AdvisorShares Dorsey Wright FSM All Cap World ETF NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22110

AdvisorShares Trust

(Exact name of registrant as specified in charter)

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip code)

Dan Ahrens

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-843-3831

Date of fiscal year end: June 30

Date of reporting period: June 30, 2022

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.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

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ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831

Annual Report

June 30, 2022

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC		1
Hypothetical Growth of a $10,000 Investment, Historical Performances		3
Shareholder Expense Examples		57
Schedules of Investments		61
AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)		61
AdvisorShares Dorsey Wright ADR ETF (AADR)		65
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)		68
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)		70
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)		72
AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)		74
AdvisorShares Dorsey Wright Short ETF (DWSH)		79
AdvisorShares DoubleLine Value Equity ETF (DBLV)		84
AdvisorShares Drone Technology ETF (UAV)		87
AdvisorShares Focused Equity ETF (CWS)		90
AdvisorShares Gerber Kawasaki ETF (GK)		92
AdvisorShares Hotel ETF (BEDZ)		96
AdvisorShares Let Bob AI Powered Momentum ETF (LETB)		98
AdvisorShares Managed Bitcoin Strategy ETF (CRYP)		100
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)		102
AdvisorShares North Square McKee Core Reserves ETF (HOLD) [formerly, AdvisorShares Sage Core Reserves ETF (HOLD)]		117
AdvisorShares North Square McKee ESG Core Bond ETF (MENV) [formerly, AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB)]		121
AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)		127
AdvisorShares Psychedelics ETF (PSIL)		130
AdvisorShares Pure Cannabis ETF (YOLO)		133
AdvisorShares Pure US Cannabis ETF (MSOS)		137
AdvisorShares Q Dynamic Growth ETF (QPX)		141
AdvisorShares Q Portfolio Blended Allocation ETF (QPT)		143
AdvisorShares Ranger Equity Bear ETF (HDGE)		145
AdvisorShares Restaurant ETF (EATZ)		149
AdvisorShares STAR Global Buy-Write ETF (VEGA)		151
AdvisorShares Vice ETF (VICE)		154
Statements of Assets and Liabilities		156
Statements of Operations		163
Statements of Changes in Net Assets		170
Financial Highlights		184
Notes to Financial Statements		198
Report of Independent Registered Public Accounting Firm		230
Board Review of Investment Advisory and Sub-Advisory Agreements		233
Board of Trustees and Officers (Unaudited)		241
Supplemental Information		243

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC

June 30, 2022

It has been a volatile fiscal year. The first of half of our fiscal year occurred during the last six months of 2021 when the S&P 500 Index was moving upwards. The second half of our fiscal year, which covered the first six months of 2022, was a different story with markets declining into bear market territory. The market’s decline seemed to be driven by a choppy pandemic recovery, where COVID-related restrictions continued to hamper growth as a new variant of the coronavirus emerged. Factory lockdowns impacted the global supply change, resulting in scarcity of all types of goods and demand for those fewer goods driving prices higher. That coupled with the Russian war in Ukraine, which impacted energy prices and grain-based commodities, caused inflation numbers to begin skyrocketing.

The Federal Reserve’s plan for tackling inflations was to aggressively increase interest rates and reduce their balance sheet. These actions seemed to drive the markets lower. We are not as concerned with rising interest rates, however an increase in the cost of borrowing can negatively affect sectors or industries that have low to negative cash flows. Our biggest concern is the reduction of the Fed’s balance sheet. While necessary, the trillions of dollars added to the Fed balance sheet during the pandemic drove the U.S. markets higher while the world was shut down. We anticipate the opposite effect occurring when or if the Fed begins to remove most of the assets they had purchased during the pandemic.

As we would expect in the first calendar half of 2022 based on struggling market conditions, we saw assets under management increase for our two short equity ETFs, the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE) and the AdvisorShares Dorsey Wright Short ETF (ticker: DWSH). While our largest ETF, the AdvisorShares Pure US Cannabis ETF (ticker: MSOS) suffered the worst performance declines in our ETF fund family, surprisingly, only a few shares were redeemed, demonstrating that many of MSOS’ investors appear to be buying and holding the ETF.

The following are a list of highlights of this fiscal year:

●

The addition of Julio Lugo, a former BNY Mellon executive, to the AdvisorShares operations team;

●

Launch of the AdvisorShares Psychedelics ETF (ticker: PSIL), the first ETF with pure exposure to the psychedelics industry;

●

The AdvisorShares FolioBeyond Core Bond ETF’s (ticker: FWDB) investment strategy changed to an ESG focused bond ETF which also included changing the name and ticker to the AdvisorShares North Square McKee ESG Core Bond ETF (ticker: MENV);

●

CSM Advisors, LLC taking over as subadvisor to the North Square McKee Core Reserves ETF (ticker: HOLD) and the North Square McKee ESG Core Bond ETF (ticker: MENV);

●

Launch of the AdvisorShares Poseidon Dynamic Cannabis ETF (ticker: PSDN);

●

Launch of the AdvisorShares Drone Technology ETF (ticker: UAV); and

●

Launch of the AdvisorShares Managed Bitcoin Strategy ETF (ticker: CRYP) – the first tactically managed bitcoin ETF available, sub-advised by Morgan Creek Capital.

While it seems the last few years have only brought new and challenging environments to the markets, we remain optimistic that “normalcy” will return. We are incredibly thankful to our shareholders and appreciate the trust and confidence you have in us. We wish you nothing but health, happiness, and prosperity.

Sincerest regards,
Noah Hamman
CEO, AdvisorShares Investments

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC (Continued)

June 30, 2022

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.

The views in this report were those of the Fund’s CEO as of June 30, 2022 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.

ADVISORSHARES TRUST

AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)

The AdvisorShares Alpha DNA Equity Sentiment ETF’s (ticker: SENT) performance for the 12-month period ended June 30, 2022, while negative, was consistent with a growth-oriented U.S. equity portfolio with material exposure to mid- and small-cap equities. Mid- and small-cap growth were the laggards in U.S. equity index performance in both the last six months of 2021 and the first six months of 2022. In addition, U.S. equity large cap growth also began under-performing in the first half of 2022. Our equity exposures performed in line with their growth cohorts in each market cap over this window. Our option hedges produced profits in the down market during the first half of 2022. SENT’s hedging strategy is built to deliver more profits in fast downward moving markets. The first half of 2022 saw a slow downward trend with three different months producing -8% returns born worse in small caps (Jan, April, June).

SENT’s portfolio is designed to out-perform in upward markets that are rewarding the fastest growing companies. In other words, when growth is in favor, our portfolio will also typically be rewarded. In addition, higher uncertainty about forward earnings and demand tend to create more arbitrage opportunity for our digital signal analytics. In fact, the more that analysts struggle to assess demand in any market, the better positioned our portfolio is to outperform.

Going forward, the ambiguity of a potential recession has created an elevated level of uncertainty among the analysts generating forward looking earnings per share and revenue estimates. That provides a strong scenario to uncover hidden demand and produce more surprise earnings outcomes. As a result, we like the backdrop that this provides. However, a rising interest rate environment tends to put greater price stress on growth stocks that have higher multiples. Since growth stocks with higher multiples tend to produce higher earnings beat potential, SENT will be influenced by whether interest rate pressures continue to influence stocks prices going forward.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 2, 2021 to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			Since Inception 2/2/2021*
AdvisorShares Alpha DNA Equity Sentiment ETF NAV		-24.53	%		-13.09	%
AdvisorShares Alpha DNA Equity Sentiment ETF Market Price**		-24.84	%		-13.34	%
Russell 3000 Index		-13.87	%		-2.49	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.08% and the net expense ratio is 1.08%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.35%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

	*	Commencement of operations.
	**	The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund.

The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 98% of the investable US equity market.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright ADR ETF (AADR)

The AdvisorShares Dorsey Wright ADR ETF (AADR) finished the fiscal year ended June 30^th, 2022 behind its benchmark, the MSCI EAFE Index. The last year has been a tale of two markets with the end of a bull market taking us through 2021 and a bear market to start off the first half of 2022. Unsurprisingly, this caused issues for the portfolio as momentum strategies tend to struggle when market leadership changes.

The latter half of 2021 saw the portfolio perform roughly in line with the benchmark as international markets mostly treaded water despite the roaring bull market in US equities. The first half of 2022, though, saw almost all world markets decline. To make matters worse, the Russian invasion of Ukraine introduced substantial risk to some of the typically safer areas of the international universe (Europe). Some of the worst hit areas (such as the Netherlands) were areas where we were overweighted relative to the benchmark. Nevertheless, once markets begin to stabilize, we feel confident that relative strength will guide us into the new leadership, wherever that may be.

Despite the underperformance of cap-weighted international indexes versus domestic indexes, we are still looking for opportunities in high momentum names. As new market leaders emerge, the fund will continue to position itself to take advantage of its strength. The fund is well-positioned, and a shift back to international outperformance would provide a welcome tailwind.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 30, 2012 to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			10 Year
AdvisorShares Dorsey Wright ADR ETF NAV		-25.51	%		0.00	%		1.61	%		6.13	%
AdvisorShares Dorsey Wright ADR ETF Market Price*		-25.45	%		0.04	%		1.59	%		6.13	%
MSCI EAFE Index (Net)		-17.77	%		1.07	%		2.20	%		5.40	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.10% and the net expense ratio is 1.10%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.10%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the Nasdaq and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund.

The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)

The AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ) finished the fiscal year ended June 30^th, 2022 behind its benchmark, the S&P 500 Total Return Index. Momentum strategies tend to underperform during periods when market leadership changes and change has been the theme of the last year with the second half of 2021 continuing a dramatic post-pandemic rally and the first half of 2022 ushering in a bear market.

In the second half of 2021 the US equity markets rallied but cracks were beginning to emerge. Former leaders such as Technology and Consumer Discretionary were starting to selloff underneath the surface and our exposure to Consumer Discretionary dragged the portfolio down. The first half of 2022, of course, started the bear market we’re currently in and the fund has struggled through this period with the rotation into new leadership. Exposure to Technology was the main performance detractor as it was one of the hardest hit areas during the decline.

Should the bear market continue, we feel the portfolio is positioned well as it has rotated into sectors that held up relatively well during the decline. It’s possible though that we’ve seen the worst of what the market will give us with consumer sentiment more negative than it has been in 50+ years (usually a bullish sign). Should we begin to recover though, it’s very possible that the more value oriented sectors we currently hold continue to outperform as many of the former leaders still have historically high valuations.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 26, 2019* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 12/26/2019*
AdvisorShares Dorsey Wright Alpha Equal Weight ETF NAV		-24.56	%		-6.81	%
AdvisorShares Dorsey Wright Alpha Equal Weight ETF Market Price**		-24.85	%		-6.89	%
S&P 500 Index		-10.62	%		8.11	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.96% and the net expense ratio is 0.96%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)

The AdvisorShares Dorsey Wright FSM All Cap World ETF (ticker: DWAW) saw a market return of -17.47% for the 12-month period ended June 30, 2022, amid continued weakness in global equity markets. DWAW’s strategy looks to rotate among a broad inventory of U.S. and international equity representatives, seeking to hold the strongest two areas following each evaluation. The first strategy evaluation for this year came in early February, which saw the strategy rotate away from a growth-heavy allocation into equal weight positions of core large-cap and large-cap value. The next evaluation in May led the strategy to sell the core large-cap exposure in favor of large-cap low volatility, which helped buoy the portfolio during the turbulent market environment over the next several weeks. The value representative has continued to maintain positive relative strength against most other equity market representatives and is the highest scoring member of the strategy’s inventory.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 26, 2019* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 12/26/2019*
AdvisorShares Dorsey Wright FSM All Cap World ETF NAV		-15.98	%		8.49	%
AdvisorShares Dorsey Wright FSM All Cap World ETF Market Price**		-16.06	%		8.49	%
MSCI All Country World Index (ACWI)		-15.75	%		3.87	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.14% and the net expense ratio is 1.12%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The MSCI All Country World Index (Net) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)

The AdvisorShares Dorsey Wright FSM All Cap World ETF (ticker: DWUS) saw a market return of -13.79% for the 12-month period ended June 30, 2022. The underlying strategy behind DWUS looks to rotate among an inventory of core U.S. equity fund representatives, targeting exposure toward the strongest two areas after each model evaluation. The portfolio entered the year with high exposure toward growth equities with an overweight position in technology. The only change for DWUS’s strategy this year came in May, when the portfolio sold out of the growth-centric representative in favor of low volatility representation, which joins the core equity position as the two portfolio members. This portfolio is overweight large-cap blend and has high exposure toward utilities, industrials, and consumer staples.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 26, 2019* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 12/26/2019*
AdvisorShares Dorsey Wright FSM US Core ETF NAV		-12.97	%		10.55	%
AdvisorShares Dorsey Wright FSM US Core ETF Market Price**		-13.36	%		10.43	%
S&P 500 Index		-10.62	%		8.11	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.10% and the net expense ratio is 1.07%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)

The AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC) finished the fiscal year ended June 30^th, 2022 ahead of its benchmark, the Russell Microcap Index. It was a rough year for the microcap space as US equities entered a bear market. Small/Micro cap stocks were some of the worst hit areas during the decline, but relative strength was able to guide us toward names that outperformed.

The second half of 2021 was great for US equities as a whole, but cracks were emerging in the Small/Micro cap space as the Russell Microcap index was down -7.5%. The fund performed well in this environment though, posting a 3.5% gain. Once the bear market began in 2022 though, almost no market/sector (aside from Energy) was left unscathed. Nevertheless, the fund was still able to outperform.

DWMC’s strategy is designed to unemotionally follow trends, which we think will benefit the portfolio in the coming months that are expected to be filled with uncertainty. Given stretched consumer sentiment, we feel the prospects for micro-cap stocks continue to be strong despite the bear market. Valuations for smaller stocks continue to be attractive relative to large caps, with a large valuation gap between the smallest and largest companies. This can persist for long periods but doesn’t last forever. We believe the fund is well-positioned to capitalize on a narrowing valuation gap when it comes.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 10, 2018* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			Since Inception 7/10/2018*
AdvisorShares Dorsey Wright Micro-Cap ETF NAV		-20.17	%		9.51	%		5.22	%
AdvisorShares Dorsey Wright Micro-Cap ETF Market Price**		-20.99	%		9.21	%		4.99	%
Russell Micro-Cap Index		-30.73	%		5.05	%		0.27	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 3.19% and the net expense ratio is 1.27%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Russell Micro-Cap Index measures the performance of the micro cap segment of the U.S. equity market. It includes 1,000 of the smallest securities in the Russell 2000 Index based on a combination of their market cap and current index membership and it also includes up to the next 1,000 stocks.

ADVISORSHARES TRUST

AdvisorShares Dorsey Wright Short ETF (DWSH)

The AdvisorShares Dorsey Wright Short ETF (DWSH) finished the fiscal year ended June 30, 2022 ahead of its benchmark, the inverse of the S&P 500 Total Return Index. The bear market that unfolded in the first half of 2022 undeniably helped the portfolio, but on a relative basis more ground was gained in the second half of 2021 as areas of the market began to diverge from each other.

In the second half of 2021, the US Equity markets performed very well, but cracks were beginning to emerge with many technology stocks producing notable selloffs. The fund was able to capitalize on this environment as it shorted pockets of the market showing relative weakness while the S&P 500 index barreled upward and it’s inverse barreled downward. The first half of 2022, of course, produced the bear market we’re currently in, and the fund produced a positive return in this environment as well as one would expect.

With recession risks mounting, we feel that using the fund as a hedge continues to remain attractive. The fund’s strategy of rotating into the weakest sectors should bode well for any further legs down in the market.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 10, 2018* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			Since Inception 7/10/2018*
AdvisorShares Dorsey Wright Short ETF NAV		22.15	%		-25.00	%		-19.58	%
AdvisorShares Dorsey Wright Short ETF Market Price**		22.08	%		-25.13	%		-19.66	%
S&P 500 Index		-10.62	%		10.60	%		9.85	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 3.75% and the net expense ratio is 3.68%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares DoubleLine Value Equity ETF (DBLV)

For the fiscal year ended June 30, 2022, the AdvisorShares Doubleline Value Equity ETF (ticker: DBLV) returned -9.12%, based on NAV, while the Russell 1000 Value Index benchmark posted a return of -6.82%. Unfavorable sector weights drove most of the underperformance. Our overweight in communication services, consumer discretionary and financials and our underweight in utilities hurt performance, while our underweight in technology helped. The fund benefitted from positive stock selection in consumer discretionary, industrials, and technology, which was offset by negative stock selection in communication services, materials, financials, healthcare, and real estate.

U.S. equities struggled in 2022 amid worsening inflationary pressures, protracted supply chain disruptions, sharply rising interest rates, hawkish central bankers, growing recessionary fears and continued geopolitical concerns around the war in Ukraine, as well as continual COVID lockdowns in China and elsewhere. The rapid rise in stagflationary fears led to relative outperformance of the energy sector, driven by higher commodity prices, as well as highly defensive sectors like consumer staples, utilities, and health care. Meanwhile, less defensive sectors with high valuation multiples, such as technology and consumer discretionary underperformed, as did cyclically sensitive value-priced names in areas like financials and industrials.

Even with the meaningful outperformance of value stocks relative to growth stocks during the year, we continue to see attractive opportunities in value names. Value continues to trade at valuation discount to growth more than the historical average, providing a runway of opportunity for further normalization of that discount. In terms of positioning, we increasingly prefer high-quality, late-cycle value stocks that are better poised to benefit even amidst the moderating economic growth and rising input costs, alongside those names with more defensive characteristics. We seek to balance investments offering attractive long-term expected risk-adjusted returns with those that should serve as more defensive ballasts in uncertain times. Note that the differentiated fundamental value strategy behind DBLV is well suited to allowing one to navigate through these evolving risks and opportunities.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 30, 2012 to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			10 Year
AdvisorShares DoubleLine Value Equity ETF NAV		-9.12	%		9.23	%		6.46	%		10.99	%
AdvisorShares DoubleLine Value Equity ETF Market Price*		-9.12	%		9.22	%		6.46	%		10.95	%
Russell 1000 Value Total Return		-6.82	%		6.87	%		7.17	%		10.50	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.06% and net expense ratio is 0.91%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.90%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund.

The Russell 1000 Value Total Return Index measures the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates.

ADVISORSHARES TRUST

AdvisorShares Drone Technology ETF (UAV)

The AdvisorShares Drone Technology ETF (ticker: UAV) was just launched with an inception date of April 27, 2022 and has less than 3 months of performance. As the Drone Technology ETF invests in a limited universe of companies, the Fund can be volatile as compared to the overall market. We believe that drone technology presents great investment opportunities for long term investors as autonomous vehicle development, adoption and use increases worldwide.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period April 27, 2022* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	Since Inception 4/27/2022*
AdvisorShares Drone Technology ETF NAV		-11.86	%
AdvisorShares Drone Technology ETF Market Price**		-11.88	%
S&P 500 Index		-9.03	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.22% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Focused Equity ETF (CWS)

For the 12 months ended June 30, 2022, the NAV of the AdvisorShares Focused Equity ETF (ticker: CWS) lost 9.28%, and the traded shares lost 9.44%. Despite the loss, CWS performed well versus the overall market. For example, the S&P 500 Total Return Index lost over 10.6% over the same time span, and the small-cap Russell 2000 Total Return Index lost over 25%.

This was an unusually challenging period for investors. The economy faced the highest inflation in over 40 years. Companies were impacted by supply-chain issues and the Federal Reserve raised interest rates, including its first 0.75% rate hikes in over 25 years.

Due to CWS’s conservative nature and long-term focus, the anxious mood worked to our benefit. When the market started to fall in January, shares of CWS didn’t fall as much as the rest of the market. Meanwhile, many of the stocks that had rallied so strongly in 2021 were punished severely. The stocks in CWS tend to be of a higher quality than the rest of the market. Additionally, since we make portfolio changes only once a year, we aren’t subject to the perils of poor market-timing. In fact, our set-and-forget strategy can be ideal for turbulent markets such as we had in early 2022.

We continue to expect CWS’s performance to lead the overall stock market. The economy and financial markets still face significant challenges including a slowing economy, rising inflation, more interest-rate hikes plus several troubling geo-political risks. During uncertain times, investors gravitate towards high-quality stocks. In our opinion, this makes for an excellent environment for the AdvisorShares Focused Equity ETF.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 20, 2016* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			Since Inception 9/20/2016*
AdvisorShares Focused Equity ETF NAV		-9.28	%		7.37	%		8.93	%		10.23	%
AdvisorShares Focused Equity ETF Market Price**		-9.44	%		7.44	%		8.90	%		10.20	%
S&P 500 Index		-10.62	%		10.60	%		11.31	%		12.42	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.19% and the net expense ratio is 0.66%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the range from 0.65% to 0.85%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Gerber Kawasaki (GK)

The AdvisorShares Gerber Kawasaki ETF (ticker: GK) launched one year ago during the end of the bull market of 2021. The fund had a stellar first five months beating the benchmarks and providing positive total return. In December 2021, the market began to turn with the next six months turning out to be the most difficult time for stocks in the last 50 years. Unfortunately, this was a very difficult period for the fund as well. The bear market lasted from mid-November 2021 to mid-June 2022. Due to the fact we are a concentrated fund, focused on technology, consumer discretionary, clean energy and transportation areas, we were hit particularly hard relative to the indexes. High inflation and supply chain issues caused many of our investments to temporarily decline in value. For the twelve months ended June 30, 2022, GK’s performance was negative, underperforming the S&P 500 Index.

The factors that most affected GK’s performance during the fiscal year was exposure to the areas of the market that was dramatically affected by inflation and the subsequent rapid rise in interest rates. Unfortunately, the technology sector tends to perform poorly during a rising interest rate environment and that held true. Also, the fund’s thematic investment strategy led to GK being heavily invested in consumer discretionary stocks. These positions were also hit particularly hard as high gas prices, caused by the war in Ukraine, took away some of consumers’ spending power. This combination of factors along with a concentrated portfolio caused the fund to underperform for the year. Also, GK’s heavy investments in electric vehicles and clean energy were negatively affected by the Biden Administration’s inability to get the Climate Bill approved earlier in the year. While it was a difficult year for GK, it has not changed our belief in the fund’s strategy and the future of its investments.

As we enter the new fiscal year, we’ve seen the end of the recent bear market, what appears to be the peak in inflation as the Federal Reserve’s actions appear to be working, and the passage of a U.S. Climate Bill placing greater focus on alternative energy. These factors are favorable for the fund, and we believe GK should begin to outperform. As the world struggles with an over-dependence on oil and gas in the wake of the Ukraine-Russia war, we are quite bullish on the future of renewable energy. Although we expect some additional bumps as the Fed finishes its rate hiking cycle, once the Fed is done, we anticipate markets will react well and GK will be in a prime position to benefit from the transformative trends that will continue in out thematic investment approach.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 2, 2021* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	Since Inception 7/2/2021*
AdvisorShares Gerber Kawasaki ETF NAV		-34.71	%
AdvisorShares Gerber Kawasaki ETF Market Price**		-34.65	%
S&P 500 Index		-11.09	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.87% and the net expense ratio is 0.81%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.75%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Hotel ETF (BEDZ)

The AdvisorShares Hotel ETF (ticker: BEDZ) launched in the Spring of 2021 and just completed its first full fiscal year. The Fund somewhat underperformed the overall market as measured by the S&P 500 Index. The Fund’s overall performance is very much aligned with the success of the hotel industry. While much of the travel industry has bounced back from COVID-19, hotels have faced employment shortages, supply chain limitations, and an overall negative impact of inflation.

Investors in a focused, industry-related fund should have a very long-term focus. We remain bullish about future hotel and travel growth as the world continues to slowly return to a more normal business travel environment. While we are bullish on the overall hotel industry, the Fund attempts relative outperformance with individual security selection among hotels and related areas plus good trading techniques.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period April 20, 2021* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			Since Inception 4/20/2021*
AdvisorShares Hotel ETF NAV		-19.54	%		-16.08	%
AdvisorShares Hotel ETF Market Price**		-19.87	%		-16.24	%
S&P 500 Index		-10.62	%		-5.76	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.99% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Let Bob AI Powered Momentum ETF (LETB)

The AdvisorShares Let Bob AI Powered Momentum ETF (ticker: LETB) launched with an inception date of February 8, 2022. Through fiscal year ended June 30, 2022, the Fund has less than 5 months of investment performance. During 2022’s volatile and negative markets, LETB’s artificial intelligence-powered investment strategy has caused the Fund to hold comparatively large percentages of its assets in a defensive cash investment position. While the Fund has lost value since its inception, it has lost much less than the overall market as measured by the S&P 500 Index. As the overall market returns to more a normal situation, the Fund is expected to be more fully invested per its investment strategy and security selection process.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 9, 2022* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	Since Inception 2/9/2022*
AdvisorShares Let Bob AI Powered Momentum ETF NAV		-6.99	%
AdvisorShares Let Bob AI Powered Momentum ETF Market Price**		-7.12	%
S&P 500 Index		-15.73	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.87% and the net expense ratio is 0.87%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Managed Bitcoin Strategy ETF (CRYP)

The AdvisorShares Managed Bitcoin Strategy ETF (CRYP) was launched during the second half of the fiscal year ended June 30, 2022 and finished the fiscal year ahead of its benchmark – the price of Bitcoin in USD (BTCUSD). The outperformance during the period was driven primarily by the active management of the strategy which enabled the Fund to mitigate losses in a very challenging investment environment.

Toward the end of 2021, global capital markets shifted dramatically toward a risk-off posture as global central banks began to withdraw liquidity from the global financial system by raising interest rates. A rising interest environment is challenging for all assets as rising discount rates compress equity market valuations (Price to Earnings ratios) and directly reduce the value of fixed income investments. In the first half of 2022, global capital markets experienced very significant losses across the board, and sectors with the highest growth rates and those that had performed very well in 2020 and 2021, dramatically decreased in value. The withdrawal of liquidity by the Fed and other central banks triggered a wave of deleveraging that prompted rapid outflows from capital markets for the first time in many years. Digital assets such as Bitcoin experienced significant price pressure, and investors reacted by reducing exposures, which put further downward pressure on the asset class.

The design of the AdvisorShares Managed Bitcoin Strategy ETF is well suited to this type of market volatility and enabled the Fund to achieve the goal of mitigating downside risk during significant drawdowns. We believe that the Fund is well positioned to continue to provide investors with an alternative to direct ownership of Bitcoin by mitigating many of the risks associated with owning and managing digital assets and helping advisors integrate this important, but highly volatile, asset into client portfolios. Markowitz portfolio theory has shown that including volatile assets with low correlation to traditional assets into a portfolio can increase the efficiency and return profile of the portfolio, and we believe CRYP can play an important role in diversified portfolios.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period April 27, 2022* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	Since Inception 4/27/2022*
AdvisorShares Managed Bitcoin Strategy ETF NAV		-40.95	%
AdvisorShares Managed Bitcoin Strategy ETF Market Price**		-41.08	%
The Bitcoin Index		-52.13	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.61% and the net expense ratio is 0.61%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.49%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The NYSE Bitcoin Index aims to represent the value of (1) bitcoin in U.S. Dollars (USD) as of 4 PM U.K. time each weekday. The Index is calculated sourcing data from qualified exchanges, currently GDAX and itBit. Only bitcoin transactions conducted in USD are eligible to be input into the Index. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Newfleet Multi-Sector Income ETF (MINC)

The AdvisorShares Newfleet Multi-Sector Income ETF (ticker: MINC) posted a return of -5.24%, based on NAV and -5.19%, based on Market Price as compared to -10.29% for the Bloomberg U.S. Aggregate Bond Index or -5.19% for the BofA Merrill lynch 1-5 Year U.S. Corporate & Government Bond Index for the 1-year period ended June 30, 2022.

Global central banks intensified their fight with inflation during the period, signaling they will remain vigilant until inflation objectives are met. This backdrop clouded the outlook for global and regional economic growth, resulting in negative total returns for most assets. The pandemic remains a global issue, with China’s zero-COVID policy continuing to delay the normalization of supply chains. Meanwhile, the war between Russia and Ukraine is an ongoing economic shock to food and energy prices. These unresolved issues make economic forecasting and modeling a challenge and will likely contribute to a volatile investing environment for the next several quarters.

During the most recent one-year period, MINC’s allocation to asset backed securities and non-agency residential mortgage-backed securities had a positive impact on the Fund. We are still constructive on both short duration credit backed by the U.S. consumer, and mortgage credit. The underweight to investment grade corporates also positively contributed to performance. The focus on higher quality loans in the Fund benefited performance as BB risk continued to outperform lower-quality cohorts. The Fund’s underweight to U.S. Treasuries was the primary detractor from performance. Allocation to the corporate high yield sector also had a negative impact on performance. Factors that have plagued the high yield market for the last few months persist: the war in Ukraine rages on, supply chain disruptions continue, and U.S. Treasury yields rose as the market tried to handicap the levers the FOMC will pull to quell inflation.

We believe some of the best total return and yield opportunities can be found in spread sectors. However, given the increased risk of a recession, we have reduced some exposure to spread sectors that would typically be more negatively impacted, such as corporate high yield and bank loans. Credit selection and positioning remain key. Specific sectors that demonstrate the best relative value for us include out-of-index/off-the-run ABS, non-agency RMBS, and BBB-rated corporate investment grade.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period March 19, 2013* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			Since Inception 3/19/2013*
AdvisorShares Newfleet Multi-Sector Income ETF NAV		-5.24	%		0.00	%		1.02	%		1.50	%
AdvisorShares Newfleet Multi-Sector Income ETF Market Price**		-5.19	%		0.05	%		1.02	%		1.50	%
Bloomberg U.S. Aggregate Bond Index		-10.29	%		-0.93	%		0.88	%		1.49	%
BofA Merrill Lynch 1-5 Year U.S. Corporate & Government Bond Index		-5.19	%		0.14	%		1.11	%		1.17	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.79% and net expense ratio is 0.76%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.75%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

The BofA Merrill Lynch 1-5 Year U.S. Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, calculated on a total return basis. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares North Square McKee Core Reserves ETF (HOLD)

C.S. McKee assumed the role of subadvisor for the AdvisorShares North Square McKee Core Reserves ETF (ticker: HOLD) November 1, 2021, continuing to manage it as a short-term maturity, investment grade fixed income portfolio. With market interest rates rising quickly in response to the Federal Reserve’s belated response to rising inflation and balancing the need for income with principal preservation, portfolio duration was managed to the low end of the fund’s stated 0.50 years to 1.25 years target range. Performance for the eight-month period ended June 30, 2022 was -0.76%.

Fund holdings include securitized (asset backed and commercial mortgage backed), corporate, agency, and Treasury bonds. Growing concerns for a mild recession lead us to maintain average quality of AA-, on par with the Fund’s long-term target. Asset backed securities, a consistent and significant allocation in the Fund, underperformed Treasuries in the first half of 2022, but have stabilized in third quarter.

We expect to see a further tightening in financial conditions in the second half of 2022 as the battle to contain inflation continues. We believe the Fed Funds rate should peak in the 3.75% to 4% range by early next year, an environment in which portfolio duration will likely be increased to approximately one year with a corresponding increase in yield.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period January 14, 2014* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			Since Inception 1/14/2014*
AdvisorShares North Square McKee Core Reserves ETF NAV		-0.68	%		0.41	%		1.06	%		0.87	%
AdvisorShares North Square McKee Core Reserves ETF Market Price**		-0.76	%		0.39	%		1.04	%		0.86	%
Bloomberg U.S. Treasury Bill 1-3 Month Index		0.18	%		0.57	%		1.05	%		0.69	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.57% and the net expense ratio is 0.35%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.35%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Bloomberg U.S. Treasury Bill 1-3 Month Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. The Bloomberg U.S. 1-3 Month Treasury Bill Index is an unmanaged index considered representative of the performance of the U.S. Treasury Bill issued by the U.S. Government. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares North Square McKee ESG Core Bond ETF (MENV)

C.S. McKee assumed the role of subadvisor for AdvisorShares North Square McKee ESG Core Bond ETF (ticker: MENV) November 1, 2021, converting it to a core fixed income ESG* managed product employing our proprietary model. Fund performance for the period ended June 30, 2022 was largely driven by the significant rise in market interest rates and the corresponding increase in measured volatility. As inflation proved itself to be anything but transitory, the Federal Reserve belatedly took action to slow economic growth. The Fed Funds rate is expected to rise more than 3% from the previous low, tightening financial conditions.

The Fund’s overweight to the corporate and agency sectors adversely impacted returns as yield spreads versus Treasuries widened over this period. Investors generally reduced their allocation to fixed income or took less risk in the space, pressuring prices lower. The market began to find some balance in mid-June, with market interest rates peaking and investor demand for all areas of the bond market improving.

We expect to see a further tightening in financial conditions in the second half of 2022 as the battle to contain inflation continues. We believe the Fed Funds rate should peak in the 3.75% to 4% range by early next year, an environment in which market volatility should also top out. The portfolio’s significant overweight to callable securities (mortgage passthroughs and agency debentures) are expected to perform well in this scenario, boosting performance without assuming added credit risk.

Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 30, 2012 to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			10 Year
AdvisorShares North Square McKee ESG Core Bond ETF NAV		-9.67	%		-1.36	%		0.62	%		1.93	%
AdvisorShares North Square McKee ESG Core Bond ETF Market Price**		-10.29	%		-1.57	%		0.47	%		1.86	%
Bloomberg U.S. Aggregate Bond Index		-10.29	%		-0.93	%		0.88	%		1.54	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.89% and the net expense ratio is 0.47%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.47%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)

The AdvisorShares Poseidon Dynamic Cannabis ETF (ticker: PSDN) launched in November of 2021. Since its launch through the end of the second quarter of 2022, while its performance has been negative, PSDN has experienced new share creations totaling approximately $13.3 million of inflows. These inflows were despite incredibly challenging times in cannabis and broader markets. PSDN can actively use moderate levels of leverage, at portfolio management’s discretion, and had an average leverage position of 122% from its inception.

The cannabis sector largely peaked in February 2021 and has been negative for 18 consecutive months through the end of the second quarter of 2022. It is our belief that most of the decline is attributable to what now is proving to be previously overly optimistic expectations from the industry and the analysts. Predicting state-level or international regulatory progress on cannabis has been an extremely challenging exercise, as well as a big contributor to missed expectations and lowering guidance in 2021 through 2023.

As we enter the second half of 2022, growth in the cannabis sector is starting to reaccelerate with decelerating to stabilizing pricing trends in key markets along with new adult use access opening in many new markets, including New Jersey. Growth with low valuations creates a very compelling backdrop for the cannabis sector’s equity performance to potentially perform positively on an absolute basis and a relative basis compared to other equity sectors over the subsequent quarters and years ahead.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period November 17, 2021* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	Since Inception 11/17/2021*
AdvisorShares Poseidon Dynamic Cannabis ETF NAV		-75.52	%
AdvisorShares Poseidon Dynamic Cannabis ETF Market Price**		-75.50	%
S&P 500 Index		-18.70	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.92% and the net expense ratio is 0.92%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Psychedelics ETF (PSIL)

The AdvisorShares Psychedelics ETF (ticker: PSIL) launched with an inception date of September 15, 2021. Through June 30, 2022, it has just over 9 months of performance. Since the Fund’s launch, its performance has been quite volatile and overall negative. The psychedelics market is a very new and concentrated area made up of only a small universe of mostly micro-cap securities.

The psychedelic industry should be expected to be extremely volatile. Psychedelic companies are primarily mental health-related biotech and pharmaceutical companies. The value of such corporations is primarily based of intellectual property and drug or treatment pipelines. After negative performance in the past year, we feel psychedelics offer great potential for long term investors who understand the risk of a new and very nascent industry.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 16, 2021* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	Since Inception 9/16/2021*
AdvisorShares Psychedelics ETF NAV		-74.44	%
AdvisorShares Psychedelics ETF Market Price**		-73.50	%
S&P 500 Index		-14.53	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.68% and the net expense ratio is 0.68%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Pure Cannabis ETF (YOLO)

The AdvisorShares Pure Cannabis ETF (ticker: YOLO) was negative over the past fiscal year as was all the cannabis sector. In the prior fiscal year ending in June of 2021, the Fund positively outperformed the S&P 500 Index. An investment in the cannabis industry should be expected to be very volatile.

Over the past year, cannabis stocks have pulled back after reaching a high point in February 2021 following U.S. elections that caused expectations of some form of cannabis legalization. Actual Federal cannabis reform has been slow to develop. For the period July 1, 2021 through fiscal year ended June 30, 2022, YOLO lost more than 73% on its market price and net asset value.

As a specialty area of investing, cannabis stocks as a group can perform with low correlation to the overall broader market. Many investors feel that the cannabis industry’s success lies with Federal law reform in the U.S. Following a rather constant sell-off and underperformance over the past year (and longer), we are very bullish long-term for the cannabis market’s growth prospects from current under-valued prices and anticipate major legislative reform and market development in the cannabis industry.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period April 17, 2019* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			Since Inception 4/17/2019*
AdvisorShares Pure Cannabis ETF NAV		-73.99	%		-36.34	%		-36.19	%
AdvisorShares Pure Cannabis ETF Market Price**		-73.93	%		-36.32	%		-36.14	%
S&P 500 Index		-10.62	%		10.60	%		10.52	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.76% and net expense ratio is 0.71%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.74%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Pure US Cannabis ETF (MSOS)

After launching in the Fall of 2020, the AdvisorShares Pure US Cannabis ETF (ticker: MSOS) has completed its first full fiscal year of performance. As should be expected for a focused U.S.-only cannabis fund, performance has been extremely volatile since its inception. In the past year, the Fund’s performance has been negative. After reaching a high point in February of 2021, cannabis stocks, as a group, have been beaten down as U.S. cannabis law reforms were slower to develop than investors expected. The lack of Federal cannabis reform impacts U.S. cannabis stock prices in many ways as they trade on secondary exchanges in Canada and OTC (over the counter) in the U.S. and face trading availability limitations in U.S. bank and brokerage firms. As the Fund is 100% U.S.-focused, it is more susceptible to volatility based on U.S. cannabis laws and potential changes to those laws.

The Fund’s future performance is expected to be affected by continued growth in state-by-state U.S. cannabis sales and could be greatly impacted by anticipated Federal reforms in cannabis laws. From the current price levels, we are very bullish on U.S. cannabis market and the eventuality of cannabis-positive changes in U.S. Federal laws.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 1, 2020* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 9/1/2020*
AdvisorShares Pure US Cannabis ETF NAV		-74.20	%		-38.19	%
AdvisorShares Pure US Cannabis ETF Market Price**		-74.06	%		-38.12	%
S&P 500 Index		-10.62	%		5.52	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.73% and net expense ratio is 0.73%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.74%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Q Dynamic Growth ETF (QPX)

During the past fiscal year (July 1, 2021 – June 30, 2022), the AdvisorShares Q Dynamic Growth ETF’s (ticker: QPX) assets under management (AUM) started at $68.7M, grew to $120M (+74%) at its peak, and finished at a value of $40.2M (-67%). Corresponding prices (NAV) were from $28.12 to a high of $31.02 (+11%), down to $22.01 (-29%). While there is a correlation between price and AUM, the change in AUM appears to have been driven by other factors (potentially, clients not wanting to be long equities during the first half of the year). Over the past twelve months, QPX finished behind its benchmark, the S&P 500 Index.

QPX’s investment model stayed heavily weighted in large cap stocks and the technology sector throughout the period. This exposure has a much higher risk/reward characteristics than other segments of the market (per our model). Many contributing factors were at play, most importantly, the breakdown in performance of portfolio holding Invesco NASDAQ Internet ETF (ticker: PNQI) during the 4^th quarter of 2021. It was replaced by iShares U.S. Technology ETF (ticker: IYW) according to QPX’s quantitative process. Other factors were the sudden rise in interest rates and inflation worries.

There were no risk-off rebalancing trades triggered by the model’s QIX index, which saw its value fluctuate from 12.93% to 31.7%, approaching but never passing the key 37.5% rebalancing level. The lion’s share of the portfolio exposure remains in large cap growth and the technology sector.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 28, 2020* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 12/28/2020*
AdvisorShares Q Dynamic Growth ETF NAV		-21.70	%		-8.09	%
AdvisorShares Q Dynamic Growth ETF Market Price**		-21.76	%		-8.12	%
S&P 500 Index		-10.62	%		2.38	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.72% and net expense ratio is 1.68%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.45%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Q Portfolio Blended Allocation ETF (QPT)

During the past fiscal year (July1, 2021 – June 30, 2022), the AdvisorShares Q Portfolio Balanced Allocation ETF’s (ticker: QPT) assets under management (AUM) started at $3.48M and finished at a value of $2.68M (-23%). Corresponding prices (NAV) were from $25.76 and down to $22.60 (-12%), respectively. While there is a correlation between price and AUM, the change in AUM appears to have been driven by other factors. Over the last twelve months, QPT finished behind its blended benchmark – 60% S&P 500 Index / 40% Bloomberg Aggregate Bond Index.

The sudden rise in interest rates and inflation worries were contributing factors to QPT’s negative performance. There were no risk-off rebalancing trades triggered by the model’s QIX index, which saw its value fluctuate from 12.93% to 31.7%, approaching but never passing the key 37.5% rebalancing level. QPT has maintained exposure to a diversified group of asset classes such as gold, long-term bonds and stocks in the amounts that the model identifies as optimum in terms of expected reward for the risk taken.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 28, 2020* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			Since Inception 12/28/2020*
AdvisorShares Q Portfolio Blended Allocation ETF NAV		-19.83	%		-11.91	%
AdvisorShares Q Portfolio Blended Allocation ETF Market Price**		-19.81	%		-11.91	%
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index		-10.24	%		-1.61	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 1.19%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Bloomberg U.S. Aggregate Bond TR USD Index is an unmanaged index considered representative of the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Ranger Equity Bear ETF (HDGE)

For the year ended June 30, 2022, the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE) performed 38.48% (NAV) versus the S&P 500’s total return of -10.62%.

After an historic influx of liquidity to negate the economic impacts of COVID, the market has begun reverting course. The liquidity situation is now unfavorable. Historic inflation levels have led to tightening by the Federal Reserve. Liquidity has been withdrawn from its balance sheet. Corporations have begun to pare back stock buyback activity. The IPO market has softened. Hyped areas such as SPACs have seen the air deflate out of the sector. As a result, the market has started to differentiate “good” companies from “bad” ones and there is less of a sentiment that “a rising tide lifts all boats.” This situation is largely the first break from when the bull market started in 2009.

The differentiation in quality has benefited HDGE. The Fund focuses on the lowest quality companies with respect to earnings quality, cash flow generation, and strength of balance sheet. In our opinion, this current situation may persist for some time.

Typically, rallies when the market is under pressure are very powerful. Low quality stocks can bounce hard compared with the indexes. However, as long as the liquidity situation remains unfavorable, these stocks tend to trend down over time. This situation benefits the fund’s strategy. We expect continued volatility above norms and higher than average trading activity going forward.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 30, 2012 to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			10 Year
AdvisorShares Ranger Equity Bear ETF NAV		38.48	%		-20.63	%		-17.91	%		-18.04	%
AdvisorShares Ranger Equity Bear ETF Market Price*		38.96	%		-20.56	%		-17.83	%		-18.01	%
S&P 500 Index		-10.62	%		10.60	%		11.31	%		12.96	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 5.20%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.85%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares Restaurant ETF (EATZ)

The AdvisorShares Restaurant ETF (ticker: EATZ) launched in April of 2021 and has just completed its first full fiscal year of performance. Over the past year, the Fund has lost value and underperformed the overall market as restaurants overall have faced numerous challenges. The industry suffered greatly in recent years from COVID-19, but in the past 12 months, labor shortages and increased employee turnover have impacted restaurants more than most areas. Supply chain issues and overall inflation costs added pressure to restaurant businesses.

Even while the Fund’s overall performance is tied to the success of the restaurant industry, we aim for relative outperformance through individual security selection within the restaurant area. The Fund is meant for investors with a long-term focus. We are bullish about the future growth prospects of the restaurant industry as world economic conditions improve and employment and supply chain issues stabilize.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period April 20, 2021* to June 30, 2022

HISTORICAL PERFORMANCE

Total Return as of June 30, 2022

	1 Year			Since Inception 4/20/2021*
AdvisorShares Restaurant NAV		-30.46	%		-26.84	%
AdvisorShares Restaurant ETF Market Price**		-30.62	%		-26.99	%
S&P 500 Index		-10.62	%		-5.76	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.99% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

AdvisorShares STAR Global Buy-Write ETF (VEGA)

The AdvisorShares STAR Global Buy-Write ETF (ticker: VEGA) finished the fiscal year ended June 30, 2022, with a return of -12.64% (NAV). The first part of this year was the worst first half of a year for U.S. equity markets since 1970 and the worst start ever for broad fixed income markets. Most of the loss (-12.06%) came during the last quarter of the period as the markets struggled due to the war in Ukraine, inflation, and recession fears. While there was no place to hide, the use of options helped to reduce the overall loss. VEGA’s U.S. Equity exposure at the end of the period was approximately 48%. In addition to U.S. Equity, VEGA had exposure to Fixed Income and Emerging and Developed Foreign Markets.

During the previous 12 months, VEGA completed quite a few tactical shifts. In Q3 2021 both Global Technology and Short-Term High Yield were eliminated from the portfolio in favor of U.S. Energy and U.S. Inflation Protected Treasuries. In the middle of the Fourth Quarter of 2021, we reduced or eliminated our exposure to EAFE, Small-Caps, US Energy and Technology and increased our exposure to the Mid-Caps, U.S. Treasuries and Core Bonds. VEGA continues to sell Covered Calls* and hold Protective Puts when deemed inexpensive to do so. ** As the markets declined, we increased our coverage exposure to 85% of the S&P and during Q2 2022 we were able to roll out of our Covered Calls and resell them multiple times to capture increased premium. In addition, we rolled out of our Protective puts; however, due to increased volatility and high cost we did not repurchase them. The increase in call coverage and our cash position helped to manage the risk of the portfolio.

While the last few months have been challenging for the Equity and Fixed Income Markets and the possibility of a recession is being raised, we remain focused on managing VEGA’s portfolio for long-term investors. We believe the outlook for future returns may have improved. Bear markets don’t last forever and tend to be only half the length of bull markets. Historically, while the average bear market has delivered a 41% decline, the average bull market has delivered a 162% increase. Recessions are also temporary. Unless you are an expert recession-timer, it makes sense over the long run to stay positioned for the good times. Further, markets tend to move before recessions, both on the way in and the way out. You certainly don’t want to miss markets on the way back up. Remember that markets have yet to fail to make it back to their prior peak and timing the market as to when to get back in is difficult at best. We continue to believe there is value in a globally diversified balanced equity portfolio. While Equity Markets had been on an uninterrupted bull run since November of 2020, the S&P 500 Index has historically experienced an average intra-year drop of 14.3% each year since 1980. We were due for a correction. Lastly, our use of Options and Fixed Income can provide alternative sources of income and help manage risk.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 17, 2012* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			5 Year			Since Inception 9/17/2012*
AdvisorShares STAR Global Buy-Write ETF NAV		-12.64	%		2.78	%		3.87	%		3.73	%
AdvisorShares STAR Global Buy-Write ETF Market Price**		-12.60	%		2.89	%		3.87	%		3.74	%
MSCI All Country World Index (Net)		-15.75	%		6.21	%		7.00	%		8.00	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the einvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.65% and the net expense ratio is 2.02%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.85%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

ADVISORSHARES TRUST

AdvisorShares Vice ETF (VICE)

The AdvisorShares Vice ETF (ticker: VICE) somewhat underperformed the overall market as measured by the S&P 500 Index for the 12-month timeframe of July 1, 2021, through June 30, 2022. The opposite had been true in the previous fiscal year with VICE outperforming the S&P 500 Index for the 12 months ended June 30, 2021.

The Vice ETF’s investments in casinos, video gaming, hospitality and entertainment weighed negatively on performance along with the overall market being negative in 2022. Over a longer period of time, we often expect investments areas such as alcohol and tobacco to be less volatile and to hold up better in negative markets.

As the overall market remains unpredictable in mid-2022 with inflation, supply chain and employment issues weighing on the economy, we believe that alcohol, gaming, entertainment, and other vice-oriented stocks continue to be attractive and show “market-resistant” qualities. We expect the Vice ETF to perform with less volatility than the overall market and certain vice-oriented stocks to offer positive growth regardless of overall market conditions.

While the Fund’s overall performance is largely tied to the areas of alcohol, gambling, online gaming, and food, we seek relative outperformance through good individual security selection and successful trading techniques.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 12, 2017* to June 30, 2022

HISTORICAL PERFORMANCE
Total Return as of June 30, 2022

	1 Year			3 Year			Since Inception 12/12/2017*
AdvisorShares VICE ETF NAV		-29.45	%		1.67	%		1.61	%
AdvisorShares VICE ETF Market Price**		-29.62	%		1.56	%		1.55	%
S&P 500 Index		-10.62	%		10.60	%		9.96	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.71% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited)

As a shareholder of a 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 a 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 January 1, 2022 and held for the period ended June 30, 2022, 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 ETF funds. 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 1/1/2022		Ending Account Value 6/30/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Alpha DNA Equity Sentiment ETF
Actual	$	1,000.00	$	753.80		1.02	%	$	4.44	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.74		1.02	%	$	5.11
AdvisorShares Dorsey Wright ADR ETF
Actual	$	1,000.00	$	765.30		1.05	%	$	4.60	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.59		1.05	%	$	5.26
AdvisorShares Dorsey Wright Alpha Equal Weight ETF
Actual	$	1,000.00	$	737.30		0.97	%	$	4.18	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.98		0.97	%	$	4.86
AdvisorShares Dorsey Wright FSM All Cap World ETF⁽⁷⁾
Actual	$	1,000.00	$	801.70		0.96	%	$	4.29	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.03		0.96	%	$	4.81

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 1/1/2022		Ending Account Value 6/30/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Dorsey Wright FSM US Core ETF⁽⁷⁾
Actual	$	1,000.00	$	790.00		0.97	%	$	4.31	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.98		0.97	%	$	4.86
AdvisorShares Dorsey Wright Micro Cap ETF
Actual	$	1,000.00	$	767.20		1.25	%	$	5.48	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares Dorsey Wright Short ETF
Actual	$	1,000.00	$	1,228.80		1.25	%	$	6.91	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares DoubleLine Value ETF
Actual	$	1,000.00	$	873.50		0.90	%	$	4.18	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.33		0.90	%	$	4.51
AdvisorShares Drone Technology ETF
Actual	$	1,000.00	$	881.40		0.99	%	$	1.63	⁽²⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,007.03		0.99	%	$	1.74
AdvisorShares Focused Equity ETF
Actual	$	1,000.00	$	803.30		0.65	%	$	2.91	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.57		0.65	%	$	3.26
AdvisorShares Gerber Kawasaki ETF
Actual	$	1,000.00	$	616.70		0.75	%	$	3.01	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.08		0.75	%	$	3.76
AdvisorShares Hotel ETF
Actual	$	1,000.00	$	744.10		0.99	%	$	4.28	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares Let Bob AI Powered Momentum ETF
Actual	$	1,000.00	$	930.10		0.99	%	$	3.72	⁽³⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.60		0.99	%	$	3.88
AdvisorShares Managed Bitcoin Strategy ETF⁽⁷⁾
Actual	$	1,000.00	$	590.50		1.49	%	$	2.08	⁽⁴⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,006.15		1.49	%	$	2.62
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	950.00		0.75	%	$	3.63	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.08		0.75	%	$	3.76

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 1/1/2022		Ending Account Value 6/30/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares North Square McKee Core Reserves ETF⁽⁵⁾
Actual	$	1,000.00	$	993.60		0.35	%	$	1.73	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.06		0.35	%	$	1.76
AdvisorShares North Square McKee ESG Core Bond ETF⁽⁶⁾
Actual	$	1,000.00	$	900.10		0.47	%	$	2.21	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,022.46		0.47	%	$	2.36
AdvisorShares Poseidon Dynamic Cannabis ETF
Actual	$	1,000.00	$	312.80		0.99	%	$	3.22	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares Psychedelics ETF
Actual	$	1,000.00	$	458.00		0.99	%	$	3.58	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares Pure Cannabis ETF
Actual	$	1,000.00	$	405.10		0.53	%	$	1.85	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,022.17		0.53	%	$	2.66
AdvisorShares Pure US Cannabis ETF
Actual	$	1,000.00	$	405.50		0.74	%	$	2.58	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.12		0.74	%	$	3.71
AdvisorShares Q Dynamic Growth ETF⁽⁷⁾
Actual	$	1,000.00	$	720.60		1.13	%	$	4.82	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.19		1.13	%	$	5.66
AdvisorShares Q Portfolio Blended Allocation ETF⁽⁷⁾
Actual	$	1,000.00	$	763.90		0.98	%	$	4.29	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.93		0.98	%	$	4.91
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	1,290.10		1.67	%	$	9.48	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.51		1.67	%	$	8.35
AdvisorShares Restaurant ETF
Actual	$	1,000.00	$	721.70		0.99	%	$	4.23	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares STAR Global Buy-Write ETF⁽⁷⁾
Actual	$	1,000.00	$	842.20		1.85	%	$	8.45	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.62		1.85	%	$	9.25

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 1/1/2022		Ending Account Value 6/30/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Vice ETF
Actual	$	1,000.00	$	764.70		0.99	%	$	4.33	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96

(1)

Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (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 65/365 (to reflect commencement of operations of April 27, 2022).

(3)

Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 142/365 (to reflect commencement of operations of February 9, 2022).

(4)

(5)

Formerly know as AdvisorShares Sage Core Reserves ETF.

(6)

Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

(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.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 95.0%

Airlines — 1.8%
Allegiant Travel Co.*		4,150	$	469,323
American Airlines Group, Inc.*		35,998		456,455
Total Airlines				925,778

Apparel — 0.9%
Oxford Industries, Inc.		5,133		455,502

Auto Parts & Equipment — 0.9%
Titan International, Inc.*		29,686		448,259

Banks — 4.7%
Cullen/Frost Bankers, Inc.		4,111		478,726
Seacoast Banking Corp. of Florida		14,475		478,254
Synovus Financial Corp.		13,300		479,465
WesBanco, Inc.		15,172		481,104
Zions Bancorp NA		9,312		473,981
Total Banks				2,391,530

Building Materials — 1.9%
Mohawk Industries, Inc.*		3,749		465,213
Owens Corning		6,393		475,064
Total Building Materials				940,277

Chemicals — 5.6%
Albemarle Corp.		2,162		451,815
Celanese Corp.		3,911		459,973
Dow, Inc.		9,398		485,031
Huntsman Corp.		17,113		485,153
LyondellBasell Industries NV, Class A		5,558		486,103
Westlake Corp.		4,965		486,669
Total Chemicals				2,854,744

Commercial Services — 3.8%
AMN Healthcare Services, Inc.*		4,333		475,373
Cross Country Healthcare, Inc.*		24,162		503,294
I3 Verticals, Inc., Class A*		19,138		478,833
United Rentals, Inc.*		1,957		475,375
Total Commercial Services				1,932,875

Computers — 2.7%
Crowdstrike Holdings, Inc., Class A*		2,693		453,932
Pure Storage, Inc., Class A*		18,163		466,971
Zscaler, Inc.*^(a)		2,968		443,745
Total Computers				1,364,648

Investments	Shares		Value
COMMON STOCKS (continued)

Cosmetics/Personal Care — 2.0%
elf Beauty, Inc.*		17,045	$	522,940
Inter Parfums, Inc.		6,715		490,598
Total Cosmetics/Personal Care				1,013,538

Distribution/Wholesale — 3.8%
Core & Main, Inc., Class A*		22,072		492,206
Fastenal Co.		9,488		473,641
Watsco, Inc.		2,015		481,222
WW Grainger, Inc.		1,054		478,969
Total Distribution/Wholesale				1,926,038

Diversified Financial Services — 1.9%
Discover Financial Services		4,946		467,793
Enova International, Inc.*		16,461		474,406
Total Diversified Financial Services				942,199

Electronics — 1.9%
Avnet, Inc.		11,237		481,843
Hubbell, Inc.		2,616		467,165
Total Electronics				949,008

Energy — Alternate Sources — 0.9%
Enphase Energy, Inc.*		2,375		463,695

Food — 1.8%
Albertsons Cos., Inc., Class A		16,753		447,640
Chefs’ Warehouse, Inc. (The)*		11,988		466,213
Total Food				913,853

Healthcare — Products — 1.0%
PerkinElmer, Inc.		3,376		480,135

Healthcare — Services — 1.0%
Centene Corp.*		5,789		489,807

Home Builders — 1.8%
Skyline Champion Corp.*		9,847		466,945
Winnebago Industries, Inc.		9,383		455,638
Total Home Builders				922,583

Internet — 1.8%
Airbnb, Inc., Class A*		4,863		433,196
Palo Alto Networks, Inc.*		975		481,592
Total Internet				914,788

See accompanying Notes to Financial Statements.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares		Value
COMMON STOCKS (continued)

Investment Companies — 1.0%
Oaktree Specialty Lending Corp.		75,345	$	493,510

Iron/Steel — 0.9%
Allegheny Technologies, Inc.*		20,843		473,345

Leisure Time — 0.9%
Malibu Boats, Inc., Class A*		9,054		477,236

Oil & Gas — 13.9%
Berry Corp.		60,846		463,647
Brigham Minerals, Inc., Class A		19,089		470,162
Callon Petroleum Co.*		11,410		447,272
Chevron Corp.		3,327		481,683
Delek US Holdings, Inc.*		17,937		463,492
Devon Energy Corp.		8,510		468,986
Diamondback Energy, Inc.		3,946		478,058
Earthstone Energy, Inc., Class A*		33,604		458,695
Helmerich & Payne, Inc.		11,120		478,827
Magnolia Oil & Gas Corp., Class A^(a)		22,670		475,843
Marathon Oil Corp.		21,286		478,509
Matador Resources Co.		9,909		461,660
Occidental Petroleum Corp.		8,356		492,001
PDC Energy, Inc.		7,680		473,165
Whiting Petroleum Corp.		6,566		446,685
Total Oil & Gas				7,038,685

Oil & Gas Services — 2.9%
Halliburton Co.		15,352		481,439
MRC Global, Inc.*		49,582		493,837
NexTier Oilfield Solutions, Inc.*		51,564		490,373
Total Oil & Gas Services				1,465,649

Packaging & Containers — 0.9%
Packaging Corp. of America		3,449		474,237

Pharmaceuticals — 1.0%
McKesson Corp.		1,499		488,989

REITS — 0.9%
Weyerhaeuser Co.		14,447		478,485

Retail — 4.6%
Beacon Roofing Supply, Inc.*		9,475		486,636
BlueLinx Holdings, Inc.*		7,049		470,944
Texas Roadhouse, Inc.		6,351		464,893
Ulta Beauty, Inc.*		1,213		467,587
Williams-Sonoma, Inc.		3,974		440,915
Total Retail				2,330,975

Investments	Shares		Value
COMMON STOCKS (continued)

Savings & Loans — 1.0%
Provident Financial Services, Inc.		21,895	$	487,383

Semiconductors — 11.9%
Advanced Micro Devices, Inc.*		5,647		431,826
Analog Devices, Inc.		3,239		473,185
Broadcom, Inc.		965		468,807
Cirrus Logic, Inc.*		6,628		480,795
Lattice Semiconductor Corp.*		9,280		450,080
Marvell Technology, Inc.		10,184		443,310
MaxLinear, Inc.*		13,831		469,977
Microchip Technology, Inc.		8,032		466,499
Monolithic Power Systems, Inc.		1,169		448,943
NXP Semiconductors NV (China)		3,079		455,784
ON Semiconductor Corp.*		8,976		451,583
QUALCOMM, Inc.		3,837		490,138
Silicon Laboratories, Inc.*		3,363		471,560
Total Semiconductors				6,002,487

Software — 2.7%
Braze, Inc., Class A*		12,032		435,919
HashiCorp, Inc., Class A*		15,290		450,138
Intuit, Inc.		1,207		465,226
Total Software				1,351,283

Transportation — 12.2%
ArcBest Corp.		6,764		475,982
CH Robinson Worldwide, Inc.		4,664		472,790
Eagle Bulk Shipping, Inc.^(a)		9,217		478,178
Frontline Ltd. (Norway)*		51,892		459,763
Genco Shipping & Trading Ltd.		24,716		477,513
Hub Group, Inc., Class A*		6,799		482,321
JB Hunt Transport Services, Inc.		3,006		473,355
Landstar System, Inc.		3,283		477,414
Marten Transport Ltd.		28,168		473,786
Saia, Inc.*		2,538		477,144
Schneider National, Inc., Class B		21,365		478,149
Scorpio Tankers, Inc. (Monaco)		13,355		460,881
Star Bulk Carriers Corp. (Greece)		19,119		477,784
Total Transportation				6,165,060
Total Common Stocks (Cost $54,562,576)				48,056,581

MONEY MARKET FUND — 0.7%
Fidelity Investments Money Market Government Portfolio — Class I, 1.21%^(b) (Cost $349,010)		349,010		349,010

See accompanying Notes to Financial Statements.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)

June 30, 2022

	Notional Amount		Contracts
PURCHASED PUT OPTIONS — 4.4%
Shares Russell 2000 ETF, expiring 10/21/22, Strike Price $163.00		32,600,000		2,000	$	1,741,000
SPDR S&P 500 ETF Trust, expiring 08/19/22, Strike Price $370.00		14,837,000		401		463,356
Total Purchased Put Options (Cost $1,761,945)						2,204,356

REPURCHASE AGREEMENT — 0.4%^(c)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $199,499, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $203,480) (Cost $199,490)			$	199,490	$	199,490

Total Investments — 100.5% (Cost $56,873,021)						50,809,437
Liabilities in Excess of Other Assets — (0.5%)						(236,105	)
Net Assets — 100.0%					$	50,573,332

ETF — Exchange Traded Fund

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 $1,038,480; the aggregate market value of the collateral held by the fund is $1,109,717. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $910,227.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

The following is a summary of the inputs used, as of June 30, 2022, 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	$	48,056,581	$	—	$	—	$	48,056,581
Money Market Fund		349,010		—		—		349,010
Purchased Put Options		2,204,356		—		—		2,204,356
Repurchase Agreement		—		199,490		—		199,490
Total	$	50,609,947	$	199,490	$	—	$	50,809,437

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines		1.8	%
Apparel		0.9
Auto Parts & Equipment		0.9
Banks		4.7
Building Materials		1.9
Chemicals		5.6
Commercial Services		3.8
Computers		2.7
Cosmetics/Personal Care		2.0
Distribution/Wholesale		3.8
Diversified Financial Services		1.9
Electronics		1.9
Energy — Alternate Sources		0.9
Food		1.8
Healthcare — Products		1.0
Healthcare — Services		1.0
Home Builders		1.8
Internet		1.8
Investment Companies		1.0
Iron/Steel		0.9
Leisure Time		0.9
Oil & Gas		13.9
Oil & Gas Services		2.9
Packaging & Containers		0.9
Pharmaceuticals		1.0
Purchased Put Options		4.4
REITS		0.9

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Retail		4.6	%
Savings & Loans		1.0
Semiconductors		11.9
Software		2.7
Transportation		12.2
Money Market Fund		0.7
Repurchase Agreement		0.4
Total Investments		100.5
Liabilities in Excess of Other Assets		(0.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 99.6%

Agriculture — 2.8%
British American Tobacco PLC (United Kingdom)^(a)		27,594	$	1,184,058

Airlines — 1.3%
Controladora Vuela Cia de Aviacion SAB de CV (Mexico)*^(a)		53,122		545,563

Apparel — 4.4%
LVMH Moet Hennessy Louis Vuitton SE (France)^(a)		15,061		1,840,755

Auto Manufacturers — 4.0%
Tata Motors Ltd. (India)*^(a)(b)		65,800		1,702,246

Banks — 20.3%
Banco Bilbao Vizcaya Argentaria SA (Spain)^(a)		225,935		1,021,226
Credicorp Ltd. (Peru)		8,106		971,991
Deutsche Bank AG (Germany)		95,089		831,078
HSBC Holdings PLC (United Kingdom)^(a)(b)		35,500		1,159,785
ICICI Bank Ltd. (India)^(a)		83,215		1,476,234
Itau Unibanco Holding SA (Brazil)^(a)		223,390		956,109
Mitsubishi UFJ Financial Group, Inc. (Japan)^(a)		188,790		1,008,139
UBS Group AG (Switzerland)^(b)		66,651		1,081,079
Total Banks				8,505,641

Beverages — 3.0%
Diageo PLC (United Kingdom)^(a)		7,340		1,278,041

Chemicals — 6.6%
ICL Group Ltd. (Israel)^(b)		95,300		865,324
Sasol Ltd. (South Africa)*^(a)(b)		81,920		1,889,075
Total Chemicals				2,754,399

Commercial Services — 2.5%
RELX PLC (United Kingdom)^(a)		38,690		1,042,309

Electric — 4.2%
Cia Paranaense de Energia (Brazil)^(a)(b)		128,306		816,026
National Grid PLC (United Kingdom)^(a)		14,810		958,059
Total Electric				1,774,085

Investments	Shares		Value
COMMON STOCKS (continued)

Electrical Components & Equipment — 2.7%
ABB Ltd. (Switzerland)^(a)(b)		42,016	$	1,123,088

Healthcare — Products — 2.4%
Alcon, Inc. (Switzerland)^(b)		14,204		992,717

Healthcare — Services — 2.2%
ICON PLC (Ireland)*		4,228		916,208

Insurance — 2.3%
Aegon NV (Netherlands)^(c)		220,767		966,959

Iron/Steel — 6.0%
ArcelorMittal SA (Luxembourg)		47,788		1,080,009
Ternium SA (Mexico)^(a)		39,967		1,442,409
Total Iron/Steel				2,522,418

Metal Fabricate/Hardware — 3.6%
Tenaris SA^(a)(b)		58,812		1,510,880

Mining — 1.8%
Gold Fields Ltd. (South Africa)^(a)		81,400		742,368

Oil & Gas — 8.0%
Eni SpA (Italy)^(a)		45,334		1,079,402
Equinor ASA (Norway)^(a)(b)		42,626		1,481,680
Petroleo Brasileiro SA (Brazil)^(a)		67,132		784,102
Total Oil & Gas				3,345,184

Pharmaceuticals — 3.9%
Novo Nordisk A/S (Denmark)^(a)		14,680		1,635,792

Semiconductors — 2.7%
NXP Semiconductors NV (China)		7,561		1,119,255

Telecommunications — 8.2%
America Movil SAB de CV, Class L (Mexico)^(a)		62,120		1,269,112
KT Corp. (South Korea)^(a)		82,500		1,151,700
Telkom Indonesia Persero Tbk PT (Indonesia)^(a)(b)		38,351		1,037,011
Total Telecommunications				3,457,823

Transportation — 6.7%
Danaos Corp. (Greece)		29,427		1,856,844
Diana Shipping, Inc. (Greece)		198,062		948,717
Total Transportation				2,805,561
Total Common Stocks (Cost $43,249,466)				41,765,350

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares/ Principal		Value
MONEY MARKET FUNDS — 2.7%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.03%^(d)(e)		96,000	$	96,000
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 1.36%^(d)(e)		150,000		150,000
Invesco Government & Agency Portfolio, Institutional Class, 1.39%^(d)(e)		158,000		158,000
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 1.38%^(d)(e)		723,000		723,000
Total Money Market Funds (Cost $1,127,000)				1,127,000

REPURCHASE AGREEMENTS — 19.6%^(e)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,179,067, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $2,222,552)	$	2,178,973		2,178,973
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,179,067, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%,7/31/22-7/1/52, totaling $2,222,552)		2,178,973		2,178,973
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.54%, total to be received $1,697,731, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 7/1/27-6/1/52, totaling $1,731,612)		1,697,658		1,697,658

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,179,067, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $2,222,552)	$	2,178,973	$	2,178,973
Total Repurchase Agreements (Cost $8,234,577)				8,234,577

Total Investments — 121.9% (Cost $52,611,043)				51,126,927
Liabilities in Excess of Other Assets — (21.9%)				(9,189,107	)
Net Assets — 100.0%			$	41,937,820

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 $9,038,711; the aggregate market value of the collateral held by the fund is $9,361,577.

(c)

Registered Shares.

(d)

Rate shown reflects the 7-day yield as of June 30, 2022.

(e)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	41,765,350	$	—	$	—	$	41,765,350
Money Market Funds		1,127,000		—		—		1,127,000
Repurchase Agreements		—		8,234,577		—		8,234,577
Total	$	42,892,350	$	8,234,577	$	—	$	51,126,927

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		2.8	%
Airlines		1.3
Apparel		4.4
Auto Manufacturers		4.0
Banks		20.3
Beverages		3.0
Chemicals		6.6
Commercial Services		2.5
Electric		4.2
Electrical Components & Equipment		2.7
Healthcare — Products		2.4
Healthcare — Services		2.2
Insurance		2.3
Iron/Steel		6.0
Metal Fabricate/Hardware		3.6
Mining		1.8
Oil & Gas		8.0
Pharmaceuticals		3.9
Semiconductors		2.7
Telecommunications		8.2
Transportation		6.7
Money Market Funds		2.7
Repurchase Agreements		19.6
Total Investments		121.9
Liabilities in Excess of Other Assets		(21.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 67.5%

Biotechnology — 3.7%
Halozyme Therapeutics, Inc.*		19,472	$	856,768
United Therapeutics Corp.*		3,054		719,645
Total Biotechnology				1,576,413

Electronics — 1.7%
Mettler-Toledo International, Inc.*		624		716,832

Healthcare — Products — 6.8%
Edwards Lifesciences Corp.*		7,536		716,598
Envista Holdings Corp.*		17,141		660,614
STERIS PLC		3,549		731,627
Thermo Fisher Scientific, Inc.		1,454		789,929
Total Healthcare — Products				2,898,768

Healthcare — Services — 7.0%
Chemed Corp.		1,607		754,310
IQVIA Holdings, Inc.*		3,340		724,746
Molina Healthcare, Inc.*		2,554		714,124
UnitedHealth Group, Inc.		1,563		802,804
Total Healthcare — Services				2,995,984

Oil & Gas — 19.1%
Antero Resources Corp.*		22,287		683,097
APA Corp.		19,538		681,876
ConocoPhillips		8,406		754,943
Devon Energy Corp.		13,714		755,779
Diamondback Energy, Inc.		6,307		764,093
EOG Resources, Inc.		6,892		761,152
Hess Corp.		7,753		821,353
Marathon Oil Corp.		31,983		718,978
Marathon Petroleum Corp.		8,967		737,177
PDC Energy, Inc.		11,461		706,112
Pioneer Natural Resources Co.		3,414		761,595
Total Oil & Gas				8,146,155

Pharmaceuticals — 4.0%
Eli Lilly & Co.		2,743		889,363
McKesson Corp.		2,564		836,402
Total Pharmaceuticals				1,725,765

Investments	Shares		Value
COMMON STOCKS (continued)

Pipelines — 4.9%
Cheniere Energy, Inc.		5,802	$	771,840
ONEOK, Inc.		12,542		696,081
Targa Resources Corp.		10,754		641,691
Total Pipelines				2,109,612

REITS — 20.3%
American Tower Corp.		2,775		709,262
Brixmor Property Group, Inc.		31,396		634,513
Crown Castle International Corp.		4,303		724,539
First Industrial Realty Trust, Inc.		13,947		662,204
Host Hotels & Resorts, Inc.		39,328		616,663
Iron Mountain, Inc.		15,210		740,575
Kimco Realty Corp.		31,797		628,627
Lamar Advertising Co., Class A		7,228		635,847
Mid-America Apartment Communities, Inc.		4,123		720,164
National Storage Affiliates Trust		14,128		707,389
Rexford Industrial Realty, Inc.		10,291		592,659
Ryman Hospitality Properties, Inc.*		8,599		653,782
Weyerhaeuser Co.		19,495		645,674
Total REITS				8,671,898
Total Common Stocks (Cost $30,604,347)				28,841,427

MONEY MARKET FUND — 32.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(a) (Cost $13,876,002)		13,876,002		13,876,002

Total Investments — 100.0% (Cost $44,480,349)				42,717,429
Liabilities in Excess of Other Assets — (0.0%)^**				(20,521	)
Net Assets — 100.0%			$	42,696,908

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

Non-income producing security.

Less than 0.05%.

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	28,841,427	$	—	$	—	$	28,841,427
Money Market Fund		13,876,002		—		—		13,876,002
Total	$	42,717,429	$	—	$	—	$	42,717,429

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Biotechnology		3.7	%
Electronics		1.7
Healthcare — Products		6.8
Healthcare — Services		7.0
Oil & Gas		19.1
Pharmaceuticals		4.0
Pipelines		4.9
REITS		20.3
Money Market Fund		32.5
Total Investments		100.0
Liabilities in Excess of Other Assets		(0.0	)**
Net Assets		100.0	%

Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 99.1%

Equity Fund — 99.1%
Invesco S&P 500 Low Volatility ETF		689,643	$	42,757,866
Invesco S&P 500 Pure Value ETF		542,110		40,707,040
Total Exchange Traded Funds (Cost $90,147,136)				83,464,906

MONEY MARKET FUND — 1.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(a) (Cost $815,811)		815,811		815,811

Total Investments — 100.1% (Cost $90,962,947)				84,280,717
Liabilities in Excess of Other Assets — (0.1%)				(104,041	)
Net Assets — 100.0%			$	84,176,676

ETF — Exchange Traded Fund

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	83,464,906	$	—	$	—	$	83,464,906
Money Market Fund		815,811		—		—		815,811
Total	$	84,280,717	$	—	$	—	$	84,280,717

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		99.1	%
Money Market Fund		1.0
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 99.7%

Equity Fund — 99.7%
Invesco S&P 500 Equal Weight ETF^(a)		288,667	$	38,747,772
Invesco S&P 500 Low Volatility ETF		657,150		40,743,300
Total Exchange Traded Funds (Cost $86,548,432)				79,491,072

MONEY MARKET FUNDS — 4.0%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, Institutional Class, 1.32%^(b)(c)		399,000		399,000
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(b)		354,719		354,719
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 1.36%^(b)(c)		399,000		399,000
Invesco Government & Agency Portfolio, Institutional Class, Institutional Class, 1.39%^(b)(c)		399,000		399,000
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 1.38%^(b)(c)		1,600,000		1,600,000
Total Money Market Funds (Cost $3,151,719)				3,151,719

REPURCHASE AGREEMENTS — 34.4%^(c)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $7,043,355, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $7,183,913)	$	7,043,052		7,043,052
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $7,043,355, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%,7/31/22-7/1/52, totaling $7,183,913)		7,043,052		7,043,052

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.54%, total to be received $6,333,003, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 7/1/27-6/1/52, totaling $6,459,389)	$	6,332,732	$	6,332,732
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $7,043,355, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $7,183,913)		7,043,052		7,043,052
Total Repurchase Agreements (Cost $27,461,888)				27,461,888

Total Investments — 138.1% (Cost $117,162,039)				110,104,679
Liabilities in Excess of Other Assets — (38.1%)				(30,341,151	)
Net Assets — 100.0%			$	79,763,528

ETF — Exchange Traded Fund

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $29,423,216; the aggregate market value of the collateral held by the fund is $30,258,888.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	79,491,072	$	—	$	—	$	79,491,072
Money Market Funds		3,151,719		—		—		3,151,719
Repurchase Agreements		—		27,461,888		—		27,461,888
Total	$	82,642,791	$	27,461,888	$	—	$	110,104,679

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		99.7	%
Money Market Funds		4.0
Repurchase Agreements		34.4
Total Investments		138.1
Liabilities in Excess of Other Assets		(38.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 99.8%

Advertising — 1.3%
Entravision Communications Corp., Class A		10,692	$	48,756
Stagwell, Inc.*^(a)		8,686		47,165
Total Advertising				95,921

Banks — 17.5%
Amalgamated Financial Corp.		1,800		35,604
BayCom Corp.		2,034		42,063
BCB Bancorp, Inc.		2,000		34,060
Business First Bancshares, Inc.		1,604		34,181
Byline Bancorp, Inc.		1,892		45,029
Capstar Financial Holdings, Inc.		2,294		45,008
Carter Bankshares, Inc.*		2,615		34,518
Coastal Financial Corp.*		1,522		58,019
Esquire Financial Holdings, Inc.		1,420		47,286
Farmers & Merchants Bancorp, Inc.		1,077		35,746
First Bank		3,297		46,092
First Business Financial Services, Inc.		1,288		40,173
First Foundation, Inc.		1,725		35,328
First Internet Bancorp		990		36,452
Five Star Bancorp		1,404		37,094
Hanmi Financial Corp.		2,166		48,605
John Marshall Bancorp, Inc.		1,400		31,556
Mercantile Bank Corp.		1,164		37,190
Metrocity Bankshares, Inc.		1,528		31,034
Metropolitan Bank Holding Corp.*		723		50,191
Midland States Bancorp, Inc.		1,468		35,291
MVB Financial Corp.		1,277		39,727
Northeast Bank		1,366		49,900
Old Second Bancorp, Inc.		3,100		41,478
OP Bancorp		3,000		31,470
PCB Bancorp		2,299		42,945
Peapack-Gladstone Financial Corp.		1,084		32,195
Permianville Royalty Trust		9,657		32,158
Provident Bancorp, Inc.		2,779		43,630
Republic First Bancorp, Inc.*		8,008		30,510
Shore Bancshares, Inc.		2,072		38,332
South Plains Financial, Inc.		1,188		28,678
Unity Bancorp, Inc.		1,350		35,748
Total Banks				1,287,291

Investments	Shares		Value
COMMON STOCKS (continued)

Biotechnology — 1.2%
Bioceres Crop Solutions Corp. (Argentina)*^(a)		3,151	$	43,200
CTI BioPharma Corp.*^(a)		8,100		48,357
Total Biotechnology				91,557

Chemicals — 2.4%
AdvanSix, Inc.		1,504		50,294
CVR Partners LP		941		93,959
Hawkins, Inc.		866		31,202
Total Chemicals				175,455

Coal — 5.6%
Alpha Metallurgical Resources, Inc.		1,846		238,374
Hallador Energy Co.*		9,100		49,231
NACCO Industries, Inc., Class A		1,000		37,900
Natural Resource Partners LP		1,432		53,313
SunCoke Energy, Inc.		5,066		34,500
Total Coal				413,318

Commercial Services — 10.7%
Alta Equipment Group, Inc.*		3,031		27,188
Barrett Business Services, Inc.		500		36,435
Carriage Services, Inc.		970		38,460
Civeo Corp.*		1,990		51,481
CRA International, Inc.		527		47,072
Cross Country Healthcare, Inc.*		2,824		58,824
DLH Holdings Corp.*		2,405		36,652
Franklin Covey Co.*		1,110		51,260
Hackett Group, Inc. (The)		2,140		40,596
HireQuest, Inc.^(a)		2,208		31,111
Hudson Global, Inc.*		1,084		34,038
Information Services Group, Inc.		8,086		54,661
PFSweb, Inc.*		3,441		40,466
RCM Technologies, Inc.*		5,544		112,210
SEACOR Marine Holdings, Inc.*		4,639		26,721
Textainer Group Holdings Ltd. (China)		1,918		52,572
Transcat, Inc.*		897		50,959
Total Commercial Services				790,706

Distribution/Wholesale — 4.1%
A-Mark Precious Metals, Inc.		1,200		38,700
Hudson Technologies, Inc.*		11,308		84,923
Titan Machinery, Inc.*		1,617		36,237
Veritiv Corp.*		996		108,116

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares		Value
COMMON STOCKS (continued)

Distribution/Wholesale (continued)
VSE Corp.		816	$	30,665
Total Distribution/Wholesale				298,641

Diversified Financial Services — 3.7%
Diamond Hill Investment Group, Inc.		210		36,464
EZCORP, Inc., Class A*		6,088		45,721
GAMCO Investors, Inc., Class A		1,772		37,035
Oppenheimer Holdings, Inc., Class A		938		30,991
Regional Management Corp.		1,280		47,834
Silvercrest Asset Management Group, Inc., Class A		2,073		34,018
Velocity Financial, Inc.*		3,607		39,641
Total Diversified Financial Services				271,704

Electrical Components & Equipment — 0.5%
Insteel Industries, Inc.		1,142		38,451

Electronics — 1.6%
Bel Fuse, Inc., Class B		2,616		40,705
CyberOptics Corp.*		1,026		35,848
Kimball Electronics, Inc.*		1,926		38,713
Total Electronics				115,266

Energy — Alternate Sources — 0.4%
REX American Resources Corp.*		349		29,595

Engineering & Construction — 1.3%
MYR Group, Inc.*		652		57,461
Sterling Infrastructure, Inc.*		1,698		37,220
Total Engineering & Construction				94,681

Entertainment — 0.9%
Golden Entertainment, Inc.*		1,715		67,828

Environmental Control — 0.5%
Heritage-Crystal Clean, Inc.*		1,402		37,798

Food — 1.1%
Natural Grocers by Vitamin Cottage, Inc.		2,480		39,556
Seneca Foods Corp., Class A*		735		40,822
Total Food				80,378

Gas — 0.5%
Global Partners LP		1,696		39,856

Investments	Shares		Value
COMMON STOCKS (continued)

Holding Companies – Diversified — 0.5%
Professional Holding Corp., Class A*		1,969	$	39,478

Home Furnishings — 0.4%
Ethan Allen Interiors, Inc.		1,512		30,558

Insurance — 1.7%
Investors Title Co.		227		35,614
MBIA, Inc.*		3,625		44,769
Tiptree, Inc.		4,399		46,717
Total Insurance				127,100

Internet — 1.2%
DHI Group, Inc.*		9,894		49,173
Focus Universal, Inc.*^(a)		3,712		42,391
Total Internet				91,564

Leisure Time — 0.9%
Vista Outdoor, Inc.*		2,303		64,254

Lodging — 0.6%
Bluegreen Vacations Holding Corp.		1,828		45,627

Media — 1.7%
Thryv Holdings, Inc.*		1,800		40,302
Townsquare Media, Inc., Class A*		3,900		31,941
Value Line, Inc.		846		55,878
Total Media				128,121

Metal Fabricate/Hardware — 3.3%
Northwest Pipe Co.*		1,200		35,928
Steel Partners Holdings LP*		3,240		135,999
TimkenSteel Corp.*		3,858		72,183
Total Metal Fabricate/Hardware				244,110

Miscellaneous Manufacturing — 0.5%
Haynes International, Inc.		1,094		35,850

Oil & Gas — 12.7%
Amplify Energy Corp.*		8,854		57,905
Berry Corp.		5,109		38,931
BP Prudhoe Bay Royalty Trust		2,703		55,330
Calumet Specialty Products Partners LP*		7,484		77,759
Cross Timbers Royalty Trust		2,202		33,426
Epsilon Energy Ltd.		5,972		35,175

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares		Value
COMMON STOCKS (continued)

Oil & Gas (continued)
Kimbell Royalty Partners LP		3,200	$	50,176
North European Oil Royalty Trust		2,440		29,939
Permian Basin Royalty Trust		6,221		102,958
Ranger Oil Corp., Class A*		1,500		49,305
Sabine Royalty Trust		698		42,494
San Juan Basin Royalty Trust		8,421		73,094
SandRidge Energy, Inc.*		7,993		125,250
SilverBow Resources, Inc.*^(a)		1,866		52,920
VAALCO Energy, Inc.		10,843		75,250
Voc Energy Trust		5,685		36,896
Total Oil & Gas				936,808

Oil & Gas Services — 2.4%
Forum Energy Technologies, Inc.*		1,900		37,278
Newpark Resources, Inc.*		10,309		31,855
Select Energy Services, Inc., Class A*		4,333		29,551
Solaris Oilfield Infrastructure, Inc., Class A		3,650		39,712
Tidewater, Inc.*		1,836		38,721
Total Oil & Gas Services				177,117

Packaging & Containers — 0.6%
UFP Technologies, Inc.*		547		43,525

Pharmaceuticals — 0.5%
Tricida, Inc.*^(a)		3,440		33,299

Pipelines — 0.5%
Green Plains Partners LP		3,144		38,294

Real Estate — 0.5%
Stratus Properties, Inc.*		1,048		33,772

REITS — 4.1%
BRT Apartments Corp.		2,044		43,926
City Office REIT, Inc.		2,544		32,945
CTO Realty Growth, Inc.^(a)		713		43,579
Farmland Partners, Inc.		3,477		47,983
Granite Point Mortgage Trust, Inc.		3,122		29,877
Nexpoint Real Estate Finance, Inc.		1,750		35,472
Plymouth Industrial REIT, Inc.		1,779		31,204
Whitestone REIT		3,355		36,066
Total REITS				301,052

Investments	Shares		Value
COMMON STOCKS (continued)

Retail — 5.0%
Biglari Holdings, Inc., Class B*		276	$	33,865
Build-A-Bear Workshop, Inc.		2,808		46,107
Caleres, Inc.		1,926		50,538
Cato Corp. (The), Class A		2,831		32,868
Genesco, Inc.*		934		46,616
Good Times Restaurants, Inc.*		1,224		3,684
J Jill, Inc.*		2,099		38,391
Movado Group, Inc.		1,374		42,498
ONE Group Hospitality, Inc. (The)*		5,223		38,494
TravelCenters of America, Inc.*		1,037		35,745
Total Retail				368,806

Savings & Loans — 1.4%
Greene County Bancorp, Inc.		802		36,323
Hingham Institution For Savings The		111		31,498
HomeTrust Bancshares, Inc.		1,354		33,850
Total Savings & Loans				101,671

Semiconductors — 1.2%
Richardson Electronics Ltd.		4,375		64,138
SMART Global Holdings, Inc.*		1,473		24,113
Total Semiconductors				88,251

Software — 1.9%
Computer Programs and Systems, Inc.*		1,100		35,167
Digi International, Inc.*		1,871		45,316
Donnelley Financial Solutions, Inc.*		2,098		61,450
Total Software				141,933

Transportation — 4.9%
Ardmore Shipping Corp. (Ireland)*		6,400		44,608
Capital Product Partners LP (Greece)		3,489		52,858
Covenant Logistics Group, Inc.		1,570		39,391
Danaos Corp. (Greece)		1,715		108,217
Dorian LPG Ltd.		2,800		42,560
GasLog Partners LP (Greece)		6,600		36,630
OceanPal, Inc. (Greece)		1,026		488
USD Partners LP		6,558		34,102
Total Transportation				358,854
Total Common Stocks (Cost $7,679,267)				7,358,490

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares/ Principal		Value
MONEY MARKET FUND — 0.5%
STIT — Government & Agency Portfolio, Institutional Class, 1.39%^(b) (Cost $38,515)		38,515	$	38,515

REPURCHASE AGREEMENTS — 3.9%^(c)
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.49%, total to be received $38,975, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.63%, 7/26/22-2/15/50, totaling $39,752)	$	38,973		38,973
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $249,011, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $253,980)		249,000		249,000
Total Repurchase Agreements (Cost $287,973)				287,973

Total Investments — 104.2% (Cost $8,005,755)				7,684,978
Liabilities in Excess of Other Assets — (4.2%)				(309,434	)
Net Assets — 100.0%			$	7,375,544

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 $280,489; the aggregate market value of the collateral held by the fund is $287,973.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,358,490	$	—	$	—	$	7,358,490
Money Market Fund		38,515		—		—		38,515
Repurchase Agreements		—		287,973		—		287,973
Total	$	7,397,005	$	287,973	$	—	$	7,684,978

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		1.3	%
Banks		17.5
Biotechnology		1.2
Chemicals		2.4
Coal		5.6
Commercial Services		10.7
Distribution/Wholesale		4.1
Diversified Financial Services		3.7
Electrical Components & Equipment		0.5
Electronics		1.6
Energy — Alternate Sources		0.4
Engineering & Construction		1.3
Entertainment		0.9
Environmental Control		0.5
Food		1.1
Gas		0.5
Holding Companies — Diversified		0.5
Home Furnishings		0.4
Insurance		1.7
Internet		1.2
Leisure Time		0.9

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Lodging		0.6	%
Media		1.7
Metal Fabricate/Hardware		3.3
Miscellaneous Manufacturing		0.5
Oil & Gas		12.7
Oil & Gas Services		2.4
Packaging & Containers		0.6
Pharmaceuticals		0.5
Pipelines		0.5
Real Estate		0.5
REITS		4.1
Retail		5.0
Savings & Loans		1.4
Semiconductors		1.2
Software		1.9
Transportation		4.9
Money Market Fund		0.5
Repurchase Agreements		3.9
Total Investments		104.2
Liabilities in Excess of Other Assets		(4.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments

June 30, 2022

Investments	Shares			Value
EXCHANGE TRADED FUND — 20.8%

Debt Fund — 20.8%
AdvisorShares North Square McKee Core Reserves ETF^† (Cost $9,862,980)		100,000		$	9,738,000

MONEY MARKET FUND — 80.5%
STIT — Government & Agency Portfolio, Institutional Class, 1.39%^(a)(b) (Cost $37,855,278)		37,855,278			37,855,278
Total Investments Before Securities Sold, Not Yet Purchased (Cost $47,718,258)					47,593,278

Securities Sold, Not Yet Purchased — (97.0)%^(c)

WARRANT — (0.7)%

Oil & Gas — (0.7)%
Occidental Petroleum Corp., 08/03/27*		(8,342	)		(308,404	)

COMMON STOCKS — (96.3)%

Aerospace/Defense — (1.0)%
Boeing Co. (The)*		(3,610	)		(493,559	)

Airlines — (1.0)%
JetBlue Airways Corp.*		(54,918	)		(459,664	)

Apparel — (2.5)%
PVH Corp.		(7,459	)		(424,417	)
Under Armour, Inc., Class C*		(38,569	)		(292,353	)
VF Corp.		(10,574	)		(467,054	)
Total Apparel					(1,183,824	)

Auto Manufacturers — (1.0)%
General Motors Co.*		(14,092	)		(447,562	)

Auto Parts & Equipment — (2.0)%
Dana, Inc.		(35,158	)		(494,673	)
Goodyear Tire & Rubber Co. (The)*		(43,281	)		(463,540	)
Total Auto Parts & Equipment					(958,213	)

Banks — (3.0)%
Citigroup, Inc.		(10,810	)		(497,152	)
PacWest Bancorp		(17,361	)		(462,844	)
Signature Bank		(2,586	)		(463,437	)
Total Banks					(1,423,433	)

Investments	Shares			Value
COMMON STOCKS (continued)

Biotechnology — (7.9)%
Biogen, Inc.*		(2,337	)	$	(476,608	)
Bio-Rad Laboratories, Inc., Class A*		(1,019	)		(504,405	)
Bluebird Bio, Inc.*		(152,130	)		(629,818	)
FibroGen, Inc.*		(58,338	)		(616,049	)
Illumina, Inc.*		(2,431	)		(448,179	)
Nektar Therapeutics*		(123,283	)		(468,476	)
Sage Therapeutics, Inc.*		(17,409	)		(562,311	)
Total Biotechnology					(3,705,846	)

Building Materials — (2.8)%
Fortune Brands Home & Security, Inc.		(7,280	)		(435,926	)
JELD-WEN Holding, Inc.*		(24,872	)		(362,883	)
Lennox International, Inc.		(2,439	)		(503,873	)
Total Building Materials					(1,302,682	)

Chemicals — (1.1)%
Ecolab, Inc.		(3,338	)		(513,251	)

Commercial Services — (8.0)%
2U, Inc.*		(61,913	)		(648,229	)
Block, Inc.*		(8,018	)		(492,786	)
Cimpress PLC (Ireland)*		(9,039	)		(351,617	)
CoStar Group, Inc.*		(8,430	)		(509,256	)
Global Payments, Inc.		(4,623	)		(511,489	)
MarketAxess Holdings, Inc.		(1,693	)		(433,425	)
PayPal Holdings, Inc.*		(5,518	)		(385,377	)
WW International, Inc.*		(68,597	)		(438,335	)
Total Commercial Services					(3,770,514	)

Computers — (1.2)%
EPAM Systems, Inc.*		(1,946	)		(573,642	)

Diversified Financial Services — (2.4)%
Bread Financial Holdings, Inc.		(9,337	)		(346,029	)
LendingTree, Inc.*		(7,540	)		(330,403	)
T. Rowe Price Group, Inc.		(3,980	)		(452,168	)
Total Diversified Financial Services					(1,128,600	)

Electrical Components & Equipment — (0.8)%
Universal Display Corp.		(3,851	)		(389,490	)

Electronics — (1.1)%
Garmin Ltd.		(5,096	)		(500,682	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF

Schedule of Investments (continued)

June 30, 2022

Investments	Shares			Value
COMMON STOCKS (continued)

Energy — Alternate Sources — (1.2)%
First Solar, Inc.*		(8,294	)	$	(565,070	)

Environmental Control — (0.9)%
Stericycle, Inc.*		(9,351	)		(410,041	)

Food — (1.0)%
Hain Celestial Group, Inc. (The)*		(19,065	)		(452,603	)

Food Service — (1.1)%
Healthcare Services Group, Inc.		(29,667	)		(516,503	)

Hand/Machine Tools — (1.8)%
Kennametal, Inc.		(19,921	)		(462,765	)
Stanley Black & Decker, Inc.		(3,817	)		(400,250	)
Total Hand/Machine Tools					(863,015	)

Healthcare — Products — (5.1)%
Align Technology, Inc.*		(1,814	)		(429,319	)
DENTSPLY SIRONA, Inc.		(12,876	)		(460,060	)
Exact Sciences Corp.*		(12,454	)		(490,563	)
IDEXX Laboratories, Inc.*		(1,407	)		(493,477	)
Masimo Corp.*		(3,941	)		(514,970	)
Zimvie, Inc.*		(288	)		(4,611	)
Total Healthcare — Products					(2,393,000	)

Healthcare — Services — (2.1)%
Charles River Laboratories International, Inc.*		(2,095	)		(448,267	)
MEDNAX, Inc.*		(26,052	)		(547,353	)
Total Healthcare — Services					(995,620	)

Home Builders — (1.0)%
Thor Industries, Inc.		(6,167	)		(460,860	)

Housewares — (0.7)%
Scotts Miracle-Gro Co. (The)		(4,356	)		(344,080	)

Internet — (6.5)%
eBay, Inc.		(10,579	)		(440,827	)
Meta Platforms, Inc., Class A*		(2,534	)		(408,608	)
Netflix, Inc.*		(2,591	)		(453,088	)
Snap, Inc., Class A*		(36,590	)		(480,427	)
TripAdvisor, Inc.*		(20,678	)		(368,068	)
Wayfair, Inc., Class A*		(10,184	)		(443,615	)
Zillow Group, Inc., Class A*		(14,388	)		(457,682	)
Total Internet					(3,052,315	)

Investments	Shares			Value
COMMON STOCKS (continued)

Leisure Time — (1.2)%
Carnival Corp.*		(31,710	)	$	(274,292	)
Norwegian Cruise Line Holdings Ltd.*		(27,902	)		(310,270	)
Total Leisure Time					(584,562	)

Lodging — (2.1)%
Las Vegas Sands Corp.*		(15,436	)		(518,495	)
Wynn Resorts Ltd.*		(7,885	)		(449,288	)
Total Lodging					(967,783	)

Machinery — Diversified — (2.1)%
Cognex Corp.		(10,822	)		(460,151	)
Xylem, Inc.		(6,610	)		(516,770	)
Total Machinery — Diversified					(976,921	)

Media — (5.3)%
Altice USA, Inc., Class A*		(50,208	)		(464,424	)
Cable One, Inc.		(382	)		(492,520	)
Charter Communications, Inc., Class A*		(975	)		(456,817	)
DISH Network Corp., Class A*		(19,077	)		(342,051	)
Walt Disney Co. (The)*		(3,878	)		(366,083	)
Warner Bros Discovery, Inc.*		(26,025	)		(349,255	)
Total Media					(2,471,150	)

Office/Business Equipment — (0.9)%
Zebra Technologies Corp., Class A*		(1,385	)		(407,121	)

Pharmaceuticals — (1.8)%
Agios Pharmaceuticals, Inc.*		(18,612	)		(412,628	)
Herbalife Nutrition Ltd.*		(20,742	)		(424,174	)
Organon & Co.		(250	)		(8,437	)
Total Pharmaceuticals					(845,239	)

REITS — (1.7)%
Diversified Healthcare Trust		(205,905	)		(374,747	)
Service Properties Trust		(82,644	)		(432,228	)
Total REITS					(806,975	)

Retail — (8.0)%
Best Buy Co., Inc.		(6,077	)		(396,160	)
Burlington Stores, Inc.*		(2,497	)		(340,166	)
CarMax, Inc.*		(5,705	)		(516,188	)
Cracker Barrel Old Country Store, Inc.		(3,900	)		(325,611	)
Floor & Decor Holdings, Inc., Class A*		(6,923	)		(435,872	)
Foot Locker, Inc.		(19,399	)		(489,825	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares			Value
COMMON STOCKS (continued)

Retail (continued)
Gap, Inc. (The)		(51,557	)	$	(424,830	)
Qurate Retail, Inc., Series A		(121,447	)		(348,553	)
Starbucks Corp.		(6,569	)		(501,806	)
Total Retail					(3,779,011	)

Semiconductors — (3.7)%
IPG Photonics Corp.*		(4,883	)		(459,637	)
MKS Instruments, Inc.		(4,421	)		(453,727	)
Qorvo, Inc.*		(4,472	)		(421,799	)
Skyworks Solutions, Inc.		(4,295	)		(397,889	)
Total Semiconductors					(1,733,052	)

Software — (10.2)%
Adobe, Inc.*		(1,265	)		(463,066	)
ANSYS, Inc.*		(1,973	)		(472,119	)
Autodesk, Inc.*		(2,719	)		(467,559	)
Guidewire Software, Inc.*		(6,488	)		(460,583	)
Paycom Software, Inc.*		(1,798	)		(503,656	)
Pegasystems, Inc.		(10,492	)		(501,937	)
Salesforce, Inc.*		(2,872	)		(473,995	)
Take-Two Interactive Software, Inc.*		(4,083	)		(500,290	)
Veeva Systems, Inc., Class A*		(2,532	)		(501,437	)
Workday, Inc., Class A*		(3,282	)		(458,102	)
Total Software					(4,802,744	)

Investments	Shares			Value
COMMON STOCKS (continued)

Telecommunications — (1.1)%
CommScope Holding Co., Inc.*		(87,678	)	$	(536,589	)

Transportation — (1.0)%
XPO Logistics, Inc.*		(9,782	)		(471,101	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(57,291,239)]				$	(45,594,721	)

Total Investments — 4.3% (Cost $(9,572,981))					1,998,557
Other Assets in Excess of Liabilities — 95.7%					45,000,702
Net Assets — 100.0%				$	46,999,259

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

Non-income producing security.

†

Affiliated Company.

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

(b)

A portion of this security has been pledged as collateral for securities sold, not yet purchased.

(c)

As of June 30, 2022 cash in the amount of $38,725,679 has been segregated as collateral from the broker for securities sold short.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	9,738,000	$	—	$	—	$	9,738,000
Money Market Fund		37,855,278		—		—		37,855,278
Total	$	47,593,278	$	—	$	—	$	47,593,278

Liabilities	Level 1			Level 2		Level 3		Total
Warrant	$	(308,404	)	$	—	$	—	$	(308,404	)
Common Stocks		(45,286,317	)		—		—		(45,286,317	)
Total	$	(45,594,721	)	$	—	$	—	$	(45,594,721	)

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2022 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 6/30/2022				Value at 6/30/2022				Dividend Income
AdvisorShares North Square McKee Core Reserves ETF		$	9,868,000			$	—			$	—			$	—			$	(130,000	)			100,000			$	9,738,000			$	53,835

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

June 30, 2022

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		(1.0	)%
Airlines		(1.0	)
Apparel		(2.5	)
Auto Manufacturers		(1.0	)
Auto Parts & Equipment		(2.0	)
Banks		(3.0	)
Biotechnology		(7.9	)
Building Materials		(2.8	)
Chemicals		(1.1	)
Commercial Services		(8.0	)
Computers		(1.2	)
Debt Fund		20.8
Diversified Financial Services		(2.4	)
Electrical Components & Equipment		(0.8	)
Electronics		(1.1	)
Energy – Alternate Sources		(1.2	)
Environmental Control		(0.9	)
Food		(1.0	)
Food Service		(1.1	)
Hand/Machine Tools		(1.8	)
Healthcare – Products		(5.1	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Healthcare – Services		(2.1	)%
Home Builders		(1.0	)
Housewares		(0.7	)
Internet		(6.5	)
Leisure Time		(1.2	)
Lodging		(2.1	)
Machinery – Diversified		(2.1	)
Media		(5.3	)
Office/Business Equipment		(0.9	)
Oil & Gas		(0.7	)
Pharmaceuticals		(1.8	)
REITS		(1.7	)
Retail		(8.0	)
Semiconductors		(3.7	)
Software		(10.2	)
Telecommunications		(1.1	)
Transportation		(1.0	)
Money Market Fund		80.5
Total Investments		4.3
Other Assets in Excess of Liabilities		95.7
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 95.3%

Aerospace/Defense — 4.4%
Boeing Co. (The)*		7,567	$	1,034,560
Raytheon Technologies Corp.		10,340		993,778
Total Aerospace/Defense				2,028,338

Agriculture — 2.5%
Philip Morris International, Inc.		11,813		1,166,416

Banks — 9.4%
Citigroup, Inc.		25,245		1,161,017
Citizens Financial Group, Inc.		22,774		812,804
State Street Corp.		14,506		894,295
Wells Fargo & Co.		37,793		1,480,352
Total Banks				4,348,468

Beverages — 2.0%
PepsiCo, Inc.		5,492		915,297

Biotechnology — 1.3%
BioMarin Pharmaceutical, Inc.*		7,096		588,045

Chemicals — 3.2%
DuPont de Nemours, Inc.		13,821		768,171
International Flavors & Fragrances, Inc.		6,093		725,798
Total Chemicals				1,493,969

Commercial Services — 1.2%
Herc Holdings, Inc.		6,066		546,850

Computers — 2.2%
KBR, Inc.		21,057		1,018,948

Diversified Financial Services — 3.1%
Capital One Financial Corp.		3,947		411,238
Intercontinental Exchange, Inc.		11,203		1,053,530
Total Diversified Financial Services				1,464,768

Electronics — 4.4%
Flex Ltd.*		34,702		502,138
nVent Electric PLC		25,365		794,685
Vontier Corp.		33,130		761,659
Total Electronics				2,058,482

Food — 3.8%
Mondelez International, Inc., Class A		17,758		1,102,594
US Foods Holding Corp.*		22,023		675,666
Total Food				1,778,260

Investments	Shares		Value
COMMON STOCKS (continued)

Healthcare – Products — 3.8%
Alcon, Inc. (Switzerland)		10,428	$	728,813
Medtronic PLC		11,816		1,060,486
Total Healthcare — Products				1,789,299

Healthcare – Services — 2.3%
Elevance Health, Inc.		2,201		1,062,159

Insurance — 6.6%
Chubb Ltd.		6,515		1,280,719
Markel Corp.*		552		713,874
Prudential Financial, Inc.		11,003		1,052,767
Total Insurance				3,047,360

Internet — 4.4%
Alphabet, Inc., Class A*		619		1,348,962
Amazon.com, Inc.*		2,640		280,394
Meta Platforms, Inc., Class A*		2,560		412,800
Total Internet				2,042,156

Media — 3.2%
Comcast Corp., Class A		25,873		1,015,257
Warner Bros Discovery, Inc.*		34,236		459,447
Total Media				1,474,704

Mining — 1.7%
Arconic Corp.*		27,613		774,545

Oil & Gas — 7.7%
Chevron Corp.		10,328		1,495,288
EOG Resources, Inc.		10,976		1,212,189
Valero Energy Corp.		8,229		874,578
Total Oil & Gas				3,582,055

Pharmaceuticals — 10.9%
AstraZeneca PLC (United Kingdom)^(a)		22,047		1,456,645
Cigna Corp.		3,830		1,009,282
CVS Health Corp.		12,218		1,132,120
Roche Holding AG^(a)		2,787		116,246
Sanofi (France)^(a)		26,601		1,330,848
Total Pharmaceuticals				5,045,141

REITS — 2.5%
American Tower Corp.		2,724		696,227
Boston Properties, Inc.		5,188		461,628
Total REITS				1,157,855

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares		Value
COMMON STOCKS (continued)

Retail — 5.2%
Advance Auto Parts, Inc.		4,107	$	710,881
Dollar General Corp.		3,367		826,396
TJX Cos., Inc. (The)		15,596		871,037
Total Retail				2,408,314

Semiconductors — 0.8%
Microchip Technology, Inc.		6,568		381,469

Software — 4.0%
Fidelity National Information Services, Inc.		6,468		592,922
Microsoft Corp.		4,950		1,271,308
Total Software				1,864,230

Telecommunications — 3.3%
Verizon Communications, Inc.		29,822		1,513,466

Transportation — 1.4%
Norfolk Southern Corp.		2,869		652,095
Total Common Stocks (Cost $42,936,319)				44,202,689

MONEY MARKET FUND — 4.7%
Allspring Government Money Market Fund — Institutional Class, 1.20%^(b)(Cost $2,173,736)		2,173,736		2,173,736

Total Investments — 100.0% (Cost $45,110,055)				46,376,425
Other Assets in Excess of Liabilities — 0.0%^**				1,755
Net Assets — 100.0%			$	46,378,180

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

Non-income producing security.

Less than 0.05%.

(a)

American Depositary Receipt.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	44,202,689	$	—	$	—	$	44,202,689
Money Market Fund		2,173,736		—		—		2,173,736
Total	$	46,376,425	$	—	$	—	$	46,376,425

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.4	%
Agriculture		2.5
Banks		9.4
Beverages		2.0
Biotechnology		1.3
Chemicals		3.2
Commercial Services		1.2
Computers		2.2
Diversified Financial Services		3.1
Electronics		4.4
Food		3.8
Healthcare – Products		3.8
Healthcare – Services		2.3
Insurance		6.6
Internet		4.4

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Media		3.2	%
Mining		1.7
Oil & Gas		7.7
Pharmaceuticals		10.9
REITS		2.5
Retail		5.2
Semiconductors		0.8
Software		4.0
Telecommunications		3.3
Transportation		1.4
Money Market Fund		4.7
Total Investments		100.0
Other Assets in Excess of Liabilities		0.0	^**
Net Assets		100.0	%

Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 82.8%

Aerospace/Defense — 28.6%
AeroVironment, Inc.*		120	$	9,864
Airbus SE (France)^(a)		370		8,988
Archer Aviation, Inc., Class A*^(b)		3,700		11,396
Boeing Co. (The)*		35		4,785
Elbit Systems Ltd. (Israel)		30		6,880
Joby Aviation, Inc.*^(b)		6,030		29,607
Kratos Defense & Security Solutions, Inc.*		1,075		14,921
L3Harris Technologies, Inc.		50		12,085
Lockheed Martin Corp.		50		21,498
Northrop Grumman Corp.		25		11,964
Teledyne Technologies, Inc.*		30		11,253
Thales SA (France)^(a)		230		5,633
Vertical Aerospace Ltd. (United Kingdom)*^(b)		2,745		8,647
Total Aerospace/Defense				157,521

Airlines — 2.7%
Lilium NV (Germany)*^(b)		6,415		15,139

Auto Manufacturers — 0.4%
Workhorse Group, Inc.*^(b)		970		2,522

Computers — 1.8%
Draganfly, Inc. (Canada)*		11,150		10,088

Electronics — 11.5%
GoPro, Inc., Class A*		2,910		16,092
Honeywell International, Inc.		30		5,214
Jabil, Inc.		420		21,508
Trimble, Inc.*		350		20,381
Total Electronics				63,195

Engineering & Construction — 2.7%
EHang Holdings Ltd. (China)*^(a)(b)		1,615		14,939

Internet — 6.7%
Alphabet, Inc., Class C*		5		10,937
Amazon.com, Inc.*		100		10,621
Blade Air Mobility, Inc.*		3,430		15,298
Total Internet				36,856

Machinery – Diversified — 2.4%
AgEagle Aerial Systems, Inc.*		20,150		13,019

Metal Fabricate / Hardware — 0.9%
Alpine 4 Holdings, Inc.*		6,900		4,896

Investments	Shares/ Pricipal		Value
COMMON STOCKS (continued)

Miscellaneous Manufacturing — 7.5%
Axon Enterprise, Inc.*		70	$	6,522
Red Cat Holdings, Inc.*		14,315		29,203
Textron, Inc.		90		5,496
Total Miscellaneous Manufacturing				41,221

Semiconductors — 8.5%
Ambarella, Inc.*		35		2,291
Intel Corp.		265		9,914
NVIDIA Corp.		50		7,580
QUALCOMM, Inc.		210		26,825
Total Semiconductors				46,610

Telecommunications — 1.9%
Ondas Holdings, Inc.*^(b)		1,995		10,753

Transportation — 7.2%
Drone Delivery Canada Corp. (Canada)*		13,500		6,045
FedEx Corp.		55		12,469
United Parcel Service, Inc., Class B		115		20,992
Total Transportation				39,506
Total Common Stocks (Cost $533,221)				456,265

MONEY MARKET FUND — 7.9%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(c) (Cost $43,779)		43,779		43,779

REPURCHASE AGREEMENT — 15.4%^(d)
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.49%, total to be received $84,534, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.63%, 7/26/22-2/15/50, totaling $86,221) (Cost $84,530)	$	84,530		84,530

Total Investments — 106.1% (Cost $661,530)				584,574
Liabilities in Excess of Other Assets — (6.1%)				(33,656	)
Net Assets — 100.0%			$	550,918

Non-income producing security.

See accompanying Notes to Financial Statements.

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments (continued)

June 30, 2022

(a)

American Depositary Receipt.

(b)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $81,880; the aggregate market value of the collateral held by the fund is $84,530.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	456,265	$	—	$	—	$	456,265
Money Market Fund		43,779		—		—		43,779
Repurchase Agreement		—		84,530		—		84,530
Total	$	500,044	$	84,530	$	—	$	584,574

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		28.6	%
Airlines		2.7
Auto Manufacturers		0.4
Computers		1.8
Electronics		11.5
Engineering & Construction		2.7
Internet		6.7
Machinery – Diversified		2.4
Metal Fabricate / Hardware		0.9
Miscellaneous Manufacturing		7.5
Semiconductors		8.5
Telecommunications		1.9
Transportation		7.2
Money Market Fund		7.9
Repurchase Agreement		15.4
Total Investments		106.1
Liabilities in Excess of Other Assets		(6.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 99.4%

Aerospace/Defense — 4.5%
HEICO Corp.		9,689	$	1,270,422

Auto Parts & Equipment — 3.4%
Miller Industries, Inc.		42,371		960,551

Building Materials — 5.3%
Carrier Global Corp.		25,985		926,625
Trex Co., Inc.*		10,394		565,642
Total Building Materials				1,492,267

Chemicals — 7.2%
Sherwin-Williams Co. (The)		3,985		892,281
Stepan Co.		11,257		1,140,897
Total Chemicals				2,033,178

Commercial Services — 3.4%
Moody’s Corp.		3,551		965,765

Computers — 5.5%
Science Applications International Corp.		16,486		1,534,847

Diversified Financial Services — 3.4%
Intercontinental Exchange, Inc.		10,200		959,208

Food — 5.6%
Hershey Co. (The)		7,309		1,572,604

Healthcare — Products — 15.4%
Abbott Laboratories		9,897		1,075,309
Danaher Corp.		4,264		1,081,009
Stryker Corp.		5,141		1,022,699
Thermo Fisher Scientific, Inc.		2,110		1,146,321
Total Healthcare — Products				4,325,338

Household Products/Wares — 9.0%
Church & Dwight Co., Inc.		13,866		1,284,824
Reynolds Consumer Products, Inc.		45,513		1,241,139
Total Household Products/Wares				2,525,963

Insurance — 4.7%
Aflac, Inc.		23,818		1,317,850

Machinery — Diversified — 4.1%
Otis Worldwide Corp.		16,126		1,139,624

Media — 3.9%
FactSet Research Systems, Inc.		2,861		1,100,255

Investments	Shares		Value
COMMON STOCKS (continued)

Packaging & Containers — 4.8%
Silgan Holdings, Inc.		32,659	$	1,350,450

Pharmaceuticals — 3.5%
Zoetis, Inc.		5,677		975,820

Retail — 3.1%
Ross Stores, Inc.		12,226		858,632

Software — 12.6%
Broadridge Financial Solutions, Inc.		7,629		1,087,514
Fair Isaac Corp.*		3,185		1,276,866
Fiserv, Inc.*		13,307		1,183,924
Total Software				3,548,304
Total Common Stocks (Cost $26,086,136)				27,931,078

MONEY MARKET FUND — 0.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(a) (Cost $189,769)		189,769		189,769

Total Investments — 100.1% (Cost $26,275,905)				28,120,847
Liabilities in Excess of Other Assets — (0.1%)				(22,886	)
Net Assets — 100.0%			$	28,097,961

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	27,931,078	$	—	$	—	$	27,931,078
Money Market Fund		189,769		—		—		189,769
Total	$	28,120,847	$	—	$	—	$	28,120,847

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.5	%
Auto Parts & Equipment		3.4
Building Materials		5.3
Chemicals		7.2
Commercial Services		3.4
Computers		5.5
Diversified Financial Services		3.4
Food		5.6
Healthcare – Products		15.4
Household Products/Wares		9.0
Insurance		4.7
Machinery – Diversified		4.1
Media		3.9
Packaging & Containers		4.8
Pharmaceuticals		3.5
Retail		3.1
Software		12.6
Money Market Fund		0.7
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 99.1%

Aerospace/Defense — 2.0%
Northrop Grumman Corp.		668	$	319,685

Apparel — 2.0%
NIKE, Inc., Class B		3,104		317,229

Auto Manufacturers — 13.6%
Arcimoto, Inc.*^(a)		33,739		110,326
BYD Co., Ltd. (China)^(b)		1,485		119,513
Polestar Automotive Holding UK PLC, Class A (Hong Kong)*^(a)(b)		36,435		320,992
Tesla, Inc.*		2,376		1,600,046
Total Auto Manufacturers				2,150,877

Banks — 1.0%
SVB Financial Group*		394		155,626

Biotechnology — 1.3%
Moderna, Inc.*		1,406		200,847

Commercial Services — 0.7%
Block, Inc.*		1,834		112,718

Computers — 5.9%
Apple, Inc.		5,466		747,312
Crowdstrike Holdings, Inc., Class A*		1,077		181,539
Total Computers				928,851

Diversified Financial Services — 1.6%
LPL Financial Holdings, Inc.		1,344		247,941

Electric — 1.9%
NextEra Energy, Inc.		3,957		306,509

Energy – Alternate Sources — 3.8%
SolarEdge Technologies, Inc.*		1,430		391,362
SunPower Corp.*		13,345		210,985
Total Energy — Alternate Sources				602,347

Entertainment — 0.5%
Cedar Fair LP*		1,945		85,405

Healthcare — Products — 1.9%
Thermo Fisher Scientific, Inc.		549		298,261

Home Builders — 2.2%
Lennar Corp., Class A		4,964		350,309

Investments	Shares		Value
COMMON STOCKS (continued)

Internet — 8.4%
Alphabet, Inc., Class C*		264	$	577,487
Amazon.com, Inc.*		985		104,617
Netflix, Inc.*		2,252		393,807
Twitter, Inc.*		6,843		255,860
Total Internet				1,331,771

Leisure Time — 2.0%
Callaway Golf Co.*		15,094		307,918

Lodging — 4.9%
MGM Resorts International		26,533		768,130

Machinery — Diversified — 2.7%
Deere & Co.		1,441		431,536

Media — 2.0%
Walt Disney Co. (The)*		3,429		323,698

Mining — 2.3%
MP Materials Corp.*		11,535		370,043

Pharmaceuticals — 5.8%
Pfizer, Inc.		10,645		558,118
Zoetis, Inc.		2,125		365,266
Total Pharmaceuticals				923,384

REITS — 8.4%
Crown Castle International Corp.		827		139,250
Innovative Industrial Properties, Inc.		4,200		461,454
Prologis, Inc.		3,394		399,304
VICI Properties, Inc.		11,029		328,554
Total REITS				1,328,562

Retail — 4.0%
Home Depot, Inc. (The)		1,159		317,879
Petco Health & Wellness Co., Inc.*^(a)		21,889		322,644
Total Retail				640,523

Semiconductors — 6.0%
ASML Holding NV (Netherlands)		453		215,574
NVIDIA Corp.		4,365		661,690
ON Semiconductor Corp.*		1,476		74,257
Total Semiconductors				951,521

See accompanying Notes to Financial Statements.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)

Software — 8.8%
Electronic Arts, Inc.		1,112	$	135,275
Microsoft Corp.		3,492		896,850
ROBLOX Corp., Class A*^(a)		7,367		242,080
Take-Two Interactive Software, Inc.*		985		120,692
Total Software				1,394,897

Transportation — 1.4%
ZIM Integrated Shipping Services Ltd. (Israel)^(a)		4,683		221,178

Venture Capital — 4.0%
Blackstone, Inc.		7,004		638,975
Total Common Stocks (Cost $21,659,655)				15,708,741

MONEY MARKET FUND — 1.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(c) (Cost $176,496)		176,496		176,496

REPURCHASE AGREEMENTS — 8.6%^(d)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $319,068, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $325,435)	$	319,054		319,054
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.50%, total to be received $94,533, (collateralized by various U.S. Government Agency Obligations, 1.88%-3.25%, 6/30/24-5/15/52, totaling $96,420)		94,529		94,529

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $319,068, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $325,435)	$	319,054	$	319,054
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $319,068, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $325,435)		319,054		319,054
Truist Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $319,068, (collateralized by various U.S. Government Agency Obligations, 3.25%-5.50%, 6/30/27-7/1/52, totaling $325,436)		319,054		319,054
Total Repurchase Agreements (Cost $1,370,745)				1,370,745

Total Investments — 108.8% (Cost $23,206,896)				17,255,982
Liabilities in Excess of Other Assets — (8.8%)				(1,409,755	)
Net Assets — 100.0%			$	15,846,227

ETF — Exchange Traded Fund

LP — Limited Partnership

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 $1,208,027; the aggregate market value of the collateral held by the fund is $1,392,123. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $21,378.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	15,708,741	$	—	$	—	$	15,708,741
Money Market Fund		176,496		—		—		176,496
Repurchase Agreements		—		1,370,745		—		1,370,745
Total	$	15,885,237	$	1,370,745	$	—	$	17,255,982

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		2.0	%
Apparel		2.0
Auto Manufacturers		13.6
Banks		1.0
Biotechnology		1.3
Commercial Services		0.7
Computers		5.9
Diversified Financial Services		1.6
Electric		1.9
Energy – Alternate Sources		3.8
Entertainment		0.5
Healthcare – Products		1.9
Home Builders		2.2
Internet		8.4
Leisure Time		2.0
Lodging		4.9

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Machinery – Diversified		2.7	%
Media		2.0
Mining		2.3
Pharmaceuticals		5.8
REITS		8.4
Retail		4.0
Semiconductors		6.0
Software		8.8
Transportation		1.4
Venture Capital		4.0
Money Market Fund		1.1
Repurchase Agreements		8.6
Total Investments		108.8
Liabilities in Excess of Other Assets		(8.8	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)

June 30, 2022

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2022 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 6/30/2022				Value at 6/30/2022				Capital Gains Distributions
AdvisorShares Pure US Cannabis ETF		$	—			$	1,237,096			$	(636,040	)		$	(601,056	)		$	—				—			$	—			$	1,862

See accompanying Notes to Financial Statements.

ADVISORSHARES HOTEL ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 93.7%

Entertainment — 22.2%
Golden Entertainment, Inc.*		6,940	$	274,477
Marriott Vacations Worldwide Corp.		1,092		126,891
Monarch Casino & Resort, Inc.*		4,735		277,803
Penn National Gaming, Inc.*		4,420		134,456
Red Rock Resorts, Inc., Class A		11,737		391,546
Vail Resorts, Inc.		465		101,393
Total Entertainment				1,306,566

Internet — 9.0%
Airbnb, Inc., Class A*		2,832		252,275
Booking Holdings, Inc.*		60		104,939
Expedia Group, Inc.*		1,845		174,961
Total Internet				532,175

Leisure Time — 3.0%
Carnival Corp.*^(a)		4,093		35,404
Norwegian Cruise Line Holdings Ltd.*^(a)		9,476		105,373
Royal Caribbean Cruises Ltd.*		1,050		36,656
Total Leisure Time				177,433

Lodging — 51.3%
Bluegreen Vacations Holding Corp.		19,118		477,185
Boyd Gaming Corp.		5,359		266,610
Century Casinos, Inc.*		13,266		95,515
Choice Hotels International, Inc.		2,324		259,428
Full House Resorts, Inc.*		33,322		202,598
Hilton Grand Vacations, Inc.*		2,425		86,645
Hilton Worldwide Holdings, Inc.		969		107,986
Hyatt Hotels Corp., Class A*		1,531		113,156
InterContinental Hotels Group PLC (United Kingdom)^(a)(b)		2,607		140,908
Marriott International, Inc., Class A		2,005		272,700
Playa Hotels & Resorts NV*		41,294		283,690
Target Hospitality Corp.*		64,961		370,927
Travel + Leisure Co.		2,120		82,299
Wyndham Hotels & Resorts, Inc.		4,039		265,443
Total Lodging				3,025,090

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)

REITS — 8.2%
Gaming and Leisure Properties, Inc.		5,419	$	248,515
VICI Properties, Inc.		7,893		235,133
Total REITS				483,648
Total Common Stocks (Cost $7,099,692)				5,524,912

MONEY MARKET FUND — 6.6%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(c) (Cost $391,740)		391,740		391,740

REPURCHASE AGREEMENT — 3.1%^(d)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $185,297, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $188,995) (Cost $185,289)	$	185,289		185,289

Total Investments — 103.4% (Cost $7,676,721)				6,101,941
Liabilities in Excess of Other Assets — (3.4%)				(204,990	)
Net Assets — 100.0%			$	5,896,951

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 $265,924; the aggregate market value of the collateral held by the fund is $275,927. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $90,638.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES HOTEL ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,524,912	$	—	$	—	$	5,524,912
Money Market Fund		391,740		—		—		391,740
Repurchase Agreement		—		185,289		—		185,289
Total	$	5,916,652	$	185,289	$	—	$	6,101,941

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Entertainment		22.2	%
Internet		9.0
Leisure Time		3.0
Lodging		51.3
REITS		8.2
Money Market Fund		6.6
Repurchase Agreement		3.1
Total Investments		103.4
Liabilities in Excess of Other Assets		(3.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 11.0%

Biotechnology — 3.6%
Biohaven Pharmaceutical Holding Co., Ltd.*		2,288	$	333,384
ChemoCentryx, Inc.*		13,100		324,618
Deciphera Pharmaceuticals, Inc.*		718		9,442
Evolus, Inc.*		17,030		197,548
Total Biotechnology				864,992

Computers — 1.4%
Dell Technologies, Inc., Class C		6,500		300,365
Grid Dynamics Holdings, Inc.*		2,472		41,579
Total Computers				341,944

Food — 0.2%
Pilgrim’s Pride Corp.*		1,482		46,283

Retail — 0.8%
Caleres, Inc.		7,072		185,569

Software — 3.7%
Aspen Technology, Inc.*		1,600		293,888
Synopsys, Inc.*		1,030		312,811
Zoom Video Communications, Inc., Class A*		2,700		291,519
Total Software				898,218

Telecommunications — 1.3%
NeoPhotonics Corp.*		21,000		330,330
Total Common Stocks (Cost $2,757,729)				2,667,336

MONEY MARKET FUND — 88.9%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(a) (Cost $21,501,449)		21,501,449		21,501,449

Total Investments — 99.9% (Cost $24,259,178)				24,168,785
Other Assets in Excess of Liabilities — 0.1%				14,530
Net Assets — 100.0%			$	24,183,315

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,667,336	$	—	$	—	$	2,667,336
Money Market Fund		21,501,449		—		—		21,501,449
Total	$	24,168,785	$	—	$	—	$	24,168,785

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Biotechnology		3.6	%
Computers		1.4
Food		0.2
Retail		0.8
Software		3.7
Telecommunications		1.3
Money Market Fund		88.9
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES MANAGED BITCOIN STRATEGY ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 96.7%

Alternative Investments — 96.7%
ProShares Bitcoin Strategy ETF*		39,152	$	454,555
Valkyrie Bitcoin Strategy ETF*		6,261		45,329
Total Exchange Traded Funds (Cost $635,214)				499,884

Total Investments — 96.7% (Cost $635,214)				499,884
Other Assets in Excess of Liabilities — 3.3%				16,845
Net Assets — 100.0%			$	516,729

ETF — Exchange Traded Fund

Non-income producing security.

See accompanying Notes to Financial Statements.

100

ADVISORSHARES MANAGED BITCOIN STRATEGY ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	499,884	$	—	$	—	$	499,884
Total	$	499,884	$	—	$	—	$	499,884

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Alternative Investments		96.7	%
Total Investments		96.7
Other Assets in Excess of Liabilities		3.3
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

101

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES — 34.1%
ACC Auto Trust, Class B, Series 2021-A, 1.79%, 04/15/27^‡	$	265,000	$	253,562
Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40^‡		196,517		182,895
ACM Auto Trust, Class B, Series 2022-1A, 4.47%, 04/20/29^‡		190,000		188,733
Affirm Asset Securitization Trust, Class A, Series 2021-A, 0.88%, 08/15/25^‡		455,000		449,395
Affirm Asset Securitization Trust, Class A, Series 2022-A, 4.30%, 05/17/27^‡		235,000		231,663
American Credit Acceptance Receivables Trust, Class C, Series 2021-1, 0.83%, 03/15/27^‡		455,000		444,807
American Credit Acceptance Receivables Trust, Class C, Series 2021-2, 0.97%, 07/13/27^‡		265,000		257,209
American Credit Acceptance Receivables Trust, Class C, Series 2021-3, 0.98%, 11/15/27^‡		260,000		249,489
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26^‡		145,000		139,047
AmeriCredit Automobile Receivables Trust, Class D, Series 2018-1, 3.82%, 03/18/24		285,000		285,956
Amur Equipment Finance Receivables IX LLC, Class B, Series 2021-1A, 1.38%, 02/22/27^‡		135,000		126,781
Amur Equipment Finance Receivables VIII LLC, Class B, Series 2020-1A, 2.50%, 03/20/26^‡		212,227		208,401
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40^‡		141,276		137,031
Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46^‡		335,000		314,663
Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40^‡		470,000		451,684
Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50^‡		289,838		261,731

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27^‡	$	171,675	$	166,890
Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27^‡		260,000		237,887
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31^‡		56,079		55,208
BHG Securitization Trust, Class A, Series 2021-A, 1.42%, 11/17/33^‡		266,513		249,768
BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34^‡		210,000		187,639
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29^‡		133,843		130,845
Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35^‡		49,894		45,849
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30^‡		110,986		109,030
BXG Receivables Note Trust, Class A, Series 2022-A, 4.12%, 09/28/37^‡		171,548		169,199
Carnow Auto Receivables Trust, Class D, Series 2019-1A, 4.62%, 12/16/24^‡		260,000		260,569
Carvana Auto Receivables Trust, Class C, Series 2021-N2, 1.07%, 03/10/28		250,000		241,242
Carvana Auto Receivables Trust, Class C, Series 2022-N1, 3.32%, 12/11/28^‡		240,000		233,852
Carvana Auto Receivables Trust, Class D, Series 2019-2A, 3.28%, 01/15/25^‡		245,000		243,762
Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25^‡		170,000		168,637
Carvana Auto Receivables Trust, Class D, Series 2021-N3, 1.58%, 06/12/28		210,000		196,707
Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26^‡		235,000		233,721
CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27^‡		210,000		207,684
CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27^‡		270,000		253,076

See accompanying Notes to Financial Statements.

102

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41^‡	$	223,748	$	213,297
CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45^‡		334,458		299,731
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51^‡		76,633		67,982
Commonbond Student Loan Trust, Class A1, Series 2019-AGS, 2.54%, 01/25/47^‡		73,038		68,870
CPS Auto Receivables Trust, Class D, Series 2018-D, 4.34%, 09/16/24^‡		75,250		75,381
CPS Auto Receivables Trust, Class E, Series 2019-D, 3.86%, 10/15/25^‡		245,000		240,291
Credit Acceptance Auto Loan Trust, Class A, Series 2022-1A, 4.60%, 06/15/32^‡		230,000		229,244
Credit Acceptance Auto Loan Trust, Class B, Series 2019-3A, 2.86%, 01/16/29^‡		250,000		248,105
Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27^‡		114,773		111,901
Crossroads Asset Trust, Class A2, Series 2021-A, 0.82%, 03/20/24^‡		375,885		370,063
Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27^‡		145,287		143,173
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32^‡		98,776		96,774
Drive Auto Receivables Trust, Class C, Series 2019-3, 2.90%, 08/15/25		75,613		75,649
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25^‡		102,697		102,659
DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26^‡		165,000		164,034
DT Auto Owner Trust, Class D, Series 2021-1A, 1.16%, 11/16/26^‡		270,000		250,692
Encina Equipment Finance LLC, Class B, Series 2022-1A, 5.15%, 01/16/29^‡		185,000		185,043
Exeter Automobile Receivables Trust, Class C, Series 2019-4A, 2.44%, 09/16/24^‡		44,704		44,706

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24^‡	$	89,658	$	89,912
Exeter Automobile Receivables Trust, Class E, Series 2019-2A, 4.68%, 05/15/26^‡		660,000		661,508
FHF Trust, Class A, Series 2020-1A, 2.59%, 12/15/23^‡		14,541		14,531
First Investors Auto Owner Trust, Class B, Series 2021-1A, 0.89%, 03/15/27^‡		350,000		339,572
First Investors Auto Owner Trust, Class C, Series 2019-1A, 3.26%, 03/17/25^‡		138,835		138,927
First Investors Auto Owner Trust, Class C, Series 2021-2A, 1.47%, 11/15/27^‡		260,000		238,008
First Investors Auto Owner Trust, Class C, Series 2022-1A, 3.13%, 05/15/28^‡		245,000		232,547
Flagship Credit Auto Trust, Class C, Series 2020-1, 2.24%, 01/15/26^‡		430,000		421,715
Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26^‡		145,000		139,103
Flagship Credit Auto Trust, Class C, Series 2020-4, 1.28%, 02/16/27^‡		145,000		139,488
Flagship Credit Auto Trust, Class C, Series 2021-1, 0.91%, 03/15/27^‡		455,000		426,610
Foundation Finance Trust, Class A, Series 2017-1A, 3.30%, 07/15/33^‡		13,385		13,394
Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41^‡		213,896		198,069
Foursight Capital Automobile Receivables Trust, Class B, Series 2022-1, 2.15%, 05/17/27^‡		195,000		183,331
Foursight Capital Automobile Receivables Trust, Class C, Series 2021-2, 1.57%, 07/15/27^‡		310,000		286,756
Foursight Capital Automobile Receivables Trust, Class E, Series 2019-1, 4.30%, 09/15/25^‡		130,000		129,555
Freed ABS Trust, Class C, Series 2022-1FP, 2.51%, 03/19/29^‡		145,000		137,216

See accompanying Notes to Financial Statements.

103

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
GCI Funding I LLC, Class A, Series 2021-1 (Bermuda), 2.38%, 06/18/46^‡	$	181,422	$	161,071
Genesis Sales Finance Master Trust, Class A, Series 2020-AA, 1.65%, 09/22/25^‡		315,000		310,046
Global SC Finance VII Srl, Class A, Series 2020-1A (Barbados), 2.17%, 10/17/40^‡		249,385		228,843
GLS Auto Receivables Issuer Trust, Class B, Series 2019-3A, 2.72%, 06/17/24^‡		42,261		42,274
GLS Auto Receivables Issuer Trust, Class B, Series 2020-2A, 3.16%, 06/16/25^‡		180,000		179,744
GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25^‡		135,000		133,416
GLS Auto Receivables Issuer Trust, Class C, Series 2021-3A, 1.11%, 09/15/26^‡		210,000		195,702
GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26^‡		110,000		107,397
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31^‡		17,933		17,693
Goldenttree Loan Management US CLO 1 Ltd., Class A, Series 2021-9A (Cayman Islands), 2.13%, (3-Month USD LIBOR + 1.07%), 01/20/33^@‡		250,000		244,651
Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26^‡		295,000		273,685
Hertz Vehicle Financing LLC, Class A, Series 2021-1A, 1.21%, 12/26/25^‡		390,000		365,511
Hilton Grand Vacations Trust, Class B, Series 2022-1D, 4.10%, 06/20/34^‡		258,955		254,418
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39^‡		166,499		156,423
Jersey Mike’s Funding, Class A2, Series 2019-1A, 4.43%, 02/15/50^‡		194,025		185,414
Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27^‡		270,004		266,015
Lendingpoint Asset Securitization Trust, Class A, Series 2021-A, 1.00%, 12/15/28^‡		59,491		59,007

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Lendingpoint Asset Securitization Trust, Class B, Series 2022-A, 2.41%, 06/15/29^‡	$	245,000	$	236,071
Ll ABS Trust, Class A, Series 2021-1A, 1.07%, 05/15/29^‡		145,760		140,611
Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32^‡		120,000		119,091
Mariner Finance Issuance Trust, Class A, Series 2020-AA, 2.19%, 08/21/34^‡		355,000		341,156
Marlette Funding Trust, Class B, Series 2021-1A, 1.00%, 06/16/31^‡		275,000		269,554
Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26^‡		230,000		218,990
Mercury Financial Credit Card Master Trust, Class A, Series 2022-1A, 2.50%, 09/21/26^‡		145,000		137,509
Mission Lane Credit Card Master Trust, Class A, Series 2021-A, 1.59%, 09/15/26^‡		325,000		313,129
MVW LLC, Class A, Series 2020-1A, 1.74%, 10/20/37^‡		225,373		211,712
MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41^‡		374,436		340,259
MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36^‡		74,992		72,610
Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69^‡		253,304		227,626
NBC Funding LLC, Class A2, Series 2021-1, 2.99%, 07/30/51^‡		307,675		274,030
NMEF Funding LLC, Class B, Series 2019-A, 3.06%, 08/17/26^‡		76,003		75,892
NMEF Funding LLC, Class B, Series 2021-A, 1.85%, 12/15/27^‡		290,000		273,610
NMEF Funding LLC, Class B, Series 2022-A, 3.35%, 10/16/28^‡		195,000		184,993
Oasis Securitization Funding LLC, Class A, Series 2021-1A, 2.58%, 02/15/33^‡		90,007		88,982

See accompanying Notes to Financial Statements.

104

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25^‡	$	46,346	$	45,902
Octane Receivables Trust, Class A, Series 2021-1A, 0.93%, 03/22/27^‡		140,895		137,168
Oportun Funding LLC, Class A, Series 2022-1, 3.25%, 06/15/29^‡		239,827		236,640
Oportun Funding XIV LLC, Class A, Series 2021-A, 1.21%, 03/08/28^‡		280,000		262,312
Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31^‡		260,000		240,938
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38^‡		253,249		244,082
Oscar US Funding XII LLC, Class A4, Series 2021-1A (Japan), 1.00%, 04/10/28^‡		190,000		175,066
Palmer Square Loan Funding Ltd., Class A1, Series 2021-1A (Cayman Islands), 1.96%, (3-Month USD LIBOR + 0.90%), 04/20/29^@‡		162,370		160,789
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25^‡		33,880		33,429
Planet Fitness Master Issuer LLC, Class A2II, Series 2018-1A, 4.67%, 09/05/48^‡		283,938		277,219
Purchasing Power Funding LLC, Class A, Series 2021-A, 1.57%, 10/15/25^‡		265,000		254,181
Regional Management Issuance Trust, Class A, Series 2021-1, 1.68%, 03/17/31^‡		455,000		420,439
Santander Consumer Auto Receivables Trust, Class C, Series 2021-AA, 1.03%, 11/16/26^‡		395,000		366,149
Santander Drive Auto Receivables Trust, Class C, Series 2021-3, 0.95%, 09/15/27		250,000		240,723
Sierra Timeshare Receivables Funding LLC, Class B, Series 2020-2A, 2.32%, 07/20/37^‡		57,297		55,044
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24^‡		193,189		192,723
Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40^‡		86,929		86,100

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Tricolor Auto Securitization Trust, Class C, Series 2022-1A, 4.71%, 08/15/25^‡	$	235,000	$	232,311
TRP LLC, Class A, Series 2021-1, 2.07%, 06/19/51^‡		319,675		282,533
Upstart Pass-Through Trust Series, Class A, Series 2021-ST2, 2.50%, 04/20/27^‡		146,896		141,115
Upstart Securitization Trust, Class A, Series 2021-1, 0.87%, 03/20/31^‡		64,556		63,882
Upstart Securitization Trust, Class A, Series 2022-2, 4.37%, 05/20/32^‡		235,000		232,389
Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31^‡		240,000		225,934
Upstart Securitization Trust, Class B, Series 2021-3, 1.66%, 07/20/31^‡		345,000		318,392
US Auto Funding, Class B, Series 2021-1A, 1.49%, 03/17/25^‡		315,000		303,811
USASF Receivables LLC, Class B, Series 2020-1A, 3.22%, 05/15/24^‡		205,133		204,070
Veros Auto Receivables Trust, Class B, Series 2021-1, 1.49%, 10/15/26^‡		370,000		352,242
Veros Auto Receivables Trust, Class B, Series 2022-1, 4.39%, 08/16/27^‡		285,000		281,003
VFI ABS LLC, Class B, Series 2022-1A, 3.04%, 07/24/28^‡		320,000		306,168
Welk Resorts LLC, Class B, Series 2019-AA, 2.99%, 06/15/38^‡		209,075		204,492
Westgate Resorts LLC, Class B, Series 2022-1A, 2.29%, 08/20/36^‡		173,260		165,777
Westlake Automobile Receivables Trust, Class B, Series 2022-1A, 2.75%, 03/15/27^‡		385,000		373,770
Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25^‡		145,000		141,478
Westlake Automobile Receivables Trust, Class D, Series 2021-3A, 2.12%, 01/15/27^‡		245,000		228,136
Total Asset Backed Securities (Cost $29,915,049)				28,545,991

See accompanying Notes to Financial Statements.

105

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
MORTGAGE BACKED SECURITIES — 26.3%

Commercial Mortgage Backed Securities — 3.5%
BPR Trust, Class A, Series 2021-KEN, 2.57%, (1-Month USD LIBOR + 1.25%), 02/15/29^@‡	$	95,000	$	93,771
BX Trust, Class B, Series 2018-GW, 2.34%, (1-Month USD LIBOR + 1.02%), 05/15/35^@‡		700,000		676,469
CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60^‡		105,858		96,157
Commercial Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37^‡		150,000		140,693
CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65^‡		254,145		242,088
GCT Commercial Mortgage Trust, Class A, Series 2021-GCT, 2.12%, (1-Month USD LIBOR + 0.80%), 02/15/38^@‡		315,000		305,377
GS Mortgage Securities Corp. Trust, Class A, Series 2020-TWN3, 3.32%, (1-Month USD LIBOR + 2.00%), 11/15/37^@‡		175,000		173,612
GS Mortgage Securities Trust, Class AS, Series 2020-GC45, 3.17%, 02/13/53^@*		175,000		158,230
KKR Industrial Portfolio Trust, Class C, Series 2021-KDIP, 2.32%, (1-Month USD LIBOR + 1.00%), 12/15/37^@‡		382,500		365,901
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.21%, 07/15/46^@*		275,000		274,113
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49^@‡*		33,731		30,569
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37^@‡*		17,762		17,722
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50^@‡*		78,270		74,848
WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47		250,000		245,354
Total Commercial Mortgage Backed Securities				2,894,904

Investments	Principal		Value
Mortgage Backed Security — 0.1%
CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61^@‡*	$	97,908	$	94,926

Residential Mortgage Backed Securities — 22.7%
Ajax Mortgage Loan Trust, Class A1, Series 2021-A, 1.07%, 09/25/65^@‡*		369,135		339,071
American Homes 4 Rent Trust, Class A, Series 2014-SFR3, 3.68%, 12/17/36^‡		146,214		144,833
Angel Oak Mortgage Trust, Class A1, Series 2020-6, 1.26%, 05/25/65^@‡*		46,941		45,068
Angel Oak Mortgage Trust, Class A1, Series 2020-4, 1.47%, 06/25/65^@‡*		84,997		81,554
Angel Oak Mortgage Trust, Class A1, Series 2021-5, 0.95%, 07/25/66^@‡*		142,243		127,349
Angel Oak Mortgage Trust, Class A1, Series 2021-7, 1.98%, 10/25/66^@‡*		453,312		398,722
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48^@‡*		3,243		3,230
Angel Oak Mortgage Trust I LLC, Class A1, Series 2019-2, 3.63%, 03/25/49^@‡*		5,381		5,369
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50^@‡*		63,812		61,478
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49^@‡*		536,435		518,769
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49^@‡*		64,914		63,260
Arroyo Mortgage Trust, Class A1B, Series 2020-1, 2.10%, 03/25/55^‡		153,826		148,559
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		54,380		49,767
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57^@‡*		65,953		64,461
Bravo Residential Funding Trust, Class A1, Series 2021-NQM3, 1.70%, 04/25/60^@‡*		68,738		66,273
Cafl Issuer LLC, Class A1, Series 2021-RTL1, 2.24%, 03/28/29^‡		105,000		98,880

See accompanying Notes to Financial Statements.

106

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35^@‡*	$	120,687	$	115,977
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42^@‡*		33,198		32,341
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64^@‡*		69,302		68,212
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2019-RP1, 3.50%, 01/25/66^@‡*		622,622		607,677
COLT Funding LLC, Class A1, Series 2021-3R, 1.05%, 12/25/64^@‡*		168,688		156,490
COLT Mortgage Loan Trust, Class A2, Series 2021-2, 1.13%, 08/25/66^@‡*		85,753		75,846
COLT Mortgage Loan Trust, Class A1, Series 2022-1, 2.28%, 12/27/66^@‡*		278,120		250,570
COLT Mortgage Loan Trust, Class A1, Series 2022-3, 3.90%, 02/25/67^@‡*		464,696		450,613
COLT Mortgage Loan Trust, Class A1, Series 2022-5, 4.55%, 04/25/67^@‡*		321,459		318,057
COLT Mortgage Pass-Through Certificates, Class A1, Series 2021-1R, 0.86%, 05/25/65^@‡*		225,704		221,627
Corevest American Finance Trust, Class A, Series 2020-3, 1.36%, 08/15/53^‡		352,885		319,566
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.81%, 04/25/44^@‡*		106,880		99,665
CSMC Trust, Class A1, Series 2021-AFC1, 0.83%, 03/25/56^@‡*		153,886		132,397
CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60^@‡*		71,251		67,014
CSMC Trust, Class A1, Series 2021-RPL3, 2.00%, 01/25/60^@‡*		562,272		530,234
CSMC Trust, Class A1, Series 2021-NQM1, 0.81%, 05/25/65^@‡*		486,084		468,065
CSMC Trust, Class A1, Series 2021-NQM2, 1.18%, 02/25/66^@‡*		124,474		118,532

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27^‡	$	315,000	$	297,721
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59^@‡*		23,378		22,703
Ellington Financial Mortgage Trust, Class A1, Series 2020-1, 2.01%, 05/25/65^@‡*		122,007		118,877
Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65^@‡*		161,997		156,552
Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66^@‡*		87,960		79,618
Ellington Financial Mortgage Trust, Class A1, Series 2021-2, 0.93%, 06/25/66^@‡*		202,395		184,092
Firstkey Homes Trust, Class B, Series 2020-SFR2, 1.57%, 10/19/37^‡		175,000		159,686
Firstkey Homes Trust, Class A, Series 2020-SFR2, 1.27%, 10/19/37^‡		165,819		153,025
Firstkey Homes Trust, Class D, Series 2021-SFR1, 2.19%, 08/17/38^‡		240,000		212,312
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56^@‡*		47,476		46,006
GS Mortgage-Backed Securities Trust, Class A3, Series 2020-NQM1, 2.35%, 09/27/60^@‡*		140,661		135,676
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33		59,548		58,436
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29^@‡*		80,324		77,626
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.36%, 06/25/29^@‡*		157,871		151,402
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 3.09%, 08/25/34^@*		41,533		41,999
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 2.35%, 05/25/45^@‡*		105,143		104,516
Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26^‡		205,000		195,498

See accompanying Notes to Financial Statements.

107

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
MetLife Securitization Trust, Class A, Series 2018-1A, 3.75%, 03/25/57^@‡*	$	273,036	$	266,664
MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58^@‡*		333,439		330,249
MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65^@‡*		219,171		211,783
MFA Trust, Class A1, Series 2021-NQM1, 1.15%, 04/25/65^@‡*		177,747		165,538
Mill City Mortgage Loan Trust, Class M2, Series 2017-3, 3.25%, 01/25/61^@‡*		123,454		118,913
New Residential Mortgage Loan Trust, Class B1, Series 2018-4A, 2.67%, (1-Month USD LIBOR + 1.05%), 01/25/48^@‡		487,788		471,807
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54^@‡*		109,317		106,149
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56^@‡*		222,460		214,898
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56^@‡*		161,877		157,160
New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57^@‡*		522,711		510,566
New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58^@‡*		187,574		181,331
Newrez Warehouse Securitization Trust, Class C, Series 2021-1, 2.67%, (1-Month USD LIBOR + 1.05%), 05/25/55^@‡		300,000		294,386
NLT Trust, Class A1, Series 2021-INV2, 1.16%, 08/25/56^@‡*		276,419		251,414
NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61^‡		82,369		77,964
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48^@‡*		33,723		33,495
PRPM LLC, Class A1, Series 2021-RPL1, 1.32%, 07/25/51^‡		598,060		554,795

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51^@‡*	$	86,534	$	79,146
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50^@‡*		42,219		37,913
Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60^@‡*		67,935		65,839
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59^@‡*		70,562		69,155
Star Trust, Class A1, Series 2021-1, 1.22%, 05/25/65^@‡*		345,256		325,910
Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56^@‡*		90,211		81,150
Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65^@‡*		282,450		275,686
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.15%, 02/25/34		236,812		220,810
Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63^@‡*		98,634		94,392
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55^@‡*		100,000		98,354
Towd Point Mortgage Trust, Class A2, Series 2017-1, 3.50%, 10/25/56^@‡*		385,000		378,642
Towd Point Mortgage Trust, Class A2, Series 2017-2, 3.25%, 04/25/57^@‡*		260,000		255,655
Towd Point Mortgage Trust, Class A1A, Series 2018-6, 3.75%, 03/25/58^@‡*		605,403		602,219
Towd Point Mortgage Trust, Class A1, Series 2018-4, 3.00%, 06/25/58^@‡*		339,366		326,603
Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60^@‡*		130,000		117,427
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL4, 1.87%, 08/25/51^‡		242,863		228,845
VCAT Asset Securitization, LLC, Class A1, Series 2021-NPL6, 1.92%, 09/25/51^‡		184,143		173,646

See accompanying Notes to Financial Statements.

108

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Verus Securitization Trust, Class A1, Series 2019-INV2, 2.91%, 07/25/59^@‡*	$	37,429	$	37,382
Verus Securitization Trust, Class A1, Series 2020-1, 2.42%, 01/25/60^‡		42,698		41,980
Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63^@‡*		264,250		258,077
Verus Securitization Trust, Class A1, Series 2021-R3, 1.02%, 04/25/64^@‡*		208,430		199,138
Verus Securitization Trust, Class A1, Series 2020-4, 1.50%, 05/25/65^‡		442,522		423,178
Verus Securitization Trust, Class A1, Series 2021-1, 0.82%, 01/25/66^@‡*		176,310		161,850
Verus Securitization Trust, Class A1, Series 2021-2, 1.03%, 02/25/66^@‡*		261,310		237,586
Verus Securitization Trust, Class A1, Series 2021-3, 1.05%, 06/25/66^@‡*		533,574		474,466
Verus Securitization Trust, Class A1, Series 2022-4, 4.47%, 04/25/67^‡		272,224		269,501
Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54^@‡*		411,170		395,818
Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54^@‡*		181,370		174,612
Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56^‡		262,047		246,568
VOLT XCV LLC, Class A1, Series 2021-NPL4, 2.24%, 03/27/51^‡		127,651		122,332
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.49%, 07/25/34^@*		19,601		19,506
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.62%, 07/25/34^@*		50,425		51,076

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.99%, 10/25/34^@*	$	70,578	$	66,637
Total Residential Mortgage Backed Securities				19,003,482
Total Mortgage Backed Securities (Cost $23,308,497)				21,993,312

CORPORATE BONDS — 17.1%

Communication Services — 1.0%
Commscope, Inc., 4.75%, 09/01/29^‡		170,000		137,615
Level 3 Financing, Inc., 4.63%, 09/15/27^‡		100,000		85,541
Level 3 Financing, Inc., 4.25%, 07/01/28^‡		140,000		113,546
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25^‡		178,750		178,997
T-Mobile USA, Inc., 2.05%, 02/15/28		140,000		121,908
TripAdvisor, Inc., 7.00%, 07/15/25^‡		115,000		111,678
Twitter, Inc., 3.88%, 12/15/27^‡(a)		100,000		94,204
Total Communication Services				843,489

Consumer Discretionary — 0.3%
General Motors Co., 6.13%, 10/01/25		150,000		155,404
General Motors Financial Co., Inc., 1.25%, 01/08/26		55,000		48,577
Total Consumer Discretionary				203,981

Consumer Staples — 0.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 03/15/26^‡		145,000		126,731

Energy — 1.3%
Boardwalk Pipelines LP, 4.95%, 12/15/24		245,000		247,067
Chesapeake Energy Corp., 5.50%, 02/01/26^‡		135,000		128,509
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25^‡		100,000		94,271

See accompanying Notes to Financial Statements.

109

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
CORPORATE BONDS (continued)

Energy (continued)
CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/29^‡	$	55,000	$	49,411
DT Midstream, Inc., 4.13%, 06/15/29^‡		155,000		131,424
Energy Transfer LP, 4.20%, 04/15/27		105,000		101,056
EQM Midstream Partners LP, 6.00%, 07/01/25^‡		50,000		48,210
NGPL PipeCo. LLC, 4.88%, 08/15/27^‡		118,000		117,049
Occidental Petroleum Corp., 5.88%, 09/01/25		145,000		144,668
Total Energy				1,061,665

Financials — 6.5%
Athene Global Funding, 2.45%, 08/20/27^‡		240,000		210,710
Bank of America Corp., 2.13%, (3-Month USD LIBOR + 0.77%), 02/05/26^@		113,000		110,328
Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27^@		630,000		563,095
Bank of America Corp., 2.55%, (SOFR + 1.05%), 02/04/28^@		93,000		84,770
Blackstone Private Credit Fund, 2.63%, 12/15/26^‡		116,000		97,407
Blackstone Private Credit Fund, 4.00%, 01/15/29^‡		50,000		41,097
Charles Schwab Corp. (The), Series G, 5.38%, (US 5 Year CMT T-Note + 4.97%)^#@		44,000		43,670
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)^#@		220,000		168,356
Citadel LP, 4.88%, 01/15/27^‡		170,000		164,834
Citigroup, Inc., 3.53%, (3-Month USD LIBOR + 1.25%), 07/01/26^@		210,000		205,867
Citigroup, Inc., 2.62%, (SOFR + 1.28%), 02/24/28^@		126,000		120,958
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 3.88%, 02/15/26^‡		250,000		229,776
F&G Global Funding, 1.75%, 06/30/26^‡		198,000		175,832
Goldman Sachs Group, Inc. (The), 3.20%, (3-Month USD LIBOR + 1.60%), 11/29/23^@		270,000		271,007

Investments	Principal		Value
CORPORATE BONDS (continued)

Financials (continued)
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27	$	105,000	$	101,744
Goldman Sachs Group, Inc. (The), 2.99%, (3-Month USD LIBOR + 1.75%), 10/28/27^@		280,000		277,020
JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%)^#@		562,000		476,122
JPMorgan Chase & Co., 2.49%, (SOFR + 1.18%), 02/24/28^@		200,000		192,403
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27^‡		145,000		117,296
Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T-Note + 3.32%), 12/15/51^@‡		160,000		127,878
Lincoln National Corp., 3.10%, (3-Month USD LIBOR + 2.04%), 04/20/67^@		285,000		193,821
MetLife, Inc., Series D, 5.88%, (3-Month USD LIBOR + 2.96%)^#@(a)		155,000		144,323
Morgan Stanley, 2.58%, (3-Month USD LIBOR + 1.40%), 10/24/23^@		280,000		280,026
Navient Corp., 5.88%, 10/25/24		240,000		221,104
OWL Rock Core Income Corp., 5.50%, 03/21/25^‡		68,000		65,401
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43^@		244,000		238,127
Spirit Realty LP, 4.45%, 09/15/26		96,429		95,118
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 05/06/31^@		135,000		124,565
Wells Fargo & Co., 4.10%, 06/03/26		325,000		320,631
Total Financials				5,463,286

Health Care — 1.8%
Baxter International, Inc., 1.92%, 02/01/27		149,000		133,745
Baxter International, Inc., 2.27%, 12/01/28		150,000		131,453
Bio-Rad Laboratories, Inc., 3.30%, 03/15/27		138,000		130,525
HCA, Inc., 5.38%, 02/01/25		215,000		215,711
Mylan NV, 3.95%, 06/15/26		50,000		47,253
Royalty Pharma PLC, 1.20%, 09/02/25		23,000		20,550

See accompanying Notes to Financial Statements.

110

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
CORPORATE BONDS (continued)

Health Care (continued)
Royalty Pharma PLC, 1.75%, 09/02/27	$	323,000	$	276,049
Tenet Healthcare Corp., 4.88%, 01/01/26^‡		95,000		87,729
Universal Health Services, Inc., 1.65%, 09/01/26^‡		260,000		225,975
Viatris, Inc., 2.30%, 06/22/27		275,000		238,277
Viatris, Inc., 2.30%, 06/22/27^‡		157		136
Total Health Care				1,507,403

Industrials — 1.2%
Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27^‡		180,896		179,057
Boeing Co. (The), 4.88%, 05/01/25		120,000		119,755
Boeing Co. (The), 5.04%, 05/01/27		112,000		110,752
General Electric Co., Series D, 5.16%, (3-Month USD LIBOR + 3.33%)^#@		285,000		250,786
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28		276,000		236,344
Spirit AeroSystems, Inc., 5.50%, 01/15/25^‡		105,000		97,309
Total Industrials				994,003

Information Technology — 1.7%
Block, Inc., 2.75%, 06/01/26^‡		115,000		102,324
CDW LLC / CDW Finance Corp., 2.67%, 12/01/26		98,000		87,495
CDW LLC / CDW Finance Corp., 3.28%, 12/01/28		98,000		84,719
Citrix Systems, Inc., 1.25%, 03/01/26		25,000		24,247
Dell International LLC / EMC Corp., 4.90%, 10/01/26		210,000		210,758
Entegris Escrow Corp., 4.75%, 04/15/29^‡		285,000		266,254
Flex Ltd., 3.75%, 02/01/26		191,000		183,196
Kyndryl Holdings, Inc., 2.05%, 10/15/26^‡		108,000		91,179
Kyndryl Holdings, Inc., 2.70%, 10/15/28^‡		105,000		83,881
Oracle Corp., 2.30%, 03/25/28		100,000		86,283
TD Synnex Corp., 1.75%, 08/09/26^‡		107,000		94,528
TD Synnex Corp., 2.38%, 08/09/28^‡		110,000		93,023
Total Information Technology				1,407,887

Investments	Principal		Value
CORPORATE BONDS (continued)

Materials — 1.1%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.13%, 08/15/26^‡	$	200,000	$	169,876
Bayport Polymers LLC, 4.74%, 04/14/27^‡		240,000		233,616
International Flavors & Fragrances, Inc., 1.23%, 10/01/25^‡		118,000		106,723
International Flavors & Fragrances, Inc., 1.83%, 10/15/27^‡		233,000		201,278
Silgan Holdings, Inc., 1.40%, 04/01/26^‡		271,000		242,723
Total Materials				954,216

Real Estate — 1.3%
EPR Properties, 4.95%, 04/15/28		145,000		133,730
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25		195,000		191,618
Office Properties Income Trust, 4.50%, 02/01/25		225,000		215,962
Office Properties Income Trust, 2.65%, 06/15/26		105,000		89,467
Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23		231,000		232,699
Service Properties Trust, 4.65%, 03/15/24		200,000		172,208
VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25^‡		75,000		71,472
Total Real Estate				1,107,156

Utilities — 0.7%
FirstEnergy Transmission LLC, 2.87%, 09/15/28^‡		119,000		100,955
NRG Energy, Inc., 3.75%, 06/15/24^‡		175,000		171,949
Puget Energy, Inc., 2.38%, 06/15/28		151,000		132,429
Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51^@		254,000		216,451
Total Utilities				621,784
Total Corporate Bonds (Cost $15,911,151)				14,291,601

See accompanying Notes to Financial Statements.

111

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
TERM LOANS — 7.2%

Aerospace — 0.8%
Air Canada, 4.25%, (3-Month USD LIBOR + 3.50%), 08/11/28^@	$	28,235	$	26,047
Brown Group Holding LLC, 4.17%, (1-Month USD LIBOR + 2.50%), 06/07/28^@		129,763		123,397
KKR Apple Bidco LLC, 4.42%, (1-Month USD LIBOR + 2.75%), 07/14/28^@		79,600		75,371
Mileage Plus Holdings LLC, 7.31%, (3-Month USD LIBOR + 5.25%), 06/21/27^@		85,000		84,193
SkyMiles IP Ltd, 4.75%, (3-Month USD LIBOR + 3.75%), 09/16/27^@		120,000		119,550
TransDigm, Inc., 3.92%, (1-Month USD LIBOR + 2.25%), 08/22/24^@		161,623		156,328
TransDigm, Inc., 3.92%, (1-Month USD LIBOR + 2.25%), 05/30/25^@		68,688		65,448
Total Aerospace				650,334

Chemicals — 0.4%
Ineos US Finance LLC, 3.67%, (1-Month USD LIBOR + 2.00%), 04/01/24^@		237,641		230,475
Nouryon USA LLC, 5.25%, (3-Month USD LIBOR + 3.00%), 10/01/25^@		70,811		67,159
Total Chemicals				297,634

Consumer Durables — 0.3%
Fluidra Finco SL, 3.63%, (1-Month USD LIBOR + 2.00%), 01/21/29^@		179,063		174,250
Resideo Funding, Inc., 3.65%, (3-Month USD LIBOR + 2.25%), 02/11/28^@		113,636		109,943
Total Consumer Durables				284,193

Energy — 0.3%
Freeport LNG Investments LLLP, 4.56%, (3-Month USD LIBOR + 3.50%), 11/17/28^@		84,723		73,709
Oryx Midstream Services Permian Basin LLC, 4.71%, (3-Month USD LIBOR + 3.25%), 09/30/28^@		154,225		147,157
Total Energy				220,866

Investments	Principal		Value
TERM LOANS (continued)

Financials — 0.3%
Avolon TLB Borrower 1 US LLC, 3.85%, (1-Month USD LIBOR + 2.25%), 12/01/27^@	$	145,934	$	139,048
Citadel Securities LP, 4.14%, (1-Month USD LIBOR + 2.50%), 02/02/28^@		137,100		132,238
Total Financials				271,286

Food/Tobacco — 0.4%
Aramark Services, Inc., 3.42%, (1-Month USD LIBOR + 1.75%), 03/11/25^@		85,000		81,855
Aramark Services, Inc., 4.17%, (1-Month USD LIBOR + 2.50%), 04/06/28^@		109,607		105,177
Hostess Brands LLC, 3.49%, (3-Month USD LIBOR + 2.25%), 08/03/25^@		117,988		113,585
Total Food/Tobacco				300,617

Forest Prod/Containers — 0.2%
Berry Global, Inc., 4.18%, (3-Month USD LIBOR + 1.75%), 07/01/26^@		124,377		120,455
Mauser Packaging Solutions Holding Co., 5.04%, (1-Month USD LIBOR + 3.25%), 04/03/24^@		88,601		83,599
Total Forest Prod/Containers				204,054

Gaming/Leisure — 0.6%
Caesars Resort Collection LLC, 4.42%, (1-Month USD LIBOR + 2.75%), 12/23/24^@		153,125		147,813
Hilton Worldwide Finance LLC, 3.37%, (1-Month USD LIBOR + 1.75%), 06/22/26^@		85,000		81,915
Scientific Games, 5.04%, (1-Month USD LIBOR + 3.00%), 04/07/29^@		50,000		47,615
Stars Group Holdings BV, 4.50%, (3-Month USD LIBOR + 2.25%), 07/21/26^@		97,772		93,268
Station Casinos LLC, 3.92%, (1-Month USD LIBOR + 2.25%), 02/08/27^@		93,352		88,088
UFC Holdings LLC, 3.50%, (3-Month USD LIBOR + 2.75%), 04/29/26^@		88,681		82,872
Total Gaming/Leisure				541,571

See accompanying Notes to Financial Statements.

112

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
TERM LOANS (continued)

Health Care — 0.4%
Agiliti Health Inc, 4.50%, (1-Month USD LIBOR + 2.75%), 01/04/26^@	$	59,538	$	57,306
Elanco Animal Health, Inc., 3.46%, (1-Month USD LIBOR + 1.75%), 08/01/27^@		100,030		94,741
Horizon Therapeutics USA, Inc., 3.38%, (1-Month USD LIBOR + 1.75%), 03/15/28^@		102,939		99,690
Phoenix Newco Inc, 4.92%, (1-Month USD LIBOR + 3.25%), 08/11/28^@		24,938		23,485
Select Medical Corp., 4.17%, (1-Month USD LIBOR + 2.50%), 03/06/25^@		90,000		86,400
Total Health Care				361,622

Housing — 0.5%
American Builders & Contractors Supply Co., Inc., 3.67%, (1-Month USD LIBOR + 2.00%), 01/15/27^@		88,096		83,540
CPG International (Azek), 4.09%, (3-Month USD LIBOR + 2.50%), 04/20/29^@		90,000		83,925
Quikrete Holdings, Inc., 4.67%, (1-Month USD LIBOR + 3.00%), 06/11/28^@		89,700		84,834
Standard Industries Inc/NJ, 3.79%, (3-Month USD LIBOR + 2.50%), 08/06/28^@		133,813		129,655
Total Housing				381,954

Information Technology — 0.7%
Boxer Parent Co Inc, 5.42%, (1-Month USD LIBOR + 3.75%), 10/02/25^@		89,134		83,267
CCC Intelligent Solutions Inc, 4.50%, (3-Month USD LIBOR + 2.25%), 09/15/28^@		94,475		89,893
Go Daddy Operating Co. LLC, 3.42%, (1-Month USD LIBOR + 1.75%), 02/15/24^@		181,165		175,617
Tenable, Inc., 3.27%, (3-Month USD LIBOR + 2.75%), 07/07/28^@		89,413		85,687
UKG Inc, 5.54%, (3-Month USD LIBOR + 3.25%), 05/04/26^@		129,575		121,740
Total Information Technology				556,204

Investments	Principal		Value
TERM LOANS (continued)

Manufacturing — 0.4%
Gates Global LLC, 4.17%, (1-Month USD LIBOR + 2.50%), 03/31/27^@	$	88,089	$	83,376
NCR Corp., 3.74%, (3-Month USD LIBOR + 2.50%), 08/28/26^@		147,335		143,406
Tenneco, Inc., 4.67%, (1-Month USD LIBOR + 3.00%), 10/01/25^@		88,622		85,734
Total Manufacturing				312,516

Media/Telecom — Broadcasting — 0.1%
Nexstar Media Group, Inc., 4.17%, (1-Month USD LIBOR + 2.50%), 09/18/26^@		68,652		67,856

Media/Telecom — Cable/Wireless Video — 0.6%
Charter Communications Operating LLC, 3.42%, (1-Month USD LIBOR + 1.75%), 02/01/27^@		147,406		140,904
CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), 3.57%, (1-Month USD LIBOR + 2.25%), 07/17/25^@		180,709		168,602
Directv Financing LLC, 6.67%, (1-Month USD LIBOR + 5.00%), 07/22/27^@		90,627		83,698
Virgin Media Bristol LLC, 3.82%, (1-Month USD LIBOR + 2.50%), 01/31/28^@		145,000		136,219
Total Media/Telecom — Cable/Wireless Video				529,423

Media/Telecom — Diversified Media — 0.1%
Clear Channel, 4.74%, (3-Month USD LIBOR + 3.50%), 08/21/26^@		91,975		79,489

Media/Telecom — Telecommunications — 0.1%
CenturyLink, Inc., 3.92%, (1-Month USD LIBOR + 2.25%), 03/15/27^@		122,127		112,623

Media/Telecom — Wireless Communications — 0.1%
SBA Senior Finance II LLC, 3.42%, (1-Month USD LIBOR + 1.75%), 04/11/25^@		128,000		123,676
		��
Retail — 0.1%
PetSmart, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 02/11/28^@		99,250		93,717

See accompanying Notes to Financial Statements.

113

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
TERM LOANS (continued)

Service — 0.7%
Asplundh Tree Expert LLC, 3.42%, (1-Month USD LIBOR + 1.75%), 09/07/27^@	$	113,204	$	109,596
Dun & Bradstreet Corp. (The), 4.87%, (1-Month USD LIBOR + 3.25%), 02/06/26^@		87,587		82,879
Dun & Bradstreet Corp/The, 4.75%, (1-Month USD LIBOR + 3.25%), 01/05/29^@		19,950		18,703
NAB Holdings LLC, 3.76%, (3-Month USD LIBOR + 3.00%), 11/17/28^@		89,500		83,963
Pike Corp., 4.67%, (1-Month USD LIBOR + 3.00%), 01/21/28^@		85,479		81,508
PODS LLC, 4.67%, (1-Month USD LIBOR + 3.00%), 03/31/28^@		98,654		92,044
Sedgwick Claims Management Services Inc, 4.92%, (1-Month USD LIBOR + 3.25%), 12/31/25^@		99,229		93,449
Total Service				562,142

Utilities — 0.1%
Vistra Operations Co. LLC, 3.27%, (1-Month USD LIBOR + 1.75%), 12/31/25^@		134,398		129,022
Total Term Loans (Cost $6,362,738)				6,080,799

U.S. TREASURY NOTES — 6.3%

U.S. Treasury Note, 0.13%, 03/31/23		2,245,000		2,201,321
U.S. Treasury Note, 0.13%, 04/30/23		315,000		307,937
U.S. Treasury Note, 2.50%, 04/30/24^(a)		1,400,000		1,389,145
U.S. Treasury Note, 1.00%, 12/15/24		1,475,000		1,406,263
Total U.S. Treasury Notes (Cost $5,405,377)				5,304,666

FOREIGN BONDS — 5.4%

Consumer Staples — 0.7%
Bacardi Ltd. (Bermuda), 4.70%, 05/15/28^‡		210,000		207,981
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28		330,000		277,249

Investments	Principal		Value
FOREIGN BONDS (continued)

Consumer Staples (continued)
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL (Guatemala), 5.25%, 04/27/29^‡	$	80,000	$	69,836
Total Consumer Staples				555,066

Energy — 0.6%
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)^#@		205,000		179,276
Lundin Energy Finance BV (Netherlands), 2.00%, 07/15/26^‡		400,000		358,256
Total Energy				537,532

Financials — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.45%, 10/29/26		150,000		130,892
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28		155,000		130,947
Banco Santander (Chile), 2.70%, 01/10/25^‡		150,000		143,759
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28		210,000		201,185
Danske Bank A/S (Denmark), 3.77%, (US 1 Year CMT T-Note + 1.45%), 03/28/25^@‡		200,000		196,941
Total Financials				803,724

Industrials — 1.0%
Ashtead Capital, Inc. (United Kingdom), 4.38%, 08/15/27^‡		445,000		414,388
British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35^‡		214,400		189,802
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22^‡		69,518		68,917
GFL Environmental, Inc. (Canada), 3.75%, 08/01/25^‡		145,000		134,739
Total Industrials				807,846

See accompanying Notes to Financial Statements.

114

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
FOREIGN BONDS (continued)

Information Technology — 0.3%
Open Text Corp. (Canada), 3.88%, 02/15/28^‡	$	100,000	$	89,087
SK Hynix, Inc. (South Korea), 1.50%, 01/19/26^‡		200,000		180,177
Total Information Technology				269,264

Materials — 0.7%
FMG Resources August Pty Ltd. (Australia), 5.88%, 04/15/30^‡		145,000		131,751
Glencore Funding LLC (Australia), 1.63%, 09/01/25^‡		245,000		224,471
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25^‡		180,000		164,841
Suzano Austria GMBH (Brazil), 2.50%, 09/15/28		80,000		65,117
Total Materials				586,180

Oil & Gas — 0.2%
Petroleos Mexicanos (Mexico), 4.63%, 09/21/23		180,000		176,368

Sovereign Government — 0.9%
Dominican Republic International Bond (Dominican Republic), 5.50%, 02/22/29^‡		195,000		170,219
Oman Government International Bond (Oman), 5.63%, 01/17/28^‡		200,000		192,907
Qatar Government International Bond (Qatar), 3.40%, 04/16/25^‡		200,000		199,292
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25		200,000		198,538
Total Sovereign Government				760,956
Total Foreign Bonds (Cost $4,999,102)				4,496,936

MONEY MARKET FUND — 3.7%
JPMorgan U.S. Government Money Market Fund — Institutional Class, 1.29%^(b) (Cost $3,085,679)		3,085,679		3,085,679

Investments	Principal		Value
REPURCHASE AGREEMENT — 0.3%^(c)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $239,255, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $244,030) (Cost $239,245)	$	239,245	$	239,245

Total Investments — 100.4% (Cost $89,226,838)				84,038,229
Liabilities in Excess of Other Assets — (0.4%)				(356,629	)
Net Assets — 100.0%			$	83,681,600

CMT — Constant Maturity Treasury Index

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 June 30, 2022.

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 $883,186; the aggregate market value of the collateral held by the fund is $905,857. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $666,612.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

115

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3			Total
Asset Backed Securities	$	—	$	28,545,991	$	—		$	28,545,991
Mortgage Backed Securities		—		21,993,312		—			21,993,312
Corporate Bonds		—		14,291,601		—			14,291,601
Term Loans		—		6,080,799		—			6,080,799
U.S. Treasury Notes		—		5,304,666		—			5,304,666
Foreign Bonds		—		4,496,936		—			4,496,936
Money Market Fund		3,085,679		—		—	��		3,085,679
Repurchase Agreement		—		239,245		—			239,245
Total	$	3,085,679	$	80,952,550	$	—		$	84,038,229

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace		0.8	%
Asset Backed Securities		34.1
Chemicals		0.4
Commercial Mortgage Backed Securities		3.5
Communication Services		1.0
Consumer Discretionary		0.3
Consumer Durables		0.3
Consumer Staples		0.9
Energy		2.2
Financials		7.8
Food/Tobacco		0.4
Forest Prod/Containers		0.2
Gaming/Leisure		0.6
Health Care		2.2
Housing		0.5
Industrials		2.2
Information Technology		2.7
Manufacturing		0.4
Materials		1.8
Media/Telecom – Broadcasting		0.1
Media/Telecom – Cable/Wireless Video		0.6
Media/Telecom – Diversified Media		0.1
Media/Telecom – Telecommunications		0.1

SUMMARY OF SCHEDULE OF INVESTMENTS
(continued)

	% of Net Assets
Media/Telecom – Wireless Communications		0.1	%
Mortgage Backed Security		0.1
Oil & Gas		0.2
Real Estate		1.3
Residential Mortgage Backed Securities		22.7
Retail		0.1
Service		0.7
Sovereign Government		0.9
U.S. Treasury Notes		6.3
Utilities		0.8
Money Market		3.7
Repurchase Agreement		0.3
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

116

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF
(formerly AdvisorShares Sage Core Reserves ETF)
Schedule of Investments

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES — 38.6%

Diversified Financial Services — 38.6%
American Credit Acceptance Receivables Trust, Class D, Series 2019-3, 2.89%, 09/12/25^‡	$	485,636	$	484,829
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26^‡		355,000		340,424
American Express Credit Account Master Trust, Class A, Series 2019-3, 2.00%, 04/15/25		540,000		540,687
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-2, 0.34%, 12/18/26		600,000		582,102
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26		400,000		384,102
Carvana Auto Receivables Trust, Class A1, Series 2021-N4, 0.83%, 09/11/28		255,122		250,277
Carvana Auto Receivables Trust, Class A1, Series 2022-N1, 2.31%, 12/11/28^‡		259,327		254,857
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25^‡		365,876		358,354
Conn’s Receivables Funding LLC, Class A, Series 2021-A, 1.05%, 05/15/26^‡		225,679		224,317
Enterprise Fleet Funding LLC, Class A2, Series 2021-1, 0.44%, 12/21/26^‡		494,490		480,138
Exeter Automobile Receivables Trust, Class A3, Series 2021-2A, 0.30%, 10/15/24		195,805		195,534
Exeter Automobile Receivables Trust, Class B, Series 2021-1A, 0.50%, 02/18/25		97,774		97,457
First Investors Auto Owner Trust, Class A, Series 2022-1A, 2.03%, 01/15/27^‡		296,319		289,979
Flagship Credit Auto Trust, Class A, Series 2021-4, 0.81%, 07/17/26^‡		389,765		376,371
Flagship Credit Auto Trust, Class A, Series 2022-1, 1.79%, 10/15/26^‡		421,358		410,305
Ford Credit Auto Lease Trust, Class A2, Series 2021-B, 0.24%, 04/15/24		415,272		411,463

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Diversified Financial Services (continued)
Ford Credit Floorplan Master Owner Trust, Class A, Series 2017-3, 2.48%, 09/15/24	$	630,000	$	630,055
GLS Auto Receivables Issuer Trust, Class A, Series 2021-3A, 0.42%, 01/15/25^‡		97,105		95,953
GLS Auto Receivables Issuer Trust, Class A, Series 2021-4A, 0.84%, 07/15/25^‡		324,194		318,261
GLS Auto Receivables Issuer Trust, Class B, Series 2021-3A, 0.78%, 11/17/25^‡		195,000		186,985
GLS Auto Receivables Trust, Class A, Series 2022-1A, 1.98%, 08/15/25^‡		583,122		576,153
GM Financial Automobile Leasing Trust, Class C, Series 2020-2, 2.56%, 07/22/24		160,000		158,629
GM Financial Consumer Automobile Receivables Trust, Class A2, Series 2021-2, 0.27%, 06/17/24		193,673		192,873
GreatAmerica Leasing Receivables Funding LLC, Class A2, Series 2021-2, 0.38%, 03/15/24^‡		650,000		637,313
Honda Auto Receivables Owner Trust, Class A2, Series 2021-3, 0.20%, 02/20/24		280,375		277,815
OneMain Financial Issuance Trust, Class A, Series 2020-1A, 3.84%, 05/14/32^‡		436,751		435,641
Oscar US Funding XIV LLC, Class A2, Series 2022-1A (Japan), 1.60%, 03/10/25^‡		690,000		678,292
Santander Drive Auto Receivables Trust, Class A3, Series 2022-1, 1.94%, 11/17/25		490,000		478,700
Santander Drive Auto Receivables Trust, Class B, Series 2020-4, 0.73%, 03/17/25		147,385		147,117
Santander Drive Auto Receivables Trust, Class C, Series 2020-3, 1.12%, 01/15/26		325,000		322,546

See accompanying Notes to Financial Statements.

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Diversified Financial Services (continued)
Santander Drive Auto Receivables Trust, Class C, Series 2021-1, 0.75%, 02/17/26	$	675,000	$	658,819
Tesla Auto Lease Trust, Class A2, Series 2021-A, 0.36%, 03/20/25^‡		178,287		175,541
Toyota Auto Receivables Owner Trust, Class A2A, Series 2022-B, 2.35%, 01/15/25		375,000		372,530
United Auto Credit Securitization Trust, Class A, Series 2022-1, 1.11%, 07/10/24^‡		312,277		309,958
Verizon Owner Trust, Class A1A, Series 2019-A, 2.93%, 09/20/23		6,452		6,457
Verizon Owner Trust, Class B, Series 2020-A, 1.98%, 07/22/24		500,000		494,694
Westlake Automobile Receivables Trust, Class A2, Series 2021-3A, 0.57%, 09/16/24^‡		399,690		395,181
Westlake Automobile Receivables Trust, Class A2A, Series 2021-2A, 0.32%, 04/15/25^‡		336,916		332,650
Total Asset Backed Securities (Cost $13,736,601)				13,563,359

CORPORATE BONDS — 31.2%

Banks — 11.1%
Bank of America Corp., 3.00%, (3-Month USD LIBOR + 0.79%), 12/20/23^@		1,000,000		997,176
Goldman Sachs Group, Inc. (The), 2.03%, (SOFR + 0.62%), 12/06/23^@		600,000		593,111
JPMorgan Chase Bank NA, Series 2, 1.71%, (3-Month USD LIBOR + 0.10%), 12/04/23^@		245,000		244,564
Morgan Stanley, 4.88%, 11/01/22		920,000		926,664
Wells Fargo & Co., Series M, 3.45%, 02/13/23		1,116,000		1,117,484
Total Banks				3,878,999

Biotechnology — 1.3%
Biogen, Inc., 3.63%, 09/15/22		443,000		443,083

Investments	Principal		Value
CORPORATE BONDS (continued)

Diversified Financial Services — 2.3%
Aircastle Ltd., 4.40%, 09/25/23	$	325,000	$	321,116
American Express Co., 1.83%, (SOFR + 0.72%), 05/03/24^@		495,000		491,574
Total Diversified Financial Services				812,690

Electric — 3.8%
Edison International, 2.40%, 09/15/22		735,000		733,549
OGE Energy Corp., 0.70%, 05/26/23		113,000		110,152
Pacific Gas and Electric Co., 3.25%, 02/16/24		500,000		487,633
Total Electric				1,331,334

Entertainment — 1.0%
Magallanes, Inc., 3.53%, 03/15/24^‡		375,000		367,707

Gas — 2.8%
CenterPoint Energy Resources Corp., 2.11%, (3-Month USD LIBOR + 0.50%), 03/02/23^@		523,000		521,617
Southern California Gas Co., 2.09%, (3-Month USD LIBOR + 0.35%), 09/14/23^@		466,000		463,187
Total Gas				984,804

Healthcare — Services — 1.7%
Humana, Inc., 3.15%, 12/01/22		581,000		581,250

Insurance — 2.3%
Athene Global Funding, 2.26%, (SOFR + 0.72%), 01/07/25^@‡		825,000		799,509

Media — 0.6%
DISH DBS Corp., 5.88%, 07/15/22		220,000		220,734

Pharmaceuticals — 1.9%
AbbVie, Inc., 2.90%, 11/06/22		670,000		670,066

Pipelines — 1.4%
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23		509,000		509,612

Retail — 1.0%
QVC, Inc., 4.38%, 03/15/23		336,000		335,370
Total Corporate Bonds (Cost $11,070,899)				10,935,158

See accompanying Notes to Financial Statements.

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
CORPORATE BONDS (continued)

U.S. TREASURY NOTES — 12.4%
U.S. Treasury Note, 1.50%, 08/15/22	$	1,500,000	$	1,500,104
U.S. Treasury Note, 0.13%, 10/31/22		2,000,000		1,986,855
U.S. Treasury Note, 0.13%, 03/31/23		575,000		563,813
U.S. Treasury Note, 2.75%, 08/31/23		300,000		299,461
Total U.S. Treasury Notes (Cost $4,361,836)				4,350,233

MORTGAGE BACKED SECURITIES — 12.1%

Commercial Mortgage Backed Securities — 12.1%
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49^@‡*		134,487		130,058
Federal Home Loan Mortgage Corp., Class A2, Series 2013-K025, 2.68%, 10/25/22		464,728		464,630
Federal Home Loan Mortgage Corp., Class A2, Series 2013-K026, 2.51%, 11/25/22		531,293		530,789
Federal Home Loan Mortgage Corp., Class A1, Series 2013-K033, 2.87%, 02/25/23		601,740		601,173
Federal Home Loan Mortgage Corp., Class A1, Series 2015-K051, 2.89%, 04/25/25		397,516		394,427
Federal Home Loan Mortgage Corp., Class PA, Series 2016-4614, 3.00%, 12/15/43		1,097,617		1,091,834
Federal Home Loan Mortgage Corp., Class LB, Series 2017-4673, 2.50%, 04/15/44		55,784		55,303
Federal Home Loan Mortgage Corp., Class QM, Series 2018-4776, 3.00%, 06/15/45		309,625		307,513
Federal National Mortgage Association, Class LB, Series 2014-85, 3.00%, 02/25/33		359,235		358,837
FREMF Mortgage Trust, Class B, Series 2012-K22, 3.76%, 08/25/45^@‡*		310,000		309,788
Total Mortgage Backed Securities (Cost $4,265,408)				4,244,352

Investments	Principal/ Shares		Value
FOREIGN BONDS — 3.9%

Banks — 3.0%
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22 (Switzerland)	$	1,050,000	$	1,050,954

Oil & Gas — 0.9%
Ecopetrol SA, 5.88%, 09/18/23 (Colombia)		328,000		329,432
Total Foreign Bonds (Cost $1,397,042)				1,380,386

U.S. GOVERNMENT BOND AND NOTE — 0.4%
Federal Home Loan Banks, 2.50%, 04/29/27 (Cost $149,850)		150,000		149,325

MONEY MARKET FUND — 4.4%
JPMorgan U.S. Government Money Market Fund — Institutional Class, 1.29%^(a) (Cost $1,529,219)		1,529,219		1,529,219

Total Investments — 103.0% (Cost $36,510,855)				36,152,032
Liabilities in Excess of Other Assets — (3.0%)				(1,065,371	)
Net Assets — 100.0%			$	35,086,661

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022.

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.

‡

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

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June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	13,563,359	$	—	$	13,563,359
Corporate Bonds		—		10,935,158		—		10,935,158
U.S. Treasury Notes		—		4,350,233		—		4,350,233
Mortgage Backed Securities		—		4,244,352		—		4,244,352
Foreign Bonds		—		1,380,386		—		1,380,386
U.S. Government Bond and Note		—		149,325		—		149,325
Money Market Fund		1,529,219		—		—		1,529,219
Total	$	1,529,219	$	34,622,813	$	—	$	36,152,032

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Banks		14.1	%
Biotechnology		1.3
Commercial Mortgage Backed Securities		12.1
Diversified Financial Services		40.9
Electric		3.8
Entertainment		1.0
Gas		2.8
Healthcare — Services		1.7
Insurance		2.3
Media		0.6
Oil & Gas		0.9
Pharmaceuticals		1.9
Pipelines		1.4
Retail		1.0
U.S. Government Bond and Note		0.4
U.S. Treasury Notes		12.4
Money Market Fund		4.4
Total Investments		103.0
Liabilities in Excess of Other Assets		(3.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

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(formerly AdvisorShares FolioBeyond Smart Core Bond ETF)
Schedule of Investments

June 30, 2022

Investments	Principal		Value
U.S. GOVERNMENT BONDS AND NOTES — 28.7%
Federal Agricultural Mortgage Corp., 4.17%, 05/24/29	$	16,000	$	16,001
Federal Farm Credit Banks Funding Corp., 1.30%, 09/20/28		21,000		18,651
Federal Farm Credit Banks Funding Corp., 1.77%, 02/04/31		26,000		22,254
Federal Farm Credit Banks Funding Corp., 2.20%, 12/09/31		28,000		24,675
Federal Farm Credit Banks Funding Corp., 2.20%, 11/01/33		36,000		30,661
Federal Farm Credit Banks Funding Corp., 2.20%, 09/02/36		33,000		26,943
Federal Farm Credit Banks Funding Corp., 2.28%, 02/14/28		45,000		42,138
Federal Farm Credit Banks Funding Corp., 2.43%, 11/16/34		28,000		24,701
Federal Farm Credit Banks Funding Corp., 2.45%, 02/23/28		12,000		11,461
Federal Farm Credit Banks Funding Corp., 2.48%, 01/19/34		37,000		32,239
Federal Farm Credit Banks Funding Corp., 2.48%, 02/01/34		36,000		31,486
Federal Farm Credit Banks Funding Corp., 2.55%, 12/21/34		46,000		39,328
Federal Farm Credit Banks Funding Corp., 2.75%, 02/02/37		37,000		32,014
Federal Farm Credit Banks Funding Corp., 2.87%, 02/25/30		72,000		67,700
Federal Farm Credit Banks Funding Corp., 3.00%, 03/08/32		20,000		18,935
Federal Farm Credit Banks Funding Corp., 3.25%, 02/23/35		54,000		50,087
Federal Farm Credit Banks Funding Corp., 3.36%, 02/23/37		92,000		84,771
Federal Farm Credit Banks Funding Corp., 3.80%, 04/05/32		35,000		34,253

Investments	Principal		Value
U.S. GOVERNMENT BONDS AND NOTES (continued)
Federal Farm Credit Banks Funding Corp., 4.00%, 04/19/32	$	14,000	$	13,880
Federal Farm Credit Banks Funding Corp., 4.20%, 04/07/36		20,000		19,608
Federal Farm Credit Banks Funding Corp., 4.74%, 05/24/33		13,000		12,968
Federal Farm Credit Banks Funding Corp., 4.90%, 05/24/35		18,000		17,963
Federal Home Loan Banks, 2.00%, 02/25/27		75,000		70,837
Federal Home Loan Banks, 2.00%, 03/25/30		37,500		33,275
Federal Home Loan Banks, 2.50%, 04/29/27		100,000		99,550
Federal Home Loan Banks, 2.75%, 02/22/34		15,000		13,696
Federal Home Loan Banks, 2.90%, 02/18/37		15,000		13,133
Federal Home Loan Banks, 4.44%, 05/26/32		20,000		19,852
Federal Home Loan Mortgage Corp., 1.15%, 08/26/30		40,000		33,397
Total U.S. Government Bonds and Notes (Cost $1,026,856)				956,457

CORPORATE BONDS — 27.7%

Aerospace/Defense — 0.4%
Boeing Co. (The), 4.88%, 05/01/25		5,000		4,990
Boeing Co. (The), 2.20%, 02/04/26		10,000		9,023
Total Aerospace/Defense				14,013

Agriculture — 0.2%
Altria Group, Inc., 4.80%, 02/14/29		7,000		6,673

Auto Manufacturers — 0.7%
American Honda Finance Corp., 2.00%, 03/24/28		16,000		14,215
General Motors Financial Co., Inc., 4.30%, 04/06/29^(a)		9,000		8,284
Total Auto Manufacturers				22,499

See accompanying Notes to Financial Statements.

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
CORPORATE BONDS (continued)

Banks — 8.3%
Bank of America Corp., Series N, 1.66%, (SOFR + 0.91%), 03/11/27^@	$	47,000	$	42,250
Citigroup, Inc., 4.66%, (SOFR + 1.89%), 05/24/28^@		9,000		8,963
Goldman Sachs Group, Inc. (The), 1.43%, (SOFR + 0.80%), 03/09/27^@		57,000		50,680
Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 01/27/32^@		33,000		26,171
JPMorgan Chase & Co., 0.97%, (TSFR3M + 0.58%), 06/23/25^@		9,000		8,424
JPMorgan Chase & Co., 2.01%, (TSFR3M + 1.59%), 03/13/26^@		44,000		41,292
JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27^@		15,000		13,389
JPMorgan Chase & Co., 1.95%, (SOFR + 1.07%), 02/04/32^@		7,000		5,616
Morgan Stanley, 0.79%, (SOFR + 0.53%), 05/30/25^@		8,000		7,471
Morgan Stanley, 1.59%, (SOFR + 0.88%), 05/04/27^@		20,000		17,809
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/26		5,000		4,481
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/30		33,000		28,799
Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28^@		21,000		19,938
Total Banks				275,283

Beverages — 0.3%
Coca-Cola Co. (The), 1.65%, 06/01/30		10,000		8,510

Biotechnology — 0.3%
Amgen, Inc., 3.00%, 02/22/29		10,000		9,250

Chemicals — 0.1%
DuPont de Nemours, Inc., 4.49%, 11/15/25		5,000		5,046

Computers — 2.9%
Apple, Inc., 2.05%, 09/11/26		13,000		12,266
Apple, Inc., 1.20%, 02/08/28		19,000		16,673
Apple, Inc., 4.65%, 02/23/46		49,000		50,825
International Business Machines Corp., 5.88%, 11/29/32		17,000		18,623
Total Computers				98,387

Investments	Principal		Value
CORPORATE BONDS (continued)

Diversified Financial Services — 1.0%
Capital One Financial Corp., 1.34%, (SOFR + 0.69%), 12/06/24^@	$	16,000	$	15,353
Capital One Financial Corp., 1.88%, (SOFR + 0.86%), 11/02/27^@		21,000		18,461
Total Diversified Financial Services				33,814

Electric — 2.5%
Alabama Power Co., 3.45%, 10/01/49		12,000		9,605
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/30		9,000		8,414
Consolidated Edison Co. of New York, Inc., 3.95%, 03/01/43		10,000		8,644
Consolidated Edison Co. of New York, Inc., Series E, 4.65%, 12/01/48		10,000		9,516
Duke Energy Carolinas LLC, 5.30%, 02/15/40		26,000		27,164
Duke Energy Corp., 2.45%, 06/01/30		8,000		6,768
Entergy Corp., 1.90%, 06/15/28		8,000		6,884
Pacific Gas And Electric Co., 1.37%, 03/10/23		5,000		4,925
Total Electric				81,920

Environmental Control — 0.2%
Waste Connections, Inc., 4.25%, 12/01/28		8,000		7,915

Healthcare – Services — 0.6%
UnitedHealth Group, Inc., 2.00%, 05/15/30		24,000		20,639

Internet — 0.3%
Amazon.Com, Inc., 3.88%, 08/22/37		10,000		9,536

Media — 1.0%
Walt Disney Co. (The), 3.50%, 05/13/40		37,000		31,749

Oil & Gas — 1.0%
BP Capital Markets America, Inc., 2.72%, 01/12/32		22,000		19,016
Exxon Mobil Corp., 4.23%, 03/19/40		16,000		15,221
Total Oil & Gas				34,237

See accompanying Notes to Financial Statements.

122

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
CORPORATE BONDS (continued)

Pharmaceuticals — 1.3%
CVS Health Corp., 4.78%, 03/25/38	$	47,000	$	44,706

Retail — 1.8%
Home Depot, Inc. (The), 2.95%, 06/15/29		21,000		19,658
Lowe’s Cos., Inc., 3.10%, 05/03/27		4,000		3,818
Starbucks Corp., 3.55%, 08/15/29		17,000		16,013
Starbucks Corp., 3.00%, 02/14/32^(a)		14,000		12,205
Walmart, Inc., 2.50%, 09/22/41		10,000		7,833
Total Retail				59,527

Semiconductors — 0.5%
Intel Corp., 3.73%, 12/08/47		20,000		17,106

Software — 1.4%
Oracle Corp., 3.25%, 11/15/27		14,000		12,946
Oracle Corp., 3.60%, 04/01/40		45,000		33,750
Total Software				46,696

Telecommunications — 1.5%
AT&T, Inc., 1.70%, 03/25/26		11,000		10,081
AT&T, Inc., 4.35%, 03/01/29		12,000		11,847
Verizon Communications, Inc., 2.10%, 03/22/28		11,000		9,800
Verizon Communications, Inc., 2.65%, 11/20/40		15,000		11,116
Verizon Communications, Inc., 3.40%, 03/22/41		7,000		5,721
Total Telecommunications				48,565

Transportation — 1.4%
CSX Corp., 3.80%, 03/01/28		10,000		9,781
FedEx Corp. 2020-1 Class AA Pass-Through Trust, 1.88%, 02/20/34		18,396		16,050
Union Pacific Corp., 3.95%, 09/10/28		21,000		20,808
Total Transportation				46,639
Total Corporate Bonds (Cost $1,052,246)				922,710

U.S. GOVERNMENT AGENCY SECURITIES — 24.5%
Federal Home Loan Mortgage Corp., 2.00%, 11/01/51		62,193		54,366
Federal Home Loan Mortgage Corp., 3.50%, 10/01/34		12,846		12,882

Investments	Principal		Value
U.S. GOVERNMENT AGENCY SECURITIES (continued)
Federal Home Loan Mortgage Corp., 3.50%, 07/01/47	$	23,541	$	23,061
Federal Home Loan Mortgage Corp., 4.00%, 06/01/33		50,696		51,576
Federal Home Loan Mortgage Corp., Class BA, Series 2022-5199, 3.00%, 06/25/48		39,009		37,669
Federal Home Loan Mortgage Corp., Class GA, Series 2020-4994, 2.00%, 03/25/44		20,407		19,561
Federal Home Loan Mortgage Corp., Class GH, Series 2020-5019, 2.00%, 06/25/42		6,986		6,633
Federal Home Loan Mortgage Corp., Class HA, Series 2011-3816, 3.50%, 11/15/25		47,763		48,020
Federal Home Loan Mortgage Corporation, 3.00%, 05/01/42		24,776		23,420
Federal National Mortgage Association, 2.50%, 02/01/41		25,608		23,230
Federal National Mortgage Association, 2.50%, 04/01/48		19,149		17,422
Federal National Mortgage Association, 2.50%, 05/01/50		73,543		65,429
Federal National Mortgage Association, 2.50%, 10/01/51		28,976		26,258
Federal National Mortgage Association, 3.00%, 01/01/40		17,682		16,875
Federal National Mortgage Association, 3.00%, 11/01/46		24,941		23,831
Federal National Mortgage Association, 3.00%, 11/01/46		41,948		39,776
Federal National Mortgage Association, 3.00%, 02/01/47		23,072		22,048
Federal National Mortgage Association, 3.00%, 02/01/49		25,286		23,887
Federal National Mortgage Association, 3.00%, 02/01/50		22,705		21,468
Federal National Mortgage Association, 3.00%, 10/01/51		56,459		52,798
Federal National Mortgage Association, 3.00%, 02/01/52		24,284		22,721

See accompanying Notes to Financial Statements.

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Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
U.S. GOVERNMENT AGENCY SECURITIES (continued)
Federal National Mortgage Association, 3.00%, 02/01/52	$	23,370	$	21,856
Federal National Mortgage Association, 3.50%, 09/01/32		11,696		11,717
Federal National Mortgage Association, 3.50%, 02/01/33		24,566		24,636
Federal National Mortgage Association, 3.50%, 02/01/35		47,904		47,728
Federal National Mortgage Association, 3.50%, 03/01/48		12,305		12,048
Federal National Mortgage Association, 3.50%, 06/01/49		25,783		25,161
Federal National Mortgage Association, Class LA, Series 2019-39, 3.00%, 02/25/49		2,856		2,769
Government National Mortgage Association, 3.00%, 10/20/51		32,408		30,669
Government National Mortgage Association, Class ME, Series 2013-28, 1.75%, 11/20/42		8,325		7,945
Total U.S. Government Agency Securities (Cost $889,475)				817,460

ASSET BACKED SECURITIES — 6.8%

Auto Manufacturers — 2.3%
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26		30,000		28,808
Exeter Automobile Receivables Trust, Class B, Series 2021-3A, 0.69%, 01/15/26		50,000		48,921
Total Auto Manufacturers				77,729

Diversified Financial Services — 4.5%
Carvana Auto Receivables Trust 2022-P2, Class A2, Series 2022-P2, 3.33%, 07/10/25		15,000		14,916
CIG Auto Receivables Trust, Class A, Series 2021-1A, 0.69%, 04/14/25^‡		16,383		16,046
Drive Auto Receivables Trust, Class A3, Series 2021-3, 0.79%, 10/15/25		44,000		43,049

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Diversified Financial Services (continued)
Santander Retail Auto Lease Trust 2022-B, Class A2, Series 2022-B, 2.84%, 05/20/25^‡	$	10,000	$	9,940
Verizon Owner Trust, Class B, Series 2020-C, 0.67%, 04/21/25		50,000		47,688
Volvo Financial Equipment LLC Series, Class A3, Series 2019-2A, 2.04%, 11/15/23^‡		9,475		9,466
Westlake Automobile Receivables Trust, Class A3, Series 2021-3A, 0.95%, 06/16/25^‡		10,000		9,697
Total Diversified Financial Services				150,802
Total Asset Backed Securities (Cost $234,287)				228,531

FOREIGN BONDS — 5.2%

Agriculture — 0.4%
BAT Capital Corp., 3.56%, 08/15/27 (United Kingdom)		8,000		7,336
BAT Capital Corp., 4.91%, 04/02/30 (United Kingdom)		7,000		6,523
Total Agriculture				13,859

Banks — 2.0%
Bank of Montreal, 1.85%, 05/01/25 (Canada)		15,000		14,252
Bank of Nova Scotia (The), 1.30%, 06/11/25 (Canada)		11,000		10,204
Canadian Imperial Bank of Commerce, 2.25%, 01/28/25 (Canada)		8,000		7,682
Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Canada)		7,000		6,380
Royal Bank of Canada, Series G, 2.30%, 11/03/31 (Canada)		11,000		9,207
Toronto-Dominion Bank (The), 1.25%, 09/10/26 (Canada)		13,000		11,538
Westpac Banking Corp., 1.95%, 11/20/28 (Australia)		9,000		7,877
Total Banks				67,140

Beverages — 0.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (Belgium)		10,000		9,471

See accompanying Notes to Financial Statements.

124

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
FOREIGN BONDS (continued)

Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29 (Belgium)	$	1,000	$	1,020
Total Beverages				10,491

Multi-National — 1.3%
International Bank For Reconstruction & Development, 2.70%, 12/28/37 (Supranational)		49,000		42,987

Oil & Gas — 0.6%
Shell International Finance BV, 2.38%, 11/07/29 (Netherlands)		20,000		17,717

Pipelines — 0.6%
TransCanada Pipelines Ltd., 4.10%, 04/15/30 (Canada)		21,000		20,126
Total Foreign Bonds (Cost $195,790)				172,320

CERTIFICATE OF DEPOSITS — 2.6%
Capital One Bank USA NA, 3.10%, 06/02/25		20,000		19,846
Capital One NA, 3.10%, 06/02/25		34,000		33,739
Discover Bank, 3.10%, 06/02/25		34,000		33,738
Total Certificate of Deposits (Cost $87,836)				87,323

U.S. TREASURY BONDS — 2.2%
U.S. Treasury Bond, 2.00%, 11/15/41		88,000		70,324
U.S. Treasury Bond, 2.25%, 02/15/52^(a)		3,000		2,491
Total U.S. Treasury Bonds (Cost $90,177)				72,815

U.S. TREASURY NOTES — 0.6%
U.S. Treasury Note, 1.88%, 02/15/32		18,000		16,355
U.S. Treasury Note, 2.88%, 05/15/32^(a)		4,000		3,967
Total U.S. Treasury Notes (Cost $21,263)				20,322

Investments	Principal/ Shares		Value
MORTGAGE BACKED SECURITIES — 0.6%

Diversified Financial Services — 0.6%
Citigroup Commercial Mortgage Trust, Class A1, Series 2018-C6, 3.30%, 11/10/51	$	6,739	$	6,707
Connecticut Avenue Securities Trust, Class 1M1, Series 2022-R01, 1.93%, (SOFR + 1.00%), 12/25/41^@‡		13,426		13,146
Total Mortgage Backed Securities (Cost $20,298)				19,853

MONEY MARKET FUND — 1.0%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.03%^(b) (Cost $32,907)		32,907		32,907

Total Investments — 99.9% (Cost $3,651,135)				3,330,698
Other Assets in Excess of Liabilities — 0.1%				2,399
Net Assets — 100.0%			$	3,333,097

SOFR — Secured Overnight Financing Rate

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2022.

‡

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $25,416; the aggregate market value of the collateral held by the fund is $26,075. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $26,075.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

125

ADVISORSHARES NORTH SQUARE MCKEE ESG CORE BOND ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
U.S. Government Bonds and Notes	$	—	$	956,457	$	—	$	956,457
Corporate Bonds		—		922,710		—		922,710
U.S. Government Agency Securities		—		817,460		—		817,460
Asset Backed Securities		—		228,531		—		228,531
Foreign Bonds		—		172,320		—		172,320
Certificate of Deposits		—		87,323		—		87,323
U.S. Treasury Bonds		—		72,815		—		72,815
U.S. Treasury Notes		—		20,322		—		20,322
Mortgage Backed Securities		—		19,853		—		19,853
Money Market Fund		32,907		—		—		32,907
Total	$	32,907	$	3,297,791	$	—	$	3,330,698

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		0.4	%
Agriculture		0.6
Auto Manufacturers		3.0
Banks		10.3
Beverages		0.6
Biotechnology		0.3
Certificate Of Deposits		2.6
Chemicals		0.1
Computers		2.9
Diversified Financial Services		30.6
Electric		2.5
Environmental Control		0.2
Healthcare – Services		0.6
Internet		0.3
Media		1.0

SUMMARY OF SCHEDULE OF INVESTMENTS
(continued)

	% of Net Assets
Multi-National		1.3	%
Oil & Gas		1.6
Pharmaceuticals		1.3
Pipelines		0.6
Retail		1.8
Semiconductors		0.5
Software		1.4
Telecommunications		1.5
Transportation		1.4
U.S. Government Bonds and Notes		28.7
U.S. Treasury Bonds		2.2
U.S. Treasury Notes		0.6
Money Market Fund		1.0
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

126

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
COMMON STOCKS — 10.2%

Agriculture — 2.3%
Village Farms International, Inc. (Canada)*		37,651	$	98,269

Pharmaceuticals — 5.9%
Intercure Ltd. (Israel)*		21,821		126,344
Sundial Growers, Inc. (Canada)*		401,607		130,964
Total Pharmaceuticals				257,308

Software — 2.0%
WM Technology, Inc.*^(a)		27,057		89,017
Total Common Stocks (Cost $580,726)				444,594

MONEY MARKET FUND — 143.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(b)** (Cost $6,247,534)		6,247,534		6,247,534

REPURCHASE AGREEMENTS — 0.9%^(c)
Credit Suisse AG, dated 06/30/22, due 07/01/22, 1.49%, total to be received $7,000, (collateralized by various U.S. Government Agency Obligations, 0.13%-0.25%, 3/15/24-7/15/31, totaling $7,140)	$	7,000		7,000
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.49%, total to be received $7,000, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.63%, 7/26/22-2/15/50, totaling $7,140)		7,000		7,000
Deutsche Bank Securities, Inc., dated 06/30/22, due 07/01/22, 1.49%, total to be received $7,000, (collateralized by various U.S. Government Agency Obligations, 0.00%-0.75%, 1/15/25-8/15/39, totaling $7,140)		7,000		7,000
HSBC Securities USA, Inc., dated 06/30/22, due 07/01/22, 1.49%, total to be received $7,000, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 11/15/23-8/15/51, totaling $7,140)		7,000		7,000

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS (continued)
JP Morgan Securities LLC, dated 06/30/22, due 07/01/22, 1.49%, total to be received $7,000, (collateralized by various U.S. Government Agency Obligations, 2.88%-3.38%, 5/15/44-5/15/49, totaling $7,140)	$	7,000	$	7,000
Mizuho Securities USA, Inc., dated 06/30/22, due 07/01/22, 1.50%, total to be received $3,852, (collateralized by various U.S. Government Agency Obligations, 2.88%, 5/15/28, totaling $3,929)		3,852		3,852
Total Repurchase Agreements (Cost $38,852)				38,852

Total Investments — 154.5% (Cost $6,867,112)				6,730,980
Liabilities in Excess of Other Assets — (54.5%)				(2,374,205	)
Net Assets — 100.0%			$	4,356,775

SOFR — Secured Overnight Financing Rate

	*	Non-income producing security.
	**	Amount includes $5,428,346 of segregated collateral for swaps.
	(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $51,854; the aggregate market value of the collateral held by the fund is $50,852, which includes $12,000 of uninvested cash collateral.
	(b)	Rate shown reflects the 7-day yield as of June 30, 2022.
	(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

127

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	444,594	$	—	$	—	$	444,594
Money Market Fund		6,247,534		—		—		6,247,534
Repurchase Agreements		—		38,852		—		38,852
Total	$	6,692,128	$	38,852	$	—	$	6,730,980

Liabilities		Level 1				Level 2				Level 3				Total
Swaps^†		$	—			$	(11,562	)		$	—			$	(11,562	)

†

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		2.3	%
Pharmaceuticals		5.9
Software		2.0
Money Market Fund		143.4
Repurchase Agreements		0.9
Total Investments		154.5
Liabilities in Excess of Other Assets		(54.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

128

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Total Return Swap contracts outstanding as of June 30, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Ascend Well	SOFR + 1.00%	Monthly	11/20/2023	$	644,536	$	642,687	$	(1,849	)
AYR Wellness	SOFR + 1.00%	Monthly	11/20/2023		144,851		144,534		(317	)
Columbia Care	SOFR + 1.00%	Monthly	11/20/2023		167,340		166,703		(637	)
Cresco Labs	SOFR + 1.00%	Monthly	11/20/2023		141,427		140,845		(582	)
Curaleaf Holdings SUB VOT	SOFR + 1.00%	Monthly	11/20/2023		865,360		863,424		(1,936	)
Green Thumb Industries SUB VOT	SOFR + 1.00%	Monthly	11/20/2023		794,393		792,344		(2,049	)
Terrascend	SOFR + 1.00%	Monthly	11/20/2023		129,731		129,123		(608	)
Trulieve Cannabis	SOFR + 1.00%	Monthly	11/20/2023		844,931		842,969		(1,962	)
Verano Holdings	SOFR + 1.00%	Monthly	11/20/2023		608,303		606,681		(1,622	)
Net Unrealized Depreciation								$	(11,562	)

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.

129

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
COMMON STOCKS — 80.7%

Biotechnology — 53.3%
ATAI Life Sciences NV (Germany)*		138,703	$	504,879
Bright Minds Biosciences, Inc. (Canada)*		289,576		237,221
Cybin, Inc. (Canada)*^(a)		1,047,730		586,729
Enveric Biosciences, Inc.*		1,252,390		268,387
GH Research PLC (Ireland)*		24,835		247,853
Mind Medicine MindMed, Inc.*^(a)		750,151		480,172
PsyBio Therapeutics Corp.*		2,583,122		198,254
Seelos Therapeutics, Inc.*		364,597		248,035
Small Pharma, Inc. (Canada)*		2,000,937		165,918
Total Biotechnology				2,937,448

Healthcare — Services — 11.1%
Field Trip Health Ltd. (Canada)*		315,236		264,830
Greenbrook TMS, Inc. (Canada)*		128,256		182,124
Numinus Wellness, Inc. (Canada)*		895,346		165,997
Total Healthcare — Services				612,951

Pharmaceuticals — 16.3%
Compass Pathways PLC (United Kingdom)*^(b)		60,348		652,965
FSD Pharma, Inc., Class B (Canada)*		306,807		242,378
Total Pharmaceuticals				895,343
Total Common Stocks (Cost $10,966,652)				4,445,742

MONEY MARKET FUND — 14.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(c) (Cost $791,742)		791,742		791,742

REPURCHASE AGREEMENTS — 17.3%^(d)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $249,011, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $253,980)	$	249,000		249,000

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $249,011, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $253,980)	$	249,000	$	249,000
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.54%, total to be received $207,438, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 7/1/27-6/1/52, totaling $211,578)		207,429		207,429
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $249,011, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $253,980)		249,000		249,000
Total Repurchase Agreements (Cost $954,429)				954,429

Total Investments — 112.4% (Cost $12,712,823)				6,191,913
Liabilities in Excess of Other Assets — (12.4%)				(683,209	)
Net Assets — 100.0%			$	5,508,704

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 $587,365; the aggregate market value of the collateral held by the fund is $954,429.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

130

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	4,445,742	$	—	$	—	$	4,445,742
Money Market Fund		791,742		—		—		791,742
Repurchase Agreements		—		954,429		—		954,429
Total	$	5,237,484	$	954,429	$	—	$	6,191,913

Liabilities		Level 1				Level 2				Level 3				Total
Swaps^†		$	—			$	(493,154	)		$	—			$	(493,154	)

†

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		53.3	%
Healthcare – Services		11.1
Pharmaceuticals		16.3
Money Market Fund		14.4
Repurchase Agreements		17.3
Total Investments		112.4
Liabilities in Excess of Other Assets		(12.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

131

ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued)

June 30, 2022

Total Return Swap contracts outstanding as of June 30, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Betterlife Pharma	—	—	8/25/2026	$	24,937	$	8,030	$	(16,907	)
Core One Labs	—	—	8/25/2026		99,947		27,585		(72,362	)
Empower Clinics	—	—	8/25/2026		30,268		6,750		(23,518	)
Haven Life Sciences	—	—	8/25/2026		19,090		4,305		(14,785	)
Mindcure Health	—	—	8/25/2026		30,395		8,010		(22,385	)
Mindset Pharma	—	—	8/25/2026		76,701		37,180		(39,521	)
Mydecine Innovations	—	—	8/25/2026		93,634		4,416		(89,218	)
Numinus Wellness	—	—	8/25/2026		27,600		6,229		(21,371	)
Optimi Health	—	—	8/25/2026		21,688		8,400		(13,288	)
Psyched Wellness	—	—	8/25/2026		23,201		10,456		(12,745	)
Red Light Holland	—	—	8/25/2026		19,988		7,763		(12,225	)
Revive Therapeutics	—	—	8/25/2026		60,721		56,000		(4,721	)
Tryp Therapeutics	—	—	8/25/2026		39,075		13,020		(26,055	)
Wesana Health	—	—	8/25/2026		134,192		10,139		(124,053	)
Net Unrealized Depreciation								$	(493,154	)

See accompanying Notes to Financial Statements.

132

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
COMMON STOCKS — 55.1%

Agriculture — 17.6%
Village Farms International, Inc. (Canada)*^†	$	4,845,831	$	12,647,619

Distributors — 1.3%
Greenlane Holdings, Inc., Class A*		865,417		169,968
High Tide, Inc. (Canada)*^(a)		394,503		781,116
Total Distributors				951,084

Interactive Media & Services — 1.2%
Leafly Holdings, Inc.*^(a)		193,448		870,516

Investment Company — 3.7%
RIV Capital, Inc. (Canada)*		4,985,540		2,628,138

Pharmaceuticals — 18.8%
Canopy Growth Corp. (Canada)*^(a)		647,046		1,844,081
Cardiol Therapeutics, Inc., Class A (Canada)*^(a)		945,222		1,238,362
cbdMD, Inc.*		867,649		381,939
Charlottes Web Holdings, Inc.*^(a)		1,210,315		544,194
Clever Leaves Holdings, Inc. (Canada)*^(a)		639,558		624,145
Hempfusion Wellness, Inc. (Canada)*^(a)		1,785,852		100,008
IM Cannabis Corp. (Canada)*		987,142		630,093
Intercure Ltd. (Israel)*^(a)		177,006		1,124,873
Jazz Pharmaceuticals PLC*		20,109		3,137,205
Organigram Holdings, Inc. (Canada)*		406,342		372,656
PharmaCielo Ltd. (Canada)*^(a)		359,009		121,066
Tilray Brands, Inc., Class 2 (Canada)*^(a)		958,098		2,989,266
Valens Co., Inc. (The) (Canada)*^(a)		531,372		341,904
Total Pharmaceuticals				13,449,792

REITS — 7.8%
Innovative Industrial Properties, Inc.		46,674		5,128,072
Power REIT*		38,155		485,713
Total REITS				5,613,785

Software — 2.1%
WM Technology, Inc.*		461,424		1,518,085

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)

Specialty Retail — 2.6%
Agrify Corp.*^(a)		64,826	$	127,707
GrowGeneration Corp.*^(a)		486,823		1,747,694
Total Specialty Retail				1,875,401
Total Common Stocks (Cost $159,014,384)				39,554,420

EXCHANGE TRADED FUND — 34.4%

Equity Fund — 34.4%
AdvisorShares Pure US Cannabis ETF*^† (Cost $67,510,803)		2,388,400		24,719,940

MONEY MARKET FUNDS — 5.4%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, Institutional Class, 1.03%^(b)(c)		92,000		92,000
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(b)**		3,149,271		3,149,271
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 1.37%^(b)(c)		165,000		165,000
Invesco Government & Agency Portfolio, Institutional Class, Institutional Class, 1.39%^(b)(c)		186,000		186,000
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class, 1.38%^(b)(c)		275,000		275,000
Total Money Market Funds (Cost $3,867,271)				3,867,271

REPURCHASE AGREEMENTS — 11.2%^(c)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,039,074, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $2,079,766)	$	2,038,986		2,038,986
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,039,074, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $2,079,766)		2,038,986		2,038,986

See accompanying Notes to Financial Statements.

133

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.54%, total to be received $1,925,053, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 7/1/27-6/1/52, totaling $1,963,471)	$	1,924,971	$	1,924,971
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $2,039,074, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $2,079,766)		2,038,986		2,038,986
Total Repurchase Agreements (Cost $8,041,929)				8,041,929

Total Investments — 106.1% (Cost $238,434,387)				76,183,560
Liabilities in Excess of Other Assets — (6.1%)				(4,367,008	)
Net Assets — 100.0%			$	71,816,552

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

Non-income producing security.

Amount includes $63,295 of segregated collateral for swaps.

†

Affiliated Company.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,809,100; the aggregate market value of the collateral held by the fund is $10,447,503. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,687,574.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

134

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	39,554,420	$	—	$	—	$	39,554,420
Exchange Traded Fund		24,719,940		—		—		24,719,940
Money Market Funds		3,867,271		—		—		3,867,271
Repurchase Agreements		—		8,041,929		—		8,041,929
Total	$	68,141,631	$	8,041,929	$	—	$	76,183,560

Liabilities		Level 1				Level 2				Level 3				Total
Swaps^†		$	—			$	(21,822,874	)		$	—			$	(21,822,874	)

†

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		17.6	%
Distributors		1.3
Equity Fund		34.4
Interactive Media & Services		1.2
Investment Company		3.7
Pharmaceuticals		18.8
REITS		7.8
Software		2.1
Specialty Retail		2.6
Money Market Funds		5.4
Repurchase Agreements		11.2
Total Investments		106.1
Liabilities in Excess of Other Assets		(6.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

135

��

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Total Return Swap contracts outstanding as of June 30, 2022:

Reference Entity	Annual Financing Rate Paid		Payment Frequency		Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Ianthus Capital ORD		—		—	7/01/2022	$	108,903	$	30,025	$	(78,878	)
SOL Global Investments Corp		—		—	7/01/2022		12,046,261		1,034,166		(11,012,095	)
Terrascend ORD		—		—	7/01/2022		13,695,901		2,964,000		(10,731,901	)
Net Unrealized Depreciation										$	(21,822,874	)

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2022 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 6/30/2022		Value at 6/30/2022		Capital Gain Distributions
AdvisorShares Pure US Cannabis ETF	$	—	$	74,432,891	$	(5,087,572	)	$	(1,834,516	)	$	(42,790,863	)		2,388,400	$	24,719,940	$	180,376
Intec Pharma Ltd.^*		1,537,238		—		(899,998	)		(2,574,872	)		1,937,632			—		—		—
Village Farms International, Inc.		53,391,095		3,430,741		(7,781,408	)		729,893			(37,122,702	)		4,845,831		12,647,619		—
Total	$	54,928,333	$	77,863,632	$	(13,768,978	)	$	(3,679,495	)	$	(77,975,933	)		7,234,231		37,367,559	$	180,376

Security is no longer an affiliated company at year end.

See accompanying Notes to Financial Statements.

136

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
COMMON STOCKS — 9.8%

Investment Company — 0.5%
RIV Capital, Inc. (Canada)*		4,512,850	$	2,378,959

Machinery — 0.6%
Urban-GRO, Inc.*^†		615,065		2,976,915

Pharmaceuticals — 0.1%
Hempfusion Wellness, Inc. (Canada)*		7,877,767		441,155

REITS — 4.8%
AFC Gamma, Inc.		151,406		2,321,054
Innovative Industrial Properties, Inc.		166,683		18,313,461
Power REIT*^†		288,572		3,673,522
Total REITS				24,308,037

Specialty Retail — 3.8%
Agrify Corp.*^(a)		908,105		1,788,967
GrowGeneration Corp.*^†(a)		3,614,976		12,977,764
Hydrofarm Holdings Group, Inc.*^(a)		1,553,276		5,405,400
Total Specialty Retail				20,172,131
Total Common Stocks (Cost $200,599,894)				50,277,197

MONEY MARKET FUND — 83.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(b)** (Cost $429,506,784)		429,506,784		429,506,784

REPURCHASE AGREEMENTS — 0.2%^(c)
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $253,380, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $258,436)	$	253,369		253,369
Deutsche Bank Securities, Inc., dated 06/30/22, due 07/01/22, 1.48%, total to be received $75,019, (collateralized by various U.S. Government Agency Obligations, 0.00%-0.75%, 1/15/25-8/15/39, totaling $76,516)		75,016		75,016

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.54%, total to be received $253,380, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 7/1/27-6/1/52, totaling $258,436)	$	253,369	$	253,369
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $253,380, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $258,436)		253,369		253,369
Truist Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $253,380, (collateralized by various U.S. Government Agency Obligations, 3.25%-5.50%, 6/30/27-7/1/52, totaling $258,437)		253,369		253,369
Total Repurchase Agreements (Cost $1,088,492)				1,088,492

Total Investments — 93.4% (Cost $631,195,170)				480,872,473
Other Assets in Excess of Liabilities — 6.6%				33,818,549
Net Assets — 100.0%			$	514,691,022

REITS — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

Non-income producing security.

Amount includes $364,793,258 of segregated collateral for swaps.

†

Affiliated Company.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,123,353; the aggregate market value of the collateral held by the fund is $1,178,256. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $89,764.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

137

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	50,277,197	$	—	$	—	$	50,277,197
Money Market Fund		429,506,784		—		—		429,506,784
Repurchase Agreements		—		1,088,492		—		1,088,492
Swaps^†		—		30,906		—		30,906
Total	$	479,783,981	$	1,119,398	$	—	$	480,903,379

Liabilities		Level 1				Level 2				Level 3				Total
Swaps^†		$	—			$	(387,333,508	)		$	—			$	(387,333,508	)

†

Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Investment Company		0.5	%
Machinery		0.6
Pharmaceuticals		0.1
REITS		4.8
Specialty Retail		3.8
Money Market Fund		83.4
Repurchase Agreements		0.2
Total Investments		93.4
Other Assets in Excess of Liabilities		6.6
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

138

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Total Return Swap contracts outstanding as of June 30, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
4Front Ventures ORD	—	—	9/02/2022	$	27,357,014	$	11,009,114	$	(16,347,900	)
4Front Ventures ORD	SOFR + 1.00%	Monthly	9/02/2022		477,047		467,500		(9,547	)
Acreage Holdings FX SUB VOT CL E ORD	—	—	9/02/2022		4,978,202		1,849,090		(3,129,112	)
AYR Wellness	—	—	9/02/2022		31,799,150		5,604,574		(26,194,576	)
AYR Wellness	SOFR + 1.00%	Monthly	9/02/2022		15,761,631		15,727,084		(34,547	)
C21 Investments ORD	—	—	9/02/2022		10,556,677		2,149,707		(8,406,970	)
Columbia Care ORD	—	—	9/02/2022		20,113,964		3,806,620		(16,307,344	)
Columbia Care ORD	SOFR + 1.00%	Monthly	9/02/2022		17,487,096		17,442,807		(44,289	)
Cresco Labs ORD	—	—	9/02/2022		51,001,012		9,777,564		(41,223,448	)
Cresco Labs ORD	SOFR + 1.00%	Monthly	9/02/2022		25,595,484		25,529,045		(66,439	)
Curaleaf Holdings SUB VOT ORD	—	—	9/02/2022		55,903,614		18,988,000		(36,915,614	)
Curaleaf Holdings SUB VOT ORD	SOFR + 1.00%	Monthly	9/02/2022		65,170,493		65,035,390		(135,103	)
Glass House Brands	—	—	9/02/2022		5,736,870		2,137,500		(3,599,370	)
Glass House Brands	SOFR + 1.00%	Monthly	8/25/2026		254,094		285,000		30,906
Goodness Growth Hold	—	—	9/02/2022		12,790,362		5,092,483		(7,697,879	)
Gramf Tpco ORD	—	—	9/02/2022		34,143,873		3,635,416		(30,508,457	)
Green Thumb Industries SUB VOT ORD	—	—	9/02/2022		49,101,881		12,377,424		(36,724,457	)
Green Thumb Industries SUB VOT ORD	SOFR + 1.00%	Monthly	9/02/2022		60,522,358		60,384,336		(138,022	)
Jushi Holdings CL B SUB VOT ORD	—	—	9/02/2022		32,092,168		8,841,911		(23,250,257	)
Jushi Holdings CL B SUB VOT ORD	SOFR + 1.00%	Monthly	9/02/2022		6,004,000		5,609,000		(395,000	)
Lowell Farms ORD	—	—	9/02/2022		6,072,549		1,049,836		(5,022,713	)
Planet 13 Holdings ORD	—	—	9/02/2022		19,117,097		3,019,335		(16,097,762	)
Planet 13 Holdings ORD	SOFR + 1.00%	Monthly	9/02/2022		5,127,712		4,535,342		(592,370	)
Terrascend ORD	—	—	9/02/2022		30,829,425		7,081,805		(23,747,620	)
Terrascend ORD	SOFR + 1.00%	Monthly	9/02/2022		17,954,832		17,901,821		(53,011	)
Trulieve Cannabis ORD	—	—	9/02/2022		76,030,014		25,113,531		(50,916,483	)
Trulieve Cannabis ORD	SOFR + 1.00%	Monthly	9/02/2022		62,215,288		62,079,104		(136,184	)
Vapen Mj Ventures ORD	—	—	9/02/2022		4,387,543		1,504,468		(2,883,075	)
Verano Holdings ORD	—	—	9/02/2022		56,537,696		19,884,453		(36,653,243	)
Verano Holdings ORD	SOFR + 1.00%	Monthly	9/02/2022		45,145,116		45,042,400		(102,716	)
Net Unrealized Depreciation								$	(387,302,602	)

Cowen and Nomura act as the counterparties 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 June 30, 2022, cash in the amount of $7,170,000 has been segregated as collateral from the broker for Swap contracts.

See accompanying Notes to Financial Statements.

139

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

June 30, 2022

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2022 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 6/30/2022		Value at 6/30/2022		Dividend Income
GrowGeneration Corp.	$	40,177,305	$	72,070,290	$	(15,153,367	)	$	(25,847,337	)	$	(58,269,127	)		3,614,976	$	12,977,764	$	—
Power REIT		6,923,139		8,475,013		(1,450,898	)		(606,636	)		(9,667,096	)		288,572		3,673,522		—
Urban-GRO, Inc.		—		9,477,249		(1,954,791	)		(623,388	)		(3,922,155	)		615,065		2,976,915		—
Total	$	47,100,444	$	90,022,552	$	(18,559,056	)	$	(27,077,361	)	$	(71,858,378	)		4,518,613		19,628,201	$	—

See accompanying Notes to Financial Statements.

140

ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 96.7%

Commodity Fund — 3.6%
SPDR Gold Shares*		8,518	$	1,434,942

Equity Fund — 93.1%
Invesco QQQ Trust Series 1		55,504		15,556,661
iShares Core S&P Small-Cap ETF		18,766		1,734,166
iShares US Technology ETF		85,427		6,829,889
Technology Select Sector SPDR Fund		94,803		12,051,357
Vanguard Total Stock Market ETF		7,254		1,368,250
Total Equity Fund				37,540,323
Total Exchange Traded Funds (Cost $49,225,533)				38,975,265

MONEY MARKET FUND — 3.4%
Fidelity Investments Money Market Government Portfolio — Class I, 1.21%^(a) (Cost $1,353,893)		1,353,893		1,353,893

Total Investments — 100.1% (Cost $50,579,426)				40,329,158
Liabilities in Excess of Other Assets — (0.1%)				(30,125	)
Net Assets — 100.0%			$	40,299,033

ETF — Exchange Traded Fund

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

141

ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	38,975,265	$	—	$	—	$	38,975,265
Money Market Fund		1,353,893		—		—		1,353,893
Total	$	40,329,158	$	—	$	—	$	40,329,158

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commodity Fund		3.6	%
Equity Fund		93.1
Money Market Fund		3.4
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

142

ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments

June 30, 2022

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 97.5%

Commodity Fund — 11.5%
SPDR Gold Shares*^(a)		1,831	$	308,450

Debt Fund — 35.0%
iShares 20+ Year Treasury Bond ETF^(a)		7,174		824,077
Vanguard Total Bond Market ETF		1,480		111,385
Total Debt Fund				935,462

Equity Fund — 51.0%
Invesco QQQ Trust Series 1		2,184		612,132
iShares US Technology ETF		3,459		276,547
Technology Select Sector SPDR Fund		3,752		476,954
Total Equity Fund				1,365,633
Total Exchange Traded Funds (Cost $2,980,402)				2,609,545

MONEY MARKET FUND — 3.2%
Fidelity Investments Money Market Government Portfolio — Class I, 1.21%^(b) (Cost $85,262)		85,262		85,262

REPURCHASE AGREEMENTS — 42.7%^(c)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $266,435, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $271,752)	$	266,424		266,424
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.50%, total to be received $78,942, (collateralized by various U.S. Government Agency Obligations, 1.88%-3.25%, 6/30/24-5/15/52, totaling $80,518)		78,939		78,939
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $266,435, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $271,752)		266,424		266,424

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $266,435, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $271,752)	$	266,424	$	266,424
Truist Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $266,435, (collateralized by various U.S. Government Agency Obligations, 3.25%-5.50%, 6/30/27-7/1/52, totaling $271,753)		266,424		266,424
Total Repurchase Agreements (Cost $1,144,635)				1,144,635

Total Investments — 143.4% (Cost $4,210,299)				3,839,442
Liabilities in Excess of Other Assets — (43.4%)				(1,161,588	)
Net Assets — 100.0%			$	2,677,854

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 $1,126,295; the aggregate market value of the collateral held by the fund is $1,144,635.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

143

ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	2,609,545	$	—	$	—	$	2,609,545
Money Market Fund		85,262		—		—		85,262
Repurchase Agreements		—		1,144,635		—		1,144,635
Total	$	2,694,807	$	1,144,635	$	—	$	3,839,442

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commodity Fund		11.5	%
Debt Fund		35.0
Equity Fund		51.0
Money Market Fund		3.2
Repurchase Agreements		42.7
Total Investments		143.4
Liabilities in Excess of Other Assets		(43.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

144

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments

June 30, 2022

Investments	Principal/ Shares			Value
U.S. TREASURY BILLS — 35.4%
U.S. Treasury Bill, 1.97%, 04/20/23^(a)	$	50,000,000		$	48,980,604
U.S. Treasury Bill, 2.85%, 06/15/23^(a)		10,000,000			9,740,673
Total U.S. Treasury Bills (Cost $58,894,548)					58,721,277

EXCHANGE TRADED FUND — 11.7%

Debt Fund — 11.7%
AdvisorShares North Square McKee Core Reserves ETF^† (Cost $19,886,000)		200,000			19,476,000

MONEY MARKET FUNDS — 38.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.32%^(b)(c)		52,231,905			52,231,905
Fidelity Institutional Money Market Government Portfolio — Class III, 0.96%^(b)		12,399,588			12,399,588
Total Money Market Funds (Cost $64,631,493)					64,631,493
Total Investments Before Securities Sold, Not Yet Purchased (Cost $143,412,041)					142,828,770

Securities Sold, Not Yet Purchased — (96.9)%^(d)

COMMON STOCKS — (96.9)%

Advertising — (1.1)%
Trade Desk, Inc. (The), Class A*		(42,500	)		(1,780,325	)

Apparel — (1.3)%
Skechers USA, Inc., Class A*		(60,000	)		(2,134,800	)

Banks — (8.7)%
Citigroup, Inc.		(50,000	)		(2,299,500	)
Deutsche Bank AG (Germany)		(700,000	)		(6,118,000	)
Signature Bank		(15,000	)		(2,688,150	)
Silvergate Capital Corp., Class A*		(30,000	)		(1,605,900	)
Sumitomo Mitsui Financial Group, Inc. (Japan)^(e)		(300,000	)		(1,770,000	)
Total Banks					(14,481,550	)

Investments	Shares			Value
COMMON STOCKS (continued)

Commercial Services — (10.5)%
Affirm Holdings, Inc.*		(50,000	)	$	(903,000	)
Coursera, Inc.*		(146,570	)		(2,078,362	)
MarketAxess Holdings, Inc.		(10,000	)		(2,560,100	)
Moody’s Corp.		(27,500	)		(7,479,175	)
Paylocity Holding Corp.*		(10,000	)		(1,744,200	)
Payoneer Global, Inc.*		(300,000	)		(1,176,000	)
ZipRecruiter, Inc., Class A*		(100,000	)		(1,482,000	)
Total Commercial Services					(17,422,837	)

Computers — (5.5)%
CyberArk Software Ltd.*		(20,000	)		(2,559,200	)
EPAM Systems, Inc.*		(5,000	)		(1,473,900	)
KnowBe4, Inc., Class A*		(105,000	)		(1,640,100	)
Rapid7, Inc.*		(30,000	)		(2,004,000	)
Varonis Systems, Inc.*		(50,000	)		(1,466,000	)
Total Computers					(9,143,200	)

Diversified Financial Services — (9.7)%
Bread Financial Holdings, Inc.		(20,000	)		(741,200	)
Coinbase Global, Inc., Class A*		(55,000	)		(2,586,100	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		(50,000	)		(1,893,000	)
Nomura Holdings, Inc. (Japan)^(e)		(750,000	)		(2,685,000	)
OneMain Holdings, Inc.		(150,000	)		(5,607,000	)
Tradeweb Markets, Inc., Class A		(38,000	)		(2,593,500	)
Total Diversified Financial Services					(16,105,800	)

Electrical Components & Equipment — (4.9)%
Universal Display Corp.		(80,000	)		(8,091,200	)

Engineering & Construction — (1.2)%
Exponent, Inc.		(21,000	)		(1,920,870	)

Entertainment — (0.7)%
DraftKings, Inc., Class A*		(100,000	)		(1,167,000	)

Food — (2.7)%
McCormick & Co., Inc.		(30,000	)		(2,497,500	)
United Natural Foods, Inc.*		(50,000	)		(1,970,000	)
Total Food					(4,467,500	)

See accompanying Notes to Financial Statements.

145

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Shares			Value
COMMON STOCKS (continued)

Food Service — (0.5)%
Healthcare Services Group, Inc.		(50,000	)	$	(870,500	)

Home Furnishings — (3.0)%
Sonos, Inc.*		(100,000	)		(1,804,000	)
Tempur Sealy International, Inc.		(150,000	)		(3,205,500	)
Total Home Furnishings					(5,009,500	)

Insurance — (0.8)%
Goosehead Insurance, Inc., Class A		(30,000	)		(1,370,100	)

Internet — (4.9)%
DoorDash, Inc., Class A*		(50,000	)		(3,208,500	)
Okta, Inc.*		(20,000	)		(1,808,000	)
Revolve Group, Inc.*		(50,000	)		(1,295,500	)
Yelp, Inc.*		(65,000	)		(1,805,050	)
Total Internet					(8,117,050	)

Media — (2.4)%
Paramount Global, Class B		(100,000	)		(2,468,000	)
Thomson Reuters Corp. (Canada)		(15,000	)		(1,563,150	)
Total Media					(4,031,150	)

Miscellaneous Manufacturing — (1.6)%
3M Co.		(20,000	)		(2,588,200	)

Retail — (8.1)%
CarMax, Inc.*		(30,000	)		(2,714,400	)
Freshpet, Inc.*		(50,000	)		(2,594,500	)
O’Reilly Automotive, Inc.*		(4,000	)		(2,527,040	)
Restaurant Brands International, Inc. (Canada)		(75,000	)		(3,761,250	)
Walgreens Boots Alliance, Inc.		(50,000	)		(1,895,000	)
Total Retail					(13,492,190	)

Software — (26.9)%
Alteryx, Inc., Class A*		(20,000	)		(968,400	)
Amplitude, Inc., Class A*		(150,000	)		(2,143,500	)
AppFolio, Inc., Class A*		(15,200	)		(1,377,728	)
Autodesk, Inc.*		(20,000	)		(3,439,200	)
Bill.Com Holdings, Inc.*		(10,000	)		(1,099,400	)
Clear Secure, Inc., Class A*		(100,000	)		(2,000,000	)
Cloudflare, Inc., Class A*		(80,000	)		(3,500,000	)
CS Disco, Inc.*		(104,269	)		(1,881,013	)

Investments	Shares			Value
COMMON STOCKS (continued)

Software (continued)
Descartes Systems Group, Inc. (The) (Canada)*		(20,000	)	$	(1,241,200	)
Elastic NV*		(30,000	)		(2,030,100	)
Enfusion, Inc., Class A*		(150,000	)		(1,531,500	)
Global-e Online Ltd. (Israel)*		(80,000	)		(1,613,600	)
Guidewire Software, Inc.*		(20,000	)		(1,419,800	)
Jamf Holding Corp.*		(50,000	)		(1,238,500	)
MicroStrategy, Inc., Class A*		(27,000	)		(4,436,100	)
nCino, Inc.*		(52,289	)		(1,616,776	)
Paycom Software, Inc.*		(8,000	)		(2,240,960	)
Paycor HCM, Inc.*		(50,000	)		(1,300,000	)
Procore Technologies, Inc.*		(20,000	)		(907,800	)
SentinelOne, Inc., Class A*		(101,000	)		(2,356,330	)
Snowflake, Inc., Class A*		(6,000	)		(834,360	)
Splunk, Inc.*		(30,000	)		(2,653,800	)
Sprout Social, Inc., Class A*		(30,000	)		(1,742,100	)
SPS Commerce, Inc.*		(10,000	)		(1,130,500	)
Total Software					(44,702,667	)

Telecommunications — (2.4)%
Telephone and Data Systems, Inc.		(100,000	)		(1,579,000	)
Ubiquiti, Inc.		(10,000	)		(2,482,100	)
Total Telecommunications					(4,061,100	)
Total Common Stocks (Cost $(171,514,117))					(160,957,539	)

Total Securities Sold, Not Yet Purchased [Proceeds Received $(171,514,117)]					(160,957,539	)

Total Investments — (10.9)% (Cost $(28,102,076))					(18,128,769	)
Other Assets in Excess of Liabilities — 110.9%					184,313,512
Net Assets — 100.0%				$	166,184,743

ETF — Exchange Traded Fund

Non-income producing security.

†

Affiliated Company.

(a)

Represents a zero coupon bond. Rate shown reflects the effective yield.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

A portion of this security has been pledged as collateral for securities sold, not yet purchased.

(d)

As of June 30, 2022 cash in the amount of $147,514,181 has been segregated as collateral from the broker for securities sold, not yet purchased.

(e)

American Depositary Receipt.

See accompanying Notes to Financial Statements.

146

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
U.S. Treasury Bills	$	—	$	58,721,277	$	—	$	58,721,277
Exchange Traded Fund		19,476,000		—		—		19,476,000
Money Market Funds		64,631,493		—		—		64,631,493
Total	$	84,107,493	$	58,721,277	$	—	$	142,828,770

Liabilities		Level 1				Level 2				Level 3				Total
Common Stocks		$	(160,957,539	)		$	—			$	—			$	(160,957,539	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		(1.1	)%
Apparel		(1.3	)
Banks		(8.7	)
Commercial Services		(10.5	)
Computers		(5.5	)
Debt Fund		11.7
Diversified Financial Services		(9.7	)
Electrical Components & Equipment		(4.9	)
Engineering & Construction		(1.2	)
Entertainment		(0.7	)
Food		(2.7	)
Food Service		(0.5	)
Home Furnishings		(3.0	)
Insurance		(0.8	)
Internet		(4.9	)
Media		(2.4	)
Miscellaneous Manufacturing		(1.6	)
Retail		(8.1	)
Software		(26.9	)
Sovereign		35.4
Telecommunications		(2.4	)
Money Market Funds		38.9
Total Investments		(10.9	)
Other Assets in Excess of Liabilities		110.9
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

147

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

June 30, 2022

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2022 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 6/30/2022				Value at 6/30/2022				Dividend Income
AdvisorShares North Square McKee Core Reserves ETF		$	19,736,000			$	—			$	—			$	—			$	(260,000	)			200,000			$	19,476,000			$	107,670

See accompanying Notes to Financial Statements.

148

ADVISORSHARES RESTAURANT ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 74.7%

Entertainment — 2.4%
RCI Hospitality Holdings, Inc.		1,350	$	65,286

Retail — 72.3%
Arcos Dorados Holdings, Inc., Class A (Brazil)		40,732		274,534
BBQ Holdings, Inc.*		19,708		205,357
Bloomin’ Brands, Inc.		7,000		116,340
Carrols Restaurant Group, Inc.		6,687		13,508
Cheesecake Factory, Inc. (The)		998		26,367
Chipotle Mexican Grill, Inc.*		74		96,737
Chuy’s Holdings, Inc.*		1,605		31,972
Cracker Barrel Old Country Store, Inc.		600		50,094
Darden Restaurants, Inc.		587		66,401
Dave & Buster’s Entertainment, Inc.*		3,667		120,204
Denny’s Corp.*		9,236		80,169
Domino’s Pizza, Inc.		67		26,111
Dutch Bros, Inc., Class A*^(a)		9,048		286,369
El Pollo Loco Holdings, Inc.*		2,912		28,654
Jack in the Box, Inc.		1,313		73,607
McDonald’s Corp.		146		36,045
ONE Group Hospitality, Inc. (The)*		16,028		118,126
Papa John’s International, Inc.		576		48,108
Restaurant Brands International, Inc. (Canada)		611		30,642
Shake Shack, Inc., Class A*		601		23,727
Starbucks Corp.		281		21,466
Sweetgreen, Inc., Class A*^(a)		2,636		30,709
Texas Roadhouse, Inc.		370		27,084
Wendy’s Co. (The)		3,696		69,780
Total Retail				1,902,111
Total Common Stocks (Cost $2,516,195)				1,967,397

MONEY MARKET FUND — 25.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(b) (Cost $674,847)		674,847		674,847

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS — 11.4%^(c)
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.50%, total to be received $50,885, (collateralized by various U.S. Government Agency Obligations, 1.88%-3.25%, 6/30/24-5/15/52, totaling $51,901)	$	50,883	$	50,883
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $249,011, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $253,980)		249,000		249,000
Total Repurchase Agreements (Cost $299,883)				299,883

Total Investments — 111.8% (Cost $3,490,925)				2,942,127
Liabilities in Excess of Other Assets — (11.8%)				(311,281	)
Net Assets — 100.0%			$	2,630,846

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $273,544; the aggregate market value of the collateral held by the fund is $299,883.

(b)

Rate shown reflects the 7-day yield as of June 30, 2022.

(c)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

149

ADVISORSHARES RESTAURANT ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,967,397	$	—	$	—	$	1,967,397
Money Market Fund		674,847		—		—		674,847
Repurchase Agreements		—		299,883		—		299,883
Total	$	2,642,244	$	299,883	$	—	$	2,942,127

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Entertainment		2.4	%
Retail		72.3
Money Market Fund		25.7
Repurchase Agreements		11.4
Total Investments		111.8
Liabilities in Excess of Other Assets		(11.8	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

150

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 95.8%

Debt Fund — 26.8%
iShares 10-20 Year Treasury Bond ETF		6,252	$	751,178
iShares Core Total USD Bond Market ETF^(a)(b)		100,386		4,700,072
iShares TIPS Bond ETF		16,030		1,825,977
iShares U.S. Treasury Bond ETF		116,090		2,774,551
Total Debt Fund				10,051,778

Equity Fund — 69.0%
iShares MSCI EAFE ETF		74,802		4,674,377
iShares MSCI Emerging Markets ETF		37,122		1,488,592
iShares Russell 2000 ETF^(a)		6,471		1,095,929
iShares Russell Mid-Cap Growth ETF^(a)		30,095		2,384,126
SPDR S&P 500 ETF Trust^(b)		41,158		15,526,855
Vanguard High Dividend Yield ETF		7,381		750,648
Total Equity Fund				25,920,527
Total Exchange Traded Funds (Cost $40,276,250)				35,972,305

MONEY MARKET FUNDS — 5.6%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 1.33%^(c)		1,610,156		1,610,156
Goldman Sachs Financial Square Government Fund — Institutional Shares, Institutional Class, 1.36%^(c)(d)		477,000		477,000
Total Money Market Funds (Cost $2,087,156)				2,087,156

Investments	Shares/ Principal		Value
REPURCHASE AGREEMENTS — 2.3%^(d)
BofA Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $315,488, (collateralized by various U.S. Government Agency Obligations, 1.00%-8.50%, 1/20/24-6/20/52, totaling $321,784)	$	315,474	$	315,474
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.55%, total to be received $247,330, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 7/31/22-7/1/52, totaling $252,265)		247,319		247,319
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.55%, total to be received $315,488, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.88%, 8/16/22-5/20/52, totaling $321,784)		315,474		315,474
Total Repurchase Agreements (Cost $878,267)				878,267
Total Investments Before Written Options — 103.7% (Cost $43,241,673)				38,937,728

See accompanying Notes to Financial Statements.

151

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)

June 30, 2022

Investments	Notional Amount			Contracts			Value
WRITTEN CALL OPTION — (0.0)%**
SPDR S&P 500 ETF Trust, expiring 07/15/22, Strike Price $405.00 [Premium Received $(44,074)]	$	(14,175,000	)		(350	)	$	(15,925	)

Total Investments — 103.7% (Cost $43,197,599)								38,921,803
Liabilities in Excess of Other Assets — (3.7%)								(1,374,768	)
Net Assets — 100.0%							$	37,547,035

ETF — Exchange Traded Fund

TIPS — Treasury Inflation Protected Securities

Less than 0.05%.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,313,007; the aggregate market value of the collateral held by the fund is $1,355,267.

(b)

All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,180,199 as of June 30, 2022.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

152

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	35,972,305	$	—	$	—	$	35,972,305
Money Market Funds		2,087,156		—		—		2,087,156
Repurchase Agreements		—		878,267		—		878,267
Total	$	38,059,461	$	878,267	$	—	$	38,937,728

Liabilities		Level 1				Level 2				Level 3				Total
Written Call Option		$	(15,925	)		$	—			$	—			$	(15,925	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund		26.8	%
Equity Fund		69.0
Written Call Option		(0.0	)**
Money Market Funds		5.6
Repurchase Agreements		2.3
Total Investments		103.7
Liabilities in Excess of Other Assets		(3.7	)
Net Assets		100.0	%

Less than 0.05%.

See accompanying Notes to Financial Statements.

153

ADVISORSHARES VICE ETF
Schedule of Investments

June 30, 2022

Investments	Shares		Value
COMMON STOCKS — 89.2%

Agriculture — 13.6%
Altria Group, Inc.		1,918	$	80,115
British American Tobacco PLC (United Kingdom)^(a)		3,117		133,750
Philip Morris International, Inc.		1,166		115,131
Turning Point Brands, Inc.		14,114		382,913
Universal Corp.		3,964		239,822
Vector Group Ltd.		21,868		229,614
Total Agriculture				1,181,345

Apparel — 2.8%
LVMH Moet Hennessy Louis Vuitton SE (France)^(a)		2,001		244,562

Beverages — 25.0%
Anheuser-Busch InBev SA/NV (Belgium)^(a)		1,894		102,181
Boston Beer Co., Inc. (The), Class A*		279		84,529
Brown-Forman Corp., Class B		1,205		84,543
Constellation Brands, Inc., Class A		923		215,114
Diageo PLC (United Kingdom)^(a)		1,568		273,020
Duckhorn Portfolio, Inc. (The)*		20,004		421,284
MGP Ingredients, Inc.		5,592		559,703
Molson Coors Beverage Co., Class B		7,196		392,254
Pernod Ricard SA (France)^(a)		1,170		42,963
Total Beverages				2,175,591

Entertainment — 19.7%
Caesars Entertainment, Inc.*		3,539		135,544
Everi Holdings, Inc.*		32,608		531,836
Monarch Casino & Resort, Inc.*		5,566		326,557
Penn National Gaming, Inc.*		7,068		215,008
RCI Hospitality Holdings, Inc.		3,052		147,595
Red Rock Resorts, Inc., Class A		10,638		354,884
Total Entertainment				1,711,424

Lodging — 6.3%
Boyd Gaming Corp.		8,071		401,532
Full House Resorts, Inc.*^(b)		24,345		148,018
Total Lodging				549,550

Investments	Shares		Value
COMMON STOCKS (continued)

REITS — 7.0%
Gaming and Leisure Properties, Inc.		10,032	$	460,068
VICI Properties, Inc.^(b)		5,000		148,950
Total REITS				609,018

Retail — 8.0%
Chuy’s Holdings, Inc.*		3,963		78,943
Dave & Buster’s Entertainment, Inc.*		12,300		403,194
Jack in the Box, Inc.		2,594		145,419
McDonald’s Corp.		260		64,189
Total Retail				691,745

Semiconductors — 4.1%
NVIDIA Corp.		2,364		358,359

Software — 2.7%
Activision Blizzard, Inc.		1,780		138,591
Take-Two Interactive Software, Inc.*		789		96,676
Total Software				235,267
Total Common Stocks (Cost $8,538,096)				7,756,861

MONEY MARKET FUND — 11.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.03%^(c) (Cost $961,362)		961,362		961,362

Total Investments — 100.3% (Cost $9,499,458)				8,718,223
Liabilities in Excess of Other Assets — (0.3%)				(23,664	)
Net Assets — 100.0%			$	8,694,559

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

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 $219,527; the aggregate market value of the collateral held by the fund is $228,960. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $228,960.

(c)

Rate shown reflects the 7-day yield as of June 30, 2022.

See accompanying Notes to Financial Statements.

154

ADVISORSHARES VICE ETF
Schedule of Investments (continued)

June 30, 2022

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,756,861	$	—	$	—	$	7,756,861
Money Market Fund		961,362		—		—		961,362
Total	$	8,718,223	$	—	$	—	$	8,718,223

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		13.6	%
Apparel		2.8
Beverages		25.0
Entertainment		19.7
Lodging		6.3
REITS		7.0
Retail		8.0
Semiconductors		4.1
Software		2.7
Money Market Fund		11.1
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

155

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	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	$	56,673,531		$	44,376,466		$	44,480,349		$	90,962,947
Repurchase Agreements, at Cost (Note 2)		199,490			8,234,577			—			—
Total Cost of Investments		56,873,021			52,611,043			44,480,349			90,962,947
Investments, at Market Value (including securities on loan) (Note 2)^(a)		50,609,947			42,892,350			42,717,429			84,280,717
Repurchase Agreements, at Market Value (Note 2)		199,490			8,234,577			—			—
Total Market Value of Investments		50,809,437			51,126,927			42,717,429			84,280,717
Dividends and Interest Receivable		39,886			209,436			39,853			347
Receivable from Securities Sold		—			68,061			—			—
Reclaim Receivable		—			15,383			—			—
Prepaid Expenses		—			109			328			805
Total Assets		50,849,323			51,419,916			42,757,610			84,281,869
LIABILITIES
Cash collateral for securities on loan^(b)		199,490			9,361,577			—			—
Advisory Fees Payable		34,239			20,221			12,529			38,815
Trustee Fees Payable		8			—			—			—
Due to Custodian		—			42,856			—			—
Accrued Expenses		42,254			57,442			48,173			66,378
Total Liabilities		275,991			9,482,096			60,702			105,193
NET ASSETS	$	50,573,332		$	41,937,820		$	42,696,908		$	84,176,676
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	72,164,962		$	94,179,627		$	64,255,712		$	109,059,637
Total Distributable Earnings/Accumulated (Loss)		(21,591,630	)		(52,241,807	)		(21,558,804	)		(24,882,961	)
NET ASSETS	$	50,573,332		$	41,937,820		$	42,696,908		$	84,176,676
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		2,430,000			865,000			2,060,000			2,775,000
Net Asset Value (NAV) Per Share	$	20.81		$	48.48		$	20.73		$	30.33

^(a)Market value of securities on loan	$	1,038,480		$	9,038,711		$	—		$	—
^(b)Non-cash collateral for securities on loan	$	910,227		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

156

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	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	$	89,700,151		$	7,717,782		$	37,855,278		$	45,110,055
Investments in Affiliates, at Cost (Note 8)		—			—			9,862,980			—
Repurchase Agreements, at Cost (Note 2)		27,461,888			287,973			—			—
Total Cost of Investments		117,162,039			8,005,755			47,718,258			45,110,055
Investments, at Market Value (including securities on loan) (Note 2)^(a)		82,642,791			7,397,005			37,855,278			46,376,425
Investments in Affiliates, at Market Value (Note 8)		—			—			9,738,000			—
Repurchase Agreements, at Market Value (Note 2)		27,461,888			287,973			—			—
Total Market Value of Investments		110,104,679			7,684,978			47,593,278			46,376,425
Cash		279			280			—			—
Cash collateral held at brokers		—			—			38,725,679			—
Dividends and Interest Receivable		6,698			8,179			54,088			66,414
Receivable from Securities Sold		—			—			7,795,477			—
Capital Shares Receivable		—			—			833,491			—
Reclaim Receivable		—			—			—			8,991
Due from Investment Advisor		—			5,631			—			—
Prepaid Expenses		482			6			444			132
Total Assets		110,112,138			7,699,074			95,002,457			46,451,962
LIABILITIES
Cash collateral for securities on loan		30,258,888			287,973			—			—
Advisory Fees Payable		34,383			—			28,338			27,381
Securities Sold, Not Yet Purchased^(b)		—			—			45,594,721			—
Payable for Securities Purchased		—			—			2,288,790			—
CCO Fees Payable		—			—			1,591			—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—			18,262			—
Accrued Expenses		55,339			35,557			71,496			46,401
Total Liabilities		30,348,610			323,530			48,003,198			73,782
NET ASSETS	$	79,763,528		$	7,375,544		$	46,999,259		$	46,378,180
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	88,203,380		$	9,751,709		$	124,810,552		$	68,785,686
Total Distributable Earnings/Accumulated (Loss)		(8,439,852	)		(2,376,165	)		(77,811,293	)		(22,407,506	)
NET ASSETS	$	79,763,528		$	7,375,544		$	46,999,259		$	46,378,180
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		2,480,000			245,000			4,480,000			540,000
Net Asset Value (NAV) Per Share	$	32.16		$	30.10		$	10.49		$	85.89

(a) Market value of securities on loan	$	29,423,216		$	280,489		$	—		$	—
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	57,291,239		$	—

See accompanying Notes to Financial Statements.

157

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	AdvisorShares Drone Technology ETF			AdvisorShares Focused Equity ETF		AdvisorShares Gerber Kawasaki ETF			AdvisorShares Hotel ETF
ASSETS
Investments, at Cost	$	577,000		$	26,275,905	$	21,836,151		$	7,491,432
Repurchase Agreements, at Cost (Note 2)		84,530			—		1,370,745			185,289
Total Cost of Investments		661,530			26,275,905		23,206,896			7,676,721
Investments, at Market Value (including securities on loan) (Note 2)^(a)		500,044			28,120,847		15,885,237			5,916,652
Repurchase Agreements, at Market Value (Note 2)		84,530			—		1,370,745			185,289
Total Market Value of Investments		584,574			28,120,847		17,255,982			6,101,941
Dividends and Interest Receivable		1,839			15,044		17,177			5,445
Due from Investment Advisor		41,265			2,566		9,511			—
Prepaid Organizational Fees		14,184			—		—			—
Prepaid Expenses		—			—		13			5
Total Assets		641,862			28,138,457		17,282,683			6,107,391
LIABILITIES
Cash collateral for securities on loan^(b)		84,530			—		1,370,745			185,289
Advisory Fees Payable		—			—		—			1,501
Trustee Fees Payable		1			69		—			—
Payable for Securities Purchased		—			—		40,645			—
CCO Fees Payable		11			—		8			141
Accrued Expenses		6,402			40,427		25,058			23,509
Total Liabilities		90,944			40,496		1,436,456			210,440
NET ASSETS	$	550,918		$	28,097,961	$	15,846,227		$	5,896,951
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	625,000		$	26,659,155	$	25,705,567		$	7,896,819
Total Distributable Earnings/Accumulated (Loss)		(74,082	)		1,438,806		(9,859,340	)		(1,999,868	)
NET ASSETS	$	550,918		$	28,097,961	$	15,846,227		$	5,896,951
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		25,000			665,000		970,000			300,000
Net Asset Value (NAV) Per Share	$	22.04		$	42.25	$	16.34		$	19.66

(a) Market value of securities on loan	$	81,880		$	—	$	1,208,027		$	265,924
(b) Non-cash collateral for securities on loan	$	—		$	—	$	21,378		$	90,638

See accompanying Notes to Financial Statements.

158

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	AdvisorShares Let Bob AI Powered Momentum ETF			AdvisorShares Managed Bitcoin Strategy ETF			AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares North Square McKee Core Reserves ETF⁽¹⁾
ASSETS
Investments, at Cost	$	24,259,178		$	635,214		$	88,987,593		$	36,510,855
Repurchase Agreements, at Cost (Note 2)		—			—			239,245			—
Total Cost of Investments		24,259,178			635,214			89,226,838			36,510,855
Investments, at Market Value (including securities on loan) (Note 2)^(a)		24,168,785			499,884			83,798,984			36,152,032
Repurchase Agreements, at Market Value (Note 2)		—			—			239,245			—
Total Market Value of Investments		24,168,785			499,884			84,038,229			36,152,032
Cash		981,200			225,799			32,969			961,430
Dividends and Interest Receivable		14,859			775			288,603			121,191
Receivable from Securities Sold		—			—			885,389			—
Due from Investment Advisor		7,203			807			—			5,244
Prepaid Organizational Fees		11,316			80,269			—			—
Prepaid Expenses		19			—			410			429
Total Assets		25,183,382			807,534			85,245,600			37,240,326
LIABILITIES
Cash collateral for securities on loan^(b)		—			—			239,245			—
Advisory Fees Payable		—			—			21,439			—
Trustee Fees Payable		—			1			—			—
Payable for Securities Purchased		981,200			283,512			1,230,782			2,110,103
CCO Fees Payable		131			3			—			—
Accrued Expenses		18,736			7,289			72,534			43,562
Total Liabilities		1,000,067			290,805			1,564,000			2,153,665
NET ASSETS	$	24,183,315		$	516,729		$	83,681,600		$	35,086,661
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	25,935,550		$	685,894		$	97,390,323		$	36,469,329
Total Distributable Earnings/Accumulated (Loss)		(1,752,235	)		(169,165	)		(13,708,723	)		(1,382,668	)
NET ASSETS	$	24,183,315		$	516,729		$	83,681,600		$	35,086,661
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		1,040,000			35,000			1,835,000			360,000
Net Asset Value (NAV) Per Share	$	23.25		$	14.76		$	45.60		$	97.46

(a) Market value of securities on loan	$	—		$	—		$	883,186		$	—
(b) Non-cash collateral for securities on loan	$	—		$	—		$	666,612		$	—

(1)

Formerly known as AdvisorShares Sage Core Reserves ETF.

See accompanying Notes to Financial Statements.

159

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	AdvisorShares North Square McKee ESG Core Bond ETF⁽¹⁾			AdvisorShares Poseidon Dynamic Cannabis ETF			AdvisorShares Psychedelics ETF			AdvisorShares Pure Cannabis ETF
ASSETS
Investments, at Cost	$	3,651,135		$	6,828,260		$	11,758,394		$	111,741,414
Investments in Affiliates, at Cost (Note 8)		—			—			—			118,651,044
Repurchase Agreements, at Cost (Note 2)		—			38,852			954,429			8,041,929
Total Cost of Investments		3,651,135			6,867,112			12,712,823			238,434,387
Investments, at Market Value (including securities on loan) (Note 2)^(a)		3,330,698			6,692,128			5,237,484			30,774,072
Investments in Affiliates, at Market Value (Note 8)		—			—			—			37,367,559
Repurchase Agreements, at Market Value (Note 2)		—			38,852			954,429			8,041,929
Total Market Value of Investments		3,330,698			6,730,980			6,191,913			76,183,560
Cash		—			12,000			—			387,500
Foreign currency^(b)		—			—			—			209,012
Cash collateral held at brokers		1,340			—			—			—
Dividends and Interest Receivable		19,114			1,961			3,662			167,871
Receivable from Securities Sold		—			152,057			—			—
Due from Investment Advisor		18,154			6,764			19,054			34,337
OTC Swaps Contracts		—			—			701,425			25,850,701
Prepaid Organizational Fees		—			25,919			61,580			—
Prepaid Expenses		19			5,732			4			1,352
Total Assets		3,369,325			6,935,413			6,977,638			102,834,333
LIABILITIES
Unrealized Depreciation on OTC Swap Contracts		—			11,562			493,154			21,822,874
Cash collateral for securities on loan^(c)		—			50,852			954,429			8,759,929
Trustee Fees Payable		3			—			—			—
Payable for Securities Purchased		—			6,855			—			387,500
Capital Shares Payable		—			552,381			—			—
CCO Fees Payable		13			239			10			—
Due to Broker		—			1,929,997			—			—
Accrued Expenses		36,212			26,752			21,341			47,478
Total Liabilities		36,228			2,578,638			1,468,934			31,017,781
NET ASSETS	$	3,333,097		$	4,356,775		$	5,508,704		$	71,816,552
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	4,681,181		$	13,246,799		$	14,000,202		$	314,066,496
Total Distributable Earnings/Accumulated (Loss)		(1,348,084	)		(8,890,024	)		(8,491,498	)		(242,249,944	)
NET ASSETS	$	3,333,097		$	4,356,775		$	5,508,704		$	71,816,552
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		145,000			1,780,000			2,155,000			13,605,000
Net Asset Value (NAV) Per Share	$	22.99		$	2.45		$	2.56		$	5.28

(a) Market value of securities on loan	$	25,416		$	51,854		$	587,365		$	8,809,100
(b) Foreign currency at cost	$	—		$	—		$	—		$	209,886
(c) Non-cash collateral for securities on loan	$	26,075		$	—		$	—		$	1,687,574

(1)

Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

See accompanying Notes to Financial Statements.

160

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF			AdvisorShares Q Portfolio Blended Allocation ETF			AdvisorShares Ranger Equity Bear ETF
ASSETS
Investments, at Cost	$	541,850,101		$	50,579,426		$	3,065,664		$	123,526,041
Investments in Affiliates, at Cost (Note 8)		88,256,577			—			—			19,886,000
Repurchase Agreements, at Cost (Note 2)		1,088,492			—			1,144,635			—
Total Cost of Investments		631,195,170			50,579,426			4,210,299			143,412,041
Investments, at Market Value (including securities on loan) (Note 2)^(a)		460,155,780			40,329,158			2,694,807			123,352,770
Investments in Affiliates, at Market Value (Note 8)		19,628,201			—			—			19,476,000
Repurchase Agreements, at Market Value (Note 2)		1,088,492			—			1,144,635			—
Total Market Value of Investments		480,872,473			40,329,158			3,839,442			142,828,770
Cash		—			—			—			147,514,181
Cash collateral held at brokers		7,170,000			—			—			—
Unrealized Appreciation on OTC Swaps Contracts		30,906			—			—			—
Dividends and Interest Receivable		676,274			32,940			1,356			127,802
Receivable from Securities Sold		158,750			—			—			33,227,611
Capital Shares Receivable		—			—			—			3,737,590
Due from Investment Advisor		—			—			15,085			—
Premiums paid on OTC Swaps Contracts		528,541,688			—			—			—
Prepaid Expenses		—			—			—			458
Total Assets		1,017,450,091			40,362,098			3,855,883			327,436,412
LIABILITIES
Unrealized Depreciation on OTC Swaps Contracts		387,333,508			—			—			—
Cash collateral for securities on loan^(b)		1,088,492			—			1,144,635			—
Advisory Fees Payable		199,988			30,615			—			182,805
Trustee Fees Payable		283			—			—			—
Securities Sold, Not Yet Purchased^(c)		—			—			—			160,957,539
Capital Shares Payable		1,927,440			—			—			—
CCO Fees Payable		—			58			2			—
Due to Custodian - Foreign Currency		28			—			—			—
Due to Broker		111,920,941			—			—			—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—			—			56,066
Accrued Expenses		288,389			32,392			33,392			55,259
Total Liabilities		502,759,069			63,065			1,178,029			161,251,669
NET ASSETS	$	514,691,022		$	40,299,033		$	2,677,854		$	166,184,743
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	1,769,170,164		$	55,824,260		$	3,858,802		$	500,800,057
Total Distributable Earnings/Accumulated (Loss)		(1,254,479,142	)		(15,525,227	)		(1,180,948	)		(334,615,314	)
NET ASSETS	$	514,691,022		$	40,299,033		$	2,677,854		$	166,184,743
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		49,740,000			1,830,000			130,000			5,217,500
Net Asset Value (NAV) Per Share	$	10.35		$	22.02		$	20.60		$	31.85

(a) Market value of securities on loan	$	1,123,353		$	—		$	1,126,295		$	—
(b) Non-cash collateral for securities on loan	$	89,764		$	—		$	—		$	—
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—		$	171,514,117

See accompanying Notes to Financial Statements.

161

ADVISORSHARES TRUST
Statements of Assets and Liabilities

June 30, 2022

	AdvisorShares Restaurant ETF			AdvisorShares STAR Global Buy- Write ETF			AdvisorShares Vice ETF
ASSETS
Investments, at Cost	$	3,191,042		$	42,363,406		$	9,499,458
Repurchase Agreements, at Cost (Note 2)		299,883			878,267			—
Total Cost of Investments		3,490,925			43,241,673			9,499,458
Investments, at Market Value (including securities on loan) (Note 2)^(a)		2,642,244			38,059,461			8,718,223
Repurchase Agreements, at Market Value (Note 2)		299,883			878,267			—
Total Market Value of Investments		2,942,127			38,937,728			8,718,223
Dividends and Interest Receivable		11,396			67,433			8,118
Reclaim Receivable		33			—			1,513
Due from Investment Advisor		2,552			—			1,620
Prepaid Expenses		—			99			121
Total Assets		2,956,108			39,005,260			8,729,595
LIABILITIES
Cash collateral for securities on loan^(b)		299,883			1,355,267			—
Advisory Fees Payable		—			39,131			—
Trustee Fees Payable		168			—			—
Options Written, at value^(c)		—			15,925			—
Due to Broker		—			11,798			—
Accrued Expenses		25,211			36,104			35,036
Total Liabilities		325,262			1,458,225			35,036
NET ASSETS	$	2,630,846		$	37,547,035		$	8,694,559
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	4,007,007		$	41,618,091		$	10,018,252
Total Distributable Earnings/Accumulated (Loss)		(1,376,161	)		(4,071,056	)		(1,323,693	)
NET ASSETS	$	2,630,846		$	37,547,035		$	8,694,559
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		155,000			1,085,000			345,000
Net Asset Value (NAV) Per Share	$	16.97		$	34.61		$	25.20

(a) Market value of securities on loan	$	273,544		$	1,313,007		$	219,527
(b) Non-cash collateral for securities on loan	$	—		$	—		$	228,960
(c) Premiums received for options written	$	—		$	44,074		$	—

See accompanying Notes to Financial Statements.

162

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	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	$	617,853		$	2,551,129		$	608,653		$	1,137,453
Securities lending income (net) (Note 2)		18,832			61,959			2,241			71,036
Foreign withholding tax		(1,422	)		(111,801	)		—			—
Total Investment Income		635,263			2,501,287			610,894			1,208,489

EXPENSES:
Advisory Fees		523,383			524,696			507,003			976,255
Accounting & Administration Fees		43,522			93,023			75,265			92,441
Professional Fees		35,090			25,588			33,937			49,732
Exchange Listing Fees		8,010			6,908			4,611			7,626
Custody Fees		18,748			6,870			10,160			12,534
Report to Shareholders		12,979			26,982			16,757			36,334
Trustee Fees		5,795			5,799			5,783			6,050
CCO Fees		3,428			4,616			4,606			8,852
Pricing Fees		—			294			4,041			8,457
Transfer Agent Fees		5,164			5,247			5,067			9,762
Insurance Fees		1,489			1,055			1,807			4,303
Registration Fees		4,543			—			1,708			3,706
Organizational Fees		9,165			—			—			—
Miscellaneous Fees		3,551			1,654			3,275			4,702
Total Expenses		674,867			702,732			674,020			1,220,754
Advisory Fees Waived/Recoupment		—			(12,898	)		(43,933	)		(32,530	)
Net Expenses		674,867			689,834			630,087			1,188,224
Net Investment Income (Loss)		(39,604	)		1,811,453			(19,193	)		20,265

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(16,115,829	)		(2,650,479	)		(19,138,892	)		(18,232,522	)
In-Kind Redemptions		4,874,586			4,540,198			4,031,025			1,226,654
Purchased Options		1,566,321			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(8,507,113	)		(20,545,915	)		(2,397,719	)		(2,715,526	)
Net Realized and Unrealized Gain (Loss)		(18,182,035	)		(18,656,196	)		(17,505,586	)		(19,721,394	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,221,639	)	$	(16,844,743	)	$	(17,524,779	)	$	(19,701,129	)

See accompanying Notes to Financial Statements.

163

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	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	$	1,054,117		$	114,976		$	57,955		$	989,803
Dividend Income from Affiliates		—			—			53,835			—
Securities lending income (net) (Note 2)		99,325			40,243			—			3,044
Foreign withholding tax		—			(93	)		—			(6,715	)
Total Investment Income		1,153,442			155,126			111,790			986,132

EXPENSES:
Advisory Fees		717,468			68,524			233,598			336,776
Accounting & Administration Fees		82,616			74,309			90,537			72,195
Professional Fees		39,105			19,695			13,202			28,246
Exchange Listing Fees		5,251			372			1,712			8,017
Custody Fees		9,357			3,436			4,377			5,178
Report to Shareholders		26,963			4,152			8,878			—
Trustee Fees		5,893			5,500			5,603			5,683
CCO Fees		6,125			580			878			2,721
Pricing Fees		4,375			—			348			—
Transfer Agent Fees		7,172			685			2,336			3,608
Insurance Fees		2,340			82			2,237		��	1,254
Registration Fees		1,919			342			—			—
Interest on Securities Sold, Not Yet Purchased		—			—			76,415			—
Dividend Expense		—			—			378,502			—
Miscellaneous Fees		1,939			118			859			482
Total Expenses		910,523			177,795			819,482			464,160
Advisory Fees Waived/Recoupment		(24,662	)		(63,589	)		24,096			(31,171	)
Net Expenses		885,861			114,206			843,578			432,989
Net Investment Income (Loss)		267,581			40,920			(731,788	)		553,143

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(1,855,358	)		(1,199,037	)		4,489			4,969,712
In-Kind Redemptions		9,525,810			1,393,979			—			845,821
Short Sales		—			—			(4,323,800	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(21,632,697	)		(2,235,824	)		—			(10,804,313	)
Investments in Affiliates		—			—			(130,000	)		—
Short Sales		—			—			12,013,100			—
Net Realized and Unrealized Gain (Loss)		(13,962,245	)		(2,040,882	)		7,563,789			(4,988,780	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,694,664	)	$	(1,999,962	)	$	6,832,001		$	(4,435,637	)

See accompanying Notes to Financial Statements.

164

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	AdvisorShares Drone Technology ETF⁽¹⁾			AdvisorShares Focused Equity ETF			AdvisorShares Gerber Kawasaki ETF⁽²⁾			AdvisorShares Hotel ETF
INVESTMENT INCOME:
Dividend Income	$	921		$	311,427		$	180,482		$	73,456
Securities lending income (net) (Note 2)		2,002			749			19,490			1,500
Foreign withholding tax		(31	)		—			(11,595	)		—
Total Investment Income		2,892			312,176			188,377			74,956

EXPENSES:
Advisory Fees		674			200,099			133,777			49,132
Accounting & Administration Fees		2,787			72,476			22,365			4,448
Professional Fees		33,662			23,212			34,370			17,005
Exchange Listing Fees		5,799			8,135			17,023			7,733
Custody Fees		108			3,634			5,036			1,468
Report to Shareholders		3,520			16,057			6,683			5,575
Trustee Fees		1,253			5,687			5,577			5,292
CCO Fees		21			1,886			1,304			—
Transfer Agent Fees		8			2,309			1,338			614
Insurance Fees		417			886			574			694
Registration Fees		—			230			—			562
Organizational Fees		842			—			14,960			16,053
Miscellaneous Fees		586			230			897			552
Total Expenses		49,677			334,841			243,904			109,128
Advisory Fees Waived/Recoupment		(674	)		(134,742	)		(110,127	)		(28,064	)
Expense Reimbursement		(47,960	)		—			—			—
Net Expenses		1,043			200,099			133,777			81,064
Net Investment Income (Loss)		1,849			112,077			54,600			(6,108	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		1,025			(31,114	)		(3,461,686	)		(390,941	)
Investments in Affiliates		—			—			(590,164	)		—
In-Kind Redemptions		—			3,224,104			108,459			414,565
In-Kind Redemptions in Affiliates		—			—			(10,892	)		—
Distributions by other Affiliated Investment Companies		—			—			1,862			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(76,956	)		(6,401,532	)		(5,950,914	)		(1,292,991	)
Net Realized and Unrealized Gain (Loss)		(75,931	)		(3,208,542	)		(9,903,335	)		(1,269,367	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(74,082	)	$	(3,096,465	)	$	(9,848,735	)	$	(1,275,475	)

(1)

Represents the period April 27, 2022 (commencement of operations) to June 30, 2022.

(2)

Represents the period July 2, 2021 (commencement of operations) to June 30, 2022.

See accompanying Notes to Financial Statements.

165

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	AdvisorShares Let Bob AI Powered Momentum ETF⁽¹⁾			AdvisorShares Managed Bitcoin Strategy ETF⁽²⁾			AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares North Square McKee Core Reserves ETF⁽³⁾
INVESTMENT INCOME:
Dividend Income	$	48,518		$	277		$	3,761		$	2,490
Interest Income		—			—			2,035,336			326,183
Securities lending income (net) (Note 2)		94			2,185			3,718			341
Total Investment Income		48,612			2,462			2,042,815			329,014

EXPENSES:
Advisory Fees		60,369			1,981			494,201			114,044
Accounting & Administration Fees		7,005			2,387			131,364			72,118
Professional Fees		32,714			100,247			37,592			27,114
Exchange Listing Fees		7,592			5,799			8,039			10,297
Custody Fees		1,901			216			20,787			5,602
Report to Shareholders		8,468			1,444			34,276			8,293
Trustee Fees		2,665			1,255			5,930			5,644
CCO Fees		745			27			6,689			373
Pricing Fees		—			—			2,627			—
Transfer Agent Fees		647			17			7,413			2,851
Insurance Fees		1,758			417			2,448			2,111
Registration Fees		—			—			2,693			—
Organizational Fees		3,684			16,028			—			—
Miscellaneous Fees		393			361			1,241			—
Total Expenses		127,941			130,179			755,300			248,447
Advisory Fees Waived/Recoupment		(42,558	)		(1,981	)		(13,998	)		(114,044	)
Expense Reimbursement		—			(124,918	)		—			(1,352	)
Net Expenses		85,383			3,280			741,302			133,051
Net Investment Income (Loss)		(36,771	)		(818	)		1,301,513			195,963

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(1,625,071	)		(139,604	)		(606,602	)		44,153
In-Kind Redemptions		—			(19,099	)		—			—
Futures		—			—			—			1,062
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(90,393	)		(135,330	)		(5,873,888	)		(490,590	)
Futures		—			—			—			(2,152	)
Net Realized and Unrealized Gain (Loss)		(1,715,464	)		(294,033	)		(6,480,490	)		(447,527	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,752,235	)	$	(294,851	)	$	(5,178,977	)	$	(251,564	)

(1)

Represents the period February 9, 2022 (commencement of operations) to June 30, 2022.

(2)

Represents the period April 27, 2022 (commencement of operations) to June 30, 2022.

(3)

Formerly known as AdvisorShares Sage Core Reserves ETF.

See accompanying Notes to Financial Statements.

166

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	AdvisorShares North Square McKee ESG Core Bond ETF⁽¹⁾			AdvisorShares Poseidon Dynamic Cannabis ETF⁽²⁾			AdvisorShares Psychedelics ETF⁽³⁾			AdvisorShares Pure Cannabis ETF
INVESTMENT INCOME:
Dividend Income	$	60,081		$	3,645		$	1,036		$	736,628
Interest Income		45,920			—			—			—
Securities lending income (net) (Note 2)		1,424			4			20,108			760,094
Total Investment Income		107,425			3,649			21,144			1,496,722

EXPENSES:
Advisory Fees		14,278			33,296			26,729			1,177,503
Accounting & Administration Fees		81,143			9,742			15,094			143,904
Professional Fees		20,909			28,943			39,861			71,957
Exchange Listing Fees		8,040			9,548			10,992			8,490
Custody Fees		4,688			2,123			3,467			26,249
Report to Shareholders		—			9,377			6,759			239,722
Trustee Fees		5,464			4,042			5,505			6,601
CCO Fees		154			546			2,231			15,984
Transfer Agent Fees		305			312			334			14,709
Insurance Fees		200			1,729			3,000			8,318
Registration Fees		—			—			—			17,933
Organizational Fees		—			6,569			23,671			—
Miscellaneous Fees		—			565			647			4,089
Total Expenses		135,181			106,792			138,290			1,735,459
Advisory Fees Waived/Recoupment		(14,278	)		(33,296	)		(26,729	)		(452,143	)
Expense Reimbursement		(93,449	)		(32,289	)		(67,446	)		—
Net Expenses		27,454			41,207			44,115			1,283,316
Net Investment Income (Loss)		79,971			(37,558	)		(22,971	)		213,406

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		21,294			(531,882	)		(1,342,421	)		(23,513,919	)
Investments in Affiliates		—			—			—			(3,788,027	)
In-Kind Redemptions		(8,921	)		(4,097	)		—			2,694,798
In-Kind Redemptions in Affiliates		—			—			—			108,532
Distributions by Other Affiliated Investment Companies		—			—			—			180,376
Swaps		—			(8,171,959	)		(120,573	)		(25,924,285	)
Foreign Currency Transactions		—			—			—			(33,361	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(442,297	)		(136,132	)		(6,520,910	)		(75,531,924	)
Investments in Affiliates		—			—			—			(77,975,933	)
Swaps		—			(11,562	)		(493,154	)		(24,246,526	)
Foreign Currency Translations		—			—			—			(424	)
Net Realized and Unrealized Gain (Loss)		(429,924	)		(8,855,632	)		(8,477,058	)		(228,030,693	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(349,953	)	$	(8,893,190	)	$	(8,500,029	)	$	(227,817,287	)

(1)

Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

(2)

Represents the period November 17, 2021 (commencement of operations) to June 30, 2022.

(3)

Represents the period September 16, 2021 (commencement of operations) to June 30, 2022.

See accompanying Notes to Financial Statements.

167

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF			AdvisorShares Q Portfolio Blended Allocation ETF			AdvisorShares Ranger Equity Bear ETF
INVESTMENT INCOME:
Dividend Income	$	2,854,991		$	506,643		$	47,873		$	217,021
Dividend Income from Affiliates		—			—			—			107,670
Interest Income		—			—			—			64,668
Securities lending income (net) (Note 2)		82,040			57,259			2,756			—
Total Investment Income		2,937,031			563,902			50,629			389,359

EXPENSES:
Advisory Fees		5,493,656			869,105			29,700			1,289,112
Accounting & Administration Fees		515,743			50,823			35,404			72,444
Professional Fees		197,885			37,647			22,241			23,473
Exchange Listing Fees		10,511			8,300			8,400			7,307
Custody Fees		77,999			9,133			2,036			7,940
Report to Shareholders		309,524			19,600			12,635			22,348
Trustee Fees		11,047			5,864			5,498			5,910
CCO Fees		66,621			6,570			—			1,628
Pricing Fees		—			—			—			7,815
Transfer Agent Fees		68,677			6,828			324			6,446
Insurance Fees		22,396			1,529			55			2,454
Registration Fees		70,800			4,620			257			—
Interest on Securities Sold, Not Yet Purchased		—			—			—			1,136,642
Dividend Expense		—			—			—			982,230
Organizational Fees		39,339			9,095			9,095			—
Miscellaneous Fees		14,811			2,322			128			3,753
Total Expenses		6,899,009			1,031,436			125,773			3,569,502
Advisory Fees Waived/Recoupment		(275,331	)		7,123			(29,700	)		—
Expense Reimbursement		—			—			(53,486	)		—
Net Expenses		6,623,678			1,038,559			42,587			3,569,502
Net Investment Income (Loss)		(3,686,647	)		(474,657	)		8,042			(3,180,143	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(61,520,106	)		(4,530,014	)		(532,576	)		—
Investments in Affiliates		(27,321,462	)		—			—			—
In-Kind Redemptions		3,337,143			(334,662	)		1,150			—
In-Kind Redemptions in Affiliates		244,101			—			—			—
Swaps		(637,418,579	)		—			—			—
Short Sales		—			—			—			26,673,974
Foreign Currency Transactions		(9,012	)		—			—			—
Distributions by other Investment Companies		—			—			939			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(76,510,381	)		(15,140,779	)		(554,167	)		(173,271	)
Investments in Affiliates		(69,658,370	)		—			—			(260,000	)
Short Sales		—			—			—			11,535,915
Swaps		(326,779,605	)		—			—			—
Foreign Currency Translations		1			—			—			—
Net Realized and Unrealized Gain (Loss)		(1,195,636,270	)		(20,005,455	)		(1,084,654	)		37,776,618
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,199,322,917	)	$	(20,480,112	)	$	(1,076,612	)	$	34,596,475

See accompanying Notes to Financial Statements.

168

ADVISORSHARES TRUST
Statements of Operations

Year Ended June 30, 2022

	AdvisorShares Restaurant ETF			AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF
INVESTMENT INCOME:
Dividend Income	$	35,260		$	610,747		$	180,398
Securities lending income (net) (Note 2)		31,788			14,316			1,384
Foreign withholding tax		(468	)		—			(2,146	)
Total Investment Income		66,580			625,063			179,636

EXPENSES:
Advisory Fees		25,611			387,522			68,268
Accounting & Administration Fees		8,237			73,942			77,871
Professional Fees		20,904			25,104			13,396
Exchange Listing Fees		7,733			7,993			8,469
Custody Fees		1,175			4,051			3,047
Report to Shareholders		3,189			13,167			6,954
Trustee Fees		5,440			5,529			5,488
CCO Fees		—			1,582			812
Pricing Fees		—			—			765
Transfer Agent Fees		320			2,153			853
Insurance Fees		677			465			329
Registration Fees		424			197			—
Organizational Fees		16,054			—			—
Miscellaneous Fees		466			263			343
Total Expenses		90,230			521,968			186,595
Advisory Fees Waived/Recoupment		(25,611	)		9,081			(68,268	)
Expense Reimbursement		(22,359	)		—			(5,686	)
Net Expenses		42,260			531,049			112,641
Net Investment Income (Loss)		24,320			94,014			66,995

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(804,392	)		107,217			(282,990	)
In-Kind Redemptions		35,387			108,548			156,897
Options Written		—			304,360			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(517,861	)		(5,857,570	)		(3,846,483	)
Options Written		—			30,787			—
Net Realized and Unrealized Gain (Loss)		(1,286,866	)		(5,306,658	)		(3,972,576	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,262,546	)	$	(5,212,644	)	$	(3,905,581	)

See accompanying Notes to Financial Statements.

169

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Alpha DNA Equity Sentiment ETF						AdvisorShares Dorsey Wright ADR ETF
	Year ended June 30, 2022			For the period February 2, 2021^* to June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(39,604	)	$	(160,118	)	$	1,811,453		$	356,321
Net Realized Gain (Loss)		(9,674,922	)		2,719,382			1,889,719			19,387,682
Net Change in Unrealized Appreciation (Depreciation)		(8,507,113	)		2,443,529			(20,545,915	)		(1,463,361	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(18,221,639	)		5,002,793			(16,844,743	)		18,280,642
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(1,200,067	)		(284,565	)
Total Distributions		—			—			(1,200,067	)		(284,565	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		40,215,570			96,371,099			—			10,147,730
Value of Shares Redeemed		(41,327,340	)		(31,467,151	)		(28,853,838	)		(15,186,661	)
Net Increase (Decrease) From Capital Stock Transactions		(1,111,770	)		64,903,948			(28,853,838	)		(5,038,931	)
Net Increase (Decrease) in Net Assets		(19,333,409	)		69,906,741			(46,898,648	)		12,957,146
Net Assets:
Beginning of Year/Period		69,906,741			—			88,836,468			75,879,322
End of Year/Period	$	50,573,332		$	69,906,741		$	41,937,820		$	88,836,468
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,535,000			—			1,335,000			1,425,000
Shares Sold		1,445,000			3,705,000			—			170,000
Shares Repurchased		(1,550,000	)		(1,170,000	)		(470,000	)		(260,000	)
Shares Outstanding, End of Year/Period		2,430,000			2,535,000			865,000			1,335,000

Commencement of operations.

See accompanying Notes to Financial Statements.

170

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Alpha Equal Weight ETF						AdvisorShares Dorsey Wright FSM All Cap World ETF
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(19,193	)	$	(276,933	)	$	20,265		$	(438,845	)
Net Realized Gain (Loss)		(15,107,867	)		18,631,882			(17,005,868	)		38,026,512
Net Change in Unrealized Appreciation (Depreciation)		(2,397,719	)		(2,677,985	)		(2,715,526	)		(8,322,601	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(17,524,779	)		15,676,964			(19,701,129	)		29,265,066
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(1,162,299	)		(14,018	)		(2,192,696	)		(215,144	)
Total Distributions		(1,162,299	)		(14,018	)		(2,192,696	)		(215,144	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		68,469,951			85,533,754			86,954,010			295,124,496
Value of Shares Redeemed		(86,479,636	)		(61,136,384	)		(136,556,384	)		(242,186,339	)
Net Increase (Decrease) From Capital Stock Transactions		(18,009,685	)		24,397,370			(49,602,374	)		52,938,157
Net Increase (Decrease) in Net Assets		(36,696,763	)		40,060,316			(71,496,199	)		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	$	42,696,908		$	79,393,671		$	84,176,676		$	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		2,440,000			3,085,000			2,270,000			8,535,000
Shares Repurchased		(3,230,000	)		(2,160,000	)		(3,745,000	)		(6,910,000	)
Shares Outstanding, End of Year/Period		2,060,000			2,850,000			2,775,000			4,250,000

See accompanying Notes to Financial Statements.

171

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright FSM US Core ETF						AdvisorShares Dorsey Wright Micro-Cap ETF
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	267,581		$	(151,194	)	$	40,920		$	(5,175	)
Net Realized Gain (Loss)		7,670,452			8,461,136			194,942			484,121
Net Change in Unrealized Appreciation (Depreciation)		(21,632,697	)		11,295,797			(2,235,824	)		1,419,273
Net Increase (Decrease) In Net Assets Resulting From Operations		(13,694,664	)		19,605,739			(1,999,962	)		1,898,219
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(367,102	)		(144,245	)		(38,855	)		—
Return of Capital		—			—			(9,609	)		—
Total Distributions		(367,102	)		(144,245	)		(48,464	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		48,884,270			67,515,703			6,397,157			5,434,395
Value of Shares Redeemed		(48,707,954	)		(40,095,468	)		(5,872,501	)		(545,097	)
Net Increase (Decrease) From Capital Stock Transactions		176,316			27,420,235			524,656			4,889,298
Net Increase (Decrease) in Net Assets		(13,885,450	)		46,881,729			(1,523,770	)		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	$	79,763,528		$	93,648,978		$	7,375,544		$	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		1,355,000			1,945,000			170,000			160,000
Shares Repurchased		(1,400,000	)		(1,120,000	)		(160,000	)		(25,000	)
Shares Outstanding, End of Year/Period		2,480,000			2,525,000			245,000			235,000

See accompanying Notes to Financial Statements.

172

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Short ETF						AdvisorShares DoubleLine Value Equity ETF
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(731,788	)	$	(1,864,666	)	$	553,143		$	537,254
Net Realized Gain (Loss)		(4,319,311	)		(27,066,731	)		5,815,533			5,873,938
Net Change in Unrealized Appreciation (Depreciation)		11,883,100			(19,190,288	)		(10,804,313	)		10,696,504
Net Increase (Decrease) In Net Assets Resulting From Operations		6,832,001			(48,121,685	)		(4,435,637	)		17,107,696
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			(520,610	)		(614,874	)
Total Distributions		—			—			(520,610	)		(614,874	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		31,836,759			23,413,492			6,473,012			964,855
Value of Shares Redeemed		(16,833,886	)		(63,225,521	)		(3,381,200	)		(10,698,303	)
Net Increase (Decrease) From Capital Stock Transactions		15,002,873			(39,812,029	)		3,091,812			(9,733,448	)
Net Increase (Decrease) in Net Assets		21,834,874			(87,933,714	)		(1,864,435	)		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	$	46,999,259		$	25,164,385		$	46,378,180		$	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		3,390,000			1,475,000			70,000			10,000
Shares Repurchased		(1,840,000	)		(4,395,000	)		(35,000	)		(130,000	)
Shares Outstanding, End of Year/Period		4,480,000			2,930,000			540,000			505,000

See accompanying Notes to Financial Statements.

173

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Drone Technology ETF			AdvisorShares Focused Equity ETF
	For the period April 27, 2022* to June 30, 2022			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	1,849		$	112,077		$	58,217
Net Realized Gain (Loss)		1,025			3,192,990			1,044,419
Net Change in Unrealized Appreciation (Depreciation)		(76,956	)		(6,401,532	)		4,977,298
Net Increase (Decrease) In Net Assets Resulting From Operations		(74,082	)		(3,096,465	)		6,079,934
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			(52,120	)		(62,748	)
Total Distributions		—			(52,120	)		(62,748	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		625,000			11,183,176			7,478,401
Value of Shares Redeemed		—			(8,857,828	)		(4,190,848	)
Net Increase (Decrease) From Capital Stock Transactions		625,000			2,325,348			3,287,553
Net Increase (Decrease) in Net Assets		550,918			(823,237	)		9,304,739
Net Assets:
Beginning of Year/Period		—			28,921,198			19,616,459
End of Year/Period	$	550,918		$	28,097,961		$	28,921,198
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			620,000			550,000
Shares Sold		25,000			215,000			170,000
Shares Repurchased		—			(170,000	)		(100,000	)
Shares Outstanding, End of Year/Period		25,000			665,000			620,000

Commencement of operations.

See accompanying Notes to Financial Statements.

174

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Gerber Kawasaki ETF			AdvisorShares Hotel ETF
	For the Period July 2, 2021* to June 30, 2022			Year ended June 30, 2022			For the period April 20, 2021* to June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	54,600		$	(6,108	)	$	22,750
Net Realized Gain (Loss)		(3,952,421	)		23,624			(41,231	)
Net Change in Unrealized Appreciation (Depreciation)		(5,950,914	)		(1,292,991	)		(281,789	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(9,848,735	)		(1,275,475	)		(300,270	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(9,594	)		(32,154	)		—
Total Distributions		(9,594	)		(32,154	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		28,966,567			5,342,715			8,023,869
Value of Shares Redeemed		(3,262,011	)		(5,861,734	)		—
Net Increase (Decrease) From Capital Stock Transactions		25,704,556			(519,019	)		8,023,869
Net Increase (Decrease) in Net Assets		15,846,227			(1,826,648	)		7,723,599
Net Assets:
Beginning of Year/Period		—			7,723,599			—
End of Year/Period	$	15,846,227		$	5,896,951		$	7,723,599
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			315,000			—
Shares Sold		1,125,000			220,000			315,000
Shares Repurchased		(155,000	)		(235,000	)		—
Shares Outstanding, End of Year/Period		970,000			300,000			315,000

Commencement of operations.

See accompanying Notes to Financial Statements.

175

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Let Bob AI Powered Momentum ETF			AdvisorShares Managed Bitcoin Strategy ETF
	For the period February 9, 2022* to June 30, 2022			For the period April 27, 2022* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(36,771	)	$	(818	)
Net Realized Gain (Loss)		(1,625,071	)		(158,703	)
Net Change in Unrealized Appreciation (Depreciation)		(90,393	)		(135,330	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,752,235	)		(294,851	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—
Total Distributions		—			—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		25,935,550			21,000,864
Value of Shares Redeemed		—			(20,189,284	)
Net Increase (Decrease) From Capital Stock Transactions		25,935,550			811,580
Net Increase (Decrease) in Net Assets		24,183,315			516,729
Net Assets:
Beginning of Year/Period		—			—
End of Year/Period	$	24,183,315		$	516,729
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			—
Shares Sold		1,040,000			1,070,000
Shares Repurchased		—			(1,035,000	)
Shares Outstanding, End of Year/Period		1,040,000			35,000

Commencement of operations.

See accompanying Notes to Financial Statements.

176

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Newfleet Multi-Sector Income ETF						AdvisorShares North Square McKee Core Reserves ETF⁽¹⁾
	Year ended June 30, 2022			Year ended June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	1,301,513		$	1,195,721		$	195,963		$	613,130
Net Realized Gain (Loss)		(606,602	)		440,439			45,215			323,325
Net Change in Unrealized Appreciation (Depreciation)		(5,873,888	)		406,669			(492,742	)		30,243
Net Increase (Decrease) In Net Assets Resulting From Operations		(5,178,977	)		2,042,829			(251,564	)		966,698
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(1,469,967	)		(1,321,431	)		(206,678	)		(647,683	)
Total Distributions		(1,469,967	)		(1,321,431	)		(206,678	)		(647,683	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		8,066,264			55,802,623			2,455,644			19,742,687
Value of Shares Redeemed		(14,694,308	)		(17,332,533	)		(9,343,134	)		(78,550,212	)
Net Increase (Decrease) From Capital Stock Transactions		(6,628,044	)		38,470,090			(6,887,490	)		(58,807,525	)
Net Increase (Decrease) in Net Assets		(13,276,988	)		39,191,488			(7,345,732	)		(58,488,510	)
Net Assets:
Beginning of Year/Period		96,958,588			57,767,100			42,432,393			100,920,903
End of Year/Period	$	83,681,600		$	96,958,588		$	35,086,661		$	42,432,393
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		1,985,000			1,200,000			430,000			1,025,000
Shares Sold		165,000			1,140,000			25,000			200,000
Shares Repurchased		(315,000	)		(355,000	)		(95,000	)		(795,000	)
Shares Outstanding, End of Year/Period		1,835,000			1,985,000			360,000			430,000

(1)

Formerly known as AdvisorShares Sage Core Reserves ETF.

See accompanying Notes to Financial Statements.

177

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares North Square McKee ESG Core Bond ETF⁽¹⁾						AdvisorShares Poseidon Dynamic Cannabis ETF
	Year ended June 30, 2022			Year ended June 30, 2021			For the period November 17, 2021* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	79,971		$	109,511		$	(37,558	)
Net Realized Gain (Loss)		12,373			83,801			(8,707,938	)
Net Change in Unrealized Appreciation (Depreciation)		(442,297	)		54,063			(147,694	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(349,953	)		247,375			(8,893,190	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(82,126	)		(120,549	)		—
Total Distributions		(82,126	)		(120,549	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		512,358			—			13,802,346
Value of Shares Redeemed		(2,328,053	)		(2,857,937	)		(552,381	)
Net Increase (Decrease) From Capital Stock Transactions		(1,815,695	)		(2,857,937	)		13,249,965
Net Increase (Decrease) in Net Assets		(2,247,774	)		(2,731,111	)		4,356,775
Net Assets:
Beginning of Year/Period		5,580,871			8,311,982			—
End of Year/Period	$	3,333,097		$	5,580,871		$	4,356,775
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		215,000			325,000			—
Shares Sold		20,000			—			1,995,000
Shares Repurchased		(90,000	)		(110,000	)		(215,000	)
Shares Outstanding, End of Year/Period		145,000			215,000			1,780,000

(1)

Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

Commencement of operations.

See accompanying Notes to Financial Statements.

178

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Psychedelics ETF			AdvisorShares Pure Cannabis ETF
	For the period September 16, 2021* to June 30, 2022			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(22,971	)	$	213,406		$	444,125
Net Realized Gain (Loss)		(1,462,994	)		(50,275,886	)		35,943,090
Net Change in Unrealized Appreciation (Depreciation)		(7,014,064	)		(177,754,807	)		17,051,093
Net Increase (Decrease) In Net Assets Resulting From Operations		(8,500,029	)		(227,817,287	)		53,438,308
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			(7,501,781	)		(728,447	)
Return of Capital		—			(252,376	)		—
Total Distributions		—			(7,754,157	)		(728,447	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		14,008,733			1,430,696			295,185,617
Value of Shares Redeemed		—			(48,450,969	)		(38,990,037	)
Net Increase (Decrease) From Capital Stock Transactions		14,008,733			(47,020,273	)		256,195,580
Net Increase (Decrease) in Net Assets		5,508,704			(282,591,717	)		308,905,441
Net Assets:
Beginning of Year/Period		—			354,408,269			45,502,828
End of Year/Period	$	5,508,704		$	71,816,552		$	354,408,269
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			16,755,000			4,475,000
Shares Sold		2,155,000			210,000			13,935,000
Shares Repurchased		—			(3,360,000	)		(1,655,000	)
Shares Outstanding, End of Year/Period		2,155,000			13,605,000			16,755,000

Commencement of operations.

See accompanying Notes to Financial Statements.

179

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Pure US Cannabis ETF						AdvisorShares Q ynamic Growth ETF
	Year ended June 30, 2022			For the period September 1, 2020* to June 30, 2021			Year ended June 30, 2022			For the period December 28, 2020* to June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(3,686,647	)	$	(2,315,252	)	$	(474,657	)	$	(115,613	)
Net Realized Gain (Loss)		(722,687,915	)		6,245,620			(4,864,676	)		(585,027	)
Net Change in Unrealized Appreciation (Depreciation)		(472,948,355	)		(64,676,943	)		(15,140,779	)		4,890,511
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,199,322,917	)		(60,746,575	)		(20,480,112	)		4,189,871
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(3,055,414	)		—			—			—
Total Distributions		(3,055,414	)		—			—			—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		968,257,354			1,101,452,333			55,320,778			64,573,046
Value of Shares Redeemed		(201,882,496	)		(90,011,263	)		(63,304,550	)		—
Net Increase (Decrease) From Capital Stock Transactions		766,374,858			1,011,441,070			(7,983,772	)		64,573,046
Net Increase (Decrease) in Net Assets		(436,003,473	)		950,694,495			(28,463,884	)		68,762,917
Net Assets:
Beginning of Year/Period		950,694,495			—			68,762,917			—
End of Year/Period	$	514,691,022		$	950,694,495		$	40,299,033		$	68,762,917
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		23,640,000			—			2,445,000			—
Shares Sold		34,520,000			25,900,000			1,885,000			2,445,000
Shares Repurchased		(8,420,000	)		(2,260,000	)		(2,500,000	)		—
Shares Outstanding, End of Year/Period		49,740,000			23,640,000			1,830,000			2,445,000

Commencement of operations.

See accompanying Notes to Financial Statements.

180

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Q Portfolio Blended Allocation ETF						AdvisorShares Ranger Equity Bear ETF⁽¹⁾
	Year ended June 30, 2022			For the period December 28, 2020* to June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	8,042		$	1,165		$	(3,180,143	)	$	(4,083,134	)
Net Realized Gain (Loss)		(530,487	)		(378,559	)		26,673,974			(65,099,412	)
Net Change in Unrealized Appreciation (Depreciation)		(554,167	)		183,310			11,102,644			1,581,889
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,076,612	)		(194,084	)		34,596,475			(67,600,657	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(16,342	)		—			—			—
Total Distributions		(16,342	)		—			—			—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		2,689,075			10,699,062			131,971,269			44,585,473
Value of Shares Redeemed		(2,396,849	)		(7,026,396	)		(51,038,274	)		(88,348,866	)
Net Increase (Decrease) From Capital Stock Transactions		292,226			3,672,666			80,932,995			(43,763,393	)
Net Increase (Decrease) in Net Assets		(800,728	)		3,478,582			115,529,470			(111,364,050	)
Net Assets:
Beginning of Year/Period		3,478,582			—			50,655,273			162,019,323
End of Year/Period	$	2,677,854		$	3,478,582		$	166,184,743		$	50,655,273
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		135,000			—			2,202,500			3,337,500
Shares Sold		100,000			430,000			4,975,000			1,300,000
Shares Repurchased		(105,000	)		(295,000	)		(1,960,000	)		(2,435,000	)
Shares Outstanding, End of Year/Period		130,000			135,000			5,217,500			2,202,500

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.

See accompanying Notes to Financial Statements.

181

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Restaurant ETF						AdvisorShares STAR Global Buy-Write ETF
	Year ended June 30, 2022			For the period April 20, 2021* to June 30, 2021			Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	24,320		$	(194	)	$	94,014		$	(53,752	)
Net Realized Gain (Loss)		(769,005	)		(37,625	)		520,125			3,452,454
Net Change in Unrealized Appreciation (Depreciation)		(517,861	)		(30,937	)		(5,826,783	)		(732,181	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,262,546	)		(68,756	)		(5,212,644	)		2,666,521
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(6,358	)		—			(166,381	)		(36,638	)
Total Distributions		(6,358	)		—			(166,381	)		(36,638	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			6,299,395			25,014,673			11,496,290
Value of Shares Redeemed		(2,088,536	)		(242,353	)		(411,757	)		(8,684,765	)
Net Increase (Decrease) From Capital Stock Transactions		(2,088,536	)		6,057,042			24,602,916			2,811,525
Net Increase (Decrease) in Net Assets		(3,357,440	)		5,988,286			19,223,891			5,441,408
Net Assets:
Beginning of Year/Period		5,988,286			—			18,323,144			12,881,736
End of Year/Period	$	2,630,846		$	5,988,286		$	37,547,035		$	18,323,144
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		245,000			—			460,000			400,000
Shares Sold		—			255,000			635,000			290,000
Shares Repurchased		(90,000	)		(10,000	)		(10,000	)		(230,000	)
Shares Outstanding, End of Year/Period		155,000			245,000			1,085,000			460,000

Commencement of operations.

See accompanying Notes to Financial Statements.

182

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Vice ETF
	Year ended June 30, 2022			Year ended June 30, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	66,995		$	72,734
Net Realized Gain (Loss)		(126,093	)		1,636,316
Net Change in Unrealized Appreciation (Depreciation)		(3,846,483	)		3,470,745
Net Increase (Decrease) In Net Assets Resulting From Operations		(3,905,581	)		5,179,795
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(118,472	)		(128,419	)
Total Distributions		(118,472	)		(128,419	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			1,682,551
Value of Shares Redeemed		(1,170,108	)		(1,970,784	)
Net Increase (Decrease) From Capital Stock Transactions		(1,170,108	)		(288,233	)
Net Increase (Decrease) in Net Assets		(5,194,161	)		4,763,143
Net Assets:
Beginning of Year/Period		13,888,720			9,125,577
End of Year/Period	$	8,694,559		$	13,888,720
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		385,000			400,000
Shares Sold		—			50,000
Shares Repurchased		(40,000	)		(65,000	)
Shares Outstanding, End of Year/Period		345,000			385,000

See accompanying Notes to Financial Statements.

183

ADVISORSHARES TRUST

Financial Highlights

				For the period February 2,
	Year ended June 30,			2021* to June 30,
AdvisorShares Alpha DNA Equity Sentiment ETF	2022			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⁾		(0.01	)		(0.07	)
Net Realized and Unrealized Gain (Loss)		(6.76	)		2.30
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(6.77	)		2.23
Net Asset Value, End of Year/Period	$	20.81		$	27.58
Market Value, End of Year/Period	$	20.73		$	27.58
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(24.53	)%		8.78	%
Total Investment Return Based on Market⁽³⁾		(24.84	)%		8.80	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	50,573		$	69,907
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.98	%		1.08	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.98	%		1.08	%
Net Investment Loss⁽⁴⁾		(0.06	)%		(0.67	)%
Portfolio Turnover Rate⁽⁵⁾		537	%		244	%

	Years Ended June 30,
AdvisorShares Dorsey Wright ADR ETF	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income (Loss)⁽¹⁾		1.62			0.27			(0.03	)		0.23			0.55
Net Realized and Unrealized Gain (Loss)		(18.48	)		13.23			3.54			(3.51	)		6.66
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(16.86	)		13.50			3.51			(3.28	)		7.21
Distributions from Net Investment Income		(1.20	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)
Total Distributions		(1.20	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)
Net Asset Value, End of Year/Period	$	48.48		$	66.54		$	53.25		$	49.75		$	53.34
Market Value, End of Year/Period	$	48.47		$	66.49		$	52.97		$	49.69		$	53.19
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(25.51	)%		25.39	%		7.06	%		(6.16	)%		15.45	%
Total Investment Return Based on Market⁽³⁾		(25.45	)%		25.95	%		6.62	%		(6.00	)%		15.01	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	41,938		$	88,836		$	75,879		$	108,198		$	246,701
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.99	%		1.10	%		1.02	%		0.88	%		1.02	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.00	%		0.96	%		0.97	%		1.07	%		0.95	%
Net Investment Income (Loss)⁽⁴⁾		2.59	%		0.44	%		(0.06	)%		0.47	%		0.96	%
Portfolio Turnover Rate⁽⁵⁾		79	%		85	%		48	%		120	%		71	%

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.

184

ADVISORSHARES TRUST

Financial Highlights

	Years Ended						For the period December 26, 2019* to
	June 30,						June 30,
AdvisorShares Dorsey Wright Alpha Equal Weight ETF	2022			2021			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⁾		(0.01	)		(0.11	)		0.01
Net Realized and Unrealized Gain (Loss)		(6.73	)		7.55			(4.67	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(6.74	)		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	$	20.73		$	27.86		$	20.43
Market Value, End of Year/Period	$	20.68		$	27.90		$	20.44
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(24.56	)%		36.36	%		(18.57	)%
Total Investment Return Based on Market⁽³⁾		(24.85	)%		36.52	%		(18.53	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	42,697		$	79,394		$	39,333
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.93	%		0.96	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.00	%		0.91	%		1.19	%
Net Investment Income (Loss)⁽⁴⁾		(0.03	)%		(0.42	)%		0.09	%
Portfolio Turnover Rate⁽⁵⁾		495	%		372	%		147	%

	Years Ended						For the period December 26, 2019^* to
	June 30,						June 30,
AdvisorShares Dorsey Wright FSM All Cap World ETF	2022			2021			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 Income (Loss)⁽¹⁾		0.01			(0.12	)		(0.02	)
Net Realized and Unrealized Gain (Loss)		(5.76	)		8.74			2.97
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(5.75	)		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	$	30.33		$	36.63		$	28.07
Market Value, End of Year/Period	$	30.34		$	36.67		$	28.07
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(15.98	)%		30.70	%		11.76	%
Total Investment Return Based on Market⁽³⁾		(16.06	)%		30.85	%		11.74	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	84,177		$	155,673		$	73,685
Ratio to Average Net Assets of:⁽⁶⁾
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.91	%		0.88	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.94	%		0.86	%		1.12	%
Net Investment Income (Loss)⁽⁴⁾		0.02	%		(0.34	)%		(0.17	)%
Portfolio Turnover Rate⁽⁵⁾		244	%		209	%		46	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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.

185

ADVISORSHARES TRUST

Financial Highlights

	Years Ended						For the period December 26, 2019* to
	June 30,						June 30,
AdvisorShares Dorsey Wright FSM US Core ETF	2022			2021			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⁾		0.11			(0.07	)		0.05
Net Realized and Unrealized Gain (Loss)		(4.90	)		9.72			2.32
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(4.79	)		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	$	32.16		$	37.09		$	27.51
Market Value, End of Year/Period	$	32.08		$	37.16		$	27.46
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(12.97	)%		35.08	%		9.43	%
Total Investment Return Based on Market⁽³⁾		(13.36	)%		35.59	%		9.23	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	79,764		$	93,649		$	46,767
Ratio to Average Net Assets of:⁽⁴⁾
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.93	%		0.92	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		0.95	%		0.89	%		1.15	%
Net Investment Income (Loss)⁽⁵⁾		0.28	%		(0.22	)%		0.37	%
Portfolio Turnover Rate⁽⁶⁾		50	%		64	%		53	%

										For the period July 11, *2018 to**
	Years Ended June 30,									June 30,
AdvisorShares Dorsey Wright Micro-Cap ETF	2022			2021			2020			2019
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⁾		0.16			(0.04	)		(0.01	)		(0.02	)
Net Realized and Unrealized Gain (Loss)		(7.77	)		16.79			(1.89	)		(1.65	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(7.61	)		16.75			(1.90	)		(1.67	)
Distributions from Net Investment Income		(0.13	)		—			(0.02	)		—
Return of Capital		(0.03	)		—			—			—
Total Distributions		(0.16	)		—			(0.02	)		—
Net Asset Value, End of Year/Period	$	30.10		$	37.87		$	21.12		$	23.04
Market Value, End of Year/Period	$	29.84		$	37.92		$	20.80		$	23.02
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(20.17	)%		79.33	%		(8.26	)%		(6.79	)%
Total Investment Return Based on Market⁽³⁾		(20.99	)%		82.31	%		(9.58	)%		(6.86	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	7,376		$	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⁾		1.95	%		3.17	%		4.98	%		4.79	%
Net Investment Income (Loss)⁽⁵⁾		0.45	%		(0.12	)%		(0.05	)%		(0.11	)%
Portfolio Turnover Rate⁽⁶⁾		104	%		163	%		119	%		103	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(4)

(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.

186

ADVISORSHARES TRUST

Financial Highlights

										For the period July 11, 2018* to
	Years Ended June 30,									June 30,
AdvisorShares Dorsey Wright Short ETF	2022			2021			2020			2019
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⁾		(0.21	)		(0.46	)		(0.65	)		0.13
Net Realized and Unrealized Gain (Loss)		2.11			(10.28	)		(4.89	)		(0.19	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		1.90			(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	$	10.49		$	8.59		$	19.33		$	24.90
Market Value, End of Year/Period	$	10.45		$	8.56		$	19.36		$	24.93
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		22.15	%		(55.58	)%		(22.26	)%		(0.27	)%
Total Investment Return Based on Market⁽³⁾		22.08	%		(55.79	)%		(22.24	)%		(0.18	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	46,999		$	25,164		$	113,098		$	24,281
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		2.71	%⁽⁵⁾		3.48	%⁽⁵⁾		3.56	%⁽⁵⁾		2.70	%⁽⁵⁾
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		2.63	%⁽⁵⁾		3.55	%⁽⁵⁾		3.56	%⁽⁵⁾		3.26	%⁽⁵⁾
Net Investment Income (Loss)⁽⁴⁾		(2.35	)%		(3.18	)%		(2.58	)%		0.53	%
Portfolio Turnover Rate⁽⁶⁾		190	%		243	%		555	%		357	%

	Years Ended June 30,
AdvisorShares DoubleLine Value Equity ETF	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income⁽¹⁾		1.10			0.95			0.82			0.62			0.53
Net Realized and Unrealized Gain (Loss)		(9.68	)		29.23			(1.84	)		0.45			1.59
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(8.58	)		30.18			(1.02	)		1.07			2.12
Distributions from Net Investment Income		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)
Total Distributions		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)
Net Asset Value, End of Year/Period	$	85.89		$	95.53		$	66.37		$	68.21		$	67.88
Market Value, End of Year/Period	$	85.78		$	95.41		$	66.28		$	68.13		$	67.88
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(9.12	)%		45.78	%		(1.63	)%		1.74	%		3.15	%
Total Investment Return Based on Market⁽³⁾		(9.12	)%		45.79	%		(1.65	)%		1.63	%		3.26	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	46,378		$	48,243		$	41,483		$	61,386		$	95,034
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.90	%		0.90	%		0.90	%		0.90	%		0.87	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.96	%		1.05	%		1.07	%		1.17	%		1.07	%
Net Investment Income⁽⁴⁾		1.15	%		1.18	%		1.18	%		0.93	%		0.77	%
Portfolio Turnover Rate⁽⁶⁾		32	%		40	%		93	%		218	%		171	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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 1.46%, 2.46%, 2.47% and 1.71% for the period ended June 30, 2022, 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.

187

ADVISORSHARES TRUST

Financial Highlights

	For the period April 27, 2022* to
	June 30,
AdvisorShares Drone Technology ETF	2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.00
Investment Operations
Net Investment Income⁽¹⁾		0.07
Net Realized and Unrealized Loss		(3.03	)
Net Decrease in Net Assets Resulting from Investment Operations⁽²⁾		(2.96	)
Net Asset Value, End of Year/Period	$	22.04
Market Value, End of Year/Period	$	22.03
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(11.86	)%
Total Investment Return Based on Market⁽³⁾		(11.88	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	551
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		47.15	%
Net Investment Income⁽⁴⁾		1.75	%
Portfolio Turnover Rate⁽⁵⁾		13	%

	Years Ended June 30,
AdvisorShares Focused Equity ETF	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income⁽¹⁾		0.17			0.10			0.14			0.16			0.13
Net Realized and Unrealized Gain (Loss)		(4.49	)		11.00			1.26			3.21			3.17
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(4.32	)		11.10			1.40			3.37			3.30
Distributions from Net Investment Income		(0.08	)		(0.12	)		(0.15	)		(0.16	)		(0.09	)
Distributions from Realized Capital Gains		—			—			—			(0.59	)		—
Total Distributions		(0.08	)		(0.12	)		(0.15	)		(0.75	)		(0.09	)
Net Asset Value, End of Year/Period	$	42.25		$	46.65		$	35.67		$	34.42		$	31.80
Market Value, End of Year/Period	$	42.21		$	46.68		$	34.88		$	34.31		$	31.79
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(9.28	)%		31.15	%		4.02	%		11.09	%		11.57	%
Total Investment Return Based on Market⁽³⁾		(9.44	)%		34.20	%		2.06	%		10.74	%		11.51	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	28,098		$	28,921		$	19,616		$	17,211		$	14,311
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.65	%		0.66	%		0.77	%		0.72	%		0.68	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.09	%		1.19	%		1.43	%		1.63	%		1.39	%
Net Investment Income⁽⁴⁾		0.36	%		0.24	%		0.41	%		0.49	%		0.42	%
Portfolio Turnover Rate⁽⁵⁾		24	%		25	%		23	%		19	%		26	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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.

188

ADVISORSHARES TRUST

Financial Highlights

	For the period July 2, 2021* to
	June 30,
AdvisorShares Gerber Kawasaki ETF	2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.03
Investment Operations
Net Investment Income⁽¹⁾		0.07
Net Realized and Unrealized Loss		(8.75	)
Distributions of Net Realized Gains by other investment companies		0.00	⁽²⁾
Net Decrease in Net Assets Resulting from Investment Operations⁽³⁾		(8.68	)
Distributions from Net Investment Income		(0.01	)
Total Distributions		(0.01	)
Net Asset Value, End of Year/Period	$	16.34
Market Value, End of Year/Period	$	16.35
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(34.71	)%
Total Investment Return Based on Market⁽⁴⁾		(34.65	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	15,846
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.75	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		1.37	%
Net Investment Income⁽⁵⁾		0.31	%
Portfolio Turnover Rate⁽⁶⁾		66	%

	Year ended			For the period April 20, 2021* to
	June 30,			June 30,
AdvisorShares Hotel ETF	2022			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 (Loss)⁽¹⁾		(0.02	)		0.13
Net Realized and Unrealized Gain (Loss)		(4.75	)		0.07
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(4.77	)		0.20
Distributions from Net Investment Income		(0.09	)		—
Total Distributions		(0.09	)		—
Net Asset Value, End of Year/Period	$	19.66		$	24.52
Market Value, End of Year/Period	$	19.61		$	24.56
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(19.54	)%		0.81	%
Total Investment Return Based on Market⁽⁴⁾		(19.87	)%		0.99	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	5,897		$	7,724
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		1.33	%		6.60	%
Net Investment Income (Loss)⁽⁵⁾		(0.07	)%		2.70	%
Portfolio Turnover Rate⁽⁶⁾		74	%		21	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

Amount represents less than $0.005 or 0.005%.

(3)

(4)

(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.

189

ADVISORSHARES TRUST

Financial Highlights

	For the period February 9, 2022* to
	June 30,
AdvisorShares Let Bob AI Powered Momentum ETF	2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.00
Investment Operations
Net Investment Loss⁽¹⁾		(0.04	)
Net Realized and Unrealized Loss		(1.71	)
Net Decrease in Net Assets Resulting from Investment Operations⁽²⁾		(1.75	)
Net Asset Value, End of Year/Period	$	23.25
Market Value, End of Year/Period	$	23.22
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(6.99	)%
Total Investment Return Based on Market⁽³⁾		(7.12	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	24,183
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.48	%
Net Investment Loss⁽⁴⁾		(0.43	)%
Portfolio Turnover Rate⁽⁶⁾		497	%

	For the period April 27, 2022* to
	June 30,
AdvisorShares Managed Bitcoin Strategy ETF	2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.00
Investment Operations
Net Investment Loss⁽¹⁾		(0.01	)
Net Realized and Unrealized Loss		(10.23	)
Net Decrease in Net Assets Resulting from Investment Operations⁽²⁾		(10.24	)
Net Asset Value, End of Year/Period	$	14.76
Market Value, End of Year/Period	$	14.73
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(40.95	)%
Total Investment Return Based on Market⁽³⁾		(41.08	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	517
Ratio to Average Net Assets of: ⁽⁵⁾
Expenses, net of expense waivers and reimbursements⁽⁴⁾		1.49	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		59.15	%
Net Investment Loss⁽⁴⁾		(0.37	)%
Portfolio Turnover Rate⁽⁶⁾		42	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(4)

Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5)

(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.

190

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Newfleet Multi-Sector Income ETF	Years Ended June 30,
AdvisorShares Newfleet Multi-Sector Income ETF	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income⁽¹⁾		0.63			0.78			1.21			1.35			1.05
Net Realized and Unrealized Gain (Loss)		(3.17	)		0.83			(0.22	)		0.65			(0.62	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(2.54	)		1.61			0.99			2.00			0.43
Distributions from Net Investment Income		(0.71	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)
Total Distributions		(0.71	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)
Net Asset Value, End of Year/Period	$	45.60		$	48.85		$	48.14		$	48.44		$	47.86
Market Value, End of Year/Period	$	45.61		$	48.83		$	48.17		$	48.38		$	47.79
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(5.24	)%		3.36	%		2.10	%		4.27	%		0.87	%
Total Investment Return Based on Market⁽³⁾		(5.19	)%		3.27	%		2.28	%		4.29	%		0.70	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	83,682		$	96,959		$	57,767		$	75,080		$	155,529
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.76	%		0.78	%		0.82	%		0.96	%		0.84	%
Net Investment Income⁽⁴⁾		1.32	%		1.61	%		2.51	%		2.81	%		2.17	%
Portfolio Turnover Rate⁽⁵⁾		54	%		95	%		63	%		40	%		66	%

AdvisorShares North Square McKee Core Reserves ETF⁽⁶⁾	Years Ended June 30,
AdvisorShares North Square McKee Core Reserves ETF⁽⁶⁾	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income⁽¹⁾		0.51			0.83			2.03			2.37			1.53
Net Realized and Unrealized Gain (Loss)		(1.19	)		0.23			(1.19	)		0.33			(0.16	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(0.68	)		1.06			0.84			2.70			1.37
Distributions from Net Investment Income		(0.54	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)
Total Distributions		(0.54	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)
Net Asset Value, End of Year/Period	$	97.46		$	98.68		$	98.46		$	99.64		$	99.21
Market Value, End of Year/Period	$	97.38		$	98.68		$	98.35		$	99.61		$	99.19
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(0.68	)%		1.09	%		0.83	%		2.74	%		1.38	%
Total Investment Return Based on Market⁽³⁾		(0.76	)%		1.21	%		0.75	%		2.74	%		1.34	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	35,087		$	42,432		$	100,921		$	72,240		$	52,087
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.65	%		0.57	%		0.53	%		0.65	%		0.65	%
Net Investment Income⁽⁴⁾		0.52	%		0.84	%		2.05	%		2.39	%		1.53	%
Portfolio Turnover Rate⁽⁵⁾		99	%		103	%		101	%		91	%		74	%

(1)

Based on average shares outstanding.

(2)

(3)

(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)

Formerly known as AdvisorShares Sage Core Reserves ETF.

See accompanying Notes to Financial Statements.

191

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares North Square McKee ESG Core Bond ETF⁽¹⁾	Years Ended June 30,
AdvisorShares North Square McKee ESG Core Bond ETF⁽¹⁾	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income⁽²⁾		0.50			0.43			0.81			1.04			0.90
Net Realized and Unrealized Gain (Loss)		(2.98	)		0.36			(0.10	)		0.38			(0.50	)
Distributions of Net Realized Gains by other investment companies		—			0.08			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(2.48	)		0.87			0.71			1.42			0.40
Distributions from Net Investment Income		(0.49	)		(0.49	)		(0.84	)		(1.10	)		(0.89	)
Total Distributions		(0.49	)		(0.49	)		(0.84	)		(1.10	)		(0.89	)
Net Asset Value, End of Year/Period	$	22.99		$	25.96		$	25.58		$	25.71		$	25.39
Market Value, End of Year/Period	$	22.83		$	25.96		$	25.57		$	25.70		$	25.38
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(9.67	)%		3.44	%		2.73	%		5.82	%		1.55	%
Total Investment Return Based on Market⁽⁴⁾		(10.29	)%		3.46	%		2.75	%		5.80	%		1.47	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	3,333		$	5,581		$	8,312		$	5,785		$	18,405
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.68	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		3.33	%		2.15	%		1.50	%		1.49	%		1.22	%
Net Investment Income⁽⁵⁾		1.97	%		1.65	%		3.14	%		4.14	%		3.47	%
Portfolio Turnover Rate⁽⁶⁾		430	%		256	%		765	%		150	%		39	%

	For the period November 17, 2021* to June 30,
AdvisorShares Poseidon Dynamic Cannabis ETF	2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	10.00
Investment Operations
Net Investment Loss⁽²⁾		(0.03	)
Net Realized and Unrealized Loss		(7.52	)
Net Decrease in Net Assets Resulting from Investment Operations⁽³⁾		(7.55	)
Net Asset Value, End of Year/Period	$	2.45
Market Value, End of Year/Period	$	2.45
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(75.52	)%
Total Investment Return Based on Market⁽⁴⁾		(75.50	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	4,357
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		2.57	%
Net Investment Loss⁽⁵⁾		(0.90	)%
Portfolio Turnover Rate⁽⁶⁾		159	%

Commencement of operations.

(1)

Formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF.

(2)

Based on average shares outstanding.

(3)

(4)

(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.

192

ADVISORSHARES TRUST

Financial Highlights

	For the period September 16, 2021* to June 30,
AdvisorShares Psychedelics ETF	2022
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		(7.42	)
Net Decrease in Net Assets Resulting from Investment Operations⁽²⁾		(7.44	)
Net Asset Value, End of Year/Period	$	2.56
Market Value, End of Year/Period	$	2.65
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(74.44	)%
Total Investment Return Based on Market⁽³⁾		(73.50	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	5,509
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		3.10	%
Net Investment Loss⁽⁴⁾		(0.52	)%
Portfolio Turnover Rate⁽⁵⁾		27	%

										For the period April 17, 2019* to
	Years Ended June 30,									June 30,
AdvisorShares Pure Cannabis ETF	2022			2021			2020			2019
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⁽¹⁾		0.01			0.04			0.70			0.06
Net Realized and Unrealized Gain (Loss)		(15.35	)		11.05			(12.75	)		(2.07	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(15.34	)		11.09			(12.05	)		(2.01	)
Distributions from Net Investment Income		—			(0.11	)		(0.70	)		—
Distributions from Realized Capital Gains		(0.51	)		—			(0.07	)		—
Return of Capital		(0.02	)		—			—			—
Total Distributions		(0.53	)		(0.11	)		(0.77	)		—
Net Asset Value, End of Year/Period	$	5.28		$	21.15		$	10.17		$	22.99
Market Value, End of Year/Period	$	5.28		$	21.12		$	10.18		$	23.02
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(73.99	)%		109.96	%		(52.76	)%		(8.06	)%
Total Investment Return Based on Market⁽³⁾		(73.93	)%		109.35	%		(52.70	)%		(7.92	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	71,817		$	354,408		$	45,503		$	59,762
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.65	%		0.74	%		0.74	%		0.74	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.88	%		0.69	%		1.17	%		1.10	%
Net Investment Income⁽⁴⁾		0.11	%		0.21	%		5.67	%		1.35	%
Portfolio Turnover Rate⁽⁵⁾		28	%		46	%		59	%		26	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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.

193

ADVISORSHARES TRUST

Financial Highlights

	Year ended June 30,			For the period September 1, 2020* to June 30,
AdvisorShares Pure US Cannabis ETF	2022			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⁾		(0.09	)		(0.17	)
Net Realized and Unrealized Gain (Loss)		(29.71	)		15.39
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(29.80	)		15.22
Distributions from Realized Capital Gains		(0.07	)		—
Total Distributions		(0.07	)		—
Net Asset Value, End of Year/Period	$	10.35		$	40.22
Market Value, End of Year/Period	$	10.37		$	40.08
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(74.20	)%		60.86	%
Total Investment Return Based on Market⁽³⁾		(74.06	)%		60.32	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	514,691		$	950,694
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.72	%		0.69	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		0.75	%		0.69	%
Net Investment Loss⁽⁴⁾		(0.40	)%		(0.49	)%
Portfolio Turnover Rate⁽⁵⁾		48	%		68	%

	Year ended June 30,			For the period December 28, 2020* to June 30,
AdvisorShares Q Dynamic Growth ETF	2022			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⁾		(0.15	)		(0.09	)
Net Realized and Unrealized Gain (Loss)		(5.95	)		3.21
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(6.10	)		3.12
Net Asset Value, End of Year/Period	$	22.02		$	28.12
Market Value, End of Year/Period	$	22.01		$	28.13
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(21.70	)%		12.50	%
Total Investment Return Based on Market⁽³⁾		(21.76	)%		12.52	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	40,299		$	68,763
Ratio to Average Net Assets of:⁽⁶⁾
Expenses, net of expense waivers and reimbursements⁽⁴⁾		1.14	%		1.43	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.13	%		1.49	%
Net Investment Loss⁽⁴⁾		(0.52	)%		(0.65	)%
Portfolio Turnover Rate⁽⁵⁾		106	%		61	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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)

See accompanying Notes to Financial Statements.

194

ADVISORSHARES TRUST

Financial Highlights

	Year ended June 30,			For the period December 28, 2020* to June 30,
AdvisorShares Q Portfolio Blended Allocation ETF	2022			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⁾		0.05			0.01
Net Realized and Unrealized Gain (Loss)		(5.15	)		0.76
Distributions of Net Realized Gains by other investment companies		0.01			0.00	⁽²⁾
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(5.09	)		0.77
Distributions from Net Investment Income		(0.08	)		—
Total Distributions		(0.08	)		—
Net Asset Value, End of Year/Period	$	20.60		$	25.77
Market Value, End of Year/Period	$	20.60		$	25.76
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(19.83	)%		3.07	%
Total Investment Return Based on Market⁽⁴⁾		(19.81	)%		3.04	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	2,678		$	3,479
Ratio to Average Net Assets of:⁽⁵⁾
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.91	%		3.59	%
Net Investment Income⁽⁶⁾		0.19	%		0.04	%
Portfolio Turnover Rate⁽⁷⁾		291	%		248	%

AdvisorShares Ranger Equity Bear ETF	Years Ended June 30,
AdvisorShares Ranger Equity Bear ETF	2022			2021⁽⁸⁾			2020⁽⁸⁾			2019⁽⁸⁾			2018⁽⁸⁾
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
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.97	)		(1.59	)		(0.64	)		0.13			(1.34	)
Net Realized and Unrealized Gain (Loss)		9.82			(23.96	)		(14.55	)		(14.30	)		(6.30	)
Distributions of Net Realized Gains by other investment companies		—			0.00	⁽²⁾		—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		8.85			(25.55	)		(15.19	)		(14.17	)		(7.64	)
Distributions from Net Investment Income		—			—			(0.10	)		—			—
Total Distributions		—			—			(0.10	)		—			—
Net Asset Value, End of Year/Period	$	31.85		$	23.00		$	48.55		$	63.84		$	78.01
Market Value, End of Year/Period	$	31.96		$	23.00		$	48.50		$	63.90		$	77.80
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		38.48	%		(52.62	)%		(23.79	)%		(18.16	)%		(8.92	)%
Total Investment Return Based on Market⁽⁴⁾		38.96	%		(52.58	)%		(23.94	)%		(17.87	)%		(9.01	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	166,185		$	50,655		$	162,019		$	135,814		$	133,587
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		4.15	%⁽⁹⁾		4.90	%⁽⁹⁾		3.10	%⁽⁹⁾		2.94	%⁽⁹⁾		2.52	%⁽⁹⁾
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		4.15	%⁽⁹⁾		4.90	%⁽⁹⁾		3.10	%⁽⁹⁾		2.94	%⁽⁹⁾		2.52	%⁽⁹⁾
Net Investment Income (Loss)⁽⁶⁾		(3.70	)%		(4.49	)%		(1.07	)%		0.18	%		(1.63	)%
Portfolio Turnover Rate⁽⁷⁾		1,462	%		669	%		593	%		338	%		301	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

Amount represents less than $0.005 or 0.005%.

(3)

(4)

(5)

(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.

(8)

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.

(9)

The expense ratio includes interest and dividend expenses on short sales of 2.47%, 3.14%, 1.42%, 1.22%, 0.84%, and 1.03% for the periods ended June 30, 2022, June 30, 2021, June 30, 2020, June 30, 2019, June 30, 2018, and June 30, 2017, respectively.

See accompanying Notes to Financial Statements.

195

ADVISORSHARES TRUST

Financial Highlights

	Year ended June 30,			For the period April 20, 2021* to June 30,
AdvisorShares Restaurant ETF	2022			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 Income⁽¹⁾		0.13			0.00	⁽²⁾
Net Realized and Unrealized Loss		(7.56	)		(0.25	)
Net Decrease in Net Assets Resulting from Investment Operations⁽³⁾		(7.43	)		(0.25	)
Distributions from Net Investment Income		(0.04	)		—
Total Distributions		(0.04	)		—
Net Asset Value, End of Year/Period	$	16.97		$	24.44
Market Value, End of Year/Period	$	16.93		$	24.44
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(30.46	)%		(1.01	)%
Total Investment Return Based on Market⁽⁴⁾		(30.62	)%		(1.01	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	2,631		$	5,988
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁵⁾		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		2.11	%		7.93	%
Net Investment Income (Loss)⁽⁵⁾		0.57	%		(0.03	)%
Portfolio Turnover Rate⁽⁶⁾		86	%		26	%

	Years Ended June 30,
AdvisorShares STAR Global Buy-Write ETF	2022			2021			2020			2019			2018
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
Investment Operations
Net Investment Income (Loss)⁽¹⁾		0.13			(0.16	)		0.09			0.13			0.11
Net Realized and Unrealized Gain (Loss)		(5.12	)		7.89			(0.02	)		1.29			1.75
Distributions of Net Realized Gains by other investment companies		—			0.00	⁽²⁾		—			—			0.00	⁽²⁾
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(4.99	)		7.73			0.07			1.42			1.86
Distributions from Net Investment Income		—			(0.10	)		(0.15	)		(0.13	)		—
Distributions from Realized Capital Gains		(0.23	)		—			—			—			—
Total Distributions		(0.23	)		(0.10	)		(0.15	)		(0.13	)		—
Net Asset Value, End of Year/Period	$	34.61		$	39.83		$	32.20		$	32.28		$	30.99
Market Value, End of Year/Period	$	34.62		$	39.83		$	32.25		$	32.19		$	31.01
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(12.64	)%		24.04	%		0.20	%		4.62	%		6.41	%
Total Investment Return Based on Market⁽⁴⁾		(12.60	)%		23.86	%		0.63	%		4.27	%		6.45	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	37,547		$	18,323		$	12,882		$	14,527		$	17,047
Ratio to Average Net Assets of:⁽⁷⁾
Expenses, net of expense waivers and reimbursements⁽⁵⁾		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements⁽⁵⁾		1.82	%		2.48	%		2.20	%		2.34	%		2.18	%
Net Investment Income (Loss)⁽⁵⁾		0.33	%		(0.43	)%		0.26	%		0.43	%		0.38	%
Portfolio Turnover Rate⁽⁶⁾		41	%		55	%		47	%		49	%		12	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

Amount represents less than $0.005 or 0.005%.

(3)

(4)

(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)

See accompanying Notes to Financial Statements.

196

ADVISORSHARES TRUST

Financial Highlights

													For the period December 12, 2017* to
	Years Ended June 30,												June 30,
AdvisorShares Vice ETF	2022			2021			2020			2019			2018
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⁾		0.18			0.19			0.42			0.45			0.23
Net Realized and Unrealized Gain (Loss)		(10.73	)		13.44			(2.10	)		(0.57	)		0.41
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽²⁾		(10.55	)		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	$	25.20		$	36.07		$	22.81		$	25.11		$	25.60
Market Value, End of Year/Period	$	25.13		$	36.06		$	22.80		$	25.12		$	25.68
Total Return
Total Investment Return Based on Net Asset Value⁽³⁾		(29.45	)%		59.98	%		(6.91	)%		(0.22	)%		2.58	%
Total Investment Return Based on Market⁽³⁾		(29.62	)%		60.05	%		(6.99	)%		(0.50	)%		2.89	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	8,695		$	13,889		$	9,126		$	13,183		$	12,800
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁴⁾		0.99	%		0.99	%		0.90	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements⁽⁴⁾		1.64	%		1.71	%		1.59	%		1.43	%		2.18	%
Net Investment Income⁽⁴⁾		0.59	%		0.63	%		1.77	%		1.79	%		1.64	%
Portfolio Turnover Rate⁽⁵⁾		83	%		125	%		41	%		76	%		25	%

Commencement of operations.

(1)

Based on average shares outstanding.

(2)

(3)

(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.

197

ADVISORSHARES TRUST
Notes to Financial Statements

June 30, 2022

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 June 30, 2022, the Trust is comprised of 27 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 11, 2018
AdvisorShares Dorsey Wright Short ETF	DWSH	July 11, 2018
AdvisorShares DoubleLine Value Equity ETF	DBLV	October 4, 2011
AdvisorShares Drone Technology ETF	UAV	April 27, 2022
AdvisorShares Focused Equity ETF	CWS	September 20, 2016
AdvisorShares Gerber Kawasaki ETF	GK	July 2, 2021
AdvisorShares Hotel ETF	BEDZ	April 20, 2021
AdvisorShares Let Bob AI Powered Momentum ETF	LETB	February 9, 2022
AdvisorShares Managed Bitcoin Strategy ETF	CRYP	April 27, 2022
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 Reserve 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).

198

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

1. Organization – (continued)

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.

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 Drone Technology ETF (“Drone Technology ETF”) seeks 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 Let Bob AI Powered Momentum ETF (“Let Bob AI Powered Momentum ETF”) seeks long-term capital appreciation.

AdvisorShares Managed Bitcoin Strategy ETF (“Managed Bitcoin Strategy ETF”) seeks 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.

199

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

1. Organization – (continued)

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.

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 “funds 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.

Each Fund, except the AdvisorShares Drone Technology ETF, AdvisorShares Gerber Kawasaki ETF, AdvisorShares Hotel ETF, AdvisorShares Managed Bitcoin Strategy, AdvisorShares Poseidon Dynamic Cannabis ETF, AdvisorShares Psychedelics ETF, AdvisorShares Pure Cannabis ETF, AdvisorShares Pure US Cannabis ETF and AdvisorShares Restaurant ETF, is a diversified investment company under the Investment Company Act of 1940 (the “1940 Act”).

For the year ended June 30, 2022, 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
June 30,
2022

% of Fund
Net Assets as of
June 30,
2022

Reference location

Dorsey Wright FSM All Cap World ETF

Invesco S&P 500 Low Volatility ETF

42,757,866

50.8

https://www.invesco.com

Invesco S&P 500 Pure Value ETF

40,707,040

48.3

https://www.invesco.com

Dorsey Wright FSM US Core ETF

Invesco S&P 500 Equal Weight ETF

38,747,772

48.6

https://www.invesco.com

Invesco S&P 500 Low Volatility ETF

40,743,300

51.1

https://www.invesco.com

Managed Bitcoin Strategy ETF

ProShares Bitcoin Strategy ETF

454,555

��

88.0

https://www.proshares.com

Pure Cannabis

AdvisorShares Pure US Cannabis

24,719,940

34.4

Contained within this report.

200

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

1. Organization – (continued)

Funds

Security Name

Market
Value as of
June 30,
2022

% of Fund
Net Assets as of
June 30,
2022

Reference location

Q Dynamic Growth ETF

Invesco QQQ Trust Series 1

15,556,661

38.6

https://www.invesco.com

Technology Select Sector SPDR Fund

12,051,357

29.9

https://www.ssga.com

Q Portfolio Blended Allocation ETF

iShares 20+ Year Treasury Bond ETF

824,077

30.8

https://www.ishares.com

STAR Global Buy-Write ETF

SPDR S&P 500 ETF Trust

15,526,855

41.4

https://us.spdrs.com

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.

201

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

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.

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.

202

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

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.

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 June 30, 2022, 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.

203

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

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 year ended June 30, 2022 was $1,136,642, 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 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.

204

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

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.

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 June 30, 2022 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.

205

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

	Gross Amounts of			Gross Amounts Offset in the Statements		Net Amounts Presented in the Statements			Gross Amounts not offset in the Statements of Assets and Liabilities
Fund and Description	Recognized Assets and (Liabilities)			of Assets and (Liabilities)		of Assets and (Liabilities)			Financial Instruments			Collateral Pledged/ Received		Net Amount
Alpha DNA Equity Sentiment ETF
Securities Lending	$	(199,490	)	$	—	$	(199,490	)	$	199,490	⁽¹⁾	$	—	$	—
Repurchase Agreements		199,490			—		199,490			199,490	⁽²⁾		—		—
Dorsey Wright ADR ETF
Securities Lending		(9,361,577	)		—		(9,361,577	)		9,361,577	⁽¹⁾		—		—
Repurchase Agreements		9,361,577			—		9,361,577			9,361,577	⁽²⁾		—		—
Dorsey Wright FSM US Core ETF
Securities Lending		(30,258,888	)		—		(30,258,888	)		30,258,888	⁽¹⁾		—		—
Repurchase Agreements		30,258,888			—		30,258,888			30,258,888	⁽²⁾		—		—
Dorsey Wright Micro-Cap ETF
Securities Lending		(287,973	)		—		(287,973	)		287,973	⁽¹⁾		—		—
Repurchase Agreements		287,973			—		287,973			287,973	⁽²⁾		—		—
Drone Technology ETF
Securities Lending		(84,530	)		—		(84,530	)		84,530	⁽¹⁾		—		—
Repurchase Agreements		84,530			—		84,530			84,530	⁽²⁾		—		—
Gerber Kawasaki ETF													—		—
Securities Lending		(1,370,745	)		—		(1,370,745	)		1,370,745	⁽¹⁾		—		—
Repurchase Agreements		1,370,745			—		1,370,745			1,370,745	⁽²⁾
Hotel ETF
Securities Lending		(185,289	)		—		(185,289	)		185,289	⁽¹⁾		—		—
Repurchase Agreements		185,289			—		185,289			185,289	⁽²⁾		—		—
Newfleet Multi-Sector Income ETF
Securities Lending		(239,245	)		—		(239,245	)		239,245	⁽¹⁾		—		—
Repurchase Agreements		239,245			—		239,245			239,245	⁽²⁾		—		—
Poseidon Dynamics ETF
Securities Lending		(50,852	)⁽³⁾		—		(50,852	)		50,852	⁽¹⁾		—		—
Repurchase Agreements		50,852			—		50,852			50,852	⁽²⁾		—		—
Swaps		(11,562	)		—		(11,562	)		—			—		(11,562	)
Psychedelics ETF
Securities Lending		(954,429	)		—		(954,429	)		954,429	⁽¹⁾		—		—
Repurchase Agreements		954,429			—		954,429			954,429	⁽²⁾		—		—
Swaps		(493,154	)		—		(493,154	)		—			—		(493,154	)
Pure Cannabis ETF
Securities Lending		(8,759,929	)		—		(8,759,929	)		8,759,929	⁽¹⁾		—		—
Repurchase Agreements		8,759,929			—		8,759,929			8,759,929	⁽²⁾		—		—
Swaps		(21,822,874	)		—		(21,822,874	)		—			—		(21,822,874	)
Pure US Cannabis ETF
Securities Lending		(1,088,492	)		—		(1,088,492	)		1,088,492	⁽¹⁾		—		—
Repurchase Agreements		1,088,492			—		1,088,492			1,088,492	⁽²⁾		—		—
Swaps		(387,302,603	)		—		(387,302,603	)		—			—		(387,302,603	)

206

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

2. Summary of Significant Accounting Policies – (continued)

	Gross Amounts of			Gross Amounts Offset in the Statements		Net Amounts Presented in the Statements			Gross Amounts not offset in the Statements of Assets and Liabilities
Fund and Description	Recognized Assets and (Liabilities)			of Assets and (Liabilities)		of Assets and (Liabilities)			Financial Instruments			Collateral Pledged/ Received		Net Amount
AdvisorShares Q Portfolio Blended Allocation ETF
Securities Lending	$	(1,144,635	)	$	—	$	(1,144,635	)	$	1,144,635	⁽¹⁾	$	—	$	—
Repurchase Agreements		1,144,635			—		1,144,635			1,144,635	⁽²⁾		—		—
AdvisorShares Restaurant ETF
Securities Lending		(299,883	)		—		(299,883	)		299,883	⁽¹⁾		—		—
Repurchase Agreements		299,883			—		299,883			299,883	⁽²⁾		—		—
STAR Global Buy-Write ETF
Securities Lending		(1,355,267	)		—		(1,355,267	)		1,355,267	⁽¹⁾		—		—
Repurchase Agreements		1,355,267			—		1,355,267			1,355,267	⁽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.

(3)

Includes $12,000 of uninvested cash collateral.

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.

207

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

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	%
Drone Technology ETF		0.64	%
Focused Equity ETF		0.75	%*
Gerber Kawasaki ETF		0.75	%
Hotel ETF		0.60	%
Let Bob AI Powered Momentum ETF		0.70	%
Managed Bitcoin Strategy ETF		0.90	%
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 Canabis 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

208

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

3. Investment Advisory Agreement and Other Agreements – (continued)

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.

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 LLC		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 Managed Bitcoin ETF	Morgan Creek Capital Management, LLC		0.45	%
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	CreativeOne Wealth, 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

209

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

3. Investment Advisory Agreement and Other Agreements – (continued)

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 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 0.90% to 1.10% of AdvisorShares Q Portfolio Blended Allocation ETF’s average daily net assets and 0.64% to 0.84% 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 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 year ended June 30, 2022 were as follows:

Fund:		Rate:
Alpha DNA Equity Sentiment ETF		1.35%
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%
Drone Technology ETF		0.99%
Focused Equity ETF		0.65%-0.85%^(c)
Gerber Kawasaki ETF		0.75%
Hotel ETF		0.99%
Let Bob AI Powered Momentum ETF		0.99%
Managed Bitcoin Strategy ETF		1.49%

210

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund:		Rate:
Newfleet Multi-Sector Income ETF		0.75%
North Square McKee Core Reserves ETF		0.35%
North Square McKee ESG Core Bond ETF		0.47%^(d)
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		0.99%
STAR Global Buy-Write ETF		1.85%
Vice ETF		0.99%^(e)

(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, 2021, the expense limit was 0.95%

(e)

Prior to November 1, 2019, the expense limit was 0.75%.

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	$	12,898	$	12,898	6/30/2025
Total		12,898		12,898

Dorsey Wright Alpha Equal Weight ETF		43,933		43,933	6/30/2025
Total		43,933		43,933

Dorsey Wright FSM All Cap World ETF		32,530		32,530	6/30/2025
Total		32,530		32,530

Dorsey Wright FSM US Core ETF		24,662		24,662	6/30/2025
Total		24,662		24,662

Dorsey Wright Micro Cap ETF		77,363		77,363	6/30/2023
		82,864		82,864	6/30/2024
		63,589		63,589	6/30/2025
Total		223,816		223,816

211

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
Dorsey Wright Short ETF	$	42,681	$	18,585	6/30/2024
Total		42,681		18,585

DoubleLine Value Equity ETF		91,372		91,372	6/30/2023
		67,609		67,609	6/30/2024
		31,171		31,171	6/30/2025
Total		190,152		190,152

Drone Technology ETF		48,634		48,634	6/30/2025
Total		48,634		48,634

Focused Equity ETF		125,699		125,699	6/30/2023
		125,958		125,958	6/30/2024
		134,742		134,742	6/30/2025
Total		386,399		386,399

Gerber Kawasaki ETF		110,127		110,127	6/30/2025
Total		110,127		110,127

Hotel ETF		47,304		47,304	6/30/2024
		28,064		28,064	6/30/2025
Total		75,368		75,368

Let Bob AI Powered Momentum ETF		42,558		42,558	6/30/2025
Total		42,558		42,558

Managed Bitcoin Strategy ETF		126,899		126,899	6/30/2025
Total		126,899		126,899

Newfleet Multi-Sector Income ETF		50,459		50,459	6/30/2023
		21,007		21,007	6/30/2024
		13,998		13,998	6/30/2025
Total		85,464		85,464

North Square McKee Core Reserves ETF		165,567		165,567	6/30/2023
		158,115		158,115	6/30/2024
		115,396		115,396	6/30/2025
Total		439,078		439,078

North Square McKee ESG Core Bond ETF		39,057		39,057	6/30/2023
		79,609		79,609	6/30/2024
		107,727		107,727	6/30/2025
Total		226,393		226,393

Poseidon Dynamic Cannabis ETF		65,585		65,585	6/30/2025
Total		65,585		65,585

212

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
Psychedelics ETF	$	94,175	$	94,175	6/30/2025
Total		94,175		94,175

Pure Cannabis ETF		114,084		114,084	6/30/2023
		318,586		283,232	6/30/2025
Total		432,670		397,316

Pure US Cannabis ETF		16,091		—	6/30/2024
		301,514		291,422	6/30/2025
Total		317,605		291,422

Q Dynamic Growth ETF		3,158		3,158	6/30/2025
Total		3,158		3,158

Q Portfolio Blended Allocation ETF		71,767		71,767	6/30/2024
		83,186		83,186	6/30/2025
Total		154,953		154,953

Restaurant ETF		47,820		47,820	6/30/2024
		47,970		47,970	6/30/2025
Total		95,790		95,790

STAR Global Buy-Write ETF		49,370		36,534	6/30/2023
		78,833		78,833	6/30/2024
		3,755		3,755	6/30/2025
Total		131,958		119,122


Vice ETF		79,289		79,289	6/30/2023
		83,764		83,764	6/30/2024
		73,954		73,954	6/30/2025
Total		237,007		237,007

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 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.

213

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Notes to Financial Statements (Continued)

June 30, 2022

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 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.

214

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

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 June 30, 2022, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

Fund:	Asset Derivatives:	Equity Risk
Alpha DNA Equity Sentiment ETF	Purchased Options, At Value	$	2,204,356
Pure U.S. Cannabis ETF	Unrealized Appreciation on Swaps Contracts		30,906

Fund:	Liability Derivatives:	Equity Risk
Poseidon Dynamic Cannabis ETF	Unrealized Depreciation on Swaps Contracts	$	(11,562	)
Psychedelics ETF	Unrealized Depreciation on Swaps Contracts		(493,154	)
Pure Cannabis ETF	Unrealized Depreciation on Swaps Contracts		(21,822,874	)
Pure US Cannabis ETF	Unrealized Depreciation on Swaps Contracts		(387,333,508	)
STAR Global Buy-Write ETF	Options Written, At Value		(15,925	)

Transactions in derivative instruments during the year ended June 30, 2022, were as follows:

Statements of Operations:

Fund:	Realized Gain (Loss):	Equity Risk			Credit Risk
Alpha DNA Equity Sentiment ETF	Purchased Options	$	1,566,321		$	—
North Square McKee Core Reserves ETF	Futures		—			1,062
Poseidon Dynamic Cannabis ETF	Swaps		(8,171,959	)		—
Psychedelics ETF	Swaps		(120,573	)		—
Pure Cannabis ETF	Swaps		(25,924,285	)		—
Pure US Cannabis ETF	Swaps		(637,418,579	)		—
STAR Global Buy-Write ETF	Options Written		304,360			—
STAR Global Buy-Write ETF	Purchased Options		(101,470	)		—

Fund:	Change in Unrealized Gain (Loss):	Equity Risk			Credit Risk
Alpha DNA Equity Sentiment ETF	Purchased Options	$	806,618		$	—
Poseidon Dynamic Cannabis ETF	Swaps		(11,562	)		—
Psychedelics ETF	Swaps		(493,154	)		—
Pure Cannabis ETF	Swaps		(24,246,526	)		—
Pure US Cannabis ETF	Swaps		(326,779,605	)		—
STAR Global Buy-Write ETF	Options Written		30,787			—
STAR Global Buy-Write ETF	Purchased Options		46,220

215

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

6. Derivative Instruments – (continued)

For the year ended June 30, 2022, 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
Long Swaps Contracts	$	—	$	25,103	$	49,822	$	1,084,736	$	1,283,747	$	—
Purchased Options Contracts		471,935		—		—		—		—		45,390
Written Options Contracts		—		—		—		—		—		21,099

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 (2019 − 2021), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2022, 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, 2022, 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	$	57,410,758	$	490,899	$	(7,092,220	)	$	6,601,321		$	—
Dorsey Wright ADR ETF		52,611,361		3,330,740		(4,815,174	)		(1,484,434	)		—
Dorsey Wright Alpha Equal Weight ETF		44,480,349		548,951		(2,311,871	)		(1,762,920	)		—
Dorsey Wright FSM All Cap World ETF		90,962,947		—		(6,682,230	)		(6,682,230	)		—
Dorsey Wright FSM US Core ETF		117,162,039		—		(7,057,360	)		(7,057,360	)		—
Dorsey Wright Micro-Cap ETF		8,003,388		664,238		(982,648	)		(318,410	)		—
Dorsey Wright Short ETF		47,718,258		531,541		(656,521	)		(124,980	)		11,374,038
DoubleLine Value Equity ETF		45,634,377		5,914,250		(5,172,202	)		742,048			—
Drone Technology ETF		662,346		4,387		(82,159	)		(77,772	)		—
Focused Equity ETF		26,328,257		4,542,585		(2,749,995	)		1,792,590			—

216

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

7. Federal Income Tax – (continued)

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Other Derivatives Net Unrealized Appreciation (Depreciation)
Gerber Kawasaki ETF	$	23,427,204	$	75,332	$	(6,246,554	)	$	(6,171,222	)	$	—
Hotel ETF		7,823,226		104,504		(1,825,789	)		(1,721,285	)		—
Let Bob AI Powered Momentum ETF		24,259,178		19,676		(110,069	)		(90,393	)		—
Managed Bitcoin Strategy ETF		668,231		—		(168,347	)		(168,347	)		—
Newfleet Multi-Sector Income ETF		89,226,838		7,008		(5,195,617	)		(5,188,609	)		—
North Square McKee Core Reserves ETF		36,510,860		5,980		(364,808	)		(358,828	)		—
North Square McKee ESG Core Bond ETF		3,657,295		448		(327,045	)		(326,597	)		—
Poseidon Dynamic Cannabis ETF		6,867,769		4,330,636		(4,467,425	)		(136,789	)		(11,562	)
Psychedelics ETF		13,684,847		498,553		(7,991,487	)		(7,492,934	)		(493,154	)
Pure Cannabis ETF		241,841,786		22,041,620		(187,699,846	)		(165,658,226	)		(21,823,749	)
Pure US Cannabis ETF		661,527,575		1,025,319,476		(1,205,974,578	)		180,655,102			(387,302,601	)
Q Dynamic Growth ETF		50,581,792		—		(10,252,634	)		(10,252,634	)		—
Q Portfolio Blended Allocation ETF		4,248,336		4,716		(413,610	)		(408,894	)		—
Ranger Equity Bear ETF		143,412,041		10,675,878		(11,259,149	)		(583,271	)		8,628,682
Restaurant ETF		3,527,721		90,434		(676,028	)		(585,594	)		—
STAR Global Buy-Write ETF		43,424,870		931,838		(5,418,980	)		(4,487,142	)		28,149
Vice ETF		9,608,147		700,166		(1,590,090	)		(889,924	)		—

At June 30, 2022, the components of distributable earnings/loss on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforward			Timing Differences			Post-October/ Late-year Ordinary Deferrals			Net Unrealized Appreciation (Depreciation)			Total Earnings (Losses)
Alpha DNA Equity Sentiment ETF	$	—	$	—	$	(14,980,896	)	$	(9,413	)	$	—		$	(6,601,321	)	$	(21,591,630	)
Dorsey Wright ADR ETF		—		—		(50,757,373	)		—			—			(1,484,434	)		(52,241,807	)
Dorsey Wright Alpha Equal Weight ETF		—		—		(19,783,574	)		(12,310	)		—			(1,762,920	)		(21,558,804	)
Dorsey Wright FSM All Cap World ETF		19,315		—		(18,208,687	)		(11,359	)		—			(6,682,230	)		(24,882,961	)
Dorsey Wright FSM U.S. Core ETF		91,791		—		(1,462,924	)		(11,359	)		—			(7,057,360	)		(8,439,852	)
Dorsey Wright Micro Cap ETF		—		—		(2,057,755	)		—			—			(318,410	)		(2,376,165	)
Dorsey Wright Short ETF		—		—		(88,777,131	)		—			(283,220	)		11,249,058			(77,811,293	)
DoubleLine Value Equity ETF		353,782		—		(23,503,336	)		—			—			742,048			(22,407,506	)
Drone Technology ETF		1,841		—		—			4,325			(2,476	)		(77,772	)		(74,082	)
Focused Equity ETF		89,330		—		(443,114	)		—			—			1,792,590			1,438,806
Gerber Kawasaki ETF		56,161		—		(3,734,986	)		(9,293	)		—			(6,171,222	)		(9,859,340	)
Hotel ETF		—		—		(264,886	)		(13,697	)		—			(1,721,285	)		(1,999,868	)
Let Bob AI Powered Momentum ETF		—		—		(1,625,071	)		1,594			(38,365	)		(90,393	)		(1,752,235	)
Managed Bitcoin Strategy ETF		12,134		—		—			(12,952	)		—			(168,347	)		(169,165	)
Newfleet Multi-Sector Income ETF		66,974		—		(8,587,088	)		—			—			(5,188,609	)		(13,708,723	)
North Square McKee Core Reserves ETF		13,536		—		(1,037,376	)		—			—			(358,828	)		(1,382,668	)

217

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

7. Federal Income Tax – (continued)

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforward			Timing Differences			Post-October/ Late-year Ordinary Deferrals			Net Unrealized Appreciation (Depreciation)			Total Earnings (Losses)
North Square McKee ESG Core Bond ETF	$	2,339	$	—	$	(1,023,826	)	$	—		$	—		$	(326,597	)	$	(1,348,084	)
Poseidon Dynamic Cannabis ETF		—		—		(8,641,397	)		(1,125	)		(99,151	)		(148,351	)		(8,890,024	)
Psychedelics ETF		—		—		(488,128	)		(17,282	)		—			(7,986,088	)		(8,491,498	)
Pure Cannabis ETF		—		—		(54,767,969	)		—			—			(187,481,975	)		(242,249,944	)
Pure US Cannabis ETF		—		—		(679,868,708	)		(116,209	)		(6,536,522	)		(567,957,703	)		(1,254,479,142	)
Q Dynamic Growth ETF		—		—		(5,014,927	)		(11,335	)		(246,331	)		(10,252,634	)		(15,525,227	)
Q Portfolio Blended Allocation ETF		4,201		—		(764,919	)		(11,336	)		—			(408,894	)		(1,180,948	)
Ranger Equity Bear ETF		—		—		(341,525,836	)		—			(1,134,889	)		8,045,411			(334,615,314	)
Restaurant ETF		31,465		—		(808,335	)		(13,697	)		—			(585,594	)		(1,376,161	)
STAR Global Buy-Write ETF		650,538		67,078		—			(329,679	)		—			(4,458,993	)		(4,071,056	)
Vice ETF		—		—		(433,769	)		—			—			(889,924	)		(1,323,693	)

The differences between book and tax basis components of net assets are primarily attributed to wash sale loss deferrals and other book/tax differences.

At June 30, 2022, the effect of permanent book/tax reclassifications resulted in increases/(decreases) to the components of net assets as follows:

Fund	Distributable Earnings (Loss)			Paid-in Capital
Alpha DNA Equity Sentiment ETF	$	(4,425,975	)	$	4,425,975
Dorsey Wright ADR ETF		(4,478,554	)		4,478,554
Dorsey Wright Alpha Equal Weight ETF		(3,912,046	)		3,912,046
Dorsey Wright FSM All Cap World ETF		(1,202,819	)		1,202,819
Dorsey Wright FSM U.S. Core ETF		(9,088,222	)		9,088,222
Dorsey Wright Micro Cap ETF		(1,393,774	)		1,393,774
Dorsey Wright Short ETF		832,322			(832,322	)
DoubleLine Value Equity ETF		(763,133	)		763,133
Drone Technology ETF		—			—
Focused Equity ETF		(3,192,396	)		3,192,396
Gerber Kawasaki ETF		(1,011	)		1,011
Hotel ETF		(391,969	)		391,969
Let Bob AI Powered Momentum ETF		—			—
Managed Bitcoin Strategy ETF		125,686			(125,686	)
Newfleet Multi-Sector Income ETF		(9,609	)		9,609
North Square McKee Core Reserves ETF		—			—
North Square McKee ESG Core Bond ETF		38,921			(38,921	)
Poseidon Dynamic Cannabis ETF		3,166			(3,166	)
Psychedelics ETF		8,531			(8,531	)
Pure Cannabis ETF		(1,508,566	)		1,508,566
Pure US Cannabis ETF		13,216,790			(13,216,790	)

218

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

7. Federal Income Tax – (continued)

Fund	Distributable Earnings (Loss)			Paid-in Capital
Q Dynamic Growth ETF	$	764,940		$	(764,940	)
Q Portfolio Blended Allocation ETF		80,468			(80,468	)
Ranger Equity Bear ETF		2,551,656			(2,551,656	)
Restaurant ETF		(28,777	)		28,777
STAR Global Buy-Write ETF		(108,548	)		108,548
Vice ETF		(105,824	)		105,824

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses and distributions reclassifications.

The tax character of distributions paid during the fiscal years ended June 30, 2022 and 2021 were as follows:

Fund	2022 Ordinary Income		2022 Long Term Capital Gains		2022 Return of Capital			2021 Ordinary Income		2021 Long Term Capital Gains
Alpha DNA Equity Sentiment ETF	$	—	$	—				$	—	$	—
Dorsey Wright ADR ETF		1,200,067		—					284,565		—
Dorsey Wright Alpha Equal Weight ETF		1,162,299		—					14,018		—
Dorsey Wright FSM All Cap World ETF		2,192,696		—					215,144		—
Dorsey Wright FSM US Core ETF		367,102		—					144,245		—
Dorsey Wright Micro-Cap ETF		38,855		—		9,609			—		—
Dorsey Wright Short ETF		—		—					—		—
DoubleLine Value Equity ETF		520,610		—					614,874		—
Drone Technology ETF		—		—
Focused Equity ETF		52,120		—					62,748		—
Gerber Kawasaki ETF		9,594		—
Hotel ETF		32,154		—					—		—
Let Bob AI Powered Momentum ETF		—		—
Managed Bitcoin Strategy ETF		—		—
Newfleet Multi-Sector Income ETF		1,469,967		—					1,321,431		—
North Square McKee Core Reserves ETF		206,678		—					120,549		—
North Square McKee ESG Core Bond ETF		82,126		—					647,683		—
Poseidon Dynamic Cannabis ETF		—		—
Psychedelics ETF		—		—
Pure Cannabis ETF		7,501,781		—		252,376			728,447		—
Pure US Cannabis ETF		3,055,414		—		—			—		—
Q Dynamic Growth ETF		—		—					—		—
Q Portfolio Blended Allocation ETF		16,342		—					—		—
Ranger Equity Bear ETF		—		—					—		—
Restaurant ETF		6,358		—					—		—
STAR Global Buy-Write ETF		166,381		—					36,638		—
Vice ETF		118,472		—			��		128,419		—

219

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

7. Federal Income Tax – (continued)

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, 2022 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	$	—	$	—	$	—
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		—		—		—
Dorsey Wright Short ETF		283,220		—		—
DoubleLine Value Equity ETF		—		—		—
Drone Technology ETF		2,476		—		—
Focused Equity ETF		—		—		—
Gerber Kawasaki ETF		—		—		—
Hotel ETF		—		—		—
Let Bob AI Powered Momentum ETF		38,365		—		—
Managed Bitcoin Strategy ETF		—		—		—
Newfleet Multi-Sector Income ETF		—		—		—
North Square McKee Core Reserves ETF		—		—		—
North Square McKee ESG Core Bond ETF		—		—		—
Poseidon Dynamic Cannabis ETF		99,151		—		—
Psychedelics ETF		—		—		—
Pure Cannabis ETF		—		—		—
Pure US Cannabis ETF		6,536,522		—		—
Q Dynamic Growth ETF		246,331		—		—
Q Portfolio Blended Allocation ETF		—		—		—
Ranger Equity Bear ETF		1,134,889		—		—
Restaurant ETF		—		—		—
STAR Global Buy-Write ETF		—		—		—
Vice ETF		—		—		—

220

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

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	$	14,425,150	$	555,746	$	14,980,896
Dorsey Wright ADR ETF		50,757,373		—		50,757,373
Dorsey Wright Alpha Equal Weight ETF		19,783,574		—		19,783,574
Dorsey Wright FSM All Cap World ETF		18,208,687		—		18,208,687
Dorsey Wright FSM US Core ETF		1,462,924		—		1,462,924
Dorsey Wright Micro-Cap ETF		2,057,755		—		2,057,755
Dorsey Wright Short ETF		88,638,060		139,071		88,777,131
DoubleLine Value Equity ETF		23,503,336		—		23,503,336
Drone Technology ETF		—		—		—
Focused Equity ETF		38,582		404,532		443,114
Gerber Kawasaki ETF		3,730,577		4,409		3,734,986
Hotel ETF		264,886		—		264,886
Let Bob AI Powered Momentum ETF		1,625,071		—		1,625,071
Managed Bitcoin Strategy ETF		—		—		—
Newfleet Multi-Sector Income ETF		2,491,383		6,095,705		8,587,088
North Square McKee Core Reserves ETF		1,037,376		—		1,037,376
North Square McKee ESG Core Bond ETF		337,482		686,344		1,023,826
Poseidon Dynamic Cannabis ETF		8,641,397		—		8,641,397
Psychedelics ETF		488,128		—		488,128
Pure Cannabis ETF		34,438,177		20,329,792		54,767,969
Pure US Cannabis ETF		674,182,150		5,686,558		679,868,708
Q Dynamic Growth ETF		4,968,218		46,709		5,014,927
Q Portfolio Blended Allocation ETF		612,397		152,522		764,919
Ranger Equity Bear ETF		340,961,488		564,348		341,525,836
Restaurant ETF		758,938		49,397		808,335
STAR Global Buy-Write ETF		—		—		—
Vice ETF		433,769		—		433,769

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2022:

Fund	Utilized Amount
Alpha DNA Equity Sentiment ETF	$	—
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		—
Dorsey Wright Short ETF		—
DoubleLine Value Equity ETF		4,875,911

221

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

7. Federal Income Tax – (continued)

Fund	Utilized Amount
Drone Technology ETF	$	—
Focused Equity ETF		3,730
Gerber Kawasaki ETF		—
Hotel ETF		—
Let Bob AI Powered Momentum ETF		—
Managed Bitcoin Strategy ETF		—
Newfleet Multi-Sector Income ETF		—
North Square McKee Core Reserves ETF		26,678
North Square McKee ESG Core Bond ETF		—
Poseidon Dynamic Cannabis ETF		—
Psychedelics ETF		—
Pure Cannabis ETF		—
Pure US Cannabis ETF		—
Q Dynamic Growth ETF		—
Q Portfolio Blended Allocation ETF		—
Ranger Equity Bear ETF		27,747,068
Restaurant ETF		—
STAR Global Buy-Write ETF		—
Vice ETF		—

8. Investment Transactions

Purchases and sales of investments and securities sold short (excluding short term securities) for the year ended June 30, 2022 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	$	367,229,604	$	—	$	39,035,860	$	365,180,800	$	—	$	40,391,784
Dorsey Wright ADR ETF		55,651,803		—		—		54,474,035		—		28,437,591
Dorsey Wright Alpha Equal Weight ETF		305,544,943		—		68,418,134		321,531,935		—		85,254,009
Dorsey Wright FSM All Cap World ETF		313,303,482		—		86,777,763		316,742,113		—		135,365,318
Dorsey Wright FSM US Core ETF		47,851,561		—		48,769,386		48,781,571		—		47,747,456
Dorsey Wright Micro-Cap ETF		9,494,504		—		6,361,524		9,296,715		—		5,865,374
Dorsey Wright Short ETF		76,490,786		—		—		104,935,483		—		—
DoubleLine Value Equity ETF		15,020,020		—		6,286,639		15,386,309		—		3,313,241
Drone Technology ETF		70,224		—		589,976		128,003		—		—
Focused Equity ETF		7,328,105		—		11,081,430		7,238,042		—		8,658,490
Gerber Kawasaki ETF		11,819,197		—		28,460,612		11,386,154		—		3,271,543
Hotel ETF		5,843,359		—		5,098,184		6,118,603		—		5,663,007
Let Bob AI Powered Momentum ETF		28,501,128		—		1,504,664		25,622,992		—		—
Managed Bitcoin Strategy ETF		294,264		—		15,091,533		386,974		—		14,204,906
Newfleet Multi-Sector Income ETF		46,393,839		4,173,095		—		57,150,619		2,675,160		—
North Square McKee Core Reserves ETF		28,300,518		1,237,740		—		32,281,971		368,950		—
North Square McKee ESG Core Bond ETF		16,152,741		1,847,963		—		15,792,461		1,716,830		2,317,629
Poseidon Dynamic Cannabis ETF		1,081,267		—		2,719,679		2,532,386		—		152,057
Psychedelics ETF		2,467,464		—		11,034,207		1,192,598		—		—

222

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

8. Investment Transactions – (continued)

	Purchases								Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Pure Cannabis ETF	$	94,170,788	$	—	$	1,204,735	$	41,958,811	$	—	$	30,465,404
Pure US Cannabis ETF		134,988,508		—		145,667,411		79,964,445		—		30,740,210
Q Dynamic Growth ETF		92,366,958		—		53,789,749		92,695,749		—		61,585,418
Q Portfolio Blended Allocation ETF		11,947,681		—		2,607,982		11,926,683		—		2,331,188
Ranger Equity Bear ETF		1,282,355,648		—		—		1,431,175,231		—		—
Restaurant ETF		3,522,493		—		—		4,168,094		—		2,047,826
STAR Global Buy-Write ETF		12,491,257		—		23,436,893		11,159,621		—		383,776
Vice ETF		9,242,667		—		—		10,284,961		—		1,116,574

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.

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.

223

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

9. Risks Involved with Investing in the Funds – (continued)

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.

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.

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia’s invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia’s military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund’s performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

224

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

9. Risks Involved with Investing in the Funds – (continued)

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.

Bitcoin Strategy Risk

The Fund, primarily through Bitcoin ETFs and/or the Subsidiary, invests in Bitcoin Futures. The Fund does not invest directly in or hold bitcoin. The price of Bitcoin Futures may differ, sometimes significantly, from the current cash price of bitcoin, which is sometimes referred to as the “spot” price of bitcoin. Consequently, the performance of the Fund should be expected to perform differently from the spot price of bitcoin. Furthermore, if the Fund’s ability to obtain exposure to Bitcoin Futures consistent with its investment objective is disrupted for any reason, including, for example, limited liquidity in the Bitcoin Futures market, a disruption to the Bitcoin Futures market, or as a result of margin requirements or position limits imposed by futures commission merchants (“FCMs”), the CME, or the CFTC, the Fund may not be able to achieve its investment objective. Any disruption in the Fund’s ability to obtain exposure to Bitcoin Futures will cause the Fund’s performance to deviate from the performance of bitcoin and Bitcoin Futures. Volatility in the Bitcoin Futures market, particularly during times outside of the Fund’s trading hours, could cause the trading prices of the Fund’s shares to deviate significantly from net asset value (“NAV”).

Drone Companies Risk

Drone companies may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress, and government regulation. Securities of drone companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. These companies may face intense competition and potentially rapid product obsolescence. In addition, drone companies may be dependent on the U.S. government and its agencies for a significant portion of their sales, and their success and growth may be dependent on their ability to win future government contracts. As a result, such companies may be negatively affected by budgetary constraints, spending reductions, congressional appropriations, and administrative allocations of funds that affect the U.S. government and its agencies. Drone companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products

225

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

9. Risks Involved with Investing in the Funds – (continued)

and technologies, and may be adversely affected by loss or impairment of those rights. Legal and regulatory changes may have an impact on a drone company’s products or services. In addition, drone companies may also be subject to increasing regulatory constraints that may limit the sale or use of a company’s products, including the need to obtain regulatory approvals from certain government agencies. Drone companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.

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.

11. Unaudited Tax Information

Qualified Dividend Income — Certain dividends paid by the Funds may be subject to a minimum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the year ended June 30, 2022, taxed at a minimum rate of 15% were as follows:

Fund	Percentage
Alpha DNA Equity Sentiment ETF		0.00	%
Dorsey Wright ADR ETF		100.00
Dorsey Wright Alpha Equal Weight ETF		22.42
Dorsey Wright FSM All Cap World ETF		25.69
Dorsey Wright FSM U.S. Core ETF		100.00
Dorsey Wright Micro Cap ETF		100.00
Dorsey Wright Short ETF		0.00
DoubleLine Value Equity ETF		61.71
Drone Technology ETF		0.00
Focused Equity ETF		100.00
Gerber Kawasaki ETF		100.00
Hotel ETF		0.00
Let Bob AI Powered Momentum ETF		0.00
Managed Bitcoin Strategy ETF		0.00
Newfleet Multi-Sector Income ETF		0.00
North Square McKee Core Reserves ETF		0.00
North Square McKee ESG Core Bond ETF		0.00
Poseidon Dynamic Cannabis ETF		0.00
Psychedelics ETF		0.00
Pure Cannabis ETF		7.86
Pure US Cannabis ETF		0.00
Q Dynamic Growth ETF		0.00
Q Portfolio Blended Allocation ETF		62.45
Ranger Equity Bear ETF		0.00
Restaurant ETF		0.00
STAR Global Buy-Write ETF		85.58
Vice ETF		100.00

226

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

11. Unaudited Tax Information – (continued)

Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended June 30, 2022 that qualifies for the dividends received deduction were as follows:

Fund	Percentage
Alpha DNA Equity Sentiment ETF		0.00	%
Dorsey Wright ADR ETF		0.00
Dorsey Wright Alpha Equal Weight ETF		21.43
Dorsey Wright FSM All Cap World ETF		25.20
Dorsey Wright FSM U.S. Core ETF		100.00
Dorsey Wright Micro Cap ETF		100.00
Dorsey Wright Short ETF		0.00
DoubleLine Value Equity ETF		61.71
Drone Technology ETF		0.00
Focused Equity ETF		100.00
Gerber Kawasaki ETF		100.00
Hotel ETF		0.00
Let Bob AI Powered Momentum ETF		0.00
Managed Bitcoin Strategy ETF		0.00
Newfleet Multi-Sector Income ETF		0.00
North Square McKee Core Reserves ETF		0.00
North Square McKee ESG Core Bond ETF		0.00
Poseidon Dynamic Cannabis ETF		0.00
Psychedelics ETF		0.00
Pure Cannabis ETF		7.86
Pure US Cannabis ETF		0.00
Q Dynamic Growth ETF		0.00
Q Portfolio Blended Allocation ETF		60.58
Ranger Equity Bear ETF		0.00
Restaurant ETF		0.00
STAR Global Buy-Write ETF		80.42
Vice ETF		100.00

Qualified Interest Income — For nonresident alien shareholders, the percentage of ordinary income distributions for the year ended June 30, 2022 that qualified interest income were as follows:

Fund	Percentage
Alpha DNA Equity Sentiment ETF		0.00	%
Dorsey Wright ADR ETF		0.00
Dorsey Wright Alpha Equal Weight ETF		0.00
Dorsey Wright FSM All Cap World ETF		0.00
Dorsey Wright FSM U.S. Core ETF		0.00
Dorsey Wright Micro Cap ETF		0.00
Dorsey Wright Short ETF		0.00
DoubleLine Value Equity ETF		0.00
Drone Technology ETF		0.00
Focused Equity ETF		0.00
Gerber Kawasaki ETF		0.00

227

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

11. Unaudited Tax Information – (continued)

Fund	Percentage
Hotel ETF		0.00	%
Let Bob AI Powered Momentum ETF		0.00
Managed Bitcoin Strategy ETF		0.00
Newfleet Multi-Sector Income ETF		99.78
North Square McKee Core Reserves ETF		100.00
North Square McKee ESG Core Bond ETF		93.80
Poseidon Dynamic Cannabis ETF		0.00
Psychedelics ETF		0.00
Pure Cannabis ETF		0.00
Pure US Cannabis ETF		0.00
Q Dynamic Growth ETF		0.00
Q Portfolio Blended Allocation ETF		0.00
Ranger Equity Bear ETF		0.00
Restaurant ETF		0.00
STAR Global Buy-Write ETF		0.00
Vice ETF		0.00

The following Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid were as follows:

Fund	Foreign Taxes Paid		Gross Foreign Income
Alpha DNA Equity Sentiment ETF	$	—	$	—
Dorsey Wright ADR ETF		111,711		2,496,089
Dorsey Wright Alpha Equal Weight ETF		—		—
Dorsey Wright FSM All Cap World ETF		—		—
Dorsey Wright FSM U.S. Core ETF		—		—
Dorsey Wright Micro Cap ETF		—		—
Dorsey Wright Short ETF		—		—
DoubleLine Value Equity ETF		—		—
Drone Technology ETF		—		—
Focused Equity ETF		—		—
Gerber Kawasaki ETF		—		—
Hotel ETF		—		—
Let Bob AI Powered Momentum ETF		—		—
Managed Bitcoin Strategy ETF		—		—
Newfleet Multi-Sector Income ETF		—		—
North Square McKee Core Reserves ETF		—		—
North Square McKee ESG Core Bond ETF		—		—
Poseidon Dynamic Cannabis ETF		—		—
Psychedelics ETF		—		—
Pure Cannabis ETF		—		—
Pure US Cannabis ETF		—		—
Q Dynamic Growth ETF		—		—

228

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

June 30, 2022

11. Unaudited Tax Information – (continued)

Fund	Foreign Taxes Paid		Gross Foreign Income
Q Portfolio Blended Allocation ETF	$	—	$	—
Ranger Equity Bear ETF		—		—
Restaurant ETF		—		—
STAR Global Buy-Write ETF		3,670		28,539
Vice ETF		—		—

229

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees
of AdvisorShares Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Alpha DNA Equity Sentiment ETF, 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, Dorsey Wright Short ETF, DoubleLine Value Equity ETF, Drone Technology ETF, Focused Equity ETF, Gerber Kawasaki ETF, Hotel ETF, Let Bob Al Powered Momentum ETF, Managed Bitcoin Strategy ETF, Newfleet Multi-Sector Income ETF, North Square McKee Core Reserves ETF (formerly known as AdvisorShares Sage Core Reserves ETF), North Square McKee ESG Core Bond ETF (formerly known as AdvisorShares FolioBeyond Smart Core Bond ETF), Poseidon Dynamic Cannabis ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, Q Dynamic Growth ETF, Q Portfolio Blended Allocation ETF, Ranger Equity Bear ETF, Restaurant ETF, STAR Global Buy-Write ETF, Vice ETF, each a series of AdvisorShares Trust (the “Trust”), including the schedules of investments, as of June 30, 2022, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2022, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds constituting AdvisorShares Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Dorsey Wright ADR ETF, DoubleLine Value Equity ETF, Focused Equity ETF, Newfleet Multi-Sector Income ETF, North Square McKee Core Reserves ETF, North Square McKee ESG Core Bond ETF, Ranger Equity Bear ETF, STAR Global Buy-Write ETF	For the year ended June 30, 2022	For each of the two years in the period ended June 30, 2022	For each of the five years in the period ended June 30, 2022

Vice ETF	For the year ended June 30, 2022	For each of the two years in the period ended June 30, 2022	For each of the four years in the period ended June 30, 2022 and for the period December 12, 2017 (commencement of operations) through June 30, 2018

Dorsey Wright Micro-Cap ETF, Dorsey Wright Short ETF	For the year ended June 30, 2022	For each of the two years in the period ended June 30, 2022	For each of the three years in the period ended June 30, 2022 and for the period July 11, 2018 (commencement of operations) through June 30, 2019

230

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

Individual Funds constituting AdvisorShares Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Pure Cannabis ETF	For the year ended June 30, 2022	For each of the two years in the period ended June 30, 2022	For each of the three years in the period ended June 30, 2022 and for the period April 17, 2019 (commencement of operations) through June 30, 2019

Dorsey Wright Alpha Equal Weight ETF, Dorsey Wright FSM All Cap World ETF, Dorsey Wright FSM US Core ETF	For the year ended June 30, 2022	For each of the two years in the period ended June 30, 2022	For each of the two years in the period ended June 30, 2022 and the period December 26, 2019 (commencement of operations) through June 30, 2020

Pure US Cannabis ETF	For the year ended June 30, 2022	For the year ended June 30, 2022 and the period September 1, 2020 through June 30, 2021	For the year ended June 30, 2022 and the period September 1, 2020 (commencement of operations) through June 30, 2021

Q Dynamic Growth ETF, Q Portfolio Blended Allocation ETF	For the year ended June 30, 2022	For the year ended June 30, 2022 and the period December 28, 2020 through June 30, 2021	For the year ended June 30, 2022 and the period December 28, 2020 (commencement of operations) through June 30, 2021

Alpha DNA Equity Sentiment ETF	For the year ended June 30, 2022	For the year ended June 30, 2022 and the period February 2, 2021 through June 30, 2021	For the year ended June 30, 2022 and the period February 2, 2021 (commencement of operations) through June 30, 2021

Hotel ETF, Restaurant ETF	For the year ended June 30, 2022	For the year ended June 30, 2022 and the period April 20, 2021 through June 30, 2021	For the year ended June 30, 2022 and the period April 20, 2021 (commencement of operations) through June 30, 2021

Gerber Kawasaki ETF	For the period July 2, 2021 through June 30, 2022	For the period July 2, 2021 through June 30, 2022	For the period July 2, 2021 (commencement of operations) through June 30, 2022

Psychedelics ETF	For the period September 16, 2021 through June 30, 2022	For the period September 16, 2021 through June 30, 2022	For the period September 16, 2021 (commencement of operations) through June 30, 2022

Poseidon Dynamic Cannabis ETF	For the period November 17, 2021 through June 30, 2022	For the period November 17, 2021 through June 30, 2022	For the period November 17, 2021 (commencement of operations) through June 30, 2022

Let Bob Al Powered Momentum ETF	For the period February 9, 2022 through June 30, 2022	For the period February 9, 2022 through June 30, 2022	For the period February 9, 2022 (commencement of operations) through June 30, 2022

Drone Technology ETF, Managed Bitcoin Strategy ETF	For the period April 27, 2022 through June 30, 2022	For the period April 27, 2022 through June 30, 2022	For the period April 27, 2022 (commencement of operations) through June 30, 2022

231

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2009.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022 by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
August 29, 2022

232

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of the Advisory Agreement for Each Fund and the Sub-Advisory Agreements
for the AdvisorShares Newfleet Multi-Sector Income ETF and AdvisorShares
STAR Global Buy-Write ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on February 16, 2022 and May 17, 2022, 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 (a) separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Newfleet Asset Management, LLC, on behalf of the AdvisorShares Newfleet Multi-Sector Income ETF and (2) ChangePath, LLC, on behalf of the AdvisorShares STAR Global Buy-Write ETF (together, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services, and (b) the investment advisory agreement between the Advisor and the Trust (together with the Sub-Advisory Agreements, the “Advisory Agreements”), on behalf of each series of the Trust (each, a “Fund” and, collectively, the “Funds”).

Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the 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 a meeting to decide whether to renew the Advisory Agreements for an additional one-year term. In preparation for the meeting, 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 meeting and over the course of the prior year, to help evaluate the Advisor’s and each Sub-Advisor’s fee and other aspects of the Advisory Agreements and decide whether to renew the Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meeting, the Board, including the Independent Trustees, was presented with information to help it evaluate the Advisor’s and each Sub-Advisor’s fee and other aspects of the 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 the Advisor and each Sub-Advisor; (ii) the performance by the Advisor and each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by the Advisor and each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) any ancillary benefits to the Adviser and each Sub-Advisor. The Board received an overview of the Advisor’s and 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 the Advisor’s and each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of the Advisory Agreements in light of the written materials that it received before the meeting, information it received at the meeting, 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 the Advisor and each Sub-Advisor and the renewal of each 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 the Advisor and each Sub-Advisor, the Board reviewed the services provided to each Fund by the Advisor and applicable Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services, such as

233

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Funds. The Trustees reviewed the extensive responsibilities that the Advisor has as investment advisor to each Fund, including the oversight of the activities and operations of the Sub-Advisors, as applicable, 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 Funds. The most recent Form ADV for the Advisor and each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about their 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 each Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and each Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. 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 Advisor and each Sub-Advisor.

Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. The Advisor and 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. The Board noted that each Fund is actively managed and that it receives regular reports regarding each Fund’s performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that the Advisor and each Sub-Advisor had been able to achieve for its respective Fund.

Cost of Services and Profitability. In considering whether the advisory and sub-advisory fees payable with respect to each Fund are reasonable, the Board reviewed the advisory fee paid by each Fund to the Advisor, the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and each Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and each Sub-Advisor in providing advisory services, and the Advisor’s and each Sub-Advisor’s profitability analysis with respect to each Fund, as applicable. In discussing the fee arrangements between the Advisor and each Sub-Advisor, the Board noted that the Advisor pays each Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. 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 ratios of the Funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory fees appear 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 the Advisor and Sub-Advisors and whether the Advisor’s and/or Sub-Advisors’ fees include 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 a Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor and each Sub-Advisor as a result of its relationship with a 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 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 Advisory Agreement are fair and reasonable; (ii) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; (iii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund; and (iv) agreed to renew each Advisory Agreement for another year.

234

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Approval of the Advisory Agreement for AdvisorShares Let Bob AI Powered Momentum ETF

At a meeting held on November 16, 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 Let Bob AI Powered Momentum 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 most recently had been conducted in May 2021.

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.

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.

235

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 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 Agreement for AdvisorShares Drone Technology ETF

236

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 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
Managed Bitcoin Strategy ETF

At a meeting held on February 16, 2022, 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 Managed Bitcoin Strategy 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 in May 2021. 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 Morgan Creek Capital 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.

237

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.

238

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 New Sub-Advisory Agreement for AdvisorShares Newfleet Multi-Sector Income ETF

On July 1, 2022, Virtus Investment Partners, Inc. (“Virtus”), the parent company of Newfleet Asset Management, LLC (“Newfleet”), the investment sub-advisor to the AdvisorShares Newfleet Multi-Sector Income ETF (the “Fund”) since its inception, concluded an organizational restructuring pursuant to which Virtus’s three fixed income advisory entities combined into a single entity named Virtus Fixed Income Advisers, LLC (“VFIA”).

Accordingly, at a meeting held on June 29, 2022, the Board, including the Independent Trustees, approved a new investment sub-advisory agreement between the Adviser and VFIA (the “New Sub-Advisory Agreement”), which contains substantially the same terms as the sub-advisory agreement with Newfleet including the rate of compensation. Therefore, effective July 1, 2022, VFIA, doing business as Newfleet, became the sub-advisor to the Fund.

At the meeting, the Board noted that it most recently had considered and approved the annual renewal of the sub-advisory agreement with Newfleet at its May 2022 meeting. In considering whether to approve the New Sub-Advisory Agreement, the Board reviewed and discussed additional information and analysis provided by VFIA and the Adviser. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual trustees may have attributed different weights to various factors.

Nature, Extent and Quality of the Services to be Provided. In considering the nature, extent and quality of the services to be provided by VFIA, the Board reviewed the services to be provided by VFIA, 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 Board further noted that these services are the same as the services currently provided by VFIA. The Board received responses to a detailed series of questions that, among other things, requested information about VFIA’s business, services, and financial condition. The Board considered, among other things, the organizational structure and professional experience of the senior management and key professional personnel of VFIA, the firm’s operational capabilities and its compliance program. The Board noted that the Fund’s current portfolio managers would continue to manage the Fund as VFIA employees. The Board also noted the Trust’s chief compliance officer’s ongoing review of VFIA’s compliance program. Based on its review, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by VFIA.

Performance. In connection with the assessment of the ability of VFIA 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 also considered the performance of the portfolio managers with respect to the Fund. The Board concluded that VFIA has the resources necessary to perform its obligations under the New Sub-Advisory Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by VFIA, reviewed the fee to be paid pursuant to the New Sub-Advisory Agreement, and considered the estimated profitability projected by VFIA from its relationship with the Fund. The Board noted that the proposed fee under the New Sub-Advisory Agreement is the same as the sub-advisory fee paid to Newfleet. The Board also considered information provided by Newfleet for its May 2022 meeting

239

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

regarding advisory fees of comparable accounts 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 concluded that the fee appeared reasonable in light of the services to be rendered.

Economies of Scale. The Board considered whether economies of scale would be realized by the Fund at higher asset levels and determined to reassess in the future whether the Fund’s advisory fees appropriately took into account any economies of scale that may be realized as a result of significant growth of assets of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by VFIA as a result of its relationship with the 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, the Board, including the Independent Trustees, unanimously concluded that the terms of the New Sub-Advisory Agreement, including the fee, are fair and reasonable in light of the services to be provided to the Fund and approved the New Sub-Advisory Agreement for an initial term of two years.

240

BOARD OF TRUSTEES AND OFFICERS (Unaudited)

The business of the Trust is managed under the direction of the Trust’s Board of Trustees. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations.

The name, age, address, and principal occupations during the past five years for each Trustee and officer of the Trust is set forth below, along with the other public directorships held by the Trustees. More information about the Trustees is in the Trust’s Statement of Additional Information, which is available without charge by calling 1-877-843-3831.

Name, Address, and Date of Birth of Trustee/Officer	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Interested Trustee

Noah Hamman* 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1968)	Trustee (no set term); served since 2009	Chief Executive Officer, President, and Founder of AdvisorShares Investments, LLC (2006–present)	27	None

Independent Trustees

Elizabeth (“Betsy”) Piper/Bach 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1952)	Trustee (no set term); served since 2009	President of ASAE Business Services, Inc. (2017–present), ASAE Insurance Company (2020–present), ASAE Investments, LLC (2018–present), ASAE Real Estate (2017–present) (ASAE (American Society of Association Executives) is a membership organization serving the association and non-profit community); President of P/B Wealth Consulting (2017–present); Vice-President/Chief Operating Officer of NADA (National Automobile Dealers Association) Retirement Administrators, Inc. (2009–2017)	27	None

William G. McVay 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1954)	Trustee (no set term); served since 2011	Principal of Red Tortoise LLC (a boutique investment counseling firm) (May 2017–present); Founder of RDK Strategies, LLC (2007–present)	27	None

Officers

Noah Hamman 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1968)	President (no set term); served since 2009	Chief Executive Officer, President, and Founder of AdvisorShares Investments, LLC (2006–present)	N/A	N/A

Dan Ahrens 6046 Goodwin Avenue Dallas, TX 75206 (1966)	Secretary & Treasurer (no set terms); served since 2009	Managing Director of AdvisorShares Investments, LLC (2013–present); Chief Compliance Officer of the Trust (2009–2013); Executive Vice President of AdvisorShares Investments, LLC (2008–2013)	N/A	N/A

Stefanie Little 11 Gina Marie Lane Elkton, MD 21921 (1967)	Chief Compliance Officer (no set term); served since 2013	Founder of Chenery Compliance Group, LLC (2015-present); Chief Compliance Officer of AdvisorShares Investments, LLC and the Trust (2013–present); President of LCG Compliance Alliance (2011–present)	N/A	N/A

241

BOARD OF TRUSTEES AND OFFICERS (Unaudited) (Continued)

Name, Address, and Date of Birth of Trustee/Officer		Position(s) Held with the Trust, Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years		Number of Portfolios in Fund Complex Overseen by Trustee		Other Directorships Held by Trustee During Past 5 Years
Julio J. Lugo 51 Stonehedge Drive East Windsor, NJ 08520 (1963)		Vice President		Head of Fund Operations of AdvisorShares Investments, LLC (2021-present); President of ETP Consulting, LLC (2020-2021); Principal of BNYMellon Depositary Receipts (2004-2020)		N/A		N/A

Mr. Hamman is an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his ownership and controlling interest in the Advisor.

242

SUPPLEMENTAL INFORMATION

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.

243

ADVISORSHARES TRUST

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

CMS Advisors, LLC

420 Fort Duquesne Boulevard

Pittsburgh, PA 15222

CreativeOne Wealth, LLC

6330 Sprint Parkway, Suite 400

Overland Park, KS 66211

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

Morgan Creek Capital Management, LLC

301 W. Barbee Chapel Road, Suite 200

Chapel Hill, NC 27517

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 16^th Street, Suite 2900
Philadelphia, PA 19102

244

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.

(b)

Not applicable.

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, Elizabeth Piper/Bach. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $397,450 for 2022 and $292,500 for 2021.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2021.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $75,000 for 2022 and $57,000 for 2021.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021.

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(d) N/A

(f)

No response required.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2022 and $0 for 2021.

(h)

Not applicable.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the member of such committee is Elizabeth Piper/Bach and William G. McVay.

(b)

Not applicable.

Item 6. Investments.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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.

(Registrant)	AdvisorShares Trust

By (Signature and Title)*	/s/ Noah Hamman
	Noah Hamman, Chief Executive Officer
	(principal executive officer)

Date	September 1, 2022

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.

By (Signature and Title)*	/s/ Noah Hamman
	Noah Hamman, Chief Executive Officer
	(principal executive officer)

Date	September 1, 2022

By (Signature and Title)*	/s/ Dan Ahrens
	Dan Ahrens, Treasurer
	(principal financial officer)

Date	September 1, 2022

Print the name and title of each signing officer under his or her signature.

AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) N-CSRCertified annual shareholder report (management investment company)