Netherlands) | | 6,219 | | | 4,951,194 |
NXP Semiconductors NV (China) | | 10,442 | | | 2,378,479 |
Total Semiconductors | | | | | 7,329,673 |
Telecommunications — 5.6% | | | | | |
America Movil SAB de CV, Class L (Mexico)(a) | | 86,116 | | | 1,817,909 |
SK Telecom Co., Ltd. (South Korea)(a)(b) | | 34,609 | | | 923,022 |
Telkom Indonesia Persero Tbk PT (Indonesia)(a) | | 53,158 | | | 1,541,050 |
Total Telecommunications | | | | | 4,281,981 |
Transportation — 5.9% | | | | | |
Danaos Corp. (Greece) | | 46,650 | | | 3,482,422 |
Diana Shipping, Inc. (Greece) | | 274,712 | | | 1,068,630 |
Total Transportation | | | | | 4,551,052 |
Total Common Stocks (Cost $62,428,996) | | | | | 76,403,554 |
See accompanying Notes to Financial Statements.
11
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
MONEY MARKET FUNDS — 5.4% | | | |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(c)(d) | | | 567,000 | | $ | 567,000 |
Federated Government Obligations Fund, Institutional Class, 0.03%(c)(d) | | | 567,000 | | | 567,000 |
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(c)(d) | | | 335,000 | | | 335,000 |
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(c)(d) | | | 567,000 | | | 567,000 |
Invesco Government & Agency Portfolio — Private Investment Class, 0.03%(c) | | | 648,138 | | | 648,138 |
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) | | | 567,000 | | | 567,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(c)(d) | | | 567,000 | | | 567,000 |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(c)(d) | | | 335,000 | | | 335,000 |
Total Money Market Funds (Cost $4,153,138) | | | | | | 4,153,138 |
REPURCHASE AGREEMENTS — 8.2%(d) |
BNP Paribas Securities Corp., dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,900,008, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/27/22-04/20/51, totaling $1,938,000) | | $ | 1,900,000 | | | 1,900,000 |
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $1,900,010, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $1,939,750) | | | 1,900,000 | | | 1,900,000 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,900,007, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $1,938,000) | | $ | 1,900,000 | | $ | 1,900,000 | |
Deutsche Bank Securities, Inc., dated 12/31/21, due 01/03/22, 0.04%, total to be received $644,113, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.38%, 01/31/22-12/01/51, totaling $656,993) | | | 644,111 | | | 644,111 | |
Total Repurchase Agreements (Cost $6,344,111) | | | | | | 6,344,111 | |
Total Investments — 112.6% (Cost $72,926,245) | | | | | | 86,900,803 | |
Liabilities in Excess of Other Assets — (12.6%) | | | | | | (9,711,053 | ) |
Net Assets — 100.0% | | | | | $ | 77,189,750 | |
____________
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 $14,869,466; the aggregate market value of the collateral held by the fund is $15,291,986. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,442,875.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
12
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 76,403,554 | | $ | — | | $ | — | | $ | 76,403,554 |
Money Market Funds | | | 4,153,138 | | | — | | | — | | | 4,153,138 |
Repurchase Agreements | | | — | | | 6,344,111 | | | — | | | 6,344,111 |
Total | | $ | 80,556,692 | | $ | 6,344,111 | | $ | — | | $ | 86,900,803 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace/Defense | | 3.7 | % |
Airlines | | 1.7 | |
Apparel | | 4.5 | |
Auto Manufacturers | | 5.8 | |
Banks | | 15.9 | |
Beverages | | 2.9 | |
Biotechnology | | 9.1 | |
Building Materials | | 2.7 | |
Chemicals | | 2.5 | |
Commercial Services | | 2.3 | |
Diversified Financial Services | | 2.0 | |
Electrical Components & Equipment | | 2.9 | |
Healthcare – Products | | 2.2 | |
Healthcare – Services | | 2.3 | |
Iron/Steel | | 5.9 | |
Metal Fabricate/Hardware | | 2.2 | |
Oil & Gas | | 6.5 | |
Pharmaceuticals | | 2.9 | |
Semiconductors | | 9.5 | |
Telecommunications | | 5.6 | |
Transportation | | 5.9 | |
Money Market Funds | | 5.4 | |
Repurchase Agreements | | 8.2 | |
Total Investments | | 112.6 | |
Liabilities in Excess of Other Assets | | (12.6 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
13
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 99.9% | | | | | |
Apparel — 4.1% | | | | | |
Crocs, Inc.* | | 11,875 | | $ | 1,522,613 |
NIKE, Inc., Class B | | 11,384 | | | 1,897,371 |
Total Apparel | | | | | 3,419,984 |
Auto Manufacturers — 2.3% | | | | | |
Tesla, Inc.* | | 1,812 | | | 1,914,885 |
Banks — 7.0% | | | | | |
Signature Bank | | 6,300 | | | 2,037,861 |
SVB Financial Group* | | 2,828 | | | 1,918,063 |
Western Alliance Bancorp | | 18,050 | | | 1,943,082 |
Total Banks | | | | | 5,899,006 |
Commercial Services — 2.4% | | | | | |
S&P Global, Inc.(a) | | 4,333 | | | 2,044,873 |
Computers — 5.9% | | | | | |
EPAM Systems, Inc.* | | 3,480 | | | 2,326,206 |
Zscaler, Inc.* | | 8,065 | | | 2,591,526 |
Total Computers | | | | | 4,917,732 |
Distribution/Wholesale — 2.5% | | | | | |
Pool Corp. | | 3,704 | | | 2,096,464 |
Diversified Financial Services — 4.8% |
Apollo Asset Management, Inc.(a) | | 27,341 | | | 1,980,309 |
Nasdaq, Inc. | | 9,841 | | | 2,066,708 |
Total Diversified Financial Services | | | | | 4,047,017 |
Electronics — 2.8% | | | | | |
Amphenol Corp., Class A | | 26,612 | | | 2,327,486 |
Engineering & Construction — 2.5% | | | |
TopBuild Corp.* | | 7,527 | | | 2,076,775 |
Insurance — 4.8% | | | | | |
Aon PLC, Class A | | 6,690 | | | 2,010,746 |
Arthur J Gallagher & Co. | | 12,000 | | | 2,036,040 |
Total Insurance | | | | | 4,046,786 |
Internet — 2.1% | | | | | |
Etsy, Inc.* | | 7,959 | | | 1,742,543 |
Office/Business Equip — 2.5% | | | |
Zebra Technologies Corp., Class A* | | 3,540 | | | 2,107,008 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Retail — 14.2% | | | | | |
Bath & Body Works, Inc. | | 28,131 | | $ | 1,963,263 |
Dick’s Sporting Goods, Inc. | | 17,198 | | | 1,977,598 |
Domino’s Pizza, Inc. | | 4,030 | | | 2,274,250 |
GameStop Corp., Class A*(a) | | 10,921 | | | 1,620,567 |
Home Depot, Inc. (The) | | 4,880 | | | 2,025,249 |
Yum! Brands, Inc. | | 14,840 | | | 2,060,682 |
Total Retail | | | | | 11,921,609 |
Semiconductors — 14.9% | | | | | |
Advanced Micro Devices, Inc.* | | 18,482 | | | 2,659,560 |
Broadcom, Inc. | | 4,174 | | | 2,777,421 |
Lattice Semiconductor Corp.* | | 27,158 | | | 2,092,796 |
Monolithic Power Systems, Inc. | | 4,266 | | | 2,104,546 |
NVIDIA Corp. | | 9,722 | | | 2,859,337 |
Total Semiconductors | | | | | 12,493,660 |
Software — 20.3% | | | | | |
Adobe, Inc.* | | 3,210 | | | 1,820,263 |
Cadence Design Systems, Inc.* | | 11,178 | | | 2,083,020 |
Cloudflare, Inc., Class A* | | 16,380 | | | 2,153,970 |
HubSpot, Inc.* | | 3,268 | | | 2,154,102 |
Intuit, Inc. | | 3,592 | | | 2,310,446 |
MongoDB, Inc.*(a) | | 5,060 | | | 2,678,511 |
MSCI, Inc. | | 3,138 | | | 1,922,621 |
ServiceNow, Inc.* | | 2,977 | | | 1,932,401 |
Total Software | | | | | 17,055,334 |
Venture Capital — 6.8% | | | | | |
Ares Management Corp., Class A | | 23,756 | | | 1,930,650 |
Blackstone, Inc. | | 14,200 | | | 1,837,338 |
KKR & Co., Inc. | | 26,641 | | | 1,984,755 |
Total Venture Capital | | | | | 5,752,743 |
Total Common Stocks (Cost $78,098,277) | | | | | 83,863,905 |
MONEY MARKET FUND — 0.1% | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b)
(Cost $95,368) | | 95,368 | | | 95,368 |
See accompanying Notes to Financial Statements.
14
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS — 1.3%(c) | | | |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $266,980) | | $ | 261,745 | | $ | 261,745 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $266,980) | | | 261,745 | | | 261,745 |
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,746, (collateralized by various U.S. Government Agency Obligations, 1.88%-6.50%, 01/20/27-05/20/51, totaling $266,980) | | | 261,745 | | | 261,745 |
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $77,594, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24-09/20/69, totaling $79,146) | | | 77,594 | | | 77,594 |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $261,745, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $266,980) | | $ | 261,745 | | $ | 261,745 | |
Total Repurchase Agreements (Cost $1,124,574) | | | | | | 1,124,574 | |
Total Investments — 101.3% (Cost $79,318,219) | | | | | | 85,083,847 | |
Liabilities in Excess of Other Assets — (1.3%) | | | | | | (1,165,128 | ) |
Net Assets — 100.0% | | | | | $ | 83,918,719 | |
____________
PLC — Public Limited Company
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $7,676,139; the aggregate market value of the collateral held by the fund is $7,915,524. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,790,950.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
15
ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 83,863,905 | | $ | — | | $ | — | | $ | 83,863,905 |
Money Market Fund | | | 95,368 | | | — | | | — | | | 95,368 |
Repurchase Agreements | | | — | | | 1,124,574 | | | — | | | 1,124,574 |
Total | | $ | 83,959,273 | | $ | 1,124,574 | | $ | — | | $ | 85,083,847 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Apparel | | 4.1 | % |
Auto Manufacturers | | 2.3 | |
Banks | | 7.0 | |
Commercial Services | | 2.4 | |
Computers | | 5.9 | |
Distribution/Wholesale | | 2.5 | |
Diversified Financial Services | | 4.8 | |
Electronics | | 2.8 | |
Engineering & Construction | | 2.5 | |
Insurance | | 4.8 | |
Internet | | 2.1 | |
Office/Business Equip | | 2.5 | |
Retail | | 14.2 | |
Semiconductors | | 14.9 | |
Software | | 20.3 | |
Venture Capital | | 6.8 | |
Money Market Fund | | 0.1 | |
Repurchase Agreements | | 1.3 | |
Total Investments | | 101.3 | |
Liabilities in Excess of Other Assets | | (1.3 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
16
ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
EXCHANGE TRADED FUNDS — 100.0% | | | | |
Equity Fund — 100.0% | | | | | | |
Invesco Nasdaq 100 ETF | | 459,300 | | $ | 75,118,515 | |
Invesco S&P 500 Pure Growth ETF | | 358,530 | | | 75,585,295 | |
Total Exchange Traded Funds (Cost $146,002,212) | | | | | 150,703,810 | |
MONEY MARKET FUND — 0.1% | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(a)
(Cost $176,930) | | 176,930 | | | 176,930 | |
Total Investments — 100.1% (Cost $146,179,142) | | | | | 150,880,740 | |
Liabilities in Excess of Other Assets — (0.1%) | | | | | (94,087 | ) |
Net Assets — 100.0% | | | | $ | 150,786,653 | |
____________
ETF — Exchange Traded Fund
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Funds | | $ | 150,703,810 | | $ | — | | $ | — | | $ | 150,703,810 |
Money Market Fund | | | 176,930 | | | — | | | — | | | 176,930 |
Total | | $ | 150,880,740 | | $ | — | | $ | — | | $ | 150,880,740 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets | | |
Equity Fund | | 100.0 | % | |
Money Market Fund | | 0.1 | | |
Total Investments | | 100.1 | | |
Liabilities in Excess of Other Assets | | (0.1 | ) | |
Net Assets | | 100.0 | % | |
See accompanying Notes to Financial Statements.
17
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
EXCHANGE TRADED FUNDS — 99.8% | | | |
Equity Fund — 99.8% | | | | | | |
Invesco QQQ Trust Series 1 | | | 128,769 | | $ | 51,230,747 |
Invesco S&P 500 Equal Weight ETF(a) | | | 316,575 | | | 51,522,581 |
Total Exchange Traded Funds (Cost $79,582,195) | | | | | | 102,753,328 |
MONEY MARKET FUNDS — 21.3% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) | | | 3,702,000 | | | 3,702,000 |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) | | | 281,481 | | | 281,481 |
Federated Government Obligations Fund, Institutional Class, 0.03%(b)(c) | | | 3,630,000 | | | 3,630,000 |
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c) | | | 2,061,000 | | | 2,061,000 |
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c) | | | 3,702,000 | | | 3,702,000 |
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) | | | 3,112,000 | | | 3,112,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(b)(c) | | | 3,459,000 | | | 3,459,000 |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) | | | 2,061,000 | | | 2,061,000 |
Total Money Market Funds (Cost $22,008,481) | | | | | | 22,008,481 |
REPURCHASE AGREEMENTS — 28.7%(c) | | | |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $11,931,122, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $12,169,693) | | $ | 11,931,072 | | | 11,931,072 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $5,672,160, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $5,785,575) | | $ | 5,672,132 | | $ | 5,672,132 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $11,931,122, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $12,169,693) | | | 11,931,072 | | | 11,931,072 | |
Total Repurchase Agreements (Cost $29,534,276) | | | | | | 29,534,276 | |
Total Investments — 149.8% (Cost $131,124,952) | | | | | | 154,296,085 | |
Liabilities in Excess of Other Assets — (49.8%) | | | | | | (51,312,345 | ) |
Net Assets — 100.0% | | | | | $ | 102,983,740 | |
____________
ETF — Exchange Traded Fund
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $50,485,050; the aggregate market value of the collateral held by the fund is $51,659,850. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $398,574.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
18
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Funds | | $ | 102,753,328 | | $ | — | | $ | — | | $ | 102,753,328 |
Money Market Funds | | | 22,008,481 | | | — | | | — | | | 22,008,481 |
Repurchase Agreements | | | — | | | 29,534,276 | | | — | | | 29,534,276 |
Total | | $ | 124,761,809 | | $ | 29,534,276 | | $ | — | | $ | 154,296,085 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Equity Fund | | 99.8 | % |
Money Market Funds | | 21.3 | |
Repurchase Agreements | | 28.7 | |
Total Investments | | 149.8 | |
Liabilities in Excess of Other Assets | | (49.8 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
19
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 100.0% | | | |
Advertising — 0.8% | | | | | |
Stagwell, Inc.* | | 10,478 | | $ | 90,844 |
Auto Parts & Equipment — 0.7% | | | |
Shyft Group, Inc. (The) | | 1,644 | | | 80,770 |
Banks — 8.7% | | | | | |
Business First Bancshares, Inc. | | 1,934 | | | 54,752 |
Byline Bancorp, Inc. | | 2,264 | | | 61,920 |
Capstar Financial Holdings, Inc. | | 2,764 | | | 58,127 |
Coastal Financial Corp.* | | 1,832 | | | 92,736 |
Esquire Financial Holdings, Inc.* | | 1,710 | | | 54,070 |
First Bank | | 3,969 | | | 57,590 |
First Foundation, Inc. | | 2,075 | | | 51,585 |
First Internet Bancorp | | 1,208 | | | 56,824 |
Hanmi Financial Corp. | | 2,606 | | | 61,710 |
Merchants Bancorp | | 1,469 | | | 69,528 |
Metrocity Bankshares, Inc. | | 1,838 | | | 50,600 |
Metropolitan Bank Holding Corp.* | | 873 | | | 93,001 |
MVB Financial Corp. | | 1,537 | | | 63,816 |
Northeast Bank | | 1,646 | | | 58,812 |
PCB Bancorp | | 2,769 | | | 60,807 |
Provident Bancorp, Inc. | | 3,349 | | | 62,291 |
Total Banks | | | | | 1,008,169 |
Biotechnology — 1.4% | | | | | |
AnaptysBio, Inc.* | | 1,548 | | | 53,793 |
Bioceres Crop Solutions Corp. (Argentina)* | | 3,815 | | | 53,944 |
Harvard Bioscience, Inc.* | | 7,740 | | | 54,567 |
Total Biotechnology | | | | | 162,304 |
Building Materials — 1.4% | | | | | |
Smith-Midland Corp.* | | 1,208 | | | 56,776 |
Tecnoglass, Inc.(a) | | 4,130 | | | 108,165 |
Total Building Materials | | | | | 164,941 |
Chemicals — 2.1% | | | | | |
AdvanSix, Inc. | | 1,814 | | | 85,712 |
CVR Partners LP | | 1,131 | | | 93,522 |
Intrepid Potash, Inc.* | | 1,596 | | | 68,197 |
Total Chemicals | | | | | 247,431 |
Coal — 1.7% | | | | | |
Alpha Metallurgical Resources, Inc.* | | 2,226 | | | 135,897 |
Natural Resource Partners LP | | 1,740 | | | 58,151 |
Total Coal | | | | | 194,048 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Commercial Services — 6.5% | | | | | |
Atento SA (Brazil)* | | 2,408 | | $ | 61,476 |
Carriage Services, Inc. | | 1,170 | | | 75,395 |
Civeo Corp.* | | 2,380 | | | 45,625 |
CRA International, Inc. | | 637 | | | 59,470 |
Cross Country Healthcare, Inc.* | | 3,404 | | | 94,495 |
Franklin Covey Co.* | | 1,340 | | | 62,123 |
HireQuest, Inc. | | 2,658 | | | 53,585 |
Information Services Group, Inc. | | 9,736 | | | 74,188 |
RCM Technologies, Inc.* | | 6,674 | | | 47,519 |
Textainer Group Holdings Ltd. (China) | | 2,308 | | | 82,419 |
Transcat, Inc.* | | 1,079 | | | 99,732 |
Total Commercial Services | | | | | 756,027 |
Computers — 0.9% | | | | | |
Everspin Technologies, Inc.*(a) | | 5,126 | | | 57,924 |
Senstar Technologies Ltd. (Israel) | | 15,273 | | | 44,750 |
Total Computers | | | | | 102,674 |
Distribution/Wholesale — 3.3% | | | |
A-Mark Precious Metals, Inc. | | 720 | | | 43,992 |
Hudson Technologies, Inc.* | | 13,618 | | | 60,464 |
Titan Machinery, Inc.* | | 1,947 | | | 65,594 |
Veritiv Corp.* | | 1,198 | | | 146,839 |
VSE Corp. | | 968 | | | 58,990 |
Total Distribution/Wholesale | | | | | 375,879 |
Diversified Financial Services — 8.2% | | | |
Atlanticus Holdings Corp.* | | 2,006 | | | 143,068 |
B. Riley Financial, Inc. | | 1,108 | | | 98,457 |
Cowen, Inc., Class A | | 1,585 | | | 57,218 |
Curo Group Holdings Corp. | | 3,364 | | | 53,858 |
EZCORP, Inc., Class A* | | 7,350 | | | 54,170 |
Freedom Holding Corp. NV (Kazakhstan)*(a) | | 1,587 | | | 110,027 |
GAMCO Investors, Inc., Class A | | 2,132 | | | 53,257 |
Medallion Financial Corp.* | | 6,031 | | | 34,980 |
Ocwen Financial Corp.* | | 1,354 | | | 54,119 |
Oportun Financial Corp.* | | 2,113 | | | 42,788 |
Oppenheimer Holdings, Inc., Class A | | 1,128 | | | 52,305 |
Pzena Investment Management, Inc., Class A | | 4,844 | | | 45,873 |
Regional Management Corp. | | 1,540 | | | 88,488 |
Velocity Financial, Inc.* | | 4,347 | | | 59,554 |
Total Diversified Financial Services | | | | | 948,162 |
See accompanying Notes to Financial Statements.
20
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Electrical Components & Equipment — 0.5% |
Insteel Industries, Inc. | | 1,372 | | $ | 54,619 |
Electronics — 4.3% | | | | | |
Camtek Ltd. (Israel)* | | 3,408 | | | 156,904 |
Identiv, Inc.* | | 4,534 | | | 127,587 |
Ipsidy, Inc.*(a) | | 3,430 | | | 48,123 |
Kimball Electronics, Inc.* | | 2,320 | | | 50,483 |
Napco Security Technologies, Inc.*(a) | | 1,200 | | | 59,976 |
Neonode, Inc.*(a) | | 5,706 | | | 50,498 |
Total Electronics | | | | | 493,571 |
Engineering & Construction — 2.2% | | | |
Concrete Pumping Holdings, Inc.* | | 6,904 | | | 56,613 |
IES Holdings, Inc.* | | 1,233 | | | 62,439 |
MYR Group, Inc.* | | 782 | | | 86,450 |
Sterling Construction Co., Inc.* | | 2,030 | | | 53,389 |
Total Engineering & Construction | | | | | 258,891 |
Entertainment — 1.9% | | | | | |
Golden Entertainment, Inc.* | | 2,065 | | | 104,344 |
RCI Hospitality Holdings, Inc. | | 1,429 | | | 111,291 |
Total Entertainment | | | | | 215,635 |
Environmental Control — 0.5% | | | |
Heritage-Crystal Clean, Inc.* | | 1,692 | | | 54,178 |
Gas — 0.4% | | | | | |
Global Partners LP | | 2,028 | | | 47,638 |
Healthcare – Products — 1.5% | | | |
Apollo Endosurgery, Inc.* | | 9,629 | | | 81,173 |
Apyx Medical Corp.* | | 3,989 | | | 51,139 |
Cutera, Inc.* | | 1,066 | | | 44,047 |
Total Healthcare – Products | | | | | 176,359 |
Home Builders — 0.6% | | | | | |
Hovnanian Enterprises, Inc., Class A* | | 535 | | | 68,100 |
Home Furnishings — 0.4% | | | | | |
Ethan Allen Interiors, Inc. | | 1,822 | | | 47,900 |
Housewares — 0.9% | | | | | |
Dogness International Corp., Class A (Virgin Islands)*(a) | | 12,880 | | | 108,321 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Insurance — 1.7% | | | | | |
Investors Title Co. | | 257 | | $ | 50,668 |
MBIA, Inc.* | | 4,365 | | | 68,923 |
Tiptree, Inc. | | 5,299 | | | 73,285 |
Total Insurance | | | | | 192,876 |
Internet — 0.6% | | | | | |
DHI Group, Inc.* | | 11,914 | | | 74,343 |
Iron/Steel — 0.5% | | | | | |
Huadi International Group Co., Ltd. (China)* | | 1,740 | | | 55,697 |
Leisure Time — 1.9% | | | | | |
OneWater Marine, Inc., Class A | | 1,424 | | | 86,821 |
Vista Outdoor, Inc.* | | 2,773 | | | 127,752 |
Total Leisure Time | | | | | 214,573 |
Lodging — 2.1% | | | | | |
Bluegreen Vacations Holding Corp.* | | 2,198 | | | 77,150 |
Century Casinos, Inc.* | | 4,648 | | | 56,613 |
Full House Resorts, Inc.* | | 9,440 | | | 114,318 |
Total Lodging | | | | | 248,081 |
Machinery – Diversified — 2.4% | | | |
Kornit Digital Ltd. (Israel)* | | 1,122 | | | 170,825 |
Ranpak Holdings Corp.* | | 2,904 | | | 109,132 |
Total Machinery – Diversified | | | | | 279,957 |
Media — 3.9% | | | | | |
Cumulus Media, Inc., Class A* | | 4,325 | | | 48,656 |
Entravision Communications Corp., Class A | | 12,872 | | | 87,272 |
Gannett Co., Inc.* | | 9,522 | | | 50,753 |
Houghton Mifflin Harcourt Co.* | | 6,788 | | | 109,287 |
Thryv Holdings, Inc.* | | 2,170 | | | 89,252 |
Townsquare Media, Inc., Class A* | | 4,676 | | | 62,331 |
Total Media | | | | | 447,551 |
Metal Fabricate/Hardware — 3.1% | | | |
Mayville Engineering Co., Inc.* | | 2,790 | | | 41,599 |
Ryerson Holding Corp. | | 2,989 | | | 77,863 |
Steel Partners Holdings LP*(a) | | 3,900 | | | 163,800 |
TimkenSteel Corp.* | | 4,648 | | | 76,692 |
Total Metal Fabricate/Hardware | | | | | 359,954 |
See accompanying Notes to Financial Statements.
21
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Miscellaneous Manufacturing — 0.9% | | | |
Haynes International, Inc. | | 1,338 | | $ | 53,961 |
Loop Industries, Inc. (Canada)* | | 4,158 | | | 51,019 |
Total Miscellaneous Manufacturing | | | | | 104,980 |
Oil & Gas — 4.8% | | | | | |
Berry Corp. | | 6,171 | | | 51,960 |
Calumet Specialty Products Partners LP* | | 9,014 | | | 118,985 |
Kimbell Royalty Partners LP | | 3,850 | | | 52,475 |
Permian Basin Royalty Trust | | 7,491 | | | 75,659 |
Ranger Oil Corp., Class A* | | 1,810 | | | 48,725 |
San Juan Basin Royalty Trust | | 10,141 | | | 61,759 |
SandRidge Energy, Inc.* | | 9,623 | | | 100,657 |
SilverBow Resources, Inc.* | | 2,246 | | | 48,895 |
Total Oil & Gas | | | | | 559,115 |
Pharmaceuticals — 1.6% | | | | | |
Ideaya Biosciences, Inc.* | | 2,484 | | | 58,722 |
Opiant Pharmaceuticals, Inc.* | | 2,138 | | | 71,901 |
ProQR Therapeutics NV (Netherlands)* | | 6,860 | | | 54,948 |
Total Pharmaceuticals | | | | | 185,571 |
REITS — 3.8% | | | | | |
Cedar Realty Trust, Inc. | | 2,264 | | | 56,849 |
City Office REIT, Inc. | | 3,064 | | | 60,422 |
Farmland Partners, Inc. | | 4,187 | | | 50,035 |
Gladstone Land Corp. | | 2,339 | | | 78,965 |
Granite Point Mortgage Trust, Inc. | | 3,762 | | | 44,053 |
Plymouth Industrial REIT, Inc. | | 2,159 | | | 69,088 |
Preferred Apartment Communities, Inc. | | 4,507 | | | 81,396 |
Total REITS | | | | | 440,808 |
Retail — 10.5% | | | | | |
Aspen Aerogels, Inc.* | | 2,655 | | | 132,192 |
Biglari Holdings, Inc., Class B* | | 330 | | | 47,048 |
Build-A-Bear Workshop, Inc. | | 3,382 | | | 66,017 |
Caleres, Inc. | | 2,322 | | | 52,663 |
Cato Corp. (The), Class A | | 3,411 | | | 58,533 |
Conn’s, Inc.* | | 2,132 | | | 50,145 |
Genesco, Inc.* | | 1,124 | | | 72,127 |
Good Times Restaurants, Inc.* | | 11,336 | | | 49,198 |
Huttig Building Products, Inc.* | | 9,223 | | | 102,099 |
J Jill, Inc.* | | 2,529 | | | 48,506 |
Kura Sushi USA, Inc., Class A* | | 1,581 | | | 127,808 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Retail (continued) | | | |
Lazydays Holdings, Inc.* | | 2,171 | | $ | 46,763 |
Movado Group, Inc. | | 1,654 | | | 69,187 |
Noodles & Co.* | | 4,539 | | | 41,169 |
ONE Group Hospitality, Inc. (The)* | | 6,275 | | | 79,128 |
Tile Shop Holdings, Inc. | | 6,886 | | | 49,097 |
Tilly’s, Inc., Class A | | 3,563 | | | 57,400 |
TravelCenters of America, Inc.* | | 1,247 | | | 64,370 |
Total Retail | | | | | 1,213,450 |
Semiconductors — 1.1% | | | | | |
Pixelworks, Inc.* | | 12,186 | | | 53,619 |
Richardson Electronics Ltd. | | 5,285 | | | 71,453 |
Total Semiconductors | | | | | 125,072 |
Software — 2.0% | | | | | |
Donnelley Financial Solutions, Inc.* | | 2,528 | | | 119,170 |
Inspired Entertainment, Inc.* | | 4,582 | | | 59,383 |
Red Violet, Inc.* | | 1,402 | | | 55,645 |
Total Software | | | | | 234,198 |
Telecommunications — 4.6% | | | | | |
Calix, Inc.* | | 3,363 | | | 268,939 |
Clearfield, Inc.*(a) | | 1,476 | | | 124,604 |
IDT Corp., Class B* | | 3,184 | | | 140,606 |
Total Telecommunications | | | | | 534,149 |
Transportation — 5.6% | | | | | |
Capital Product Partners LP (Greece) | | 4,199 | | | 67,646 |
Covenant Logistics Group, Inc.* | | 1,890 | | | 49,953 |
Danaos Corp. (Greece) | | 2,065 | | | 154,152 |
Daseke, Inc.* | | 5,830 | | | 58,533 |
Grindrod Shipping Holdings Ltd. (Singapore)(a) | | 3,676 | | | 66,278 |
OceanPal, Inc. (Greece)* | | 1,142 | | | 2,318 |
PAM Transportation Services, Inc.* | | 1,253 | | | 88,976 |
USA Truck, Inc.* | | 2,995 | | | 59,541 |
USD Partners LP | | 7,898 | | | 41,780 |
Yellow Corp.*(a) | | 4,448 | | | 56,000 |
Total Transportation | | | | | 645,177 |
Total Common Stocks (Cost $9,383,206) | | | | | 11,572,013 |
See accompanying Notes to Financial Statements.
22
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
MONEY MARKET FUND — 0.2% | | | | |
STIT — Government & Agency Portfolio, Institutional Class, 0.03%(b)
(Cost $17,710) | | | 17,710 | | $ | 17,710 | |
REPURCHASE AGREEMENTS — 3.2%(c) | | | | |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $127,170, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $129,712) | | $ | 127,169 | | | 127,169 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $253,980) | | | 249,000 | | | 249,000 | |
Total Repurchase Agreements (Cost $376,169) | | | | | | 376,169 | |
Total Investments — 103.4% (Cost $9,777,085) | | | | | | 11,965,892 | |
Liabilities in Excess of Other Assets — (3.4%) | | | | | | (389,228 | ) |
Net Assets — 100.0% | | | | | $ | 11,576,664 | |
____________
LP — Limited Partnership
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $624,598; the aggregate market value of the collateral held by the fund is $627,656. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $251,487.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
23
ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 11,572,013 | | $ | — | | $ | — | | $ | 11,572,013 |
Money Market Fund | | | 17,710 | | | — | | | — | | | 17,710 |
Repurchase Agreements | | | — | | | 376,169 | | | — | | | 376,169 |
Total | | $ | 11,589,723 | | $ | 376,169 | | $ | — | | $ | 11,965,892 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Advertising | | 0.8 | % |
Auto Parts & Equipment | | 0.7 | |
Banks | | 8.7 | |
Biotechnology | | 1.4 | |
Building Materials | | 1.4 | |
Chemicals | | 2.1 | |
Coal | | 1.7 | |
Commercial Services | | 6.5 | |
Computers | | 0.9 | |
Distribution/Wholesale | | 3.3 | |
Diversified Financial Services | | 8.2 | |
Electrical Components & Equipment | | 0.5 | |
Electronics | | 4.3 | |
Engineering & Construction | | 2.2 | |
Entertainment | | 1.9 | |
Environmental Control | | 0.5 | |
Gas | | 0.4 | |
Healthcare – Products | | 1.5 | |
Home Builders | | 0.6 | |
Home Furnishings | | 0.4 | |
Housewares | | 0.9 | |
Insurance | | 1.7 | |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Internet | | 0.6 | % |
Iron/Steel | | 0.5 | |
Leisure Time | | 1.9 | |
Lodging | | 2.1 | |
Machinery – Diversified | | 2.4 | |
Media | | 3.9 | |
Metal Fabricate/Hardware | | 3.1 | |
Miscellaneous Manufacturing | | 0.9 | |
Oil & Gas | | 4.8 | |
Pharmaceuticals | | 1.6 | |
REITS | | 3.8 | |
Retail | | 10.5 | |
Semiconductors | | 1.1 | |
Software | | 2.0 | |
Telecommunications | | 4.6 | |
Transportation | | 5.6 | |
Money Market Fund | | 0.2 | |
Repurchase Agreements | | 3.2 | |
Total Investments | | 103.4 | |
Liabilities in Excess of Other Assets | | (3.4 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
24
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
EXCHANGE TRADED FUND — 30.8% | | | | | |
Debt Fund — 30.8% | | | | | | | |
AdvisorShares North Square McKee Core Reserves ETF† (Cost $9,862,980) | | 100,000 | | | $ | 9,840,000 | |
MONEY MARKET FUND — 100.8% | | | | | |
STIT — Government & Agency Portfolio, Institutional Class, 0.03%(a)(b) (Cost $32,129,125) | | 32,129,125 | | | | 32,129,125 | |
Total Investments Before Securities Sold, Not Yet Purchased (Cost $41,992,105) | | | | | | 41,969,125 | |
Securities Sold, Not Yet Purchased — (100.1)%(c) | |
WARRANT — (0.3)% | | | | | | | |
Oil & Gas — (0.3)% | | | | | | | |
Occidental Petroleum Corp., 08/03/27* | | (8,342 | ) | | | (105,193 | ) |
COMMON STOCKS — (99.8)% | | | | | |
Aerospace/Defense — (1.9)% | | | | | | | |
BWX Technologies, Inc. | | (5,719 | ) | | | (273,826 | ) |
Lockheed Martin Corp. | | (899 | ) | | | (319,513 | ) |
Total Aerospace/Defense | | | | | | (593,339 | ) |
Airlines — (3.9)% | | | | | | | |
Delta Air Lines, Inc.* | | (8,155 | ) | | | (318,697 | ) |
JetBlue Airways Corp.* | | (21,030 | ) | | | (299,467 | ) |
Southwest Airlines Co.* | | (7,564 | ) | | | (324,042 | ) |
United Airlines Holdings, Inc.* | | (6,979 | ) | | | (305,541 | ) |
Total Airlines | | | | | | (1,247,747 | ) |
Apparel — (1.0)% | | | | | | | |
VF Corp. | | (4,329 | ) | | | (316,969 | ) |
Auto Parts & Equipment — (1.1)% | | | | | |
Allison Transmission Holdings, Inc. | | (9,464 | ) | | | (344,016 | ) |
Biotechnology — (10.7)% | | | | | | | |
Amgen, Inc. | | (1,581 | ) | | | (355,677 | ) |
Biogen, Inc.* | | (1,328 | ) | | | (318,614 | ) |
Bluebird Bio, Inc.* | | (32,223 | ) | | | (321,908 | ) |
Exelixis, Inc.* | | (18,783 | ) | | | (343,353 | ) |
FibroGen, Inc.* | | (31,150 | ) | | | (439,215 | ) |
Incyte Corp.* | | (4,906 | ) | | | (360,100 | ) |
Ionis Pharmaceuticals, Inc.* | | (9,510 | ) | | | (289,389 | ) |
Nektar Therapeutics* | | (25,841 | ) | | | (349,112 | ) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Biotechnology (continued) | | | | | |
Sage Therapeutics, Inc.* | | (7,429 | ) | | $ | (316,030 | ) |
Vertex Pharmaceuticals, Inc.* | | (1,468 | ) | | | (322,373 | ) |
Total Biotechnology | | | | | | (3,415,771 | ) |
Chemicals — (1.1)% | | | | | | | |
NewMarket Corp. | | (1,066 | ) | | | (365,340 | ) |
Commercial Services — (10.8)% | | | | | |
2U, Inc.* | | (10,086 | ) | | | (202,426 | ) |
Brink’s Co. (The) | | (4,926 | ) | | | (322,998 | ) |
Cimpress PLC (Ireland)* | | (3,460 | ) | | | (247,771 | ) |
Euronet Worldwide, Inc.* | | (2,933 | ) | | | (349,526 | ) |
FleetCor Technologies, Inc.* | | (1,207 | ) | | | (270,175 | ) |
Global Payments, Inc. | | (2,441 | ) | | | (329,974 | ) |
Grand Canyon Education, Inc.* | | (3,574 | ) | | | (306,327 | ) |
MarketAxess Holdings, Inc. | | (713 | ) | | | (293,235 | ) |
PayPal Holdings, Inc.* | | (1,653 | ) | | | (311,723 | ) |
Sabre Corp.* | | (29,590 | ) | | | (254,178 | ) |
WEX, Inc.* | | (2,329 | ) | | | (326,968 | ) |
WW International, Inc.* | | (14,698 | ) | | | (237,079 | ) |
Total Commercial Services | | | | | | (3,452,380 | ) |
Computers — (1.2)% | | | | | | | |
Western Digital Corp.* | | (5,755 | ) | | | (375,284 | ) |
Distribution/Wholesale — (0.9)% | | | | | |
KAR Auction Services, Inc.* | | (18,883 | ) | | | (294,952 | ) |
Diversified Financial Services — (1.9)% | | | | | |
LendingTree, Inc.* | | (2,750 | ) | | | (337,150 | ) |
Western Union Co. (The) | | (14,671 | ) | | | (261,731 | ) |
Total Diversified Financial Services | | | | | | (598,881 | ) |
Electric — (1.1)% | | | | | | | |
Pinnacle West Capital Corp. | | (4,862 | ) | | | (343,209 | ) |
Electrical Components & Equipment — (1.1)% | |
Universal Display Corp. | | (2,033 | ) | | | (335,506 | ) |
Environmental Control — (1.0)% | | | | | |
Stericycle, Inc.* | | (5,369 | ) | | | (320,207 | ) |
Food — (5.2)% | | | | | | | |
Campbell Soup Co. | | (7,882 | ) | | | (342,552 | ) |
Conagra Brands, Inc. | | (9,842 | ) | | | (336,104 | ) |
Hormel Foods Corp. | | (7,092 | ) | | | (346,161 | ) |
Lamb Weston Holdings, Inc. | | (5,030 | ) | | | (318,801 | ) |
Performance Food Group Co.* | | (7,081 | ) | | | (324,947 | ) |
Total Food | | | | | | (1,668,565 | ) |
See accompanying Notes to Financial Statements.
25
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Food Service — (0.9)% | | | | | | | |
Healthcare Services Group, Inc. | | (16,685 | ) | | $ | (296,826 | ) |
Healthcare – Products — (2.7)% | | | | | |
Exact Sciences Corp.* | | (2,554 | ) | | | (198,778 | ) |
Teleflex, Inc. | | (975 | ) | | | (320,268 | ) |
Zimmer Biomet Holdings, Inc. | | (2,634 | ) | | | (334,623 | ) |
Total Healthcare – Products | | | | | | (853,669 | ) |
Healthcare – Services — (2.0)% | | | | | |
Encompass Health Corp. | | (5,023 | ) | | | (327,801 | ) |
Universal Health Services, Inc., Class B | | (2,474 | ) | | | (320,779 | ) |
Total Healthcare – Services | | | | | | (648,580 | ) |
Household Products/Wares — (1.1)% | | | | | |
Clorox Co. (The) | | (1,958 | ) | | | (341,397 | ) |
Housewares — (1.0)% | | | | | | | |
Scotts Miracle-Gro Co. (The) | | (1,979 | ) | | | (318,619 | ) |
Insurance — (1.0)% | | | | | | | |
Reinsurance Group of America, Inc. | | (2,919 | ) | | | (319,601 | ) |
Internet — (4.8)% | | | | | | | |
GoDaddy, Inc., Class A* | | (4,573 | ) | | | (388,065 | ) |
TripAdvisor, Inc.* | | (9,263 | ) | | | (252,509 | ) |
Twitter, Inc.* | | (7,249 | ) | | | (313,302 | ) |
Wayfair, Inc., Class A* | | (1,539 | ) | | | (292,364 | ) |
Zendesk, Inc.* | | (2,874 | ) | | | (299,729 | ) |
Total Internet | | | | | | (1,545,969 | ) |
Leisure Time — (1.8)% | | | | | | | |
Carnival Corp.* | | (14,120 | ) | | | (284,095 | ) |
Norwegian Cruise Line Holdings Ltd.* | | (13,195 | ) | | | (273,664 | ) |
Total Leisure Time | | | | | | (557,759 | ) |
Lodging — (1.7)% | | | | | | | |
Las Vegas Sands Corp.* | | (7,718 | ) | | | (290,506 | ) |
Wynn Resorts Ltd.* | | (3,127 | ) | | | (265,920 | ) |
Total Lodging | | | | | | (556,426 | ) |
Machinery – Diversified — (1.0)% | | | | | |
Flowserve Corp. | | (10,020 | ) | | | (306,612 | ) |
Media — (3.2)% | | | | | | | |
Altice USA, Inc., Class A* | | (16,576 | ) | | | (268,200 | ) |
Cable One, Inc. | | (149 | ) | | | (262,754 | ) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Media (continued) | | | | | | | |
Discovery, Inc., Class A* | | (11,045 | ) | | $ | (259,999 | ) |
ViacomCBS, Inc., Class B | | (7,791 | ) | | | (235,132 | ) |
Total Media | | | | | | (1,026,085 | ) |
Mining — (2.3)% | | | | | | | |
Newmont Corp. | | (5,687 | ) | | | (352,708 | ) |
Royal Gold, Inc. | | (3,491 | ) | | | (367,288 | ) |
Total Mining | | | | | | (719,996 | ) |
Office/Business Equipment — (1.2)% | | | | | |
Xerox Holdings Corp. | | (17,022 | ) | | | (385,378 | ) |
Oil & Gas Services — (1.9)% | | | | | | | |
Core Laboratories NV | | (11,114 | ) | | | (247,953 | ) |
NOV, Inc. | | (25,416 | ) | | | (344,387 | ) |
Total Oil & Gas Services | | | | | | (592,340 | ) |
Packaging & Containers — (1.1)% | | | | | |
O-I Glass, Inc.* | | (28,512 | ) | | | (342,999 | ) |
Pharmaceuticals — (6.7)% | | | | | | | |
Agios Pharmaceuticals, Inc.* | | (7,618 | ) | | | (250,404 | ) |
Cardinal Health, Inc. | | (6,537 | ) | | | (336,590 | ) |
Herbalife Nutrition Ltd.* | | (7,739 | ) | | | (316,757 | ) |
Jazz Pharmaceuticals PLC* | | (2,417 | ) | | | (307,926 | ) |
Neurocrine Biosciences, Inc.* | | (3,452 | ) | | | (294,007 | ) |
Organon & Co. | | (250 | ) | | | (7,612 | ) |
Perrigo Co., PLC | | (7,627 | ) | | | (296,690 | ) |
Sarepta Therapeutics, Inc.* | | (3,691 | ) | | | (332,375 | ) |
Total Pharmaceuticals | | | | | | (2,142,361 | ) |
REITS — (2.9)% | | | | | | | |
Diversified Healthcare Trust | | (104,456 | ) | | | (322,769 | ) |
Omega Healthcare Investors, Inc. | | (10,764 | ) | | | (318,507 | ) |
Service Properties Trust | | (31,133 | ) | | | (273,659 | ) |
Total REITS | | | | | | (914,935 | ) |
Retail — (5.2)% | | | | | | | |
Cracker Barrel Old Country Store, Inc. | | (2,311 | ) | | | (297,287 | ) |
Gap, Inc. (The) | | (17,799 | ) | | | (314,152 | ) |
Nordstrom, Inc.* | | (14,704 | ) | | | (332,604 | ) |
Nu Skin Enterprises, Inc., Class A | | (8,106 | ) | | | (411,380 | ) |
Qurate Retail, Inc., Series A | | (41,563 | ) | | | (315,879 | ) |
Total Retail | | | | | | (1,671,302 | ) |
See accompanying Notes to Financial Statements.
26
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Semiconductors — (2.0)% | | | | | | | |
Intel Corp. | | (5,995 | ) | | $ | (308,742 | ) |
IPG Photonics Corp.* | | (1,911 | ) | | | (328,960 | ) |
Total Semiconductors | | | | | | (637,702 | ) |
Software — (6.5)% | | | | | | | |
Activision Blizzard, Inc. | | (4,296 | ) | | | (285,813 | ) |
Black Knight, Inc.* | | (4,005 | ) | | | (331,975 | ) |
CDK Global, Inc. | | (6,819 | ) | | | (284,625 | ) |
Citrix Systems, Inc. | | (2,858 | ) | | | (270,338 | ) |
Fair Isaac Corp.* | | (802 | ) | | | (347,803 | ) |
Fidelity National Information Services, Inc. | | (2,260 | ) | | | (246,679 | ) |
Fiserv, Inc.* | | (3,015 | ) | | | (312,927 | ) |
Total Software | | | | | | (2,080,160 | ) |
Telecommunications — (3.7)% | | | | | |
AT&T, Inc. | | (11,653 | ) | | | (286,664 | ) |
CommScope Holding Co., Inc.* | | (26,542 | ) | | | (293,024 | ) |
T-Mobile US, Inc.* | | (2,709 | ) | | | (314,190 | ) |
Verizon Communications, Inc. | | (5,512 | ) | | | (286,403 | ) |
Total Telecommunications | | | | | | (1,180,281 | ) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Transportation — (2.2)% | | | | | | | |
FedEx Corp. | | (1,296 | ) | | $ | (335,198 | ) |
Kirby Corp.* | | (6,310 | ) | | | (374,940 | ) |
Total Transportation | | | | | | (710,138 | ) |
Total Securities Sold, Not Yet Purchased [Proceeds Received $(34,236,455)] | | | | | | (31,926,494 | ) |
Total Investments — 31.5% (Cost $7,755,650) | | | | | | 10,042,631 | |
Other Assets in Excess of Liabilities — 68.5% | | | | | | 21,846,034 | |
Net Assets — 100.0% | | | | | $ | 31,888,665 | |
____________
ETF — Exchange Traded Fund
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) A portion of this security has been pledged as collateral for securities sold, not yet purchased.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) As of December 31, 2021 cash in the amount of $24,408,118 has been segregated as collateral from the broker for securities sold short.
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Fund | | $ | 9,840,000 | | $ | — | | $ | — | | $ | 9,840,000 |
Money Market Fund | | | 32,129,125 | | | — | | | — | | | 32,129,125 |
Total | | $ | 41,969,125 | | $ | — | | $ | — | | $ | 41,969,125 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Warrant | | $ | (105,193 | ) | | $ | — | | $ | — | | $ | (105,193 | ) |
Common Stocks | | | (31,821,301 | ) | | | — | | | — | | | (31,821,301 | ) |
Total | | $ | (31,926,494 | ) | | $ | — | | $ | — | | $ | (31,926,494 | ) |
See accompanying Notes to Financial Statements.
27
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace/Defense | | (1.9 | )% |
Airlines | | (3.9 | ) |
Apparel | | (1.0 | ) |
Auto Parts & Equipment | | (1.1 | ) |
Biotechnology | | (10.7 | ) |
Chemicals | | (1.1 | ) |
Commercial Services | | (10.8 | ) |
Computers | | (1.2 | ) |
Debt Fund | | 30.8 | |
Distribution/Wholesale | | (0.9 | ) |
Diversified Financial Services | | (1.9 | ) |
Electric | | (1.1 | ) |
Electrical Components & Equipment | | (1.1 | ) |
Environmental Control | | (1.0 | ) |
Food | | (5.2 | ) |
Food Service | | (0.9 | ) |
Healthcare – Products | | (2.7 | ) |
Healthcare – Services | | (2.0 | ) |
Household Products/Wares | | (1.1 | ) |
Housewares | | (1.0 | ) |
Insurance | | (1.0 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Internet | | (4.8 | )% |
Leisure Time | | (1.8 | ) |
Lodging | | (1.7 | ) |
Machinery – Diversified | | (1.0 | ) |
Media | | (3.2 | ) |
Mining | | (2.3 | ) |
Office/Business Equipment | | (1.2 | ) |
Oil & Gas | | (0.3 | ) |
Oil & Gas Services | | (1.9 | ) |
Packaging & Containers | | (1.1 | ) |
Pharmaceuticals | | (6.7 | ) |
REITS | | (2.9 | ) |
Retail | | (5.2 | ) |
Semiconductors | | (2.0 | ) |
Software | | (6.5 | ) |
Telecommunications | | (3.7 | ) |
Transportation | | (2.2 | ) |
Money Market Fund | | 100.8 | |
Total Investments | | 31.5 | |
Other Assets in Excess of Liabilities | | 68.5 | |
Net Assets | | 100.0 | % |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated
Holding Name | | Value at
6/30/2021 | | Purchases/
Additions | | Sales/
Reductions | | Realized
Gain
(Loss) | | Change in
Unrealized
Gain (Loss) | | Number of
Shares at
12/31/2021 | | Value at
12/31/2021 | | Dividend
Income |
AdvisorShares North Square McKee Core Reserves ETF | | $ | 9,868,000 | | $ | — | | $ | — | | $ | — | | $ | (28,000 | ) | | 100,000 | | $ | 9,840,000 | | $ | 23,431 |
See accompanying Notes to Financial Statements.
28
ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 97.6% | | | | | |
Aerospace/Defense — 4.4% | | | | | |
Boeing Co. (The)* | | 5,243 | | $ | 1,055,521 |
Raytheon Technologies Corp. | | 12,152 | | | 1,045,801 |
Total Aerospace/Defense | | | | | 2,101,322 |
Agriculture — 2.1% | | | | | |
Philip Morris International, Inc. | | 10,723 | | | 1,018,685 |
Banks — 11.4% | | | | | |
Bank of America Corp. | | 37,469 | | | 1,666,996 |
Citizens Financial Group, Inc. | | 20,664 | | | 976,374 |
State Street Corp. | | 13,166 | | | 1,224,438 |
Wells Fargo & Co. | | 34,293 | | | 1,645,378 |
Total Banks | | | | | 5,513,186 |
Beverages — 1.8% | | | | | |
PepsiCo, Inc. | | 4,982 | | | 865,423 |
Biotechnology — 0.9% | | | | | |
BioMarin Pharmaceutical, Inc.* | | 4,676 | | | 413,125 |
Chemicals — 3.2% | | | | | |
DuPont de Nemours, Inc. | | 12,541 | | | 1,013,062 |
International Flavors & Fragrances, Inc. | | 3,355 | | | 505,431 |
Total Chemicals | | | | | 1,518,493 |
Commercial Services — 1.5% | | | | | |
Herc Holdings, Inc. | | 4,491 | | | 703,066 |
Computers — 2.2% | | | | | |
KBR, Inc. | | 22,221 | | | 1,058,164 |
Diversified Financial Services — 4.4% | | | |
Capital One Financial Corp. | | 5,057 | | | 733,720 |
Intercontinental Exchange, Inc. | | 10,163 | | | 1,389,994 |
Total Diversified Financial Services | | | | | 2,123,714 |
Electronics — 4.9% | | | | | |
Flex Ltd.* | | 31,484 | | | 577,101 |
nVent Electric PLC | | 23,015 | | | 874,570 |
Vontier Corp. | | 30,060 | | | 923,744 |
Total Electronics | | | | | 2,375,415 |
Food — 3.7% | | | | | |
Mondelez International, Inc., Class A | | 16,120 | | | 1,068,917 |
US Foods Holding Corp.* | | 19,983 | | | 696,008 |
Total Food | | | | | 1,764,925 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Healthcare – Products — 4.0% | | | |
Alcon, Inc. (Switzerland)(a) | | 9,458 | | $ | 823,981 |
Medtronic PLC | | 10,726 | | | 1,109,605 |
Total Healthcare – Products | | | | | 1,933,586 |
Healthcare – Services — 2.5% | | | | | |
Anthem, Inc. | | 2,546 | | | 1,180,173 |
Insurance — 5.9% | | | | | |
Chubb Ltd. | | 5,915 | | | 1,143,429 |
Markel Corp.* | | 502 | | | 619,468 |
Prudential Financial, Inc. | | 9,983 | | | 1,080,560 |
Total Insurance | | | | | 2,843,457 |
Internet — 6.1% | | | | | |
Alphabet, Inc., Class A* | | 585 | | | 1,694,768 |
Amazon.com, Inc.* | | 122 | | | 406,789 |
Meta Platforms, Inc., Class A* | | 2,556 | | | 859,711 |
Total Internet | | | | | 2,961,268 |
Media — 3.6% | | | | | |
Comcast Corp., Class A | | 23,473 | | | 1,181,396 |
Discovery, Inc., Class A*(a) | | 24,484 | | | 576,353 |
Total Media | | | | | 1,757,749 |
Mining — 1.5% | | | | | |
Arconic Corp.* | | 22,021 | | | 726,913 |
Oil & Gas — 5.3% | | | | | |
Chevron Corp. | | 9,898 | | | 1,161,530 |
EOG Resources, Inc. | | 9,865 | | | 876,308 |
Valero Energy Corp. | | 6,776 | | | 508,946 |
Total Oil & Gas | | | | | 2,546,784 |
Pharmaceuticals — 9.2% | | | | | |
AstraZeneca PLC (United Kingdom)(b) | | 20,007 | | | 1,165,408 |
Cigna Corp. | | 4,453 | | | 1,022,542 |
CVS Health Corp. | | 11,088 | | | 1,143,838 |
Sanofi (France)(b) | | 22,339 | | | 1,119,184 |
Total Pharmaceuticals | | | | | 4,450,972 |
REITS — 2.6% | | | | | |
American Tower Corp. | | 2,474 | | | 723,645 |
Boston Properties, Inc. | | 4,708 | | | 542,267 |
Total REITS | | | | | 1,265,912 |
See accompanying Notes to Financial Statements.
29
ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
COMMON STOCKS (continued) | | | |
Retail — 5.6% | | | | | | |
Advance Auto Parts, Inc. | | | 3,727 | | $ | 894,033 |
Dollar General Corp. | | | 3,057 | | | 720,932 |
TJX Cos., Inc. (The) | | | 14,156 | | | 1,074,724 |
Total Retail | | | | | | 2,689,689 |
Semiconductors — 2.3% | | | | | | |
KLA Corp. | | | 1,228 | | | 528,175 |
Microchip Technology, Inc. | | | 6,597 | | | 574,335 |
Total Semiconductors | | | | | | 1,102,510 |
Software — 4.5% | | | | | | |
Fidelity National Information Services, Inc. | | | 5,432 | | | 592,903 |
Microsoft Corp. | | | 4,720 | | | 1,587,430 |
Total Software | | | | | | 2,180,333 |
Telecommunications — 2.6% | | | | | | |
Verizon Communications, Inc. | | | 24,356 | | | 1,265,538 |
Transportation — 1.4% | | | | | | |
Norfolk Southern Corp. | | | 2,233 | | | 664,786 |
Total Common Stocks (Cost $37,542,399) | | | | | | 47,025,188 |
MONEY MARKET FUND — 2.4% | | | |
Allspring Government Money Market Fund — Institutional Class, 0.01%(c) (Cost $1,163,308) | | | 1,163,308 | | | 1,163,308 |
REPURCHASE AGREEMENTS — 1.2%(d) | | | |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $255,000) | | $ | 250,000 | | | 250,000 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.06%, total to be received $99,875, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.50%, 02/15/22-12/20/51, totaling $101,871) | | $ | 99,874 | | $ | 99,874 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $255,000) | | | 250,000 | | | 250,000 | |
Total Repurchase Agreements (Cost $599,874) | | | | | | 599,874 | |
Total Investments — 101.2% (Cost $39,305,581) | | | | | | 48,788,370 | |
Liabilities in Excess of Other Assets — (1.2%) | | | | | | (610,465 | ) |
Net Assets — 100.0% | | | | | $ | 48,177,905 | |
____________
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,372,247; the aggregate market value of the collateral held by the fund is $1,442,541. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $842,667.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
30
ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 47,025,188 | | $ | — | | $ | — | | $ | 47,025,188 |
Money Market Fund | | | 1,163,308 | | | — | | | — | | | 1,163,308 |
Repurchase Agreements | | | — | | | 599,874 | | | — | | | 599,874 |
Total | | $ | 48,188,496 | | $ | 599,874 | | $ | — | | $ | 48,788,370 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace/Defense | | 4.4 | % |
Agriculture | | 2.1 | |
Banks | | 11.4 | |
Beverages | | 1.8 | |
Biotechnology | | 0.9 | |
Chemicals | | 3.2 | |
Commercial Services | | 1.5 | |
Computers | | 2.2 | |
Diversified Financial Services | | 4.4 | |
Electronics | | 4.9 | |
Food | | 3.7 | |
Healthcare – Products | | 4.0 | |
Healthcare – Services | | 2.5 | |
Insurance | | 5.9 | |
Internet | | 6.1 | |
Media | | 3.6 | |
Mining | | 1.5 | |
Oil & Gas | | 5.3 | |
Pharmaceuticals | | 9.2 | |
REITS | | 2.6 | |
Retail | | 5.6 | |
Semiconductors | | 2.3 | |
Software | | 4.5 | |
Telecommunications | | 2.6 | |
Transportation | | 1.4 | |
Money Market Fund | | 2.4 | |
Repurchase Agreements | | 1.2 | |
Total Investments | | 101.2 | |
Liabilities in Excess of Other Assets | | (1.2 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
31
ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 98.0% | | | | | |
Aerospace/Defense — 3.9% | | | | | |
HEICO Corp. | | 9,003 | | $ | 1,298,413 |
Auto Parts & Equipment — 4.0% | | | |
Miller Industries, Inc. | | 39,382 | | | 1,315,359 |
Building Materials — 7.9% | | | | | |
Carrier Global Corp. | | 24,150 | | | 1,309,896 |
Trex Co., Inc.* | | 9,653 | | | 1,303,445 |
Total Building Materials | | | | | 2,613,341 |
Chemicals — 7.8% | | | | | |
Sherwin-Williams Co. (The) | | 3,705 | | | 1,304,753 |
Stepan Co. | | 10,462 | | | 1,300,322 |
Total Chemicals | | | | | 2,605,075 |
Commercial Services — 3.9% | | | | | |
Moody’s Corp. | | 3,297 | | | 1,287,742 |
Computers — 3.9% | | | | | |
Science Applications International Corp. | | 15,318 | | | 1,280,432 |
Diversified Financial Services — 3.9% | | | |
Intercontinental Exchange, Inc. | | 9,481 | | | 1,296,716 |
Food — 4.0% | | | | | |
Hershey Co. (The) | | 6,789 | | | 1,313,468 |
Healthcare – Products — 15.6% | | | |
Abbott Laboratories | | 9,196 | | | 1,294,245 |
Danaher Corp. | | 3,965 | | | 1,304,524 |
Stryker Corp. | | 4,771 | | | 1,275,861 |
Thermo Fisher Scientific, Inc. | | 1,958 | | | 1,306,456 |
Total Healthcare – Products | | | | | 5,181,086 |
Household Products/Wares — 8.0% | | | |
Church & Dwight Co., Inc. | | 12,883 | | | 1,320,507 |
Reynolds Consumer Products, Inc. | | 42,304 | | | 1,328,346 |
Total Household Products/Wares | | | | | 2,648,853 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Insurance — 3.9% | | | | | |
Aflac, Inc. | | 22,135 | | $ | 1,292,463 |
Machinery – Diversified — 3.9% | | | |
Otis Worldwide Corp. | | 14,989 | | | 1,305,092 |
Media — 3.9% | | | | | |
FactSet Research Systems, Inc. | | 2,659 | �� | | 1,292,301 |
Packaging & Containers — 3.9% | | | |
Silgan Holdings, Inc. | | 30,356 | | | 1,300,451 |
Pharmaceuticals — 3.9% | | | | | |
Zoetis, Inc. | | 5,271 | | | 1,286,282 |
Retail — 3.9% | | | | | |
Ross Stores, Inc. | | 11,362 | | | 1,298,449 |
Software — 11.7% | | | | | |
Broadridge Financial Solutions, Inc. | | 7,090 | | | 1,296,194 |
Fair Isaac Corp.* | | 2,962 | | | 1,284,530 |
Fiserv, Inc.* | | 12,367 | | | 1,283,571 |
Total Software | | | | | 3,864,295 |
Total Common Stocks (Cost $23,582,580) | | | | | 32,479,818 |
MONEY MARKET FUND — 1.1% | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(a)
(Cost $362,804) | | 362,804 | | | 362,804 |
Total Investments — 99.1% (Cost $23,945,384) | | | | | 32,842,622 |
Other Assets in Excess of Liabilities — 0.9% | | | | | 292,477 |
Net Assets — 100.0% | | | | $ | 33,135,099 |
____________
* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
32
ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 32,479,818 | | $ | — | | $ | — | | $ | 32,479,818 |
Money Market Fund | | | 362,804 | | | — | | | — | | | 362,804 |
Total | | $ | 32,842,622 | | $ | — | | $ | — | | $ | 32,842,622 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace/Defense | | 3.9 | % |
Auto Parts & Equipment | | 4.0 | |
Building Materials | | 7.9 | |
Chemicals | | 7.8 | |
Commercial Services | | 3.9 | |
Computers | | 3.9 | |
Diversified Financial Services | | 3.9 | |
Food | | 4.0 | |
Healthcare – Products | | 15.6 | |
Household Products/Wares | | 8.0 | |
Insurance | | 3.9 | |
Machinery – Diversified | | 3.9 | |
Media | | 3.9 | |
Packaging & Containers | | 3.9 | |
Pharmaceuticals | | 3.9 | |
Retail | | 3.9 | |
Software | | 11.7 | |
Money Market Fund | | 1.1 | |
Total Investments | | 99.1 | |
Other Assets in Excess of Liabilities | | 0.9 | |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
33
ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 92.8% | | | | | |
Apparel — 2.0% | | | | | |
NIKE, Inc., Class B | | 3,232 | | $ | 538,677 |
Auto Manufacturers — 8.4% | | | | | |
Arcimoto, Inc.*(a) | | 18,242 | | | 141,923 |
Tesla, Inc.* | | 2,004 | | | 2,117,787 |
Total Auto Manufacturers | | | | | 2,259,710 |
Banks — 1.6% | | | | | |
SVB Financial Group* | | 619 | | | 419,831 |
Biotechnology — 2.5% | | | | | |
Illumina, Inc.* | | 671 | | | 255,275 |
Moderna, Inc.* | | 1,654 | | | 420,083 |
Total Biotechnology | | | | | 675,358 |
Commercial Services — 2.8% | | | | | |
Block, Inc.* | | 2,598 | | | 419,603 |
PayPal Holdings, Inc.* | | 1,770 | | | 333,787 |
Total Commercial Services | | | | | 753,390 |
Computers — 4.8% | | | | | |
Apple, Inc. | | 5,690 | | | 1,010,373 |
Crowdstrike Holdings, Inc., Class A* | | 1,281 | | | 262,285 |
Total Computers | | | | | 1,272,658 |
Diversified Financial Services — 1.9% | | | |
Coinbase Global, Inc., Class A* | | 1,971 | | | 497,421 |
Electric — 2.5% | | | | | |
NextEra Energy, Inc. | | 7,252 | | | 677,047 |
Energy – Alternate Sources — 2.2% | | | |
SolarEdge Technologies, Inc.* | | 1,184 | | | 332,195 |
SunPower Corp.*(a) | | 12,922 | | | 269,682 |
Total Energy – Alternate Sources | | | | | 601,877 |
Healthcare – Products — 3.0% | | | |
Abbott Laboratories | | 1,128 | | | 158,755 |
Thermo Fisher Scientific, Inc. | | 968 | | | 645,888 |
Total Healthcare – Products | | | | | 804,643 |
Healthcare – Services — 2.1% |
Fulgent Genetics, Inc.*(a) | | 5,477 | | | 550,931 |
Holding Companies – Diversified — 1.1% | | | |
Gores Guggenheim, Inc., Class A*(a) | | 24,876 | | | 291,049 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Home Builders — 3.7% | | | | | |
Lennar Corp., Class A | | 8,442 | | $ | 980,623 |
Internet — 8.4% | | | | | |
Alphabet, Inc., Class C* | | 272 | | | 787,056 |
Amazon.com, Inc.* | | 182 | | | 606,850 |
Netflix, Inc.* | | 922 | | | 555,450 |
Shopify, Inc., Class A (Canada)* | | 222 | | | 305,781 |
Total Internet | | | | | 2,255,137 |
Leisure Time — 1.6% | | | | | |
Callaway Golf Co.* | | 15,594 | | | 427,899 |
Lodging — 3.4% | | | | | |
MGM Resorts International | | 20,255 | | | 909,044 |
Media — 1.6% | | | | | |
Walt Disney Co. (The)* | | 2,771 | | | 429,200 |
Miscellaneous Manufacturing — 0.7% | | | |
Axon Enterprise, Inc.* | | 1,164 | | | 182,748 |
Pharmaceuticals — 2.5% | | | | | |
Zoetis, Inc. | | 2,733 | | | 666,934 |
REITS — 8.9% | | | | | |
Crown Castle International Corp. | | 864 | | | 180,351 |
Innovative Industrial Properties, Inc. | | 3,466 | | | 911,246 |
MGM Growth Properties LLC, Class A | | 12,249 | | | 500,372 |
Prologis, Inc. | | 4,672 | | | 786,578 |
Total REITS | | | | | 2,378,547 |
Retail — 8.2% | | | | | |
Home Depot, Inc. (The) | | 2,222 | | | 922,152 |
Petco Health & Wellness Co., Inc.*(a) | | 33,142 | | | 655,880 |
Starbucks Corp. | | 3,105 | | | 363,192 |
Target Corp. | | 1,035 | | | 239,541 |
Total Retail | | | | | 2,180,765 |
Semiconductors — 7.4% | | | | | |
ASML Holding NV (Netherlands) NVIDIA Corp. | | 734 | | | 584,367 |
Total Semiconductors | | 4,731 | | | 1,391,434 |
| | | | | | 1,975,801 |
See accompanying Notes to Financial Statements.
34
ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
COMMON STOCKS (continued) | | | |
Software — 8.4% | | | | | | |
Electronic Arts, Inc. | | | 1,776 | | $ | 234,254 |
Microsoft Corp. | | | 3,636 | | | 1,222,860 |
ROBLOX Corp., Class A* | | | 4,148 | | | 427,908 |
Take-Two Interactive Software, Inc.* | | | 1,162 | | | 206,511 |
Unity Software, Inc.* | | | 1,149 | | | 164,295 |
Total Software | | | | | | 2,255,828 |
Venture Capital — 3.1% | | | | | | |
Blackstone, Inc. | | | 6,408 | | | 829,131 |
Total Common Stocks (Cost $23,784,487) | | | | | | 24,814,249 |
EXCHANGE TRADED FUNDS — 6.5% | | | |
Equity Fund — 6.5% | | | | | | |
AdvisorShares Pure US Cannabis ETF† | | | 27,565 | | | 705,388 |
Global X Lithium & Battery Tech ETF | | | 12,336 | | | 1,041,652 |
Total Exchange Traded Funds (Cost $1,875,723) | | | | | | 1,747,040 |
MONEY MARKET FUND — 0.3% | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) (Cost $90,032) | | | 90,032 | | | 90,032 |
REPURCHASE AGREEMENTS — 4.0%(c) | | | |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $256,179) | | $ | 251,156 | | | 251,156 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22- 01/01/52, totaling $256,179) | | | 251,156 | | | 251,156 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | | | | |
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 1.88%- 6.50%, 01/20/27-05/20/51, totaling $256,179) | | $ | 251,156 | | $ | 251,156 | |
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $74,455, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24- 09/20/69, totaling $75,944) | | | 74,455 | | | 74,455 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $251,157, (collateralized by various U.S. Government Agency Obligations, 0.00%- 6.50%, 05/15/22-12/01/51, totaling $256,179) | | | 251,156 | | | 251,156 | |
Total Repurchase Agreements (Cost $1,079,079) | | | | | | 1,079,079 | |
Total Investments — 103.6% (Cost $26,829,321) | | | | | | 27,730,400 | |
Liabilities in Excess of Other Assets — (3.6%) | | | | | | (973,645 | ) |
Net Assets — 100.0% | | | | | $ | 26,756,755 | |
____________
ETF — Exchange Traded Fund
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,073,834; the aggregate market value of the collateral held by the fund is $1,103,661. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $24,582.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
35
ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 24,814,249 | | $ | — | | $ | — | | $ | 24,814,249 |
Exchange Traded Funds | | | 1,747,040 | | | — | | | — | | | 1,747,040 |
Money Market Fund | | | 90,032 | | | — | | | — | | | 90,032 |
Repurchase Agreements | | | — | | | 1,079,079 | | | — | | | 1,079,079 |
Total | | $ | 26,651,321 | | $ | 1,079,079 | | $ | — | | $ | 27,730,400 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Apparel | | 2.0 | % |
Auto Manufacturers | | 8.4 | |
Banks | | 1.6 | |
Biotechnology | | 2.5 | |
Commercial Services | | 2.8 | |
Computers | | 4.8 | |
Diversified Financial Services | | 1.9 | |
Electric | | 2.5 | |
Energy – Alternate Sources | | 2.2 | |
Equity Fund | | 6.5 | |
Healthcare – Products | | 3.0 | |
Healthcare – Services | | 2.1 | |
Holding Companies – Diversified | | 1.1 | |
Home Builders | | 3.7 | |
Internet | | 8.4 | |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Leisure Time | | 1.6 | % |
Lodging | | 3.4 | |
Media | | 1.6 | |
Miscellaneous Manufacturing | | 0.7 | |
Pharmaceuticals | | 2.5 | |
REITS | | 8.9 | |
Retail | | 8.2 | |
Semiconductors | | 7.4 | |
Software | | 8.4 | |
Venture Capital | | 3.1 | |
Money Market Fund | | 0.3 | |
Repurchase Agreements | | 4.0 | |
Total Investments | | 103.6 | |
Liabilities in Excess of Other Assets | | (3.6 | ) |
Net Assets | | 100.0 | % |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated
Holding
Name | | Value at
6/30/2021 | | Purchases/
Additions | | Sales/
Reductions | | Realized
Gain
(Loss) | | Change in
Unrealized
Gain (Loss) | | Number of
Shares at
12/31/2021 | | Value at
12/31/2021 | | Capital
Gain
Distribution |
AdvisorShares Pure US Cannabis ETF | | $ | — | | $ | 1,130,561 | | $ | (192,112 | ) | | $ | (92,123 | ) | | $ | (140,938 | ) | | 27,565 | | $ | 705,388 | | $ | 1,862 |
See accompanying Notes to Financial Statements.
36
ADVISORSHARES HOTEL ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | |
Shares
| | Value |
COMMON STOCKS — 97.1% | | | | | |
Entertainment — 20.1% | | | | | |
Golden Entertainment, Inc.* | | 11,419 | | $ | 577,002 |
Marriott Vacations Worldwide Corp. | | 552 | | | 93,277 |
Monarch Casino & Resort, Inc.* | | 6,048 | | | 447,250 |
Penn National Gaming, Inc.* | | 5,003 | | | 259,405 |
Red Rock Resorts, Inc., Class A | | 4,602 | | | 253,156 |
Vail Resorts, Inc. | | 529 | | | 173,459 |
Total Entertainment | | | | | 1,803,549 |
Internet — 7.7% | | | | | |
Airbnb, Inc., Class A* | | 2,127 | | | 354,124 |
Booking Holdings, Inc.* | | 68 | | | 163,148 |
Expedia Group, Inc.* | | 986 | | | 178,190 |
Total Internet | | | | | 695,462 |
Leisure Time — 5.1% | | | | | |
Carnival Corp.*(a) | | 7,130 | | | 143,456 |
Norwegian Cruise Line Holdings Ltd.* | | 10,726 | | | 222,457 |
Royal Caribbean Cruises Ltd.* | | 1,195 | | | 91,896 |
Total Leisure Time | | | | | 457,809 |
Lodging — 54.2% | | | | | |
Bluegreen Vacations Holding Corp.* | | 21,612 | | | 758,581 |
Boyd Gaming Corp.* | | 3,005 | | | 197,038 |
Century Casinos, Inc.* | | 33,156 | | | 403,840 |
Choice Hotels International, Inc. | | 3,594 | | | 560,628 |
Full House Resorts, Inc.* | | 36,482 | | | 441,797 |
Hilton Grand Vacations, Inc.* | | 10,642 | | | 554,555 |
Hilton Worldwide Holdings, Inc.* | | 1,103 | | | 172,057 |
Hyatt Hotels Corp., Class A* | | 754 | | | 72,309 |
InterContinental Hotels Group PLC (United Kingdom)*(b) | | 5,448 | | | 355,264 |
Marriott International, Inc., Class A* | | 1,141 | | | 188,539 |
Playa Hotels & Resorts NV* | | 38,981 | | | 311,068 |
Target Hospitality Corp.* | | 75,541 | | | 268,926 |
Travel + Leisure Co. | | 2,397 | | | 132,482 |
Wyndham Hotels & Resorts, Inc. | | 4,983 | | | 446,726 |
Total Lodging | | | | | 4,863,810 |
Investments | | Shares/
Principal | | Value |
COMMON STOCKS (continued) | |
REITS — 10.0% | | | | | | | |
Gaming and Leisure Properties, Inc. | | | 10,022 | | $ | 487,670 | |
VICI Properties, Inc. | | | 13,714 | | | 412,929 | |
Total REITS | | | | | | 900,599 | |
Total Common Stocks
(Cost $8,294,898) | | | | | | 8,721,229 | |
MONEY MARKET FUND — 3.2% | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c) (Cost $283,406) | | | 283,406 | | | 283,406 | |
REPURCHASE AGREEMENT — 1.6%(d) | | | | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $144,599, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $147,490)
(Cost $144,598) | | $ | 144,598 | | | 144,598 | |
Total Investments — 101.9% (Cost $8,722,902) | | | | | | 9,149,233 | |
Liabilities in Excess of Other Assets — (1.9%) | | | | | | (166,614 | ) |
Net Assets — 100.0% | | | | | $ | 8,982,619 | |
____________
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $138,526; the aggregate market value of the collateral held by the fund is $144,598.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
37
ADVISORSHARES HOTEL ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 8,721,229 | | $ | — | | $ | — | | $ | 8,721,229 |
Money Market Fund | | | 283,406 | | | — | | | — | | | 283,406 |
Repurchase Agreement | | | — | | | 144,598 | | | — | | | 144,598 |
Total | | $ | 9,004,635 | | $ | 144,598 | | $ | — | | $ | 9,149,233 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Entertainment | | 20.1 | % |
Internet | | 7.7 | |
Leisure Time | | 5.1 | |
Lodging | | 54.2 | |
REITS | | 10.0 | |
Money Market Fund | | 3.2 | |
Repurchase Agreement | | 1.6 | |
Total Investments | | 101.9 | |
Liabilities in Excess of Other Assets | | (1.9 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
38
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES — 31.6% | |
ACC Auto Trust, Class B, Series 2021-A, 1.79%, 04/15/27‡ | | $ | 265,000 | | $ | 262,914 |
ACC Trust, Class A, Series 2020-A, 6.00%, 03/20/23‡ | | | 52,650 | | | 53,261 |
Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40‡ | | | 242,361 | | | 237,313 |
Affirm Asset Securitization Trust, Class A, Series 2021-A, 0.88%, 08/15/25‡ | | | 455,000 | | | 455,175 |
American Credit Acceptance Receivables Trust, Class C, Series 2019-2, 3.17%, 06/12/25‡ | | | 53,723 | | | 53,943 |
American Credit Acceptance Receivables Trust, Class C, Series 2021-1, 0.83%, 03/15/27‡ | | | 455,000 | | | 453,211 |
American Credit Acceptance Receivables Trust, Class C, Series 2021-2, 0.97%, 07/13/27‡ | | | 265,000 | | | 263,808 |
American Credit Acceptance Receivables Trust, Class C, Series 2021-3, 0.98%, 11/15/27‡ | | | 260,000 | | | 257,225 |
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26‡ | | | 145,000 | | | 145,789 |
AmeriCredit Automobile Receivables Trust, Class D, Series 2018-1, 3.82%, 03/18/24 | | | 285,000 | | | 291,619 |
Amur Equipment Finance Receivables IX LLC, Class B, Series 2021-1A, 1.38%, 02/22/27‡ | | | 135,000 | | | 133,569 |
Amur Equipment Finance Receivables VI LLC, Class A2, Series 2018-2A, 3.89%, 07/20/22‡ | | | 34,161 | | | 34,339 |
Amur Equipment Finance Receivables VIII LLC, Class B, Series 2020-1A, 2.50%, 03/20/26‡ | | | 212,227 | | | 214,670 |
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40‡ | | | 217,659 | | | 221,516 |
Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46‡ | | | 415,000 | | | 422,177 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40‡ | | $ | 470,000 | | $ | 481,432 |
Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50‡ | | | 241,938 | | | 248,060 |
Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27‡ | | | 264,215 | | | 263,425 |
Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27‡ | | | 260,000 | | | 256,734 |
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31‡ | | | 78,389 | | | 79,202 |
BCC Funding Corp. XVI LLC, Class B, Series 2019-1A, 2.64%, 09/20/24‡ | | | 220,000 | | | 221,080 |
BCC Funding XVII LLC, Class B, Series 2020-1, 1.46%, 09/22/25‡ | | | 145,000 | | | 144,786 |
BHG Securitization Trust, Class A, Series 2021-A, 1.42%, 11/17/33‡ | | | 219,774 | | | 218,446 |
BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34‡ | | | 210,000 | | | 206,949 |
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡ | | | 157,713 | | | 160,187 |
Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35‡ | | | 59,024 | | | 59,044 |
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡ | | | 20,689 | | | 20,687 |
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡ | | | 144,255 | | | 146,515 |
Carnow Auto Receivables Trust, Class D, Series 2019-1A, 4.62%, 12/16/24‡ | | | 260,000 | | | 265,030 |
Carvana Auto Receivables Trust, Class C, Series 2021-N2, 1.07%, 03/10/28 | | | 250,000 | | | 248,222 |
Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25‡ | | | 170,000 | | | 173,775 |
Carvana Auto Receivables Trust, Class D, Series 2021-N3, 1.58%, 06/12/28 | | | 210,000 | | | 207,706 |
See accompanying Notes to Financial Statements.
39
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27‡ | | $ | 210,000 | | $ | 213,273 |
CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27‡ | | | 270,000 | | | 265,141 |
CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41‡ | | | 291,126 | | | 288,232 |
CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45‡ | | | 354,753 | | | 353,607 |
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51‡ | | | 96,976 | | | 94,984 |
Commonbond Student Loan Trust, Class A1, Series 2019-AGS, 2.54%, 01/25/47‡ | | | 85,899 | | | 87,169 |
Consumer Loan Underlying Bond Credit Trust, Class B, Series 2019-P1, 3.28%, 07/15/26‡ | | | 75,925 | | | 76,036 |
CPS Auto Receivables Trust, Class D, Series 2018-D, 4.34%, 09/16/24‡ | | | 176,863 | | | 179,306 |
CPS Auto Receivables Trust, Class E, Series 2019-D, 3.86%, 10/15/25‡ | | | 245,000 | | | 251,551 |
Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 02/15/30‡ | | | 680,000 | | | 676,335 |
Credit Acceptance Auto Loan Trust, Class B, Series 2019-3A, 2.86%, 01/16/29‡ | | | 250,000 | | | 254,648 |
Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27‡ | | | 171,134 | | | 170,830 |
Crossroads Asset Trust, Class A2, Series 2021-A, 0.82%, 03/20/24‡ | | | 697,046 | | | 697,224 |
Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27‡ | | | 232,264 | | | 232,511 |
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32‡ | | | 129,281 | | | 131,371 |
Drive Auto Receivables Trust, Class C, Series 2019-3, 2.90%, 08/15/25 | | | 188,225 | | | 189,837 |
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25‡ | | | 220,000 | | | 221,974 |
DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26‡ | | | 165,000 | | | 169,398 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
DT Auto Owner Trust, Class D, Series 2021-1A, 1.16%, 11/16/26‡ | | $ | 270,000 | | $ | 266,339 |
Exeter Automobile Receivables Trust, Class C, Series 2019-4A, 2.44%, 09/16/24‡ | | | 165,207 | | | 166,052 |
Exeter Automobile Receivables Trust, Class C, Series 2021-1A, 0.74%, 01/15/26 | | | 900,000 | | | 897,756 |
Exeter Automobile Receivables Trust, Class D, Series 2017-3A, 5.28%, 10/15/24‡ | | | 230,000 | | | 233,064 |
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24‡ | | | 145,863 | | | 149,070 |
Exeter Automobile Receivables Trust, Class E, Series 2019-2A, 4.68%, 05/15/26‡ | | | 660,000 | | | 688,863 |
Fair Square Issuance Trust, Class A, Series 2020-AA, 2.90%, 09/20/24‡ | | | 395,000 | | | 395,545 |
FHF Trust, Class A, Series 2020-1A, 2.59%, 12/15/23‡ | | | 48,006 | | | 48,227 |
First Investors Auto Owner Trust, Class B, Series 2021-1A, 0.89%, 03/15/27‡ | | | 350,000 | | | 347,148 |
First Investors Auto Owner Trust, Class C, Series 2019-1A, 3.26%, 03/17/25‡ | | | 305,000 | | | 308,593 |
First Investors Auto Owner Trust, Class C, Series 2021-2A, 1.47%, 11/15/27‡ | | | 260,000 | | | 256,785 |
Flagship Credit Auto Trust, Class C, Series 2020-1, 2.24%, 01/15/26‡ | | | 430,000 | | | 434,561 |
Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26‡ | | | 145,000 | | | 145,819 |
Flagship Credit Auto Trust, Class C, Series 2020-4, 1.28%, 02/16/27‡ | | | 145,000 | | | 144,843 |
Flagship Credit Auto Trust, Class C, Series 2021-1, 0.91%, 03/15/27‡ | | | 455,000 | | | 447,919 |
Foundation Finance Trust, Class A, Series 2017-1A, 3.30%, 07/15/33‡ | | | 54,130 | | | 54,590 |
Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41‡ | | | 267,215 | | | 263,183 |
Foursight Capital Automobile Receivables Trust, Class C, Series 2021-2, 1.57%, 07/15/27‡ | | | 310,000 | | | 305,405 |
See accompanying Notes to Financial Statements.
40
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Foursight Capital Automobile Receivables Trust, Class E, Series 2019-1, 4.30%, 09/15/25‡ | | $ | 130,000 | | $ | 133,683 |
FREED ABS Trust, Class B, Series 2019-2, 3.19%, 11/18/26‡ | | | 74,565 | | | 74,733 |
GCI Funding I LLC, Class A, Series 2021-1 (Bermuda), 2.38%, 06/18/46‡ | | | 188,822 | | | 187,721 |
Genesis Private Label Amortizing Trust, Class B, Series 2020-1, 2.83%, 07/20/30‡ | | | 72,746 | | | 72,746 |
Genesis Sales Finance Master Trust, Class A, Series 2020-AA, 1.65%, 09/22/25‡ | | | 315,000 | | | 316,070 |
Global SC Finance VII Srl, Class A, Series 2020-1A (Barbados), 2.17%, 10/17/40‡ | | | 266,904 | | | 266,789 |
GLS Auto Receivables Issuer Trust, Class B, Series 2019-3A, 2.72%, 06/17/24‡ | | | 154,697 | | | 155,627 |
GLS Auto Receivables Issuer Trust, Class B, Series 2020-1A, 2.43%, 11/15/24‡ | | | 245,000 | | | 247,166 |
GLS Auto Receivables Issuer Trust, Class B, Series 2020-2A, 3.16%, 06/16/25‡ | | | 180,000 | | | 183,914 |
GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25‡ | | | 135,000 | | | 137,587 |
GLS Auto Receivables Issuer Trust, Class C, Series 2021-3A, 1.11%, 09/15/26‡ | | | 210,000 | | | 207,388 |
GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26‡ | | | 110,000 | | | 112,921 |
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡ | | | 27,517 | | | 27,744 |
Goldenttree Loan Management US CLO 1 Ltd., Class A, Series 2021-9A (Cayman Islands), 1.20%, (3-Month USD LIBOR + 1.07%), 01/20/33@‡ | | | 250,000 | | | 250,152 |
Hertz Vehicle Financing LLC, Class A, Series 2021-1A, 1.21%, 12/26/25‡ | | | 390,000 | | | 386,741 |
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39‡ | | | 200,780 | | | 204,688 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Jersey Mike’s Funding, Class A2, Series 2019-1A, 4.43%, 02/15/50‡ | | $ | 195,000 | | $ | 205,637 |
Lendingpoint Asset Securitization Trust, Class A, Series 2021-A, 1.00%, 12/15/28‡ | | | 172,944 | | | 172,545 |
Lendmark Funding Trust, Class A, Series 2019-1A, 3.00%, 12/20/27‡ | | | 200,000 | | | 201,977 |
Ll ABS Trust, Class A, Series 2021-1A, 1.07%, 05/15/29‡ | | | 219,145 | | | 218,073 |
Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32‡ | | | 120,000 | | | 121,480 |
Mariner Finance Issuance Trust, Class A, Series 2020-AA, 2.19%, 08/21/34‡ | | | 355,000 | | | 357,552 |
Marlette Funding Trust, Class A, Series 2019-4A, 2.39%, 12/17/29‡ | | | 5,413 | | | 5,421 |
Marlette Funding Trust, Class B, Series 2021-1A, 1.00%, 06/16/31‡ | | | 275,000 | | | 274,119 |
Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26‡ | | | 230,000 | | | 229,895 |
Mission Lane Credit Card Master Trust, Class A, Series 2021-A, 1.59%, 09/15/26‡ | | | 325,000 | | | 322,889 |
MVW LLC, Class A, Series 2020-1A, 1.74%, 10/20/37‡ | | | 102,600 | | | 102,837 |
MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41‡ | | | 451,244 | | | 445,337 |
MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36‡ | | | 92,033 | | | 93,437 |
Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69‡ | | | 287,689 | | | 283,099 |
NBC Funding LLC, Class A2, Series 2021-1, 2.99%, 07/30/51‡ | | | 309,225 | | | 308,812 |
NMEF Funding LLC, Class A, Series 2019-A, 2.73%, 08/17/26‡ | | | 4,527 | | | 4,531 |
NMEF Funding LLC, Class B, Series 2019-A, 3.06%, 08/17/26‡ | | | 175,000 | | | 176,133 |
Oasis Securitization Funding LLC, Class A, Series 2021-1A, 2.58%, 02/15/33‡ | | | 155,850 | | | 155,945 |
See accompanying Notes to Financial Statements.
41
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Octane Receivables Trust, Class A, Series 2019-1A, 3.16%, 09/20/23‡ | | $ | 16,501 | | $ | 16,582 |
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25‡ | | | 74,511 | | | 74,753 |
Octane Receivables Trust, Class A, Series 2021-1A, 0.93%, 03/22/27‡ | | | 194,583 | | | 193,731 |
Octane Receivables Trust, Class A, Series 2021-2A, 1.21%, 09/20/28‡ | | | 301,818 | | | 300,346 |
OneMain Financial Issuance Trust, Class A, Series 2019-1A, 3.48%, 02/14/31‡ | | | 44,996 | | | 45,019 |
Oportun Funding XIV LLC, Class A, Series 2021-A, 1.21%, 03/08/28‡ | | | 280,000 | | | 279,488 |
Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31‡ | | | 260,000 | | | 258,657 |
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡ | | | 47,460 | | | 47,474 |
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡ | | | 103,255 | | | 105,047 |
Oscar US Funding XII LLC, Class A4, Series 2021-1A (Japan), 1.00%, 04/10/28‡ | | | 190,000 | | | 188,051 |
Palmer Square Loan Funding Ltd., Class A1, Series 2021-1A (Cayman Islands), 1.03%, (3-Month USD LIBOR + 0.90%), 04/20/29@‡ | | | 197,937 | | | 198,015 |
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25‡ | | | 56,939 | | | 57,126 |
Planet Fitness Master Issuer LLC, Class A2II, Series 2018-1A, 4.67%, 09/05/48‡ | | | 285,413 | | | 292,308 |
Prestige Auto Receivables Trust, Class C, Series 2020-1A, 1.31%, 11/16/26‡ | | | 500,000 | | | 500,337 |
Purchasing Power Funding LLC, Class A, Series 2021-A, 1.57%, 10/15/25‡ | | | 265,000 | | | 263,856 |
Regional Management Issuance Trust, Class A, Series 2021-1, 1.68%, 03/17/31‡ | | | 455,000 | | | 449,791 |
Santander Consumer Auto Receivables Trust, Class C, Series 2021-AA, 1.03%, 11/16/26‡ | | | 455,000 | | | 446,487 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Santander Drive Auto Receivables Trust, Class C, Series 2021-3, 0.95%, 09/15/27 | | $ | 310,000 | | $ | 307,234 |
Sierra Timeshare Receivables Funding LLC, Class B, Series 2020-2A, 2.32%, 07/20/37‡ | | | 73,220 | | | 73,530 |
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24‡ | | | 421,264 | | | 425,227 |
Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40‡ | | | 144,082 | | | 145,471 |
TRP LLC, Class A, Series 2021-1, 2.07%, 06/19/51‡ | | | 322,338 | | | 319,774 |
United Auto Credit Securitization Trust, Class D, Series 2019-1, 3.47%, 08/12/24‡ | | | 46,141 | | | 46,250 |
Upstart Pass-Through Trust Series, Class A, Series 2021-ST2, 2.50%, 04/20/27‡ | | | 197,196 | | | 197,899 |
Upstart Securitization Trust, Class A, Series 2020-3, 1.70%, 11/20/30‡ | | | 54,624 | | | 54,794 |
Upstart Securitization Trust, Class A, Series 2021-1, 0.87%, 03/20/31‡ | | | 138,883 | | | 138,445 |
Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31‡ | | | 240,000 | | | 238,221 |
Upstart Securitization Trust, Class B, Series 2021-3, 1.66%, 07/20/31‡ | | | 345,000 | | | 341,586 |
US Auto Funding, Class B, Series 2021-1A, 1.49%, 03/17/25‡ | | | 315,000 | | | 312,600 |
US Auto Funding LLC, Class B, Series 2019-1A, 3.99%, 12/15/22‡ | | | 11,778 | | | 11,787 |
USASF Receivables LLC, Class B, Series 2020-1A, 3.22%, 05/15/24‡ | | | 280,000 | | | 282,489 |
Veros Auto Receivables Trust, Class B, Series 2021-1, 1.49%, 10/15/26‡ | | | 370,000 | | | 366,766 |
Welk Resorts LLC, Class B, Series 2019-AA, 2.99%, 06/15/38‡ | | | 259,707 | | | 264,351 |
Westgate Resorts LLC, Class A, Series 2018-1A, 3.38%, 12/20/31‡ | | | 105,599 | | | 105,977 |
See accompanying Notes to Financial Statements.
42
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | | | |
Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25‡ | | $ | 145,000 | | $ | 145,335 |
Total Asset Backed Securities
(Cost $31,288,917) | | | | | | 31,149,191 |
MORTGAGE BACKED SECURITIES — 24.4% |
Commercial Mortgage Backed Securities — 3.2% |
BPR Trust, Class A, Series 2021-KEN, 1.36%, (1-Month USD LIBOR + 1.25%), 02/15/29@‡ | | | 95,000 | | | 95,077 |
BX Trust, Class B, Series 2018-GW, 1.13%, (1-Month USD LIBOR + 1.02%), 05/15/35@‡ | | | 700,000 | | | 698,067 |
CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60‡ | | | 105,858 | | | 105,128 |
Commercial Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37‡ | | | 150,000 | | | 150,502 |
CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65‡ | | | 171,899 | | | 171,600 |
GCT Commercial Mortgage Trust, Class A, Series 2021-GCT, 0.91%, (1-Month USD LIBOR + 0.80%), 02/15/38@‡ | | | 315,000 | | | 314,739 |
GS Mortgage Securities Corp. Trust, Class A, Series 2020-TWN3, 2.11%, (1-Month USD LIBOR + 2.00%), 11/15/37@‡ | | | 175,000 | | | 175,963 |
GS Mortgage Securities Trust, Class AS, Series 2020-GC45, 3.17%, 02/13/53@* | | | 175,000 | | | 185,827 |
KKR Industrial Portfolio Trust, Class C, Series 2021-KDIP, 1.11%, (1-Month USD LIBOR + 1.00%), 12/15/37@‡ | | | 382,500 | | | 379,464 |
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46@* | | | 275,000 | | | 283,039 |
Motel Trust, Class B, Series 2021-MTL6, 1.31%, (1-Month USD LIBOR + 1.20%), 09/15/38@‡ | | | 150,000 | | | 150,052 |
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49@‡* | | | 38,605 | | | 38,630 |
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡* | | | 36,493 | | | 36,625 |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) |
Commercial Mortgage Backed Securities (continued) |
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50@‡* | | $ | 92,331 | | $ | 94,653 |
WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47 | | | 250,000 | | | 260,507 |
Total Commercial Mortgage Backed Securities | | | | | | 3,139,873 |
Residential Mortgage Backed Securities — 21.2% |
Ajax Mortgage Loan Trust, Class A1, Series 2021-A, 1.07%, 09/25/65@‡* | | | 442,539 | | | 435,494 |
American Homes 4 Rent Trust, Class A, Series 2014-SFR3, 3.68%, 12/17/36‡ | | | 147,909 | | | 154,986 |
Angel Oak Mortgage Trust, Class A1, Series 2020-6, 1.26%, 05/25/65@‡* | | | 63,985 | | | 63,910 |
Angel Oak Mortgage Trust, Class A1, Series 2020-4, 1.47%, 06/25/65@‡* | | | 136,036 | | | 135,937 |
Angel Oak Mortgage Trust, Class A1, Series 2021-5, 0.95%, 07/25/66@‡* | | | 180,307 | | | 178,004 |
Angel Oak Mortgage Trust, Class A1, Series 2021-8, 1.82%, 11/25/66@‡* | | | 485,000 | | | 487,889 |
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48@‡* | | | 10,116 | | | 10,135 |
Angel Oak Mortgage Trust I LLC, Class A1, Series 2019-2, 3.63%, 03/25/49@‡* | | | 20,924 | | | 21,024 |
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50@‡* | | | 73,372 | | | 73,022 |
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49@‡* | | | 134,498 | | | 135,124 |
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡* | | | 88,367 | | | 89,085 |
Arroyo Mortgage Trust, Class A1B, Series 2020-1, 2.10%, 03/25/55‡ | | | 232,794 | | | 233,770 |
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35 | | | 64,731 | | | 66,862 |
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡* | | | 80,975 | | | 82,377 |
See accompanying Notes to Financial Statements.
43
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) |
Residential Mortgage Backed Securities (continued) |
Bravo Residential Funding Trust, Class A1, Series 2021-NQM3, 1.70%, 04/25/60@‡* | | $ | 93,657 | | $ | 93,318 |
Cafl Issuer LLC, Class A1, Series 2021-RTL1, 2.24%, 03/28/29‡ | | | 105,000 | | | 103,385 |
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡* | | | 136,137 | | | 138,949 |
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡* | | | 50,021 | | | 51,056 |
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡* | | | 11,193 | | | 11,221 |
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64@‡* | | | 86,563 | | | 88,248 |
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2019-RP1, 3.50%, 01/25/66@‡* | | | 729,860 | | | 752,083 |
COLT Funding LLC, Class A1, Series 2021-3R, 1.05%, 12/25/64@‡* | | | 235,962 | | | 234,864 |
COLT Mortgage Loan Trust, Class A1, Series 2020-1, 2.49%, 02/25/50@‡* | | | 111,589 | | | 111,582 |
COLT Mortgage Loan Trust, Class A2, Series 2021-2, 1.13%, 08/25/66@‡* | | | 97,960 | | | 96,690 |
COLT Mortgage Pass-Through Certificates, Class A1, Series 2021-1R, 0.86%, 05/25/65@‡* | | | 331,885 | | | 331,376 |
Corevest American Finance Trust, Class A, Series 2020-3, 1.36%, 08/15/53‡ | | | 416,469 | | | 405,783 |
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 2.96%, 04/25/43@‡* | | | 2,694 | | | 2,699 |
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.80%, 04/25/44@‡* | | | 128,014 | | | 128,653 |
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 2.43%, 01/25/34@* | | | 41,427 | | | 42,214 |
CSMC Trust, Class A1, Series 2021-AFC1, 0.83%, 03/25/56@‡* | | | 184,281 | | | 182,185 |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) |
Residential Mortgage Backed Securities (continued) |
CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60@‡* | | $ | 81,573 | | $ | 82,140 |
CSMC Trust, Class A1, Series 2021-RPL3, 2.00%, 01/25/60@‡* | | | 425,909 | | | 428,452 |
CSMC Trust, Class A1, Series 2021-NQM1, 0.81%, 05/25/65@‡* | | | 666,349 | | | 663,341 |
CSMC Trust, Class A1, Series 2021-NQM2, 1.18%, 02/25/66@‡* | | | 164,640 | | | 163,159 |
Deephaven Residential Mortgage Trust, Class A1, Series 2020-2, 1.69%, 05/25/65‡ | | | 101,108 | | | 101,170 |
Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27‡ | | | 315,000 | | | 311,652 |
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡* | | | 34,655 | | | 34,860 |
Ellington Financial Mortgage Trust, Class A1, Series 2020-1, 2.01%, 05/25/65@‡* | | | 225,948 | | | 226,581 |
Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66@‡* | | | 123,099 | | | 122,030 |
Ellington Financial Mortgage Trust, Class A1, Series 2021-2, 0.93%, 06/25/66@‡* | | | 239,988 | | | 235,818 |
Firstkey Homes Trust, Class B, Series 2020-SFR2, 1.57%, 10/19/37‡ | | | 175,000 | | | 170,992 |
Firstkey Homes Trust, Class A, Series 2020-SFR2, 1.27%, 10/19/37‡ | | | 166,525 | | | 162,524 |
Firstkey Homes Trust, Class D, Series 2021-SFR1, 2.19%, 08/17/38‡ | | | 240,000 | | | 235,700 |
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡* | | | 91,072 | | | 91,791 |
Galton Funding Mortgage Trust, Class A1, Series 2020-H1, 2.31%, 01/25/60@‡* | | | 41,932 | | | 42,376 |
GS Mortgage-Backed Securities Trust, Class A3, Series 2020-NQM1, 2.35%, 09/27/60@‡* | | | 201,998 | | | 202,603 |
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33 | | | 62,901 | | | 65,923 |
See accompanying Notes to Financial Statements.
44
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) |
Residential Mortgage Backed Securities (continued) |
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡* | | $ | 100,452 | | $ | 101,421 |
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.37%, 06/25/29@‡* | | | 193,981 | | | 194,591 |
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.23%, 08/25/34@* | | | 48,003 | | | 50,640 |
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.18%, 04/25/35@* | | | 143,882 | | | 144,669 |
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 2.34%, 05/25/45@‡* | | | 140,394 | | | 142,374 |
Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26‡ | | | 205,000 | | | 205,549 |
MetLife Securitization Trust, Class A, Series 2018-1A, 3.75%, 03/25/57@‡* | | | 311,390 | | | 321,702 |
MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58@‡* | | | 431,401 | | | 442,593 |
MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65@‡* | | | 332,970 | | | 331,611 |
New Residential Mortgage Loan Trust, Class B1, Series 2018-4A, 1.15%, (1-Month USD LIBOR + 1.05%), 01/25/48@‡ | | | 505,949 | | | 507,833 |
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡* | | | 65,271 | | | 68,010 |
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡* | | | 123,275 | | | 129,140 |
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡* | | | 264,328 | | | 279,110 |
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡* | | | 188,589 | | | 199,487 |
New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57@‡* | | | 616,918 | | | 651,051 |
New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58@‡* | | | 258,602 | | | 257,543 |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) |
Residential Mortgage Backed Securities (continued) |
Newrez Warehouse Securitization Trust, Class C, Series 2021-1, 1.15%, (1-Month USD LIBOR + 1.05%), 05/25/55@‡ | | $ | 300,000 | | $ | 298,942 |
NLT Trust, Class A1, Series 2021-INV2, 1.16%, 08/25/56@‡* | | | 300,888 | | | 296,552 |
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡* | | | 51,504 | | | 52,544 |
PRPM LLC, Class A1, Series 2021-RPL1, 1.32%, 07/25/51@‡* | | | 695,845 | | | 686,799 |
PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51@‡* | | | 98,172 | | | 97,589 |
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50@‡* | | | 54,444 | | | 55,075 |
Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60@‡* | | | 104,262 | | | 104,826 |
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡* | | | 132,301 | | | 132,254 |
Star Trust, Class A1, Series 2021-1, 1.22%, 05/25/65@‡* | | | 338,764 | | | 337,918 |
Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56@‡* | | | 119,022 | | | 117,789 |
Starwood Mortgage Residential Trust, Class A1, Series 2020-2, 2.72%, 04/25/60@‡* | | | 162,987 | | | 164,188 |
Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65@‡* | | | 450,812 | | | 451,486 |
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.11%, 02/25/34 | | | 257,437 | | | 262,366 |
Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63@‡* | | | 132,100 | | | 132,119 |
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡* | | | 100,000 | | | 102,896 |
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡* | | | 86,628 | | | 86,854 |
Towd Point Mortgage Trust, Class A2, Series 2017-1, 3.50%, 10/25/56@‡* | | | 250,000 | | | 257,481 |
See accompanying Notes to Financial Statements.
45
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) | |
Residential Mortgage Backed Securities (continued) |
Towd Point Mortgage Trust, Class A2, Series 2017-2, 3.25%, 04/25/57@‡* | | $ | 260,000 | | $ | 266,200 |
Towd Point Mortgage Trust, Class A1, Series 2018-3, 3.75%, 05/25/58@‡* | | | 297,718 | | | 308,355 |
Towd Point Mortgage Trust, Class A1, Series 2018-4, 3.00%, 06/25/58@‡* | | | 395,994 | | | 405,945 |
Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60@‡* | | | 130,000 | | | 129,462 |
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL4, 1.87%, 08/25/51‡ | | | 283,946 | | | 279,841 |
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL5, 1.87%, 08/25/51‡ | | | 101,731 | | | 100,408 |
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL6, 1.92%, 09/25/51‡ | | | 203,711 | | | 200,554 |
VCAT LLC, Class A1, Series 2021-NPL1, 2.29%, 12/26/50‡ | | | 84,338 | | | 84,287 |
Verus Securitization Trust, Class A1, Series 2019-INV2, 2.91%, 07/25/59@‡* | | | 56,753 | | | 57,099 |
Verus Securitization Trust, Class A1, Series 2020-1, 2.42%, 01/25/60‡ | | | 72,604 | | | 72,866 |
Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63@‡* | | | 413,272 | | | 411,738 |
Verus Securitization Trust, Class A1, Series 2021-R3, 1.02%, 04/25/64@‡* | | | 336,245 | | | 335,541 |
Verus Securitization Trust, Class A1, Series 2020-4, 1.50%, 05/25/65‡ | | | 219,883 | | | 219,596 |
Verus Securitization Trust, Class A1, Series 2021-1, 0.82%, 01/25/66@‡* | | | 111,397 | | | 110,402 |
Verus Securitization Trust, Class A1, Series 2021-2, 1.03%, 02/25/66@‡* | | | 365,104 | | | 361,668 |
Verus Securitization Trust, Class A1, Series 2021-3, 1.05%, 06/25/66@‡* | | | 689,470 | | | 682,259 |
Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54@‡* | | | 263,965 | | | 266,598 |
Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56‡ | | | 341,007 | | | 338,584 |
Investments | | Principal | | Value |
MORTGAGE BACKED SECURITIES (continued) | |
Residential Mortgage Backed Securities (continued) |
VOLT XCV LLC, Class A1, Series 2021-NPL4, 2.24%, 03/27/51‡ | | $ | 151,436 | | $ | 150,547 |
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 2.56%, 06/25/33@* | | | 57,110 | | | 56,730 |
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.60%, 07/25/34@* | | | 22,452 | | | 22,253 |
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.62%, 07/25/34@* | | | 55,719 | | | 56,300 |
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.77%, 10/25/34@* | | | 85,978 | | | 85,577 |
Total Residential Mortgage Backed Securities | | | | | | 20,950,849 |
Total Mortgage Backed Securities
(Cost $24,277,878) | | | | | | 24,090,722 |
CORPORATE BONDS — 19.8% | | | | | | |
Communication Services — 1.6% |
Commscope, Inc., 4.75%, 09/01/29‡ | | | 170,000 | | | 169,244 |
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/27‡ | | | 65,000 | | | 66,613 |
Level 3 Financing, Inc., 4.63%, 09/15/27‡ | | | 100,000 | | | 102,151 |
Level 3 Financing, Inc., 4.25%, 07/01/28‡ | | | 140,000 | | | 138,827 |
Live Nation Entertainment, Inc., 4.75%, 10/15/27‡ | | | 155,000 | | | 159,495 |
ROBLOX Corp., 3.88%, 05/01/30‡ | | | 30,000 | | | 30,480 |
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25‡ | | | 211,250 | | | 221,288 |
T-Mobile USA, Inc., 3.50%, 04/15/25 | | | 145,000 | | | 153,791 |
T-Mobile USA, Inc., 2.05%, 02/15/28 | | | 140,000 | | | 139,180 |
TripAdvisor, Inc., 7.00%, 07/15/25‡ | | | 115,000 | | | 121,442 |
Twitter, Inc., 3.88%, 12/15/27‡(a) | | | 100,000 | | | 104,578 |
See accompanying Notes to Financial Statements.
46
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Communication Services (continued) |
Verizon Communications, Inc., 1.26%, (3-Month USD LIBOR + 1.10%), 05/15/25@ | | $ | 210,000 | | $ | 214,208 |
Total Communication Services | | | | | | 1,621,297 |
Consumer Discretionary — 0.7% |
Gap, Inc. (The), 3.63%, 10/01/29‡(a) | | | 80,000 | | | 79,253 |
General Motors Co., 6.13%, 10/01/25 | | | 150,000 | | | 172,532 |
General Motors Financial Co., Inc., 1.25%, 01/08/26 | | | 55,000 | | | 53,893 |
Hyatt Hotels Corp., 1.80%, 10/01/24 | | | 254,000 | | | 254,085 |
MGM Growth Properties Operating Partnership LP / Mgp Finance Co.-Issuer, Inc., 4.63%, 06/15/25‡ | | | 75,000 | | | 80,114 |
Total Consumer Discretionary | | | | | | 639,877 |
Consumer Staples — 0.4% | | | | | | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 03/15/26‡ | | | 195,000 | | | 198,862 |
Vector Group Ltd., 5.75%, 02/01/29‡ | | | 185,000 | | | 180,296 |
Total Consumer Staples | | | | | | 379,158 |
Energy — 1.6% | | | | | | |
Boardwalk Pipelines LP, 4.95%, 12/15/24 | | | 245,000 | | | 265,735 |
Chesapeake Energy Corp., 5.50%, 02/01/26‡ | | | 180,000 | | | 189,664 |
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25‡ | | | 100,000 | | | 102,367 |
CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/29‡ | | | 55,000 | | | 57,146 |
DT Midstream, Inc., 4.13%, 06/15/29‡ | | | 155,000 | | | 158,939 |
Energy Transfer LP, 4.20%, 04/15/27 | | | 105,000 | | | 114,022 |
EQM Midstream Partners LP, 6.00%, 07/01/25‡ | | | 135,000 | | | 146,964 |
EQM Midstream Partners LP, 6.50%, 07/01/27‡ | | | 20,000 | | | 22,425 |
Midwest Connector Capital Co. LLC, 3.63%, 04/01/22‡ | | | 105,000 | | | 105,193 |
NGPL PipeCo. LLC, 4.88%, 08/15/27‡ | | | 118,000 | | | 131,504 |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Energy (continued) | | | | | | |
Occidental Petroleum Corp., 5.88%, 09/01/25 | | $ | 145,000 | | $ | 160,045 |
Targa Resources Partners LP /Targa Resources Partners Finance Corp., 5.88%, 04/15/26 | | | 85,000 | | | 88,802 |
Total Energy | | | | | | 1,542,806 |
Financials — 7.5% | | | | | | |
Athene Global Funding, 2.45%, 08/20/27‡ | | | 240,000 | | | 244,945 |
Bank of America Corp., 0.91%, (3-Month USD LIBOR + 0.77%), 02/05/26@ | | | 253,000 | | | 256,888 |
Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27@ | | | 760,000 | | | 755,317 |
Blackstone Private Credit Fund, 2.63%, 12/15/26‡ | | | 166,000 | | | 162,029 |
Capital One Financial Corp., 3.75%, 07/28/26 | | | 315,000 | | | 338,336 |
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)#@ | | | 220,000 | | | 222,475 |
Charles Schwab Corp. (The), Series G, 5.38%, (US 5 Year CMT T-Note + 4.97%)#@ | | | 44,000 | | | 48,070 |
Citadel LP, 4.88%, 01/15/27‡ | | | 170,000 | | | 181,370 |
Citigroup, Inc., 1.46%, (3-Month USD LIBOR + 1.25%), 07/01/26@ | | | 210,000 | | | 214,958 |
Coinbase Global, Inc., 3.38%, 10/01/28‡ | | | 105,000 | | | 98,262 |
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 3.88%, 02/15/26‡ | | | 250,000 | | | 254,989 |
F&G Global Funding, 1.75%, 06/30/26‡ | | | 198,000 | | | 197,078 |
Goldman Sachs Group, Inc. (The), 1.78%, (3-Month USD LIBOR + 1.60%), 11/29/23@ | | | 270,000 | | | 275,541 |
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27 | | | 105,000 | | | 112,969 |
Goldman Sachs Group, Inc. (The), 1.89%, (3-Month USD LIBOR + 1.75%), 10/28/27@ | | | 280,000 | | | 293,394 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/26 | | | 230,000 | | | 239,845 |
JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%)#@ | | | 562,000 | | | 577,455 |
See accompanying Notes to Financial Statements.
47
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Financials (continued) | | | | | | |
JPMorgan Chase & Co., Series Z, 3.93%, (3-Month USD LIBOR + 3.80%)#@ | | $ | 430,000 | | $ | 432,817 |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27‡ | | | 145,000 | | | 146,112 |
Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T-Note + 3.32%), 12/15/51@‡ | | | 160,000 | | | 159,836 |
Lincoln National Corp., 2.17%, (3-Month USD LIBOR + 2.04%), 04/20/67@ | | | 285,000 | | | 245,812 |
MetLife, Inc., Series D, 5.88%, (3-Month USD LIBOR + 2.96%)#@(a) | | | 155,000 | | | 174,383 |
Morgan Stanley, 1.52%, (3-Month USD LIBOR + 1.40%), 10/24/23@ | | | 280,000 | | | 282,493 |
Navient Corp., 5.88%, 10/25/24 | | | 240,000 | | | 256,140 |
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@ | | | 244,000 | | | 253,960 |
Santander Holdings USA, Inc., 3.24%, 10/05/26 | | | 235,000 | | | 245,582 |
Spirit Realty LP, 4.45%, 09/15/26 | | | 96,429 | | | 106,258 |
Spirit Realty LP, 2.10%, 03/15/28 | | | 79,000 | | | 77,013 |
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 05/06/31@ | | | 135,000 | | | 139,724 |
Wells Fargo & Co., 4.10%, 06/03/26 | | | 410,000 | | | 447,534 |
Total Financials | | | | | | 7,441,585 |
Health Care — 1.8% | | | | | | |
Avantor Funding, Inc., 3.88%, 11/01/29‡ | | | 40,000 | | | 40,494 |
Baxter International, Inc., 1.92%, 02/01/27‡ | | | 149,000 | | | 149,731 |
Baxter International, Inc., 2.27%, 12/01/28‡ | | | 150,000 | | | 151,342 |
HCA, Inc., 5.38%, 02/01/25 | | | 215,000 | | | 236,564 |
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29‡ | | | 30,000 | | | 29,954 |
Mylan NV, 3.95%, 06/15/26 | | | 50,000 | | | 53,992 |
Royalty Pharma PLC, 1.20%, 09/02/25 | | | 23,000 | | | 22,546 |
Royalty Pharma PLC, 1.75%, 09/02/27 | | | 323,000 | | | 317,784 |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Health Care (continued) | | | | | | |
Tenet Healthcare Corp., 7.50%, 04/01/25‡ | | $ | 10,000 | | $ | 10,537 |
Tenet Healthcare Corp., 4.88%, 01/01/26‡ | | | 190,000 | | | 195,446 |
Universal Health Services, Inc., 1.65%, 09/01/26‡ | | | 260,000 | | | 255,619 |
Viatris, Inc., 2.30%, 06/22/27 | | | 275,000 | | | 276,966 |
Total Health Care | | | | | | 1,740,975 |
Industrials — 1.4% | | | | | | |
Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27‡ | | | 223,030 | | | 244,253 |
Boeing Co. (The), 4.88%, 05/01/25 | | | 120,000 | | | 131,443 |
Boeing Co. (The), 5.04%, 05/01/27 | | | 112,000 | | | 126,276 |
General Electric Co., Series D, 3.53%, (3-Month USD LIBOR + 3.33%)#@ | | | 285,000 | | | 285,000 |
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28‡ | | | 276,000 | | | 270,649 |
Spirit AeroSystems, Inc., 5.50%, 01/15/25‡ | | | 195,000 | | | 202,265 |
Vertiv Group Corp., 4.13%, 11/15/28‡ | | | 155,000 | | | 156,816 |
Total Industrials | | | | | | 1,416,702 |
Information Technology — 1.6% |
Block, Inc., 2.75%, 06/01/26‡ | | | 115,000 | | | 115,288 |
CDW LLC / CDW Finance Corp., 2.67%, 12/01/26 | | | 98,000 | | | 100,557 |
CDW LLC / CDW Finance Corp., 3.28%, 12/01/28 | | | 98,000 | | | 100,560 |
Citrix Systems, Inc., 1.25%, 03/01/26(a) | | | 25,000 | | | 24,384 |
Dell International LLC / EMC Corp., 4.90%, 10/01/26 | | | 210,000 | | | 236,807 |
Flex Ltd., 3.75%, 02/01/26 | | | 191,000 | | | 204,286 |
HP, Inc., 3.00%, 06/17/27(a) | | | 155,000 | | | 163,217 |
Kyndryl Holdings, Inc., 2.05%, 10/15/26‡ | | | 108,000 | | | 105,281 |
Kyndryl Holdings, Inc., 2.70%, 10/15/28‡ | | | 105,000 | | | 101,790 |
TD Synnex Corp., 1.75%, 08/09/26‡ | | | 107,000 | | | 104,447 |
TD Synnex Corp., 2.38%, 08/09/28‡ | | | 110,000 | | | 106,955 |
Xerox Holdings Corp., 5.00%, 08/15/25‡ | | | 200,000 | | | 212,210 |
Total Information Technology | | | | | | 1,575,782 |
See accompanying Notes to Financial Statements.
48
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Materials — 1.0% | | | | | | |
Ardagh Packaging Finance
PLC / Ardagh Holdings USA, Inc., 4.13%, 08/15/26‡ | | $ | 200,000 | | $ | 204,750 |
Chemours Co. (The), 5.75%, 11/15/28‡ | | | 90,000 | | | 94,208 |
Glatfelter Corp., 4.75%, 11/15/29‡ | | | 100,000 | | | 103,273 |
International Flavors & Fragrances, Inc., 1.23%, 10/01/25‡ | | | 118,000 | | | 115,549 |
International Flavors & Fragrances, Inc., 1.83%, 10/15/27‡ | | | 233,000 | | | 229,072 |
Silgan Holdings, Inc., 1.40%, 04/01/26‡ | | | 271,000 | | | 264,713 |
Total Materials | | | | | | 1,011,565 |
Real Estate — 1.0% | | | | | | |
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 | | | 195,000 | | | 213,813 |
Office Properties Income Trust, 4.50%, 02/01/25 | | | 225,000 | | | 237,387 |
Office Properties Income Trust, 2.65%, 06/15/26 | | | 105,000 | | | 104,371 |
Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23 | | | 231,000 | | | 244,319 |
Service Properties Trust, 4.65%, 03/15/24 | | | 200,000 | | | 197,717 |
Total Real Estate | | | | | | 997,607 |
Utilities — 1.2% | | | | | | |
Dominion Energy, Inc., Series A, 1.45%, 04/15/26 | | | 260,000 | | | 257,376 |
Exelon Corp., 3.50%, 06/01/22 | | | 212,000 | | | 213,976 |
FirstEnergy Transmission LLC, 2.87%, 09/15/28‡ | | | 119,000 | | | 119,413 |
NRG Energy, Inc., 3.75%, 06/15/24‡ | | | 175,000 | | | 182,735 |
Puget Energy, Inc., 2.38%, 06/15/28 | | | 151,000 | | | 148,869 |
Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51@ | | | 254,000 | | | 254,635 |
Total Utilities | | | | | | 1,177,004 |
Total Corporate Bonds
(Cost $19,470,098) | | | | | | 19,544,358 |
Investments | | Principal | | Value |
TERM LOANS — 10.8% | | | | | | |
Aerospace — 1.0% | | | | | | |
Air Canada, 4.25%, (3-Month USD LIBOR + 3.50%), 08/11/28@ | | $ | 28,235 | | $ | 28,250 |
American Airlines, Inc., 5.50%, (3-Month USD LIBOR + 4.75%), 04/20/28@ | | | 185,000 | | | 192,020 |
Brown Group Holding LLC, 3.00%, (3-Month USD LIBOR + 2.50%), 06/07/28@ | | | 130,463 | | | 130,382 |
KKR Apple Bidco LLC, 3.50%, (1-Month USD LIBOR + 3.00%), 07/14/28@ | | | 80,000 | | | 79,856 |
Mileage Plus Holdings LLC, 6.25%, (3-Month USD LIBOR + 5.25%), 06/21/27@ | | | 105,000 | | | 111,012 |
SkyMiles IP Ltd, 4.75%, (3-Month USD LIBOR + 3.75%), 09/16/27@ | | | 145,000 | | | 153,700 |
TransDigm, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 08/22/24@ | | | 162,452 | | | 160,875 |
TransDigm, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 05/30/25@ | | | 89,091 | | | 88,012 |
United Airlines, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 04/21/28@ | | | 29,775 | | | 29,949 |
Total Aerospace | | | | | | 974,056 |
Chemicals — 0.7% | | | | | | |
Element Solutions, Inc., 2.09%, (1-Month USD LIBOR + 2.00%), 01/31/26@ | | | 89,316 | | | 89,093 |
Ineos US Finance LLC, 2.10%, (1-Month USD LIBOR + 2.00%), 04/01/24@ | | | 238,885 | | | 237,945 |
INEOS US Petrochem LLC, 3.25%, (1-Month USD LIBOR + 2.75%), 01/29/26@ | | | 134,325 | | | 134,101 |
Nouryon USA LLC, 3.10%, (1-Month USD LIBOR + 3.00%), 10/01/25@ | | | 136,624 | | | 136,326 |
Trinseo Materials Operating SCA, 2.60%, (1-Month USD LIBOR + 2.50%), 05/03/28@ | | | 129,350 | | | 128,599 |
Total Chemicals | | | | | | 726,064 |
Consumer Durables — 0.3% | | | | | | |
Resideo Funding, Inc., 2.75%, (3-Month USD LIBOR + 2.25%), 02/11/28@ | | | 89,325 | | | 89,325 |
RH, 2.59%, (1-Month USD LIBOR + 1.00%), 10/15/28@ | | | 105,000 | | | 104,921 |
See accompanying Notes to Financial Statements.
49
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
TERM LOANS (continued) | | | |
Consumer Durables (continued) |
Ziggo Financing Partnership, 2.10%, (1-Month USD LIBOR + 2.00%), 07/02/25@ | | $ | 133,636 | | $ | 133,331 |
Total Consumer Durables | | | | | | 327,577 |
Consumer Non-Durables — 0.2% |
Diamond BC BV, 3.50%, (3-Month USD LIBOR + 3.00%), 09/15/28@ | | | 150,000 | | | 149,730 |
Energy — 0.2% | | | | | | |
DT Midstream, Inc., 2.50%, (3-Month USD LIBOR + 2.00%), 06/26/28@ | | | 54,725 | | | 54,901 |
Freeport LNG Investments LLLP, 4.00%, (3-Month USD LIBOR + 3.50%), 11/17/28@ | | | 10,000 | | | 9,917 |
Oryx Midstream Services Permian Basin LLC, 3.75%, (3-Month USD LIBOR + 3.25%), 09/30/28@ | | | 155,000 | | | 154,213 |
Total Energy | | | | | | 219,031 |
Financials — 0.7% | | | | | | |
Asurion LLC, 3.35%, (1-Month USD LIBOR + 3.25%), 12/23/26@ | | | 84,150 | | | 83,694 |
Avolon TLB Borrower 1 US LLC, 2.75%, (1-Month USD LIBOR + 2.25%), 12/01/27@ | | | 326,700 | | | 327,543 |
Citadel Securities LP, 2.60%, (1-Month USD LIBOR + 2.50%), 02/02/28@ | | | 253,224 | | | 251,924 |
Total Financials | | | | | | 663,161 |
Food/Tobacco — 0.6% | | | | | | |
Aramark Services, Inc., 1.85%, (1-Month USD LIBOR + 1.75%), 03/11/25@ | | | 85,000 | | | 84,123 |
Aramark Services, Inc., 2.60%, (1-Month USD LIBOR + 2.50%), 04/06/28@ | | | 109,607 | | | 109,231 |
Froneri US, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 01/29/27@ | | | 84,146 | | | 83,209 |
Hostess Brands LLC, 3.00%, (3-Month USD LIBOR + 2.25%), 08/03/25@ | | | 133,633 | | | 133,424 |
JBS USA LUX SA, 2.10%, (1-Month USD LIBOR + 2.00%), 05/01/26@ | | | 183,117 | | | 182,982 |
Total Food/Tobacco | | | | | | 592,969 |
Investments | | Principal | | Value |
TERM LOANS (continued) | | | |
Forest Prod/Containers — 0.2% |
Berry Global, Inc., 1.86%, (2-Month USD LIBOR + 1.75%), 07/01/26@ | | $ | 134,377 | | $ | 133,671 |
Mauser Packaging Solutions Holding Co., 3.35%, (1-Month USD LIBOR + 3.25%), 04/03/24@ | | | 89,067 | | | 88,057 |
Total Forest Prod/Containers | | | | | | 221,728 |
Gaming/Leisure — 1.1% | | | | | | |
Aristocrat International Pty Ltd., 4.75%, (3-Month USD LIBOR + 3.75%), 10/19/24@ | | | 29,587 | | | 29,763 |
Aristocrat Leisure Ltd., 1.88%, (3-Month USD LIBOR + 1.75%), 10/19/24@ | | | 135,000 | | | 133,837 |
Caesars Resort Collection LLC, 2.85%, (1-Month USD LIBOR + 2.75%), 12/23/24@ | | | 153,927 | | | 153,326 |
Hilton Grand Vacations Borrower LLC, 3.50%, (1-Month USD LIBOR + 3.00%), 05/19/28@ | | | 24,938 | | | 24,997 |
Hilton Worldwide Finance LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 06/22/26@ | | | 175,000 | | | 173,756 |
Scientific Games International, Inc., 2.85%, (1-Month USD LIBOR + 2.75%), 08/14/24@ | | | 208,764 | | | 208,340 |
Stars Group Holdings BV, 2.47%, (3-Month USD LIBOR + 2.25%), 07/21/26@ | | | 118,315 | | | 118,042 |
Station Casinos LLC, 2.50%, (1-Month USD LIBOR + 2.25%), 02/08/27@ | | | 49,120 | | | 48,776 |
UFC Holdings LLC, 3.50%, (3-Month USD LIBOR + 2.75%), 04/29/26@ | | | 169,537 | | | 169,083 |
Total Gaming/Leisure | | | | | | 1,059,920 |
Health Care — 0.9% | | | | | | |
Agiliti Health Inc, 2.88%, (1-Month USD LIBOR + 2.75%), 01/04/26@ | | | 59,846 | | | 59,622 |
Elanco Animal Health, Inc., 1.85%, (1-Month USD LIBOR + 1.75%), 08/01/27@ | | | 143,099 | | | 141,433 |
Horizon Therapeutics USA, Inc., 2.25%, (1-Month USD LIBOR + 1.75%), 03/15/28@ | | | 178,650 | | | 178,283 |
ICU Medical Inc, 12/15/28(b) | | | 25,000 | | | 25,068 |
IQVIA Holdings, Inc., 1.97%, (3-Month USD LIBOR + 1.75%), 06/11/25@ | | | 120,770 | | | 120,519 |
See accompanying Notes to Financial Statements.
50
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
TERM LOANS (continued) | | | |
Health Care (continued) | | | | | | |
Mozart Borrower LP, 3.75%, (1-Month USD LIBOR + 3.25%), 09/30/28@ | | $ | 60,000 | | $ | 60,054 |
Phoenix Newco Inc, 4.00%, (1-Month USD LIBOR + 3.50%), 08/11/28@ | | | 25,000 | | | 25,035 |
Select Medical Corp., 2.36%, (1-Month USD LIBOR + 2.25%), 03/06/25@ | | | 90,000 | | | 89,606 |
Valeant Pharmaceuticals International, Inc., 3.10%, (1-Month USD LIBOR + 3.00%), 06/02/25@ | | | 204,097 | | | 203,408 |
Total Health Care | | | | | | 903,028 |
Housing — 0.8% | | | | | | |
American Builders & Contractors Supply Co., Inc., 2.10%, (1-Month USD LIBOR + 2.00%), 01/15/27@ | | | 148,858 | | | 148,082 |
CPG International LLC, 3.25%, (3-Month USD LIBOR + 2.50%), 05/05/24@ | | | 135,000 | | | 135,209 |
Quikrete Holdings, Inc., 06/11/28(b) | | | 145,000 | | | 144,889 |
Standard Industries Inc/NJ, 3.00%, (3-Month USD LIBOR + 2.50%), 08/06/28@ | | | 160,063 | | | 160,396 |
Summit Materials LLC, 2.10%, (1-Month USD LIBOR + 2.00%), 11/21/24@ | | | 163,121 | | | 163,284 |
Total Housing | | | | | | 751,860 |
Information Technology — 0.7% |
Boxer Parent Co Inc, 3.97%, (3-Month USD LIBOR + 3.75%), 10/02/25@ | | | 99,711 | | | 99,213 |
CCC Intelligent Solutions Inc, 3.00%, (3-Month USD LIBOR + 2.50%), 09/15/28@ | | | 115,000 | | | 115,054 |
Go Daddy Operating Co. LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 02/15/24@ | | | 182,444 | | | 181,557 |
Tenable, Inc., 3.25%, (3-Month USD LIBOR + 2.75%), 07/07/28@ | | | 145,000 | | | 144,819 |
UKG Inc, 3.75%, (1-Month USD LIBOR + 3.25%), 05/04/26@ | | | 180,440 | | | 179,800 |
Total Information Technology | | | | | | 720,443 |
Manufacturing — 0.4% | | | | | | |
Gates Global LLC, 3.25%, (1-Month USD LIBOR + 2.50%), 03/31/27@ | | | 133,650 | | | 133,524 |
Investments | | Principal | | Value |
TERM LOANS (continued) | | | |
Manufacturing (continued) | | | | | | |
NCR Corp., 2.63%, (3-Month USD LIBOR + 2.50%), 08/28/26@ | | $ | 158,118 | | $ | 156,933 |
Tenneco, Inc., 3.10%, (1-Month USD LIBOR + 3.00%), 10/01/25@ | | | 89,082 | | | 87,968 |
Total Manufacturing | | | | | | 378,425 |
Media/Telecom – Broadcasting — 0.1% |
Nexstar Media Group, Inc., 2.60%, (1-Month USD LIBOR + 2.50%), 09/18/26@ | | | 135,588 | | | 135,504 |
Media/Telecom – Cable/Wireless Video — 0.6% |
Charter Communications Operating LLC, 1.86%, (1-Month USD LIBOR + 1.75%), 02/01/27@ | | | 173,228 | | | 171,793 |
CSC Holdings LLC, 2.36%, (1-Month USD LIBOR + 2.25%), 01/15/26@ | | | 84,135 | | | 83,167 |
CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), 2.36%, (1-Month USD LIBOR + 2.25%), 07/17/25@ | | | 181,660 | | | 179,162 |
Virgin Media Bristol LLC, 2.61%, (1-Month USD LIBOR + 2.50%), 01/31/28@ | | | 145,000 | | | 143,883 |
Total Media/Telecom – Cable/Wireless Video | | | | | | 578,005 |
Media/Telecom – Diversified Media — 0.2% |
Clear Channel, 3.63%, (3-Month USD LIBOR + 3.50%), 08/21/26@ | | | 107,525 | | | 106,192 |
Dotdash Meredith Inc, 4.05%, (1-Month USD LIBOR + 4.00%), 11/23/28@ | | | 110,000 | | | 110,207 |
Total Media/Telecom – Diversified Media | | | | | | 216,399 |
Media/Telecom – Telecommunications — 0.2% |
CenturyLink, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 03/15/27@ | | | 147,817 | | | 146,328 |
Cincinnati Bell Inc, 3.45%, (3-Month USD LIBOR + 3.25%), 11/17/28@ | | | 20,000 | | | 20,023 |
Total Media/Telecom – Telecommunications | | | | | | 166,351 |
See accompanying Notes to Financial Statements.
51
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
TERM LOANS (continued) | | | |
Media/Telecom – Wireless Communications — 0.1% |
SBA Senior Finance II LLC, 1.86%, (1-Month USD LIBOR + 1.75%), 04/11/25@ | | $ | 128,667 | | $ | 127,441 |
Retail — 0.1% | | | | | | |
PetSmart, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 02/11/28@ | | | 99,750 | | | 100,031 |
Service — 1.2% | | | | | | |
AlixPartners LLP, 3.25%, (1-Month USD LIBOR + 2.75%), 02/04/28@ | | | 158,800 | | | 158,289 |
APi Group DE Inc, 10/07/28(b) | | | 20,000 | | | 20,002 |
Asplundh Tree Expert LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 09/07/27@ | | | 148,869 | | | 148,456 |
Dun & Bradstreet Corp. (The), 3.35%, (1-Month USD LIBOR + 3.25%), 02/06/26@ | | | 168,387 | | | 167,906 |
Pike Corp., 3.11%, (1-Month USD LIBOR + 3.00%), 01/21/28@ | | | 105,479 | | | 105,300 |
PODS LLC, 3.75%, (1-Month USD LIBOR + 3.00%), 03/31/28@ | | | 119,500 | | | 119,242 |
Sedgwick Claims Management Services Inc, 3.35%, (1-Month USD LIBOR + 3.25%), 12/31/25@ | | | 99,743 | | | 99,089 |
Trans Union LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 11/16/26@ | | | 138,570 | | | 137,357 |
WEX, Inc., 2.35%, (1-Month USD LIBOR + 2.25%), 03/31/28@ | | | 213,388 | | | 212,543 |
Total Service | | | | | | 1,168,184 |
Utility — 0.5% | | | | | | |
Astoria Energy LLC, 4.50%, (3-Month USD LIBOR + 3.50%), 12/10/27@ | | | 117,987 | | | 117,869 |
Vistra Operations Co. LLC, 1.85%, (1-Month USD LIBOR + 1.75%), 12/31/25@ | | | 360,957 | | | 358,715 |
Total Utility | | | | | | 476,584 |
Total Term Loans
(Cost $10,662,773) | | | | | | 10,656,491 |
Investments | | Principal | | Value |
FOREIGN BONDS — 5.8% | | | | | | |
Consumer Staples — 0.6% | | | | | | |
Bacardi Ltd. (Bermuda), 4.70%, 05/15/28‡ | | $ | 210,000 | | $ | 237,882 |
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28 | | | 330,000 | | | 322,112 |
Total Consumer Staples | | | | | | 559,994 |
Energy — 0.9% | | | | | | |
Aker BP ASA (Norway), 2.88%, 01/15/26‡ | | | 150,000 | | | 155,695 |
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)#@ | | | 205,000 | | | 220,375 |
Lundin Energy Finance BV (Netherlands), 2.00%, 07/15/26‡ | | | 400,000 | | | 397,831 |
Petroleos Mexicanos (Mexico), 6.50%, 03/13/27 | | | 100,000 | | | 106,811 |
Total Energy | | | | | | 880,712 |
Financials — 0.7% | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.45%, 10/29/26 | | | 150,000 | | | 151,416 |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28 | | | 155,000 | | | 157,447 |
Banco Santander (Chile), 2.70%, 01/10/25‡ | | | 150,000 | | | 153,347 |
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28 | | | 210,000 | | | 230,883 |
Total Financials | | | | | | 693,093 |
Industrials — 1.0% | | | | | | |
Ashtead Capital, Inc. (United Kingdom), 4.38%, 08/15/27‡ | | | 445,000 | | | 462,292 |
British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35‡ | | | 214,979 | | | 215,179 |
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22‡ | | | 137,341 | | | 136,059 |
GFL Environmental, Inc. (Canada), 3.75%, 08/01/25‡ | | | 145,000 | | | 146,630 |
GFL Environmental, Inc. (Canada), 4.00%, 08/01/28‡(a) | | | 50,000 | | | 49,085 |
Total Industrials | | | | | | 1,009,245 |
See accompanying Notes to Financial Statements.
52
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
FOREIGN BONDS (continued) | | | |
Information Technology — 0.6% |
Open Text Corp. (Canada), 3.88%, 02/15/28‡ | | $ | 230,000 | | $ | 234,781 |
SK Hynix, Inc. (South Korea), 1.50%, 01/19/26‡ | | | 200,000 | | | 195,923 |
TSMC Arizona Corp (Taiwan), 1.75%, 10/25/26 | | | 200,000 | | | 200,316 |
Total Information Technology | | | | | | 631,020 |
Materials — 0.7% | | | | | | |
Anglo American Capital PLC (South Africa), 2.25%, 03/17/28‡(a) | | | 200,000 | | | 196,717 |
Glencore Funding LLC (Australia), 1.63%, 09/01/25‡ | | | 245,000 | | | 242,820 |
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡ | | | 180,000 | | | 188,842 |
Suzano Austria GMBH (Brazil), 2.50%, 09/15/28 | | | 80,000 | | | 77,300 |
Total Materials | | | | | | 705,679 |
Oil & Gas — 0.2% | | | | | | |
Petroleos Mexicanos (Mexico), 4.63%, 09/21/23 | | | 180,000 | | | 184,738 |
Sovereign Government — 1.1% |
Indonesia Government International Bond (Indonesia), 5.88%, 01/15/24‡ | | | 200,000 | | | 219,404 |
Oman Government International Bond (Oman), 4.88%, 02/01/25‡ | | | 200,000 | | | 208,629 |
Qatar Government International Bond (Qatar), 3.40%, 04/16/25‡ | | | 200,000 | | | 212,514 |
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25 | | | 200,000 | | | 221,496 |
Turkey Government International Bond (Turkey), 7.38%, 02/05/25 | | | 185,000 | | | 186,899 |
Total Sovereign Government | | | | | | 1,048,942 |
Total Foreign Bonds
(Cost $5,691,296) | | | | | | 5,713,423 |
U.S. TREASURY NOTES — 5.4% |
U.S. Treasury Note, 1.75%, 06/15/22(a) | | | 2,090,000 | | | 2,105,151 |
U.S. Treasury Note, 0.13%, 12/31/22 | | | 450,000 | | | 448,634 |
Investments | | Principal | | Value |
U.S. TREASURY NOTES (continued) | | | |
U.S. Treasury Note, 0.13%, 03/31/23 | | $ | 990,000 | | $ | 985,591 |
U.S. Treasury Note, 0.13%, 04/30/23 | | | 315,000 | | | 313,363 |
U.S. Treasury Note, 1.00%, 12/15/24 | | | 1,475,000 | | | 1,477,017 |
Total U.S. Treasury Notes (Cost $5,332,414) | | | | | | 5,329,756 |
EXCHANGE TRADED FUND — 0.1% |
Debt Fund — 0.1% | | | | | | |
VanEck Vectors High Yield Muni ETF(a)
(Cost $126,678) | | | 2,022 | | | 126,234 |
MONEY MARKET FUND — 2.0% |
JPMorgan U.S. Government Money Market Fund — Institutional Class, 0.01%(c) (Cost $1,950,973) | | | 1,950,973 | | | 1,950,973 |
REPURCHASE AGREEMENTS — 2.9%(d) |
BNP Paribas Securities Corp., dated 12/31/21, due 01/03/22, 0.05%, total to be received $664,277, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/27/22-04/20/51, totaling $677,559) | | | 664,274 | | | 664,274 |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $664,277, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $677,560) | | | 664,274 | | | 664,274 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $664,276, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $677,559) | | | 664,274 | | | 664,274 |
Nomura Securities International, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $196,917, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 09/06/24-09/20/69, totaling $200,854) | | | 196,916 | | | 196,916 |
See accompanying Notes to Financial Statements.
53
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS (continued) | | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $664,277, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $677,559) | | $ | 664,274 | | $ | 664,274 | |
Total Repurchase Agreements
(Cost $2,854,012) | | | | | | 2,854,012 | |
Total Investments — 102.8%
(Cost $101,655,039) | | | | | | 101,415,160 | |
Liabilities in Excess of Other Assets — (2.8%) | | | | | | (2,770,413 | ) |
Net Assets — 100.0% | | | | | $ | 98,644,747 | |
____________
CMT — Constant Maturity Treasury Index
ETF — Exchange Traded Fund
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
PLC — Public Limited Company
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
# Perpetual security with no stated maturity date.
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
* Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,004,901; the aggregate market value of the collateral held by the fund is $3,074,172. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $220,160.
(b) This loan will settle after December 31, 2021 at which time the interest rate will be determined.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
54
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Asset Backed Securities | | $ | — | | $ | 31,149,191 | | $ | — | | $ | 31,149,191 |
Mortgage Backed Securities | | | — | | | 24,090,722 | | | — | | | 24,090,722 |
Corporate Bonds | | | — | | | 19,544,358 | | | — | | | 19,544,358 |
Term Loans | | | — | | | 10,656,491 | | | — | | | 10,656,491 |
Foreign Bonds | | | — | | | 5,713,423 | | | — | | | 5,713,423 |
U.S. Treasury Notes | | | — | | | 5,329,756 | | | — | | | 5,329,756 |
Exchange Traded Fund | | | 126,234 | | | — | | | — | | | 126,234 |
Money Market Fund | | | 1,950,973 | | | — | | | — | | | 1,950,973 |
Repurchase Agreements | | | — | | | 2,854,012 | | | — | | | 2,854,012 |
Total | | $ | 2,077,207 | | $ | 99,337,953 | | $ | — | | $ | 101,415,160 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace | | 1.0 | % |
Asset Backed Securities | | 31.6 | |
Chemicals | | 0.7 | |
Commercial Mortgage Backed Securities | | 3.2 | |
Communication Services | | 1.6 | |
Consumer Discretionary | | 0.7 | |
Consumer Durables | | 0.3 | |
Consumer Non-Durables | | 0.2 | |
Consumer Staples | | 1.0 | |
Debt Fund | | 0.1 | |
Energy | | 2.7 | |
Financials | | 8.9 | |
Food/Tobacco | | 0.6 | |
Forest Prod/Containers | | 0.2 | |
Gaming/Leisure | | 1.1 | |
Health Care | | 2.7 | |
Housing | | 0.8 | |
Industrials | | 2.4 | |
Information Technology | | 2.9 | |
Manufacturing | | 0.4 | |
Materials | | 1.7 | |
Media/Telecom – Broadcasting | | 0.1 | |
Media/Telecom – Cable/Wireless Video | | 0.6 | |
Media/Telecom – Diversified Media | | 0.2 | |
Media/Telecom – Telecommunications | | 0.2 | |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Media/Telecom – Wireless Communications | | 0.1 | % |
Oil & Gas | | 0.2 | |
Real Estate | | 1.0 | |
Residential Mortgage Backed Securities | | 21.2 | |
Retail | | 0.1 | |
Service | | 1.2 | |
Sovereign Government | | 1.1 | |
U.S. Treasury Notes | | 5.4 | |
Utilities | | 1.2 | |
Utility | | 0.5 | |
Money Market | | 2.0 | |
Repurchase Agreements | | 2.9 | |
Total Investments | | 102.8 | |
Liabilities in Excess of Other Assets | | (2.8 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
55
ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
(formerly AdvisorShares Sage Core Reserves ETF)
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS — 46.6% | | | | | | |
Airlines — 1.3% | | | | | | |
Delta Air Lines, Inc., 3.63%, 03/15/22 | | $ | 229,000 | | $ | 229,009 |
United Airlines Holdings, Inc., 4.25%, 10/01/22 | | | 232,000 | | | 235,767 |
Total Airlines | | | | | | 464,776 |
Banks — 14.4% | | | | | | |
Bank of America Corp., Series MTN, 1.29%, (3-Month USD LIBOR + 1.16%), 01/20/23@ | | | 71,000 | | | 70,933 |
Bank of America Corp., 3.00%, (3-Month USD LIBOR + 0.79%), 12/20/23@ | | | 1,000,000 | | | 1,020,959 |
Citigroup, Inc., 1.08%, (3-Month USD LIBOR + 0.96%), 04/25/22@ | | | 735,000 | | | 736,292 |
Goldman Sachs Group, Inc. (The), 0.48%, (SOFR + 0.43%), 03/08/23@ | | | 585,000 | | | 585,059 |
Goldman Sachs Group, Inc. (The), 0.67%, (SOFR + 0.62%), 12/06/23@ | | | 600,000 | | | 600,127 |
Morgan Stanley, 4.88%, 11/01/22 | | | 920,000 | | | 951,233 |
Wells Fargo & Co., Series M, 3.45%, 02/13/23 | | | 1,116,000 | | | 1,148,608 |
Total Banks | | | | | | 5,113,211 |
Biotechnology — 1.3% | | | | | | |
Biogen, Inc., 3.63%, 09/15/22 | | | 443,000 | | | 452,567 |
Diversified Financial Services — 3.3% |
Aircastle Ltd., 4.40%, 09/25/23 | | | 325,000 | | | 340,696 |
American Express Co., 0.78%, (3-Month USD LIBOR + 0.62%), 05/20/22@ | | | 842,000 | | | 843,096 |
Total Diversified Financial Services | | | | | | 1,183,792 |
Electric — 7.3% | | | | | | |
Edison International, 2.40%, 09/15/22 | | | 735,000 | | | 742,204 |
Entergy Corp., 4.00%, 07/15/22 | | | 667,000 | | | 675,186 |
Exelon Corp., 3.50%, 06/01/22 | | | 666,000 | | | 672,207 |
OGE Energy Corp., 0.70%, 05/26/23 | | | 113,000 | | | 112,529 |
Pacific Gas and Electric Co., 1.75%, 06/16/22 | | | 370,000 | | | 370,002 |
Total Electric | | | | | | 2,572,128 |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Electronics — 1.3% | | | | | | |
Jabil, Inc., 4.70%, 09/15/22 | | $ | 442,000 | | $ | 453,766 |
Gas — 3.9% | | | | | | |
CenterPoint Energy Resources Corp., 0.67%, (3-Month USD LIBOR + 0.50%), 03/02/23@ | | | 911,000 | | | 909,132 |
Southern California Gas Co., 0.55%, (3-Month USD LIBOR + 0.35%), 09/14/23@ | | | 466,000 | | | 465,552 |
Total Gas | | | | | | 1,374,684 |
Healthcare – Products — 0.7% |
Boston Scientific Corp., 3.38%, 05/15/22 | | | 256,000 | | | 258,600 |
Healthcare – Services — 1.7% |
Humana, Inc., 3.15%, 12/01/22 | | | 581,000 | | | 590,712 |
Media — 1.6% | | | | | | |
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.46%, 07/23/22 | | | 344,000 | | | 349,112 |
DISH DBS Corp., 5.88%, 07/15/22 | | | 220,000 | | | 223,856 |
Total Media | | | | | | 572,968 |
Pharmaceuticals — 1.9% | | | | | | |
AbbVie, Inc., 2.90%, 11/06/22 | | | 670,000 | | | 682,482 |
Pipelines — 2.4% | | | | | | |
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23 | | | 509,000 | | | 519,936 |
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 06/01/22 | | | 348,000 | | | 349,722 |
Total Pipelines | | | | | | 869,658 |
REITS — 2.4% | | | | | | |
Kimco Realty Corp., 3.40%, 11/01/22 | | | 822,000 | | | 837,168 |
Retail — 1.0% | | | | | | |
QVC, Inc., 4.38%, 03/15/23 | | | 336,000 | | | 346,475 |
Software — 2.1% | | | | | | |
VMware, Inc., 2.95%, 08/21/22 | | | 730,000 | | | 738,676 |
Total Corporate Bonds
(Cost $16,513,781) | | | | | | 16,511,663 |
See accompanying Notes to Financial Statements.
56
ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES — 22.8% | |
Diversified Financial Services — 22.8% |
American Express Credit Account Master Trust, Class A, Series 2019-1, 2.87%, 10/15/24 | | $ | 455,000 | | $ | 457,995 |
American Express Credit Account Master Trust, Class A, Series 2019-3, 2.00%, 04/15/25 | | | 540,000 | | | 546,493 |
Carvana Auto Receivables Trust, Class A1, Series 2021-N4, 0.83%, 09/11/28 | | | 500,000 | | | 499,142 |
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25‡ | | | 589,436 | | | 588,622 |
Conn’s Receivables Funding LLC, Class A, Series 2021-A, 1.05%, 05/15/26‡ | | | 603,359 | | | 603,085 |
Flagship Credit Auto Trust, Class A, Series 2021-4, 0.81%, 07/17/26‡ | | | 534,128 | | | 532,619 |
Ford Credit Auto Lease Trust, Class A2, Series 2021-B, 0.24%, 04/15/24 | | | 590,000 | | | 588,709 |
Ford Credit Floorplan Master Owner Trust, Class A, Series 2017-3, 2.48%, 09/15/24 | | | 565,000 | | | 572,869 |
GLS Auto Receivables Issuer Trust, Class A, Series 2021-4A, 0.84%, 07/15/25‡ | | | 500,000 | | | 500,026 |
GM Financial Consumer Automobile Receivables Trust, Class A2, Series 2021-2, 0.27%, 06/17/24 | | | 481,173 | | | 481,028 |
Honda Auto Receivables Owner Trust, Class A2, Series 2021-3, 0.20%, 02/20/24 | | | 425,000 | | | 424,263 |
Invitation Homes Trust, Class B, Series 2018-SFR3, 1.26%, (1-Month USD LIBOR + 1.15%), 07/17/37@‡ | | | 50,038 | | | 50,065 |
Santander Drive Auto Receivables Trust, Class B, Series 2020-4, 0.73%, 03/17/25 | | | 315,000 | | | 315,184 |
Santander Drive Auto Receivables Trust, Class C, Series 2021-1, 0.75%, 02/17/26 | | | 217,000 | | | 216,855 |
SoFi Consumer Loan Program Trust, Class A, Series 2020-1, 2.02%, 01/25/29‡ | | | 62,906 | | | 63,158 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | |
Diversified Financial Services (continued) |
Tesla Auto Lease Trust, Class A2, Series 2021-A, 0.36%, 03/20/25‡ | | $ | 254,243 | | $ | 253,741 |
Verizon Owner Trust, Class A1A, Series 2019-A, 2.93%, 09/20/23 | | | 326,467 | | | 328,274 |
Westlake Automobile Receivables Trust, Class A2, Series 2021-3A, 0.57%, 09/16/24‡ | | | 500,000 | | | 499,739 |
World Financial Network Credit Card Master Trust, Class A, Series 2019-B, 2.49%, 04/15/26 | | | 535,000 | | | 540,081 |
World Omni Auto Receivables Trust, Class A2, Series 2020-A, 1.71%, 11/15/22 | | | 10,934 | | | 10,940 |
Total Asset Backed Securities
(Cost $8,078,157) | | | | | | 8,072,888 |
U.S. TREASURY NOTES — 10.5% |
U.S. Treasury Note, 1.88%, 04/30/22 | | | 2,587,000 | | | 2,601,733 |
U.S. Treasury Note, 0.13%, 06/30/22 | | | 1,111,000 | | | 1,110,593 |
Total U.S. Treasury Notes (Cost $3,713,674) | | | | | | 3,712,326 |
MORTGAGE BACKED SECURITIES — 8.8% |
Commercial Mortgage Backed Securities — 8.8% |
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49@‡* | | | 166,254 | | | 167,028 |
Federal Home Loan Mortgage Corp., Class A2, Series 2012-K019, 2.27%, 03/25/22 | | | 1,820,725 | | | 1,821,565 |
Federal Home Loan Mortgage Corp., Class LB, Series 2017-4673, 2.50%, 04/15/44 | | | 126,312 | | | 127,313 |
Federal Home Loan Mortgage Corp., Class QM, Series 2018-4776, 3.00%, 06/15/45 | | | 549,343 | | | 556,207 |
Mello Warehouse Securitization Trust, Class A, Series 2020-1, 1.00%, (1-Month USD LIBOR + 0.90%), 10/25/53@‡ | | | 455,000 | | | 455,235 |
Total Mortgage Backed Securities
(Cost $3,130,117) | | | | | | 3,127,348 |
See accompanying Notes to Financial Statements.
57
ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal/
Shares | | Value |
FOREIGN BONDS — 7.0% | | | | | | |
Banks — 6.0% | | | | | | |
Barclays PLC, 1.75%, (3-Month USD LIBOR + 1.63%), 01/10/23 (United Kingdom)@ | | $ | 697,000 | | $ | 697,151 |
Barclays PLC, 3.68%, 01/10/23 (United Kingdom) | | | 342,000 | | | 342,161 |
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22 (Switzerland) | | | 1,050,000 | | | 1,072,850 |
Total Banks | | | | | | 2,112,162 |
Oil & Gas — 1.0% | | | | | | |
Ecopetrol SA, 5.88%, 09/18/23 (Colombia) | | | 328,000 | | | 348,098 |
Total Foreign Bonds
(Cost $2,459,127) | | | | | | 2,460,260 |
MONEY MARKET FUND — 4.0% |
JPMorgan U.S. Government Money Market Fund — Institutional Class, 0.03%(a) (Cost $1,431,603) | | | 1,431,603 | | | 1,431,603 |
Total Investments — 99.7% (Cost $35,326,459) | | | | | | 35,316,088 |
Other Assets in Excess of Liabilities — 0.3% | | | | | | 107,294 |
Net Assets — 100.0% | | | | | $ | 35,423,382 |
____________
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
* Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
58
ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Corporate Bonds | | $ | — | | $ | 16,511,663 | | $ | — | | $ | 16,511,663 |
Asset Backed Securities | | | — | | | 8,072,888 | | | — | | | 8,072,888 |
U.S. Treasury Notes | | | — | | | 3,712,326 | | | — | | | 3,712,326 |
Mortgage Backed Securities | | | — | | | 3,127,348 | | | — | | | 3,127,348 |
Foreign Bonds | | | — | | | 2,460,260 | | | — | | | 2,460,260 |
Money Market Fund | | | 1,431,603 | | | — | | | — | | | 1,431,603 |
Total | | $ | 1,431,603 | | $ | 33,884,485 | | $ | — | | $ | 35,316,088 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Airlines | | 1.3 | % |
Banks | | 20.4 | |
Biotechnology | | 1.3 | |
Commercial Mortgage Backed Securities | | 8.8 | |
Diversified Financial Services | | 26.1 | |
Electric | | 7.3 | |
Electronics | | 1.3 | |
Gas | | 3.9 | |
Healthcare – Products | | 0.7 | |
Healthcare – Services | | 1.7 | |
Media | | 1.6 | |
Oil & Gas | | 1.0 | |
Pharmaceuticals | | 1.9 | |
Pipelines | | 2.4 | |
REITS | | 2.4 | |
Retail | | 1.0 | |
Software | | 2.1 | |
U.S. Treasury Notes | | 10.5 | |
Money Market Fund | | 4.0 | |
Total Investments | | 99.7 | |
Other Assets in Excess of Liabilities | | 0.3 | |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
59
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
(formerly AdvisorShares FolioBeyond Smart Core Bond ETF)
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS — 35.7% | | | | | | |
Aerospace/Defense — 0.4% | | | | | | |
Boeing Co. (The), 4.88%, 05/01/25 | | $ | 15,000 | | $ | 16,430 |
Agriculture — 0.2% | | | | | | |
Altria Group, Inc., 4.80%, 02/14/29 | | | 7,000 | | | 7,909 |
Apparel — 0.3% | | | | | | |
Nike, Inc., 2.75%, 03/27/27(a) | | | 11,000 | | | 11,668 |
Auto Manufacturers — 1.2% | | | | | | |
American Honda Finance Corp., 2.00%, 03/24/28 | | | 16,000 | | | 16,184 |
General Motors Financial Co., Inc., 2.40%, 04/10/28 | | | 11,000 | | | 11,061 |
Toyota Motor Credit Corp., 3.00%, 04/01/25 | | | 15,000 | | | 15,755 |
Total Auto Manufacturers | | | | | | 43,000 |
Banks — 10.2% | | | | | | |
Bank of America Corp., Series N, 1.66%, (SOFR + 0.91%), 03/11/27@ | | | 19,000 | | | 18,883 |
Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27@ | | | 28,000 | | | 27,827 |
Fifth Third Bancorp, 3.65%, 01/25/24 | | | 5,000 | | | 5,241 |
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27 | | | 15,000 | | | 16,138 |
Goldman Sachs Group, Inc. (The), 1.43%, (SOFR + 0.80%), 03/09/27@ | | | 42,000 | | | 41,187 |
Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 01/27/32@ | | | 12,000 | | | 11,531 |
JPMorgan Chase & Co., 0.97%, (SOFR + 0.58%), 06/23/25@ | | | 9,000 | | | 8,919 |
JPMorgan Chase & Co., 2.01%, (SOFR + 1.59%), 03/13/26@ | | | 44,000 | | | 44,570 |
JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27@ | | | 15,000 | | | 14,839 |
JPMorgan Chase & Co., 1.95%, (SOFR + 1.07%), 02/04/32@ | | | 7,000 | | | 6,757 |
JPMorgan Chase Bank NA, Series 0002, 0.34%, (3-Month USD LIBOR + 0.10%), 12/04/23@ | | | 100,000 | | | 98,156 |
KeyCorp, 2.25%, 04/06/27 | | | 6,000 | | | 6,107 |
Morgan Stanley, 0.79%,
(SOFR + 0.53%), 05/30/25@ | | | 8,000 | | | 7,901 |
Morgan Stanley, 1.59%,
(SOFR + 0.88%), 05/04/27@ | | | 19,000 | | | 18,817 |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Banks (continued) | | | |
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/26 | | $ | 5,000 | | $ | 4,937 |
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/30 | | | 33,000 | | | 33,993 |
US Bancorp, 2.40%, 07/30/24 | | | 14,000 | | | 14,476 |
Total Banks | | | | | | 380,279 |
Beverages — 0.9% | | | | | | |
Coca-Cola Co. (The), 1.00%, 03/15/28(a) | | | 3,000 | | | 2,888 |
Coca-Cola Co. (The), 1.65%, 06/01/30 | | | 7,000 | | | 6,770 |
Coca-Cola Co. (The), 2.50%, 06/01/40 | | | 23,000 | | | 23,204 |
Total Beverages | | | | | | 32,862 |
Chemicals — 0.4% | | | | | | |
DuPont de Nemours, Inc., 4.49%, 11/15/25 | | | 14,000 | | | 15,489 |
Computers — 3.7% | | | | | | |
Apple, Inc., 2.05%, 09/11/26 | | | 18,000 | | | 18,521 |
Apple, Inc., 1.40%, 08/05/28 | | | 19,000 | | | 18,630 |
Apple, Inc., 4.65%, 02/23/46 | | | 49,000 | | | 64,630 |
Hewlett Packard Enterprise Co., 1.45%, 04/01/24 | | | 13,000 | | | 13,092 |
International Business Machines Corp., 5.88%, 11/29/32 | | | 17,000 | | | 22,475 |
Total Computers | | | | | | 137,348 |
Diversified Financial Services — 1.3% |
Capital One Financial Corp., 3.90%, 01/29/24 | | | 16,000 | | | 16,848 |
Capital One Financial Corp., 1.88%, (SOFR + 0.86%), 11/02/27@ | | | 21,000 | | | 20,917 |
Charles Schwab Corp. (The), 2.00%, 03/20/28 | | | 11,000 | | | 11,163 |
Total Diversified Financial Services | | | | | | 48,928 |
Electric — 3.0% | | | | | | |
Alabama Power Co., 3.45%, 10/01/49 | | | 12,000 | | | 12,796 |
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/30 | | | 9,000 | | | 9,699 |
Consolidated Edison Co. of New York, Inc., 3.95%, 03/01/43 | | | 10,000 | | | 10,920 |
See accompanying Notes to Financial Statements.
60
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Electric (continued) | | | |
Consolidated Edison Co. of New York, Inc., Series E, 4.65%, 12/01/48 | | $ | 10,000 | | $ | 12,458 |
Duke Energy Carolinas LLC, 5.30%, 02/15/40 | | | 26,000 | | | 34,375 |
Duke Energy Corp., 2.45%, 06/01/30 | | | 8,000 | | | 7,961 |
Entergy Corp., 1.90%, 06/15/28 | | | 8,000 | | | 7,852 |
Florida Power & Light Co., 2.85%, 04/01/25 | | | 5,000 | | | 5,227 |
Pacific Gas And Electric Co., 1.37%, 03/10/23 | | | 5,000 | | | 4,970 |
Virginia Electric And Power Co., Series A, 3.50%, 03/15/27 | | | 6,000 | | | 6,472 |
Total Electric | | | | | | 112,730 |
Environmental Control — 0.2% |
Waste Connections, Inc., 4.25%, 12/01/28 | | | 8,000 | | | 8,998 |
Healthcare – Services — 0.8% | | | | | | |
UnitedHealth Group, Inc., 3.75%, 07/15/25 | | | 6,000 | | | 6,514 |
UnitedHealth Group, Inc., 2.30%, 05/15/31 | | | 24,000 | | | 24,471 |
Total Healthcare – Services | | | | | | 30,985 |
Insurance — 0.4% | | | | | | |
American International Group, Inc., 2.50%, 06/30/25 | | | 16,000 | | | 16,518 |
Internet — 1.9% | | | | | | |
Amazon.Com, Inc., 3.88%, 08/22/37 | | | 10,000 | | | 11,789 |
Amazon.Com, Inc., 2.88%, 05/12/41 | | | 25,000 | | | 26,070 |
Booking Holdings, Inc., 3.65%, 03/15/25 | | | 16,000 | | | 17,017 |
Booking Holdings, Inc., 3.60%, 06/01/26 | | | 3,000 | | | 3,240 |
eBay, Inc., 1.90%, 03/11/25 | | | 11,000 | | | 11,136 |
Total Internet | | | | | | 69,252 |
Machinery – Construction & Mining — 0.2% |
Caterpillar Financial Services Corp., 1.45%, 05/15/25 | | | 8,000 | | | 8,033 |
Media — 1.1% | | | | | | |
Walt Disney Co. (The), 3.50%, 05/13/40 | | | 37,000 | | | 40,709 |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Oil & Gas — 1.5% | | | | | | |
BP Capital Markets America, Inc., 2.75%, 05/10/23 | | $ | 9,000 | | $ | 9,221 |
BP Capital Markets America, Inc., 3.02%, 01/16/27 | | | 3,000 | | | 3,171 |
BP Capital Markets America, Inc., 3.54%, 04/06/27 | | | 3,000 | | | 3,244 |
BP Capital Markets America, Inc., 3.94%, 09/21/28 | | | 10,000 | | | 11,090 |
Chevron Corp., 3.08%, 05/11/50 | | | 7,000 | | | 7,437 |
Exxon Mobil Corp., 2.99%, 03/19/25 | | | 3,000 | | | 3,156 |
Exxon Mobil Corp., 4.23%, 03/19/40 | | | 16,000 | | | 19,003 |
Total Oil & Gas | | | | | | 56,322 |
Pharmaceuticals — 0.7% | | | | | | |
Cigna Corp., 4.80%, 08/15/38 | | | 20,000 | | | 24,702 |
REITS — 0.1% | | | | | | |
Crown Castle International Corp., 2.10%, 04/01/31 | | | 5,000 | | | 4,796 |
Retail — 1.5% | | | | | | |
Home Depot, Inc. (The), 2.95%, 06/15/29 | | | 21,000 | | | 22,413 |
McDonald’s Corp., 3.30%, 07/01/25 | | | 15,000 | | | 15,920 |
Starbucks Corp., 3.55%, 08/15/29 | | | 17,000 | | | 18,603 |
Total Retail | | | | | | 56,936 |
Semiconductors — 0.6% | | | | | | |
Intel Corp., 3.73%, 12/08/47 | | | 20,000 | | | 22,916 |
Software — 1.6% | | | | | | |
Oracle Corp., 2.65%, 07/15/26 | | | 11,000 | | | 11,322 |
Oracle Corp., 2.30%, 03/25/28 | | | 3,000 | | | 2,994 |
Oracle Corp., 3.60%, 04/01/40 | | | 45,000 | | | 45,386 |
Total Software | | | | | | 59,702 |
Telecommunications — 2.3% | | | | | | |
AT&T, Inc., 1.70%, 03/25/26 | | | 11,000 | | | 10,959 |
AT&T, Inc., 4.35%, 03/01/29 | | | 23,000 | | | 25,879 |
Verizon Communications, Inc., 2.10%, 03/22/28 | | | 7,000 | | | 7,024 |
Verizon Communications, Inc., 2.65%, 11/20/40 | | | 42,000 | | | 40,097 |
Total Telecommunications | | | | | | 83,959 |
See accompanying Notes to Financial Statements.
61
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
CORPORATE BONDS (continued) | | | |
Transportation — 1.2% | | | | | | |
CSX Corp., 3.80%, 03/01/28 | | $ | 10,000 | | $ | 11,006 |
FedEx Corp. 2020-1 Class AA Pass-Through Trust, 1.88%, 02/20/34 | | | 10,412 | | | 10,301 |
Union Pacific Corp., 3.95%, 09/10/28 | | | 21,000 | | | 23,579 |
Total Transportation | | | | | | 44,886 |
Total Corporate Bonds
(Cost $1,337,290) | | | | | | 1,335,357 |
U.S. GOVERNMENT AGENCY SECURITIES — 20.1% |
Federal Home Loan Mortgage Corp., 2.00%, 11/01/51 | | | 64,524 | | | 64,437 |
Federal Home Loan Mortgage Corp., 3.50%, 10/01/34 | | | 15,029 | | | 16,087 |
Federal Home Loan Mortgage Corp., 4.00%, 06/01/33 | | | 59,094 | | | 63,635 |
Federal National Mortgage Association, 0.88%, 12/18/26 | | | 16,000 | | | 15,650 |
Federal National Mortgage Association, 2.50%, 02/01/41 | | | 28,743 | | | 29,628 |
Federal National Mortgage Association, 2.50%, 04/01/48 | | | 21,337 | | | 21,916 |
Federal National Mortgage Association, 2.50%, 05/01/50 | | | 83,098 | | | 84,413 |
Federal National Mortgage Association, 2.50%, 10/01/51 | | | 30,456 | | | 31,127 |
Federal National Mortgage Association, 3.00%, 01/01/40 | | | 18,745 | | | 19,691 |
Federal National Mortgage Association, 3.00%, 11/01/46 | | | 47,137 | | | 49,254 |
Federal National Mortgage Association, 3.00%, 02/01/49 | | | 28,650 | | | 29,910 |
Federal National Mortgage Association, 3.00%, 10/01/51 | | | 59,233 | | | 61,775 |
Federal National Mortgage Association, 3.50%, 09/01/32 | | | 13,452 | | | 14,418 |
Federal National Mortgage Association, 3.50%, 02/01/33 | | | 28,700 | | | 30,355 |
Federal National Mortgage Association, 3.50%, 02/01/35 | | | 54,299 | | | 57,553 |
Investments | | Principal | | Value |
U.S. GOVERNMENT AGENCY SECURITIES (continued) | |
Federal National Mortgage Association, 3.50%, 03/01/48 | | $ | 14,660 | | $ | 15,521 |
Federal National Mortgage Association, Class LA, Series 2019-39, 3.00%, 02/25/49 | | | 3,642 | | | 3,744 |
Government National Mortgage Association, 3.00%, 10/20/51 | | | 34,579 | | | 35,898 |
Federal Home Loan Mortgage Corp., Class GA, Series 2020-4994, 2.00%, 03/25/44 | | | 23,396 | | | 23,656 |
Federal Home Loan Mortgage Corp., Class GH, Series 2020-5019, 2.00%, 06/25/42 | | | 7,931 | | | 8,036 |
Federal Home Loan Mortgage Corp., Class HA, Series 2011-3816, 3.50%, 11/15/25 | | | 61,093 | | | 63,483 |
Government National Mortgage Association, Class ME, Series 2013-28, 1.75%, 11/20/42 | | | 9,857 | | | 9,861 |
Total U.S. Government Agency Securities
(Cost $751,993) | | | | | | 750,048 |
U.S. GOVERNMENT BONDS AND NOTES — 14.7% |
Federal Farm Credit Banks Funding Corp., 1.33%, 11/03/26 | | | 35,000 | | | 34,906 |
Federal Farm Credit Banks Funding Corp., 1.60%, 12/14/26 | | | 60,000 | | | 60,009 |
Federal Farm Credit Banks Funding Corp., 1.77%, 02/04/31 | | | 26,000 | | | 25,500 |
Federal Farm Credit Banks Funding Corp., 1.78%, 02/22/28 | | | 17,000 | | | 17,002 |
Federal Farm Credit Banks Funding Corp., 2.04%, 12/01/31 | | | 18,000 | | | 17,977 |
Federal Farm Credit Banks Funding Corp., 2.20%, 12/09/31 | | | 28,000 | | | 27,976 |
Federal Farm Credit Banks Funding Corp., 2.20%, 11/01/33 | | | 36,000 | | | 35,871 |
Federal Farm Credit Banks Funding Corp., 2.20%, 09/02/36 | | | 33,000 | | | 32,886 |
Federal Farm Credit Banks Funding Corp., 2.43%, 11/16/34 | | | 28,000 | | | 27,885 |
See accompanying Notes to Financial Statements.
62
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
U.S. GOVERNMENT BONDS AND NOTES (continued) |
Federal Farm Credit Banks Funding Corp., 2.78%, 12/01/36 | | $ | 38,000 | | $ | 38,031 |
Federal Home Loan Banks, 1.15%, 12/10/24 | | | 45,000 | | | 45,010 |
Federal Home Loan Banks, 2.00%, 03/25/30 | | | 25,000 | | | 24,927 |
Federal Home Loan Banks, Series 0001, 1.50%, 11/23/26 | | | 160,000 | | | 159,852 |
Total U.S. Government Bonds and Notes
(Cost $547,584) | | | | | | 547,832 |
U.S. TREASURY NOTES — 9.2% |
U.S. Treasury Note, 0.25%, 08/31/25 | | | 58,000 | | | 56,212 |
U.S. Treasury Note, 0.75%, 08/31/26 | | | 146,000 | | | 142,829 |
U.S. Treasury Note, 0.88%, 09/30/26 | | | 61,000 | | | 59,961 |
U.S. Treasury Note, 1.25%, 11/30/26 | | | 4,000 | | | 4,001 |
U.S. Treasury Note, 1.13%, 08/31/28 | | | 45,000 | | | 44,176 |
U.S. Treasury Note, 1.38%, 11/15/31(a) | | | 38,000 | | | 37,569 |
Total U.S. Treasury Notes (Cost $345,726) | | | | | | 344,748 |
ASSET BACKED SECURITIES — 6.8% |
Auto Manufacturers — 2.1% | | | | | | |
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26 | | | 30,000 | | | 29,843 |
Exeter Automobile Receivables Trust, Class B, Series 2021-3A, 0.69%, 01/15/26 | | | 50,000 | | | 49,688 |
Total Auto Manufacturers | | | | | | 79,531 |
Diversified Financial Services — 4.7% |
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25‡ | | | 26,393 | | | 26,356 |
Drive Auto Receivables Trust, Class A3, Series 2021-3, 0.79%, 10/15/25 | | | 44,000 | | | 43,919 |
GM Financial Automobile Leasing Trust, Class B, Series 2020-1, 1.84%, 12/20/23 | | | 18,000 | | | 18,114 |
Verizon Owner Trust 2020-C, Class B, Series 2020-C, 0.67%, 04/21/25 | | | 50,000 | | | 49,608 |
Investments | | Principal | | Value |
ASSET BACKED SECURITIES (continued) | |
Diversified Financial Services (continued) |
Volvo Financial Equipment LLC Series, Class A3, Series 2019-2A, 2.04%, 11/15/23‡ | | $ | 27,486 | | $ | 27,661 |
Westlake Automobile Receivables Trust, Class A3, Series 2021-3A, 0.95%, 06/16/25‡ | | | 10,000 | | | 9,982 |
Total Diversified Financial Services | | | | | | 175,640 |
Total Asset Backed Securities (Cost $255,571) | | | | | | 255,171 |
FOREIGN BONDS — 5.4% | | | | | | |
Agriculture — 0.4% | | | | | | |
BAT Capital Corp., 3.56%, 08/15/27 (United Kingdom) | | | 8,000 | | | 8,402 |
BAT Capital Corp., 4.91%, 04/02/30 (United Kingdom) | | | 7,000 | | | 7,873 |
Total Agriculture | | | | | | 16,275 |
Banks — 2.6% | | | | | | |
Bank of Montreal, 1.85%, 05/01/25 (Canada) | | | 5,000 | | | 5,080 |
Bank of Nova Scotia (The), 1.30%, 06/11/25 (Canada) | | | 11,000 | | | 10,950 |
Canadian Imperial Bank of Commerce, 2.25%, 01/28/25 (Canada) | | | 8,000 | | | 8,182 |
Royal Bank of Canada, Series G, 3.70%, 10/05/23 (Canada) | | | 8,000 | | | 8,394 |
Royal Bank of Canada, Series G, 2.30%, 11/03/31 (Canada) | | | 18,000 | | | 18,126 |
Toronto-Dominion Bank (The), 1.15%, 06/12/25 (Canada) | | | 23,000 | | | 22,835 |
Toronto-Dominion Bank (The), 1.25%, 09/10/26 (Canada) | | | 13,000 | | | 12,791 |
Westpac Banking Corp., 1.95%, 11/20/28 (Australia) | | | 9,000 | | | 8,979 |
Total Banks | | | | | | 95,337 |
Beverages — 0.4% | | | | | | |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (Belgium) | | | 10,000 | | | 12,708 |
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29 (Belgium) | | | 3,000 | | | 3,498 |
Total Beverages | | | | | | 16,206 |
See accompanying Notes to Financial Statements.
63
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal/Shares | | Value |
FOREIGN BONDS (continued) | |
Multi-National — 0.9% | | | | | | |
International Bank For Reconstruction & Development, 2.70%, 12/28/37 (Supranational) | | $ | 32,000 | | $ | 31,744 |
Oil & Gas — 0.5% | | | | | | |
Shell International Finance BV, 2.38%, 11/07/29 (Netherlands) | | | 20,000 | | | 20,467 |
Pipelines — 0.6% | | | | | | |
TransCanada Pipelines Ltd., 4.10%, 04/15/30 (Canada) | | | 21,000 | | | 23,472 |
Total Foreign Bonds
(Cost $203,986) | | | | | | 203,501 |
U.S. TREASURY BOND — 5.4% | | | | | | |
U.S. Treasury Bond, 2.00%, 11/15/41
(Cost $203,107) | | | 197,000 | | | 199,940 |
MORTGAGE BACKED SECURITY — 0.3% |
Diversified Financial Services — 0.3% |
Citigroup Commercial Mortgage Trust, Class A1, Series 2018-C6, 3.30%, 11/10/51
(Cost $9,678) | | | 9,488 | | | 9,641 |
MONEY MARKET FUND — 3.1% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 12/31/49, 0.03%(b)
(Cost $117,227) | | | 117,227 | | | 117,227 |
Investments | | Principal | | Value |
REPURCHASE AGREEMENT — 1.4%(c) | | |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $52,597, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $53,649)
(Cost $52,597) | | $ | 52,597 | | $ | 52,597 | |
Total Investments — 102.1% (Cost $3,824,759) | | | | | | 3,816,062 | |
Liabilities in Excess of Other Assets — (2.1%) | | | | | | (76,891 | ) |
Net Assets — 100.0% | | | | | $ | 3,739,171 | |
____________
LIBOR — London Interbank Offered Rate
REITS — Real Estate Investment Trusts
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $51,398; the aggregate market value of the collateral held by the fund is $52,597.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
64
ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Corporate Bonds | | $ | — | | $ | 1,335,357 | | $ | — | | $ | 1,335,357 |
U.S. Government Agency Securities | | | — | | | 750,048 | | | — | | | 750,048 |
U.S. Government Bonds and Notes | | | — | | | 547,832 | | | — | | | 547,832 |
U.S. Treasury Notes | | | — | | | 344,748 | | | — | | | 344,748 |
Asset Backed Securities | | | — | | | 255,171 | | | — | | | 255,171 |
Foreign Bonds | | | — | | | 203,501 | | | — | | | 203,501 |
U.S. Treasury Bond | | | — | | | 199,940 | | | — | | | 199,940 |
Mortgage Back Security | | | — | | | 9,641 | | | — | | | 9,641 |
Money Market Fund | | | 117,227 | | | — | | | — | | | 117,227 |
Repurchase Agreement | | | — | | | 52,597 | | | — | | | 52,597 |
Total | | $ | 117,227 | | $ | 3,698,835 | | $ | — | | $ | 3,816,062 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Aerospace/Defense | | 0.4 | % |
Agriculture | | 0.6 | |
Apparel | | 0.3 | |
Auto Manufacturers | | 3.3 | |
Banks | | 12.8 | |
Beverages | | 1.3 | |
Chemicals | | 0.4 | |
Computers | | 3.7 | |
Diversified Financial Services | | 26.4 | |
Electric | | 3.0 | |
Environmental Control | | 0.2 | |
Healthcare – Services | | 0.8 | |
Insurance | | 0.4 | |
Internet | | 1.9 | |
Machinery – Construction & Mining | | 0.2 | |
Media | | 1.1 | |
Multi-National | | 0.9 | |
Oil & Gas | | 2.0 | |
Pharmaceuticals | | 0.7 | |
Pipelines | | 0.6 | |
REITS | | 0.1 | |
Retail | | 1.5 | |
Semiconductors | | 0.6 | |
Software | | 1.6 | |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Telecommunications | | 2.3 | % |
Transportation | | 1.2 | |
U.S. Government Bond and Notes | | 14.7 | |
United States Treasury Bond | | 5.4 | |
United States Treasury Notes | | 9.2 | |
Money Market Fund | | 3.1 | |
Repurchase Agreement | | 1.4 | |
Total Investments | | 102.1 | |
Liabilities in Excess of Other Assets | | (2.1 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
65
ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 20.7% | | | | | |
Agriculture — 3.1% | | | | | |
Village Farms International, Inc. (Canada)* | | 32,955 | | $ | 211,571 |
Chemicals — 3.4% | | | | | |
Scotts Miracle-Gro Co. (The) | | 1,430 | | | 230,230 |
Machinery — 2.8% | | | | | |
Urban-GRO, Inc.* | | 18,200 | | | 190,736 |
Pharmaceuticals — 2.7% | | | | | |
Intercure Ltd. (Israel)* | | 28,832 | | | 186,832 |
Software — 2.6% | | | | | |
WM Technology, Inc.* | | 30,437 | | | 182,013 |
Specialty Retail — 6.1% | | | | | |
GrowGeneration Corp.* | | 14,185 | | | 185,114 |
Hydrofarm Holdings Group, Inc.* | | 8,186 | | | 231,582 |
Total Specialty Retail | | | | | 416,696 |
Total Common Stocks
(Cost $1,505,417) | | | | | 1,418,078 |
MONEY MARKET FUND — 28.7% |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(a) (Cost $1,965,861) | | 1,965,861 | | | 1,965,861 |
Total Investments — 49.4% (Cost $3,471,278) | | | | | 3,383,939 |
Other Assets in Excess of Liabilities — 50.6% | | | | | 3,462,095 |
Net Assets — 100.0% | | | | $ | 6,846,034 |
____________
SOFR — Secured Overnight Financing Rate
* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
See accompanying Notes to Financial Statements.
66
ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 1,418,078 | | $ | — | | $ | — | | $ | 1,418,078 |
Money Market Fund | | | 1,965,861 | | | — | | | — | | | 1,965,861 |
Total | | $ | 3,383,939 | | $ | — | | $ | — | | $ | 3,383,939 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Swaps† | | $ | — | | $ | (3,565 | ) | | $ | — | | $ | (3,565 | ) |
____________
† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Agriculture | | 3.1 | % |
Chemicals | | 3.4 | |
Machinery | | 2.8 | |
Pharmaceuticals | | 2.7 | |
Software | | 2.6 | |
Specialty Retail | | 6.1 | |
Money Market Fund | | 28.7 | |
Total Investments | | 49.4 | |
Other Assets in Excess of Liabilities | | 50.6 | |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
67
ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity | | Number of
Contracts | | Annual
Financing
Rate Paid | | Payment
Frequency | | Termination
Date | | Notional
Amounts | | Fair Value | | Unrealized
Appreciation/
(Depreciation) |
Ascend Well | | 789,966 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | $ | 790,321 | | $ | 789,966 | | $ | (355 | ) |
AYR Wellness | | 623,777 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 624,087 | | | 623,777 | | | (310 | ) |
Columbia Care | | 531,710 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 531,966 | | | 531,710 | | | (256 | ) |
Cresco Labs | | 510,822 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 511,103 | | | 510,822 | | | (281 | ) |
Curaleaf Holdings SUB VOT | | 666,450 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 666,813 | | | 666,450 | | | (363 | ) |
Green Thumb Industries SUB VOT | | 1,078,197 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 1,078,764 | | | 1,078,197 | | | (567 | ) |
Jushi Holdings CL B SUB VOT | | 496,493 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 496,755 | | | 496,493 | | | (262 | ) |
Planet 13 Holdings | | 269,194 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 269,344 | | | 269,194 | | | (150 | ) |
Terrascend | | 531,711 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 531,970 | | | 531,711 | | | (259 | ) |
Trulieve Cannabis | | 956,180 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 956,675 | | | 956,180 | | | (495 | ) |
Verano Holdings | | 629,554 | | SOFR + 1.00% | | Monthly | | 11/20/2023 | | | 629,821 | | | 629,554 | | | (267 | ) |
Net Unrealized Depreciation | | | | | | | | | | | | | | $ | (3,565 | ) |
Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.
See accompanying Notes to Financial Statements.
68
ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares/ Principal | | Value |
COMMON STOCKS — 83.0% | | | | | | |
Biotechnology — 55.1% | | | | | | |
ATAI Life Sciences NV (Germany)* | | | 77,181 | | $ | 588,891 |
Bright Minds Biosciences, Inc. (Canada)* | | | 95,942 | | | 304,136 |
Cybin, Inc. (Canada)*(a) | | | 583,184 | | | 699,821 |
Enveric Biosciences, Inc.* | | | 300,524 | | | 279,487 |
GH Research PLC (Ireland)*(a) | | | 14,242 | | | 332,266 |
Mind Medicine MindMed, Inc.* | | | 417,522 | | | 576,180 |
PsyBio Therapeutics Corp.* | | | 1,691,178 | | | 270,589 |
Seelos Therapeutics, Inc.* | | | 196,677 | | | 320,584 |
Small Pharma, Inc. (Canada)* | | | 1,271,892 | | | 317,973 |
Total Biotechnology | | | | | | 3,689,927 |
Healthcare – Services — 16.8% |
Field Trip Health Ltd. (Canada)*(a) | | | 228,340 | | | 561,716 |
Greenbrook TMS, Inc. (Canada)* | | | 64,214 | | | 280,615 |
Numinus Wellness, Inc. (Canada)* | | | 674,255 | | | 286,188 |
Total Healthcare – Services | | | | | | 1,128,519 |
Pharmaceuticals — 11.1% | | | | | | |
Compass Pathways PLC (United Kingdom)*(b) | | | 33,608 | | | 742,737 |
Total Common Stocks
(Cost $8,357,007) | | | | | | 5,561,183 |
MONEY MARKET FUND — 7.3% |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c)
(Cost $486,995) | | | 486,995 | | | 486,995 |
REPURCHASE AGREEMENTS — 12.8%(d) |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $253,980) | | $ | 249,000 | | | 249,000 |
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $107,344, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $109,589) | | | 107,343 | | | 107,343 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $253,980) | | $ | 249,000 | | $ | 249,000 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $249,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $253,980) | | | 249,000 | | | 249,000 | |
Total Repurchase Agreements (Cost $854,343) | | | | | | 854,343 | |
Total Investments — 103.1% (Cost $9,698,345) | | | | | | 6,902,521 | |
Liabilities in Excess of Other Assets — (3.1%) | | | | | | (204,493 | ) |
Net Assets — 100.0% | | | | | $ | 6,698,028 | |
____________
PLC — Public Limited Company
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $825,100; the aggregate market value of the collateral held by the fund is $854,343.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
69
ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 5,561,183 | | $ | — | | $ | — | | $ | 5,561,183 |
Money Market Fund | | | 486,995 | | | — | | | — | | | 486,995 |
Repurchase Agreements | | | — | | | 854,343 | | | — | | | 854,343 |
Swaps† | | | — | | | 10,800 | | | — | | | 10,800 |
Total | | $ | 6,048,178 | | $ | 865,143 | | $ | — | | $ | 6,913,321 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Swaps† | | $ | — | | $ | (252,172 | ) | | $ | — | | $ | (252,172 | ) |
____________
† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Biotechnology | | 55.1 | % |
Healthcare – Services | | 16.8 | |
Pharmaceuticals | | 11.1 | |
Money Market Fund | | 7.3 | |
Repurchase Agreements | | 12.8 | |
Total Investments | | 103.1 | |
Liabilities in Excess of Other Assets | | (3.1 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
70
ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity | | Number
of
Contracts | | Annual
Financing
Rate Paid | | Payment
Frequency | | Termination
Date | | Notional
Amounts | | Fair Value | | Unrealized
Appreciation/
(Depreciation) |
Betterlife Pharma | | 110,000 | | — | | — | | 9/19/2022 | | $ | 24,938 | | $ | 18,711 | | $ | (6,227 | ) |
Core One Labs | | 90,000 | | — | | — | | 9/19/2022 | | | 99,949 | | | 48,870 | | | (51,079 | ) |
Empower Clinics | | 90,000 | | — | | — | | 9/19/2022 | | | 30,268 | | | 21,600 | | | (8,668 | ) |
Haven Life Sciences | | 100,000 | | — | | — | | 9/19/2022 | | | 19,091 | | | 13,330 | | | (5,761 | ) |
Mindcure Health | | 130,000 | | — | | — | | 9/19/2022 | | | 30,396 | | | 19,630 | | | (10,766 | ) |
Mindset Pharma | | 130,000 | | — | | — | | 9/19/2022 | | | 76,703 | | | 87,503 | | | 10,800 | |
Mydecine Innovations | | 345,000 | | — | | — | | 9/19/2022 | | | 93,637 | | | 38,019 | | | (55,618 | ) |
Novamind | | 40,000 | | — | | — | | 9/19/2022 | | | 27,601 | | | 16,741 | | | (10,860 | ) |
Optimi Health | | 40,000 | | — | | — | | 9/19/2022 | | | 21,689 | | | 14,848 | | | (6,841 | ) |
Psyched Wellness | | 160,000 | | — | | — | | 9/19/2022 | | | 23,201 | | | 14,928 | | | (8,273 | ) |
Red Light Holland | | 125,000 | | — | | — | | 9/19/2022 | | | 19,989 | | | 13,125 | | | (6,864 | ) |
Revive Therapeutics | | 160,000 | | — | | — | | 9/19/2022 | | | 60,723 | | | 42,880 | | | (17,843 | ) |
Tryp Therapeutics | | 140,000 | | — | | — | | 9/19/2022 | | | 39,076 | | | 30,380 | | | (8,696 | ) |
Wesana Health | | 71,000 | | — | | — | | 9/19/2022 | | | 134,196 | | | 79,520 | | | (54,676 | ) |
Net Unrealized Depreciation | | | | | | | | | | | | | | $ | (241,372 | ) |
Morgan Stanley acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.
See accompanying Notes to Financial Statements.
71
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments
| |
Shares
| | Value |
COMMON STOCKS — 56.5% | | | | | |
Agriculture — 14.6% | | | | | |
Village Farms International, Inc. (Canada)* | | 4,371,653 | | $ | 28,066,012 |
Distributors — 1.1% | | | | | |
Greenlane Holdings, Inc., Class A* | | 572,931 | | | 552,363 |
High Tide, Inc. (Canada)*(a) | | 351,447 | | | 1,493,650 |
Total Distributors | | | | | 2,046,013 |
Investment Company — 3.0% | | | | | |
RIV Capital, Inc. (Canada)*(a) | | 4,985,540 | | | 5,723,020 |
Pharmaceuticals — 13.1% | | | | | |
Aleafia Health, Inc. (Canada)*(a) | | 1,784,244 | | | 190,692 |
Canopy Growth Corp. (Canada)* | | 698,260 | | | 6,095,810 |
Cardiol Therapeutics, Inc., Class A (Canada)*(a) | | 1,020,086 | | | 1,881,645 |
cbdMD, Inc.* | | 1,080,817 | | | 1,167,282 |
Charlottes Web Holdings, Inc.* | | 1,306,092 | | | 1,323,515 |
Entourage Health Corp. (Canada)* | | 694,003 | | | 43,954 |
Green Organic Dutchman Holdings Ltd. (The) (Canada)* | | 549,594 | | | 41,334 |
Hempfusion Wellness, Inc. (Canada)* | | 1,927,897 | | | 282,418 |
IM Cannabis Corp. (Canada)*(a) | | 692,947 | | | 2,314,443 |
Intercure Ltd. (Israel)*(a) | | 159,194 | | | 1,026,801 |
Jazz Pharmaceuticals PLC*(a) | | 15,606 | | | 1,988,204 |
Khiron Life Sciences Corp. (Canada)*(a) | | 317,070 | | | 52,713 |
PharmaCielo Ltd. (Canada)* | | 387,433 | | | 300,585 |
Tilray, Inc., Class 2 (Canada)*(a) | | 1,014,206 | | | 7,129,868 |
Valens Co., Inc. (The) (Canada)*(a) | | 573,556 | | | 1,412,152 |
Total Pharmaceuticals | | | | | 25,251,416 |
REITS — 20.6% | | | | | |
Innovative Industrial Properties, Inc. | | 139,954 | | | 36,795,306 |
Power REIT* | | 39,455 | | | 2,718,055 |
Total REITS | | | | | 39,513,361 |
Specialty Retail — 4.1% | | | | | |
Agrify Corp.*(a) | | 65,926 | | | 606,519 |
GrowGeneration Corp.*(a) | | 550,536 | | | 7,184,495 |
Total Specialty Retail | | | | | 7,791,014 |
Total Common Stocks
(Cost $176,872,761) | | | | | 108,390,836 |
Investments | | Shares/
Principal | | Value |
EXCHANGE TRADED FUND — 34.4% |
Equity Fund — 34.4% | | | | | | |
AdvisorShares Pure US Cannabis ETF*†
(Cost $73,311,601) | | | 2,577,172 | | $ | 65,949,832 |
MONEY MARKET FUNDS — 0.7% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) | | | 413,000 | | | 413,000 |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) | | | 138,448 | | | 138,448 |
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c) | | | 206,000 | | | 206,000 |
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c) | | | 413,000 | | | 413,000 |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) | | | 206,000 | | | 206,000 |
Total Money Market Funds
(Cost $1,376,448) | | | | | | 1,376,448 |
REPURCHASE AGREEMENTS — 1.7%(c) |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,065,830, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $1,087,143) | | $ | 1,065,826 | | | 1,065,826 |
Credit Suisse AG, dated 12/31/21, due 01/03/22, 0.03%, total to be received $143,789, (collateralized by various U.S. Government Agency Obligations, 1.25%-1.25%, 12/31/26-04/30/28, totaling $146,665) | | | 143,789 | | | 143,789 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $1,065,830, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $1,087,143) | | | 1,065,826 | | | 1,065,826 |
See accompanying Notes to Financial Statements.
72
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS (continued) |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $1,065,830, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $1,087,143) | | $ | 1,065,826 | | $ | 1,065,826 |
Total Repurchase Agreements (Cost $3,341,267) | | | | | | 3,341,267 |
Total Investments — 93.3% (Cost $254,902,077) | | | | | | 179,058,383 |
Other Assets in Excess of Liabilities — 6.7% | | | | | | 12,857,660 |
Net Assets — 100.0% | | | | | $ | 191,916,043 |
____________
ETF — Exchange Traded Fund
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $12,761,141; the aggregate market value of the collateral held by the fund is $13,681,707. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $9,102,440.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
73
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 108,390,836 | | $ | — | | $ | — | | $ | 108,390,836 |
Exchange Traded Fund | | | 65,949,832 | | | — | | | — | | | 65,949,832 |
Money Market Funds | | | 1,376,448 | | | — | | | — | | | 1,376,448 |
Repurchase Agreements | | | — | | | 3,341,267 | | | — | | | 3,341,267 |
Total | | $ | 175,717,116 | | $ | 3,341,267 | | $ | — | | $ | 179,058,383 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Swaps† | | $ | — | | $ | (9,751,143 | ) | | $ | — | | $ | (9,751,143 | ) |
Total | | $ | — | | $ | (9,751,143 | ) | | $ | — | | $ | (9,751,143 | ) |
____________
† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Agriculture | | 14.6 | % |
Distributors | | 1.1 | |
Equity Fund | | 34.4 | |
Investment Company | | 3.0 | |
Pharmaceuticals | | 13.1 | |
REITS | | 20.6 | |
Specialty Retail | | 4.1 | |
Money Market Funds | | 0.7 | |
Repurchase Agreements | | 1.7 | |
Total Investments | | 93.3 | |
Other Assets in Excess of Liabilities | | 6.7 | |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
74
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity | | Number
of
Contracts | | Annual
Financing
Rate Paid | | Payment
Frequency | | Termination
Date | | Notional
Amounts | | Fair Value | | Unrealized
Appreciation/
(Depreciation) |
Ianthus Capital ORD | | 464,000 | | — | | — | | 7/01/2022 | | $ | 108,907 | | $ | 45,426 | | $ | (63,481 | ) |
SOL Global Investments Corp | | 3,434,625 | | ��� | | — | | 7/01/2022 | | | 12,046,595 | | | 8,105,715 | | | (3,940,880 | ) |
Terrascend ORD | | 1,300,000 | | — | | — | | 7/01/2022 | | | 13,696,282 | | | 7,949,500 | | | (5,746,782 | ) |
Net Unrealized Depreciation | | | | | | | | | | | | | | $ | (9,751,143 | ) |
Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of December 31, 2021, cash in the amount of $0 has been segregated as collateral from the broker for Swap contracts.
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated Holding Name | | Value at
6/30/2021 | | Purchases/
Additions | | Sales/
Reductions | | Realized
Gain (Loss) | | Change in
Unrealized
Gain (Loss) | | Number of
Shares at
12/31/2021 | | Value at
12/31/2021 | | Capital Gain
Distribution |
AdvisorShares Pure US Cannabis ETF† | | $ | — | | $ | 73,925,430 | | $ | (559,971 | ) | | $ | (53,858 | ) | | $ | (7,361,769 | ) | | 2,577,172 | | $ | 65,949,832 | | $ | 180,376 |
Intec Pharma Ltd.* | | | 1,537,238 | | | — | | | (899,998 | ) | | | (2,574,872 | ) | | | 1,937,632 | | | — | | | — | | | — |
Village Farms International, Inc.* | | | 53,391,095 | | | — | | | (5,355,469 | ) | | | 2,082,267 | | | | (22,051,881 | ) | | — | | | — | | | — |
Total | | $ | 54,928,333 | | $ | 73,925,431 | | $ | (6,815,438 | ) | | $ | (546,463 | ) | | $ | (27,476,018 | ) | | 2,577,172 | | $ | 65,949,832 | | $ | 180,376 |
____________
* Security is no longer an affiliated company at period end.
† Affiliated Company.
See accompanying Notes to Financial Statements.
75
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 21.9% |
Investment Company — 0.4% |
RIV Capital, Inc. (Canada)* | | 4,446,025 | | $ | 5,103,698 |
Machinery — 0.6% | | | | | |
Urban-GRO, Inc.*† | | 610,156 | | | 6,394,435 |
Pharmaceuticals — 0.1% | | | | | |
Hempfusion Wellness, Inc. (Canada)* | | 7,098,596 | | | 1,039,873 |
REITS — 11.0% | | | | | |
AFC Gamma, Inc. | | 227,741 | | | 5,183,385 |
Innovative Industrial Properties, Inc. | | 376,447 | | | 98,971,681 |
Power REIT*† | | 317,572 | | | 21,877,535 |
Total REITS | | | | | 126,032,601 |
Specialty Retail — 9.8% | | | | | |
Agrify Corp.*†(a) | | 2,361,255 | | | 21,723,546 |
GrowGeneration Corp.*†(a) | | 3,424,075 | | | 44,684,179 |
Hydrofarm Holdings Group, Inc.*(a) | | 1,630,388 | | | 46,123,677 |
Total Specialty Retail | | | | | 112,531,402 |
Total Common Stocks
(Cost $320,887,614) | | | | | 251,102,009 |
MONEY MARKET FUNDS — 51.0% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) | | 730,000 | | | 730,000 |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(b) | | 581,661,020 | | | 581,661,020 |
Fidelity Investments Money Market Funds — Government Portfolio, Institutional Class, 0.01%(b)(c) | | 325,000 | | | 325,000 |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) | | 325,000 | | | 325,000 |
Total Money Market Funds (Cost $583,041,020) | | | | | 583,041,020 |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS — 0.7%(c) |
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $1,274,070, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $1,300,719) | | $ | 1,274,064 | | $ | 1,274,064 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,186, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $2,088,122) | | | 2,047,178 | | | 2,047,178 |
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,187, (collateralized by various U.S. Government Agency Obligations, 1.64%-4.50%, 03/01/31-12/01/51, totaling $2,088,122) | | | 2,047,178 | | | 2,047,178 |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,047,187, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $2,088,122) | | | 2,047,178 | | | 2,047,178 |
Total Repurchase Agreements
(Cost $7,415,598) | | | | | | 7,415,598 |
Total Investments — 73.6% (Cost $911,344,232) | | | | | | 841,558,627 |
Other Assets in Excess of Liabilities — 26.4% | | | | | | 302,135,242 |
Net Assets — 100.0% | | | | | $ | 1,143,693,869 |
____________
REITS — Real Estate Investment Trusts
SOFR — Secured Overnight Financing Rate
* Non-income producing security.
† Affiliated Company.
See accompanying Notes to Financial Statements.
76
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,622,122; the aggregate market value of the collateral held by the fund is $9,128,577. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $332,979.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 251,102,009 | | $ | — | | $ | — | | $ | 251,102,009 |
Money Market Funds | | | 583,041,020 | | | — | | | — | | | 583,041,020 |
Repurchase Agreements | | | — | | | 7,415,598 | | | — | | | 7,415,598 |
Total | | $ | 834,143,029 | | $ | 7,415,598 | | $ | — | | $ | 841,558,627 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Swaps† | | $ | — | | $ | (211,929,221 | ) | | $ | — | | $ | (211,929,221 | ) |
Total | | $ | — | | $ | (211,929,221 | ) | | $ | — | | $ | (211,929,221 | ) |
____________
† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Investment Company | | 0.4 | % |
Machinery | | 0.6 | |
Pharmaceuticals | | 0.1 | |
REITS | | 11.0 | |
Specialty Retail | | 9.8 | |
Money Market Funds | | 51.0 | |
Repurchase Agreements | | 0.7 | |
Total Investments | | 73.6 | |
Other Assets in Excess of Liabilities | | 26.4 | |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
77
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Total Return Swap contracts outstanding as of December 31, 2021:
Reference Entity | | Number
of
Contracts | | Annual
Financing
Rate Paid | | Payment
Frequency | | Termination
Date | | Notional
Amounts | | Fair Value | | Unrealized
Appreciation/
(Depreciation) |
4Front Ventures ORD | | 20,016,571 | | — | | — | | 9/02/2022 | | $ | 27,357,774 | | $ | 20,216,737 | | $ | (7,141,037 | ) |
4Front Ventures ORD | | 600,000 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 606,602 | | | 606,000 | | | (602 | ) |
Acreage Holdings FX SUB VOT CL E ORD | | 2,438,467 | | — | | — | | 9/02/2022 | | | 4,978,339 | | | 4,096,624 | | | (881,715 | ) |
AYR Wellness | | 1,130,000 | | — | | — | | 9/02/2022 | | | 31,800,033 | | | 17,153,400 | | | (14,646,633 | ) |
AYR Wellness | | 2,620,911 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 39,826,152 | | | 39,785,429 | | | (40,723 | ) |
C21 Investments ORD | | 7,877,268 | | — | | — | | 9/02/2022 | | | 10,556,970 | | | 3,955,176 | | | (6,601,794 | ) |
Columbia Care ORD | | 2,851,401 | | — | | — | | 9/02/2022 | | | 20,114,524 | | | 8,156,432 | | | (11,958,092 | ) |
Columbia Care ORD | | 9,715,773 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 27,821,686 | | | 27,791,969 | | | (29,717 | ) |
Cresco Labs ORD | | 3,911,025 | | — | | — | | 9/02/2022 | | | 51,002,428 | | | 26,086,537 | | | (24,915,891 | ) |
Cresco Labs ORD | | 8,411,618 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 56,171,212 | | | 56,105,492 | | | (65,720 | ) |
Curaleaf Holdings SUB VOT ORD | | 3,760,000 | | — | | — | | 9/02/2022 | | | 55,905,167 | | | 33,840,000 | | | (22,065,167 | ) |
Curaleaf Holdings SUB VOT ORD | | 8,278,295 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 74,579,443 | | | 74,504,655 | | | (74,788 | ) |
Gage Growth | | 2,503,000 | | — | | — | | 9/02/2022 | | | 5,273,200 | | | 4,480,370 | | | (792,830 | ) |
Glass House Brands | | 750,000 | | — | | — | | 9/02/2022 | | | 5,737,030 | | | 2,874,375 | | | (2,862,655 | ) |
Goodness Growth Hold | | 4,140,230 | | — | | — | | 9/02/2022 | | | 12,790,717 | | | 7,079,793 | | | (5,710,924 | ) |
Gramf Tpco ORD | | 5,592,948 | | — | | — | | 9/02/2022 | | | 34,144,823 | | | 7,774,198 | | | (26,370,625 | ) |
Green Thumb Industries SUB VOT ORD | | 1,547,178 | | — | | — | | 9/02/2022 | | | 49,103,244 | | | 34,286,223 | | | (14,817,021 | ) |
Green Thumb Industries SUB VOT ORD | | 4,748,042 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 105,316,567 | | | 105,218,937 | | | (97,630 | ) |
Jushi Holdings CL B SUB VOT ORD | | 6,226,698 | | — | | — | | 9/02/2022 | | | 32,093,059 | | | 20,236,769 | | | (11,856,290 | ) |
Jushi Holdings CL B SUB VOT ORD | | 1,450,000 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 4,717,387 | | | 4,712,500 | | | (4,887 | ) |
Lowell Farms ORD | | 4,564,503 | | — | | — | | 9/02/2022 | | | 6,072,717 | | | 1,453,109 | | | (4,619,608 | ) |
Planet 13 Holdings ORD | | 2,625,509 | | — | | — | | 9/02/2022 | | | 19,117,629 | | | 7,771,507 | | | (11,346,122 | ) |
Planet 13 Holdings ORD | | 4,133,776 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 12,250,808 | | | 12,235,977 | | | (14,831 | ) |
Terrascend ORD | | 2,354,905 | | — | | — | | 9/02/2022 | | | 25,557,085 | | | 14,400,244 | | | (11,156,841 | ) |
Terrascend ORD | | 5,751,676 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 35,204,326 | | | 35,171,499 | | | (32,827 | ) |
Trulieve Cannabis ORD | | 2,181,888 | | — | | — | | 9/02/2022 | | | 76,032,126 | | | 56,750,907 | | | (19,281,219 | ) |
Trulieve Cannabis ORD | | 3,603,533 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 93,819,224 | | | 93,727,893 | | | (91,331 | ) |
Vapen Mj Ventures ORD | | 4,856,256 | | — | | — | | 9/02/2022 | | | 4,387,665 | | | 2,476,690 | | | (1,910,975 | ) |
Verano Holdings ORD | | 3,500,784 | | — | | — | | 9/02/2022 | | | 56,536,910 | | | 44,039,863 | | | (12,497,047 | ) |
Verano Holdings ORD | | 4,330,000 | | SOFR + 1.00% | | Monthly | | 9/02/2022 | | | 54,515,079 | | | 54,471,400 | | | (43,679 | ) |
Net Unrealized Depreciation | | | | | | | | | | | | | | $ | (211,929,221 | ) |
Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of December 31, 2021, cash in the amount of $0 has been segregated as collateral from the broker for Swap contracts.
See accompanying Notes to Financial Statements.
78
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated Holding Name | | Value at
6/30/2021 | | Purchases/
Additions | | Sales/
Reductions | | Realized
Gain (Loss) | | Change in
Unrealized
Gain (Loss) | | Number of
Shares at
12/31/2021 | | Value at
12/31/2021 | | Dividend
Income |
Agrify Corp. | | $ | — | | $ | 39,262,092 | | $ | (1,582,941 | ) | | $ | (39,793 | ) | | $ | (15,915,812 | ) | | 2,361,255 | | $ | 21,723,546 | | $ | — |
GrowGeneration Corp. | | | 40,177,305 | | | 61,370,273 | | | (8,004,252 | ) | | | (760,323 | ) | | | (48,098,824 | ) | | 3,424,075 | | | 44,684,179 | | | — |
Power REIT | | | 6,923,139 | | | 8,475,013 | | | (288,346 | ) | | | 155,113 | | | | 6,612,616 | | | 317,572 | | | 21,877,535 | | | — |
Urban-GRO, Inc. | | | — | | | 7,634,315 | | | (343,391 | ) | | | (3,937 | ) | | | (892,552 | ) | | 610,156 | | | 6,394,435 | | | — |
Total | | $ | 47,100,444 | | $ | 116,741,693 | | $ | (10,218,930 | ) | | $ | (648,940 | ) | | $ | (58,294,572 | ) | | 6,713,058 | | $ | 94,679,695 | | $ | — |
See accompanying Notes to Financial Statements.
79
ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
EXCHANGE TRADED FUNDS — 97.8% |
Equity Fund — 97.8% | | | | | |
First Trust Dow Jones Internet Index Fund*(a) | | 96,497 | | $ | 21,820,867 |
Invesco QQQ Trust Series 1 | | 125,961 | | | 50,113,584 |
iShares Russell 2000 Growth ETF | | 16,434 | | | 4,815,984 |
Technology Select Sector SPDR Fund | | 220,080 | | | 38,265,309 |
Vanguard Total Stock Market ETF | | 37,993 | | | 9,173,030 |
Total Exchange Traded Funds
(Cost $111,900,336) | | | | | 124,188,774 |
MONEY MARKET FUNDS — 5.9% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)(c) | | 944,000 | | | 944,000 |
Federated Government Obligations Fund, Institutional Class, 0.03%(b)(c) | | 641,000 | | | 641,000 |
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(b) | | 2,835,611 | | | 2,835,611 |
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 0.03%(b)(c) | | 944,000 | | | 944,000 |
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) | | 857,000 | | | 857,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01%(b)(c) | | 857,000 | | | 857,000 |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 0.03%(b)(c) | | 383,000 | | | 383,000 |
Total Money Market Funds (Cost $7,461,611) | | | | | 7,461,611 |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS — 4.3%(c) | |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,352,822, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $2,399,868) | | $ | 2,352,812 | | $ | 2,352,812 | |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $777,125, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $792,664) | | | 777,122 | | | 777,122 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $2,352,822, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $2,399,868) | | | 2,352,812 | | | 2,352,812 | |
Total Repurchase Agreements
(Cost $5,482,746) | | | | | | 5,482,746 | |
Total Investments — 108.0% (Cost $124,844,693) | | | | | | 137,133,131 | |
Liabilities in Excess of Other Assets — (8.0%) | | | | | | (10,173,788 | ) |
Net Assets — 100.0% | | | | | $ | 126,959,343 | |
____________
ETF — Exchange Traded Fund
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $9,791,429; the aggregate market value of the collateral held by the fund is $10,108,746.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
80
ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Funds | | $ | 124,188,774 | | $ | — | | $ | — | | $ | 124,188,774 |
Money Market Funds | | | 7,461,611 | | | — | | | — | | | 7,461,611 |
Repurchase Agreements | | | — | | | 5,482,746 | | | — | | | 5,482,746 |
Total | | $ | 131,650,385 | | $ | 5,482,746 | | $ | — | | $ | 137,133,131 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Equity Fund | | 97.8 | % |
Money Market Funds | | 5.9 | |
Repurchase Agreements | | 4.3 | |
Total Investments | | 108.0 | |
Liabilities in Excess of Other Assets | | (8.0 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
81
ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares/
Principal | | Value |
EXCHANGE TRADED FUNDS — 98.0% |
Commodity Fund — 11.5% | | | | | | |
SPDR Gold Shares* | | | 3,891 | | $ | 665,205 |
Debt Fund — 33.2% | | | | | | |
iShares 20+ Year Treasury Bond ETF(a) | | | 11,445 | | | 1,696,035 |
Vanguard Total Bond Market ETF | | | 2,695 | | | 228,401 |
Total Debt Fund | | | | | | 1,924,436 |
Equity Fund — 53.3% | | | | | | |
Invesco Nasdaq Internet ETF*(a) | | | 2,843 | | | 612,240 |
Invesco QQQ Trust Series 1 | | | 3,521 | | | 1,400,830 |
Technology Select Sector SPDR Fund | | | 6,217 | | | 1,080,950 |
Total Equity Fund | | | | | | 3,094,020 |
Total Exchange Traded Funds
(Cost $5,379,021) | | | | | | 5,683,661 |
MONEY MARKET FUND — 2.2% |
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%(b)
(Cost $125,848) | | | 125,848 | | | 125,848 |
REPURCHASE AGREEMENTS — 37.1%(c) |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $510,498) | | $ | 500,488 | | | 500,488 |
Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $148,370, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 01/04/22-11/15/51, totaling $151,336) | | | 148,369 | | | 148,369 |
Investments | |
Principal
| | Value |
REPURCHASE AGREEMENTS (continued) | |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $510,498) | | $ | 500,488 | | $ | 500,488 | |
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 1.88%-6.50%, 01/20/27-05/20/51, totaling $510,498) | | | 500,488 | | | 500,488 | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $500,490, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $510,498) | | | 500,488 | | | 500,488 | |
Total Repurchase Agreements
(Cost $2,150,321) | | | | | | 2,150,321 | |
Total Investments — 137.3% (Cost $7,655,190) | | | | | | 7,959,830 | |
Liabilities in Excess of Other Assets — (37.3%) | | | | | | (2,161,981 | ) |
Net Assets — 100.0% | | | | | $ | 5,797,849 | |
____________
ETF — Exchange Traded Fund
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,105,200; the aggregate market value of the collateral held by the fund is $2,150,321.
(b) Rate shown reflects the 7-day yield as of December 31, 2021.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
82
ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Funds | | $ | 5,683,661 | | $ | — | | $ | — | | $ | 5,683,661 |
Money Market Fund | | | 125,848 | | | — | | | — | | | 125,848 |
Repurchase Agreements | | | — | | | 2,150,321 | | | — | | | 2,150,321 |
Total | | $ | 5,809,509 | | $ | 2,150,321 | | $ | — | | $ | 7,959,830 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Commodity Fund | | 11.5 | % |
Debt Fund | | 33.2 | |
Equity Fund | | 53.3 | |
Money Market Fund | | 2.2 | |
Repurchase Agreements | | 37.1 | |
Total Investments | | 137.3 | |
Liabilities in Excess of Other Assets | | (37.3 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
83
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
EXCHANGE TRADED FUND — 26.5% | |
Debt Fund — 26.5% | | | | | | | |
AdvisorShares North Square McKee Core Reserves ETF†
(Cost $19,886,000) | | 200,000 | | | $ | 19,680,000 | |
MONEY MARKET FUNDS — 184.9% | |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(a)(b) | | 122,116,9712 | | | | 122,116,972 | |
Fidelity Institutional Money Market Government Portfolio — Class III, 0.01%(a) | | 15,441,488 | | | | 15,441,488 | |
Total Money Market Funds (Cost $137,558,460) | | | | | | 137,558,460 | |
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $157,444,460) | | | | | | 157,238,460 | |
Securities Sold, Not Yet Purchased — (81.8)%(c) | |
COMMON STOCKS — (81.8)% | |
Apparel — (3.1)% | | | | | | | |
Hanesbrands, Inc. | | (140,000 | ) | | | (2,340,800 | ) |
Auto Parts & Equipment — (2.8)% | |
American Axle & Manufacturing Holdings, Inc.* | | (100,000 | ) | | | (933,000 | ) |
BorgWarner, Inc. | | (25,000 | ) | | | (1,126,750 | ) |
Total Auto Parts & Equipment | | | | | | (2,059,750 | ) |
Banks — (7.6)% | | | | | | | |
Credit Suisse Group AG (Switzerland)(d) | | (270,000 | ) | | | (2,602,800 | ) |
Deutsche Bank AG (Germany)* | | (175,000 | ) | | | (2,187,500 | ) |
Mizuho Financial Group, Inc. (Japan)(d) | | (350,000 | ) | | | (892,500 | ) |
Total Banks | | | | | | (5,682,800 | ) |
Commercial Services — (3.2)% | |
Euronet Worldwide, Inc.* | | (15,323 | ) | | | (1,826,042 | ) |
Riot Blockchain, Inc.* | | (25,000 | ) | | | (558,250 | ) |
Total Commercial Services | | | | | | (2,384,292 | ) |
Computers — (1.4)% | | | | | | | |
NCR Corp.* | | (25,000 | ) | | | (1,005,000 | ) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
Diversified Financial Services — (5.0)% | |
Capital One Financial Corp. | | (6,000 | ) | | $ | (870,540 | ) |
Nomura Holdings, Inc. (Japan)(d) | | (318,614 | ) | | | (1,379,598 | ) |
OneMain Holdings, Inc. | | (30,000 | ) | | | (1,501,200 | ) |
Total Diversified Financial Services | | | | | | (3,751,338 | ) |
Electrical Components & Equipment — (4.5)% | |
Universal Display Corp. | | (20,200 | ) | | | (3,333,606 | ) |
Entertainment — (2.3)% | | | | | | | |
Caesars Entertainment, Inc.* | | (18,000 | ) | | | (1,683,540 | ) |
Food — (1.1)% | | | | | | | |
Grocery Outlet Holding Corp.* | | (30,000 | ) | | | (848,400 | ) |
Hand/Machine Tools — (2.9)% | |
Snap-on, Inc. | | (10,000 | ) | | | (2,153,800 | ) |
Home Builders — (4.5)% | | | | | | | |
Thor Industries, Inc. | | (18,000 | ) | | | (1,867,860 | ) |
Winnebago Industries, Inc. | | (20,000 | ) | | | (1,498,400 | ) |
Total Home Builders | | | | | | (3,366,260 | ) |
Home Furnishings — (1.5)% | | | | | | | |
Leggett & Platt, Inc. | | (27,000 | ) | | | (1,111,320 | ) |
Housewares — (3.0)% | | | | | | | |
Newell Brands, Inc. | | (102,906 | ) | | | (2,247,467 | ) |
Insurance — (1.8)% | | | | | | | |
Goosehead Insurance, Inc., Class A | | (10,000 | ) | | | (1,300,800 | ) |
Internet — (1.2)% | | | | | | | |
Magnite, Inc.* | | (50,000 | ) | | | (875,000 | ) |
Leisure Time — (1.8)% | | | | | | | |
Malibu Boats, Inc., Class A* | | (20,000 | ) | | | (1,374,600 | ) |
Machinery – Construction & Mining — (3.4)% | |
Caterpillar, Inc. | | (12,247 | ) | | | (2,531,945 | ) |
Media — (2.1)% | | | | | | | |
Sinclair Broadcast Group, Inc., Class A | | (60,000 | ) | | | (1,585,800 | ) |
Real Estate — (1.4)% | | | | | | | |
KE Holdings, Inc. (China)*(d) | | (50,000 | ) | | | (1,006,000 | ) |
See accompanying Notes to Financial Statements.
84
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | | | |
REITS — (4.4)% | | | | | | | |
Americold Realty Trust | | (25,000 | ) | | $ | (819,750 | ) |
JBG SMITH Properties | | (40,000 | ) | | | (1,148,400 | ) |
Two Harbors Investment Corp. | | (225,000 | ) | | | (1,298,250 | ) |
Total REITS | | | | | | (3,266,400 | ) |
Retail — (13.6)% | | | | | | | |
Carvana Co.* | | (15,000 | ) | | | (3,476,850 | ) |
FirstCash Holdings, Inc. | | (10,000 | ) | | | (748,100 | ) |
La-Z-Boy, Inc. | | (22,393 | ) | | | (813,090 | ) |
Ollie’s Bargain Outlet Holdings, Inc.* | | (22,500 | ) | | | (1,151,775 | ) |
O’Reilly Automotive, Inc.* | | (2,500 | ) | | | (1,765,575 | ) |
Restaurant Brands International, Inc. (Canada) | | (35,000 | ) | | | (2,123,800 | ) |
Total Retail | | | | | | (10,079,190 | ) |
Software — (7.3)% | | | | | | | |
Clear Secure, Inc., Class A* | | (30,000 | ) | | | (941,100 | ) |
Guidewire Software, Inc.* | | (6,000 | ) | | | (681,180 | ) |
Pegasystems, Inc. | | (10,000 | ) | | | (1,118,200 | ) |
Procore Technologies, Inc.* | | (10,000 | ) | | | (799,700 | ) |
PTC, Inc.* | | (15,500 | ) | | | (1,877,825 | ) |
Total Software | | | | | | (5,418,005 | ) |
Telecommunications — (1.9)% | |
Plantronics, Inc.* | | (20,000 | ) | | | (586,800 | ) |
Telefonaktiebolaget LM Ericsson (Sweden)(d) | | (75,000 | ) | | | (815,250 | ) |
Total Telecommunications | | | | | | (1,402,050 | ) |
Total Common Stocks
(Cost $(60,932,362)) | | | | | | (60,808,163 | ) |
Total Securities Sold, Not Yet Purchased [Proceeds Received $(60,932,362)] | | | | | | (60,808,163 | ) |
Total Investments — 129.6% (Cost $96,512,098) | | | | | | 96,430,297 | |
Liabilities in Excess of Other Assets — (29.6%) | | | | | | (22,050,613 | ) |
Net Assets — 100.0% | | | | | $ | 74,379,684 | |
____________
ETF — Exchange Traded Fund
REITS — Real Estate Investment Trusts
* Non-income producing security.
† Affiliated Company.
(a) Rate shown reflects the 7-day yield as of December 31, 2021.
(b) A portion of this security has been pledged as collateral for securities sold, not yet purchased.
(c) As of December 31, 2021 cash in the amount of $7,098,860 has been segregated as collateral from the broker for securities sold short.
(d) American Depositary Receipt.
See accompanying Notes to Financial Statements.
85
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Fund | | $ | 19,680,000 | | $ | — | | $ | — | | $ | 19,680,000 |
Money Market Funds | | | 137,558,460 | | | — | | | — | | | 137,558,460 |
Total | | $ | 157,238,460 | | $ | — | | $ | — | | $ | 157,238,460 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Common Stocks | | $ | (60,808,163 | ) | | $ | — | | $ | — | | $ | (60,808,163 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Apparel | | (3.1 | )% |
Auto Parts & Equipment | | (2.8 | ) |
Banks | | (7.6 | ) |
Commercial Services | | (3.2 | ) |
Computers | | (1.4 | ) |
Debt Fund | | 26.5 | |
Diversified Financial Services | | (5.0 | ) |
Electrical Components & Equipment | | (4.5 | ) |
Entertainment | | (2.3 | ) |
Food | | (1.1 | ) |
Hand/Machine Tools | | (2.9 | ) |
Home Builders | | (4.5 | ) |
Home Furnishings | | (1.5 | ) |
Housewares | | (3.0 | ) |
Insurance | | (1.8 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
| | % of
Net Assets |
Internet | | (1.2 | )% |
Leisure Time | | (1.8 | ) |
Machinery – Construction & Mining | | (3.4 | ) |
Media | | (2.1 | ) |
Real Estate | | (1.4 | ) |
REITS | | (4.4 | ) |
Retail | | (13.6 | ) |
Software | | (7.3 | ) |
Telecommunications | | (1.9 | ) |
Money Market Funds | | 184.9 | |
Total Investments | | 129.6 | |
Liabilities in Excess of Other Assets | | (29.6 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
86
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2021 were as follows:
Affiliated Holding Name | | Value at
6/30/2021 | | Purchases/
Additions | | Sales/
Reductions | | Realized
Gain (Loss) | | Change in
Unrealized
Gain (Loss) | | Number of
Shares at
12/31/2021 | | Value at
12/31/2021 | | Dividend
Income |
AdvisorShares North Square McKee Core Reserves ETF | | $ | 19,736,000 | | $ | — | | $ | — | | $ | — | | $ | (56,000) | | 200,000 | | $ | 19,680,000 | | $ | 46,862 |
See accompanying Notes to Financial Statements.
87
ADVISORSHARES RESTAURANT ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | |
Shares
| | Value |
COMMON STOCKS — 95.2% |
Entertainment — 7.2% | | | | | |
RCI Hospitality Holdings, Inc. | | 3,778 | | $ | 294,231 |
Food — 1.1% | | | | | |
Sweetgreen, Inc., Class A*(a) | | 1,448 | | | 46,336 |
Internet — 2.0% | | | | | |
DoorDash, Inc., Class A* | | 380 | | | 56,582 |
Just Eat Takeaway.com NV (United Kingdom)*(a)(b) | | 2,332 | | | 25,092 |
Total Internet | | | | | 81,674 |
Retail — 84.9% | | | | | |
BJ’s Restaurants, Inc.* | | 1,255 | | | 43,360 |
Bloomin’ Brands, Inc.* | | 7,870 | | | 165,113 |
Carrols Restaurant Group, Inc. | | 7,555 | | | 22,363 |
Cheesecake Factory, Inc. (The)* | | 2,130 | | | 83,389 |
Chipotle Mexican Grill, Inc.* | | 86 | | | 150,349 |
Chuy’s Holdings, Inc.* | | 3,985 | | | 120,028 |
Cracker Barrel Old Country Store, Inc. | | 256 | | | 32,932 |
Darden Restaurants, Inc. | | 1,119 | | | 168,566 |
Dave & Buster’s Entertainment, Inc.* | | 5,343 | | | 205,171 |
Del Taco Restaurants, Inc. | | 17,923 | | | 223,141 |
Denny’s Corp.* | | 9,304 | | | 148,864 |
Dine Brands Global, Inc. | | 1,018 | | | 77,174 |
Domino’s Pizza, Inc. | | 415 | | | 234,197 |
El Pollo Loco Holdings, Inc.* | | 6,680 | | | 94,789 |
Fiesta Restaurant Group, Inc.* | | 15,466 | | | 170,281 |
Jack in the Box, Inc. | | 1,745 | | | 152,653 |
McDonald’s Corp. | | 394 | | | 105,620 |
ONE Group Hospitality, Inc. (The)* | | 15,360 | | | 193,690 |
Papa John’s International, Inc. | | 1,780 | | | 237,577 |
Restaurant Brands International, Inc. (Canada)(a) | | 1,255 | | | 76,153 |
Ruth’s Hospitality Group, Inc.* | | 6,394 | | | 127,241 |
Shake Shack, Inc., Class A* | | 681 | | | 49,141 |
Starbucks Corp. | | 321 | | | 37,547 |
Texas Roadhouse, Inc. | | 418 | | | 37,319 |
Wendy’s Co. (The) | | 6,436 | | | 153,499 |
Wingstop, Inc. | | 1,157 | | | 199,930 |
Investments | | Shares/
Principal | | Value |
COMMON STOCKS (continued) | | | | |
Retail (continued) | | | | | | | |
Yum China Holdings, Inc. (China) | | | 869 | | $ | 43,311 | |
Yum! Brands, Inc. | | | 1,014 | | | 140,804 | |
Total Retail | | | | | | 3,494,202 | |
Total Common Stocks
(Cost $4,017,777) | | | | | | 3,916,443 | |
MONEY MARKET FUND — 5.3% | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c)
(Cost $219,887) | | | 219,887 | | | 219,887 | |
REPURCHASE AGREEMENT — 3.6%(d) | |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $147,545, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $150,495)
(Cost $147,544) | | $ | 147,544 | | | 147,544 | |
Total Investments — 104.1%
(Cost $4,385,208) | | | | | | 4,283,874 | |
Liabilities in Excess of Other Assets — (4.1%) | | | | | | (168,402 | ) |
Net Assets — 100.0% | | | | | $ | 4,115,472 | |
____________
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $144,570; the aggregate market value of the collateral held by the fund is $147,544.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
88
ADVISORSHARES RESTAURANT ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 3,916,443 | | $ | — | | $ | — | | $ | 3,916,443 |
Money Market Fund | | | 219,887 | | | — | | | — | | | 219,887 |
Repurchase Agreement | | | — | | | 147,544 | | | — | | | 147,544 |
Total | | $ | 4,136,330 | | $ | 147,544 | | $ | — | | $ | 4,283,874 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Entertainment | | 7.2 | % |
Food | | 1.1 | |
Internet | | 2.0 | |
Retail | | 84.9 | |
Money Market Fund | | 5.3 | |
Repurchase Agreement | | 3.6 | |
Total Investments | | 104.1 | |
Liabilities in Excess of Other Assets | | (4.1 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
89
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
EXCHANGE TRADED FUNDS — 93.1% |
Debt Fund — 13.7% | | | | | |
iShares Core Total USD Bond Market ETF(a)(b) | | 38,041 | | $ | 2,013,510 |
iShares TIPS Bond ETF(b) | | 9,038 | | | 1,167,710 |
iShares US Treasury Bond ETF | | 32,686 | | | 872,062 |
Total Debt Fund | | | | | 4,053,282 |
Equity Fund — 79.4% | | | | | |
iShares Global Financials ETF | | 10,817 | | | 866,009 |
iShares MSCI EAFE ETF | | 75,463 | | | 5,937,429 |
iShares MSCI Emerging Markets ETF | | 17,319 | | | 846,033 |
iShares Russell 2000 ETF(b) | | 5,197 | | | 1,156,073 |
iShares Russell Mid-Cap Growth ETF(b) | | 15,253 | | | 1,757,451 |
iShares U.S. Energy ETF | | 32,501 | | | 978,280 |
SPDR S&P 500 ETF Trust(a) | | 23,071 | | | 10,957,802 |
Technology Select Sector SPDR Fund | | 5,719 | | | 994,362 |
Total Equity Fund | | | | | 23,493,439 |
Total Exchange Traded Funds
(Cost $25,216,953) | | | | | 27,546,721 |
MONEY MARKET FUNDS — 7.9% |
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(c)(d) | | 242,000 | | | 242,000 |
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.01%(c) | | 2,082,833 | | | 2,082,833 |
Total Money Market Funds (Cost $2,324,833) | | | | | 2,324,833 |
| | | Notional Amount | | Contracts | | |
PURCHASED PUT OPTION — 0.1% |
SPDR S&P 500 ETF Trust, expiring 03/18/22, Strike Price $385.00
(Cost $55,501) | | $ | 5,236,000 | | 136 | | 24,888 |
Investments | | Principal | | Value |
REPURCHASE AGREEMENTS — 11.0%(d) |
BofA Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 1.00%-5.00%, 09/01/28-01/01/61, totaling $825,787) | | $ | 809,595 | | $ | 809,595 |
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $807,602, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $824,494) | | | 807,598 | | | 807,598 |
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22, 0.04%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 02/10/22-01/01/52, totaling $825,787) | | | 809,595 | | | 809,595 |
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.05%, total to be received $809,598, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 05/15/22-12/01/51, totaling $825,787) | | | 809,595 | | | 809,595 |
Total Repurchase Agreements (Cost $3,236,383) | | | | | | 3,236,383 |
Total Investments Before Written Options — 112.1% (Cost $30,833,670) | | | | | $ | 33,132,825 |
See accompanying Notes to Financial Statements.
90
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Notional Amount | |
Contracts
| | Value |
WRITTEN CALL OPTIONS — (0.2)% | |
iShares MSCI EAFE ETF, expiring 01/21/22, Strike Price $80.00 | | $ | (36,728,000 | ) | | (459 | ) | | $ | (14,229 | ) |
SPDR S&P 500 ETF Trust, expiring 01/21/22, Strike Price $482.00 | | | (6,748,000 | ) | | (140 | ) | | | (31,010 | ) |
Total Written Options
[Premiums Received $(27,915)] | | | | | | | (45,239 | ) |
Total Investments — 111.9% (Cost $30,805,755) | | | | | | | 33,087,586 | |
Liabilities in Excess of Other Assets — (11.9%) | | | | | | | (3,500,685 | ) |
Net Assets — 100.0% | | | | | | $ | 29,586,901 | |
____________
ETF — Exchange Traded Fund
TIPS — Treasury Inflation Protected Securities
(a) All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,682,870 as of December 31, 2021.
(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,401,268; the aggregate market value of the collateral held by the fund is $3,478,383.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
91
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 |
Exchange Traded Funds | | $ | 27,546,721 | | $ | — | | $ | — | | $ | 27,546,721 |
Money Market Funds | | | 2,324,833 | | | — | | | — | | | 2,324,833 |
Purchased Put Option | | | 24,888 | | | — | | | — | | | 24,888 |
Repurchase Agreements | | | — | | | 3,236,383 | | | — | | | 3,236,383 |
Total | | $ | 29,896,442 | | $ | 3,236,383 | | $ | — | | $ | 33,132,825 |
Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total |
Written Call Options | | $ | — | | $ | (45,239 | ) | | $ | — | | $ | (45,239 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Debt Fund | | 13.7 | % |
Equity Fund | | 79.4 | |
Purchased Put Option | | 0.1 | |
Written Call Options | | (0.2 | ) |
Money Market Funds | | 7.9 | |
Repurchase Agreements | | 11.0 | |
Total Investments | | 111.9 | |
Liabilities in Excess of Other Assets | | (11.9 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
92
ADVISORSHARES VICE ETF
Schedule of Investments December 31, 2021 (Unaudited) |
Investments | | Shares | | Value |
COMMON STOCKS — 99.5% |
Agriculture — 8.6% | | | | | |
Altria Group, Inc. | | 2,030 | | $ | 96,202 |
British American Tobacco PLC (United Kingdom)(a)(b) | | 3,297 | | | 123,341 |
Philip Morris International, Inc. | | 1,234 | | | 117,230 |
Turning Point Brands, Inc. | | 5,434 | | | 205,297 |
Universal Corp. | | 4,196 | | | 230,444 |
Vector Group Ltd. | | 23,136 | | | 265,601 |
Total Agriculture | | | | | 1,038,115 |
Apparel — 2.1% | | | | | |
LVMH Moet Hennessy Louis Vuitton SE (France)(b) | | 1,509 | | | 249,739 |
Beverages — 19.1% | | | | | |
Anheuser-Busch InBev SA/NV (Belgium)(b) | | 2,006 | | | 121,463 |
Boston Beer Co., Inc. (The), Class A* | | 295 | | | 149,005 |
Brown-Forman Corp., Class B | | 1,273 | | | 92,751 |
Constellation Brands, Inc., Class A | | 975 | | | 244,696 |
Diageo PLC (United Kingdom)(b) | | 1,060 | | | 233,348 |
Duckhorn Portfolio, Inc. (The)* | | 14,220 | | | 331,895 |
MGP Ingredients, Inc. | | 5,800 | | | 492,942 |
Molson Coors Beverage Co., Class B | | 3,168 | | | 146,837 |
Pernod Ricard SA (France)(b) | | 9,938 | | | 481,794 |
Total Beverages | | | | | 2,294,731 |
Electronics — 2.8% | | | | | |
Turtle Beach Corp.* | | 15,092 | | | 335,948 |
Entertainment — 25.3% | | | | | |
Caesars Entertainment, Inc.* | | 3,743 | | | 350,083 |
DraftKings, Inc., Class A*(a) | | 3,757 | | | 103,205 |
International Game Technology PLC(a) | | 23,580 | | | 681,698 |
Monarch Casino & Resort, Inc.* | | 4,790 | | | 354,220 |
Penn National Gaming, Inc.*(a) | | 7,476 | | | 387,631 |
RCI Hospitality Holdings, Inc. | | 7,728 | | | 601,857 |
Red Rock Resorts, Inc., Class A | | 10,354 | | | 569,573 |
Total Entertainment | | | | | 3,048,267 |
Investments | | Shares | | Value |
COMMON STOCKS (continued) | | | |
Lodging — 7.7% | | | | | |
Boyd Gaming Corp.* | | 4,839 | | $ | 317,293 |
Full House Resorts, Inc.* | | 49,993 | | | 605,415 |
Total Lodging | | | | | 922,708 |
Miscellaneous Manufacturing — 5.6% |
Smith & Wesson Brands, Inc. | | 21,988 | | | 391,387 |
Sturm Ruger & Co., Inc. | | 4,212 | | | 286,500 |
Total Miscellaneous Manufacturing | | | | | 677,887 |
Real Estate — 1.1% | | | | | |
Douglas Elliman, Inc.* | | 11,568 | | | 133,032 |
REITS — 8.4% | | | | | |
Gaming and Leisure Properties, Inc. | | 11,016 | | | 536,039 |
VICI Properties, Inc. | | 15,868 | | | 477,785 |
Total REITS | | | | | 1,013,824 |
Retail — 15.9% | | | | | |
Chuy’s Holdings, Inc.* | | 12,391 | | | 373,217 |
Del Taco Restaurants, Inc. | | 46,715 | | | 581,602 |
Jack in the Box, Inc. | | 2,418 | | | 211,527 |
McDonald’s Corp. | | 1,276 | | | 342,057 |
Wingstop, Inc. | | 2,298 | | | 397,094 |
Total Retail | | | | | 1,905,497 |
Software — 2.9% | | | | | |
Activision Blizzard, Inc. | | 2,956 | | | 196,663 |
Take-Two Interactive Software, Inc.* | | 837 | | | 148,751 |
Total Software | | | | | 345,414 |
Total Common Stocks
(Cost $10,218,803) | | | | | 11,965,162 |
MONEY MARKET FUND — 3.7% |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(c)
(Cost $447,473) | | 447,473 | | | 447,473 |
See accompanying Notes to Financial Statements.
93
ADVISORSHARES VICE ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Investments | | Principal | | Value |
REPURCHASE AGREEMENT — 0.8%(d) | | |
Citibank NA, dated 12/31/21, due 01/03/22, 0.06%, total to be received $90,634, (collateralized by various U.S. Government Agency Obligations, 1.83%-6.00%, 07/01/24-08/15/51, totaling $92,530)
(Cost $90,634) | | $ | 90,634 | | $ | 90,634 | |
Total Investments — 104.0% (Cost $10,756,910) | | | | | | 12,503,269 | |
Liabilities in Excess of Other Assets — (4.0%) | | | | | | (473,034 | ) |
Net Assets — 100.0% | | | | | $ | 12,030,235 | |
____________
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $969,808; the aggregate market value of the collateral held by the fund is $984,773. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $894,139.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of December 31, 2021.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.
See accompanying Notes to Financial Statements.
94
ADVISORSHARES VICE ETF
Schedule of Investments (continued) December 31, 2021 (Unaudited) |
Fair Value Measurements
The following is a summary of the inputs used, as of December 31, 2021, 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 | | $ | 11,965,162 | | $ | — | | $ | — | | $ | 11,965,162 |
Money Market Fund | | | 447,473 | | | — | | | — | | | 447,473 |
Repurchase Agreement | | | — | | | 90,634 | | | — | | | 90,634 |
Total | | $ | 12,412,635 | | $ | 90,634 | | $ | — | | $ | 12,503,269 |
SUMMARY OF SCHEDULE OF INVESTMENTS
| | % of
Net Assets |
Agriculture | | 8.6 | % |
Apparel | | 2.1 | |
Beverages | | 19.1 | |
Electronics | | 2.8 | |
Entertainment | | 25.3 | |
Lodging | | 7.7 | |
Miscellaneous Manufacturing | | 5.6 | |
Real Estate | | 1.1 | |
REITS | | 8.4 | |
Retail | | 15.9 | |
Software | | 2.9 | |
Money Market Fund | | 3.7 | |
Repurchase Agreement | | 0.8 | |
Total Investments | | 104.0 | |
Liabilities in Excess of Other Assets | | (4.0 | ) |
Net Assets | | 100.0 | % |
See accompanying Notes to Financial Statements.
95
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
Alpha DNA
Equity
Sentiment ETF | | AdvisorShares
Dorsey Wright
ADR ETF | | AdvisorShares
Dorsey Wright
Alpha Equal
Weight ETF | | AdvisorShares
Dorsey Wright
FSM All Cap
World ETF |
ASSETS | | | | | | | | | | | | | |
Investments, at Cost | | $ | 75,447,919 | | $ | 66,582,134 | | | $ | 78,193,645 | | $ | 146,179,142 |
Repurchase Agreements, at Cost (Note 2) | | | 406,670 | | | 6,344,111 | | | | 1,124,574 | | | — |
Total Cost of Investments | | | 75,854,589 | | | 72,926,245 | | | | 79,318,219 | | | 146,179,142 |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 76,510,677 | | | 80,556,692 | | | | 83,959,273 | | | 150,880,740 |
Repurchase Agreements, at Market Value (Note 2) | | | 406,670 | | | 6,344,111 | | | | 1,124,574 | | | — |
Total Market Value of Investments | | | 76,917,347 | | | 86,900,803 | | | | 85,083,847 | | | 150,880,740 |
Cash | | | — | | | — | | | | 1,663 | | | — |
Cash collateral held at brokers | | | — | | | 186,802 | | | | 13,424 | | | — |
Dividends and Interest Receivable | | | 7,349 | | | 9,465 | | | | 8,534 | | | 2,410 |
Reclaim Receivable | | | — | | | 15,383 | | | | — | | | — |
Prepaid Expenses | | | 20,378 | | | 3,030 | | | | 7,393 | | | 20,435 |
Total Assets | | | 76,945,074 | | | 87,115,483 | | | | 85,114,861 | | | 150,903,585 |
LIABILITIES | | | | | | | | | | | | | |
Cash collateral for securities on loan(b) | | | 406,670 | | | 9,849,111 | | | | 1,124,574 | | | — |
Advisory Fees Payable | | | 48,493 | | | 48,487 | | | | 55,241 | | | 96,283 |
Trustee Fees Payable | | | 61 | | | — | | | | — | | | — |
Payable for Securities Purchased | | | 1,638,294 | | | — | | | | — | | | — |
CCO Fees Payable | | | 1,093 | | | 881 | | | | 85 | | | 1,715 |
Accrued Expenses | | | 37,358 | | | 27,254 | | | | 16,242 | | | 18,934 |
Total Liabilities | | | 2,131,969 | | | 9,925,733 | | | | 1,196,142 | | | 116,932 |
NET ASSETS | | $ | 74,813,105 | | $ | 77,189,750 | | | $ | 83,918,719 | | $ | 150,786,653 |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 73,845,680 | | $ | 109,710,991 | | | $ | 81,384,928 | | $ | 147,320,098 |
Total Distributable Earnings/Accumulated (Loss) | | | 967,425 | | | (32,521,241 | ) | | | 2,533,791 | | | 3,466,555 |
NET ASSETS | | $ | 74,813,105 | | $ | 77,189,750 | | | $ | 83,918,719 | | $ | 150,786,653 |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 2,710,000 | | | 1,200,000 | | | | 2,985,000 | | | 3,985,000 |
Net Asset Value (NAV) Per Share | | $ | 27.61 | | $ | 64.32 | | | $ | 28.11 | | $ | 37.84 |
| | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | 1,504,059 | | $ | 14,869,466 | | | $ | 7,676,139 | | $ | — |
(b) Non-cash collateral for securities on loan | | $ | 1,124,590 | | $ | 5,442,875 | | | $ | 6,790,950 | | $ | — |
See accompanying Notes to Financial Statements.
96
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
Dorsey Wright
FSM US Core
ETF | | AdvisorShares
Dorsey Wright
Micro-Cap ETF | | AdvisorShares
Dorsey Wright
Short ETF | | AdvisorShares
DoubleLine Value
Equity ETF |
ASSETS | | | | | | | | | | | | | | |
Investments, at Cost | | $ | 101,590,676 | | $ | 9,400,916 | | $ | 32,129,125 | | | $ | 38,705,707 | |
Investments in Affiliates, at Cost (Note 8) | | | — | | | — | | | 9,862,980 | | | | — | |
Repurchase Agreements, at Cost (Note 2) | | | 29,534,276 | | | 376,169 | | | — | | | | 599,874 | |
Total Cost of Investments | | | 131,124,952 | | | 9,777,085 | | | 41,992,105 | | | | 39,305,581 | |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 124,761,809 | | | 11,589,723 | | | 32,129,125 | | | | 48,188,496 | |
Investments in Affiliates, at Market Value (Note 8) | | | — | | | — | | | 9,840,000 | | | | — | |
Repurchase Agreements, at Market Value (Note 2) | | | 29,534,276 | | | 376,169 | | | — | | | | 599,874 | |
Total Market Value of Investments | | | 154,296,085 | | | 11,965,892 | | | 41,969,125 | | | | 48,788,370 | |
Cash collateral held at brokers | | | — | | | — | | | 24,408,118 | | | | — | |
Dividends and Interest Receivable | | | 12,035 | | | 11,324 | | | 724 | | | | 61,784 | |
Receivable from Securities Sold | | | — | | | — | | | 1,620,217 | | | | — | |
Reclaim Receivable | | | — | | | — | | | — | | | | 4,069 | |
Prepaid CCO Fees | | | 33 | | | 29 | | | — | | | | — | |
Prepaid Expenses | | | 15,887 | | | 1,091 | | | 9,360 | | | | 668 | |
Total Assets | | | 154,324,040 | | | 11,978,336 | | | 68,007,544 | | | | 48,854,891 | |
LIABILITIES | | | | | | | | | | | | | | |
Cash collateral for securities on loan(b) | | | 51,261,276 | | | 376,169 | | | — | | | | 599,874 | |
Advisory Fees Payable | | | 65,021 | | | 5,625 | | | 28,576 | | | | 30,216 | |
Securities Sold, Not Yet Purchased(c) | | | — | | | — | | | 31,926,494 | | | | — | |
Payable for Securities Purchased | | | — | | | — | | | 3,203,572 | | | | — | |
Capital Shares Payable | | | — | | | — | | | 853,731 | | | | — | |
CCO Fees Payable | | | — | | | — | | | 2,834 | | | | 325 | |
Dividend Payable on Securities Sold, Not Yet Purchased | | | — | | | — | | | 39,143 | | | | — | |
Accrued Expenses | | | 14,003 | | | 19,878 | | | 64,529 | | | | 46,571 | |
Total Liabilities | | | 51,340,300 | | | 401,672 | | | 36,118,879 | | | | 676,986 | |
NET ASSETS | | $ | 102,983,740 | | $ | 11,576,664 | | $ | 31,888,665 | | | $ | 48,177,905 | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 79,045,853 | | $ | 10,269,588 | | $ | 118,097,521 | | | $ | 63,483,599 | |
Total Distributable Earnings/Accumulated (Loss) | | | 23,937,887 | | | 1,307,076 | | | (86,208,856 | ) | | | (15,305,694 | ) |
NET ASSETS | | $ | 102,983,740 | | $ | 11,576,664 | | $ | 31,888,665 | | | $ | 48,177,905 | |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 2,530,000 | | | 295,000 | | | 3,735,000 | | | | 490,000 | |
Net Asset Value (NAV) Per Share | | $ | 40.71 | | $ | 39.24 | | $ | 8.54 | | | $ | 98.32 | |
| | | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | 50,485,050 | | $ | 624,598 | | $ | — | | | $ | 1,372,247 | |
(b) Non-cash collateral for securities on loan | | $ | 398,574 | | $ | 251,487 | | $ | — | | | $ | 842,667 | |
(c) Proceeds Received from Securities Sold, Not Yet Purchased | | $ | — | | $ | — | | $ | 34,236,455 | | | $ | — | |
See accompanying Notes to Financial Statements.
97
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
Focused Equity
ETF | | AdvisorShares
Gerber
Kawasaki ETF | | AdvisorShares
Hotel ETF | | AdvisorShares
Newfleet
Multi-Sector
Income ETF |
ASSETS | | | | | | | | | | | | | |
Investments, at Cost | | $ | 23,945,384 | | $ | 24,903,916 | | $ | 8,578,304 | | $ | 98,801,027 | |
Investments in Affiliates, at Cost (Note 8) | | | — | | | 846,326 | | | — | | | — | |
Repurchase Agreements, at Cost (Note 2) | | | — | | | 1,079,079 | | | 144,598 | | | 2,854,012 | |
Total Cost of Investments | | | 23,945,384 | | | 26,829,321 | | | 8,722,902 | | | 101,655,039 | |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 32,842,622 | | | 25,945,933 | | | 9,004,635 | | | 98,561,148 | |
Investments in Affiliates, at Market Value (Note 8) | | | — | | | 705,388 | | | — | | | — | |
Repurchase Agreements, at Market Value (Note 2) | | | — | | | 1,079,079 | | | 144,598 | | | 2,854,012 | |
Total Market Value of Investments | | | 32,842,622 | | | 27,730,400 | | | 9,149,233 | | | 101,415,160 | |
Cash | | | — | | | 238,315 | | | — | | | 32,481 | |
Cash collateral held at brokers | | | — | | | 350 | | | — | | | — | |
Dividends and Interest Receivable | | | 13,776 | | | 14,470 | | | 8,209 | | | 313,593 | |
Receivable from Securities Sold | | | 15,446,492 | | | — | | | — | | | — | |
Prepaid CCO Fees | | | — | | | — | | | — | | | 416 | |
Prepaid Organizational Fees | | | — | | | 5,829 | | | — | | | — | |
Prepaid Expenses | | | 3,616 | | | 18,869 | | | 10,842 | | | 8,631 | |
Total Assets | | | 48,306,506 | | | 28,008,233 | | | 9,168,284 | | | 101,770,281 | |
LIABILITIES | | | | | | | | | | | | | |
Cash collateral for securities on loan(b) | | | — | | | 1,079,079 | | | 144,598 | | | 2,854,012 | |
Advisory Fees Payable | | | 11,749 | | | 7,884 | | | 3,473 | | | 46,879 | |
Trustee Fees Payable | | | 19 | | | 998 | | | 50 | | | — | |
Payable for Securities Purchased | | | 6,725,312 | | | 143,624 | | | — | | | 188,813 | |
Capital Shares Payable | | | 8,405,376 | | | — | | | — | | | — | |
CCO Fees Payable | | | 155 | | | 6,398 | | | 2,460 | | | — | |
Accrued Expenses | | | 28,796 | | | 13,495 | | | 35,084 | | | 35,830 | |
Total Liabilities | | | 15,171,407 | | | 1,251,478 | | | 185,665 | | | 3,125,534 | |
NET ASSETS | | $ | 33,135,099 | | $ | 26,756,755 | | $ | 8,982,619 | | $ | 98,644,747 | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 21,661,768 | | $ | 26,301,879 | | $ | 8,638,707 | | $ | 106,738,221 | |
Total Distributable Earnings/Accumulated (Loss) | | | 11,473,331 | | | 454,876 | | | 343,912 | | | (8,093,474 | ) |
NET ASSETS | | $ | 33,135,099 | | $ | 26,756,755 | | $ | 8,982,619 | | $ | 98,644,747 | |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 630,000 | | | 1,010,000 | | | 340,000 | | | 2,040,000 | |
Net Asset Value (NAV) Per Share | | $ | 52.60 | | $ | 26.49 | | $ | 26.42 | | $ | 48.36 | |
| | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | — | | $ | 1,073,834 | | $ | 138,526 | | $ | 3,004,901 | |
(b) Non-cash collateral for securities on loan | | $ | — | | $ | 24,582 | | $ | — | | $ | 220,160 | |
See accompanying Notes to Financial Statements.
98
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
North Square
McKee Core
Reserves ETF(1) | | AdvisorShares
North Square
McKee ESG Core
Bond ETF(2) | | AdvisorShares
Poseidon
Dynamic
Cannabis ETF | | AdvisorShares
Psychedelics ETF |
ASSETS | | | | | | | | | | | | | | | | |
Investments, at Cost | | $ | 35,326,459 | | | $ | 3,772,162 | | | $ | 3,471,278 | | | $ | 8,844,002 | |
Repurchase Agreements, at Cost (Note 2) | | | — | | | | 52,597 | | | | — | | | | 854,343 | |
Total Cost of Investments | | | 35,326,459 | | | | 3,824,759 | | | | 3,471,278 | | | | 9,698,345 | |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 35,316,088 | | | | 3,763,465 | | | | 3,383,939 | | | | 6,048,178 | |
Repurchase Agreements, at Market Value (Note 2) | | | — | | | | 52,597 | | | | — | | | | 854,343 | |
Total Market Value of Investments | | | 35,316,088 | | | | 3,816,062 | | | | 3,383,939 | | | | 6,902,521 | |
Cash | | | — | | | | — | | | | 19,873 | | | | — | |
Cash collateral held at brokers | | | — | | | | — | | | | 3,420,000 | | | | — | |
Unrealized Appreciation OTC Swap Contracts | | | — | | | | — | | | | — | | | | 10,800 | |
Dividends and Interest Receivable | | | 152,022 | | | | 14,522 | | | | 1,927 | | | | 1,558 | |
Receivable from Securities Sold | | | — | | | | 20,298 | | | | 14,616 | | | | — | |
Capital Shares Receivable | | | — | | | | — | | | | — | | | | 451,138 | |
Due from Investment Advisor | | | — | | | | 5,667 | | | | 3,280 | | | | 5,138 | |
OTC Swap Contracts | | | — | | | | — | | | | — | | | | 701,425 | |
Prepaid Organizational Fees | | | — | | | | — | | | | 16,177 | | | | 78,356 | |
Prepaid Expenses | | | 2,219 | | | | 170 | | | | 14,028 | | | | 21,676 | |
Total Assets | | | 35,470,329 | | | | 3,856,719 | | | | 6,873,840 | | | | 8,172,612 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Unrealized Depreciation on OTC Swap Contracts | | | — | | | | — | | | | 3,565 | | | | 252,172 | |
Cash collateral for securities on loan | | | — | | | | 52,597 | | | | — | | | | 854,343 | |
Advisory Fees Payable | | | 4,265 | | | | — | | | | — | | | | — | |
Trustee Fees Payable | | | — | | | | — | | | | 19 | | | | — | |
Payable for Securities Purchased | | | — | | | | 45,000 | | | | 19,873 | | | | 355,926 | |
CCO Fees Payable | | | 2,115 | | | | 150 | | | | 855 | | | | 2,174 | |
Accrued Expenses | | | 40,567 | | | | 19,801 | | | | 3,494 | | | | 9,969 | |
Total Liabilities | | | 46,947 | | | | 117,548 | | | | 27,806 | | | | 1,474,584 | |
NET ASSETS | | $ | 35,423,382 | | | $ | 3,739,171 | | | $ | 6,846,034 | | | $ | 6,698,028 | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 36,456,798 | | | $ | 4,720,102 | | | $ | 7,198,746 | | | $ | 10,057,990 | |
Total Distributable Earnings/Accumulated (Loss) | | | (1,033,416 | ) | | | (980,931 | ) | | | (352,712 | ) | | | (3,359,962 | ) |
NET ASSETS | | $ | 35,423,382 | | | $ | 3,739,171 | | | $ | 6,846,034 | | | $ | 6,698,028 | |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 360,000 | | | | 145,000 | | | | 875,000 | | | | 1,200,000 | |
Net Asset Value (NAV) Per Share | | $ | 98.40 | | | $ | 25.79 | | | $ | 7.82 | | | $ | 5.58 | |
| | | | | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | — | | | $ | 51,398 | | | $ | — | | | $ | 825,100 | |
____________
(1) Formerly known as AdvisorShares Sage Core Reserves ETF.
(2) Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.
See accompanying Notes to Financial Statements.
99
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
Pure Cannabis
ETF | | AdvisorShares
Pure US
Cannabis ETF | | AdvisorShares
Q Dynamic
Growth ETF | | AdvisorShares
Q Portfolio
Blended
Allocation ETF |
ASSETS | | | | | | | | | | | | | | | |
Investments, at Cost | | $ | 178,249,209 | | | $ | 754,184,369 | | | $ | 119,361,947 | | $ | 5,504,869 | |
Investments in Affiliates, at Cost (Note 8) | | | 73,311,601 | | | | 149,744,265 | | | | — | | | — | |
Repurchase Agreements, at Cost (Note 2) | | | 3,341,267 | | | | 7,415,598 | | | | 5,482,746 | | | 2,150,321 | |
Total Cost of Investments | | | 254,902,077 | | | | 911,344,232 | | | | 124,844,693 | | | 7,655,190 | |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 109,767,284 | | | | 739,463,334 | | | | 131,650,385 | | | 5,809,509 | |
Investments in Affiliates, at Market Value (Note 8) | | | 65,949,832 | | | | 94,679,695 | | | | — | | | — | |
Repurchase Agreements, at Market Value (Note 2) | | | 3,341,267 | | | | 7,415,598 | | | | 5,482,746 | | | 2,150,321 | |
Total Market Value of Investments | | | 179,058,383 | | | | 841,558,627 | | | | 137,133,131 | | | 7,959,830 | |
Cash | | | — | | | | 20,997 | | | | — | | | — | |
Foreign currency(b) | | | 1,005,118 | | | | — | | | | — | | | — | |
Dividends and Interest Receivable | | | 259,610 | | | | 681,195 | | | | 8,468 | | | 606 | |
Receivable from Securities Sold | | | 246,833 | | | | — | | | | — | | | — | |
Capital Shares Receivable | | | — | | | | 15,165,453 | | | | 916,623 | | | — | |
Due from Investment Advisor | | | — | | | | — | | | | — | | | 1,293 | |
Prepaid CCO Fees | | | — | | | | 2,002 | | | | 631 | | | — | |
OTC Swaps Contracts | | | 25,850,701 | | | | 528,541,690 | | | | — | | | — | |
Prepaid Organizational Fees | | | — | | | | — | | | | 15,913 | | | 15,913 | |
Prepaid Expenses | | | 188,269 | | | | 415,346 | | | | 32,790 | | | 17,992 | |
Total Assets | | | 206,608,914 | | | | 1,386,385,310 | | | | 138,107,556 | | | 7,995,634 | |
LIABILITIES | | | | | | | | | | | | | | | |
Unrealized Depreciation on Swaps Contracts | | | — | | | | 211,929,221 | | | | — | | | — | |
Unrealized Depreciation on OTC Swap Contracts | | | 9,751,143 | | | | — | | | | — | | | — | |
Cash collateral for securities on loan(c) | | | 4,579,267 | | | | 8,795,598 | | | | 10,108,746 | | | 2,150,321 | |
Advisory Fees Payable | | | 42,653 | | | | 562,877 | | | | 103,277 | | | — | |
Trustee Fees Payable | | | — | | | | — | | | | — | | | 73 | |
Payable for Securities Purchased | | | 309,593 | | | | 2,738,119 | | | | 891,845 | | | — | |
CCO Fees Payable | | | 93 | | | | — | | | | — | | | 403 | |
Due to Custodian – Foreign Currency(b) | | | — | | | | 29 | | | | — | | | — | |
Due to Broker | | | — | | | | 18,365,148 | | | | — | | | — | |
Accrued Expenses | | | 10,122 | | | | 300,449 | | | | 44,345 | | | 46,988 | |
Total Liabilities | | | 14,692,871 | | | | 242,691,441 | | | | 11,148,213 | | | 2,197,785 | |
NET ASSETS | | $ | 191,916,043 | | | $ | 1,143,693,869 | | | $ | 126,959,343 | | $ | 5,797,849 | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 324,048,127 | | | $ | 1,664,833,908 | | | $ | 114,816,581 | | $ | 5,813,904 | |
Total Distributable Earnings / Accumulated (Loss) | | | (132,132,084 | ) | | | (521,140,039 | ) | | | 12,142,762 | | | (16,055 | ) |
NET ASSETS | | $ | 191,916,043 | | | $ | 1,143,693,869 | | | $ | 126,959,343 | | $ | 5,797,849 | |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 14,680,000 | | | | 44,815,000 | | | | 4,155,000 | | | 215,000 | |
Net Asset Value (NAV) Per Share | | $ | 13.07 | | | $ | 25.52 | | | $ | 30.56 | | $ | 26.97 | |
| | | | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | 12,761,141 | | | $ | 8,622,122 | | | $ | 9,791,429 | | $ | 2,105,200 | |
(b) Foreign currency at cost | | $ | 1,001,620 | | | $ | — | | | $ | — | | $ | — | |
(c) Non-cash collateral for securities on loan | | $ | 9,102,440 | | | $ | 332,979 | | | $ | — | | $ | — | |
See accompanying Notes to Financial Statements.
100
ADVISORSHARES TRUST
Statements of Assets and Liabilities December 31, 2021 (Unaudited) |
| | AdvisorShares
Ranger Equity
Bear ETF | | AdvisorShares
Restaurant ETF | | AdvisorShares
STAR Global
Buy-Write ETF | | AdvisorShares
Vice ETF |
ASSETS | | | | | | | | | | | | | | |
Investments, at Cost | | $ | 137,558,460 | | | $ | 4,237,664 | | | $ | 27,597,287 | | $ | 10,666,276 |
Investments in Affiliates, at Cost (Note 8) | | | 19,886,000 | | | | — | | | | — | | | — |
Repurchase Agreements, at Cost (Note 2) | | | — | | | | 147,544 | | | | 3,236,383 | | | 90,634 |
Total Cost of Investments | | | 157,444,460 | | | | 4,385,208 | | | | 30,833,670 | | | 10,756,910 |
Investments, at Market Value (including securities on loan) (Note 2)(a) | | | 137,558,460 | | | | 4,136,330 | | | | 29,896,442 | | | 12,412,635 |
Investments in Affiliates, at Market Value (Note 8) | | | 19,680,000 | | | | — | | | | — | | | — |
Repurchase Agreements, at Market Value (Note 2) | | | — | | | | 147,544 | | | | 3,236,383 | | | 90,634 |
Total Market Value of Investments | | | 157,238,460 | | | | 4,283,874 | | | | 33,132,825 | | | 12,503,269 |
Cash collateral held at brokers | | | 7,098,860 | | | | — | | | | — | | | — |
Dividends and Interest Receivable | | | 3,001 | | | | 1,212 | | | | 51,859 | | | 16,324 |
Receivable from Securities Sold | | | 3,087,242 | | | | — | | | | — | | | 149,522 |
Reclaim Receivable | | | — | | | | 78 | | | | — | | | 2,337 |
Due from Investment Advisor | | | — | | | | 849 | | | | — | | | — |
Prepaid CCO Fees | | | — | | | | — | | | | 134 | | | — |
Prepaid Expenses | | | 3,580 | | | | 15,262 | | | | 3,938 | | | 2,106 |
Total Assets | | | 167,431,143 | | | | 4,301,275 | | | | 33,188,756 | | | 12,673,558 |
LIABILITIES | | | | | | | | | | | | | | |
Cash collateral for securities on loan(b) | | | — | | | | 147,544 | | | | 3,478,383 | | | 90,634 |
Advisory Fees Payable | | | 93,151 | | | | — | | | | 38,342 | | | 3,015 |
Trustee Fees Payable | | | — | | | | 58 | | | | 208 | | | — |
Securities Sold, Not Yet Purchased(c) | | | 60,808,163 | | | | — | | | | — | | | — |
Payable for Securities Purchased | | | 5,730,252 | | | | — | | | | — | | | 514,140 |
Options Written, at value(d) | | | — | | | | — | | | | 45,239 | | | — |
CCO Fees Payable | | | 2,397 | | | | 2,947 | | | | — | | | 93 |
Due to Broker | | | 26,156,993 | | | | — | | | | 10,810 | | | — |
Dividend Payable on Securities Sold, Not Yet Purchased | | | 215,580 | | | | — | | | | — | | | — |
Accrued Expenses | | | 44,923 | | | | 35,254 | | | | 28,873 | | | 35,441 |
Total Liabilities | | | 93,051,459 | | | | 185,803 | | | | 3,601,855 | | | 643,323 |
NET ASSETS | | $ | 74,379,684 | | | $ | 4,115,472 | | | $ | 29,586,901 | | $ | 12,030,235 |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | |
Capital Stock at Zero Par Value | | $ | 443,099,998 | | | $ | 4,414,471 | | | $ | 27,505,685 | | $ | 10,434,685 |
Total Distributable Earnings/Accumulated (Loss) | | | (368,720,314 | ) | | | (298,999 | ) | | | 2,081,216 | | | 1,595,550 |
NET ASSETS | | $ | 74,379,684 | | | $ | 4,115,472 | | | $ | 29,586,901 | | $ | 12,030,235 |
SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | |
Shares Outstanding (Unlimited Shares Authorized) | | | 3,012,500 | | | | 175,000 | | | | 720,000 | | | 365,000 |
Net Asset Value (NAV) Per Share | | $ | 24.69 | | | $ | 23.52 | | | $ | 41.09 | | $ | 32.96 |
| | | | | | | | | | | | | | | |
(a) Market value of securities on loan | | $ | — | | | $ | 144,570 | | | $ | 3,401,268 | | $ | 969,808 |
(b) Non-cash collateral for securities on loan | | $ | — | | | $ | — | | | $ | — | | $ | 894,139 |
(c) Proceeds Received from Securities Sold, Not Yet Purchased | | $ | 60,932,362 | | | $ | — | | | $ | — | | $ | — |
(d) Premiums received for options written | | $ | — | | | $ | — | | | $ | 27,915 | | $ | — |
See accompanying Notes to Financial Statements.
101
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
Alpha DNA
Equity
Sentiment
ETF | | AdvisorShares
Dorsey
Wright ADR
ETF | | AdvisorShares
Dorsey
Wright Alpha
Equal Weight
ETF | | AdvisorShares
Dorsey
Wright FSM
All Cap
World ETF |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 214,116 | | | $ | 1,510,873 | | | $ | 303,077 | | | $ | 334,915 | |
Securities lending income (net) (Note 2) | | | 1,138 | | | | 25,880 | | | | 1,858 | | | | 35,584 | |
Foreign withholding tax | | | (603 | ) | | | (47,700 | ) | | | — | | | | — | |
Total Investment Income | | | 214,651 | | | | 1,489,053 | | | | 304,935 | | | | 370,499 | |
| | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory Fees | | | 286,303 | | | | 309,096 | | | | 315,515 | | | | 574,587 | |
Accounting & Administration Fees | | | 17,900 | | | | 40,452 | | | | 27,832 | | | | 34,842 | |
Professional Fees | | | 19,200 | | | | 13,391 | | | | 13,114 | | | | 21,706 | |
Exchange Listing Fees | | | 5,945 | | | | 4,046 | | | | 4,700 | | | | 7,626 | |
Custody Fees | | | 6,319 | | | | 3,570 | | | | 4,940 | | | | 6,490 | |
Report to Shareholders | | | 3,495 | | | | 6,793 | | | | 3,068 | | | | 6,118 | |
Trustee Fees | | | 2,357 | | | | 2,069 | | | | 2,148 | | | | 2,326 | |
CCO Fees | | | 2,350 | | | | 3,377 | | | | 2,729 | | | | 6,625 | |
Pricing Fees | | | — | | | | 381 | | | | 1,901 | | | | 2,661 | |
Transfer Agent Fees | | | 2,825 | | | | 3,090 | | | | 3,155 | | | | 5,745 | |
Insurance Fees | | | 978 | | | | 882 | | | | 1,005 | | | | 2,269 | |
Registration Fees | | | 1,625 | | | | — | | | | 611 | | | | 1,325 | |
Organizational Fees | | | 7,745 | | | | — | | | | — | | | | — | |
Miscellaneous Fees | | | 977 | | | | 1,348 | | | | 1,052 | | | | 1,912 | |
Total Expenses | | | 358,019 | | | | 388,495 | | | | 381,770 | | | | 674,232 | |
Net Expenses | | | 358,019 | | | | 388,495 | | | | 381,770 | | | | 674,232 | |
Net Investment Income (Loss) | | | (143,368 | ) | | | 1,100,558 | | | | (76,835 | ) | | | (303,733 | ) |
| | | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (3,632,810 | ) | | | (86,414 | ) | | | (8,111,008 | ) | | | (4,959,542 | ) |
In-Kind Redemptions | | | 5,068,438 | | | | 1,820,240 | | | | 5,712,785 | | | | 4,040,541 | |
Options Written | | | (48 | ) | | | — | | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (1,380,771 | ) | | | (5,087,241 | ) | | | 5,130,829 | | | | 8,668,302 | |
Net Realized and Unrealized Gain (Loss) | | | 54,809 | | | | (3,353,415 | ) | | | 2,732,606 | | | | 7,749,301 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (88,559 | ) | | $ | (2,252,857 | ) | | $ | 2,655,771 | | | $ | 7,445,568 | |
See accompanying Notes to Financial Statements.
102
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
Dorsey
Wright FSM
US Core ETF | | AdvisorShares
Dorsey
Wright
Micro-Cap
ETF | | AdvisorShares
Dorsey
Wright Short
ETF | | AdvisorShares
DoubleLine
Value Equity
ETF |
INVESTMENT INCOME: | | | | | | | | | | | | | | | |
Dividend Income | | $ | 443,766 | | $ | 101,884 | | | $ | 3,602 | | | $ | 461,773 | |
Dividend Income from Affiliates | | | — | | | — | | | | 23,431 | | | | — | |
Securities lending income (net) (Note 2) | | | 40,985 | | | 20,813 | | | | — | | | | 2,040 | |
Total Investment Income | | | 484,751 | | | 122,697 | | | | 27,033 | | | | 463,813 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | |
Advisory Fees | | | 375,960 | | | 38,125 | | | | 110,606 | | | | 172,130 | |
Accounting & Administration Fees | | | 27,059 | | | 33,535 | | | | 35,808 | | | | 37,803 | |
Professional Fees | | | 15,159 | | | 7,230 | | | | 11,626 | | | | 10,981 | |
Exchange Listing Fees | | | 4,114 | | | 372 | | | | 831 | | | | 4,195 | |
Custody Fees | | | 4,380 | | | 2,016 | | | | 1,558 | | | | 2,686 | |
Report to Shareholders | | | 4,582 | | | 670 | | | | 8,878 | | | | 2,817 | |
Trustee Fees | | | 2,297 | | | 2,137 | | | | 2,132 | | | | 2,202 | |
CCO Fees | | | 3,021 | | | 271 | | | | 800 | | | | 1,529 | |
Pricing Fees | | | 1,930 | | | — | | | | 348 | | | | — | |
Transfer Agent Fees | | | 3,760 | | | 381 | | | | 1,106 | | | | 1,844 | |
Insurance Fees | | | 1,266 | | | 82 | | | | 1,058 | | | | 774 | |
Registration Fees | | | 686 | | | 122 | | | | — | | | | — | |
Interest on Securities Sold, Not Yet Purchased | | | — | | | — | | | | 65,448 | | | | — | |
Dividend Expense | | | — | | | — | | | | 213,189 | | | | — | |
Miscellaneous Fees | | | 1,052 | | | 107 | | | | 430 | | | | 581 | |
Total Expenses | | | 445,266 | | | 85,048 | | | | 453,818 | | | | 237,542 | |
Advisory Fees Waived/Recoupment | | | — | | | (21,507 | ) | | | 8,493 | | | | (16,233 | ) |
Net Expenses | | | 445,266 | | | 63,541 | | | | 462,311 | | | | 221,309 | |
Net Investment Income (Loss) | | | 39,485 | | | 59,156 | | | | (435,278 | ) | | | 242,504 | |
| | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | |
Investments | | | 99,330 | | | (342,773 | ) | | | — | | | | 3,613,063 | |
In-Kind Redemptions | | | 860,242 | | | 308,971 | | | | — | | | | 635,369 | |
Short Sales | | | — | | | — | | | | (2,896,505 | ) | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | |
Investments | | | 8,595,796 | | | 273,760 | | | | — | | | | (2,587,894 | ) |
Investments in Affiliates | | | — | | | — | | | | (28,000 | ) | | | — | |
Short Sales | | | — | | | — | | | | 2,626,543 | | | | — | |
Net Realized and Unrealized Gain
(Loss) | | | 9,555,368 | | | 239,958 | | | | (297,962 | ) | | | 1,660,538 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 9,594,853 | | $ | 299,114 | | | $ | (733,240 | ) | | $ | 1,903,042 | |
See accompanying Notes to Financial Statements.
103
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
Focused
Equity ETF | | AdvisorShares
Gerber
Kawasaki
ETF(1) | | AdvisorShares
Hotel ETF | | AdvisorShares
Newfleet
Multi-Sector
Income ETF |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 122,103 | | | $ | 55,866 | | | $ | 47,247 | | | $ | 3,524 | |
Interest Income | | | — | | | | — | | | | — | | | | 998,189 | |
Securities lending income (net) (Note 2) | | | 724 | | | | 6,532 | | | | 384 | | | | 1,261 | |
Foreign withholding tax | | | — | | | | (641 | ) | | | — | | | | — | |
Total Investment Income | | | 122,827 | | | | 61,757 | | | | 47,631 | | | | 1,002,974 | |
| | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory Fees | | | 99,534 | | | | 55,566 | | | | 26,624 | | | | 258,538 | |
Accounting & Administration Fees | | | 37,806 | | | | 753 | | | | 2,138 | | | | 59,837 | |
Professional Fees | | | 9,682 | | | | 20,324 | | | | 10,276 | | | | 15,508 | |
Exchange Listing Fees | | | 4,366 | | | | 4,285 | | | | 4,880 | | | | 3,950 | |
Custody Fees | | | 1,268 | | | | 1,801 | | | | 1,187 | | | | 9,288 | |
Report to Shareholders | | | 2,178 | | | | 2,063 | | | | 996 | | | | 4,601 | |
Trustee Fees | | | 2,278 | | | | 3,273 | | | | 2,091 | | | | 2,146 | |
CCO Fees | | | 1,011 | | | | 6,804 | | | | 1,045 | | | | 3,171 | |
Pricing Fees | | | — | | | | — | | | | — | | | | 839 | |
Transfer Agent Fees | | | 1,149 | | | | 556 | | | | 333 | | | | 3,878 | |
Insurance Fees | | | 520 | | | | 1,074 | | | | 694 | | | | 1,270 | |
Registration Fees | | | 82 | | | | — | | | | 200 | | | | 964 | |
Organizational Fees | | | — | | | | 7,521 | | | | 10,081 | | | | — | |
Miscellaneous Fees | | | 454 | | | | 480 | | | | 142 | | | | 1,201 | |
Total Expenses | | | 160,328 | | | | 104,500 | | | | 60,687 | | | | 365,191 | |
Advisory Fees Waived/Recoupment | | | (60,794 | ) | | | (48,934 | ) | | | (16,760 | ) | | | 22,617 | |
Net Expenses | | | 99,534 | | | | 55,566 | | | | 43,927 | | | | 387,808 | |
Net Investment Income (Loss) | | | 23,293 | | | | 6,191 | | | | 3,704 | | | | 615,166 | |
| | | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (31,115 | ) | | | (425,110 | ) | | | (214,758 | ) | | | 38,086 | |
Investments in Affiliates | | | — | | | | (92,123 | ) | | | — | | | | — | |
In-Kind Redemptions | | | 3,102,722 | | | | 72,571 | | | | 179,270 | | | | — | |
Distributions by other Investment Companies | | | — | | | | 1,862 | | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 650,764 | | | | 1,042,017 | | | | 708,120 | | | | (925,158 | ) |
Investments in Affiliates | | | — | | | | (140,938 | ) | | | — | | | | — | |
Net Realized and Unrealized Gain (Loss) | | | 3,722,371 | | | | 458,279 | | | | 672,632 | | | | (887,072 | ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,745,664 | | | $ | 464,470 | | | $ | 676,336 | | | $ | (271,906 | ) |
____________
(1) Represents the period July 2, 2021 (commencement of operations) to December 31, 2021.
See accompanying Notes to Financial Statements.
104
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
North Square
McKee Core
Reserves
ETF(1) | | AdvisorShares
North Square
McKee ESG Core
Bond ETF(2) | | AdvisorShares
Poseidon
Dynamic
Cannabis ETF(3) | | AdvisorShares
Psychedelics
ETF(4) |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 30 | | | $ | 60,592 | | | $ | 684 | | | $ | 5 | |
Interest Income | | | 150,585 | | | | 8,500 | | | | — | | | | — | |
Securities lending income (net) (Note 2) | | | 96 | | | | 1,400 | | | | — | | | | 1,802 | |
Total Investment Income | | | 150,711 | | | | 70,492 | | | | 684 | | | | 1,807 | |
| | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory Fees | | | 59,834 | | | | 10,121 | | | | 3,034 | | | | 7,705 | |
Accounting & Administration Fees | | | 41,433 | | | | 29,959 | | | | 171 | | | | 319 | |
Professional Fees | | | 10,420 | | | | 8,330 | | | | 3,945 | | | | 13,724 | |
Exchange Listing Fees | | | 4,012 | | | | 4,205 | | | | 1,048 | | | | 2,905 | |
Custody Fees | | | 2,136 | | | | 435 | | | | 398 | | | | 1,122 | |
Report to Shareholders | | | 2,248 | | | | 748 | | | | 617 | | | | 2,163 | |
Trustee Fees | | | 2,149 | | | | 2,123 | | | | 802 | | | | 2,222 | |
CCO Fees | | | 1,123 | | | | 146 | | | | 863 | | | | 2,231 | |
Pricing Fees | | | 696 | | | | — | | | | — | | | | — | |
Transfer Agent Fees | | | 1,496 | | | | 175 | | | | 28 | | | | 96 | |
Insurance Fees | | | 996 | | | | 147 | | | | 370 | | | | 1,025 | |
Organizational Fees | | | — | | | | — | | | | 1,150 | | | | 8,794 | |
Miscellaneous Fees | | | 605 | | | | 100 | | | | 62 | | | | 75 | |
Total Expenses | | | 127,148 | | | | 56,489 | | | | 12,488 | | | | 42,381 | |
Advisory Fees Waived/Recoupment | | | (57,342 | ) | | | (10,121 | ) | | | (3,034 | ) | | | (7,705 | ) |
Expense Reimbursement | | | — | | | | (27,056 | ) | | | (5,697 | ) | | | (21,951 | ) |
Net Expenses | | | 69,806 | | | | 19,312 | | | | 3,757 | | | | 12,725 | |
Net Investment Income (Loss) | | | 80,905 | | | | 51,180 | | | | (3,073 | ) | | | (10,918 | ) |
| | | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 47,254 | | | | 110,574 | | | | (163,664 | ) | | | (193,038 | ) |
In-Kind Redemptions | | | — | | | | (8,921 | ) | | | — | | | | — | |
Swaps | | | — | | | | — | | | | (95,071 | ) | | | (118,810 | ) |
Futures | | | 1,062 | | | | — | | | | — | | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (142,138 | ) | | | (130,557 | ) | | | (87,339 | ) | | | (2,795,824 | ) |
Swaps | | | — | | | | — | | | | (3,565 | ) | | | (241,372 | ) |
Futures | | | (2,152 | ) | | | — | | | | — | | | | — | |
Net Realized and Unrealized Gain (Loss) | | | (95,974 | ) | | | (28,904 | ) | | | (349,639 | ) | | | (3,349,044 | ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (15,069 | ) | | $ | 22,276 | | | $ | (352,712 | ) | | $ | (3,359,962 | ) |
____________
(1) Formerly known as AdvisorShares Sage Core Reserves ETF.
(2) Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.
(3) Represents the period November 17, 2021 (commencement of operations) to December 31, 2021.
(4) Represents the period September 16, 2021 (commencement of operations) to December 31, 2021.
See accompanying Notes to Financial Statements.
105
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
Pure
Cannabis ETF | | AdvisorShares
Pure US
Cannabis ETF | | AdvisorShares
Q Dynamic
Growth ETF(1) | | AdvisorShares
Q Portfolio
Blended
Allocation ETF(1) |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 461,636 | | | $ | 1,047,956 | | | $ | 304,612 | | | $ | 23,573 | |
Securities lending income (net) (Note 2) | | | 330,685 | | | | 17,635 | | | | 38,369 | | | | 1,392 | |
Total Investment Income | | | 792,321 | | | | 1,065,591 | | | | 342,981 | | | | 24,965 | |
| | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory Fees | | | 793,738 | | | | 2,807,371 | | | | 496,261 | | | | 15,303 | |
Accounting & Administration Fees | | | 50,621 | | | | 121,865 | | | | 13,187 | | | | 13,529 | |
Professional Fees | | | 36,868 | | | | 100,378 | | | | 20,305 | | | | 14,897 | |
Exchange Listing Fees | | | 4,141 | | | | 4,021 | | | | 4,280 | | | | 4,302 | |
Custody Fees | | | 16,064 | | | | 37,522 | | | | 4,429 | | | | 665 | |
Report to Shareholders | | | 40,819 | | | | 81,817 | | | | 3,618 | | | | 337 | |
Trustee Fees | | | 2,178 | | | | 2,288 | | | | 2,074 | | | | 2,329 | |
CCO Fees | | | 10,609 | | | | 31,166 | | | | 2,060 | | | | 76 | |
Pricing Fees | | | 1,399 | | | | — | | | | — | | | | — | |
Transfer Agent Fees | | | 9,914 | | | | 35,096 | | | | 3,722 | | | | 155 | |
Insurance Fees | | | 4,482 | | | | 12,263 | | | | 858 | | | | 55 | |
Registration Fees | | | 6,415 | | | | 12,008 | | | | 767 | | | | 44 | |
Organizational Fees | | | — | | | | 55,680 | | | | 8,550 | | | | 8,550 | |
Miscellaneous Fees | | | 2,996 | | | | 8,377 | | | | 651 | | | | 128 | |
Total Expenses | | | 980,244 | | | | 3,309,852 | | | | 560,762 | | | | 60,370 | |
Advisory Fees Waived/Recoupment | | | (35,402 | ) | | | 15,629 | | | | 10,281 | | | | (15,303 | ) |
Expense Reimbursement | | | — | | | | — | | | | — | | | | (24,594 | ) |
Net Expenses | | | 944,842 | | | | 3,325,481 | | | | 571,043 | | | | 20,473 | |
Net Investment Income (Loss) | | | (152,521 | ) | | | (2,259,890 | ) | | | (228,062 | ) | | | 4,492 | |
| | | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (17,688,158 | ) | | | (5,589,515 | ) | | | 374,430 | | | | 10,369 | |
Investments in Affiliates | | | (2,574,872 | ) | | | (940,155 | ) | | | — | | | | — | |
In-Kind Redemptions | | | 4,164,212 | | | | 3,330,663 | | | | 408,522 | | | | 32,207 | |
In-Kind Redemptions in Affiliates | | | 2,028,409 | | | | 291,215 | | | | — | | | | — | |
Swaps | | | (25,859,299 | ) | | | (230,554,640 | ) | | | — | | | | — | |
Foreign Currency Transactions | | | (33,672 | ) | | | (6,820 | ) | | | — | | | | — | |
Distributions by other Investment Companies | | | 180,376 | | | | — | | | | — | | | | 351 | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | (39,624,706 | ) | | | (7,337,087 | ) | | | 7,397,927 | | | | 121,330 | |
Investments in Affiliates | | | (27,476,018 | ) | | | (58,294,572 | ) | | | — | | | | — | |
Swaps | | | (12,174,795 | ) | | | (151,406,224 | ) | | | — | | | | — | |
Foreign Currency Translations | | | 3,051 | | | | — | | | | — | | | | — | |
Net Realized and Unrealized Gain (Loss) | | | (119,055,472 | ) | | | (450,507,135 | ) | | | 8,180,879 | | | | 164,257 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (119,207,993 | ) | | $ | (452,767,025 | ) | | $ | 7,952,817 | | | $ | 168,749 | |
____________
(1) Represents the period December 28, 2020 (commencement of operations) to December 31, 2021.
See accompanying Notes to Financial Statements.
106
ADVISORSHARES TRUST
Statements of Operations For the Six Months Ended December 31, 2021 (Unaudited) |
| | AdvisorShares
Ranger
Equity Bear ETF | | AdvisorShares
Restaurant
ETF(1) | | AdvisorShares
STAR Global
Buy-Write
ETF | | AdvisorShares
Vice ETF |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend Income | | $ | 15,952 | | | $ | 23,936 | | | $ | 260,263 | | | $ | 113,811 | |
Dividend Income from Affiliates | | | 46,862 | | | | — | | | | — | | | | — | |
Securities lending income (net) (Note 2) | | | — | | | | 232 | | | | 6,716 | | | | 1,043 | |
Foreign withholding tax | | | 2,782 | | | | (317 | ) | | | — | | | | (893 | ) |
Total Investment Income | | | 65,596 | | | | 23,851 | | | | 266,979 | | | | 113,961 | |
| | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory Fees | | | 479,802 | | | | 15,383 | | | | 149,378 | | | | 37,120 | |
Accounting & Administration Fees | | | 38,575 | | | | 1,390 | | | | 39,091 | | | | 38,124 | |
Professional Fees | | | 10,499 | | | | 11,810 | | | | 9,967 | | | | 14,175 | |
Exchange Listing Fees | | | 4,998 | | | | 4,880 | | | | 4,430 | | | | 4,068 | |
Custody Fees | | | 2,617 | | | | 1,047 | | | | 1,139 | | | | 1,183 | |
Report to Shareholders | | | 3,116 | | | | 954 | | | | 1,098 | | | | 1,682 | |
Trustee Fees | | | 2,130 | | | | 2,091 | | | | 2,393 | | | | 1,967 | |
CCO Fees | | | 1,187 | | | | 1,008 | | | | 379 | | | | 475 | |
Pricing Fees | | | 2,210 | | | | — | | | | 1,564 | | | | 69 | |
Transfer Agent Fees | | | 2,399 | | | | 192 | | | | 830 | | | | 464 | |
Insurance Fees | | | 1,136 | | | | 677 | | | | 183 | | | | 210 | |
Registration Fees | | | — | | | | 152 | | | | 71 | | | | — | |
Interest on Securities Sold, Not Yet Purchased | | | 636,395 | | | | — | | | | — | | | | — | |
Dividend Expense | | | 379,486 | | | | — | | | | — | | | | — | |
Organizational Fees | | | — | | | | 10,081 | | | | — | | | | — | |
Miscellaneous Fees | | | 1,785 | | | | 128 | | | | 296 | | | | 244 | |
Total Expenses | | | 1,566,335 | | | | 49,793 | | | | 210,819 | | | | 99,781 | |
Advisory Fees Waived/Recoupment | | | — | | | | (15,383 | ) | | | (6,116 | ) | | | (37,120 | ) |
Expense Reimbursement | | | — | | | | (9,026 | ) | | | — | | | | (1,414 | ) |
Net Expenses | | | 1,566,335 | | | | 25,384 | | | | 204,703 | | | | 61,247 | |
Net Investment Income (Loss) | | | (1,500,739 | ) | | | (1,533 | ) | | | 62,276 | | | | 52,714 | |
| | | | | | | | | | | | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | (168,918 | ) | | | (40,109 | ) | | | 54,779 | |
In-Kind Redemptions | | | — | | | | 26,687 | | | | 108,548 | | | | 119,234 | |
Short Sales | | | 3,496,334 | | | | — | | | | — | | | | — | |
Options Written | | | — | | | | — | | | | (30,479 | ) | | | — | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | — | | | | (70,397 | ) | | | 745,530 | | | | (1,318,889 | ) |
Investments in Affiliates | | | (56,000 | ) | | | — | | | | — | | | | — | |
Short Sales | | | 1,103,536 | | | | — | | | | — | | | | — | |
Options Written | | | — | | | | — | | | | (14,686 | ) | | | — | |
Net Realized and Unrealized Gain (Loss) | | | 4,543,870 | | | | (212,628 | ) | | | 768,804 | | | | (1,144,876 | ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,043,131 | | | $ | (214,161 | ) | | $ | 831,080 | | | $ | (1,092,162 | ) |
____________
(1) Represents the period April 20, 2021 (commencement of operations) to December 31, 2021.
See accompanying Notes to Financial Statements.
107
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Alpha
DNA Equity
Sentiment ETF | | AdvisorShares Dorsey
Wright ADR ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
February 2,
2021* to
June 30, 2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30, 2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (143,368 | ) | | $ | (160,118 | ) | | $ | 1,100,558 | | | $ | 356,321 | |
Net Realized Gain (Loss) | | | 1,435,580 | | | | 2,719,382 | | | | 1,733,826 | | | | 19,387,682 | |
Net Change in Unrealized Appreciation (Depreciation) | | | (1,380,771 | ) | | | 2,443,529 | | | | (5,087,241 | ) | | | (1,463,361 | ) |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | (88,559 | ) | | | 5,002,793 | | | | (2,252,857 | ) | | | 18,280,642 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | — | | | | — | | | | (549,941 | ) | | | (284,565 | ) |
Total Distributions | | | — | | | | — | | | | (549,941 | ) | | | (284,565 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 39,454,993 | | | | 96,371,099 | | | | — | | | | 10,147,730 | |
Value of Shares Redeemed | | | (34,460,070 | ) | | | (31,467,151 | ) | | | (8,843,920 | ) | | | (15,186,661 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 4,994,923 | | | | 64,903,948 | | | | (8,843,920 | ) | | | (5,038,931 | ) |
Net Increase (Decrease) in Net Assets | | | 4,906,364 | | | | 69,906,741 | | | | (11,646,718 | ) | | | 12,957,146 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 69,906,741 | | | | — | | | | 88,836,468 | | | | 75,879,322 | |
End of Year/Period | | $ | 74,813,105 | | | $ | 69,906,741 | | | $ | 77,189,750 | | | $ | 88,836,468 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,535,000 | | | | — | | | | 1,335,000 | | | | 1,425,000 | |
Shares Sold | | | 1,415,000 | | | | 3,705,000 | | | | — | | | | 170,000 | |
Shares Repurchased | | | (1,240,000 | ) | | | (1,170,000 | ) | | | (135,000 | ) | | | (260,000 | ) |
Shares Outstanding, End of Year/Period | | | 2,710,000 | | | | 2,535,000 | | | | 1,200,000 | | | | 1,335,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
108
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Dorsey
Wright Alpha
Equal Weight ETF | | AdvisorShares Dorsey
Wright FSM All
Cap World ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30, 2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30, 2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (76,835 | ) | | $ | (276,933 | ) | | $ | (303,733 | ) | | $ | (438,845 | ) |
Net Realized Gain (Loss) | | | (2,398,223 | ) | | | 18,631,882 | | | | (919,001 | ) | | | 38,026,512 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 5,130,829 | | | | (2,677,985 | ) | | | 8,668,302 | | | | (8,322,601 | ) |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 2,655,771 | | | | 15,676,964 | | | | 7,445,568 | | | | 29,265,066 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (1,162,300 | ) | | | (14,018 | ) | | | (2,192,696 | ) | | | (215,144 | ) |
Total Distributions | | | (1,162,300 | ) | | | (14,018 | ) | | | (2,192,696 | ) | | | (215,144 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 47,108,830 | | | | 85,533,754 | | | | 81,999,221 | | | | 295,124,496 | |
Value of Shares Redeemed | | | (44,077,253 | ) | | | (61,136,384 | ) | | | (92,138,315 | ) | | | (242,186,339 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 3,031,577 | | | | 24,397,370 | | | | (10,139,094 | ) | | | 52,938,157 | |
Net Increase (Decrease) in Net Assets | | | 4,525,048 | | | | 40,060,316 | | | | (4,886,222 | ) | | | 81,988,079 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 79,393,671 | | | | 39,333,355 | | | | 155,672,875 | | | | 73,684,796 | |
End of Year/Period | | $ | 83,918,719 | | | $ | 79,393,671 | | | $ | 150,786,653 | | | $ | 155,672,875 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,850,000 | | | | 1,925,000 | | | | 4,250,000 | | | | 2,625,000 | |
Shares Sold | | | 1,670,000 | | | | 3,085,000 | | | | 2,120,000 | | | | 8,535,000 | |
Shares Repurchased | | | (1,535,000 | ) | | | (2,160,000 | ) | | | (2,385,000 | ) | | | (6,910,000 | ) |
Shares Outstanding, End of Year/Period | | | 2,985,000 | | | | 2,850,000 | | | | 3,985,000 | | | | 4,250,000 | |
See accompanying Notes to Financial Statements.
109
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Dorsey
Wright FSM
US Core ETF | | AdvisorShares Dorsey
Wright
Micro-Cap ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30, 2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30, 2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 39,485 | | | $ | (151,194 | ) | | $ | 59,156 | | | $ | (5,175 | ) |
Net Realized Gain (Loss) | | | 959,572 | | | | 8,461,136 | | | | (33,802 | ) | | | 484,121 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 8,595,796 | | | | 11,295,797 | | | | 273,760 | | | | 1,419,273 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 9,594,853 | | | | 19,605,739 | | | | 299,114 | | | | 1,898,219 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (367,102 | ) | | | (144,245 | ) | | | (48,464 | ) | | | — | |
Total Distributions | | | (367,102 | ) | | | (144,245 | ) | | | (48,464 | ) | | | — | |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 3,387,816 | | | | 67,515,703 | | | | 3,390,395 | | | | 5,434,395 | |
Value of Shares Redeemed | | | (3,280,805 | ) | | | (40,095,468 | ) | | | (963,695 | ) | | | (545,097 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 107,011 | | | | 27,420,235 | | | | 2,426,700 | | | | 4,889,298 | |
Net Increase (Decrease) in Net Assets | | | 9,334,762 | | | | 46,881,729 | | | | 2,677,350 | | | | 6,787,517 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 93,648,978 | | | | 46,767,249 | | | | 8,899,314 | | | | 2,111,797 | |
End of Year/Period | | $ | 102,983,740 | | | $ | 93,648,978 | | | $ | 11,576,664 | | | $ | 8,899,314 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,525,000 | | | | 1,700,000 | | | | 235,000 | | | | 100,000 | |
Shares Sold | | | 90,000 | | | | 1,945,000 | | | | 85,000 | | | | 160,000 | |
Shares Repurchased | | | (85,000 | ) | | | (1,120,000 | ) | | | (25,000 | ) | | | (25,000 | ) |
Shares Outstanding, End of Year/Period | | | 2,530,000 | | | | 2,525,000 | | | | 295,000 | | | | 235,000 | |
See accompanying Notes to Financial Statements.
110
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Dorsey
Wright Short ETF | | AdvisorShares DoubleLine Value
Equity ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (435,278 | ) | | $ | (1,864,666 | ) | | $ | 242,504 | | | $ | 537,254 | |
Net Realized Gain (Loss) | | | (2,896,505 | ) | | | (27,066,731 | ) | | | 4,248,432 | | | | 5,873,938 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 2,598,543 | | | | (19,190,288 | ) | | | (2,587,894 | ) | | | 10,696,504 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | (733,240 | ) | | | (48,121,685 | ) | | | 1,903,042 | | | | 17,107,696 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | — | | | | — | | | | (520,610 | ) | | | (614,874 | ) |
Total Distributions | | | — | | | | — | | | | (520,610 | ) | | | (614,874 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 12,617,814 | | | | 23,413,492 | | | | 985,011 | | | | 964,855 | |
Value of Shares Redeemed | | | (5,160,294 | ) | | | (63,225,521 | ) | | | (2,432,153 | ) | | | (10,698,303 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 7,457,520 | | | | (39,812,029 | ) | | | (1,447,142) | | | | (9,733,448 | ) |
Net Increase (Decrease) in Net Assets | | | 6,724,280 | | | | (87,933,714 | ) | | | (64,710 | ) | | | 6,759,374 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 25,164,385 | | | | 113,098,099 | | | | 48,242,615 | | | | 41,483,241 | |
End of Year/Period | | $ | 31,888,665 | | | $ | 25,164,385 | | | $ | 48,177,905 | | | $ | 48,242,615 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,930,000 | | | | 5,850,000 | | | | 505,000 | | | | 625,000 | |
Shares Sold | | | 1,395,000 | | | | 1,475,000 | | | | 10,000 | | | | 10,000 | |
Shares Repurchased | | | (590,000 | ) | | | (4,395,000 | ) | | | (25,000 | ) | | | (130,000 | ) |
Shares Outstanding, End of Year/Period | | | 3,735,000 | | | | 2,930,000 | | | | 490,000 | | | | 505,000 | |
See accompanying Notes to Financial Statements.
111
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares
Focused Equity
ETF | | AdvisorShares
Gerber
Kawasaki ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | For the
period July 2,
2021* to
December 31,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 23,293 | | | $ | 58,217 | | | $ | 6,191 | |
Net Realized Gain (Loss) | | | 3,071,607 | | | | 1,044,419 | | | | (442,800 | ) |
Net Change in Unrealized Appreciation (Depreciation) | | | 650,764 | | | | 4,977,298 | | | | 901,079 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 3,745,664 | | | | 6,079,934 | | | | 464,470 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | |
Distributions | | | (52,120 | ) | | | (62,748 | ) | | | (9,594 | ) |
Total Distributions | | | (52,120 | ) | | | (62,748 | ) | | | (9,594 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 8,925,734 | | | | 7,478,401 | | | | 26,709,461 | |
Value of Shares Redeemed | | | (8,405,377 | ) | | | (4,190,848 | ) | | | (407,582 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 520,357 | | | | 3,287,553 | | | | 26,301,879 | |
Net Increase (Decrease) in Net Assets | | | 4,213,901 | | | | 9,304,739 | | | | 26,756,755 | |
Net Assets: | | | | | | | | | | | | |
Beginning of Year/Period | | | 28,921,198 | | | | 19,616,459 | | | | — | |
End of Year/Period | | $ | 33,135,099 | | | $ | 28,921,198 | | | $ | 26,756,755 | |
Changes in Shares Outstanding | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 620,000 | | | | 550,000 | | | | — | |
Shares Sold | | | 170,000 | | | | 170,000 | | | | 1,025,000 | |
Shares Repurchased | | | (160,000 | ) | | | (100,000 | ) | | | (15,000 | ) |
Shares Outstanding, End of Year/Period | | | 630,000 | | | | 620,000 | | | | 1,010,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
112
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares
Hotel ETF | | AdvisorShares Newfleet
Multi-Sector Income ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | For the
period
April 20,
2021* to
June 30, 2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 3,704 | | | $ | 22,750 | | | $ | 615,166 | | | $ | 1,195,721 | |
Net Realized Gain (Loss) | | | (35,488 | ) | | | (41,231 | ) | | | 38,086 | | | | 440,439 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 708,120 | | | | (281,789 | ) | | | (925,158 | ) | | | 406,669 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 676,336 | | | | (300,270 | ) | | | (271,906 | ) | | | 2,042,829 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (32,154 | ) | | | — | | | | (771,398 | ) | | | (1,321,431 | ) |
Total Distributions | | | (32,154 | ) | | | — | | | | (771,398 | ) | | | (1,321,431 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 2,870,894 | | | | 8,023,869 | | | | 8,066,264 | | | | 55,802,623 | |
Value of Shares Redeemed | | | (2,256,056 | ) | | | — | | | | (5,336,801 | ) | | | (17,332,533 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 614,838 | | | | 8,023,869 | | | | 2,729,463 | | | | 38,470,090 | |
Net Increase (Decrease) in Net Assets | | | 1,259,020 | | | | 7,723,599 | | | | 1,686,159 | | | | 39,191,488 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 7,723,599 | | | | — | | | | 96,958,588 | | | | 57,767,100 | |
End of Year/Period | | $ | 8,982,619 | | | $ | 7,723,599 | | | $ | 98,644,747 | | | $ | 96,958,588 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 315,000 | | | | — | | | | 1,985,000 | | | | 1,200,000 | |
Shares Sold | | | 115,000 | | | | 315,000 | | | | 165,000 | | | | 1,140,000 | |
Shares Repurchased | | | (90,000 | ) | | | — | | | | (110,000 | ) | | | (355,000 | ) |
Shares Outstanding, End of Year/Period | | | 340,000 | | | | 315,000 | | | | 2,040,000 | | | | 1,985,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
113
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares North Square
McKee Core Reserves ETF(1) | | AdvisorShares North Square
McKee ESG Core Bond ETF(2) |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 80,905 | | | $ | 613,130 | | | $ | 51,180 | | | $ | 109,511 | |
Net Realized Gain (Loss) | | | 48,316 | | | | 323,325 | | | | 101,653 | | | | 83,801 | |
Net Change in Unrealized Appreciation (Depreciation) | | | (144,290 | ) | | | 30,243 | | | | (130,557 | ) | | | 54,063 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | (15,069 | ) | | | 966,698 | | | | 22,276 | | | | 247,375 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (93,921 | ) | | | (647,683 | ) | | | (48,281 | ) | | | (120,549 | ) |
Total Distributions | | | (93,921 | ) | | | (647,683 | ) | | | (48,281 | ) | | | (120,549 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | — | | | | 19,742,687 | | | | 512,358 | | | | — | |
Value of Shares Redeemed | | | (6,900,021 | ) | | | (78,550,212 | ) | | | (2,328,053 | ) | | | (2,857,937 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | (6,900,021 | ) | | | (58,807,525 | ) | | | (1,815,695 | ) | | | (2,857,937 | ) |
Net Increase (Decrease) in Net Assets | | | (7,009,011 | ) | | | (58,488,510 | ) | | | (1,841,700 | ) | | | (2,731,111 | ) |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 42,432,393 | | | | 100,920,903 | | | | 5,580,871 | | | | 8,311,982 | |
End of Year/Period | | $ | 35,423,382 | | | $ | 42,432,393 | | | $ | 3,739,171 | | | $ | 5,580,871 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 430,000 | | | | 1,025,000 | | | | 215,000 | | | | 325,000 | |
Shares Sold | | | — | | | | 200,000 | | | | 20,000 | | | | — | |
Shares Repurchased | | | (70,000 | ) | | | (795,000 | ) | | | (90,000 | ) | | | (110,000 | ) |
Shares Outstanding, End of Year/Period | | | 360,000 | | | | 430,000 | | | | 145,000 | | | | 215,000 | |
____________
(1) Formerly known as AdvisorShares Sage Core Reserves ETF.
(2) Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.
See accompanying Notes to Financial Statements.
114
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares
Poseidon Dynamic
Cannabis ETF | | AdvisorShares
Psychedelics ETF |
| | | For the
period
November 17,
2021* to
December 31,
2021 | | For the
period
September 16,
2021* to
December 31,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
OPERATIONS | | | | | | | | |
Net Investment Income (Loss) | | $ | (3,073 | ) | | $ | (10,918 | ) |
Net Realized Gain (Loss) | | | (258,735 | ) | | | (311,848 | ) |
Net Change in Unrealized Appreciation (Depreciation) | | | (90,904 | ) | | | (3,037,196 | ) |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | (352,712 | ) | | | (3,359,962 | ) |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
Distributions | | | — | | | | — | |
Total Distributions | | | — | | | | — | |
CAPITAL STOCK TRANSACTIONS | | | | | | | | |
Proceeds from Shares Issued | | | 7,198,746 | | | | 10,057,990 | |
Net Increase (Decrease) From Capital Stock Transactions | | | 7,198,746 | | | | 10,057,990 | |
Net Increase (Decrease) in Net Assets | | | 6,846,034 | | | | 6,698,028 | |
Net Assets: | | | | | | | | |
Beginning of Year/Period | | | — | | | | — | |
End of Year/Period | | $ | 6,846,034 | | | $ | 6,698,028 | |
Changes in Shares Outstanding | | | | | | | | |
Shares Sold | | | 875,000 | | | | 1,200,000 | |
Shares Outstanding, End of Year/Period | | | 875,000 | | | | 1,200,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
115
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Pure
Cannabis ETF | | AdvisorShares Pure US
Cannabis ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | Six months ended
December 31,
2021
(Unaudited) | | For the
period
September 1,
2020* to
June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (152,521 | ) | | $ | 444,125 | | | $ | (2,259,890 | ) | | $ | (2,315,252 | ) |
Net Realized Gain (Loss) | | | (39,783,004 | ) | | | 35,943,090 | | | | (233,469,252 | ) | | | 6,245,620 | |
Net Change in Unrealized Appreciation (Depreciation) | | | (79,272,468 | ) | | | 17,051,093 | | | | (217,037,883 | ) | | | (64,676,943 | ) |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | (119,207,993 | ) | | | 53,438,308 | | | | (452,767,025 | ) | | | (60,746,575 | ) |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (7,501,920 | ) | | | (728,447 | ) | | | (3,055,413 | ) | | | — | |
Total Distributions | | | (7,501,920 | ) | | | (728,447 | ) | | | (3,055,413 | ) | | | — | |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | — | | | | 295,185,617 | | | | 774,091,171 | | | | 1,101,452,333 | |
Value of Shares Redeemed | | | (35,782,313 | ) | | | (38,990,037 | ) | | | (125,269,359 | ) | | | (90,011,263 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | (35,782,313 | ) | | | 256,195,580 | | | | 648,821,812 | | | | 1,011,441,070 | |
Net Increase (Decrease) in Net Assets | | | (162,492,226 | ) | | | 308,905,441 | | | | 192,999,374 | | | | 950,694,495 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 354,408,269 | | | | 45,502,828 | | | | 950,694,495 | | | | — | |
End of Year/Period | | $ | 191,916,043 | | | $ | 354,408,269 | | | $ | 1,143,693,869 | | | $ | 950,694,495 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 16,755,000 | | | | 4,475,000 | | | | 23,640,000 | | | | — | |
Shares Sold | | | — | | | | 13,935,000 | | | | 25,615,000 | | | | 25,900,000 | |
Shares Repurchased | | | (2,075,000 | ) | | | (1,655,000 | ) | | | (4,440,000 | ) | | | (2,260,000 | ) |
Shares Outstanding, End of Year/Period | | | 14,680,000 | | | | 16,755,000 | | | | 44,815,000 | | | | 23,640,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
116
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Q Dynamic
Growth ETF | | AdvisorShares Q Portfolio
Blended Allocation ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
December 28,
2020* to
June 30, 2021 | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
December 28,
2020* to
June 30, 2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (228,062 | ) | | $ | (115,613 | ) | | $ | 4,492 | | | $ | 1,165 | |
Net Realized Gain (Loss) | | | 782,952 | | | | (585,027 | ) | | | 42,927 | | | | (378,559 | ) |
Net Change in Unrealized Appreciation (Depreciation) | | | 7,397,927 | | | | 4,890,511 | | | | 121,330 | | | | 183,310 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 7,952,817 | | | | 4,189,871 | | | | 168,749 | | | | (194,084 | ) |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | |
Distributions | | | — | | | | — | | | | (16,342 | ) | | | — | |
Total Distributions | | | — | | | | — | | | | (16,342 | ) | | | — | |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 52,765,163 | | | | 64,573,046 | | | | 2,559,876 | | | | 10,699,062 | |
Value of Shares Redeemed | | | (2,521,554 | ) | | | — | | | | (393,016 | ) | | | (7,026,396 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 50,243,609 | | | | 64,573,046 | | | | 2,166,860 | | | | 3,672,666 | |
Net Increase (Decrease) in Net Assets | | | 58,196,426 | | | | 68,762,917 | | | | 2,319,267 | | | | 3,478,582 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 68,762,917 | | | | — | | | | 3,478,582 | | | | — | |
End of Year/Period | | $ | 126,959,343 | | | $ | 68,762,917 | | | $ | 5,797,849 | | | $ | 3,478,582 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,445,000 | | | | — | | | | 135,000 | | | | — | |
Shares Sold | | | 1,795,000 | | | | 2,445,000 | | | | 95,000 | | | | 430,000 | |
Shares Repurchased | | | (85,000 | ) | | | — | | | | (15,000 | ) | | | (295,000 | ) |
Shares Outstanding, End of Year/Period | | | 4,155,000 | | | | 2,445,000 | | | | 215,000 | | | | 135,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
117
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares Ranger Equity
Bear ETF | | AdvisorShares
Restaurant ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
April 20, 2021*
to June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | (1,500,739 | ) | | $ | (4,083,134 | ) | | $ | (1,533 | ) | | $ | (194 | ) |
Net Realized Gain (Loss) | | | 3,496,334 | | | | (65,099,412 | ) | | | (142,231 | ) | | | (37,625 | ) |
Net Change in Unrealized Appreciation (Depreciation) | | | 1,047,536 | | | | 1,581,889 | | | | (70,397 | ) | | | (30,937 | ) |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 3,043,131 | | | | (67,600,657 | ) | | | (214,161 | ) | | | (68,756 | ) |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | — | | | | — | | | | (6,358 | ) | | | — | |
Total Distributions | | | — | | | | — | | | | (6,358 | ) | | | — | |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 39,656,933 | | | | 44,585,473 | | | | — | | | | 6,299,395 | |
Value of Shares Redeemed | | | (18,975,653 | ) | | | (88,348,866 | ) | | | (1,652,295 | ) | | | (242,353 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 20,681,280 | | | | (43,763,393 | ) | | | (1,652,295 | ) | | | 6,057,042 | |
Net Increase (Decrease) in Net Assets | | | 23,724,411 | | | | (111,364,050 | ) | | | (1,872,814 | ) | | | 5,988,286 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 50,655,273 | | | | 162,019,323 | | | | 5,988,286 | | | | — | |
End of Year/Period | | $ | 74,379,684 | | | $ | 50,655,273 | | | $ | 4,115,472 | | | $ | 5,988,286 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 2,202,500 | | | | 3,337,500 | | | | 245,000 | | | | — | |
Shares Sold | | | 1,580,000 | | | | 1,300,000 | | | | — | | | | 255,000 | |
Shares Repurchased | | | (770,000 | ) | | | (2,435,000 | ) | | | (70,000 | ) | | | (10,000 | ) |
Shares Outstanding, End of Year/Period | | | 3,012,500 | | | | 2,202,500 | | | | 175,000 | | | | 245,000 | |
____________
* Commencement of operations.
See accompanying Notes to Financial Statements.
118
ADVISORSHARES TRUST
Statements of Changes in Net Assets |
| | AdvisorShares STAR Global
Buy-Write ETF | | AdvisorShares Vice ETF |
| | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | $ | 62,276 | | | $ | (53,752 | ) | | $ | 52,714 | | | $ | 72,734 | |
Net Realized Gain (Loss) | | | 37,960 | | | | 3,452,454 | | | | 174,013 | | | | 1,636,316 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 730,844 | | | | (732,181 | ) | | | (1,318,889 | ) | | | 3,470,745 | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | | 831,080 | | | | 2,666,521 | | | | (1,092,162 | ) | | | 5,179,795 | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | | | | | | | | | |
Distributions | | | (166,381 | ) | | | (36,638 | ) | | | (118,472 | ) | | | (128,419 | ) |
Total Distributions | | | (166,381 | ) | | | (36,638 | ) | | | (118,472 | ) | | | (128,419 | ) |
CAPITAL STOCK TRANSACTIONS | | | | | | | | | | | | | | | | |
Proceeds from Shares Issued | | | 11,010,815 | | | | 11,496,290 | | | | — | | | | 1,682,551 | |
Value of Shares Redeemed | | | (411,757 | ) | | | (8,684,765 | ) | | | (647,851 | ) | | | (1,970,784 | ) |
Net Increase (Decrease) From Capital Stock Transactions | | | 10,599,058 | | | | 2,811,525 | | | | (647,851 | ) | | | (288,233 | ) |
Net Increase (Decrease) in Net Assets | | | 11,263,757 | | | | 5,441,408 | | | | (1,858,485 | ) | | | 4,763,143 | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of Year/Period | | | 18,323,144 | | | | 12,881,736 | | | | 13,888,720 | | | | 9,125,577 | |
End of Year/Period | | $ | 29,586,901 | | | $ | 18,323,144 | | | $ | 12,030,235 | | | $ | 13,888,720 | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares Outstanding, Beginning of Year/Period | | | 460,000 | | | | 400,000 | | | | 385,000 | | | | 400,000 | |
Shares Sold | | | 270,000 | | | | 290,000 | | | | — | | | | 50,000 | |
Shares Repurchased | | | (10,000 | ) | | | (230,000 | ) | | | (20,000 | ) | | | (65,000 | ) |
Shares Outstanding, End of Year/Period | | | 720,000 | | | | 460,000 | | | | 365,000 | | | | 385,000 | |
See accompanying Notes to Financial Statements.
119
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Alpha DNA Equity Sentiment ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the
period
February 2,
2021* to
June 30,
2021 | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 27.58 | | | $ | 25.35 | | |
Investment Operations | | | | | | | | | |
Net Investment Loss(1) | | | (0.05 | ) | | | (0.07 | ) | |
Net Realized and Unrealized Gain | | | 0.08 | | | | 2.30 | | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 0.03 | | | | 2.23 | | |
Net Asset Value, End of Year/Period | | $ | 27.61 | | | $ | 27.58 | | |
Market Value, End of Year/Period | | $ | 27.62 | | | $ | 27.58 | | |
Total Return | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 0.12 | % | | | 8.78 | % | |
Total Investment Return Based on Market(3) | | | 0.14 | % | | | 8.80 | % | |
Ratios/Supplemental Data | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 74,813 | | | $ | 69,907 | | |
Ratio to Average Net Assets of: | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.95 | % | | | 1.08 | % | |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.95 | % | | | 1.08 | % | |
Net Investment Loss(4) | | | (0.38 | )% | | | (0.67 | )% | |
Portfolio Turnover Rate(5) | | | 254 | % | | | 244 | % | |
AdvisorShares Dorsey Wright ADR ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
|
2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 66.54 | | | $ | 53.25 | | | $ | 49.75 | | | $ | 53.34 | | | $ | 46.56 | | | $ | 39.06 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | 0.88 | | | | 0.27 | | | | (0.03 | ) | | | 0.23 | | | | 0.55 | | | | 0.68 | |
Net Realized and Unrealized Gain (Loss) | | | (2.65 | ) | | | 13.23 | | | | 3.54 | | | | (3.51 | ) | | | 6.66 | | | | 7.27 | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | (1.77 | ) | | | 13.50 | | | | 3.51 | | | | (3.28 | ) | | | 7.21 | | | | 7.95 | |
Distributions from Net Investment Income | | | (0.45 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.31 | ) | | | (0.43 | ) | | | (0.45 | ) |
Total Distributions | | | (0.45 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.31 | ) | | | (0.43 | ) | | | (0.45 | ) |
Net Asset Value, End of Year/Period | | $ | 64.32 | | | $ | 66.54 | | | $ | 53.25 | | | $ | 49.75 | | | $ | 53.34 | | | $ | 46.56 | |
Market Value, End of Year/Period | | $ | 64.33 | | | $ | 66.49 | | | $ | 52.97 | | | $ | 49.69 | | | $ | 53.19 | | | $ | 46.61 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (2.67 | )% | | | 25.39 | % | | | 7.06 | % | | | (6.16 | )% | | | 15.45 | % | | | 20.43 | % |
Total Investment Return Based on Market(3) | | | (2.57 | )% | | | 25.95 | % | | | 6.62 | % | | | (6.00 | )% | | | 15.01 | % | | | 20.55 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 77,190 | | | $ | 88,836 | | | $ | 75,879 | | | $ | 108,198 | | | $ | 246,701 | | | $ | 65,185 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.94 | % | | | 1.10 | % | | | 1.02 | % | | | 0.88 | % | | | 1.02 | % | | | 1.25 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.94 | % | | | 0.96 | % | | | 0.97 | % | | | 1.07 | % | | | 0.95 | % | | | 1.43 | % |
Net Investment Income (Loss)(4) | | | 2.67 | % | | | 0.44 | % | | | (0.06 | )% | | | 0.47 | % | | | 0.96 | % | | | 1.55 | % |
Portfolio Turnover Rate(5) | | | 46 | % | | | 85 | % | | | 48 | % | | | 120 | % | | | 71 | % | | | 108 | %(6) |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(6) During the year, the Fund underwent a sub-advisor change. As a result, investment transactions were increased during the period, which caused a higher than normal portfolio rate.
See accompanying Notes to Financial Statements.
120
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Dorsey Wright Alpha Equal Weight ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Year ended
June 30,
2021
| | For the period
December 26,
2019* to
June 30, 2020 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 27.86 | | | $ | 20.43 | | | $ | 25.09 | |
Investment Operations | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | (0.03 | ) | | | (0.11 | ) | | | 0.01 | |
Net Realized and Unrealized Gain (Loss) | | | 0.67 | | | | 7.55 | | | | (4.67 | ) |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | 0.64 | | | | 7.44 | | | | (4.66 | ) |
Distributions from Net Investment Income | | | — | | | | (0.01 | ) | | | — | |
Distributions from Realized Capital Gains | | | (0.39 | ) | | | — | | | | — | |
Total Distributions | | | (0.39 | ) | | | (0.01 | ) | | | — | |
Net Asset Value, End of Year/Period | | $ | 28.11 | | | $ | 27.86 | | | $ | 20.43 | |
Market Value, End of Year/Period | | $ | 28.12 | | | $ | 27.90 | | | $ | 20.44 | |
Total Return | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 2.32 | % | | | 36.36 | % | | | (18.57 | )% |
Total Investment Return Based on Market(3) | | | 2.18 | % | | | 36.52 | % | | | (18.53 | )% |
Ratios/Supplemental Data | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 83,919 | | | $ | 79,394 | | | $ | 39,333 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.91 | % | | | 0.96 | % | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.91 | % | | | 0.91 | % | | | 1.19 | % |
Net Investment Income (Loss)(4) | | | (0.18 | )% | | | (0.42 | )% | | | 0.09 | % |
Portfolio Turnover Rate(5) | | | 216 | % | | | 372 | % | | | 147 | % |
AdvisorShares Dorsey Wright FSM All Cap World ETF | | Six months
ended
December 31,
2021
(Unaudited) | | Year ended
June 30,
2021 | | For the period
December 26,
2019* to
June 30, 2020 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 36.63 | | | $ | 28.07 | | | $ | 25.12 | |
Investment Operations | | | | | | | | | | | | |
Net Investment Loss(1) | | | (0.07 | ) | | | (0.12 | ) | | | (0.02 | ) |
Net Realized and Unrealized Gain | | | 1.83 | | | | 8.74 | | | | 2.97 | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 1.76 | | | | 8.62 | | | | 2.95 | |
Distributions from Realized Capital Gains | | | (0.55 | ) | | | (0.06 | ) | | | — | |
Total Distributions | | | (0.55 | ) | | | (0.06 | ) | | | — | |
Net Asset Value, End of Year/Period | | $ | 37.84 | | | $ | 36.63 | | | $ | 28.07 | |
Market Value, End of Year/Period | | $ | 37.85 | | | $ | 36.67 | | | $ | 28.07 | |
Total Return | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 4.81 | % | | | 30.70 | % | | | 11.76 | % |
Total Investment Return Based on Market(3) | | | 4.71 | % | | | 30.85 | % | | | 11.74 | % |
Ratios/Supplemental Data | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 150,787 | | | $ | 155,673 | | | $ | 73,685 | |
Ratio to Average Net Assets of:(6) | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.88 | % | | | 0.88 | % | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.88 | % | | | 0.86 | % | | | 1.12 | % |
Net Investment Loss(4) | | | (0.40 | )% | | | (0.34 | )% | | | (0.17 | )% |
Portfolio Turnover Rate(5) | | | 102 | % | | | 209 | % | | | 46 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(6) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
See accompanying Notes to Financial Statements.
121
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Dorsey Wright FSM US Core ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Year ended
June 30,
2021
| | For the period
December 26,
2019* to
June 30, 2020 | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 37.09 | | | $ | 27.51 | | | $ | 25.14 | | |
Investment Operations | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | 0.02 | | | | (0.07 | ) | | | 0.05 | | |
Net Realized and Unrealized Gain | | | 3.74 | | | | 9.72 | | | | 2.32 | | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 3.76 | | | | 9.65 | | | | 2.37 | | |
Distributions from Net Investment Income | | | — | | | | (0.03 | ) | | | — | | |
Distributions from Realized Capital Gains | | | (0.14 | ) | | | (0.04 | ) | | | — | | |
Total Distributions | | | (0.14 | ) | | | (0.07 | ) | | | — | | |
Net Asset Value, End of Year/Period | | $ | 40.71 | | | $ | 37.09 | | | $ | 27.51 | | |
Market Value, End of Year/Period | | $ | 40.68 | | | $ | 37.16 | | | $ | 27.46 | | |
Total Return | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 10.15 | % | | | 35.08 | % | | | 9.43 | % | |
Total Investment Return Based on Market(3) | | | 9.86 | % | | | 35.59 | % | | | 9.23 | % | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 102,984 | | | $ | 93,649 | | | $ | 46,767 | | |
Ratio to Average Net Assets of:(4) | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 0.89 | % | | | 0.92 | % | | | 0.99 | % | |
Expenses, prior to expense waivers and reimbursements(5) | | | 0.89 | % | | | 0.89 | % | | | 1.15 | % | |
Net Investment Income (Loss)(5) | | | 0.08 | % | | | (0.22 | )% | | | 0.37 | % | |
Portfolio Turnover Rate(6) | | | 3 | % | | | 64 | % | | | 53 | % | |
AdvisorShares Dorsey Wright Micro-Cap ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
| | For the period
July 11, 2018*
to
June 30, 2019 |
2021 | | 2020 | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 37.87 | | | $ | 21.12 | | | $ | 23.04 | | | $ | 24.71 | |
Investment Operations | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | 0.22 | | | | (0.04 | ) | | | (0.01 | ) | | | (0.02 | ) |
Net Realized and Unrealized Gain (Loss) | | | 1.31 | | | | 16.79 | | | | (1.89 | ) | | | (1.65 | ) |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | 1.53 | | | | 16.75 | | | | (1.90 | ) | | | (1.67 | ) |
Distributions from Net Investment Income | | | (0.16 | ) | | | — | | | | (0.02 | ) | | | — | |
Total Distributions | | | (0.16 | ) | | | — | | | | (0.02 | ) | | | — | |
Net Asset Value, End of Year/Period | | $ | 39.24 | | | $ | 37.87 | | | $ | 21.12 | | | $ | 23.04 | |
Market Value, End of Year/Period | | $ | 39.11 | | | $ | 37.92 | | | $ | 20.80 | | | $ | 23.02 | |
Total Return | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 4.05 | % | | | 79.33 | % | | | (8.26 | )% | | | (6.79 | )% |
Total Investment Return Based on Market(3) | | | 3.56 | % | | | 82.31 | % | | | (9.58 | )% | | | (6.86 | )% |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 11,577 | | | $ | 8,899 | | | $ | 2,112 | | | $ | 2,304 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 1.25 | % | | | 1.25 | % | | | 1.17 | % | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(5) | | | 1.67 | % | | | 3.17 | % | | | 4.98 | % | | | 4.79 | % |
Net Investment Income (Loss)(5) | | | 1.16 | % | | | (0.12 | )% | | | (0.05 | )% | | | (0.11 | )% |
Portfolio Turnover Rate(6) | | | 55 | % | | | 163 | % | | | 119 | % | | | 103 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
122
ADVISORSHARES TRUST
Financial Highlights |
| | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended
June 30,
| | For the
period
July 11,
2018* to
June 30, 2019 | | |
AdvisorShares Dorsey Wright Short ETF | | 2021 | | 2020 | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 8.59 | | | $ | 19.33 | | | $ | 24.90 | | | $ | 25.00 | | |
Investment Operations | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | (0.13 | ) | | | (0.46 | ) | | | (0.65 | ) | | | 0.13 | | |
Net Realized and Unrealized Gain (Loss) | | | 0.08 | | | | (10.28 | ) | | | (4.89 | ) | | | (0.19 | ) | |
Net Decrease in Net Assets Resulting from Investment Operations(2) | | | (0.05 | ) | | | (10.74 | ) | | | (5.54 | ) | | | (0.06 | ) | |
Distributions from Net Investment Income | | | — | | | | — | | | | (0.03 | ) | | | (0.04 | ) | |
Total Distributions | | | — | | | | — | | | | (0.03 | ) | | | (0.04 | ) | |
Net Asset Value, End of Year/Period | | $ | 8.54 | | | $ | 8.59 | | | $ | 19.33 | | | $ | 24.90 | | |
Market Value, End of Year/Period | | $ | 8.50 | | | $ | 8.56 | | | $ | 19.36 | | | $ | 24.93 | | |
Total Return | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (0.60 | )% | | | (55.58 | )% | | | (22.26 | )% | | | (0.27 | )% | |
Total Investment Return Based on Market(3) | | | (0.70 | )% | | | (55.79 | )% | | | (22.24 | )% | | | (0.18 | )% | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 31,889 | | | $ | 25,164 | | | $ | 113,098 | | | $ | 24,281 | | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 3.13 | %(5) | | | 3.48 | %(5) | | | 3.56 | %(5) | | | 2.70 | %(5) | |
Expenses, prior to expense waivers and reimbursements(4) | | | 3.08 | %(5) | | | 3.55 | %(5) | | | 3.56 | %(5) | | | 3.26 | %(5) | |
Net Investment Income (Loss)(4) | | | (2.95 | )% | | | (3.18 | )% | | | (2.58 | )% | | | 0.53 | % | |
Portfolio Turnover Rate(6) | | | 92 | % | | | 243 | % | | | 555 | % | | | 357 | % | |
| | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30, |
AdvisorShares DoubleLine Value Equity ETF | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 95.53 | | | $ | 66.37 | | | $ | 68.21 | | | $ | 67.88 | | | $ | 66.23 | | | $ | 55.56 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(1) | | | 0.48 | | | | 0.95 | | | | 0.82 | | | | 0.62 | | | | 0.53 | | | | 0.47 | |
Net Realized and Unrealized Gain (Loss) | | | 3.37 | | | | 29.23 | | | | (1.84 | ) | | | 0.45 | | | | 1.59 | | | | 10.93 | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | 3.85 | | | | 30.18 | | | | (1.02 | ) | | | 1.07 | | | | 2.12 | | | | 11.40 | |
Distributions from Net Investment Income | | | (1.06 | ) | | | (1.02 | ) | | | (0.82 | ) | | | (0.74 | ) | | | (0.47 | ) | | | (0.73 | ) |
Total Distributions | | | (1.06 | ) | | | (1.02 | ) | | | (0.82 | ) | | | (0.74 | ) | | | (0.47 | ) | | | (0.73 | ) |
Net Asset Value, End of Year/Period | | $ | 98.32 | | | $ | 95.53 | | | $ | 66.37 | | | $ | 68.21 | | | $ | 67.88 | | | $ | 66.23 | |
Market Value, End of Year/Period | | $ | 98.17 | | | $ | 95.41 | | | $ | 66.28 | | | $ | 68.13 | | | $ | 67.88 | | | $ | 66.17 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 4.04 | % | | | 45.78 | % | | | (1.63 | )% | | | 1.74 | % | | | 3.15 | % | | | 20.55 | % |
Total Investment Return Based on Market(3) | | | 4.00 | % | | | 45.79 | % | | | (1.65 | )% | | | 1.63 | % | | | 3.26 | % | | | 20.52 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 48,178 | | | $ | 48,243 | | | $ | 41,483 | | | $ | 61,386 | | | $ | 95,034 | | | $ | 142,400 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.87 | % | | | 0.90 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.97 | % | | | 1.05 | % | | | 1.07 | % | | | 1.17 | % | | | 1.07 | % | | | 1.07 | % |
Net Investment Income(4) | | | 0.99 | % | | | 1.18 | % | | | 1.18 | % | | | 0.93 | % | | | 0.77 | % | | | 0.76 | % |
Portfolio Turnover Rate(6) | | | 24 | % | | | 40 | % | | | 93 | % | | | 218 | % | | | 171 | % | | | 180 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) The expense ratio includes interest and dividend expenses on short sales of 1.89%, 2.46%, 2.47% and 1.71% for the period ended December 31, 2021, June 30, 2021, June 30, 2020 and June 30, 2019, respectively.
(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
123
ADVISORSHARES TRUST
Financial Highlights |
| | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended
June 30,
| | For the
period
September 20,
2016* to |
AdvisorShares Focused Equity ETF | | 2021 | | 2020 | | 2019 | | 2018 | | June 30, 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 46.65 | | | $ | 35.67 | | | $ | 34.42 | | | $ | 31.80 | | | $ | 28.59 | | | $ | 25.00 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(1) | | | 0.04 | | | | 0.10 | | | | 0.14 | | | | 0.16 | | | | 0.13 | | | | 0.06 | |
Net Realized and Unrealized Gain | | | 5.99 | | | | 11.00 | | | | 1.26 | | | | 3.21 | | | | 3.17 | | | | 3.54 | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 6.03 | | | | 11.10 | | | | 1.40 | | | | 3.37 | | | | 3.30 | | | | 3.60 | |
Distributions from Net Investment Income | | | (0.08 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.16 | ) | | | (0.09 | ) | | | (0.01 | ) |
Distributions from Realized Capital Gains | | | — | | | | — | | | | — | | | | (0.59 | ) | | | — | | | | — | |
Total Distributions | | | (0.08 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.75 | ) | | | (0.09 | ) | | | (0.01 | ) |
Net Asset Value, End of Year/Period | | $ | 52.60 | | | $ | 46.65 | | | $ | 35.67 | | | $ | 34.42 | | | $ | 31.80 | | | $ | 28.59 | |
Market Value, End of Year/Period | | $ | 53.38 | | | $ | 46.68 | | | $ | 34.88 | | | $ | 34.31 | | | $ | 31.79 | | | $ | 28.59 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 12.94 | % | | | 31.15 | % | | | 4.02 | % | | | 11.09 | % | | | 11.57 | % | | | 14.39 | % |
Total Investment Return Based on Market(3) | | | 14.53 | % | | | 34.20 | % | | | 2.06 | % | | | 10.74 | % | | | 11.51 | % | | | 14.40 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 33,135 | | | $ | 28,921 | | | $ | 19,616 | | | $ | 17,211 | | | $ | 14,311 | | | $ | 12,150 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.65 | % | | | 0.66 | % | | | 0.77 | % | | | 0.72 | % | | | 0.68 | % | | | 0.75 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 1.05 | % | | | 1.19 | % | | | 1.43 | % | | | 1.63 | % | | | 1.39 | % | | | 2.04 | % |
Net Investment Income(4) | | | 0.15 | % | | | 0.24 | % | | | 0.41 | % | | | 0.49 | % | | | 0.42 | % | | | 0.28 | % |
Portfolio Turnover Rate(5) | | | 22 | % | | | 25 | % | | | 23 | % | | | 19 | % | | | 26 | % | | | 36 | % |
AdvisorShares Gerber Kawasaki ETF | | For the period
July 2,
2021* to
December 31,
2021
(Unaudited) | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 25.00 | | |
Investment Operations | | | | | |
Net Investment Income(1) | | | 0.01 | | |
Net Realized and Unrealized Gain | | | 1.48 | | |
Distributions of Net Realized Gains by other investment companies | | | 0.01 | | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 1.50 | | |
Distributions from Net Investment Income | | | (0.01 | ) | |
Total Distributions | | | (0.01 | ) | |
Net Asset Value, End of Year/Period | | $ | 26.49 | | |
Market Value, End of Year/Period | | $ | 26.50 | | |
Total Return | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 5.87 | % | |
Total Investment Return Based on Market(3) | | | 5.91 | % | |
Ratios/Supplemental Data | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 26,757 | | |
Ratio to Average Net Assets of: | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.75 | % | |
Expenses, prior to expense waivers and reimbursements(4) | | | 1.41 | % | |
Net Investment Income(4) | | | 0.08 | % | |
Portfolio Turnover Rate(5) | | | 25 | % | |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
124
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Hotel ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the
period
April 20,
2021* to
June 30, 2021 | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 24.52 | | | $ | 24.32 | | |
Investment Operations | | | | | | | | | |
Net Investment Income(1) | | | 0.01 | | | | 0.13 | | |
Net Realized and Unrealized Gain | | | 1.98 | | | | 0.07 | | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 1.99 | | | | 0.20 | | |
Distributions from Net Investment Income | | | (0.09 | ) | | | — | | |
Total Distributions | | | (0.09 | ) | | | — | | |
Net Asset Value, End of Year/Period | | $ | 26.42 | | | $ | 24.52 | | |
Market Value, End of Year/Period | | $ | 26.44 | | | $ | 24.56 | | |
Total Return | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 8.13 | % | | | 0.81 | % | |
Total Investment Return Based on Market(3) | | | 8.04 | % | | | 0.99 | % | |
Ratios/Supplemental Data | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 8,983 | | | $ | 7,724 | | |
Ratio to Average Net Assets of: | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.99 | % | | | 0.99 | % | |
Expenses, prior to expense waivers and reimbursements(4) | | | 1.37 | % | | | 6.60 | % | |
Net Investment Income(4) | | | 0.08 | % | | | 2.70 | % | |
Portfolio Turnover Rate(5) | | | 40 | % | | | 21 | % | |
| | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30, |
AdvisorShares Newfleet Multi-Sector Income ETF | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 48.85 | | | $ | 48.14 | | | $ | 48.44 | | | $ | 47.86 | | | $ | 48.68 | | | $ | 48.83 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(1) | | | 0.29 | | | | 0.78 | | | | 1.21 | | | | 1.35 | | | | 1.05 | | | | 0.74 | |
Net Realized and Unrealized Gain (Loss) | | | (0.41 | ) | | | 0.83 | | | | (0.22 | ) | | | 0.65 | | | | (0.62 | ) | | | 0.38 | |
Distributions of Net Realized Gains by other investment companies | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0.00 | (6) |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | (0.12 | ) | | | 1.61 | | | | 0.99 | | | | 2.00 | | | | 0.43 | | | | 1.12 | |
Distributions from Net Investment Income | | | (0.37 | ) | | | (0.90 | ) | | | (1.29 | ) | | | (1.42 | ) | | | (1.25 | ) | | | (1.27 | ) |
Total Distributions | | | (0.37 | ) | | | (0.90 | ) | | | (1.29 | ) | | | (1.42 | ) | | | (1.25 | ) | | | (1.27 | ) |
Net Asset Value, End of Year/Period | | $ | 48.36 | | | $ | 48.85 | | | $ | 48.14 | | | $ | 48.44 | | | $ | 47.86 | | | $ | 48.68 | |
Market Value, End of Year/Period | | $ | 48.34 | | | $ | 48.83 | | | $ | 48.17 | | | $ | 48.38 | | | $ | 47.79 | | | $ | 48.70 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (0.25 | )% | | | 3.36 | % | | | 2.10 | % | | | 4.27 | % | | | 0.87 | % | | | 2.30 | % |
Total Investment Return Based on Market(3) | | | (0.26 | )% | | | 3.27 | % | | | 2.28 | % | | | 4.29 | % | | | 0.70 | % | | | 2.37 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 98,645 | | | $ | 96,959 | | | $ | 57,767 | | | $ | 75,080 | | | $ | 155,529 | | | $ | 258,005 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.71 | % | | | 0.78 | % | | | 0.82 | % | | | 0.96 | % | | | 0.84 | % | | | 0.80 | % |
Net Investment Income(4) | | | 1.19 | % | | | 1.61 | % | | | 2.51 | % | | | 2.81 | % | | | 2.17 | % | | | 1.53 | % |
Portfolio Turnover Rate(5) | | | 31 | % | | | 95 | % | | | 63 | % | | | 40 | % | | | 66 | % | | | 63 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(6) Amount represents less than $0.005 or 0.005%.
See accompanying Notes to Financial Statements.
125
ADVISORSHARES TRUST
Financial Highlights |
| | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30, |
AdvisorShares North Square McKee Core Reserves ETF(1) | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 98.68 | | | $ | 98.46 | | | $ | 99.64 | | | $ | 99.21 | | | $ | 99.43 | | | $ | 99.43 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(2) | | | 0.20 | | | | 0.83 | | | | 2.03 | | | | 2.37 | | | | 1.53 | | | | 0.97 | |
Net Realized and Unrealized Gain (Loss) | | | (0.25 | ) | | | 0.23 | | | | (1.19 | ) | | | 0.33 | | | | (0.16 | ) | | | 0.11 | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3) | | | (0.05 | ) | | | 1.06 | | | | 0.84 | | | | 2.70 | | | | 1.37 | | | | 1.08 | |
Distributions from Net Investment Income | | | (0.23 | ) | | | (0.84 | ) | | | (2.02 | ) | | | (2.27 | ) | | | (1.59 | ) | | | (1.08 | ) |
Total Distributions | | | (0.23 | ) | | | (0.84 | ) | | | (2.02 | ) | | | (2.27 | ) | | | (1.59 | ) | | | (1.08 | ) |
Net Asset Value, End of Year/Period | | $ | 98.40 | | | $ | 98.68 | | | $ | 98.46 | | | $ | 99.64 | | | $ | 99.21 | | | $ | 99.43 | |
Market Value, End of Year/Period | | $ | 98.40 | | | $ | 98.68 | | | $ | 98.35 | | | $ | 99.61 | | | $ | 99.19 | | | $ | 99.44 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(4) | | | (0.04 | )% | | | 1.09 | % | | | 0.83 | % | | | 2.74 | % | | | 1.38 | % | | | 1.08 | % |
Total Investment Return Based on Market(4) | | | (0.04 | )% | | | 1.21 | % | | | 0.75 | % | | | 2.74 | % | | | 1.34 | % | | | 0.88 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 35,423 | | | $ | 42,432 | | | $ | 100,921 | | | $ | 72,240 | | | $ | 52,087 | | | $ | 84,519 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % |
Expenses, prior to expense waivers and reimbursements(5) | | | 0.64 | % | | | 0.57 | % | | | 0.53 | % | | | 0.65 | % | | | 0.65 | % | | | 0.50 | % |
Net Investment Income(5) | | | 0.41 | % | | | 0.84 | % | | | 2.05 | % | | | 2.39 | % | | | 1.53 | % | | | 0.97 | % |
Portfolio Turnover Rate(6) | | | 39 | % | | | 103 | % | | | 101 | % | | | 91 | % | | | 74 | % | | | 81 | % |
| | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30, |
AdvisorShares North Square McKee ESG Core Bond ETF(7) | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 25.96 | | | $ | 25.58 | | | $ | 25.71 | | | $ | 25.39 | | | $ | 25.88 | | | $ | 25.61 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(2) | | | 0.29 | | | | 0.43 | | | | 0.81 | | | | 1.04 | | | | 0.90 | | | | 0.81 | |
Net Realized and Unrealized Gain (Loss) | | | (0.20 | ) | | | 0.36 | | | | (0.10 | ) | | | 0.38 | | | | (0.50 | ) | | | 0.25 | |
Distributions of Net Realized Gains by other investment companies | | | — | | | | 0.08 | | | | — | | | | — | | | | — | | | | 0.01 | |
Net Increase in Net Assets Resulting from Investment Operations(3) | | | 0.09 | | | | 0.87 | | | | 0.71 | | | | 1.42 | | | | 0.40 | | | | 1.07 | |
Distributions from Net Investment Income | | | (0.26 | ) | | | (0.49 | ) | | | (0.84 | ) | | | (1.10 | ) | | | (0.89 | ) | | | (0.80 | ) |
Total Distributions | | | (0.26 | ) | | | (0.49 | ) | | | (0.84 | ) | | | (1.10 | ) | | | (0.89 | ) | | | (0.80 | ) |
Net Asset Value, End of Year/Period | | $ | 25.79 | | | $ | 25.96 | | | $ | 25.58 | | | $ | 25.71 | | | $ | 25.39 | | | $ | 25.88 | |
Market Value, End of Year/Period | | $ | 25.74 | | | $ | 25.96 | | | $ | 25.57 | | | $ | 25.70 | | | $ | 25.38 | | | $ | 25.89 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(4) | | | 0.36 | % | | | 3.44 | % | | | 2.73 | % | | | 5.82 | % | | | 1.55 | % | | | 4.23 | % |
Total Investment Return Based on Market(4) | | | 0.16 | % | | | 3.46 | % | | | 2.75 | % | | | 5.80 | % | | | 1.47 | % | | | 4.24 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 3,739 | | | $ | 5,581 | | | $ | 8,312 | | | $ | 5,785 | | | $ | 18,405 | | | $ | 17,466 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 0.83 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
Expenses, prior to expense waivers and reimbursements(5) | | | 2.42 | % | | | 2.15 | % | | | 1.50 | % | | | 1.49 | % | | | 1.22 | % | | | 1.20 | % |
Net Investment Income(5) | | | 2.20 | % | | | 1.65 | % | | | 3.14 | % | | | 4.14 | % | | | 3.47 | % | | | 3.15 | % |
Portfolio Turnover Rate(6) | | | 322 | % | | | 256 | % | | | 765 | % | | | 150 | % | | | 39 | % | | | 21 | % |
____________
(1) Formerly known as AdvisorShares Sage Core Reserves ETF.
(2) Based on average shares outstanding.
(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(7) Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.
See accompanying Notes to Financial Statements.
126
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Poseidon Dynamic Cannabis ETF | | For the period
November 17, 2021*
to
December 31, 2021
(Unaudited) |
Selected Data for a Share of Capital Stock Outstanding | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 10.00 | |
Investment Operations | | | | |
Net Investment Loss(1) | | | (0.01 | ) |
Net Realized and Unrealized Loss | | | (2.17 | ) |
Net Decrease in Net Assets Resulting from Investment Operations(2) | | | (2.18 | ) |
Net Asset Value, End of Year/Period | | $ | 7.82 | |
Market Value, End of Year/Period | | $ | 7.89 | |
Total Return | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (21.75 | )% |
Total Investment Return Based on Market(3) | | | (21.10 | )% |
Ratios/Supplemental Data | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 6,846 | |
Ratio to Average Net Assets of: | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 3.29 | % |
Net Investment Loss(4) | | | (0.81 | )% |
Portfolio Turnover Rate(5) | | | 17 | % |
AdvisorShares Psychedelics ETF | | For the period
September 16, 2021*
to
December 31, 2021
(Unaudited) |
Selected Data for a Share of Capital Stock Outstanding | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 10.00 | |
Investment Operations | | | | |
Net Investment Loss(1) | | | (0.02 | ) |
Net Realized and Unrealized Loss | | | (4.40 | ) |
Net Decrease in Net Assets Resulting from Investment Operations(2) | | | (4.42 | ) |
Net Asset Value, End of Year/Period | | $ | 5.58 | |
Market Value, End of Year/Period | | $ | 5.85 | |
Total Return | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (44.18 | )% |
Total Investment Return Based on Market(3) | | | (41.50 | )% |
Ratios/Supplemental Data | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 6,698 | |
Ratio to Average Net Assets of: | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 3.30 | % |
Net Investment Loss(4) | | | (0.85 | )% |
Portfolio Turnover Rate(5) | | | 20 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
127
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Pure Cannabis ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
| | For the
period
April 17,
2019* to
June 30,
2019 |
2021 | | 2020 | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 21.15 | | | $ | 10.17 | | | $ | 22.99 | | | $ | 25.00 | |
Investment Operations | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | (0.01 | ) | | | 0.04 | | | | 0.70 | | | | 0.06 | |
Net Realized and Unrealized Gain (Loss) | | | (7.57 | ) | | | 11.05 | | | | (12.75 | ) | | | (2.07 | ) |
Distributions of Net Realized Gains by other investment companies | | | 0.01 | | | | — | | | | — | | | | — | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | (7.57 | ) | | | 11.09 | | | | (12.05 | ) | | | (2.01 | ) |
Distributions from Net Investment Income | | | — | | | | (0.11 | ) | | | (0.70 | ) | | | — | |
Distributions from Realized Capital Gains | | | (0.51 | ) | | | — | | | | (0.07 | ) | | | — | |
Total Distributions | | | (0.51 | ) | | | (0.11 | ) | | | (0.77 | ) | | | — | |
Net Asset Value, End of Year/Period | | $ | 13.07 | | | $ | 21.15 | | | $ | 10.17 | | | $ | 22.99 | |
Market Value, End of Year/Period | | $ | 12.99 | | | $ | 21.12 | | | $ | 10.18 | | | $ | 23.02 | |
Total Return | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (35.79 | )% | | | 109.96 | % | | | (52.76 | )% | | | (8.06 | )% |
Total Investment Return Based on Market(3) | | | (36.07 | )% | | | 109.35 | % | | | (52.70 | )% | | | (7.92 | )% |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 191,916 | | | $ | 354,408 | | | $ | 45,503 | | | $ | 59,762 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.71 | % | | | 0.74 | % | | | 0.74 | % | | | 0.74 | % |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.72 | % | | | 0.69 | % | | | 1.17 | % | | | 1.10 | % |
Net Investment Income (Loss)(4) | | | (0.12 | )% | | | 0.21 | % | | | 5.67 | % | | | 1.35 | % |
Portfolio Turnover Rate(5) | | | 14 | % | | | 46 | % | | | 59 | % | | | 26 | % |
AdvisorShares Pure US Cannabis ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the
period
September 1,
2020* to
June 30, 2021 | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 40.22 | | | $ | 25.00 | | |
Investment Operations | | | | | | | | | |
Net Investment Loss(1) | | | (0.07 | ) | | | (0.17 | ) | |
Net Realized and Unrealized Gain (Loss) | | | (14.56 | ) | | | 15.39 | | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | | | (14.63 | ) | | | 15.22 | | |
Distributions from Realized Capital Gains | | | (0.07 | ) | | | — | | |
Total Distributions | | | (0.07 | ) | | | — | | |
Net Asset Value, End of Year/Period | | $ | 25.52 | | | $ | 40.22 | | |
Market Value, End of Year/Period | | $ | 25.58 | | | $ | 40.08 | | |
Total Return | | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | (36.36 | )% | | | 60.86 | % | |
Total Investment Return Based on Market(3) | | | (36.00 | )% | | | 60.32 | % | |
Ratios/Supplemental Data | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 1,143,694 | | | $ | 950,694 | | |
Ratio to Average Net Assets of: | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(4) | | | 0.71 | % | | | 0.69 | % | |
Expenses, prior to expense waivers and reimbursements(4) | | | 0.71 | % | | | 0.69 | % | |
Net Investment Loss(4) | | | (0.48 | )% | | | (0.49 | )% | |
Portfolio Turnover Rate(5) | | | 10 | % | | | 68 | % | |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
128
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Q Dynamic Growth ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
December 28,
2020* to
June 30,
2021 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 28.12 | | | $ | 25.00 | |
Investment Operations | | | | | | | | |
Net Investment Loss(1) | | | (0.07 | ) | | | (0.09 | ) |
Net Realized and Unrealized Gain | | | 2.51 | | | | 3.21 | |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 2.44 | | | | 3.12 | |
Net Asset Value, End of Year/Period | | $ | 30.56 | | | $ | 28.12 | |
Market Value, End of Year/Period | | $ | 30.56 | | | $ | 28.13 | |
Total Return | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 8.66 | % | | | 12.50 | % |
Total Investment Return Based on Market(3) | | | 8.64 | % | | | 12.52 | % |
Ratios/Supplemental Data | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 126,959 | | | $ | 68,763 | |
Ratio to Average Net Assets of:(4) | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 1.15 | % | | | 1.43 | % |
Expenses, prior to expense waivers and reimbursements(5) | | | 1.13 | % | | | 1.49 | % |
Net Investment Loss(5) | | | (0.46 | )% | | | (0.65 | )% |
Portfolio Turnover Rate(6) | | | 39 | % | | | 61 | % |
AdvisorShares Q Portfolio Blended Allocation ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
December 28,
2020* to
June 30,
2021 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 25.77 | | | $ | 25.00 | |
Investment Operations | | | | | | | | |
Net Investment Income(1) | | | 0.03 | | | | 0.01 | |
Net Realized and Unrealized Gain | | | 1.25 | | | | 0.76 | |
Distributions of Net Realized Gains by other investment companies | | | 0.00 | (7) | | | 0.00 | (7) |
Net Increase in Net Assets Resulting from Investment Operations(2) | | | 1.28 | | | | 0.77 | |
Distributions from Net Investment Income | | | (0.08 | ) | | | — | |
Total Distributions | | | (0.08 | ) | | | — | |
Net Asset Value, End of Year/Period | | $ | 26.97 | | | $ | 25.77 | |
Market Value, End of Year/Period | | $ | 26.96 | | | $ | 25.76 | |
Total Return | | | | | | | | |
Total Investment Return Based on Net Asset Value(3) | | | 4.95 | % | | | 3.07 | % |
Total Investment Return Based on Market(3) | | | 4.95 | % | | | 3.04 | % |
Ratios/Supplemental Data | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 5,798 | | | $ | 3,479 | |
Ratio to Average Net Assets of:(4) | | | | | | | | |
Expenses, net of expense waivers and reimbursements(5) | | | 0.99 | % | | | 0.99 | % |
Expenses, prior to expense waivers and reimbursements(5) | | | 2.92 | % | | | 3.59 | % |
Net Investment Income(5) | | | 0.22 | % | | | 0.04 | % |
Portfolio Turnover Rate(6) | | | 121 | % | | | 248 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(7) Amount represents less than $0.005 or 0.005%.
See accompanying Notes to Financial Statements.
129
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares Ranger Equity Bear ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
|
2021(1) | | 2020(1) | | 2019(1) | | 2018(1) | | 2017(1) |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 23.00 | | | $ | 48.55 | | | $ | 63.84 | | | $ | 78.01 | | | $ | 85.65 | | | $ | 106.05 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(2) | | | (0.58 | ) | | | (1.59 | ) | | | (0.64 | ) | | | 0.13 | | | | (1.34 | ) | | | (2.00 | ) |
Net Realized and Unrealized Gain (Loss) | | | 2.27 | | | | (23.96 | ) | | | (14.55 | ) | | | (14.30 | ) | | | (6.30 | ) | | | (18.40 | ) |
Distributions of Net Realized Gains by other investment companies | | | — | | | | 0.00 | (3) | | | — | | | | — | | | | — | | | | — | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | | | 1.69 | | | | (25.55 | ) | | | (15.19 | ) | | | (14.17 | ) | | | (7.64 | ) | | | (20.40 | ) |
Distributions from Net Investment Income | | | — | | | | — | | | | (0.10 | ) | | | — | | | | — | | | | — | |
Total Distributions | | | — | | | | — | | | | (0.10 | ) | | | — | | | | — | | | | — | |
Net Asset Value, End of Year/Period | | $ | 24.69 | | | $ | 23.00 | | | $ | 48.55 | | | $ | 63.84 | | | $ | 78.01 | | | $ | 85.65 | |
Market Value, End of Year/Period | | $ | 24.69 | | | $ | 23.00 | | | $ | 48.50 | | | $ | 63.90 | | | $ | 77.80 | | | $ | 85.50 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(5) | | | 7.34 | % | | | (52.62 | )% | | | (23.79 | )% | | | (18.16 | )% | | | (8.92 | )% | | | (19.24 | )% |
Total Investment Return Based on Market(5) | | | 7.35 | % | | | (52.58 | )% | | | (23.94 | )% | | | (17.87 | )% | | | (9.01 | )% | | | (19.42 | )% |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 74,380 | | | $ | 50,655 | | | $ | 162,019 | | | $ | 135,814 | | | $ | 133,587 | | | $ | 174,504 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(6) | | | 4.83 | %(7) | | | 4.90 | %(7) | | | 3.10 | %(7) | | | 2.94 | %(7) | | | 2.52 | %(7) | | | 2.67 | %(7) |
Expenses, prior to expense waivers and reimbursements(6) | | | 4.83 | %(7) | | | 4.90 | %(7) | | | 3.10 | %(7) | | | 2.94 | %(7) | | | 2.52 | %(7) | | | 2.67 | %(7) |
Net Investment Income (Loss)(6) | | | (4.69 | )% | | | (4.49 | )% | | | (1.07 | )% | | | 0.18 | % | | | (1.63 | )% | | | (2.15 | )% |
Portfolio Turnover Rate(8) | | | 793 | % | | | 669 | % | | | 593 | % | | | 338 | % | | | 301 | % | | | 245 | % |
AdvisorShares Restaurant ETF | | Six months
ended
December 31,
2021
(Unaudited) | | For the period
April 20,
2021*
to June 30,
2021 | | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 24.44 | | | $ | 24.69 | | |
Investment Operations | | | | | | | | | |
Net Investment Loss(2) | | | (0.01 | ) | | | (0.00 | )(3) | |
Net Realized and Unrealized Loss | | | (0.87 | ) | | | (0.25 | ) | |
Net Decrease in Net Assets Resulting from Investment Operations(4) | | | (0.88 | ) | | | (0.25 | ) | |
Distributions from Net Investment Income | | | (0.04 | ) | | | — | | |
Total Distributions | | | (0.04 | ) | | | — | | |
Net Asset Value, End of Year/Period | | $ | 23.52 | | | $ | 24.44 | | |
Market Value, End of Year/Period | | $ | 23.52 | | | $ | 24.44 | | |
Total Return | | | | | | | | | |
Total Investment Return Based on Net Asset Value(5) | | | (3.64 | )% | | | (1.01 | )% | |
Total Investment Return Based on Market(5) | | | (3.62 | )% | | | (1.01 | )% | |
Ratios/Supplemental Data | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 4,115 | | | $ | 5,988 | | |
Ratio to Average Net Assets of: | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(6) | | | 0.99 | % | | | 0.99 | % | |
Expenses, prior to expense waivers and reimbursements(6) | | | 1.94 | % | | | 7.93 | % | |
Net Investment Loss(6) | | | (0.06 | )% | | | (0.03 | )% | |
Portfolio Turnover Rate(8) | | | 27 | % | | | 26 | % | |
____________
* Commencement of operations.
(1) After the close of business on February 5, 2021, the Fund’s applicable class underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.
(2) Based on average shares outstanding.
(3) Amount represents less than $0.005 or 0.005%.
(4) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(5) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(7) The expense ratio includes interest and dividend expenses on short sales of 3.11%, 3.14%, 1.42%, 1.22%, 0.84%, and 1.03% for the periods ended December 31, 2021, June 30, 2021, June 30, 2020, June 30, 2019, June 30, 2018, and June 30, 2017, respectively.
(8) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
130
ADVISORSHARES TRUST
Financial Highlights |
AdvisorShares STAR Global Buy-Write ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
|
2021 | | 2020 | | 2019 | | 2018 | | 2017 |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 39.83 | | | $ | 32.20 | | | $ | 32.28 | | | $ | 30.99 | | | $ | 29.13 | | | $ | 26.77 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss)(1) | | | 0.11 | | | | (0.16 | ) | | | 0.09 | | | | 0.13 | | | | 0.11 | | | | 0.09 | |
Net Realized and Unrealized Gain (Loss) | | | 1.38 | | | | 7.89 | | | | (0.02 | ) | | | 1.29 | | | | 1.75 | | | | 2.48 | |
Distributions of Net Realized Gains by other investment companies | | | — | | | | 0.00 | (2) | | | — | | | | — | | | | 0.00 | (2) | | | 0.01 | |
Net Increase in Net Assets Resulting from Investment Operations(3) | | | 1.49 | | | | 7.73 | | | | 0.07 | | | | 1.42 | | | | 1.86 | | | | 2.58 | |
Distributions from Net Investment Income | | | — | | | | (0.10 | ) | | | (0.15 | ) | | | (0.13 | ) | | | — | | | | (0.22 | ) |
Distributions from Realized Capital Gains | | | (0.23 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Total Distributions | | | (0.23 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.13 | ) | | | — | | | | (0.22 | ) |
Net Asset Value, End of Year/Period | | $ | 41.09 | | | $ | 39.83 | | | $ | 32.20 | | | $ | 32.28 | | | $ | 30.99 | | | $ | 29.13 | |
Market Value, End of Year/Period | | $ | 41.13 | | | $ | 39.83 | | | $ | 32.25 | | | $ | 32.19 | | | $ | 31.01 | | | $ | 29.13 | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(4) | | | 3.73 | % | | | 24.04 | % | | | 0.20 | % | | | 4.62 | % | | | 6.41 | % | | | 9.70 | % |
Total Investment Return Based on Market(4) | | | 3.84 | % | | | 23.86 | % | | | 0.63 | % | | | 4.27 | % | | | 6.45 | % | | | 9.74 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 29,587 | | | $ | 18,323 | | | $ | 12,882 | | | $ | 14,527 | | | $ | 17,047 | | | $ | 17,477 | |
Ratio to Average Net Assets of:(5) | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(6) | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % |
Expenses, prior to expense waivers and reimbursements(6) | | | 1.91 | % | | | 2.48 | % | | | 2.20 | % | | | 2.34 | % | | | 2.18 | % | | | 2.14 | % |
Net Investment Income (Loss)(6) | | | 0.56 | % | | | (0.43 | )% | | | 0.26 | % | | | 0.43 | % | | | 0.38 | % | | | 0.32 | % |
Portfolio Turnover Rate(7) | | | 15 | % | | | 55 | % | | | 47 | % | | | 49 | % | | | 12 | % | | | 26 | % |
AdvisorShares Vice ETF | | Six months
ended
December 31,
2021
(Unaudited) | |
Years Ended June 30,
| | For the period
December 12,
2017* to
June 30,
2018 |
2021 | | 2020 | | 2019 | |
Selected Data for a Share of Capital Stock Outstanding | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, Beginning of Year/Period | | $ | 36.07 | | | $ | 22.81 | | | $ | 25.11 | | | $ | 25.60 | | | $ | 25.00 | |
Investment Operations | | | | | | | | | | | | | | | | | | | | |
Net Investment Income(1) | | | 0.14 | | | | 0.19 | | | | 0.42 | | | | 0.45 | | | | 0.23 | |
Net Realized and Unrealized Gain (Loss) | | | (2.93 | ) | | | 13.44 | | | | (2.10 | ) | | | (0.57 | ) | | | 0.41 | |
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3) | | | (2.79 | ) | | | 13.63 | | | | (1.68 | ) | | | (0.12 | ) | | | 0.64 | |
Distributions from Net Investment Income | | | (0.14 | ) | | | (0.37 | ) | | | (0.62 | ) | | | (0.37 | ) | | | (0.04 | ) |
Distributions from Realized Capital Gains | | | (0.18 | ) | | | — | | | | — | | | | — | | | | — | |
Total Distributions | | | (0.32 | ) | | | (0.37 | ) | | | (0.62 | ) | | | (0.37 | ) | | | (0.04 | ) |
Net Asset Value, End of Year/Period | | $ | 32.96 | | | $ | 36.07 | | | $ | 22.81 | | | $ | 25.11 | | | $ | 25.60 | |
Market Value, End of Year/Period | | $ | 32.99 | | | $ | 36.06 | | | $ | 22.80 | | | $ | 25.12 | | | $ | 25.68 | |
Total Return | | | | | | | | | | | | | | | | | | | | |
Total Investment Return Based on Net Asset Value(4) | | | (7.73 | )% | | | 59.98 | % | | | (6.91 | )% | | | (0.22 | )% | | | 2.58 | % |
Total Investment Return Based on Market(4) | | | (7.61 | )% | | | 60.05 | % | | | (6.99 | )% | | | (0.50 | )% | | | 2.89 | % |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net Assets, End of Year/Period (000’s omitted) | | $ | 12,030 | | | $ | 13,889 | | | $ | 9,126 | | | $ | 13,183 | | | $ | 12,800 | |
Ratio to Average Net Assets of: | | | | | | | | | | | | | | | | | | | | |
Expenses, net of expense waivers and reimbursements(6) | | | 0.99 | % | | | 0.99 | % | | | 0.90 | % | | | 0.75 | % | | | 0.75 | % |
Expenses, prior to expense waivers and reimbursements(6) | | | 1.61 | % | | | 1.71 | % | | | 1.59 | % | | | 1.43 | % | | | 2.18 | % |
Net Investment Income(6) | | | 0.85 | % | | | 0.63 | % | | | 1.77 | % | | | 1.79 | % | | | 1.64 | % |
Portfolio Turnover Rate(7) | | | 32 | % | | | 125 | % | | | 41 | % | | | 76 | % | | | 25 | % |
____________
* Commencement of operations.
(1) Based on average shares outstanding.
(2) Amount represents less than $0.005 or 0.005%.
(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(5) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(7) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
131
ADVISORSHARES TRUST
Notes to Financial Statements December 31, 2021 (Unaudited) |
1. Organization |
AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies”.
The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). As of December 31, 2021, the Trust is comprised of 24 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):
Fund | | Ticker | | Commencement of
Operations |
AdvisorShares Alpha DNA Equity Sentiment ETF | | SENT | | February 2, 2021 |
AdvisorShares Dorsey Wright ADR ETF | | AADR | | July 21, 2010 |
AdvisorShares Dorsey Wright Alpha Equal Weight ETF | | DWEQ | | December 26, 2019 |
AdvisorShares Dorsey Wright FSM All Cap World ETF | | DWAW | | December 26, 2019 |
AdvisorShares Dorsey Wright FSM US Core ETF | | DWUS | | December 26, 2019 |
AdvisorShares Dorsey Wright Micro Cap ETF | | DWMC | | July 10, 2018 |
AdvisorShares Dorsey Wright Short ETF | | DWSH | | July 10, 2018 |
AdvisorShares Double Line Value ETF | | DBLV | | October 4, 2011 |
AdvisorShares Focused Equity ETF | | CWS | | September 20, 2016 |
AdvisorShares Gerber Kawasaki ETF | | GK | | July 2, 2021 |
AdvisorShares Hotel ETF | | BEDZ | | April 20, 2021 |
AdvisorShares Newfleet Multi-Sector Income ETF | | MINC | | March 19, 2013 |
AdvisorShares North Square McKee Core Reserves ETF* | | HOLD | | January 14, 2014 |
AdvisorShares North Square McKee ESG Core Bond ETF** | | MENV | | June 21, 2011 |
AdvisorShares Poseidon Dynamic Cannabis ETF | | PSDN | | November 17, 2021 |
AdvisorShares Psychedelics ETF | | PSIL | | September 16, 2021 |
AdvisorShares Pure Cannabis ETF | | YOLO | | April 17, 2019 |
AdvisorShares Pure US Cannabis ETF | | MSOS | | September 1, 2020 |
AdvisorShares Q Dynamic Growth ETF | | QPX | | December 28, 2020 |
AdvisorShares Q Portfolio Blended Allocation ETF | | QPT | | December 28, 2020 |
AdvisorShares Ranger Equity Bear ETF | | HDGE | | January 27, 2011 |
AdvisorShares Restaurant ETF | | EATZ | | April 20, 2021 |
AdvisorShares STAR Global Buy-Write ETF | | VEGA | | September 17, 2012 |
AdvisorShares Vice ETF | | VICE | | December 12, 2017 |
____________
* Effective November 1, 2021, AdvisorShares Sage Core Reserves ETF changed its name to AdvisorShares North Square McKee Core Reserves ETF.
** Effective November 1, 2021, AdvisorShares FolioBeyond Smart Core Bond ETF changed its name and ticker to AdvisorShares North Square McKee ESG Core Bond ETF (MENV).
AdvisorShares Alpha DNA Equity Sentiment ETF (“Alpha DNA Equity Sentiment ETF”) seeks to provide long-term capital appreciation.
AdvisorShares Dorsey Wright ADR ETF (“Dorsey Wright ADR ETF”) seeks long-term capital appreciation above international benchmarks such as the MSCI EAFE Index.
132
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
1. Organization – (continued) |
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (“Dorsey Wright Alpha Equal Weight ETF”) seeks to provide long-term capital appreciation.
AdvisorShares Dorsey Wright FSM All Cap World ETF (“Dorsey Wright FSM All Cap World ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.
AdvisorShares Dorsey Wright FSM US Core ETF (“Dorsey Wright FSM US Core ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.
AdvisorShares Dorsey Wright Micro-Cap ETF (“Dorsey Wright Micro-Cap ETF”) seeks long term capital appreciation.
AdvisorShares Dorsey Wright Short ETF (“Dorsey Wright Short ETF”) seeks capital appreciation through short selling securities.
AdvisorShares DoubleLine Value Equity ETF (‘‘DoubleLine Value Equity ETF”) seeks to generate long-term capital appreciation.
AdvisorShares Focused Equity ETF (“Focused Equity ETF”) seeks long-term capital appreciation.
AdvisorShares Gerber Kawasaki ETF (“Gerber Kawasaki ETF”) seeks long-term capital appreciation.
AdvisorShares Hotel ETF (“Hotel ETF”) seeks to provide long-term capital appreciation..
AdvisorShares Newfleet Multi-Sector Income ETF (‘‘Newfleet Multi-Sector Income ETF’’) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates.
AdvisorShares North Square McKee Core Reserves ETF (“North Square McKee Core Reserves ETF”) seeks to preserve capital while maximizing income.
AdvisorShares North Square McKee ESG Core Bond ETF (“North Square McKee ESG Core Bond ETF”) seeks investment results that exceed the price and yield performance of its benchmark, the Bloomberg U.S. Aggregate Bond Index.
AdvisorShares Poseidon Dynamic Cannabis ETF (“Poseidon Dynamic Cannabis ETF”) seeks long-term capital appreciation.
AdvisorShares Psychedelics ETF (“Psychedelics ETF”) seeks long-term capital appreciation.
AdvisorShares Pure Cannabis ETF (“Pure Cannabis ETF”) seeks long-term capital appreciation.
AdvisorShares Pure US Cannabis ETF (“Pure US Cannabis ETF”) seeks long-term capital appreciation.
AdvisorShares Q Dynamic Growth ETF (“Q Dynamic Growth ETF”) seeks to achieve long-term growth.
AdvisorShares Q Portfolio Blended Allocation ETF (“Q Portfolio Blended Allocation ETF”) seeks to maximize total return over the long-term.
AdvisorShares Ranger Equity Bear ETF (‘‘Ranger Equity Bear ETF’’) seeks capital appreciation through short sales of domestically traded equity securities.
AdvisorShares Restaurant ETF (“Restaurant ETF”) seeks to provide long-term capital appreciation.
133
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
1. Organization – (continued) |
AdvisorShares STAR Global Buy-Write ETF (‘‘STAR Global Buy-Write ETF’’) seeks consistent repeatable returns across all market cycles.
AdvisorShares Vice ETF (“Vice ETF”) seeks long-term capital appreciation.
Some of the Funds are considered “fund of funds” and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds (“ETFs”), as well as other exchange-traded products (“ETPs”), including, but not limited to, exchange-traded notes (“ETNs”) and closed-end funds (collectively with ETFs, ETNs, and ETPs), that offer diversified exposure to various global regions, credit qualities, durations and maturity dates.
For the period ended December 31, 2021, the Funds held significant positions (greater than 25% of net assets), except those invested in short term money market instruments, in other funds as follows:
Funds | | Security Name | | Market Value
as of
December 31,
2021 | | % of Fund
Net Assets
as of
December 31,
2021 | | Reference location |
Dorsey Wright FSM All Cap World ETF | | Invesco Nasdaq 100 ETF | | $ | 75,118,515 | | 49.8 | % | | https://www.invesco.com |
| | | Invesco S&P 500 Pure Growth ETF | | | 75,585,295 | | 50.1 | % | | https://www.invesco.com |
Dorsey Wright FSM US Core ETF | | Invesco QQQ Trust Series 1 | | | 51,230,747 | | 49.7 | % | | https://www.invesco.com |
| | | Invesco S&P 500 Equal Weight ETF | | | 51,522,581 | | 50.0 | % | | https://www.invesco.com |
Dorsey Wright Short ETF | | AdvisorShares North Square McKee Core Reserves ETF | | | 9,840,000 | | 30.9 | % | | Contained within this report. |
Pure Cannabis | | AdvisorShares Pure US Cannabis | | | 65,949,832 | | 34.4 | | | Contained within this report. |
Q Dynamic Growth ETF | | Invesco QQQ Trust Series 1 | | | 50,113,584 | | 39.5 | | | https://www.invesco.com |
| | | Technology Select Sector SPDR Fund | | | 382,065,309 | | 30.1 | | | https://www.ssga.com |
Q Portfolio Blended Allocation ETF | | iShares 20+ Year Treasury Bond ETF | | | 1,696,035 | | 29.3 | | | https://www.ishares.com |
Ranger Equity Bear ETF | | AdvisorShares North Square McKee Core Reserves ETF | | | 19,680,000 | | 26.5 | | | Contained within this report. |
STAR Global Buy-Write ETF | | SPDR S&P 500 ETF Trust | | | 10,957,802 | | 37.0 | | | https://us.spdrs.com |
134
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
1. Organization – (continued) |
Reverse Split
After the close of the markets on February 5, 2021 (the Record Date), the AdvisorShares Ranger Equity Bear ETF effected a reverse split of its issued and outstanding shares, with a 1 for 10 ratio, with approval by the Board. Shares of the Fund began trading on the NYSE Arca on a split-adjusted basis on February 8, 2021.
The effect of the reverse split was reducing the number of Shares outstanding and resulted in a proportionate increase in the NAV per Share of the Fund. Therefore, the reverse split did not change the aggregate value of a shareholder’s investment or the total market value of the shares outstanding.
The reverse split was applied retroactively for all periods presented in the financial statements.
2. Summary of Significant Accounting Policies
These financial statements are prepared in accordance with U.S. generally accepted accounting principles (‘‘GAAP’’) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investment Valuation
In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an Over-the-Counter (“OTC”) market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.
Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.
Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.
135
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
Expenses
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Futures Contracts
Certain Funds may invest in futures contracts (‘‘futures’’), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market’. Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and a Fund will realize a loss or gain. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
Swap Agreements
Certain funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.
Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.
Equity swaps are derivatives and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, do not accurately analyze and predict future market trends, the values of assets or economic factors, the Funds may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by the Funds are recorded as realized gains or losses.
136
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
Repurchase Agreements
The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
At December 31, 2021, the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.
Short Sales
Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When the Funds make a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Funds are also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.
The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amount of income or fees paid to Ranger Equity Bear ETF for the period ended December 31, 2021 was $636,395, which is included as Interest on Securities Sold, Not Yet Purchased in the Statements of Operations.
Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds.
Term Loans
Certain Funds invests in senior secured corporate loans or bank loans, some of which may be partially or entirely unfunded and purchased on a when-issued or delayed delivery basis, that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain
137
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, actual maturity may be substantially less than the stated maturity. Bank loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.
Options
Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.
Short-Term Investments
Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements.
Securities Lending
The Funds participate in a securities lending program offered by The Bank of New York Mellon (‘‘BNYM’’) (the ‘‘Program’’), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted as cash and non-cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into money market instruments and overnight repurchase agreements, which are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. Government or any agency, instrumentality or authority of the U.S. government. The securities purchased with cash collateral received are reflected in the Schedule of Investments. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.
138
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
The money market instruments and repurchase agreements income related to the Program earned by the Funds is disclosed on the Statements of Operations.
The value of loaned securities and related collateral outstanding at December 31, 2021 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedules of Investments or Statements of Asset and Liabilities.
Fund and Description | | Gross
Amounts of
Recognized
Assets
(Liabilities) | | Gross
Amounts
Offset in
the
Statements
of Assets
and
(Liabilities) | | Net Amounts
Presented in
the
Statements
of Assets and
(Liabilities) | | Gross Amounts not
offset in the
Statements of
Assets and Liabilities | | Net
Amount |
Financial
Instruments | | Collateral
Pledged/
Received | |
Alpha DNA Equity Sentiment ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | $ | (406,670 | ) | | $ | — | | $ | (406,670 | ) | | $ | 406,670 | (1) | | $ | — | | — |
Repurchase Agreements and Money Market Instruments | | | 406,670 | | | | — | | | 406,670 | | | | 406,670 | (2) | | | — | | — |
Dorsey Wright ADR ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (9,849,111 | ) | | | — | | | (9,849,111 | ) | | | 9,849,111 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 9,849,111 | | | | — | | | 9,849,111 | | | | 9,849,111 | (2) | | | — | | — |
Dorsey Wright Alpha Equal Weight ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (1,124,574 | ) | | | — | | | (1,124,574 | ) | | | 1,124,574 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 1,124,574 | | | | — | | | 1,124,574 | | | | 1,124,574 | (2) | | | — | | — |
Dorsey Wright FSM US Core ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (51,261,276 | ) | | | — | | | (51,261,276 | ) | | | 51,261,276 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 51,261,276 | | | | — | | | 51,261,276 | | | | 51,261,276 | (2) | | | — | | — |
Dorsey Wright Micro-Cap ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (376,169 | ) | | | — | | | (376,169 | ) | | | 376,169 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 376,169 | | | | — | | | 376,169 | | | | 376,169 | (2) | | | — | | — |
DoubleLine Value Equity ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (599,874 | ) | | | — | | | (599,874 | ) | | | 599,874 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 599,874 | | | | — | | | 599,874 | | | | 599,874 | (2) | | | — | | — |
Gerber Kawasaki ETF | | | | | | | | | | | | | | | | | | — | | — |
Securities Lending | | | (1,079,079 | ) | | | — | | | (1,079,079 | ) | | | 1,079,079 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 1,079,079 | | | | — | | | 1,079,079 | | | | 1,079,079 | (2) | | | | | |
Hotel ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (144,598 | ) | | | — | | | (144,598 | ) | | | 144,598 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 144,598 | | | | — | | | 144,598 | | | | 144,598 | (2) | | | — | | — |
Newfleet Multi-Sector Income ETF | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (2,854,012 | ) | | | — | | | (2,854,012 | ) | | | 2,854,012 | (1) | | | — | | — |
Repurchase Agreements and Money Market Instruments | | | 2,854,012 | | | | — | | | 2,854,012 | | | | 2,854,012 | (2) | | | — | | — |
139
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
Fund and Description | | Gross
Amounts of
Recognized
Assets
(Liabilities) | | Gross
Amounts
Offset in
the
Statements
of Assets
and
(Liabilities) | | Net Amounts
Presented in
the
Statements
of Assets and
(Liabilities) | | Gross Amounts not
offset in the
Statements of
Assets and Liabilities | | Net
Amount |
Financial
Instruments | | Collateral
Pledged/
Received | |
North Square McKee ESG Core Bond ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | $ | (52,597 | ) | | $ | — | | $ | (52,597 | ) | | $ | 52,597 | (1) | | $ | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 52,597 | | | | — | | | 52,597 | | | | 52,597 | (2) | | | — | | — | |
Psychedelics ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (854,343 | ) | | | — | | | (854,343 | ) | | | 854,343 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 854,343 | | | | — | | | 854,343 | | | | 854,343 | (2) | | | — | | — | |
Swaps | | | (241,372 | ) | | | — | | | (241,372 | ) | | | — | (2) | | | — | | (241,372 | ) |
Pure Cannabis ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (4,579,267 | ) | | | — | | | (4,579,267 | ) | | | 4,579,267 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 4,579,267 | | | | — | | | 4,579,267 | | | | 4,579,267 | (2) | | | — | | — | |
Swaps | | | (9,751,143 | ) | | | — | | | (9,751,143 | ) | | | — | (2) | | | — | | (9,751,143 | ) |
Pure US Cannabis ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (8,795,598 | ) | | | — | | | (8,795,598 | ) | | | 8,795,598 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 8,975,598 | | | | — | | | 8,975,598 | | | | 8,975,598 | (2) | | | — | | — | |
Swaps | | | (211,929,221 | ) | | | — | | | (211,929,221 | ) | | | — | (2) | | | — | | (211,929,221 | ) |
AdvisorShares Q Dynamic Growth ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (10,108,746 | ) | | | — | | | (10,108,746 | ) | | | 10,108,746 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 10,108,746 | | | | — | | | 10,108,746 | | | | 10,108,746 | (2) | | | — | | — | |
AdvisorShares Q Portfolio Blended Allocation ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (2,150,321 | ) | | | — | | | (2,150,321 | ) | | | 2,150,321 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 2,150,321 | | | | — | | | 2,150,321 | | | | 2,150,321 | (2) | | | — | | — | |
AdvisorShares Restaurant ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (147,544 | ) | | | — | | | (147,544 | ) | | | 147,544 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 147,544 | | | | — | | | 147,544 | | | | 147,544 | (2) | | | — | | — | |
STAR Global Buy-Write ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (3,478,383 | ) | | | — | | | (3,478,383 | ) | | | 3,478,383 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 3,478,383 | | | | — | | | 3,478,383 | | | | 3,478,383 | (2) | | | — | | — | |
Vice ETF | | | | | | | | | | | | | | | | | | | | | |
Securities Lending | | | (90,634 | ) | | | — | | | (90,634 | ) | | | 90,634 | (1) | | | — | | — | |
Repurchase Agreements and Money Market Instruments | | | 90,634 | | | | — | | | 90,634 | | | | 90,634 | (2) | | | — | | — | |
____________
(1) Collateral for securities on loan is included in the Schedules of Investments and consists of Repurchase Agreements and shares of Money Market instruments.
(2) Repurchase agreements are collateralized by U.S. Government Agency Obligations in the event the other party to the repurchase agreement defaults on its obligation. Amounts may also include Money Market instruments.
140
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
2. Summary of Significant Accounting Policies – (continued) |
Dividends and Distributions
Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.
Indemnifications
In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.
Recent Accounting Pronouncement
Accounting Standards Update 2020-04 Reference Rate Reform
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.
3. Investment Advisory Agreement and Other Agreements
Investment Advisory Agreement
Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the ‘‘Advisor’’) pursuant to which the Advisor acts as the Fund’s investment advisor. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisors, if applicable. For its services, each Fund pays the Advisor an annual management fee and which is calculated daily and paid monthly based on average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.
The Advisor’s annual management fee for each Fund is as follows:
Fund: | | Rate: |
Alpha DNA Equity Sentiment ETF | | 0.76 | % |
Dorsey Wright ADR ETF | | 0.75 | % |
Dorsey Wright Alpha Equal Weight ETF | | 0.75 | % |
Dorsey Wright FSM All Cap World ETF | | 0.75 | % |
Dorsey Wright FSM US Core ETF | | 0.75 | % |
Dorsey Wright Micro-CAP ETF | | 0.75 | % |
Dorsey Wright Short ETF | | 0.75 | % |
DoubleLine Value Equity ETF | | 0.70 | % |
141
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
3. Investment Advisory Agreement and Other Agreements – (continued) |
Fund: | | Rate: |
Focused Equity ETF | | 0.75 | %* |
Gerber Kawasaki ETF | | 0.75 | % |
Hotel ETF | | 0.60 | % |
Newfleet Multi-Sector Income ETF | | 0.50 | % |
North Square McKee Core Reserves ETF | | 0.30 | %** |
North Square McKee ESG Core Bond ETF | | 0.24 | %*** |
Poseidon Dynamic Cannabis ETF | | 0.80 | % |
Psychedelics ETF | | 0.60 | % |
Pure Cannabis ETF | | 0.60 | %**** |
Pure US Cannabis ETF | | 0.60 | % |
Q Dynamic Growth ETF | | 1.00 | %* |
Q Portfolio Blended Allocation ETF | | 0.74 | %* |
Ranger Equity Bear ETF | | 1.50 | % |
Restaurant ETF | | 0.60 | % |
STAR Global Buy-Write ETF | | 1.35 | % |
Vice ETF | | 0.60 | % |
____________
* The Advisor’s advisory fee has two components — the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund’s net performance is in line with Fund’s pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment. The Advisor’s annual base fee based on the Fund’s average daily net assets. The performance fee adjustment is derived by comparing the Fund’s performance over a rolling twelve-month period to its performance benchmark, which is set forth in the table below. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor’s annual advisory fee may range as follows, based on the Fund’s average daily net assets:
Fund | | Performance
Benchmark | | Annual Advisory
Fee Range |
Focused Equity ETF | | S&P 500 Index | | 0.65% to 0.85% |
Q Dynamic Growth ETF | | S&P 500 Index | | 0.90% to 1.10% |
Q Portfolio Blended Allocation ETF | | Blended 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index | | 0.64% to 0.84% |
____________
** Effective November 1, 2021, AdvisorShares Sage Core Reserves ETF changed its name to AdvisorShares North Square McKee Core Reserves ETF and the Fund’s investment advisory fee of 0.30% did not change.
*** Effective November 1, 2021, AdvisorShares FolioBeyond Smart Core Bond ETF changed its name to AdvisorShares North Square McKee ESG Core Bond ETF and the Fund’s investment advisory fee changed from 0.50% to 0.24%.
**** Prior to November 24, 2021, the advisory fee was 0.60%. Effective November 24, 2021, the advisory fee is 0.60% less the acquired fund fees and expenses related to any investment in AdvisorShares Pure US Cannabis ETF.
142
ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
3. Investment Advisory Agreement and Other Agreements – (continued) |
Sub-Advisory Agreements
Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. The Advisor supervises the day-to-day investment and reinvestment of the assets in each Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor is entitled to a fee, which is paid by the Advisor and is not an additional expense of the applicable Fund, and is calculated daily and paid monthly by the Advisor, at an annual rate based on the average daily net assets of its respective Fund(s) as follows:
| | Sub-Advisor | | Sub-Advisory
Fee Rate |
AdvisorShares Alpha DNA Equity Sentiment ETF | | Alpha DNA Investment Management LL | | 0.45 | % |
AdvisorShares Dorsey Wright ADR ETF | | Dorsey, Wright & Associates, LLC | | 0.25 | % |
AdvisorShares Dorsey Wright Micro Cap ETF | | Dorsey, Wright & Associates, LLC | | 0.25 | % |
AdvisorShares Dorsey Wright Short ETF | | Dorsey, Wright & Associates, LLC | | 0.25 | % |
AdvisorShares DoubleLine Value ETF | | Doubleline Equity LP | | 0.35 | % |
AdvisorShares Gerber Kawasaki ETF | | Gerber Kawasaki, Inc. | | 0.50 | % |
AdvisorShares Newfleet Multi-Sector Income ETF | | Newfleet Asset Management, LLC | | 0.25 | % |
AdvisorShares North Square McKee Core Reserves ETF | | CMS Advisors, LLC | | 0.12 | %** |
AdvisorShares North Square McKee ESG Core Bond ETF | | CMS Advisors, LLC | | 0.12 | % |
AdvisorShares Poseidon Dynamic Cannabis ETF | | Poseidon Investment Management, LLC | | 0.50 | % |
AdvisorShares Q Dynamic Growth ETF | | ThinkBetter, LLC | | 0.65 | %* |
AdvisorShares Q Portfolio Blended Allocation ETF | | ThinkBetter, LLC | | 0.50 | %* |
AdvisorShares Ranger Equity Bear ETF | | Ranger Alternative Management, L.P. | | 1.00 | % |
AdvisorShares STAR Global Buy-Write ETF | | ChangePath, LLC | | 0.85 | % |
____________
* The sub-advisory fee has two components — the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the sub-adviser is paid when net performance is in line with a pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If a Fund outperforms the performance benchmark, the sub-adviser may receive an upward fee adjustment. If a Fund underperforms the performance benchmark, the sub-adviser may receive a downward fee adjustment. The performance fee adjustment is derived by comparing a Fund’s performance over a rolling twelve-month period to its performance benchmark, which is the S&P 500 Index for AdvisorShares Q Dynamic Growth ETF and Blended 60% S&P 500 Index/40% Bloomberg Barclays US Aggregate Bond Index for AdvisorShares Q Portfolio Blended Allocation ETF. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the sub-adviser’s annual sub-advisory fee may range from 0.40% to 0.60% of AdvisorShares Q Portfolio Blended Allocation ETF’s average daily net assets and 0.55% to 0.75% of AdvisorShares Q Dynamic Growth ETF’s average daily net assets.
** Effective November 1, 2021, the Fund’s sub-advisory fee was changed from 0.15% to 0.12% of the Fund’s daily net assets. The fees reflected prior to November 1, 2021 represent the sub-advisory fees paid to Sage Advisory Services, Ltd. Co., the Fund’s former investment sub-advisor.
From time to time, each sub-advisor may waive all or a portion of its fee.
Expense Limitation Agreement
The Advisor has contractually agreed to waive its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures
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3. Investment Advisory Agreement and Other Agreements – (continued) |
which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding a specified percentage of each Fund’s average daily net assets for at least one year from the date of the Fund’s currently effective prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Advisor, for any reason, upon ninety (90) days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. If at any point it becomes unnecessary for the Advisor to waive fees or reimburse expenses, the Board may permit the Advisor to retain the difference between the Fund’s total annual operating expenses and the expense limitation currently in effect, or, if the current expense limitation is lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The expense limits in effect for each Fund during the period ended December 31, 2021 were as follows:
Fund: | | Rate: |
Alpha DNA Equity Sentiment ETF | | 1.12% |
Dorsey Wright ADR ETF | | 1.10%(a) |
Dorsey Wright Alpha Equal Weight ETF | | 0.99% |
Dorsey Wright FSM All Cap World ETF | | 0.99% |
Dorsey Wright FSM US Core ETF | | 0.99% |
Dorsey Wright Micro-Cap ETF | | 1.25%(b) |
Dorsey Wright Short ETF | | 1.25%(b) |
DoubleLine Value Equity ETF | | 0.90% |
Focused Equity ETF | | 0.65% – 0.85%(c) |
Gerber Kawasaki ETF | | 0.75% |
Hotel ETF | | 0.79% |
Newfleet Multi-Sector Income ETF | | 0.75% |
North Square McKee Core Reserves ETF | | 0.35% |
North Square McKee ESG Core Bond ETF | | 0.47% |
Poseidon Dynamic Cannabis ETF | | 0.99% |
Psychedelics ETF | | 0.99% |
Pure Cannabis ETF | | 0.74% |
Pure US Cannabis ETF | | 0.74% |
Q Dynamic Growth ETF | | 1.45% |
Q Portfolio Blended Allocation ETF | | 0.99% |
Ranger Equity Bear ETF | | 1.85% |
Restaurant ETF | | 0.79% |
STAR Global Buy-Write ETF | | 1.85% |
Vice ETF | | 0.99%(d) |
____________
(a) Prior to November 1, 2019, the expense limit was 0.88%.
(b) Prior to November 1, 2019, the expense limit was 0.99%.
(c) The expense limit is equal to the annual rate of the Advisor’s contractual advisory fee, which can range from 0.65% to 0.85%.
(d) Prior to November 1, 2019, the expense limit was 0.75%.
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3. Investment Advisory Agreement and Other Agreements – (continued) |
The Advisor may recapture operating expenses waived and/or reimbursed within three years after the date on which such waiver or reimbursement occurred. The Funds must pay their ordinary operating expenses before the Advisor is permitted to recapture and must remain in compliance with any applicable expense limitation. All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured during the fiscal years indicated:
Fund | | Expenses
Reimbursed | | Recoupment
Balance | | Recoupment
Expiration |
Dorsey Wright ADR ETF | | $ | 220,876 | | $ | 105,551 | | 6/30/2022 |
Total | | | 220,876 | | | 105,551 | | |
| | | | | | | | | |
Dorsey Wright Alpha Equal Weight ETF | | | 31,003 | | | — | | 6/30/2023 |
Total | | | 31,003 | | | — | | |
| | | | | | | | | |
Dorsey Wright FSM All Cap World ETF | | | 22,184 | | | — | | 6/30/2023 |
Total | | | 22,184 | | | — | | |
| | | | | | | | | |
Dorsey Wright FSM US Core ETF | | | 26,148 | | | — | | 6/30/2023 |
Total | | | 26,148 | | | — | | |
| | | | | | | | | |
Dorsey Wright Micro Cap ETF | | | 86,234 | | | 86,234 | | 6/30/2022 |
| | | | 77,363 | | | 77,363 | | 6/30/2023 |
| | | | 82,864 | | | 82,864 | | 6/30/2024 |
Total | | | 246,461 | | | 246,461 | | |
| | | | | | | | | |
Dorsey Wright Short ETF | | | 42,681 | | | 42,681 | | 6/30/2022 |
Total | | | 42,681 | | | 42,681 | | |
| | | | | | | | | |
DoubleLine Value Equity ETF | | | 200,619 | | | 200,619 | | 6/30/2022 |
| | | | 91,372 | | | 91,372 | | 6/30/2023 |
| | | | 67,609 | | | 67,609 | | 6/30/2024 |
Total | | | 359,600 | | | 359,600 | | |
| | | | | | | | | |
Focused Equity ETF | | | 136,738 | | | 136,738 | | 6/30/2022 |
| | | | 125,698 | | | 125,698 | | 6/30/2023 |
| | | | 125,958 | | | 125,958 | | 6/30/2024 |
Total | | | 388,394 | | | 388,394 | | |
| | | | | | | | | |
Hotel ETF | | | 47,305 | | | 47,305 | | 6/30/2024 |
Total | | | 47,305 | | | 47,305 | | |
| | | | | | | | | |
Newfleet Multi-Sector Income ETF | | | 249,159 | | | 249,159 | | 6/30/2022 |
| | | | 50,459 | | | 50,459 | | 6/30/2023 |
| | | | 21,007 | | | 21,007 | | 6/30/2024 |
Total | | | 320,625 | | | 320,625 | | |
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3. Investment Advisory Agreement and Other Agreements – (continued) |
Fund | | Expenses
Reimbursed | | Recoupment
Balance | | Recoupment
Expiration |
North Square McKee Core Reserves ETF | | $ | 192,747 | | $ | 192,747 | | 6/30/2022 |
| | | | 165,567 | | | 165,567 | | 6/30/2023 |
| | | | 158,115 | | | 158,115 | | 6/30/2024 |
Total | | | 516,429 | | | 516,429 | | |
| | | | | | | | | |
North Square McKee ESG Core Bond ETF | | | 82,792 | | | 82,792 | | 6/30/2022 |
| | | | 39,057 | | | 39,057 | | 6/30/2023 |
| | | | 79,608 | | | 79,608 | | 6/30/2024 |
Total | | | 201,457 | | | 201,457 | | |
| | | | | | | | | |
Pure Cannabis ETF | | | 33,071 | | | — | | 6/30/2022 |
| | | | 196,096 | | | 114,084 | | 6/30/2023 |
Total | | | 229,167 | | | 114,084 | | |
| | | | | | | | | |
Pure US Cannabis ETF | | | 16,091 | | | 16,091 | | 6/30/2024 |
Total | | | 16,091 | | | 16,091 | | |
| | | | | | | | | |
Q Dynamic Growith ETF | | | 10,281 | | | 10,281 | | 6/30/2024 |
Total | | | 10,281 | | | 10,281 | | |
| | | | | | | | | |
Q Portfolio Blended Allocation ETF | | | 71,767 | | | 71,767 | | 6/30/2024 |
Total | | | 71,767 | | | 71,767 | | |
| | | | | | | | | |
Restaurant ETF | | | 47,820 | | | 47,820 | | 6/30/2024 |
Total | | | 47,820 | | | 47,820 | | |
| | | | | | | | | |
STAR Global Buy-Write ETF | | | 77,386 | | | 77,386 | | 6/30/2022 |
| | | | 49,370 | | | 49,370 | | 6/30/2023 |
| | | | 78,833 | | | 78,833 | | 6/30/2024 |
Total | | | 205,589 | | | 205,589 | | |
| | | | | | | | | |
Vice ETF | | | 89,372 | | | 89,372 | | 6/30/2022 |
| | | | 79,288 | | | 79,288 | | 6/30/2023 |
| | | | 83,764 | | | 83,764 | | 6/30/2024 |
Total | | | 252,424 | | | 252,424 | | |
Administrator, Custodian, Fund Accountant and Transfer Agent
The Bank of New York Mellon (‘‘BNYM’’) (in each capacity, the ‘‘Administrator’’, ‘‘Custodian’’, ‘‘Fund Accountant’’ or ‘‘Transfer Agent’’), serves as the Fund’s Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement, a Custody Agreement or a Transfer Agency and Service Agreement, as the case may be.
Distribution Arrangement
Foreside Fund Services, LLC (the ‘‘Distributor’’) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan (‘‘Plan’’) pursuant to Rule 12b-1 under
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3. Investment Advisory Agreement and Other Agreements – (continued) |
the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fees are currently paid by each Fund under the Plan, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in each Fund.
4. Creation and Redemption Transactions
The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called ‘‘Creation Units.’’ Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only ‘‘Authorized Participants’’ may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
5. Summary of Fair Value Disclosure
The Financial Accounting Standard Board’s (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
• Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s net asset value is computed and that may
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Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
5. Summary of Fair Value Disclosure – (continued) |
materially affect the value of the Fund’s investment). Examples of events that may be ‘‘significant events’’ are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For more detailed categories, see the accompanying Schedules of Investments.
6. Derivative Instruments
The Funds have adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective.
At December 31, 2021, the fair values of derivative instruments were as follows:
Statements of Assets and Liabilities:
Fund: | | Asset Derivatives: | | Equity Risk |
Psychedelics ETF | | Unrealized Appreciation on Swaps Contracts | | $ | 10,800 |
Fund: | | Liability Derivatives: | | Equity Risk |
Poseidon Dynamic Cannabis ETF | | Unrealized Depreciation on Swaps Contracts | | $ | (3,565 | ) |
Psychedelics ETF | | Unrealized Depreciation on Swaps Contracts | | | (252,172 | ) |
Pure Cannabis ETF | | Unrealized Depreciation on Swaps Contracts | | | (9,751,143 | ) |
Pure US Cannabis ETF | | Unrealized Depreciation on Swaps Contracts | | | (211,929,221 | ) |
STAR Global Buy-Write ETF | | Options Written, at value | | | (45,239 | ) |
Transactions in derivative instruments during the period ended December 31, 2021, were as follows:
Statements of Operations:
Fund: | | Realized Gain (Loss): | | Equity Risk | | Credit Risk |
Pure Cannabis ETF | | Swaps | | $ | (25,859,299 | ) | | $ | — |
Pure US Cannabis ETF | | Swaps | | | (230,554,640 | ) | | | — |
STAR Global Buy-Write ETF | | Options Written | | | (30,479 | ) | | | — |
STAR Global Buy-Write ETF | | Purchased Options | | | (82,631 | ) | | | — |
Fund: | | Change in Unrealized Gain (Loss): | | Equity Risk | | Credit Risk |
Alpha DNA Equity Sentiment ETF | | Purchased Options | | $ | (756,745 | ) | | $ | — |
Pure Cannabis ETF | | Swaps | | | (12,174,795 | ) | | | — |
Pure US Cannabis ETF | | Swaps | | | (151,406,224 | ) | | | — |
STAR Global Buy-Write ETF | | Options Written | | | (14,686 | ) | | | — |
STAR Global Buy-Write ETF | | Purchased Options | | | (30,613 | ) | | | — |
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Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
6. Derivative Instruments – (continued) |
For the period ended December 31, 2021, the average volume of the derivatives opened by the Funds was as follows:
| | Alpha
DNA
Equity
Sentiment
ETF | | Poseidon
Dynamic
Cannabis
ETF | | Psychedelics
ETF | | Pure
Cannabis
ETF | | Pure US
Cannabis
ETF | | STAR
Global
Buy-
Write ETF |
Futures Contracts | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Long Swaps Contracts | | | — | | | 9,596 | | | 50,471 | | | 1,084,736 | | | 1,073,093 | | | — |
Purchased Options
Contracts | | | 257,904 | | | — | | | — | | | — | | | — | | | 35,278 |
Written Options Contracts | | | — | | | — | | | — | | | — | | | — | | | 8,251 |
7. Federal Income Tax
Each Fund intends to qualify as a ‘‘regulated investment company’’ under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2018 − 2020), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.
At June 30, 2021, the approximate cost of investments, excluding short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:
Fund | | Cost | | Gross Unrealized
Appreciation | | Gross Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Other
Derivatives
Net
Unrealized
Appreciation
(Depreciation) |
Alpha DNA Equity Sentiment ETF | | $ | 67,613,919 | | $ | 3,284,008 | | $ | (1,458,085 | ) | | $ | 1,825,923 | | | $ | — | |
Dorsey Wright ADR ETF | | | 86,811,248 | | | 20,409,485 | | | (1,351,183 | ) | | | 19,058,302 | | | | — | |
Dorsey Wright Alpha Equal Weight ETF | | | 79,553,699 | | | 3,169,069 | | | (3,277,728 | ) | | | (108,659 | ) | | | — | |
Dorsey Wright FSM All Cap World ETF | | | 238,666,127 | | | — | | | (3,966,704 | ) | | | (3,966,704 | ) | | | — | |
Dorsey Wright FSM US Core ETF | | | 124,588,493 | | | 14,788,092 | | | (257,909 | ) | | | 14,530,183 | | | | — | |
Dorsey Wright Micro-Cap ETF | | | 7,971,797 | | | 2,074,140 | | | (159,093 | ) | | | 1,915,047 | | | | — | |
Dorsey Wright Short ETF | | | 33,819,648 | | | 1,328,291 | | | (1,323,271 | ) | | | 5,020 | | | | (410,425 | ) |
DoubleLine Value Equity ETF | | | 38,392,337 | | | 12,269,579 | | | (899,707 | ) | | | 11,369,872 | | | | — | |
Focused Equity ETF | | | 20,765,562 | | | 8,283,837 | | | (86,579 | ) | | | 8,197,258 | | | | — | |
Hotel ETF | | | 8,076,737 | | | 93,395 | | | (400,273 | ) | | | (306,878 | ) | | | — | |
Newfleet Multi-Sector Income ETF | | | 98,243,596 | | | 902,743 | | | (231,510 | ) | | | 671,233 | | | | — | |
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Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
7. Federal Income Tax – (continued) |
Fund | | Cost | | Gross Unrealized
Appreciation | | Gross Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Other
Derivatives
Net
Unrealized
Appreciation
(Depreciation) |
North Square McKee Core Reserves ETF | | $ | 43,094,665 | | $ | 137,994 | | $ | (6,246 | ) | | $ | 131,748 | | | $ | — | |
North Square McKee ESG Core Bond
ETF | | | 5,603,025 | | | 54,980 | | | (36,868 | ) | | | 18,112 | | | | — | |
Pure Cannabis ETF | | | 335,060,049 | | | 228,569,786 | | | (243,916,939 | ) | | | (15,347,153 | ) | | | 2,423,201 | |
Pure US Cannabis ETF | | | 657,557,918 | | | 1,123,927,286 | | | (1,131,692,034 | ) | | | (7,764,748 | ) | | | (60,522,997 | ) |
Q Dynamic Growth ETF | | | 86,188,852 | | | 4,926,648 | | | (154,181 | ) | | | 4,772,467 | | | | — | |
Q Portfolio Blended Allocation ETF | | | 4,361,055 | | | 191,229 | | | (64,054 | ) | | | 127,175 | | | | — | |
Ranger Equity Bear ETF | | | 144,754,313 | | | 519,035 | | | (669,035 | ) | | | (150,000 | ) | | | (1,145,139 | ) |
Restaurant ETF | | | 6,087,389 | | | 152,258 | | | (227,220 | ) | | | (74,962 | ) | | | — | |
STAR Global Buy-Write ETF | | | 16,888,171 | | | 1,607,246 | | | (54,086 | ) | | | 1,553,160 | | | | (2,638 | ) |
Vice ETF | | | 11,202,703 | | | 3,337,932 | | | (300,212 | ) | | | 3,037,720 | | | | — | |
Under current tax regulations, capital losses on securities transactions realized after October 31 (‘‘Post-October Losses’’) may be deferred and treated as occurring on the first business day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2021 are as follows:
Fund | | Late Year
Ordinary Loss
Deferral | | Short-Term
Capital Post-
October Loss | | Long-Term
Capital
Post-October
Loss |
Alpha DNA Equity Sentiment ETF | | $ | 159,177 | | $ | — | | $ | — |
Dorsey Wright ADR ETF | | | — | | | — | | | — |
Dorsey Wright Alpha Equal Weight ETF | | | — | | | — | | | — |
Dorsey Wright FSM All Cap World ETF | | | — | | | — | | | — |
Dorsey Wright FSM US Core ETF | | | — | | | — | | | — |
Dorsey Wright Micro-Cap ETF | | | 2,072 | | | — | | | — |
Dorsey Wright Short ETF | | | 399,396 | | | — | | | — |
DoubleLine Value Equity ETF | | | — | | | — | | | — |
Focused Equity ETF | | | — | | | — | | | — |
Hotel ETF | | | — | | | — | | | — |
Newfleet Multi-Sector Income ETF | | | — | | | — | | | — |
North Square McKee Core Reserves ETF | | | — | | | — | | | — |
North Square McKee ESG Core Bond ETF | | | — | | | — | | | — |
Pure Cannabis ETF | | | — | | | — | | | — |
Pure US Cannabis ETF | | | — | | | — | | | — |
Q Dynamic Growth ETF | | | 112,454 | | | — | | | — |
Q Portfolio Blended Allocation ETF | | | — | | | — | | | — |
Ranger Equity Bear ETF | | | 1,195,402 | | | — | | | — |
Restaurant ETF | | | 1,554 | | | — | | | — |
STAR Global Buy-Write ETF | | | — | | | — | | | — |
Vice ETF | | | — | | | — | | | — |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
7. Federal Income Tax – (continued) |
The following Funds have capital loss carryforwards available to offset future realized gains of:
Fund | | Short-Term
No Expiration | | Long-Term
No Expiration | | Total |
Alpha DNA Equity Sentiment ETF | | $ | 609,821 | | $ | — | | $ | 609,821 |
Dorsey Wright ADR ETF | | | 48,830,902 | | | — | | | 48,830,902 |
Dorsey Wright Alpha Equal Weight ETF | | | — | | | — | | | — |
Dorsey Wright FSM All Cap World ETF | | | — | | | — | | | — |
Dorsey Wright FSM US Core ETF | | | — | | | — | | | — |
Dorsey Wright Micro-Cap ETF | | | 856,571 | | | — | | | 856,571 |
Dorsey Wright Short ETF | | | 84,531,744 | | | 139,071 | | | 84,670,815 |
DoubleLine Value Equity ETF | | | 28,233,007 | | | 146,240 | | | 28,379,247 |
Focused Equity ETF | | | 42,311 | | | 404,533 | | | 446,844 |
Hotel ETF | | | 16,142 | | | — | | | 16,142 |
Newfleet Multi-Sector Income ETF | | | 2,006,393 | | | 5,756,970 | | | 7,763,363 |
North Square McKee Core Reserves ETF | | | 1,051,480 | | | 12,574 | | | 1,064,054 |
North Square McKee ESG Core Bond ETF | | | 253,410 | | | 719,752 | | | 973,162 |
Pure Cannabis ETF | | | — | | | — | | | — |
Pure US Cannabis ETF | | | — | | | — | | | — |
Q Dynamic Growth ETF | | | 466,983 | | | — | | | 466,983 |
Q Portfolio Blended Allocation ETF | | | 296,802 | | | — | | | 296,802 |
Ranger Equity Bear ETF | | | 368,708,556 | | | 564,348 | | | 369,272,904 |
Restaurant ETF | | | 3,324 | | | — | | | 3,324 |
STAR Global Buy-Write ETF | | | — | | | — | | | — |
Vice ETF | | | — | | | 233,930 | | | 233,930 |
The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2021:
Fund | | Utilized
Amount |
Alpha DNA Equity Sentiment ETF | | $ | — |
Dorsey Wright ADR ETF | | | 13,907,583 |
Dorsey Wright Alpha Equal Weight ETF | | | 9,481,255 |
Dorsey Wright FSM All Cap World ETF | | | — |
Dorsey Wright FSM US Core ETF | | | — |
Dorsey Wright Micro-Cap ETF | | | — |
Dorsey Wright Short ETF | | | — |
DoubleLine Value Equity ETF | | | 3,321,032 |
Focused Equity ETF | | | 248,688 |
Hotel ETF | | | — |
Newfleet Multi-Sector Income ETF | | | 317,008 |
North Square McKee Core Reserves ETF | | | 311,467 |
North Square McKee ESG Core Bond ETF | | | — |
Pure Cannabis ETF | | | 20,264,148 |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
7. Federal Income Tax – (continued) |
Fund | | Utilized
Amount |
Pure US Cannabis ETF | | $ | — |
Q Dynamic Growth ETF | | | — |
Q Portfolio Blended Allocation ETF | | | — |
Ranger Equity Bear ETF | | | — |
Restaurant ETF | | | — |
STAR Global Buy-Write ETF | | | 663,174 |
Vice ETF | | | 965,912 |
8. Investment Transactions
Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 2021 were as follows:
| | Purchases | | Sales |
Fund | | Long Term | | U.S.
Government | | In-Kind | | Long Term | | U.S.
Government | | In-Kind |
Alpha DNA Equity Sentiment ETF | | $ | 192,448,624 | | $ | — | | $ | 38,296,019 | | $ | 193,347,492 | | $ | — | | $ | 33,918,453 |
Dorsey Wright ADR ETF | | | 37,981,649 | | | — | | | — | | | 37,304,478 | | | — | | | 8,691,047 |
Dorsey Wright Alpha Equal Weight ETF | | | 177,458,615 | | | — | | | 47,071,273 | | | 178,942,165 | | | — | | | 43,689,337 |
Dorsey Wright FSM All Cap World ETF | | | 153,287,835 | | | — | | | 81,838,478 | | | 156,353,440 | | | — | | | 91,030,850 |
Dorsey Wright FSM US Core ETF | | | 2,702,871 | | | — | | | 3,378,469 | | | 2,973,664 | | | — | | | 3,271,112 |
Dorsey Wright Micro Cap ETF | | | 5,701,077 | | | — | | | 3,364,119 | | | 5,541,534 | | | — | | | 963,360 |
Dorsey Wright Short ETF | | | 34,387,531 | | | — | | | — | | | 41,204,739 | | | — | | | — |
Double Line Value ETF | | | 11,394,788 | | | — | | | 967,016 | | | 11,260,734 | | | — | | | 2,378,172 |
Focused Equity ETF | | | 6,725,312 | | | — | | | 8,852,010 | | | 7,238,042 | | | — | | | 8,208,450 |
Gerber Kawasaki ETF | | | 3,915,648 | | | — | | | 26,234,501 | | | 3,639,440 | | | — | | | 405,831 |
Hotel ETF | | | 3,430,828 | | | — | | | 2,758,768 | | | 3,591,910 | | | — | | | 2,188,254 |
Newfleet Multi-Sector Income ETF | | | 27,791,548 | | | 2,776,462 | | | — | | | 28,443,705 | | | 2,230,821 | | | — |
North Square McKee Core Reserves ETF | | | 11,727,055 | | | — | | | — | | | 17,003,381 | | | — | | | — |
North Square McKee ESG Core Bond ETF | | | 14,020,246 | | | 1,282,457 | | | — | | | 14,129,002 | | | 742,221 | | | 2,317,629 |
Poseidon Dynamic Cannabis ETF | | | 171,061 | | | — | | | 2,693,745 | | | 1,195,927 | | | — | | | — |
Psychedelics ETF | | | 1,321,213 | | | — | | | 7,873,709 | | | 644,877 | | | — | | | — |
Pure Cannabis ETF | | | 81,520,229 | | | — | | | — | | | 25,638,810 | | | — | | | 19,738,729 |
Pure US Cannabis ETF | | | 128,896,967 | | | — | | | 118,071,576 | | | 18,728,250 | | | — | | | 20,354,005 |
Q Dynamic Growth ETF | | | 37,671,372 | | | — | | | 51,294,431 | | | 37,606,533 | | | — | | | 2,456,832 |
Q Portfolio Blended Allocation ETF | | | 4,843,146 | | | — | | | 2,482,998 | | | 4,822,564 | | | — | | | 382,913 |
Ranger Equity Bear ETF | | | 464,336,461 | | | — | | | — | | | 479,396,650 | | | — | | | — |
Restaurant ETF | | | 1,327,815 | | | — | | | — | | | 1,515,190 | | | — | | | 1,635,581 |
STAR Global Buy-Write ETF | | | 3,189,937 | | | — | | | 10,294,673 | | | 3,610,493 | | | — | | | 383,776 |
Vice ETF | | | 3,930,347 | | | — | | | — | | | 4,068,768 | | | — | | | 643,257 |
9. Risks Involved with Investing in the Funds
As with any investment, an investor could lose all or part of their investment in a Fund and the Fund’s performance could trail that of other investments. A Fund may be subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund’s prospectus. Please refer to each Fund’s currently effective prospectus for the specific list and description of the principal risks of investing in the Fund.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
9. Risks Involved with Investing in the Funds – (continued) |
Credit Risk
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. The Fund’s, and its affiliates, manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its Statements of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.
Fund of Funds Risk
Some of the Funds’ investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds is subject to the risk associated with the Underlying ETFs that comprise their Underlying Index. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.
Liquidity Risk
In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Fund may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to ‘‘circuit breaker’’ rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged.
Market Risk
Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund’s investments may decline in value due to factors affecting securities markets generally, or particular countries, segments, economic sectors, industries or companies within those markets. The value of a security held in a short position may increase due to general economic and market conditions which are not specifically related to a particular issuer, such as real or perceived positive economic conditions or changes in interest or currency rates. Because the market value of ETF shares may differ from their net asset value, the shares may trade at a premium or discount. An investment in the Fund may lose money.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued) December 31, 2021 (Unaudited) |
9. Risks Involved with Investing in the Funds – (continued) |
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
New Fund Risk
Some of the Funds are new funds. As new funds, there can be no assurance that the Funds will grow to or maintain an economically viable size, than it otherwise would be at higher asset levels or it could ultimately liquidate.
Cannabis-Related Company Risk
Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.
10. Subsequent Events
The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require additional disclosure.
154
LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED) |
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, AdvisorShares Trust (the “Trust”), on behalf of its series (the “Funds”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk based on factors specific to the circumstances of the Funds. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining shareholders’ interests. The Board of Trustees of the Trust appointed AdvisorShares Investments, LLC, the Funds’ investment adviser, as the administrator of the Program (the “Program Administrator”).
At the Board’s August 2021 meeting, the Trustees reviewed a written report provided by the Program Administrator addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period December 1, 2020 through June 30, 2021. The report did not reflect that any material changes had been made to the Program since its implementation. The report noted that the Program utilizes analysis from a third-party liquidity metrics service provider to assist in liquidity classification, calculation, and monitoring. The Program Administrator concluded in the report that the Program has been adequately designed and effectively implemented to meet the requirements of Rule 22e-4 and the Funds’ liquidity needs.
155
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS |
Renewal of the Sub-Advisory Agreements for the AdvisorShares Dorsey Wright ADR ETF,
AdvisorShares Dorsey Wright Micro-Cap ETF, AdvisorShares Dorsey Wright Short ETF,
DoubleLine Value Equity ETF, and AdvisorShares Ranger Equity Bear ETF
At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 20, 2021 and November 16, 2021, the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of the renewal of separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Dorsey, Wright & Associates, LLC, on behalf of the AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, and AdvisorShares Dorsey Wright Short ETF, (2) DoubleLine Equity LP, on behalf of the AdvisorShares DoubleLine Value Equity ETF, and (3) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.
Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements and decide whether to renew the Sub-Advisory Agreements for an additional year.
As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by each Sub-Advisor; (ii) the performance of each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) any ancillary benefits to each Sub-Advisor. The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.
The Board deliberated on the renewal of the Sub-Advisory Agreements in light of the written materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Advisors, including those individuals responsible for portfolio management. The Board also considered the Sub-Advisors’
156
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
operational capabilities and resources and their experience in managing investment portfolios. The most recent Form ADV for each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and compensation. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.
Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund.
Cost of Services and Profitability. In considering whether the sub-advisory fee payable with respect to each Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fee waived and/or expenses reimbursed by each Sub-Advisor over the period, as applicable, the costs and other expenses incurred by each Sub-Advisor in providing the services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the sub-advisory fee appears to be reasonable in light of the services rendered.
Economies of Scale. The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by a Sub-Advisor and whether a Sub-Advisor’s fee includes breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.
Ancillary Benefits. The Board noted the potential benefits to be received by each Sub-Advisor as a result of its relationship with a Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with a Fund’s performance.
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund; and (iii) agreed to renew each Sub-Advisory Agreement for another year.
Approval of the Advisory and Sub-Advisory Agreements for
AdvisorShares Gerber Kawasaki ETF
At a meeting held on May 20, 2021, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Gerber Kawasaki ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series was being conducted at that meeting. The Board also considered the approval of a separate sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Advisor and Gerber Kawasaki, Inc. (the “Sub-Advisor”), on behalf of the Fund, pursuant to which the Sub-Advisor would perform portfolio management and related services.
157
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
In connection with its consideration of the Agreements, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor and Sub-Advisor about the Agreements and the services proposed to be provided thereunder, including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rates and various other materials that it considered relevant to its consideration and approval of the proposed Agreements.
In considering each of the Agreements, the Board considered and discussed information and analysis provided by the Advisor and Sub-Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor and Sub-Advisor to the Fund, the Board reviewed the services to be provided by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board received the most recent Form ADV for the Sub-Advisor as well as responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. The Board discussed the Trust’s chief compliance officer’s ongoing review and monitoring of the Sub-Advisor’s compliance infrastructure. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor and the Sub-Advisor.
Performance. In connection with the assessment of the ability of each of the Advisor and Sub-Advisor to perform its duties under its Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that each of the Advisor and Sub-Advisor has the resources necessary to perform its obligations under its Agreement.
Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor and Sub-Advisor, reviewed the fees to be paid pursuant to the Agreements, and considered the estimated profitability projected by each of the Advisor and Sub-Advisor from its relationship with the Fund. In addition, the Board discussed the fee arrangement between the Advisor and Sub-Advisor, noting that the Advisor would pay the Sub-Advisor out of the advisory fee it receives from the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fees proposed to be paid to the Advisor and Sub-Advisor appear to be reasonable in light of the services to be provided.
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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory and sub-advisory fees appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.
Ancillary Benefits. The Board noted the potential benefits to be received by each of the Advisor and Sub-Advisor as a result of its relationship with the Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Agreements are fair and reasonable; (ii) concluded that the fees to be paid to the Advisor are fair and reasonable in light of the services that it will provide to Fund; (iii) concluded that the fees to be paid to the Sub-Advisor are fair and reasonable in light of the services that the Sub-Advisor will provide to the Fund; and (iv) agreed to approve each of the Agreements for an initial term of two years.
Approval of the Advisory Agreement for AdvisorShares Psychedelics ETF
At a meeting held on May 20, 2021, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Psychedelics ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series was being conducted at that meeting.
In connection with its consideration of the Advisory Agreement, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor about the services proposed to be provided thereunder, including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rate and various other materials that it considered relevant to its consideration and approval of the proposed agreement.
In considering the Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor to the Fund, the Board reviewed the services to be provided by the Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including implementing the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including those individuals responsible for portfolio management, the Advisor’s operational capabilities and resources, and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor.
159
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
Performance. In connection with the assessment of the ability of the Advisor to perform its duties under the Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the resources necessary to perform its obligations under the Advisory Agreement.
Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor, reviewed the fee to be paid pursuant to the Advisory Agreement, and considered the estimated profitability projected by the Advisor from its relationship with the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangement in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid to the Advisor appears to be reasonable in light of the services to be provided.
Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.
Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor as a result of its relationship with the Fund (other than the advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to the Advisor is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.
Approval of the Advisory and Sub-Advisory Agreements for
AdvisorShares Poseidon Dynamic Cannabis ETF
At a meeting held on October 18, 2021, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Poseidon Dynamic Cannabis ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series was most recently conducted at the May 2021 Board meeting. The Board also considered the approval of a separate sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Advisor and Poseidon Investment Management, LLC (the “Sub-Advisor”), on behalf of the Fund, pursuant to which the Sub-Advisor would perform portfolio management and related services.
In connection with its consideration of the Agreements, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor and Sub-Advisor about the Agreements and the services proposed to be provided thereunder, including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rates and various other materials that it considered relevant to its consideration and approval of the proposed Agreements.
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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
In considering each of the Agreements, the Board considered and discussed information and analysis provided by the Advisor and Sub-Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor and Sub-Advisor to the Fund, the Board reviewed the services to be provided by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to the Fund, including the oversight of the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board received the most recent Form ADV for the Sub-Advisor as well as responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor and the Sub-Advisor.
Performance. In connection with the assessment of the ability of each of the Advisor and Sub-Advisor to perform its duties under its Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that each of the Advisor and Sub-Advisor has the resources necessary to perform its obligations under its Agreement.
Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor and Sub-Advisor, reviewed the fees to be paid pursuant to the Agreements, and considered the estimated profitability projected by each of the Advisor and Sub-Advisor from its relationship with the Fund. In addition, the Board discussed the fee arrangement between the Advisor and Sub-Advisor, noting that the Advisor would pay the Sub-Advisor out of the advisory fee it receives from the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fees proposed to be paid to the Advisor and Sub-Advisor appear to be reasonable in light of the services to be provided.
Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory and sub-advisory fees appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.
Ancillary Benefits. The Board noted the potential benefits to be received by each of the Advisor and Sub-Advisor as a result of its relationship with the Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.
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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Agreements are fair and reasonable; (ii) concluded that the fees to be paid to the Advisor are fair and reasonable in light of the services that it will provide to Fund; (iii) concluded that the fees to be paid to the Sub-Advisor are fair and reasonable in light of the services that the Sub-Advisor will provide to the Fund; and (iv) agreed to approve each of the Agreements for an initial term of two years.
Approval of Sub-Advisory Agreement for AdvisorShares North Square McKee Core
Reserves ETF (formerly AdvisorShares Sage Core Reserves ETF) and AdvisorShares North
Square McKee Core Bond ETF (formerly AdvisorShares FolioBeyond Smart Core Bond ETF)
At a meeting held on October 18, 2021, the Board, including the Independent Trustees, considered the approval of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and CSM Advisors, LLC (“CSM”) with respect to the AdvisorShares North Square McKee Core Reserves ETF and the AdvisorShares North Square McKee ESG Core Bond ETF (each, a “Fund” and, together, the “Funds”). The Sub-Advisory Agreement replaced a sub-advisory agreement between the Advisor and Sage Advisory Services, Ltd. Co. (“Sage”) with respect to the AdvisorShares North Square McKee Core Reserves ETF.
In connection with its consideration of the Sub-Advisory Agreement, the Board, including the Independent Trustees, requested, received and evaluated materials from CSM about the services proposed to be provided thereunder, including information about the key features of the Funds and related matters. The Board also reviewed information regarding the proposed investment sub-advisory fee rate and various other materials that it considered relevant to its consideration and approval of the proposed agreement.
In considering the Sub-Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor and CSM. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by CSM to the Funds, the Board reviewed the services to be provided by CSM, noting that these services include, among other things, furnishing a continuous investment program for each Fund, including arranging for, or implementing, the purchase and sale of portfolio securities. The Board received the most recent Form ADV for CSM as well as responses to a detailed series of questions that, among other things, requested information about CSM’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of CSM, including those individuals responsible for portfolio management, CSM’s operational capabilities and resources, and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Funds by CSM.
Performance. In connection with the assessment of the ability of CSM to perform its duties under the Sub-Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that CSM has the resources necessary to perform its obligations under the Sub-Advisory Agreement.
Cost of Services and Profitability. The Board considered the cost of the services to be provided by CSM, reviewed the proposed fee to be paid pursuant to the Sub-Advisory Agreement, and considered the estimated profitability projected by CSM from its relationship with each Fund. The Board discussed the fee arrangement between the Advisor and CSM, noting that the Advisor would pay CSM out of the advisory fee it receives from each Fund. With respect to AdvisorShares North Square McKee Core Reserves ETF, the Board noted that the proposed fee under the Sub-Advisory Agreement is lower than
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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued) |
the current sub-advisory fee payable to Sage. With respect to AdvisorShares North Square McKee ESG Core Bond ETF, the Board noted that the Advisor proposed a decrease in the aggregate advisory fee to be paid by the Fund to the Adviser. The Board also reviewed information regarding advisory fees of comparable funds and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. Based on its review, within the context of its full deliberations, the Board determined that the fees proposed to be paid to CSM appear to be reasonable in light of the services to be provided.
Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in a Fund, the Board determined to reassess whether the fees appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the existence for each Fund of a contractual expense limitation agreement with the Advisor and noted the proposed decrease in the aggregate advisory fee and expense limitation for AdvisorShares North Square McKee ESG Core Bond ETF.
Ancillary Benefits. The Board noted the potential benefits to be received by CSM as a result of its relationship with each Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Sub-Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to CSM with respect to each Fund is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Sub-Advisory Agreement for an initial term of two years.
163
Quarterly Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available without charge on the SEC’s website at www.sec.gov.
Proxy Voting Information
A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC’s website at www.sec.gov.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Fund’s website at www.advisorshares.com.
164
Investment Advisor AdvisorShares Investments, LLC
4800 Montgomery Lane, Suite 150
Bethesda, MD 20814 Sub-Advisors Alpha DNA Investment Management LLC 8860 Columbia 100 Parkway, Suite 301 Columbia, MD 21045 ChangePath, LLC 11460 Tomahawk Creek Parkway, Suite 200 Leawood, KS 66211 CMS Advisors, LLC 420 Fort Duquesne Boulevard Pittsburgh, PA 15222 Dorsey, Wright & Associates, LLC 3300 W. Leigh Street Richmond, VA 23230 DoubleLine Equity LP 505 N. Brand Boulevard, Suite 860 Glendale, CA 91203 Gerber Kawasaki, Inc. 2716 Ocean Park Boulevard Santa Monica, CA 90405 Newfleet Asset Management, LLC 1 Financial Plaza Hartford, CT 06103 Poseidon Investment Management, LLC 330 Fell Street, Suite 200 San Francisco, CA 94102 Ranger Alternative Management, L.P. 2828 N. Harwood Street, Suite 1900 Dallas, TX 75201 ThinkBetter, LLC 1549 Ringling Boulevard, Suite 510 Sarasota, FL 34236 | | Distributor Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101 Custodian/Fund Administrator/Transfer Agent The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286 Legal Counsel Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, D.C. 20004 Independent Registered Public Accounting Firm Tait, Weller & Baker LLP
50 South 16th Street, Suite 2900
Philadelphia, PA 19102 |
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This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund’s risks, objectives, fees and expenses, experience of management and other information.
Not Applicable for the semi-annual reporting period.
Not Applicable for the semi-annual reporting period.
Not Applicable for the semi-annual reporting period.
Not Applicable for the semi-annual reporting period.
Not applicable.
Not applicable.
Not applicable.
Not applicable.
Not applicable.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
