AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) N-CSRS Certified semi-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: December 31, 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

Semi-Annual Report

December 31, 2022

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC	1
Shareholder Expense Examples	3
Schedules of Investments
AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)	7
AdvisorShares Dorsey Wright ADR ETF (AADR)	11
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)	14
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)	17
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)	19
AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)	21
AdvisorShares Dorsey Wright Short ETF (DWSH)	26
AdvisorShares Drone Technology ETF (UAV)	30
AdvisorShares Focused Equity ETF (CWS)	33
AdvisorShares Gerber Kawasaki ETF (GK)	35
AdvisorShares Hotel ETF (BEDZ)	38
AdvisorShares Insider Advantage ETF (SURE)	40
AdvisorShares Let Bob AI Powered Momentum ETF (LETB)	44
AdvisorShares Managed Bitcoin Strategy ETF (CRYP)	46
AdvisorShares MSOS 2x Daily ETF (MSOX)	48
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)	50
AdvisorShares North Square McKee Core Reserves ETF (HOLD)	58
AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)	63
AdvisorShares Psychedelics ETF (PSIL)	66
AdvisorShares Pure Cannabis ETF (YOLO)	68
AdvisorShares Pure US Cannabis ETF (MSOS)	72
AdvisorShares Q Dynamic Growth ETF (QPX)	76
AdvisorShares Ranger Equity Bear ETF (HDGE)	78
AdvisorShares Restaurant ETF (EATZ)	83
AdvisorShares STAR Global Buy-Write ETF (VEGA)	85
AdvisorShares Vice ETF (VICE)	88
Statements of Assets and Liabilities	91
Statements of Operations	98
Statements of Changes in Net Assets	105
Financial Highlights	118
Notes to Financial Statements	131
Liquidity Risk Management Program	157
Board Review of Investment Advisory and Sub-Advisory Agreements	158
Supplemental Information	164

i

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2022

There was no place to hide in 2022. Domestic equities, international equities, and the broad bond market, as measured by the Bloomberg Aggregate Bond Index, were all down double digits in 2022. The only slightly bright spot was domestic large cap value, however that category was still ultimately down for the year.

While equity and bond performance was negative and challenging, this was nothing compared to performance for “innovation” stocks (predominantly technology stocks) and other categories considered more risky or volatile, such as cannabis and cryptocurrency.

This was a year of cleaning up supply chains and paying the price for all the U.S. Government stimulus issued in 2020 and 2021. Inflation has been continuously growing in many categories, which caused the Federal Reserve to take aggressive action by increasing interest rates and continuing to reduce its balance sheet.

We expect the Federal Reserve to continue to aggressively fight inflation. Throughout 2022, the Federal Reserve has openly communicated its plans to the public. This transparency can be helpful for financial advisors and investors to understand how best to position their investment portfolios.

Looking forward, higher interest rates will take a toll on both valuations and the amount of speculative capital that will enter the market. We expect companies with strong cash flows to thrive in a higher interest rate environment. Additionally, we anticipate seeing fewer startups and IPOs and would not be surprised if mergers and acquisitions heat up as firms look for partners to ensure financial stability and growth. With a potential recession looming ahead (if we are not already in one), we believe investors will be less interested in broad market investing and more focused on risk management and hedging.

At AdvisorShares, we understand that our success is driven by the trust of our investors, and we appreciate your support. We will continue to seek to improve our existing ETF offerings by bringing more innovative strategies and managers to our ETF line-up. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.

Sincerest regards,
Noah Hamman
CEO, AdvisorShares Investments

For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.

Investing involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.

There is no guarantee the Advisor’s investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.

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ADVISORSHARES TRUST

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

December 31, 2022

The views in this report were those of the Fund’s CEO as of December 31, 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.

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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 July 1, 2022 and held for the period ended December 31, 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 7/1/2022		Ending Account Value 12/31/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Alpha DNA Equity Sentiment ETF
Actual	$	1,000.00	$	1,086.20		1.03	%	$	5.42	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.01		1.03	%	$	5.24
AdvisorShares Dorsey Wright ADR ETF
Actual	$	1,000.00	$	1,004.40		1.10	%	$	5.56	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.66		1.10	%	$	5.60
AdvisorShares Dorsey Wright Alpha Equal Weight ETF
Actual	$	1,000.00	$	935.80		0.99	%	$	4.83	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Dorsey Wright FSM All Cap World ETF(3)
Actual	$	1,000.00	$	1,028.60		0.99	%	$	5.06	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04

3

ADVISORSHARES TRUST

Shareholder Expense Examples (Unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022			Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Dorsey Wright FSM US Core ETF(3)
Actual	$	1,000.00	$	1,046.80			0.99	%	$	5.11	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21			0.99	%	$	5.04
AdvisorShares Dorsey Wright Micro Cap ETF
Actual	$	1,000.00	$	1,091.40			1.25	%	$	6.59	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.90			1.25	%	$	6.36
AdvisorShares Dorsey Wright Short ETF
Actual	$	1,000.00	$	949.90			1.14	%	$	5.60	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.46			1.14	%	$	5.80
AdvisorShares Drone Technology ETF
Actual	$	1,000.00	$	939.00	��		0.99	%	$	4.84	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21			0.99	%	$	5.04
AdvisorShares Focused Equity ETF
Actual	$	1,000.00	$	1,126.00			0.84	%	$	4.50	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.97			0.84	%	$	4.28
AdvisorShares Gerber Kawasaki ETF
Actual	$	1,000.00	$	926.90			0.75	%	$	3.64	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.42			0.75	%	$	3.82
AdvisorShares Hotel ETF
Actual	$	1,000.00	$	1,166.20			0.99	%	$	5.41	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21			0.99	%	$	5.04
AdvisorShares Insider Advantage ETF
Actual	$	1,000.00	$	1,014.00			0.90	%	$	4.57	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.67			0.90	%	$	4.58
AdvisorShares Let Bob AI Powered Momentum ETF
Actual	$	1,000.00	$	979.90			0.99	%	$	4.94	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21			0.99	%	$	5.04
AdvisorShares Managed Bitcoin Strategy ETF(3)
Actual	$	1,000.00	$	1,054.30			1.49	%	$	7.72	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.69			1.49	%	$	7.58

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ADVISORSHARES TRUST

Shareholder Expense Examples (Unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares MSOS 2x Daily ETF
Actual	$	1,000.00	$	239.70		0.95	%	$	2.08	(2)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,014.31		0.95	%	$	3.38
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	992.60		0.75	%	$	3.77	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
AdvisorShares North Square McKee Core Reserves ETF
Actual	$	1,000.00	$	1,010.60		0.35	%	$	1.77	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.44		0.35	%	$	1.79
AdvisorShares Poseidon Dynamic Cannabis ETF
Actual	$	1,000.00	$	625.10		0.99	%	$	4.06	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Psychedelics ETF
Actual	$	1,000.00	$	742.20		0.99	%	$	4.35	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Pure Cannabis ETF
Actual	$	1,000.00	$	687.30		0.52	%	$	2.21	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,022.58		0.52	%	$	2.65
AdvisorShares Pure US Cannabis ETF
Actual	$	1,000.00	$	683.20		0.74	%	$	3.14	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.48		0.74	%	$	3.77
AdvisorShares Q Dynamic Growth ETF(3)
Actual	$	1,000.00	$	961.80		1.26	%	$	6.23	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.26	%	$	6.41
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	903.90		1.68	%	$	8.06	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.74		1.68	%	$	8.54
AdvisorShares Restaurant ETF
Actual	$	1,000.00	$	1,098.10		0.99	%	$	5.24	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04

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ADVISORSHARES TRUST

Shareholder Expense Examples (Unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2022		Ending Account Value 12/31/2022		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares STAR Global Buy-Write ETF(3)
Actual	$	1,000.00	$	1,006.60		1.84	%	$	9.31	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.93		1.84	%	$	9.35
AdvisorShares Vice ETF
Actual	$	1,000.00	$	1,069.20		0.99	%	$	5.16	(1)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04

(1)	Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).
(2)	Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 130/365 (to reflect commencement of operations of August 24, 2022).
(3)	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.

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ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 96.7%
Airlines — 4.0%
American Airlines Group, Inc.*		35,495	$	451,497
Delta Air Lines, Inc.*		13,798		453,402
Southwest Airlines Co.*		13,133		442,188
United Airlines Holdings, Inc.*		11,616		437,923
Total Airlines				1,785,010
Auto Manufacturers — 1.9%
PACCAR, Inc.		4,438		439,229
Wabash National Corp.		19,017		429,784
Total Auto Manufacturers				869,013
Banks — 22.1%
Associated Banc-Corp.		19,507		450,417
Bank of New York Mellon Corp. (The)		9,961		453,425
Bank OZK		11,118		445,387
Banner Corp.		6,999		442,337
BOK Financial Corp.		4,291		445,363
Cullen/Frost Bankers, Inc.		3,391		453,377
First Financial Bancorp		18,303		443,482
Hancock Whitney Corp.		9,233		446,785
Heritage Financial Corp.		14,508		444,525
Huntington Bancshares, Inc.		31,329		441,739
JPMorgan Chase & Co.		3,384		453,794
Lakeland Financial Corp.		6,108		445,701
OFG Bancorp (Puerto Rico)		16,512		455,071
Old National Bancorp		25,250		453,995
Pinnacle Financial Partners, Inc.		6,065		445,171
Preferred Bank/Los Angeles CA		5,912		441,153
Regions Financial Corp.		20,942		451,509
Stock Yards Bancorp, Inc.		6,944		451,221
Trustmark Corp.		12,951		452,119
Veritex Holdings, Inc.		15,679		440,266
Westamerica Bancorp		7,575		447,001
Wintrust Financial Corp.		5,348		452,013
Total Banks				9,855,851
Biotechnology — 4.1%
Fate Therapeutics, Inc.*		44,175		445,726
Gilead Sciences, Inc.		5,243		450,112
Intra-Cellular Therapies, Inc.*		9,082		480,619
Vertex Pharmaceuticals, Inc.*		1,553		448,475
Total Biotechnology				1,824,932
Building Materials — 1.0%
Johnson Controls International PLC		6,938		444,032

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services — 3.0%
Cross Country Healthcare, Inc.*		16,621	$	441,620
Paylocity Holding Corp.*		2,357		457,871
United Rentals, Inc.*		1,242		441,431
Total Commercial Services				1,340,922
Computers — 3.0%
Fortinet, Inc.*		9,038		441,868
Hewlett Packard Enterprise Co.		28,050		447,678
Zscaler, Inc.*		4,144		463,713
Total Computers				1,353,259
Distribution/Wholesale — 3.0%
MRC Global, Inc.*		38,140		441,661
Titan Machinery, Inc.*		11,093		440,725
WW Grainger, Inc.		791		439,994
Total Distribution/Wholesale				1,322,380
Diversified Financial Services — 3.0%
Cboe Global Markets, Inc.		3,543		444,540
Discover Financial Services		4,607		450,703
Synchrony Financial		13,691		449,886
Total Diversified Financial Services				1,345,129
Electrical Components & Equipment — 1.0%
AMETEK, Inc.		3,182		444,589
Electronics — 3.0%
Advanced Energy Industries, Inc.		5,323		456,607
Hubbell, Inc.		1,888		443,076
nVent Electric PLC		11,596		446,098
Total Electronics				1,345,781
Energy — Alternate Sources — 1.0%
Enphase Energy, Inc.*		1,600		423,936
Food — 2.0%
Chefs’ Warehouse, Inc. (The)*		13,037		433,872
Performance Food Group Co.*		7,503		438,100
Total Food				871,972
Healthcare — Products — 1.0%
Lantheus Holdings, Inc.*		9,051		461,239
Home Builders — 1.0%
Installed Building Products, Inc.		5,137		439,727
Investment Companies — 3.0%
Ares Capital Corp.(a)		23,895		441,341

See accompanying Notes to Financial Statements.

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ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Investment Companies (continued)
Main Street Capital Corp.(a)		12,143	$	448,684
Sixth Street Specialty Lending, Inc.		25,174		448,097
Total Investment Companies				1,338,122
Lodging — 1.0%
Hyatt Hotels Corp., Class A*		4,937		446,552
Machinery — Construction & Mining — 1.0%
Caterpillar, Inc.		1,833		439,114
Miscellaneous Manufacturing — 1.0%
Parker-Hannifin Corp.		1,521		442,611
Oil & Gas — 3.0%
Helmerich & Payne, Inc.		9,119		452,029
Nabors Industries Ltd.*		2,874		445,096
Patterson-UTI Energy, Inc.		26,482		445,957
Total Oil & Gas				1,343,082
Oil & Gas Services — 3.0%
NOW, Inc.*		34,585		439,230
RPC, Inc.		50,572		449,585
Schlumberger NV		8,322		444,894
Total Oil & Gas Services				1,333,709
Packaging & Containers — 1.0%
O-I Glass, Inc.*		26,294		435,692
Pharmaceuticals — 1.0%
Neurocrine Biosciences, Inc.*		3,748		447,661
Retail — 6.0%
AutoZone, Inc.*		181		446,379
Five Below, Inc.*		2,494		441,114
Hibbett, Inc.		6,606		450,661
Texas Roadhouse, Inc.		4,777		434,468
Tractor Supply Co.		2,001		450,165
Ulta Beauty, Inc.*		962		451,245
Total Retail				2,674,032
Savings & Loans — 1.0%
Northwest Bancshares, Inc.		31,426		439,335
Semiconductors — 4.0%
Applied Materials, Inc.		4,642		452,038
Lam Research Corp.		1,093		459,388
Microchip Technology, Inc.		6,334		444,964
Rambus, Inc.*		12,359		442,699
Total Semiconductors				1,799,089

Investments	Shares		Value
COMMON STOCKS (continued)
Software — 12.6%
Alteryx, Inc., Class A*		9,339	$	473,207
Bill.Com Holdings, Inc.*		4,369		476,046
Confluent, Inc., Class A*		20,896		464,727
Everbridge, Inc.*		16,198		479,137
HashiCorp, Inc., Class A*(a)		17,038		465,819
Monday.com Ltd.*		3,975		484,950
Nutanix, Inc., Class A*		17,653		459,861
Procore Technologies, Inc.*		9,535		449,861
Qualtrics International, Inc., Class A*		44,775		464,764
Roper Technologies, Inc.		1,029		444,621
Samsara, Inc., Class A*		37,913		471,258
Splunk, Inc.*		5,296		455,933
Total Software				5,590,184
Telecommunications — 2.0%
Arista Networks, Inc.*		3,743		454,213
Calix, Inc.*		6,661		455,812
Total Telecommunications				910,025
Transportation — 2.0%
International Seaways, Inc.(a)		11,785		436,281
Tsakos Energy Navigation Ltd. (Greece)		25,806		436,895
Total Transportation				873,176
Venture Capital — 1.0%
Hercules Capital, Inc.		33,679		445,236
Total Common Stocks
(Cost $43,000,743)				43,085,392
MONEY MARKET FUNDS — 0.8%
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 4.19%(b)		519		519
Fidelity Investments Money Market Government Portfolio — Class I, 3.81%(b)		364,974		364,974
Total Money Market Funds
(Cost $365,493)				365,493

See accompanying Notes to Financial Statements.

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ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

	Notional Amount		Contracts		Value
PURCHASED PUT OPTIONS — 2.5%
Shares Russell 2000 ETF, expiring 03/31/23, Strike Price $165.00*	$	26,730,000		1,620	$	771,930
SPDR S&P 500 ETF Trust, expiring 03/17/23, Strike Price $365.00*		15,293,500		419		346,304
Total Purchased Put Options
(Cost $1,223,867)						1,118,234
REPURCHASE AGREEMENTS — 2.9%(c)
BofA Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $305,590)			$	299,598		299,598
Citigroup Global Markets, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.50%, 8/28/23-12/1/52, totaling $305,590)				299,598		299,598
Daiwa Capital Markets America, dated 01/03/23, due 12/30/22, 4.26%, total to be received $68,026, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.13%, 1/3/23-11/15/43, totaling $69,354)				67,994		67,994
Deutsche Bank Securities, Inc., dated 01/03/23, due 12/30/22, 4.29%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $305,590)				299,598		299,598

	Contracts		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $305,590)	$	299,598	$	299,598
Total Repurchase Agreements
(Cost $1,266,386)				1,266,386
Total Investments — 102.9%
(Cost $45,856,489)				45,835,505
Liabilities in Excess of Other Assets — (2.9%)				(1,299,546	)
Net Assets — 100.0%			$	44,535,959

ETF — Exchange Traded Fund

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 $1,624,042; the aggregate market value of the collateral held by the fund is $1,673,415. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $407,029.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

9

ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	43,085,392	$	-	$	-	$	43,085,392
Money Market Funds		365,493		-		-		365,493
Purchased Put Options		1,118,234		-		-		1,118,234
Repurchase Agreements		-		1,266,386		-		1,266,386
Total	$	44,569,119	$	1,266,386	$	-	$	45,835,505

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines		4.0	%
Auto Manufacturers		1.9
Banks		22.1
Biotechnology		4.1
Building Materials		1.0
Commercial Services		3.0
Computers		3.0
Distribution/Wholesale		3.0
Diversified Financial Services		3.0
Electrical Components & Equipment		1.0
Electronics		3.0
Energy — Alternate Sources		1.0
Food		2.0
Healthcare — Products		1.0
Home Builders		1.0
Investment Companies		3.0
Lodging		1.0
Machinery — Construction & Mining		1.0
Miscellaneous Manufacturing		1.0

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Oil & Gas		3.0	%
Oil & Gas Services		3.0
Packaging & Containers		1.0
Pharmaceuticals		1.0
Purchased Put Option		2.5
Retail		6.0
Savings & Loans		1.0
Semiconductors		4.0
Software		12.6
Telecommunications		2.0
Transportation		2.0
Venture Capital		1.0
Money Market Funds		0.8
Repurchase Agreements		2.9
Total Investments		102.9
Liabilities in Excess of Other Assets		(2.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

10

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares			Value
COMMON STOCKS — 99.9%
Aerospace/Defense — 2.4%
BAE Systems PLC (United Kingdom)(a)(b)		18,925		$	797,594
Agriculture — 2.7%
British American Tobacco PLC (United Kingdom)(b)		22,507			899,830
Airlines — 2.3%
Copa Holdings SA, Class A (Panama)*		9,255			769,738
Auto Manufacturers — 3.5%
Tata Motors Ltd. (India)*(b)		50,713			1,171,977
Banks — 22.3%			��
Banco Bilbao Vizcaya Argentaria SA (Spain)(b)		132,678			797,395
Credicorp Ltd. (Peru)		6,632			899,697
HDFC Bank Ltd. (India)(b)		11,360			777,138
ICICI Bank Ltd. (India)(b)		63,851			1,397,699
ING Groep NV (Netherlands)(b)		59,654			725,989
Itau Unibanco Holding SA (Brazil)(b)		179,885			847,258
Mitsubishi UFJ Financial Group, Inc. (Japan)(b)		153,891			1,026,453
UBS Group AG (Switzerland)(a)		54,333			1,014,397
Total Banks					7,486,026
Beverages — 7.6%
Coca-Cola Femsa SAB de CV (Mexico)(b)		11,547			783,810
Diageo PLC (United Kingdom)(a)(b)		5,996			1,068,427
Fomento Economico Mexicano SAB de CV (Mexico)(b)		9,170			716,361
Total Beverages					2,568,598
Biotechnology — 5.4%
Argenx SE (Netherlands)*(b)		1,992			754,630
Genmab A/S (Denmark)*(b)		25,185			1,067,340
Total Biotechnology					1,821,970
Chemicals — 2.0%
Sociedad Quimica y Minera de Chile SA (Chile)(b)		8,322			664,429
Commercial Services — 2.6%
RELX PLC (United Kingdom)(b)		31,555			874,705

Investments	Shares		Value
COMMON STOCKS (continued)
Electric — 4.6%
Centrais Eletricas Brasileiras SA (Brazil)(b)		99,872	$	791,985
Cia Paranaense de Energia (Brazil)(b)		104,595		752,038
Total Electric				1,544,023
Electrical Components & Equipment — 2.9%
ABB Ltd. (Switzerland)(b)		32,053		976,334
Insurance — 2.7%
Aegon NV (Netherlands)(a) (c)		179,957		906,983
Internet — 4.7%
MakeMyTrip Ltd. (India)*		31,180		859,632
Trip.com Group Ltd. (China)*(b)		21,002		722,469
Total Internet				1,582,101
Iron/Steel — 2.1%
Gerdau SA (Brazil)(b)		129,821		719,208
Metal Fabricate/Hardware — 4.6%
Tenaris SA(b)		44,428		1,562,089
Office/Business Equipment — 2.2%
Canon, Inc. (Japan)(a)(b)		34,255		742,648
Oil & Gas — 6.1%
Equinor ASA (Norway)(b)		32,635		1,168,659
YPF SA (Argentina)*(b)		96,419		886,091
Total Oil & Gas				2,054,750
Pharmaceuticals — 7.0%
AstraZeneca PLC (United Kingdom)(b)		11,696		792,989
Novo Nordisk A/S (Denmark)(b)		11,488		1,554,786
Total Pharmaceuticals				2,347,775
Semiconductors — 2.7%
NXP Semiconductors NV (China)		5,779		913,255
Telecommunications — 5.3%
America Movil SAB de CV, Class L (Mexico)(b)		48,277		878,641
KT Corp. (South Korea)(a)(b)		67,263		908,051
Total Telecommunications				1,786,692
Transportation — 4.2%
Diana Shipping, Inc. (Greece)		161,447		629,643
OceanPal, Inc. (Greece)		20,037		22,241

See accompanying Notes to Financial Statements.

11

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Transportation (continued)
Tsakos Energy Navigation Ltd. (Greece)		43,866	$	742,652
Total Transportation				1,394,536
Total Common Stocks
(Cost $32,268,579)				33,585,261
MONEY MARKET FUND — 0.0%**
Invesco Government & Agency Portfolio — Private Investment Class, 3.92%(d) (Cost $44)		44		44
REPURCHASE AGREEMENTS — 10.1%(e)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%- 6.50%, 5/1/37-5/1/58, totaling $802,175)	$	786,446		786,446
Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $232,942, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $237,489)		232,832		232,832
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $802,175)		786,446		786,446
National Bank Financial Inc., dated 12/30/22, due 01/03/23, 4.34%, total to be received $786,825, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.44%, 1/3/23-9/9/49, totaling $802,175)		786,446		786,446

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $802,175)	$	786,446	$	786,446
Total Repurchase Agreements
(Cost $3,378,616)				3,378,616
Total Investments — 110.0%
(Cost $35,647,239)				36,963,921
Liabilities in Excess of Other Assets — (10.0%)				(3,363,303	)
Net Assets — 100.0%			$	33,600,618

PLC — Public Limited Company

* Non-income producing security.

** Less than 0.05%.

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,280,950; the aggregate market value of the collateral held by the fund is $3,378,616.
(b)	American Depositary Receipt.
(c)	Registered Shares.
(d)	Rate shown reflects the 7-day yield as of December 31, 2022.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

12

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	33,585,261	$	-	$	-	$	33,585,261
Money Market Fund		44		-		-		44
Repurchase Agreements		-		3,378,616		-		3,378,616
Total	$	33,585,305	$	3,378,616	$	-	$	36,963,921

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		2.4	%
Agriculture		2.7
Airlines		2.3
Auto Manufacturers		3.5
Banks		22.3
Beverages		7.6
Biotechnology		5.4
Chemicals		2.0
Commercial Services		2.6
Electric		4.6
Electrical Components & Equipment		2.9
Insurance		2.7
Internet		4.7
Iron/Steel		2.1
Metal Fabricate/Hardware		4.6
Office/Business Equipment		2.2
Oil & Gas		6.1
Pharmaceuticals		7.0
Semiconductors		2.7
Telecommunications		5.3
Transportation		4.2
Money Market Fund		0.0	**
Repurchase Agreements		10.1
Total Investments		110.0
Liabilities in Excess of Other Assets		(10.0	)
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Financial Statements.

13

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.8%
Biotechnology — 12.9%
Biohaven Ltd.*(a)		58,596	$	813,313
Halozyme Therapeutics, Inc.*		16,677		948,921
Regeneron Pharmaceuticals, Inc.*		1,288		929,279
Sarepta Therapeutics, Inc.*		7,352		952,672
United Therapeutics Corp.*		3,431		954,127
Total Biotechnology				4,598,312
Commercial Services — 2.3%
AMN Healthcare Services, Inc.*		7,889		811,147
Electric — 17.6%
AES Corp. (The)		33,519		964,006
CenterPoint Energy, Inc.		30,849		925,161
Constellation Energy Corp.		9,813		845,979
NextEra Energy, Inc.		11,270		942,172
NRG Energy, Inc.		22,180		705,768
PG&E Corp.*(a)		60,305		980,559
Vistra Corp.		39,603		918,790
Total Electric				6,282,435
Electronics — 2.6%
Mettler-Toledo International, Inc.*		633		914,970
Gas — 2.6%
National Fuel Gas Co.		14,461		915,381
Healthcare — Products — 5.2%
IDEXX Laboratories, Inc.*		2,194		895,064
Thermo Fisher Scientific, Inc.		1,743		959,853
Total Healthcare — Products				1,854,917
Healthcare — Services — 10.3%
Acadia Healthcare Co., Inc.*		10,900		897,288
Chemed Corp.		1,825		931,535
Medpace Holdings, Inc.*		4,252		903,168
UnitedHealth Group, Inc.		1,785		946,371
Total Healthcare — Services				3,678,362
Oil & Gas — 23.2%
Chord Energy Corp.		6,192		847,127
Devon Energy Corp.		13,931		856,896
Marathon Oil Corp.		30,827		834,487
Matador Resources Co.		13,975		799,929

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
Murphy Oil Corp.		19,916	$	856,587
Occidental Petroleum Corp.		13,254		834,869
Ovintiv, Inc.		17,014		862,780
PDC Energy, Inc.		12,483		792,421
Southwestern Energy Co.*		130,016		760,594
Texas Pacific Land Corp.		357		836,890
Total Oil & Gas				8,282,580
Pharmaceuticals — 5.3%
Eli Lilly & Co.		2,613		955,940
McKesson Corp.		2,486		932,548
Total Pharmaceuticals				1,888,488
Pipelines — 15.1%
Antero Midstream Corp.		85,170		918,984
Cheniere Energy, Inc.		5,495		824,030
DT Midstream, Inc.		15,737		869,627
Kinder Morgan, Inc.		50,424		911,666
ONEOK, Inc.		14,447		949,168
Williams Cos., Inc. (The)		27,916		918,436
Total Pipelines				5,391,911
Water — 2.7%
American Water Works Co., Inc.		6,322		963,599
Total Common Stocks (Cost $35,794,811)				35,582,102
MONEY MARKET FUND — 0.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $157,928)		157,928		157,928
REPURCHASE AGREEMENTS — 1.2%(c)
Deutsche Bank Securities, Inc., dated 12/30/22, due 01/03/23, 4.29%, total to be received $177,388, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $180,849)	$	177,303		177,303

See accompanying Notes to Financial Statements.

14

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980)		249,000	$	249,000
Total Repurchase Agreements (Cost $426,303)				426,303
Total Investments — 101.4% (Cost $36,379,042)			$	36,166,333
Liabilities in Excess of Other Assets — (1.4%)				(512,458	)
Net Assets — 100.0%			$	35,653,875

* Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,360,872; the aggregate market value of the collateral held by the fund is $1,415,569. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $989,266.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

15

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	35,582,102	$	-	$	-	$	35,582,102
Money Market Fund		157,928		-		-		157,928
Repurchase Agreements		-		426,303		-		426,303
Total	$	35,740,030	$	426,303	$	-	$	36,166,333

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Biotechnology		12.9	%
Commercial Services		2.3
Electric		17.6
Electronics		2.6
Gas		2.6
Healthcare — Products		5.2
Healthcare — Services		10.3
Oil & Gas		23.2
Pharmaceuticals		5.3
Pipelines		15.1
Water		2.7
Money Market Fund		0.4
Repurchase Agreements		1.2
Total Investments		101.4
Liabilities in Excess of Other Assets		(1.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

16

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 99.8%
Equity Fund — 99.8%
Invesco S&P 500 Equal Weight ETF(a)		310,294	$	43,829,028
Invesco S&P 500 Pure Value ETF		544,007		42,421,666
Total Exchange Traded Funds (Cost $90,585,586)				86,250,694
MONEY MARKET FUND — 0.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $335,486)		335,486		335,486
REPURCHASE AGREEMENTS — 45.1%(c)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $9,245,481)	$	9,064,197		9,064,197
Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $2,683,827, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,736,211)		2,682,560		2,682,560
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $9,245,481)		9,064,197		9,064,197
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $9,245,481)		9,064,197		9,064,197

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $9,245,545)	$	9,064,197	$	9,064,197
Total Repurchase Agreements (Cost $38,939,348)				38,939,348
Total Investments — 145.3% (Cost $129,860,420)				125,525,528
Liabilities in Excess of Other Assets — (45.3%)				(39,084,802	)
Net Assets — 100.0%			$	86,440,726

ETF — Exchange Traded Fund

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $37,916,868; the aggregate market value of the collateral held by the fund is $38,939,348.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

17

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Funds	$	86,250,694	$	-	$	-	$	86,250,694
Money Market Fund		335,486		-		-		335,486
Repurchase Agreements		-		38,939,348		-		38,939,348
Total	$	86,586,180	$	38,939,348	$	-	$	125,525,528

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		99.8	%
Money Market Fund		0.4
Repurchase Agreements		45.1
Total Investments		145.3
Liabilities in Excess of Other Assets		(45.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

18

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 100.0%
Equity Fund — 100.0%
Invesco S&P 500 Equal Weight ETF(a)		278,345	$	39,316,231
Invesco S&P 500 Low Volatility ETF		619,610		39,593,079
Total Exchange Traded Funds (Cost $82,526,358)				78,909,310
MONEY MARKET FUND — 0.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $149,740)		149,740		149,740
REPURCHASE AGREEMENTS — 36.5%(c)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $6,846,790)	$	6,712,539		6,712,539
Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $1,988,431, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,027,242)		1,987,492		1,987,492
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $6,846,790)		6,712,539		6,712,539
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $6,846,790)		6,712,539		6,712,539

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Truist Securities, Inc., dated 12/30/22, due 01/03/22, 4.32%, total to be received $6,715,761, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $6,846,837)	$	6,712,539	$	6,712,539
Total Repurchase Agreements (Cost $28,837,648)				28,837,648
Total Investments — 136.7% (Cost $111,513,746)				107,896,698
Liabilities in Excess of Other Assets — (36.7%)				(28,971,263	)
Net Assets — 100.0%			$	78,925,435

ETF — Exchange Traded Fund

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $28,046,883; the aggregate market value of the collateral held by the fund is $28,837,648.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

19

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Funds	$	78,909,310	$	-	$	-	$	78,909,310
Money Market Fund		149,740		-		-		149,740
Repurchase Agreements		-		28,837,648		-		28,837,648
Total	$	79,059,050	$	28,837,648	$	-	$	107,896,698

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		100.0	%
Money Market Fund		0.2
Repurchase Agreements		36.5
Total Investments		136.7
Liabilities in Excess of Other Assets		(36.7	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

20

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 100.6%
Auto Parts & Equipment — 0.9%
China Automotive Systems, Inc. (China)*		3,500	$	20,300
Garrett Motion, Inc. (Switzerland)*(a)		3,186		24,277
Total Auto Parts & Equipment				44,577
Banks — 18.4%
Amalgamated Financial Corp.		1,097		25,275
BayCom Corp.		1,243		23,592
BCB Bancorp, Inc.		1,221		21,966
Business First Bancshares, Inc.		977		21,631
Byline Bancorp, Inc.		1,151		26,438
Cambridge Bancorp		259		21,512
Capital City Bank Group, Inc.		759		24,667
Capstar Financial Holdings, Inc.		1,401		24,742
Carter Bankshares, Inc.*		1,603		26,594
Civista Bancshares, Inc.		1,035		22,780
CNB Financial Corp.		900		21,411
Coastal Financial Corp.*		933		44,336
Equity Bancshares, Inc., Class A		764		24,960
Esquire Financial Holdings, Inc.		869		37,593
First Bank		2,024		27,850
First Business Financial Services, Inc.		794		29,021
First Guaranty Bancshares, Inc.		948		22,231
Five Star Bancorp		853		23,236
Hanmi Financial Corp.		1,330		32,917
Independent Bank Corp.		1,061		25,379
John Marshall Bancorp, Inc.		854		24,578
Mercantile Bank Corp.		708		23,704
Metrocity Bankshares, Inc.		939		20,311
Midland States Bancorp, Inc.		898		23,905
Northeast Bank		834		35,111
Northrim BanCorp, Inc.		555		30,286
Old Second Bancorp, Inc.		1,903		30,524
OP Bancorp		1,841		20,546
Parke Bancorp, Inc.		1,071		22,213
PCB Bancorp		1,406		24,872
Peapack-Gladstone Financial Corp.		666		24,788
Shore Bancshares, Inc.		1,274		22,206
South Plains Financial, Inc.		732		20,152
TrustCo Bank Corp. NY		713		26,802
Unity Bancorp, Inc.		823		22,493
Total Banks				900,622

Investments	Shares		Value
COMMON STOCKS (continued)
Biotechnology — 5.1%
89bio, Inc.*		2,900	$	36,917
Aldeyra Therapeutics, Inc.*		3,580		24,917
Astria Therapeutics, Inc.*		2,270		33,800
Cymabay Therapeutics, Inc.*		6,162		38,636
Dyne Therapeutics, Inc.*		1,733		20,085
Immatics NV (Germany)*		1,995		17,376
Mersana Therapeutics, Inc.*		2,988		17,510
Provention Bio, Inc.*		2,970		31,393
WaVe Life Sciences Ltd.*		4,400		30,800
Total Biotechnology				251,434
Building Materials — 1.3%
LSI Industries, Inc.		2,000		24,480
Modine Manufacturing Co.*		1,910		37,933
Total Building Materials				62,413
Chemicals — 0.4%
Hawkins, Inc.		524		20,226
Coal — 6.0%
Alpha Metallurgical Resources, Inc.		1,124		164,543
Hallador Energy Co.*(a)		5,566		55,604
Natural Resource Partners LP(a)		881		47,865
SunCoke Energy, Inc.		3,102		26,770
Total Coal				294,782
Commercial Services — 6.6%
Alta Equipment Group, Inc.		1,853		24,441
Barrett Business Services, Inc.		310		28,917
CRA International, Inc.		318		38,933
DLH Holdings Corp.*		1,474		17,489
Franklin Covey Co.*		673		31,476
Hackett Group, Inc. (The)		1,304		26,562
HireQuest, Inc.		1,353		21,391
Lincoln Educational Services Corp.*		3,401		19,692
Resources Connection, Inc.		1,035		19,023
ShotSpotter, Inc.*		600		20,298
Textainer Group Holdings Ltd. (China)		1,177		36,499
Transcat, Inc.*		555		39,333
Total Commercial Services				324,054
Distribution/Wholesale — 3.8%
Hudson Technologies, Inc.*		6,919		70,020
Titan Machinery, Inc.*		990		39,333

See accompanying Notes to Financial Statements.

21

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
Veritiv Corp.		616	$	74,973
Total Distribution/Wholesale				184,326
Diversified Financial Services — 2.6%
Diamond Hill Investment Group, Inc.		134		24,793
EZCORP, Inc., Class A*		3,732		30,416
Oppenheimer Holdings, Inc., Class A		577		24,424
Silvercrest Asset Management Group, Inc., Class A		1,275		23,932
Velocity Financial, Inc.*		2,201		21,239
Total Diversified Financial Services				124,804
Electric — 0.5%
Genie Energy Ltd., Class B		2,596		26,843
Electronics — 3.0%
Bel Fuse, Inc., Class B		1,604		52,804
Ituran Location and Control Ltd. (Israel)		959		20,264
Kimball Electronics, Inc.*		1,185		26,769
Stoneridge, Inc.*		1,000		21,560
Vishay Precision Group, Inc.*		690		26,668
Total Electronics				148,065
Energy — Alternate Sources — 0.4%
REX American Resources Corp.*		643		20,486
Engineering & Construction — 1.5%
MYR Group, Inc.*		405		37,288
Sterling Infrastructure, Inc.*		1,033		33,883
Total Engineering & Construction				71,171
Entertainment — 0.8%
Golden Entertainment, Inc.*		1,050		39,270
Environmental Control — 1.3%
CECO Environmental Corp.*		3,230		37,726
Heritage-Crystal Clean, Inc.*		851		27,641
Total Environmental Control				65,367
Food — 1.1%
Nathan’s Famous, Inc.		398		26,750
Seneca Foods Corp., Class A*		450		27,427
Total Food				54,177

Investments	Shares		Value
COMMON STOCKS (continued)
Forest Products & Paper — 0.5%
Clearwater Paper Corp.*		644	$	24,350
Gas — 0.7%
Global Partners LP		1,031		35,848
Healthcare — Products — 1.1%
Axogen, Inc.*		1,962		19,581
Zynex, Inc.(a)		2,362		32,855
Total Healthcare — Products				52,436
Home Furnishings — 0.5%
Ethan Allen Interiors, Inc.		923		24,386
Insurance — 2.6%
Ambac Financial Group, Inc.*		1,666		29,055
Donegal Group, Inc., Class A		1,305		18,531
Greenlight Capital Re Ltd., Class A*		2,801		22,828
Investors Title Co.		132		19,477
Tiptree, Inc.		2,689		37,216
Total Insurance				127,107
Investment Companies — 0.4%
Crescent Capital BDC, Inc.		1,407		17,981
Iron/Steel — 0.6%
Haynes International, Inc.		671		30,658
Leisure Time — 0.6%
Xponential Fitness, Inc., Class A*		1,200		27,516
Machinery — Diversified — 1.0%
DXP Enterprises, Inc.*		735		20,249
Thermon Group Holdings, Inc.*		1,334		26,787
Total Machinery — Diversified				47,036
Metal Fabricate/Hardware — 2.2%
Northwest Pipe Co.*		732		24,668
Steel Partners Holdings LP*		1,986		85,001
Total Metal Fabricate/Hardware				109,669
Oil & Gas — 7.7%
Cross Timbers Royalty Trust		1,347		34,268
Diamond Offshore Drilling, Inc.*		3,591		37,346
Epsilon Energy Ltd.		3,654		24,226
Kimbell Royalty Partners LP		1,965		32,816

See accompanying Notes to Financial Statements.

22

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
North European Oil Royalty Trust		1,490	$	18,908
Permian Basin Royalty Trust		3,808		95,962
Sabine Royalty Trust		432		36,914
San Juan Basin Royalty Trust		5,153		58,847
Voc Energy Trust		3,481		36,098
Total Oil & Gas				375,385
Oil & Gas Services — 5.3%
Civeo Corp.*		1,211		37,662
Forum Energy Technologies, Inc.*		1,159		34,190
Helix Energy Solutions Group, Inc.*		5,044		37,225
KLX Energy Services Holdings, Inc.*		3,300		57,123
Nine Energy Service, Inc.*		5,000		72,650
TETRA Technologies, Inc.*		5,393		18,660
Total Oil & Gas Services				257,510
Packaging & Containers — 0.8%
UFP Technologies, Inc.*		338		39,847
Pharmaceuticals — 2.1%
Harrow Health, Inc.*		2,600		38,376
Imara, Inc.*		5,500		22,495
ProPhase Labs, Inc.		2,074		19,973
scPharmaceuticals, Inc.*		3,300		23,661
Total Pharmaceuticals				104,505
Pipelines — 0.5%
Green Plains Partners LP		1,928		24,987
REITS — 2.4%
BRT Apartments Corp.		1,246		24,472
CTO Realty Growth, Inc.		1,379		25,208
Farmland Partners, Inc.		2,128		26,515
Hersha Hospitality Trust, Class A		2,239		19,076
Whitestone REIT		2,049		19,752
Total REITS				115,023
Retail — 3.6%
Biglari Holdings, Inc., Class B*		162		22,485
Caleres, Inc.		1,185		26,402
Chuy’s Holdings, Inc.*		740		20,942
J Jill, Inc.*		1,282		31,794
Movado Group, Inc.		842		27,154
Ruth’s Hospitality Group, Inc.		1,161		17,972

Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
TravelCenters of America, Inc.*		638	$	28,570
Total Retail				175,319
Savings & Loans — 2.4%
FS Bancorp, Inc.		818		27,354
Greene County Bancorp, Inc.		493		28,308
Hingham Institution For Savings The		73		20,145
HomeTrust Bancshares, Inc.		822		19,868
Southern Missouri Bancorp, Inc.		433		19,844
Total Savings & Loans				115,519
Semiconductors — 1.7%
Aehr Test Systems*		1,363		27,396
Richardson Electronics Ltd.		2,684		57,250
Total Semiconductors				84,646
Software — 2.8%
Computer Programs and Systems, Inc.*		675		18,373
Digi International, Inc.*		1,149		41,996
Donnelley Financial Solutions, Inc.*		1,281		49,511
Inspired Entertainment, Inc.*		2,000		25,340
Total Software				135,220
Telecommunications — 1.1%
Aviat Networks, Inc.*		750		23,392
Preformed Line Products Co.		372		30,984
Total Telecommunications				54,376
Transportation — 5.4%
Ardmore Shipping Corp. (Ireland)*		3,911		56,358
Capital Product Partners LP (Greece)		2,140		29,211
Covenant Logistics Group, Inc.		962		33,256
Dorian LPG Ltd.		1,717		32,537
GasLog Partners LP (Greece)		4,035		26,873
Teekay Corp. (Bermuda)*		5,650		25,651
Teekay Tankers Ltd., Class A (Canada)*		973		29,978
Tsakos Energy Navigation Ltd. (Greece)		1,723		29,171
Total Transportation				263,035
Venture Capital — 0.4%
Chicago Atlantic Real Estate Finance, Inc.		1,462		22,032

See accompanying Notes to Financial Statements.

23

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Water — 0.5%
York Water Co. (The)		562	$	25,279
Total Common Stocks (Cost $4,425,438)				4,922,287
MONEY MARKET FUND — 0.4%
STIT — Government & Agency Portfolio, Institutional Class, 4.22%(b) (Cost $18,996)		18,996		18,996
REPURCHASE AGREEMENT — 2.2%(c)
Nomura Securities International, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $106,263, (collateralized by various U.S. Government Agency Obligations, 1.97%-9.00%, 2/1/23-7/1/60, totaling $108,336) (Cost $106,212)	$	106,212		106,212
Total Investments — 103.2% (Cost $4,550,646)				5,047,495
Liabilities in Excess of Other Assets — (3.2%)				(157,950	)
Net Assets — 100.0%			$	4,889,545

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 $157,350; the aggregate market value of the collateral held by the fund is $162,253. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $56,041.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

24

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	4,922,287	$	-	$	-	$	4,922,287
Money Market Fund		18,996		-		-		18,996
Repurchase Agreement		-		106,212		-		106,212
Total	$	4,941,283	$	106,212	$	-	$	5,047,495

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Auto Parts & Equipment		0.9	%
Banks		18.4
Biotechnology		5.1
Building Materials		1.3
Chemicals		0.4
Coal		6.0
Commercial Services		6.6
Distribution/Wholesale		3.8
Diversified Financial Services		2.6
Electric		0.5
Electronics		3.0
Energy — Alternate Sources		0.4
Engineering & Construction		1.5
Entertainment		0.8
Environmental Control		1.3
Food		1.1
Forest Products & Paper		0.5
Gas		0.7
Healthcare — Products		1.1
Home Furnishings		0.5
Insurance		2.6
Investment Companies		0.4
Iron/Steel		0.6

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Leisure Time		0.6	%
Machinery — Diversified		1.0
Metal Fabricate/Hardware		2.2
Oil & Gas		7.7
Oil & Gas Services		5.3
Packaging & Containers		0.8
Pharmaceuticals		2.1
Pipelines		0.5
REITS		2.4
Retail		3.6
Savings & Loans		2.4
Semiconductors		1.7
Software		2.8
Telecommunications		1.1
Transportation		5.4
Venture Capital		0.4
Water		0.5
Money Market Fund		0.4
Repurchase Agreement		2.2
Total Investments		103.2
Liabilities in Excess of Other Assets		(3.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

25

ADVISORSHARES DORSEY WRIGHT SHORT ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUND — 24.4%
Debt Fund — 24.4%
AdvisorShares North Square McKee Core Reserves ETF† (Cost $9,862,980)		100,000		$	9,731,000
MONEY MARKET FUND — 89.9%
STIT — Government & Agency Portfolio, Institutional Class, 4.22%(a)(b) (Cost $35,741,679)		35,741,679			35,741,679
Total Investments Before Securities Sold, Not Yet Purchased (Cost $45,604,659)					45,472,679
Securities Sold, Not Yet Purchased — (92.7)%(c)
COMMON STOCKS — (92.7)%
Aerospace/Defense — (1.0)%
Spirit AeroSystems Holdings, Inc., Class A		(13,821	)		(409,102	)
Airlines — (0.7)%
JetBlue Airways Corp.*		(43,223	)		(280,085	)
Apparel — (5.0)%
Hanesbrands, Inc.		(53,097	)		(337,697	)
NIKE, Inc., Class B		(3,851	)		(450,605	)
PVH Corp.		(5,689	)		(401,587	)
Under Armour, Inc., Class C*		(52,316	)		(466,659	)
VF Corp.		(11,299	)		(311,965	)
Total Apparel					(1,968,513	)
Banks — (2.5)%
PacWest Bancorp		(13,103	)		(300,714	)
Signature Bank		(2,892	)		(333,216	)
SVB Financial Group*		(1,605	)		(369,375	)
Total Banks					(1,003,305	)
Biotechnology — (2.8)%
Bio-Rad Laboratories, Inc., Class A*		(940	)		(395,261	)
Illumina, Inc.*		(2,000	)		(404,400	)
Nektar Therapeutics*		(145,835	)		(329,587	)
Total Biotechnology					(1,129,248	)
Building Materials — (1.8)%
JELD-WEN Holding, Inc.*		(33,650	)		(324,722	)
Mohawk Industries, Inc.*		(3,630	)		(371,059	)
Total Building Materials					(695,781	)

Investments	Shares			Value
COMMON STOCKS (continued)
Chemicals — (1.0)%
Celanese Corp.		(3,696	)	$	(377,879	)
Commercial Services — (9.7)%
2U, Inc.*		(66,309	)		(415,757	)
Block, Inc.*		(6,726	)		(422,662	)
Bright Horizons Family Solutions, Inc.*		(5,147	)		(324,776	)
Cimpress PLC (Ireland)*		(14,465	)		(399,379	)
Euronet Worldwide, Inc.*		(4,689	)		(442,548	)
MarketAxess Holdings, Inc.		(1,398	)		(389,888	)
PayPal Holdings, Inc.*		(4,325	)		(308,026	)
Sabre Corp.*		(63,966	)		(395,310	)
TransUnion		(6,790	)		(385,332	)
WW International, Inc.*		(96,082	)		(370,877	)
Total Commercial Services					(3,854,555	)
Computers — (2.9)%
NCR Corp.*		(18,720	)		(438,235	)
Seagate Technology Holdings PLC		(7,070	)		(371,953	)
Western Digital Corp.*		(10,300	)		(324,965	)
Total Computers					(1,135,153	)
Diversified Financial Services — (3.8)%
Ally Financial, Inc.		(15,800	)		(386,310	)
Bread Financial Holdings, Inc.		(10,612	)		(399,648	)
LendingTree, Inc.*		(16,181	)		(345,140	)
T. Rowe Price Group, Inc.		(3,347	)		(365,024	)
Total Diversified Financial Services					(1,496,122	)
Electrical Components & Equipment — (0.9)%
Universal Display Corp.		(3,187	)		(344,323	)
Electronics — (1.0)%
Garmin Ltd.		(4,238	)		(391,125	)
Entertainment — (1.9)%
Cinemark Holdings, Inc.*		(33,900	)		(293,574	)
Six Flags Entertainment Corp.*		(19,087	)		(443,773	)
Total Entertainment					(737,347	)
Food — (0.9)%
Hain Celestial Group, Inc. (The)*		(22,638	)		(366,283	)
Hand/Machine Tools — (0.8)%
Stanley Black & Decker, Inc.		(4,392	)		(329,927	)
Healthcare — Products — (6.3)%
Align Technology, Inc.*		(1,885	)		(397,546	)

See accompanying Notes to Financial Statements.

26

ADVISORSHARES DORSEY WRIGHT SHORT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Healthcare — Products (continued)
DENTSPLY SIRONA, Inc.		(10,370	)	$	(330,181	)
Exact Sciences Corp.*		(10,106	)		(500,348	)
Masimo Corp.*		(2,954	)		(437,044	)
Teleflex, Inc.		(1,754	)		(437,851	)
West Pharmaceutical Services, Inc.		(1,670	)		(393,035	)
Total Healthcare — Products					(2,496,005	)
Healthcare — Services — (2.8)%
Catalent, Inc.*		(8,260	)		(371,783	)
Charles River Laboratories International, Inc.*		(1,518	)		(330,772	)
Syneos Health, Inc.*		(11,644	)		(427,102	)
Total Healthcare — Services					(1,129,657	)
Housewares — (2.1)%
Newell Brands, Inc.		(32,600	)		(426,408	)
Scotts Miracle-Gro Co. (The)		(8,608	)		(418,263	)
Total Housewares					(844,671	)
Internet — (6.3)%
Amazon.com, Inc.*		(3,485	)		(292,740	)
eBay, Inc.		(8,687	)		(360,250	)
Expedia Group, Inc.*		(3,834	)		(335,858	)
Meta Platforms, Inc., Class A*		(3,611	)		(434,548	)
Snap, Inc., Class A*		(41,533	)		(371,720	)
Wayfair, Inc., Class A*		(10,067	)		(331,104	)
Zillow Group, Inc., Class A*		(12,016	)		(375,019	)
Total Internet					(2,501,239	)
Leisure Time — (0.9)%
Carnival Corp.*		(46,342	)		(373,516	)
Machinery — Diversified — (2.1)%
Cognex Corp.		(8,873	)		(418,007	)
Enovis Corp.*		(7,690	)		(411,569	)
Total Machinery — Diversified					(829,576	)
Media — (5.6)%
Altice USA, Inc., Class A*		(56,997	)		(262,186	)
Cable One, Inc.		(440	)		(313,218	)
Charter Communications, Inc., Class A*		(1,046	)		(354,699	)
DISH Network Corp., Class A*		(25,018	)		(351,253	)
Paramount Global, Class B		(19,750	)		(333,380	)
Walt Disney Co. (The)*		(3,147	)		(273,411	)
Warner Bros Discovery, Inc.*		(35,503	)		(336,569	)
Total Media					(2,224,716	)

Investments	Shares			Value
COMMON STOCKS (continued)
Mining — (1.1)%
Newmont Corp.		(9,438	)	$	(445,474	)
Office/Business Equipment — (0.7)%
Zebra Technologies Corp., Class A*		(1,103	)		(282,820	)
Packaging & Containers — (0.9)%
Ball Corp.		(7,040	)		(360,026	)
Pharmaceuticals — (0.8)%
Herbalife Nutrition Ltd.*		(21,859	)		(325,262	)
REITS — (4.8)%
Diversified Healthcare Trust		(528,041	)		(341,537	)
Douglas Emmett, Inc.		(19,419	)		(304,490	)
Hudson Pacific Properties, Inc.		(28,369	)		(276,030	)
Medical Properties Trust, Inc.		(32,400	)		(360,936	)
SL Green Realty Corp.		(8,909	)		(300,411	)
Vornado Realty Trust		(15,312	)		(318,643	)
Total REITS					(1,902,047	)
Retail — (1.6)%
CarMax, Inc.*		(6,000	)		(365,340	)
Qurate Retail, Inc., Series A*		(173,577	)		(282,930	)
Total Retail					(648,270	)
Semiconductors — (9.7)%
Advanced Micro Devices, Inc.*		(5,660	)		(366,598	)
Entegris, Inc.		(5,600	)		(367,304	)
Intel Corp.		(13,534	)		(357,704	)
IPG Photonics Corp.*		(3,861	)		(365,521	)
Marvell Technology, Inc.		(9,700	)		(359,288	)
MKS Instruments, Inc.		(4,680	)		(396,536	)
NVIDIA Corp.		(3,138	)		(458,587	)
Qorvo, Inc.*		(3,710	)		(336,274	)
Skyworks Solutions, Inc.		(4,514	)		(411,361	)
Teradyne, Inc.		(5,056	)		(441,642	)
Total Semiconductors					(3,860,815	)
Software — (7.7)%
Adobe, Inc.*		(1,023	)		(344,270	)
ANSYS, Inc.*		(1,655	)		(399,832	)
Fidelity National Information Services, Inc.		(5,700	)		(386,745	)
Guidewire Software, Inc.*		(6,679	)		(417,838	)
Pegasystems, Inc.		(11,524	)		(394,582	)
Salesforce, Inc.*		(2,275	)		(301,642	)
Splunk, Inc.*		(4,730	)		(407,206	)
Workday, Inc., Class A*		(2,558	)		(428,030	)
Total Software					(3,080,145	)

See accompanying Notes to Financial Statements.

27

ADVISORSHARES DORSEY WRIGHT SHORT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Telecommunications — (0.9)%
Lumen Technologies, Inc.		(70,100	)	$	(365,922	)
Toys/Games/Hobbies — (1.0)%
Hasbro, Inc.		(6,600	)		(402,666	)
Transportation — (0.7)%
XPO, Inc.*		(8,168	)		(271,913	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(49,877,148)]					(36,863,488	)
Total Investments — 21.6% (Cost $(4,272,489))					8,609,191
Other Assets in Excess of Liabilities — 78.4%					31,161,280
Net Assets — 100.0%				$	39,770,471

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 December 31, 2022.
(b)	A portion of this security has been pledged as collateral for securities sold, not yet purchased.
(c)	As of December 31, 2022 cash in the amount of $31,099,953 has been segregated as collateral from the broker for securities sold short.

See accompanying Notes to Financial Statements.

28

ADVISORSHARES DORSEY WRIGHT SHORT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Fund	$	9,731,000	$	-	$	-	$	9,731,000
Money Market Fund		35,741,679		-		-		35,741,679
Total	$	45,472,679	$	-	$	-	$	45,472,679

Liabilities	Level 1			Level 2		Level 3		Total
Common Stocks	$	(36,863,488	)	$	-	$	-	$	(36,863,488	)

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

Affiliated Holding Name	Value at 6/30/2022		Purchases/ Additions		Sales/ Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2022		Value at 12/31/2022		Dividend Income
AdvisorShares North Square McKee Core Reserves ETF	$	9,738,000	$	-	$	-	$	-	$	(7,000	)		100,000	$	9,731,000	$	116,270

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		(1.0	)%
Airlines		(0.7	)
Apparel		(5.0	)
Banks		(2.5	)
Biotechnology		(2.8	)
Building Materials		(1.8	)
Chemicals		(1.0	)
Commercial Services		(9.7	)
Computers		(2.9	)
Debt Fund		24.4
Diversified Financial Services		(3.8	)
Electrical Components & Equipment		(0.9	)
Electronics		(1.0	)
Entertainment		(1.9	)
Food		(0.9	)
Hand/Machine Tools		(0.8	)
Healthcare — Products		(6.3	)
Healthcare — Services		(2.8	)
Housewares		(2.1	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Internet		(6.3	)%
Leisure Time		(0.9	)
Machinery		(2.1	)
Media		(5.6	)
Mining		(1.1	)
Office/Business Equipment		(0.7	)
Packaging & Containers		(0.9	)
Pharmaceuticals		(0.8	)
REITS		(4.8	)
Retail		(1.6	)
Semiconductors		(9.7	)
Software		(7.7	)
Telecommunications		(0.9	)
Toys/Games/Hobbies		(1.0	)
Transportation		(0.7	)
Money Market Fund		89.9
Total Investments		21.6
Other Assets in Excess of Liabilities		78.4
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

29

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 95.5%
Aerospace/Defense — 39.3%
AeroVironment, Inc.*		181	$	15,505
Airbus SE (France)(a)		534		15,838
Amprius Technologies, Inc.*		1,700		13,481
Archer Aviation, Inc., Class A*		2,953		5,522
Boeing Co. (The)*		28		5,334
Elbit Systems Ltd. (Israel)		24		3,937
Joby Aviation, Inc.*(b)		2,678		8,971
Kratos Defense & Security Solutions, Inc.*		858		8,855
L3Harris Technologies, Inc.		40		8,328
Lockheed Martin Corp.		48		23,352
Northrop Grumman Corp.		40		21,824
Thales SA (France)(a)		184		4,694
Vertical Aerospace Ltd. (United Kingdom)*(b)		5,792		19,635
Total Aerospace/Defense				155,276
Airlines — 1.5%
Lilium NV (Germany)*(b)		5,121		5,838
Auto Manufacturers — 0.3%
Workhorse Group, Inc.*(b)		774		1,177
Computers — 1.7%
Draganfly, Inc. (Canada)*		8,899		6,585
Electronics — 17.3%
GoPro, Inc., Class A*		2,324		11,574
Honeywell International, Inc.		24		5,143
Jabil, Inc.		550		37,510
Trimble, Inc.*		280		14,157
Total Electronics				68,384
Engineering & Construction — 2.8%
EHang Holdings Ltd. (China)*(a)(b)		1,290		11,068
Internet — 5.4%
Amazon.com, Inc.*		80		6,720
Blade Air Mobility, Inc.*		4,114		14,728
Total Internet				21,448

Investments	Shares		Value
COMMON STOCKS (continued)
Machinery — Diversified — 3.0%
AgEagle Aerial Systems, Inc.*		34,081	$	11,928
Metal Fabricate/Hardware — 0.7%
Alpine 4 Holdings, Inc.*		5,506		2,910
Miscellaneous Manufacturing — 9.4%
Axon Enterprise, Inc.*		136		22,566
Teledyne Technologies, Inc.*		24		9,598
Textron, Inc.		72		5,098
Total Miscellaneous Manufacturing				37,262
Semiconductors — 2.5%
Ambarella, Inc.*		28		2,302
QUALCOMM, Inc.		68		7,476
Total Semiconductors				9,778
Software — 2.7%
Red Cat Holdings, Inc.*		11,424		10,739
Telecommunications — 0.6%
Ondas Holdings, Inc.*(b)		1,591		2,530
Transportation — 8.3%
Drone Delivery Canada Corp. (Canada)*		10,775		2,263
FedEx Corp.		84		14,549
United Parcel Service, Inc., Class B		92		15,993
Total Transportation				32,805
Total Common Stocks (Cost $467,723)				377,728
MONEY MARKET FUND — 6.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(c)  (Cost $23,936)		23,936		23,936

See accompanying Notes to Financial Statements.

30

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENT — 8.0%(d)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $31,607, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $32,224) (Cost $31,592)	$	31,592	$	31,592
Total Investments — 109.5% (Cost $523,251)				433,256
Liabilities in Excess of Other Assets — (9.5%)				(37,566	)
Net Assets — 100.0%			$	395,690

*	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 $30,673; the aggregate market value of the collateral held by the fund is $31,592.
(c)	Rate shown reflects the 7-day yield as of December 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

31

ADVISORSHARES DRONE TECHNOLOGY ETF
Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	377,728	$	-	$	-	$	377,728
Money Market Fund		23,936		-		-		23,936
Repurchase Agreement		-		31,592		-		31,592
Total	$	401,664	$	31,592	$	-	$	433,256

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		39.3	%
Airlines		1.5
Auto Manufacturers		0.3
Computers		1.7
Electronics		17.3
Engineering & Construction		2.8
Internet		5.4
Machinery — Diversified		3.0
Metal Fabricate / Hardware		0.7
Miscellaneous Manufacturing		9.4
Semiconductors		2.5
Software		2.7
Telecommunications		0.6
Transportation		8.3
Money Market Fund		6.0
Repurchase Agreement		8.0
Total Investments		109.5
Liabilities in Excess of Other Assets		(9.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

32

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.8%
Aerospace/Defense — 4.0%
HEICO Corp.		8,467	$	1,300,870
Auto Parts & Equipment — 4.0%
Miller Industries, Inc.		49,158		1,310,552
Building Materials — 8.0%
Carrier Global Corp.		31,230		1,288,237
Trex Co., Inc.*		30,812		1,304,272
Total Building Materials				2,592,509
Chemicals — 7.9%
Celanese Corp.		12,400		1,267,776
Stepan Co.		12,060		1,283,908
Total Chemicals				2,551,684
Commercial Services — 4.0%
Moody’s Corp.		4,668		1,300,598
Computers — 4.1%
Science Applications International Corp.		11,843		1,313,744
Diversified Financial Services — 3.9%
Intercontinental Exchange, Inc.		12,487		1,281,041
Food — 4.0%
Hershey Co. (The)		5,624		1,302,350
Healthcare — Products — 16.0%
Abbott Laboratories		11,891		1,305,513
Danaher Corp.		4,906		1,302,151
Stryker Corp.		5,350		1,308,021
Thermo Fisher Scientific, Inc.		2,306		1,269,891
Total Healthcare — Products				5,185,576
Insurance — 4.1%
Aflac, Inc.		18,276		1,314,775
Leisure Time — 4.0%
Polaris, Inc.		12,800		1,292,800
Machinery — Diversified — 7.9%
Middleby Corp. (The)*		9,500		1,272,050
Otis Worldwide Corp.		16,577		1,298,145
Total Machinery — Diversified				2,570,195
Media — 4.0%
FactSet Research Systems, Inc.		3,212		1,288,687

Investments	Shares		Value
COMMON STOCKS (continued)
Packaging & Containers — 4.0%
Silgan Holdings, Inc.		25,111	$	1,301,754
Pharmaceuticals — 4.0%
AmerisourceBergen Corp.		7,800		1,292,538
Software — 15.9%
Broadridge Financial Solutions, Inc.		9,576		1,284,429
Fair Isaac Corp.*		2,130		1,274,976
Fiserv, Inc.*		12,974		1,311,282
Intuit, Inc.		3,300		1,284,426
Total Software				5,155,113
Total Common Stocks (Cost $28,673,651)				32,354,786
Total Investments — 99.8% (Cost $28,673,651)				32,354,786
Other Assets in Excess of Liabilities — 0.2%				72,769
Net Assets — 100.0%			$	32,427,555

* Non-income producing security.

See accompanying Notes to Financial Statements.

33

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	32,354,786	$	-	$	-	$	32,354,786
Total	$	32,354,786	$	-	$	-	$	32,354,786

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.0	%
Auto Parts & Equipment		4.0
Building Materials		8.0
Chemicals		7.9
Commercial Services		4.0
Computers		4.1
Diversified Financial Services		3.9
Food		4.0
Healthcare — Products		16.0
Insurance		4.1
Leisure Time		4.0
Machinery — Diversified		7.9
Media		4.0
Packaging & Containers		4.0
Pharmaceuticals		4.0
Software		15.9
Total Investments		99.8
Other Assets in Excess of Liabilities		0.2
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

34

ADVISORSHARES GERBER KAWASAKI ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.6%
Aerospace/Defense — 5.9%
Northrop Grumman Corp.		1,001	$	546,156
Raytheon Technologies Corp.		2,898		292,466
Total Aerospace/Defense				838,622
Apparel — 2.1%
NIKE, Inc., Class B		2,537		296,854
Auto Manufacturers — 8.1%
Polestar Automotive Holding UK PLC, Class A (Hong Kong)*(a)(b)		50,626		268,824
Tesla, Inc.*		7,192		885,911
Total Auto Manufacturers				1,154,735
Auto Parts & Equipment — 0.6%
Luminar Technologies, Inc.*(a)		17,497		86,610
Biotechnology — 1.1%
Moderna, Inc.*		900		161,658
Chemicals — 1.9%
Sociedad Quimica y Minera de Chile SA (Chile)(b)		3,426		273,532
Computers — 4.5%
Apple, Inc.		4,874		633,279
Diversified Financial Services — 3.6%
LPL Financial Holdings, Inc.		2,351		508,216
Electric — 2.4%
NextEra Energy, Inc.		4,023		336,323
Energy — Alternate Sources — 6.6%
Enphase Energy, Inc.*		1,074		284,567
SolarEdge Technologies, Inc.*		1,404		397,711
SunPower Corp.*		14,064		253,574
Total Energy — Alternate Sources				935,852
Healthcare — Products — 1.8%
Thermo Fisher Scientific, Inc.		458		252,216
Internet — 7.2%
Alphabet, Inc., Class C*		4,000		354,920
Netflix, Inc.*		2,254		664,659
Total Internet				1,019,579
Iron/Steel — 0.9%
Steel Dynamics, Inc.		1,296		126,619

Investments	Shares		Value
COMMON STOCKS (continued)
Leisure Time — 2.1%
Topgolf Callaway Brands Corp.*		14,782	$	291,944
Lodging — 6.1%
MGM Resorts International		25,985		871,277
Machinery — Diversified — 4.4%
Deere & Co.		1,455		623,846
Media — 3.8%
Walt Disney Co. (The)*		6,261		543,956
Mining — 1.7%
MP Materials Corp.*		10,053		244,087
Pharmaceuticals — 3.4%
Novo Nordisk A/S (Denmark)(b)		500		67,670
Pfizer, Inc.		3,086		158,127
Zoetis, Inc.		1,779		260,712
Total Pharmaceuticals				486,509
REITS — 9.3%
Crown Castle, Inc.		896		121,533
Innovative Industrial Properties, Inc.		5,011		507,865
Prologis, Inc.		1,965		221,515
VICI Properties, Inc.		14,385		466,074
Total REITS				1,316,987
Retail — 3.4%
Home Depot, Inc. (The)		1,035		326,915
Petco Health & Wellness Co., Inc.*		16,126		152,875
Total Retail				479,790
Semiconductors — 6.7%
ASML Holding NV (Netherlands)		545		297,788
NVIDIA Corp.		3,019		441,197
ON Semiconductor Corp.*		3,463		215,987
Total Semiconductors				954,972
Software — 9.1%
Activision Blizzard, Inc.		1,500		114,825
Electronic Arts, Inc.		1,287		157,246
Microsoft Corp.		3,320		796,202
ROBLOX Corp., Class A*		7,712		219,483
Total Software				1,287,756

See accompanying Notes to Financial Statements.

35

ADVISORSHARES GERBER KAWASAKI ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Venture Capital — 2.9%
Blackstone, Inc.		5,600	$	415,464
Total Common Stocks (Cost $19,110,232)				14,140,683
MONEY MARKET FUND — 0.4%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(c)  (Cost $60,195)		60,195		60,195
REPURCHASE AGREEMENTS — 2.1%(d)
Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $47,747, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $48,678)	$	47,724		47,724
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980)		249,000		249,000
Total Repurchase Agreements (Cost $296,724)				296,724
Total Investments — 102.1% (Cost $19,467,151)				14,497,602
Liabilities in Excess of Other Assets — (2.1%)				(297,021	)
Net Assets — 100.0%			$	14,200,581

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 $279,364; the aggregate market value of the collateral held by the fund is $296,724.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of December 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

36

ADVISORSHARES GERBER KAWASAKI ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	14,140,683	$	-	$	-	$	14,140,683
Money Market Fund		60,195		-		-		60,195
Repurchase Agreements		-		296,724		-		296,724
Total	$	14,200,878	$	296,724	$	-	$	14,497,602

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		5.9	%
Apparel		2.1
Auto Manufacturers		8.1
Auto Parts & Equipment		0.6
Biotechnology		1.1
Chemicals		1.9
Computers		4.5
Diversified Financial Services		3.6
Electric		2.4
Energy — Alternate Sources		6.6
Healthcare — Products		1.8
Internet		7.2
Iron/Steel		0.9
Leisure Time		2.1
Lodging		6.1

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Machinery — Diversified		4.4	%
Media		3.8
Mining		1.7
Pharmaceuticals		3.4
REITS		9.3
Retail		3.4
Semiconductors		6.7
Software		9.1
Venture Capital		2.9
Money Market Fund		0.4
Repurchase Agreements		2.1
Total Investments		102.1
Liabilities in Excess of Other Assets		(2.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

37

ADVISORSHARES HOTEL ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 93.7%
Commercial Services — 15.1%
Target Hospitality Corp.*		46,605	$	705,600
Entertainment — 9.9%
Marriott Vacations Worldwide Corp.		1,064		143,203
Monarch Casino & Resort, Inc.*		2,792		214,677
Red Rock Resorts, Inc., Class A		2,678		107,147
Total Entertainment				465,027
Internet — 3.5%
Airbnb, Inc., Class A*		1,927		164,759
Lodging — 42.5%
Bluegreen Vacations Holding Corp.		6,059		151,233
Boyd Gaming Corp.		3,713		202,470
Century Casinos, Inc.*		14,725		103,517
Choice Hotels International, Inc.		917		103,291
Hilton Grand Vacations, Inc.*		5,617		216,479
Hilton Worldwide Holdings, Inc.		1,528		193,078
Hyatt Hotels Corp., Class A*		2,352		212,738
InterContinental Hotels Group PLC (United Kingdom)(a)		3,260		190,188
Marriott International, Inc., Class A		1,469		218,719
Playa Hotels & Resorts NV*		18,335		119,728
Travel + Leisure Co.		1,511		55,000
Wyndham Hotels & Resorts, Inc.		3,190		227,479
Total Lodging				1,993,920
REITS — 22.7%
Apple Hospitality REIT, Inc.		13,800		217,764
Chatham Lodging Trust		19,120		234,602
Gaming and Leisure Properties, Inc.		4,195		218,518
Host Hotels & Resorts, Inc.		11,758		188,716
VICI Properties, Inc.		6,261		202,856
Total REITS				1,062,456
Total Common Stocks (Cost $4,138,281)				4,391,762

Investments	Shares		Value
MONEY MARKET FUND — 7.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $328,683)		328,683	$	328,683
Total Investments — 100.7% (Cost $4,466,964)				4,720,445
Liabilities in Excess of Other Assets — (0.7%)				(30,937	)
Net Assets — 100.0%			$	4,689,508

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

38

ADVISORSHARES HOTEL ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	4,391,762	$	-	$	-	$	4,391,762
Money Market Fund		328,683		-		-		328,683
Total	$	4,720,445	$	-	$	-	$	4,720,445

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commercial Services		15.1	%
Entertainment		9.9
Internet		3.5
Lodging		42.5
REITS		22.7
Money Market Fund		7.0
Total Investments		100.7
Liabilities in Excess of Other Assets		(0.7	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

39

ADVISORSHARES INSIDER ADVANTAGE ETF

(formerly AdvisorShares DoubleLine Value Equity ETF)

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.6%
Aerospace/Defense — 1.1%
Lockheed Martin Corp.		878	$	427,138
Agriculture — 1.0%
Archer-Daniels-Midland Co.		4,262		395,727
Apparel — 1.0%
Steven Madden Ltd.		12,657		404,518
Auto Parts & Equipment — 1.0%
Allison Transmission Holdings, Inc.		9,536		396,698
Banks — 2.1%
BOK Financial Corp.		4,100		425,539
Hilltop Holdings, Inc.		13,678		410,477
Total Banks				836,016
Building Materials — 4.1%
Eagle Materials, Inc.		3,180		422,463
Louisiana-Pacific Corp.		6,650		393,680
Owens Corning		4,760		406,028
Simpson Manufacturing Co., Inc.		4,359		386,469
Total Building Materials				1,608,640
Chemicals — 4.7%
AdvanSix, Inc.		10,520		399,971
CF Industries Holdings, Inc.		3,744		318,989
Chemours Co. (The)		13,302		407,307
Mosaic Co. (The)		7,236		317,443
Westlake Corp.		4,013		411,493
Total Chemicals				1,855,203
Coal — 1.9%
Alpha Metallurgical Resources, Inc.		2,552		373,587
Arch Resources, Inc.		2,717		387,961
Total Coal				761,548
Commercial Services — 7.9%
EVERTEC, Inc. (Puerto Rico)		11,500		372,370
H&R Block, Inc.		8,864		323,625
Medifast, Inc.		3,240		373,734
Monro, Inc.		8,514		384,833
Rent-A-Center, Inc.		19,140		431,607
Robert Half International, Inc.		5,580		411,971
Textainer Group Holdings Ltd. (China)		13,062		405,053

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Triton International Ltd. (Bermuda)		5,904	$	406,077
Total Commercial Services				3,109,270
Computers — 1.0%
NetApp, Inc.		6,584		395,435
Cosmetics / Personal Care — 1.0%
Edgewell Personal Care Co.		10,169		391,913
Distribution/Wholesale — 2.0%
Pool Corp.		1,338		404,518
Veritiv Corp.		3,068		373,406
Total Distribution/Wholesale				777,924
Diversified Financial Services — 5.3%
Affiliated Managers Group, Inc.		2,765		438,059
Evercore, Inc., Class A		3,800		414,504
Jefferies Financial Group, Inc.		12,049		413,040
PennyMac Financial Services, Inc.(a)		7,503		425,120
Synchrony Financial		12,191		400,596
Total Diversified Financial Services				2,091,319
Electric — 0.8%
NRG Energy, Inc.		10,262		326,537
Electrical Components & Equipment — 3.0%
Acuity Brands, Inc.		2,257		373,782
Emerson Electric Co.		4,165		400,090
Encore Wire Corp.		2,876		395,622
Total Electrical Components & Equipment				1,169,494
Entertainment — 2.0%
Marriott Vacations Worldwide Corp.		2,817		379,140
Red Rock Resorts, Inc., Class A		10,224		409,062
Total Entertainment				788,202
Healthcare — Services — 3.2%
HCA Healthcare, Inc.		1,800		431,928
Laboratory Corp. of America Holdings		1,790		421,509
Quest Diagnostics, Inc.		2,634		412,063
Total Healthcare — Services				1,265,500

See accompanying Notes to Financial Statements.

40

ADVISORSHARES INSIDER ADVANTAGE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Home Builders — 1.9%
Installed Building Products, Inc.		4,678	$	400,437
Thor Industries, Inc.		4,729		356,992
Total Home Builders				757,429
Home Furnishings — 1.0%
Dolby Laboratories, Inc., Class A		5,372		378,941
Insurance — 2.0%
Assured Guaranty Ltd.		6,740		419,632
MGIC Investment Corp.		27,684		359,892
Total Insurance				779,524
Iron/Steel — 5.1%
Commercial Metals Co.		8,194		395,770
Nucor Corp.		2,901		382,381
Reliance Steel & Aluminum Co.		2,034		411,763
Steel Dynamics, Inc.		4,190		409,363
United States Steel Corp.		15,699		393,260
Total Iron/Steel				1,992,537
Lodging — 1.9%
Boyd Gaming Corp.		7,236		394,579
Choice Hotels International, Inc.		3,057		344,341
Total Lodging				738,920
Media — 2.8%
Fox Corp., Class A		11,584		351,806
Nexstar Media Group, Inc.		2,048		358,461
Sirius XM Holdings, Inc.(a)		64,751		378,146
Total Media				1,088,413
Mining — 1.1%
Alcoa Corp.		9,616		437,239
Oil & Gas — 17.7%
APA Corp.		8,712		406,676
California Resources Corp.		8,428		366,702
Chevron Corp.		2,441		438,135
ConocoPhillips		3,418		403,324
Coterra Energy, Inc.		13,115		322,236
Delek US Holdings, Inc.		12,820		346,140
Exxon Mobil Corp.		3,917		432,045
HF Sinclair Corp.		6,580		341,436
Marathon Oil Corp.		14,517		392,975
Marathon Petroleum Corp.		3,756		437,161
Occidental Petroleum Corp.		5,708		359,547

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
Ovintiv, Inc.		7,504	$	380,528
PDC Energy, Inc.		5,619		356,694
Permian Resources Corp.		42,349		398,081
Phillips 66		3,860		401,749
Range Resources Corp.		14,816		370,696
Ranger Oil Corp., Class A		10,056		406,564
Valero Energy Corp.		3,363		426,630
Total Oil & Gas				6,987,319
Packaging & Containers — 1.1%
Greif, Inc., Class A		6,272		420,600
Pharmaceuticals — 1.0%
Cardinal Health, Inc.		5,069		389,654
REITS — 2.9%
Apple Hospitality REIT, Inc.		25,131		396,567
National Health Investors, Inc.		6,858		358,125
Orchid Island Capital, Inc.		36,388		382,074
Total REITS				1,136,766
Retail — 6.9%
Academy Sports & Outdoors, Inc.		7,554		396,887
Group 1 Automotive, Inc.		2,254		406,554
Lowe’s Cos., Inc.		1,964		391,307
Murphy USA, Inc.		1,360		380,174
Penske Automotive Group, Inc.		3,408		391,682
Sonic Automotive, Inc., Class A		8,380		412,883
Williams-Sonoma, Inc.(a)		3,052		350,736
Total Retail				2,730,223
Semiconductors — 5.1%
Applied Materials, Inc.		3,777		367,804
KLA Corp.		1,088		410,209
Kulicke & Soffa Industries, Inc. (Singapore)		9,368		414,628
Power Integrations, Inc.		5,856		419,992
Teradyne, Inc.		4,456		389,231
Total Semiconductors				2,001,864
Transportation — 6.0%
CH Robinson Worldwide, Inc.		4,300		393,708
Expeditors International of Washington, Inc.		3,828		397,806
Forward Air Corp.		3,860		404,875
International Seaways, Inc.		10,170		376,493

See accompanying Notes to Financial Statements.

41

ADVISORSHARES INSIDER ADVANTAGE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Transportation (continued)
Landstar System, Inc.		2,442	$	397,802
Matson, Inc.		6,592		412,066
Total Transportation				2,382,750
Total Common Stocks (Cost $39,289,555)				39,223,261
MONEY MARKET FUND — 0.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $122,357)		122,357		122,357
REPURCHASE AGREEMENTS — 1.0%(c)
Citibank NA, dated 12/30/22, due 01/03/23, 4.30%, total to be received $133,005, (collateralized by various U.S. Government Agency Obligations, 1.38%-4.50%, 4/15/25-11/1/51, totaling $135,713)	$	132,941		132,941
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $250,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $382,941)				382,941
Total Investments — 100.9% (Cost $39,794,853)				39,728,559
Liabilities in Excess of Other Assets — (0.9%)				(339,717	)
Net Assets — 100.0%			$	39,388,842

REITS — Real Estate Investment Trusts

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $958,028; the aggregate market value of the collateral held by the fund is $990,149. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $607,208.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

42

ADVISORSHARES INSIDER ADVANTAGE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	39,223,261	$	-	$	-	$	39,223,261
Money Market Fund		122,357		-		-		122,357
Repurchase Agreements		-		382,941		-		382,941
Total	$	39,345,618	$	382,941	$	-	$	39,728,559

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		1.1	%
Agriculture		1.0
Apparel		1.0
Auto Parts & Equipment		1.0
Banks		2.1
Building Materials		4.1
Chemicals		4.7
Coal		1.9
Commercial Services		7.9
Computers		1.0
Cosmetics / Personal Care		1.0
Distribution/Wholesale		2.0
Diversified Financial Services		5.3
Electric		0.8
Electrical Components & Equipment		3.0
Entertainment		2.0
Healthcare — Services		3.2
Home Builders		1.9
Home Furnishings		1.0

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Insurance		2.0	%
Iron/Steel		5.1
Lodging		1.9
Media		2.8
Mining		1.1
Oil & Gas		17.7
Packaging & Containers		1.1
Pharmaceuticals		1.0
REITS		2.9
Retail		6.9
Semiconductors		5.1
Transportation		6.0
Money Market Fund		0.3
Repurchase Agreements		1.0
Total Investments		100.9
Liabilities in Excess of Other Assets		(0.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

43

ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND — 99.9%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(a) (Cost $25,771,436)		25,771,436	$	25,771,436
Total Investments — 99.9% (Cost $25,771,436)				25,771,436
Other Assets in Excess of Liabilities — 0.1%				34,368
Net Assets — 100.0%			$	25,805,804

(a) Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

44

ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Money Market Fund	$	25,771,436	$	-	$	-	$	25,771,436

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Money Market Fund		99.9	%
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

45

ADVISORSHARES MANAGED BITCOIN STRATEGY ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 47.0%
Alternative Investments — 47.0%
ProShares Bitcoin Strategy ETF*(a)		7,473	$	77,943
Valkyrie Bitcoin Strategy ETF*		1,208		7,985
Total Exchange Traded Funds (Cost $104,446)				85,928
MONEY MARKET FUND — 41.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $75,525)		75,525		75,525
REPURCHASE AGREEMENT — 21.2%(c)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $39,900, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $39,660) (Cost $38,882)	$	38,882		38,882
Total Investments — 109.5% (Cost $218,853)				200,335
Liabilities in Excess of Other Assets — (9.5%)				(17,515	)
Net Assets — 100.0%			$	182,820

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 $37,548; the aggregate market value of the collateral held by the fund is $38,882.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

46

ADVISORSHARES MANAGED BITCOIN STRATEGY ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Funds	$	85,928	$	-	$	-	$	85,928
Money Market Fund		75,525		-		-		75,525
Repurchase Agreement		-		38,882		-		38,882
Total	$	161,453	$	38,882	$	-	$	200,335

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Alternative Investments		47.0	%
Money Market Fund		41.3
Repurchase Agreement		21.2
Total Investments		109.5
Liabilities in Excess of Other Assets		(9.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

47

ADVISORSHARES MSOS 2X DAILY ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND — 90.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(a)  (Cost $3,972,677)		3,972,677	$	3,972,677
Total Investments — 90.2% (Cost $3,972,677)				3,972,677
Other Assets in Excess of Liabilities — 9.8%				429,584
Net Assets — 100.0%			$	4,402,261

(a) Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

48

ADVISORSHARES MSOS 2X DAILY ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Money Market Fund	$	3,972,677	$	-	$	-	$	3,972,677
Swaps†		-		361,406		-		361,406
Total	$	3,972,677	$	361,406	$	-	$	4,334,083

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Money Market Fund		90.2	%
Total Investments		90.2
Other Assets in Excess of Liabilities		9.8
Net Assets		100.0	%

Total Return Swap contracts outstanding as of December 31, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
AdvisorShares Pure US Cannabis ETF	SOFR + 1.00%	Monthly	8/25/2023	$	8,049,969	$	8,411,375	$	361,406

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.

49

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES — 35.4%
Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40‡	$	159,899	$	144,960
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40‡		86,217		81,262
Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46‡		335,000		295,315
Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27‡		111,834		108,101
Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27‡		260,000		238,075
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31‡		39,511		38,611
BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34‡		210,000		177,248
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡		112,695		108,801
Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35‡		36,349		33,150
BXG Receivables Note Trust, Class A, Series 2022-A, 4.12%, 09/28/37‡		148,758		141,993
Carvana Auto Receivables Trust, Class C, Series 2021-N2, 1.07%, 03/10/28		120,768		111,045
Carvana Auto Receivables Trust, Class C, Series 2022-N1, 3.32%, 12/11/28‡		240,000		231,807
Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26‡		235,000		225,727
CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27‡		270,000		250,101
CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41‡		173,376		160,445
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51‡		68,363		60,753
Credit Acceptance Auto Loan Trust, Class A, Series 2022-1A, 4.60%, 06/15/32‡		230,000		224,225

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Credit Acceptance Auto Loan Trust, Class B, Series 2019-3A, 2.86%, 01/16/29‡	$	67,144	$	67,038
Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27‡		69,701		68,136
Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27‡		76,503		75,477
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32‡		76,163		74,320
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25‡		556		555
DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26‡		135,267		133,687
Encina Equipment Finance LLC, Class B, Series 2022-1A, 5.15%, 01/16/29‡		185,000		179,722
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24‡		46,246		46,080
Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26‡		145,000		138,305
Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41‡		175,605		157,268
Foursight Capital Automobile Receivables Trust, Class B, Series 2022-1, 2.15%, 05/17/27‡		195,000		181,394
Freed ABS Trust, Class C, Series 2022-1FP, 2.51%, 03/19/29‡		145,000		135,687
GCI Funding I LLC, Class A, Series 2021-1 (Bermuda), 2.38%, 06/18/46‡		169,946		144,949
GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25‡		115,354		113,752
GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26‡		110,000		105,598
GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28‡		190,000		182,541
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		10,317		10,141
Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26‡		295,000		262,356

See accompanying Notes to Financial Statements.

50

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Hilton Grand Vacations Trust, Class B, Series 2022-1D, 4.10%, 06/20/34‡	$	194,836	$	185,513
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39‡		138,737		127,406
Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27‡		212,420		203,404
Lendingpoint Asset Securitization Trust, Class B, Series 2022-A, 2.41%, 06/15/29‡		245,000		236,630
Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32‡		65,154		64,288
Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26‡		230,000		219,507
Mercury Financial Credit Card Master Trust, Class A, Series 2022-1A, 2.50%, 09/21/26‡		145,000		137,927
Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69‡		234,160		196,646
NMEF Funding LLC, Class B, Series 2022-A, 3.35%, 10/16/28‡		195,000		177,316
Oasis Securitization Funding LLC, Class A, Series 2021-1A, 2.58%, 02/15/33‡		42,936		42,316
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25‡		24,104		23,857
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡		206,697		194,806
Palmer Square Loan Funding Ltd., Class A1, Series 2021-1A (Cayman Islands), 5.14%, (3-Month USD LIBOR + 0.90%), 04/20/29@‡		142,109		140,442
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25‡		15,686		15,486
Pawneee Equipment Receivables Series LLC, Class B, Series 2022-1, 5.40%, 07/17/28‡		210,000		203,632
Purchasing Power Funding LLC, Class A, Series 2021-A, 1.57%, 10/15/25‡		265,000		257,616

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC, Class C, Series 2022-2A, 6.36%, 06/20/40‡	$	125,091	$	122,085
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24‡		14,659		14,641
Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31‡		78,000		78,020
Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40‡		57,578		56,522
Tricolor Auto Securitization Trust, Class C, Series 2022-1A, 4.71%, 08/15/25‡		235,000		229,623
Upstart Securitization Trust, Class A, Series 2021-1, 0.87%, 03/20/31‡		8,075		8,051
Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31‡		240,000		227,965
USASF Receivables LLC, Class B, Series 2020-1A, 3.22%, 05/15/24‡		51,984		51,832
VFI ABS LLC, Class B, Series 2022-1A, 3.04%, 07/24/28‡		320,000		301,932
Westgate Resorts LLC, Class B, Series 2022-1A, 2.29%, 08/20/36‡		146,339		137,763
Total Asset Backed Securities (Cost $8,909,940)				8,363,851
MORTGAGE BACKED SECURITIES — 20.5%
Commercial Mortgage Backed Securities — 3.4%
CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65‡		213,752		194,875
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46@*		275,000		272,858
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49@‡*		32,059		26,879
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50@‡*		71,774		63,384
WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47		250,000		238,551
Total Commercial Mortgage Backed Securities				796,547

See accompanying Notes to Financial Statements.

51

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Mortgage Backed Security — 0.3%
CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61@‡*	$	90,266	$	85,382
Residential Mortgage Backed Securities — 16.8%
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48@‡*		591		589
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50@‡*		56,458		53,801
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡*		53,530		49,793
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡*		109,532		102,259
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*		27,661		25,947
CSMC Trust, Class A1, Series 2021-AFC1, 0.83%, 03/25/56@‡*		145,189		113,119
CSMC Trust, Class A1, Series 2021-NQM1, 0.81%, 05/25/65@‡*		432,135		364,032
CSMC Trust, Class A1, Series 2021-NQM2, 1.18%, 02/25/66@‡*		108,550		90,546
Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27‡		315,000		284,841
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡*		21,063		19,824
Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65@‡*		137,069		123,227
Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66@‡*		80,047		65,318
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*		39,772		36,913
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.35%, 06/25/29@‡*		135,134		125,773
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*		69,385		65,156
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 4.86%, 05/25/45@‡*		77,819		75,162

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26‡	$	205,000	$	193,622
MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65@‡*		182,002		166,985
Mill City Mortgage Loan Trust, Class M2, Series 2017-3, 3.25%, 01/25/61@‡*		123,115		111,338
New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58@‡*		159,162		138,495
NLT Trust, Class A1, Series 2021-INV2, 1.16%, 08/25/56@‡*		259,159		205,403
NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61‡		74,670		67,100
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡*		26,895		25,853
PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51@‡*		78,919		70,709
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50@‡*		38,541		32,345
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡*		47,553		45,725
Star Trust, Class A1, Series 2021-1, 1.22%, 05/25/65@‡*		310,848		282,466
Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56@‡*		81,183		64,591
Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65@‡*		236,918		217,984
Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63@‡*		79,036		74,404
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡*		100,000		97,219
Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60@‡*		130,000		111,019
Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54@‡*		148,678		139,270
Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56‡		227,142		209,101

See accompanying Notes to Financial Statements.

52

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.67%, 07/25/34@*	$	17,819	$	17,910
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.62%, 07/25/34@*		41,485		42,414
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.02%, 10/25/34@*		56,306		52,989
Total Residential Mortgage Backed Securities				3,963,242
Total Mortgage Backed Securities (Cost $5,414,060)				4,845,171
TERM LOANS — 12.4%
Aerospace — 1.2%
Air Canada, 8.13%, (3-Month USD LIBOR + 3.50%), 08/11/28@		28,094		27,853
Brown Group Holding LLC, 6.88%, (1-Month USD LIBOR + 2.50%), 06/07/28@		44,293		43,561
Mileage Plus Holdings LLC, 10.00%, (3-Month USD LIBOR + 5.25%), 06/21/27@		76,500		78,824
SkyMiles IP Ltd, 7.99%, (3-Month USD LIBOR + 3.75%), 09/16/27@		60,000		61,271
TransDigm, Inc., 6.98%, (3-Month USD LIBOR + 2.25%), 05/30/25@		68,335		67,722
Total Aerospace				279,231
Chemicals — 0.6%
Ineos US Finance LLC, 8.17%, (1-Month USD LIBOR + 3.75%), 11/03/27@		147,019		144,997
Consumer Durables — 0.7%
Fluidra Finco SL, 6.42%, (1-Month USD LIBOR + 2.00%), 01/21/29@		118,464		113,015
Resideo Funding, Inc., 6.88%, (3-Month USD LIBOR + 2.25%), 02/11/28@		63,314		62,958
Total Consumer Durables				175,973

Investments	Principal		Value
TERM LOANS (continued)
Energy — 0.5%
Freeport LNG Investments LLLP, 7.74%, (3-Month USD LIBOR + 3.50%), 11/17/28@	$	39,409	$	37,565
Oryx Midstream Services Permian Basin LLC, 7.92%, (3-Month USD LIBOR + 3.25%), 09/30/28@		73,145		72,396
Total Energy				109,961
Financials — 0.7%
Avolon TLB Borrower 1 US LLC, 6.60%, (1-Month USD LIBOR + 2.25%), 12/01/27@		60,779		60,752
Citadel Securities LP, 6.70%, (1-Month USD LIBOR + 2.50%), 02/02/28@		96,993		95,393
Total Financials				156,145
Food/Tobacco — 0.7%
Aramark Services, Inc., 6.88%, (1-Month USD LIBOR + 2.50%), 04/06/28@		109,607		108,470
Hostess Brands LLC, 6.66%, (3-Month USD LIBOR + 2.25%), 08/03/25@		65,974		65,875
Total Food/Tobacco				174,345
Forest Prod/Containers — 0.5%
Berry Global, Inc., 6.02%, (1-Month USD LIBOR + 1.75%), 07/01/26@		78,223		77,743
Mauser Packaging Solutions Holding Co., 7.37%, (1-Month USD LIBOR + 3.25%), 04/03/24@		43,253		42,316
Total Forest Prod/Containers				120,059
Gaming/Leisure — 1.3%
Caesars Resort Collection LLC, 7.13%, (1-Month USD LIBOR + 2.75%), 12/23/24@		81,391		81,313
Hilton Worldwide Finance LLC, 6.17%, (1-Month USD LIBOR + 1.75%), 06/22/26@		85,000		84,836
Scientific Games, 7.42%, (1-Month USD LIBOR + 3.00%), 04/07/29@		49,750		49,199
Stars Group Holdings BV, 6.98%, (3-Month USD LIBOR + 2.25%), 07/21/26@		37,582		37,122
UFC Holdings LLC, 7.11%, (3-Month USD LIBOR + 2.75%), 04/29/26@		42,814		42,332
Total Gaming/Leisure				294,802

See accompanying Notes to Financial Statements.

53

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Health Care — 1.0%
Agiliti Health Inc, 6.88%, (1-Month USD LIBOR + 2.75%), 01/04/26@	$	59,231	$	57,972
Elanco Animal Health, Inc., 5.87%, (1-Month USD LIBOR + 1.75%), 08/01/27@		53,030		51,032
Horizon Therapeutics USA, Inc., 6.19%, (1-Month USD LIBOR + 1.75%), 03/15/28@		37,697		37,707
Select Medical Corp., 6.89%, (1-Month USD LIBOR + 2.50%), 03/06/25@		90,000		88,459
Total Health Care				235,170
Housing — 1.0%
CPG International (Azek), 6.92%, (1-Month USD LIBOR + 2.50%), 04/20/29@		89,775		87,531
Quikrete Holdings, Inc., 7.38%, (1-Month USD LIBOR + 3.00%), 06/11/28@		89,325		88,746
Standard Industries Inc/NJ, 6.43%, (3-Month USD LIBOR + 2.25%), 08/06/28@		58,447		57,810
Total Housing				234,087
Information Technology — 1.4%
CCC Intelligent Solutions Inc, 6.63%, (1-Month USD LIBOR + 2.25%), 09/15/28@		64,151		63,767
Go Daddy Operation LLC, 7.57%, (1-Month USD LIBOR + 3.25%), 10/21/29@		180,526		180,463
Open Text Corporation, 11/16/29(a)		40,000		39,165
UKG Inc, 7.00%, (3-Month USD LIBOR + 3.25%), 05/04/26@		44,438		42,383
Total Information Technology				325,778
Manufacturing — 0.5%
Gates Global LLC, 6.88%, (1-Month USD LIBOR + 2.50%), 03/31/27@		42,756		41,933
NCR Corp., 6.92%, (3-Month USD LIBOR + 2.50%), 08/28/26@		86,127		83,866
Total Manufacturing				125,799
Media/Telecom — Broadcasting — 0.3%
Nexstar Media Group, Inc., 6.88%, (1-Month USD LIBOR + 2.50%), 09/18/26@		62,343		61,946

Investments	Principal		Value
TERM LOANS (continued)
Media/Telecom — Cable/Wireless Video — 0.6%
Charter Communications Operating LLC, 6.14%, (1-Month USD LIBOR + 1.75%), 02/01/27@	$	67,059	$	65,584
Directv Financing LLC, 9.38%, (1-Month USD LIBOR + 5.00%), 07/22/27@		86,253		84,160
Total Media/Telecom — Cable/Wireless Video				149,744
Media/Telecom — Wireless Communications — 0.3%
SBA Senior Finance II LLC, 6.14%, (1-Month USD LIBOR + 1.75%), 04/11/25@		82,451		82,279
Service — 0.7%
Asplundh Tree Expert LLC, 6.13%, (1-Month USD LIBOR + 1.75%), 09/07/27@		38,010		37,994
Dun & Bradstreet Corp. (The), 7.64%, (1-Month USD LIBOR + 3.25%), 02/06/26@		40,035		39,738
NAB Holdings LLC, 7.73%, (3-Month USD LIBOR + 3.00%), 11/17/28@		44,164		43,093
Pike Corp., 7.39%, (1-Month USD LIBOR + 3.00%), 01/21/28@		45,479		44,928
Total Service				165,753
Utilities — 0.4%
Vistra Operations Co. LLC, 6.09%, (1-Month USD LIBOR + 1.75%), 12/31/25@		94,034		93,356
Total Term Loans (Cost $2,954,178)				2,929,425
U.S. TREASURY NOTES — 12.0%
U.S. Treasury Note, 0.13%, 08/31/23		1,310,000		1,270,485
U.S. Treasury Note, 4.25%, 09/30/24(b)		860,000		856,036
U.S. Treasury Note, 0.63%, 12/31/27		835,000		708,771
Total U.S. Treasury Notes (Cost $2,846,223)				2,835,292

See accompanying Notes to Financial Statements.

54

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS — 10.6%
Communication Services — 0.6%
Level 3 Financing, Inc., 4.25%, 07/01/28‡	$	165,000	$	130,347
Financials — 3.6%
Blackstone Private Credit Fund, 2.63%, 12/15/26		86,000		71,388
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)#@		115,000		91,851
Citadel LP, 4.88%, 01/15/27‡		170,000		158,447
Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T-Note + 3.85%), 12/15/52@‡		107,000		99,976
Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T-Note + 3.32%), 12/15/51@‡		190,000		155,032
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@		74,000		72,806
Spirit Realty LP, 4.45%, 09/15/26		96,429		92,376
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 05/06/31@		135,000		120,117
Total Financials				861,993
Health Care — 1.0%
DENTSPLY Sirona, Inc., 3.25%, 06/01/30		55,000		45,913
Universal Health Services, Inc., 1.65%, 09/01/26‡		175,000		150,707
Viatris, Inc., 2.30%, 06/22/27		50,000		42,837
Viatris, Inc., 2.30%, 06/22/27‡		157		134
Total Health Care				239,591
Industrials — 1.4%
Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27‡		206,590		197,215
General Electric Co., Series D, 8.10%, (3-Month USD LIBOR + 3.33%)#@		80,000		78,895
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28		66,000		54,622
Total Industrials				330,732
Information Technology — 1.2%
CDW LLC / CDW Finance Corp., 3.28%, 12/01/28		98,000		84,088
Dell International LLC / EMC Corp., 4.90%, 10/01/26		80,000		78,967

Investments		Principal		Value
CORPORATE BONDS (continued)
Information Technology (continued)
Entegris Escrow Corp., 4.75%, 04/15/29‡		$	40,000	$	36,558
Kyndryl Holdings, Inc., 2.05%, 10/15/26			108,000		89,220
Total Information Technology					288,833
	��
Materials — 0.9%
Bayport Polymers LLC, 4.74%, 04/14/27‡			140,000		130,109
Celanese US Holdings LLC, 6.05%, 03/15/25			85,000		84,846
Total Materials					214,955
Real Estate — 1.3%
EPR Properties, 4.95%, 04/15/28			90,000		77,057
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25			30,000		29,517
Office Properties Income Trust, 4.50%, 02/01/25			50,000		45,374
Office Properties Income Trust, 2.65%, 06/15/26			105,000		81,576
VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25‡			75,000		72,004
Total Real Estate					305,528
Utilities — 0.6%
Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51@			164,000		132,832
Total Corporate Bonds (Cost $2,849,688)					2,504,811
FOREIGN BONDS — 6.7%
Consumer Staples — 0.8%
Bacardi Ltd. (Bermuda), 4.70%, 05/15/28‡			110,000		105,410
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28			85,000		70,907
Total Consumer Staples					176,317
Energy — 1.3%
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)#@			80,000		70,250
Enbridge, Inc. (Canada), 7.38%, (US 5 Year CMT T-Note + 3.71%), 01/15/83@			75,000		73,568

See accompanying Notes to Financial Statements.

55

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Energy (continued)
Petroleos Mexicanos (Mexico), 6.50%, 03/13/27	$	180,000	$	164,637
Total Energy				308,455
Financials — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28		155,000		130,401
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28		45,000		41,460
Total Financials				171,861
Industrials — 0.7%
British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35‡		211,565		173,180
Materials — 0.7%
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡		100,000		94,251
Suzano Austria GMBH (Brazil), 2.50%, 09/15/28		80,000		67,425
Total Materials				161,676
Sovereign Government — 2.5%
Dominican Republic International Bond (Dominican Republic), 5.50%, 02/22/29‡		195,000		179,545
Qatar Government International Bond (Qatar), 3.40%, 04/16/25‡		200,000		194,481
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25		200,000		201,054
Total Sovereign Government				575,080
Total Foreign Bonds (Cost $1,736,041)				1,566,569
MONEY MARKET FUND — 2.1%
JPMorgan U.S. Government Money Market Fund — Institutional Class, 4.08%(c) (Cost $484,791)		484,791		484,791

Investments	Principal		Value
REPURCHASE AGREEMENT — 0.0%**(d)
JP Morgan Securities LLC, dated 12/30/22, due 01/03/23, 4.31%, total to be received $334, (collateralized by various U.S. Government Agency Obligations, 0.00%-0.13%, 5/15/23-12/28/23, totaling $341) (Cost $334)	$	334	$	334
Total Investments — 99.7% (Cost $25,195,255)				23,530,244
Other Assets in Excess of Liabilities — 0.3%				77,378
Net Assets — 100.0%			$	23,607,622

CMT — Constant Maturity Treasury Index

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

PLC — Public Limited Company

USD — United States Dollar

#	Perpetual security with no stated maturity date.
@	Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 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.
**	Less than 0.05%.
‡	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)	This loan will settle after December 31, 2022 at which time the interest rate will be determined.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $622,119; the aggregate market value of the collateral held by the fund is $642,323. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $641,989.
(c)	Rate shown reflects the 7-day yield as of December 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

56

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Asset Backed Securities	$	-	$	8,363,851	$	-	$	8,363,851
Mortgage Backed Securities		-		4,845,171		-		4,845,171
Term Loans		-		2,929,425		-		2,929,425
U.S. Treasury Notes		-		2,835,292		-		2,835,292
Corporate Bonds		-		2,504,811		-		2,504,811
Foreign Bonds		-		1,566,569		-		1,566,569
Money Market Fund		484,791		-		-		484,791
Repurchase Agreement		-		334		-		334
Total	$	484,791	$	23,045,453	$	-	$	23,530,244

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace		1.2	%
Asset Backed Securities		35.4
Chemicals		0.6
Commercial Mortgage Backed Securities		3.4
Communication Services		0.6
Consumer Durables		0.7
Consumer Staples		0.8
Energy		1.8
Financials		5.0
Food/Tobacco		0.7
Forest Prod/Containers		0.5
Gaming/Leisure		1.3
Health Care		2.0
Housing		1.0
Industrials		2.1
Information Technology		2.6
Manufacturing		0.5
Materials		1.6

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Media/Telecom — Broadcasting		0.3	%
Media/Telecom — Cable/Wireless Video		0.6
Media/Telecom — Wireless Communications		0.3
Mortgage Backed Security		0.3
Real Estate		1.3
Residential Mortgage Backed Securities		16.8
Service		0.7
Sovereign Government		2.5
U.S. Treasury Notes		12.0
Utilities		1.0
Money Market		2.1
Repurchase Agreements		-
Total Investments		99.7
Other Assets in Excess of Liabilities		0.3
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

57

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES — 38.6%
Diversified Financial Services — 38.6%
Ally Auto Receivables Trust, Class A3, Series 2022-3, 5.07%, 04/15/27	$	500,000	$	502,682
American Credit Acceptance Receivables Trust, Class D, Series 2019-3, 2.89%, 09/12/25‡		237,341		235,989
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26‡		355,000		339,264
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-2, 0.34%, 12/18/26		600,000		584,210
AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26		400,000		381,882
Carmax Auto Owner Trust, Class A2A, Series 2022-4, 5.34%, 12/15/25		500,000		501,483
Carvana Auto Receivables Trust, Class A1, Series 2021-N4, 0.83%, 09/11/28		153,741		148,676
Carvana Auto Receivables Trust, Class A1, Series 2022-N1, 2.31%, 12/11/28‡		135,797		131,870
CIG Auto Receivables Trust, Class A, Series 2021-1, 0.69%, 04/14/25‡		188,244		185,165
CNH Equipment Trust, Class A2, Series 2022-B, 3.94%, 12/15/25		650,000		642,111
Conn’s Receivables Funding LLC, Class A, Series 2021-A, 1.05%, 05/15/26‡		450		449
Enterprise Fleet Funding LLC, Class A2, Series 2021-1, 0.44%, 12/21/26‡		348,693		337,919
FHF Trust, Class A, Series 2022-2A, 6.14%, 12/15/27‡		233,467		231,565
First Investors Auto Owner Trust, Class A, Series 2022-1A, 2.03%, 01/15/27‡		202,921		196,968
Flagship Credit Auto Trust, Class A, Series 2021-4, 0.81%, 07/17/26‡		262,681		254,955
Flagship Credit Auto Trust, Class A, Series 2022-1, 1.79%, 10/15/26‡		301,712		291,170
Ford Credit Auto Lease Trust, Class A2, Series 2021-B, 0.24%, 04/15/24		117,587		117,226

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GLS Auto Receivables Issuer Trust, Class A, Series 2021-3A, 0.42%, 01/15/25‡	$	30,657	$	30,500
GLS Auto Receivables Issuer Trust, Class A, Series 2021-4A, 0.84%, 07/15/25‡		282,881		279,055
GLS Auto Receivables Issuer Trust, Class B, Series 2021-3A, 0.78%, 11/17/25‡		195,000		189,717
GLS Auto Receivables Trust, Class A, Series 2022-1A, 1.98%, 08/15/25‡		326,911		322,438
GM Financial Automobile Leasing Trust, Class C, Series 2020-2, 2.56%, 07/22/24		190,000		189,643
GM Financial Consumer Automobile Receivables Trust, Class A2A, Series 2022-4, 4.60%, 11/17/25		258,000		256,933
GreatAmerica Leasing Receivables Funding LLC, Class A2, Series 2021-2, 0.38%, 03/15/24‡		391,725		385,082
Honda Auto Receivables Owner Trust, Class A2, Series 2021-3, 0.20%, 02/20/24		102,740		102,148
Hyundai Auto Lease Securitization Trust, Class A2A, Series 2022-C, 4.34%, 01/15/25‡		525,000		521,068
John Deere Owner Trust, Class A2, Series 2022-B, 3.73%, 06/16/25		285,000		282,409
OneMain Financial Issuance Trust, Class A, Series 2020-1A, 3.84%, 05/14/32‡		225,045		223,448
Oscar US Funding XIV LLC, Class A2, Series 2022-1A (Japan), 1.60%, 03/10/25‡		488,720		478,642
Santander Drive Auto Receivables Trust, Class A3, Series 2022-1, 1.94%, 11/17/25		490,000		482,752
Santander Drive Auto Receivables Trust, Class C, Series 2020-3, 1.12%, 01/15/26		143,875		142,594
Santander Drive Auto Receivables Trust, Class C, Series 2021-1, 0.75%, 02/17/26		553,237		543,737

See accompanying Notes to Financial Statements.

58

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31‡	$	700,000	$	700,180
Tesla Auto Lease Trust, Class A2, Series 2021-A, 0.36%, 03/20/25‡		77,729		77,066
Toyota Auto Receivables Owner Trust, Class A2A, Series 2022-B, 2.35%, 01/15/25		308,493		304,879
United Auto Credit Securitization Trust, Class A, Series 2022-1, 1.11%, 07/10/24‡		86,089		85,739
Verizon Owner Trust, Class B, Series 2020-A, 1.98%, 07/22/24		700,000		693,426
Westlake Automobile Receivables Trust, Class A2, Series 2021-3A, 0.57%, 09/16/24‡		150,549		149,469
Westlake Automobile Receivables Trust, Class A2A, Series 2021-2A, 0.32%, 04/15/25‡		151,997		150,413
Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25‡		560,000		546,042
Total Asset Backed Securities (Cost $12,369,446)				12,220,964
U.S. GOVERNMENT BONDS AND NOTES — 24.7%
Federal Farm Credit Banks Funding Corp., 3.94%, 07/27/26		750,000		738,053
Federal Farm Credit Banks Funding Corp., 4.89%, 10/03/25		1,050,000		1,046,284
Federal Farm Credit Banks Funding Corp., 4.92%, 01/12/26		327,000		326,122
Federal Farm Credit Banks Funding Corp., 5.04%, 02/23/24		500,000		499,763
Federal Farm Credit Banks Funding Corp., 5.06%, 12/05/24		500,000		499,471
Federal Home Loan Banks, 3.00%, 04/29/27		150,000		146,873
Federal Home Loan Banks, 3.64%, 07/28/25		750,000		728,448
Federal Home Loan Banks, 3.70%, 03/15/24		455,000		450,102

Investments	Principal		Value
U.S. GOVERNMENT BONDS AND NOTES (continued)
Federal Home Loan Banks, 3.72%, 10/10/23	$	150,000	$	149,089
Federal Home Loan Banks, 4.30%, 09/26/23		1,500,000		1,494,475
Federal Home Loan Banks, 4.75%, 10/24/23		245,000		244,820
Federal Home Loan Mortgage Corp., 4.75%, 09/30/25		1,000,000		994,148
Federal Home Loan Mortgage Corp., 0.30%, 11/16/23		341,000		327,729
Federal Home Loan Mortgage Corp., 5.13%, 12/30/24		160,000		159,997
Total U.S. Government Bonds and Notes (Cost $7,862,665)				7,805,374
CORPORATE BONDS — 14.7%
Banks — 0.8%
JPMorgan Chase Bank NA, Series 2, 3.00%, (3-Month USD LIBOR + 0.10%), 12/04/23@		245,000		241,531
Diversified Financial Services — 2.6%
Aircastle Ltd., 4.40%, 09/25/23		325,000		321,845
American Express Co., 4.79%, (SOFR + 0.72%), 05/03/24@		495,000		494,562
Total Diversified Financial Services				816,407
Electric — 1.9%
OGE Energy Corp., 0.70%, 05/26/23		113,000		111,015
Pacific Gas and Electric Co., 3.25%, 02/16/24		500,000		488,393
Total Electric				599,408
Entertainment — 1.2%
Warnermedia Holdings, Inc., 3.53%, 03/15/24‡(a)		375,000		363,710
Gas — 3.1%
CenterPoint Energy Resources Corp., 5.28%, (3-Month USD LIBOR + 0.50%), 03/02/23@		523,000		522,753
Southern California Gas Co., 5.10%, (3-Month USD LIBOR + 0.35%), 09/14/23@		466,000		464,720
Total Gas				987,473

See accompanying Notes to Financial Statements.

59

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Insurance — 2.5%
Athene Global Funding, 5.04%, (SOFR + 0.72%), 01/07/25@‡	$	825,000	$	803,011
Pipelines — 1.6%
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23		509,000		507,924
Retail — 1.0%
QVC, Inc., 4.38%, 03/15/23		336,000		331,821
Total Corporate Bonds (Cost $4,718,513)				4,651,285
MORTGAGE BACKED SECURITIES — 9.4%
Commercial Mortgage Backed Securities — 9.4%
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49@‡*		100,283		92,638
Federal Home Loan Mortgage Corp., Class A1, Series 2013-K033, 2.87%, 02/25/23		264,528		263,490
Federal Home Loan Mortgage Corp., Class A2, Series 2013-K033, 3.06%, 07/25/23@*		300,000		297,068
Federal Home Loan Mortgage Corp., Class A1, Series 2015-K051, 2.89%, 04/25/25		321,012		312,016
Federal Home Loan Mortgage Corp., Class PA, Series 2016-4614, 3.00%, 12/15/43		590,356		582,971
Federal Home Loan Mortgage Corp., Class LB, Series 2017-4673, 2.50%, 04/15/44		26,639		26,289
Federal Home Loan Mortgage Corp., Class QM, Series 2018-4776, 3.00%, 06/15/45		188,767		184,510
Federal Home Loan Mortgage Corp., Class EG, Series 2019-4870, 3.00%, 06/15/46		370,865		354,295
Federal Home Loan Mortgage Corp., Class MA, Series 2014-4409, 3.00%, 01/15/54		182,715		177,401
Federal National Mortgage Association, Class LB, Series 2014-85, 3.00%, 02/25/33		258,541		254,630

Investments	Principal/ Shares		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Federal National Mortgage Association, Class FW, Series 2004-60, 4.84%, (1-Month USD LIBOR + 0.45%), 04/25/34@	$	124,846	$	124,334
Federal National Mortgage Association, Class JA, Series 2017-49, 4.00%, 07/25/53		312,771		306,122
Total Mortgage Backed Securities (Cost $3,020,395)				2,975,764
U.S. TREASURY NOTES — 7.4%
U.S. Treasury Note, 2.75%, 08/31/23(a)		425,000		419,618
U.S. Treasury Note, 3.25%, 08/31/24(a)		530,000		519,234
U.S. Treasury Note, 4.25%, 09/30/24		700,000		696,774
U.S. Treasury Note, 3.50%, 09/15/25		700,000		686,656
Total U.S. Treasury Notes (Cost $2,349,731)				2,322,282
FOREIGN BOND — 1.0%
Oil & Gas — 1.0%
Ecopetrol SA, 5.88%, 09/18/23 (Colombia) (Cost $334,779)		328,000		326,266
MONEY MARKET FUND — 3.9%
JPMorgan U.S. Government Money Market Fund — Institutional Class, 4.11%(b)  (Cost $1,220,640)		1,220,640		1,220,640
REPURCHASE AGREEMENT — 0.0%**(c)
National Bank Financial Inc., dated 12/30/23, due 01/03/23, 4.32%, total to be received $4,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.44%, 01/03/23-09/09/49, totaling $4,080) (Cost $4,000)	$	4,000		4,000
Total Investments — 99.7% (Cost $31,880,169)				31,526,575
Other Assets in Excess of Liabilities — 0.3%				101,793
Net Assets — 100.0%			$	31,628,368

See accompanying Notes to Financial Statements.

60

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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 December 31, 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.

** Less than 0.05%.

‡ 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 $671,214; the aggregate market value of the collateral held by the fund is $692,970. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $688,970.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

61

ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Asset Backed Securities	$	-	$	12,220,964	$	-	$	12,220,964
U.S. Government Bonds and Notes		-		7,805,374		-		7,805,374
Corporate Bonds		-		4,651,285		-		4,651,285
Mortgage Backed Securities		-		2,975,764		-		2,975,764
U.S. Treasury Notes		-		2,322,282		-		2,322,282
Foreign Bond		-		326,266		-		326,266
Money Market Fund		1,220,640		-		-		1,220,640
Repurchase Agreement		-		4,000		-		4,000
Total	$	1,220,640	$	30,305,935	$	-	$	31,526,575

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Banks		0.8	%
Commercial Mortgage Backed Securities		9.4
Diversified Financial Services		41.2
Electric		1.9
Entertainment		1.2
Gas		3.1
Insurance		2.5
Oil & Gas		1.0
Pipelines		1.6
Retail		1.0
U.S. Government Bonds and Notes		24.7
U.S. Treasury Notes		7.4
Money Market Fund		3.9
Repurchase Agreement		0.0	**
Total Investments		99.7
Other Assets in Excess of Liabilities		0.3
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Financial Statements.

62

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS — 8.0%
Agriculture — 0.3%
Village Farms International, Inc. (Canada)*		7,293	$	9,773
Pharmaceuticals — 7.7%
Intercure Ltd. (Israel)*		12,420		40,986
SNDL, Inc. (Canada)*(a)		99,673		208,316
Total Pharmaceuticals				249,302
Total Common Stocks (Cost $309,882)				259,075
MONEY MARKET FUND — 145.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)(c)  (Cost $4,724,099)		4,724,099		4,724,099
REPURCHASE AGREEMENT — 1.9%(d)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $69,629, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $63,851) (Cost $62,599)	$	62,599		62,599
Total Investments — 155.0% (Cost $5,096,580)				5,045,773
Liabilities in Excess of Other Assets — (55.0%)				(1,790,312	)
Net Assets — 100.0%			$	3,255,461

SOFR — Secured Overnight Financing Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $61,768; the aggregate market value of the collateral held by the fund is $62,599.

(b) Amount includes $4,630,503 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

63

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	259,075	$	-	$	-	$	259,075
Money Market Fund		4,724,099		-		-		4,724,099
Repurchase Agreement		-		62,599		-		62,599
Swaps†		-		188,193		-		188,193
Total	$	4,983,174	$	250,792	$	-	$	5,233,966

Liabilities	Level 1		Level 2			Level 3		Total
Swap†	$	-	$	(299	)	$	-	$	(299	)

† 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		0.3	%
Pharmaceuticals		7.7
Money Market Fund		145.1
Repurchase Agreement		1.9
Total Investments		155.0
Liabilities in Excess of Other Assets		(55.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

64

ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 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	$	480,789	$	490,717	$	9,928
Columbia Care	SOFR + 1.00%	Monthly	11/20/2023		34,067		33,768		(299	)
Cresco Labs	SOFR + 1.00%	Monthly	11/20/2023		122,115		122,571		456
Curaleaf Holdings SUB VOT	SOFR + 1.00%	Monthly	11/20/2023		576,701		631,183		54,482
Green Thumb Industries SUB VOT	SOFR + 1.00%	Monthly	11/20/2023		863,015		938,883		75,868
Terrascend	SOFR + 1.00%	Monthly	11/20/2023		32,401		35,633		3,232
Trulieve Cannabis	SOFR + 1.00%	Monthly	11/20/2023		377,617		408,288		30,671
Verano Holdings	SOFR + 1.00%	Monthly	11/20/2023		198,779		212,335		13,556
Net Unrealized Appreciation								$	187,894

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.

65

ADVISORSHARES PSYCHEDELICS ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments		Shares		Value
COMMON STOCKS — 86.8%
Biotechnology — 51.1%
ATAI Life Sciences NV (Germany)*			208,031	$	553,362
Bright Minds Biosciences, Inc. (Canada)*			314,863		232,999
Cybin, Inc. (Canada)*(a)			1,678,331		498,632
Enveric Biosciences, Inc.*			116,295		238,405
GH Research PLC (Ireland)*(a)			29,258		282,925
Intra-Cellular Therapies, Inc.*			5,229		276,719
Mind Medicine MindMed, Inc.*			113,437		249,561
PsyBio Therapeutics Corp.*			2,583,122		68,194
Sage Therapeutics, Inc.*			7,139		272,282
Seelos Therapeutics, Inc.*			373,083		253,323
Small Pharma, Inc. (Canada)*			2,000,937		142,067
Total Biotechnology					3,068,469
Healthcare — Services — 9.4%
Field Trip Health & Wellness Ltd. (Canada)*			469,132		23,691
Greenbrook TMS, Inc. (Canada)*	��		117,428		234,856
Numinus Wellness, Inc. (Canada)*(a)			1,402,466		189,193
Reunion Neuroscience, Inc. (Canada)*			130,241		117,217
Total Healthcare — Services					564,957
Pharmaceuticals — 26.3%
Alkermes PLC*			10,701		279,617
Compass Pathways PLC (United Kingdom)*(a)(b)			90,448		726,298
FSD Pharma, Inc., Class B (Canada)*			368,879		290,824
Relmada Therapeutics, Inc.*			81,362		283,953
Total Pharmaceuticals					1,580,692
Total Common Stocks (Cost $12,573,587)					5,214,118
MONEY MARKET FUND — 7.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(c)  (Cost $467,187)			467,187		467,187
Total Investments — 94.6% (Cost $13,040,774)					5,681,305
Other Assets in Excess of Liabilities — 5.4%					326,200
Net Assets — 100.0%				$	6,007,505

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 $384,796; the aggregate market value of the collateral held by the fund is $536,720. The aggregate market value of the collateral includes $536,720 of uninvested cash collateral.

(b) American Depositary Receipt.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

66

ADVISORSHARES PSYCHEDELICS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	5,214,118	$	-	$	-	$	5,214,118
Money Market Fund		467,187		-		-		467,187
Total	$	5,681,305	$	-	$	-	$	5,681,305

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	-	$	(102,451	)	$	-	$	(102,451	)

† 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		51.1	%
Healthcare — Services		9.4
Pharmaceuticals		26.3
Money Market Fund		7.8
Total Investments		94.6
Other Assets in Excess of Liabilities		5.4
Net Assets		100.0	%

Total Return Swap contracts outstanding as of December 31, 2022:

Reference Entity	Annual Financing Rate Paid		Payment Frequency		Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Core One Labs		-		-	8/25/2026	$	99,987	$	44,712	$	(55,275	)
Mindset Pharma		-		-	8/25/2026		76,732		29,556		(47,176	)
Net Unrealized Depreciation										$	(102,451	)

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.

67

ADVISORSHARES PURE CANNABIS ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 64.4%
Agriculture — 12.0%
Village Farms International, Inc. (Canada)*†(a)		4,430,131	$	5,936,376
Distributors — 2.7%
High Tide, Inc. (Canada)*(a)		866,183		1,333,922
Investment Company — 1.6%
RIV Capital, Inc. (Canada)*		4,975,540		771,145
Pharmaceuticals — 36.6%
Canopy Growth Corp. (Canada)*(a)		519,798		1,200,733
Cardiol Therapeutics, Inc., Class A — Canada Exchange (Canada)*(a)		950,790		484,184
Cardiol Therapeutics, Inc., Class A — US Exchange (Canada)*		150,000		76,500
cbdMD, Inc.*		872,753		198,115
Charlottes Web Holdings, Inc.*(a)		1,817,435		979,171
Clever Leaves Holdings, Inc. (Canada)*		1,005,983		310,748
Hempfusion Wellness, Inc. (Canada)*		1,785,852		62,505
IM Cannabis Corp. (Canada)*		143,005		141,575
Intercure Ltd. (Israel)*		243,190		802,527
Jazz Pharmaceuticals PLC*		59,237		9,437,046
Organigram Holdings, Inc. (Canada)*		1,211,686		969,349
PharmaCielo Ltd. (Canada)*(a)		361,137		46,643
Tilray Brands, Inc. (Canada)*(a)		1,164,914		3,133,619
Valens Co., Inc. (The) (Canada)*(a)		530,280		356,142
Total Pharmaceuticals				18,198,857
REITS — 6.8%
Innovative Industrial Properties, Inc.		32,010		3,244,213
Power REIT*		38,155		150,712
Total REITS				3,394,925
Software — 1.2%
WM Technology, Inc.*		614,432		620,576
Specialty Retail — 3.5%
GrowGeneration Corp.*		440,279		1,725,894
Total Common Stocks (Cost $136,486,305)				31,981,695

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUND — 29.6%
Equity Fund — 29.6%
AdvisorShares Pure US Cannabis ETF*†  (Cost $59,149,402)		2,102,448	$	14,696,112
MONEY MARKET FUND — 1.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)(c)  (Cost $824,027)		824,027		824,027
REPURCHASE AGREEMENTS — 11.7%(d)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $1,375,826)	$	1,348,849		1,348,849
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $1,375,826)		1,348,849		1,348,849
HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $399,369, (collateralized by various U.S. Government Agency Obligations, 0%-4.50%, 4/30/23-2/15/51, totaling $407,164)		399,180		399,180
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $1,375,826)		1,348,849		1,348,849

See accompanying Notes to Financial Statements.

68

ADVISORSHARES PURE CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $1,349,496, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $1,375,835)	$	1,348,849	$	1,348,849
Total Repurchase Agreements (Cost $5,794,576)				5,794,576
Total Investments — 107.4% (Cost $202,254,310)				53,296,410
Liabilities in Excess of Other Assets — (7.4%)				(3,676,588	)
Net Assets — 100.0%			$	49,619,822

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

* Non-income producing security.

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $5,283,700; the aggregate market value of the collateral held by the fund is $5,794,576.

(b) Amount includes $63,954 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

69

ADVISORSHARES PURE CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	31,981,695	$	-	$	-	$	31,981,695
Exchange Traded Fund		14,696,112		-		-		14,696,112
Money Market Fund		824,027		-		-		824,027
Repurchase Agreements		-		5,794,576		-		5,794,576
Total	$	47,501,834	$	5,794,576	$	-	$	53,296,410

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	-	$	(24,006,401	)	$	-	$	(24,006,401	)

† 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		12.0	%
Distributors		2.7
Equity Fund		29.6
Investment Company		1.6
Pharmaceuticals		36.6
REITS		6.8
Software		1.2
Specialty Retail		3.5
Money Market Fund		1.7
Repurchase Agreements		11.7
Total Investments		107.4
Liabilities in Excess of Other Assets		(7.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

70

ADVISORSHARES PURE CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2022:

Reference Entity	Annual Financing Rate Paid		Payment Frequency		Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Ianthus Capital ORD		-		-	8/25/2026	$	108,947	$	10,672	$	(98,275	)
SOL Global Investments Corp		-		-	8/25/2026		12,051,113		375,405		(11,675,708	)
Terrascend ORD		-		-	8/25/2026		13,701,418		1,469,000		(12,232,418	)
Net Unrealized Depreciation										$	(24,006,401	)

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.

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

Affiliated Holding Name	Value at 6/30/2022		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2022		Value at 12/31/2022		Dividend Income
AdvisorShares Pure US Cannabis ETF	$	24,719,940	$	186,979	$	(3,354,803	)	$	(5,193,577	)	$	(1,662,427	)		2,102,448	$	14,696,112	$	-
Village Farms International, Inc.		12,647,619		77,190		(1,064,595	)		(6,690,298	)		966,460			4,430,131		5,936,376		-
Total	$	37,367,559	$	264,169	$	(4,419,398	)	$	(11,883,875	)	$	(695,967	)		6,532,579	$	20,632,488	$	-

See accompanying Notes to Financial Statements.

71

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS — 4.2%
Investment Company — 0.2%
RIV Capital, Inc. (Canada)*		4,504,850	$	698,194
Machinery — 0.3%
Urban-GRO, Inc.*†		569,497		1,549,032
Pharmaceuticals — 0.1%
Hempfusion Wellness, Inc. (Canada)*		8,014,431		280,505
REITS — 2.0%
AFC Gamma, Inc.		135,305		2,128,348
Innovative Industrial Properties, Inc.		56,465		5,722,728
Power REIT*†		277,561		1,096,366
Total REITS				8,947,442
Specialty Retail — 1.6%
GrowGeneration Corp.*(a)		1,309,443		5,133,017
Hydrofarm Holdings Group, Inc.*		1,073,138		1,663,364
Total Specialty Retail				6,796,381
Total Common Stocks (Cost $89,169,050)				18,271,554
MONEY MARKET FUND — 57.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)(c)  (Cost $256,709,633)		256,709,633		256,709,633
REPURCHASE AGREEMENT — 0.0%**(d)
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $200,219, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $204,125) (Cost $200,123)	$	200,123		200,123
Total Investments — 61.9% (Cost $346,078,806)				275,181,310
Other Assets in Excess of Liabilities — 38.1%				169,698,145
Net Assets — 100.0%			$	444,879,455

REITS — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

* Non-income producing security.

** Less than 0.05%.

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $183,840; the aggregate market value of the collateral held by the fund is $200,123.

(b) Amount includes $173,006,866 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

72

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	18,271,554	$	-	$	-	$	18,271,554
Money Market Fund		256,709,633		-		-		256,709,633
Repurchase Agreement		-		200,123		-		200,123
Swaps†		-		20,889,168		-		20,889,168
Total	$	274,981,187	$	21,089,291	$	-	$	296,070,478

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	-	$	(429,804,735	)	$	-	$	(429,804,735	)

† 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		0.2	%
Machinery		0.3
Pharmaceuticals		0.1
REITS		2.0
Specialty Retail		1.6
Money Market Fund		57.7
Repurchase Agreement		0.0	**
Total Investments		61.9
Other Assets in Excess of Liabilities		38.1
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Financial Statements.

73

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
4Front Ventures ORD	SOFR + 1.00%	Monthly	9/05/2023	$	1,094,578	$	1,085,775	$	(8,803	)
4Front Ventures ORD	-	-	9/05/2023		27,224,492		4,656,114		(22,568,378	)
Acreage Holdings FX SUB VOT CL E ORD	-	-	9/05/2023		4,980,207		1,243,618		(3,736,589	)
Acreage Holdings FX SUB VOT CL E ORD	SOFR + 1.00%	Monthly	9/05/2023		25,695		25,500		(195	)
AYR Wellness	-	-	9/05/2023		28,791,360		1,248,103		(27,543,257	)
AYR Wellness	SOFR + 1.00%	Monthly	9/05/2023		5,779,162		5,725,093		(54,069	)
C21 Investments ORD	SOFR + 1.00%	Monthly	9/05/2023		29,468		29,303		(165	)
C21 Investments ORD	-	-	9/05/2023		10,560,928		1,538,824		(9,022,104	)
Columbia Care ORD	-	-	9/05/2023		20,122,066		2,138,551		(17,983,515	)
Columbia Care ORD	SOFR + 1.00%	Monthly	9/05/2023		14,297,935		14,165,836		(132,099	)
Columbia Care ORD	SOFR + 1.00%	Monthly	9/05/2023		1,034,137		922,064		(112,073	)
Cresco Labs ORD	-	-	9/05/2023		51,021,553		7,039,845		(43,981,708	)
Cresco Labs ORD	SOFR + 1.00%	Monthly	9/05/2023		2,478,391		2,457,383		(21,008	)
Cresco Labs ORD	SOFR + 1.00%	Monthly	9/05/2023		23,044,615		21,578,503		(1,466,112	)
Curaleaf Holdings SUB VOT ORD	-	-	9/05/2023		55,926,131		16,157,848		(39,768,283	)
Curaleaf Holdings SUB VOT ORD	SOFR + 1.00%	Monthly	9/05/2023		5,279,739		5,233,312		(46,427	)
Curaleaf Holdings SUB VOT ORD	SOFR + 1.00%	Monthly	9/05/2023		70,843,502		75,265,362		4,421,860
Glass House Brands	-	-	9/05/2023		5,739,181		1,432,500		(4,306,681	)
Glass House Brands	SOFR + 1.00%	Monthly	9/05/2023		2,937,397		2,912,750		(24,647	)
Goodness Growth Hold	-	-	9/05/2023		9,914,073		534,437		(9,379,636	)
Goodness Growth Hold	SOFR + 1.00%	Monthly	9/05/2023		169,633		168,000		(1,633	)
Gramf Tpco ORD	-	-	9/05/2023		28,186,522		737,176		(27,449,346	)
Green Thumb Industries SUB VOT ORD	-	-	9/05/2023		49,121,658		13,367,618		(35,754,040	)
Green Thumb Industries SUB VOT ORD	SOFR + 1.00%	Monthly	9/05/2023		4,430,724		4,386,554		(44,170	)
Green Thumb Industries SUB VOT ORD	SOFR + 1.00%	Monthly	9/05/2023		87,446,708		94,329,645		6,882,937
Jushi Holdings CL B SUB VOT ORD	-	-	9/05/2023		31,130,311		4,651,026		(26,479,285	)
Jushi Holdings CL B SUB VOT ORD	SOFR + 1.00%	Monthly	9/05/2023		6,314,282		6,248,400		(65,882	)
Lowell Farms ORD	-	-	9/05/2023		6,074,994		433,628		(5,641,366	)
Lowell Farms ORD	SOFR + 1.00%	Monthly	9/05/2023		43,110		42,750		(360	)
Marimed ORD	SOFR + 1.00%	Monthly	9/05/2023		465,304		462,995		(2,309	)
Planet 13 Holdings ORD	-	-	9/05/2023		18,939,539		1,586,676		(17,352,863	)
Planet 13 Holdings ORD	SOFR + 1.00%	Monthly	9/05/2023		3,258,262		3,229,203		(29,059	)

See accompanying Notes to Financial Statements.

74

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Terrascend ORD	SOFR + 1.00%	Monthly	9/05/2023	$	6,198,762	$	5,508,806	$	(689,956	)
Terrascend ORD	SOFR + 1.00%	Monthly	9/05/2023		8,532,561		8,475,000		(57,561	)
Terrascend ORD	-	-	9/05/2023		30,841,843		3,509,842		(27,332,001	)
Trulieve Cannabis ORD	-	-	9/05/2023		76,060,637		16,516,892		(59,543,745	)
Trulieve Cannabis ORD	SOFR + 1.00%	Monthly	9/05/2023		2,657,745		2,627,433		(30,312	)
Trulieve Cannabis ORD	SOFR + 1.00%	Monthly	9/05/2023		51,721,777		57,980,371		6,258,594
Vapen Mj Ventures ORD	-	-	9/05/2023		4,389,310		874,126		(3,515,184	)
Vapen Mj Ventures ORD	SOFR + 1.00%	Monthly	9/05/2023		18,074		18,000		(74	)
Verano Holdings ORD	SOFR + 1.00%	Monthly	9/05/2023		2,778,594		2,756,776		(21,818	)
Verano Holdings ORD	-	-	9/05/2023		56,560,468		10,922,446		(45,638,022	)
Verano Holdings ORD	SOFR + 1.00%	Monthly	9/05/2023		29,443,661		32,769,438		3,325,777
Net Unrealized Depreciation								$	(408,915,567	)

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of December 31, 2022, cash in the amount of $143,260,000 has been segregated as collateral from the broker for Swap contracts.

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

Affiliated Holding Name	Value at 6/30/2022		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2022		Value at 12/31/2022		Dividend Income
GrowGeneration Corp*.	$	12,977,764	$	1,929,220	$	(11,436,921	)	$	(45,599,895	)	$	47,262,849			1,309,443	$	5,133,017	$	-
Power REIT		3,673,522		-		(117,410	)		(570,859	)		(1,888,887	)		277,561		1,096,366		-
Urban-GRO, Inc.		2,976,915		439,824		(426,238	)		(922,338	)		(519,131	)		569,497		1,549,032		-
Total	$	19,628,201	$	2,369,044	$	(11,980,569	)	$	(47,093,092	)	$	44,854,831			2,156,501		7,778,415	$	-

* Security is no longer an affiliated company at period end.

See accompanying Notes to Financial Statements.

75

ADVISORSHARES Q DYNAMIC GROWTH ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 97.6%
Commodity Fund — 3.8%
SPDR Gold Shares*		6,267	$	1,063,134
Equity Fund — 93.8%
Invesco QQQ Trust Series 1(a)		39,844		10,609,661
iShares Core S&P Small-Cap ETF		11,619		1,099,622
iShares Russell 2000 Growth ETF		4,188		898,410
iShares US Technology ETF		65,229		4,858,908
Technology Select Sector SPDR Fund(a)		67,568		8,408,162
Vanguard Total Stock Market ETF		200		38,238
Total Equity Fund				25,913,001
Total Exchange Traded Funds (Cost $35,833,652)				26,976,135
MONEY MARKET FUND — 2.8%
Fidelity Investments Money Market Government Portfolio — Class I, 3.81%(b)  (Cost $770,738)		770,738		770,738
REPURCHASE AGREEMENTS — 3.5%(c)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $253,980)	$	249,000		249,000
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $253,980)		249,000		249,000

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Deutsche Bank Securities, Inc., dated 12/30/22, due 01/03/23, 4.29%, total to be received $226,237, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/23-1/1/57, totaling $230,652)	$	226,129	$	226,129
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980)		249,000		249,000
Total Repurchase Agreements (Cost $973,129)				973,129
Total Investments — 103.9% (Cost $37,577,519)				28,720,002
Liabilities in Excess of Other Assets — (3.9%)				(1,085,709	)
Net Assets — 100.0%			$	27,634,293

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 $3,211,966; the aggregate market value of the collateral held by the fund is $3,287,381. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,314,252.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

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

See accompanying Notes to Financial Statements.

76

ADVISORSHARES Q DYNAMIC GROWTH ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Funds	$	26,976,135	$	-	$	-	$	26,976,135
Money Market Fund		770,738		-		-		770,738
Repurchase Agreements		-		973,129		-		973,129
Total	$	27,746,873	$	973,129	$	-	$	28,720,002

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commodity Fund		3.8	%
Equity Fund		93.8
Money Market Fund		2.8
Repurchase Agreements		3.5
Total Investments		103.9
Liabilities in Excess of Other Assets		(3.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

77

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares			Value
U.S. TREASURY BILLS — 48.2%
U.S. Treasury Bill, 1.97%, 04/20/23(a)		50,000,000		$	49,348,861
U.S. Treasury Bill, 2.85%, 06/15/23(a)		30,000,000			29,395,915
Total U.S. Treasury Bills (Cost $79,321,023)					78,744,776
EXCHANGE TRADED FUND — 11.9%
Debt Fund — 11.9%
AdvisorShares North Square McKee Core Reserves ETF†  (Cost $19,886,000)		200,000			19,462,000
MONEY MARKET FUNDS — 26.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 4.03%(b)(c)		5,481,951			5,481,951
Fidelity Institutional Money Market Government Portfolio — Class III, 3.81%(b)		38,482,246			38,482,246
Total Money Market Funds (Cost $43,964,197)					43,964,197
Total Investments Before Securities Sold, Not Yet Purchased (Cost $143,171,220)					142,170,973
Securities Sold, Not Yet Purchased — (102.9)%(d)
COMMON STOCKS — (102.9)%
Aerospace/Defense — (0.9)%
Spirit AeroSystems Holdings, Inc., Class A		(50,000	)		(1,480,000	)
Agriculture — (1.3)%
Adecoagro SA (Brazil)		(250,000	)		(2,072,500	)
Apparel — (1.4)%
Carter’s, Inc.		(30,000	)		(2,238,300	)
Auto Parts & Equipment — (1.7)%
Goodyear Tire & Rubber Co. (The)*		(275,000	)		(2,791,250	)
Banks — (9.8)%
Citigroup, Inc.		(75,000	)		(3,392,250	)
Comerica, Inc.		(65,000	)		(4,345,250	)
Community Bank System, Inc.		(30,000	)		(1,888,500	)
East West Bancorp, Inc.		(30,000	)		(1,977,000	)

Investments	Shares			Value
COMMON STOCKS (continued)
Banks (continued)
PNC Financial Services Group, Inc. (The)		(14,000	)	$	(2,211,160	)
Zions Bancorp NA		(45,000	)		(2,212,200	)
Total Banks					(16,026,360	)
Chemicals — (1.1)%
Mosaic Co. (The)		(40,000	)		(1,754,800	)
Commercial Services — (3.5)%
Moody’s Corp.		(15,000	)		(4,179,300	)
Nuvei Corp. (Canada)*		(60,000	)		(1,524,600	)
Total Commercial Services					(5,703,900	)
Diversified Financial Services — (11.0)%
B. Riley Financial, Inc.		(50,000	)		(1,710,000	)
Coinbase Global, Inc., Class A*		(110,000	)		(3,892,900	)
Credit Acceptance Corp.*		(9,000	)		(4,269,600	)
OneMain Holdings, Inc.		(125,000	)		(4,163,750	)
Tradeweb Markets, Inc., Class A		(30,000	)		(1,947,900	)
Western Union Co. (The)		(150,000	)		(2,065,500	)
Total Diversified Financial Services					(18,049,650	)
Entertainment — (2.6)%
Bally’s Corp.*		(32,500	)		(629,850	)
DraftKings, Inc., Class A*		(100,000	)		(1,139,000	)
Live Nation Entertainment, Inc.*		(35,000	)		(2,440,900	)
Total Entertainment					(4,209,750	)
Home Builders — (1.4)%
Winnebago Industries, Inc.		(45,000	)		(2,371,500	)
Home Furnishings — (1.3)%
Whirlpool Corp.		(15,000	)		(2,121,900	)
Household Products/Wares — (1.5)%
Church & Dwight Co., Inc.		(30,000	)		(2,418,300	)
Insurance — (0.9)%
Trupanion, Inc.*		(30,000	)		(1,425,900	)
Internet — (6.6)%
DoorDash, Inc., Class A*		(60,000	)		(2,929,200	)
Robinhood Markets, Inc., Class A*		(400,000	)		(3,256,000	)
Spotify Technology SA*		(25,000	)		(1,973,750	)

See accompanying Notes to Financial Statements.

78

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Internet (continued)
Wayfair, Inc., Class A*		(80,000	)	$	(2,631,200	)
Total Internet					(10,790,150	)
Leisure Time — (4.0)%
Brunswick Corp.		(30,000	)		(2,162,400	)
Carnival Corp.*		(325,000	)		(2,619,500	)
Virgin Galactic Holdings, Inc.*		(500,000	)		(1,740,000	)
Total Leisure Time					(6,521,900	)
Machinery — Diversified — (1.0)%
Kornit Digital Ltd. (Israel)*		(70,000	)		(1,607,900	)
Media — (3.7)%
DISH Network Corp., Class A*		(175,000	)		(2,457,000	)
TEGNA, Inc.		(80,000	)		(1,695,200	)
Warner Bros Discovery, Inc.*		(200,000	)		(1,896,000	)
Total Media					(6,048,200	)
Office/Business Equipment — (2.0)%
Canon, Inc. (Japan)(e)		(100,000	)		(2,168,000	)
Xerox Holdings Corp.		(74,950	)		(1,094,270	)
Total Office/Business Equipment					(3,262,270	)
Real Estate — (1.0)%
Newmark Group, Inc., Class A		(200,000	)		(1,594,000	)
REITS — (13.9)%
Acadia Realty Trust		(100,000	)		(1,435,000	)
Boston Properties, Inc.		(30,000	)		(2,027,400	)
Digital Realty Trust, Inc.		(40,000	)		(4,010,800	)
First Industrial Realty Trust, Inc.		(40,000	)		(1,930,400	)
Invitation Homes, Inc.		(100,000	)		(2,964,000	)
Lamar Advertising Co., Class A		(20,000	)		(1,888,000	)
NETSTREIT Corp.		(125,000	)		(2,291,250	)
Prologis, Inc.		(20,000	)		(2,254,600	)
Realty Income Corp.		(30,000	)		(1,902,900	)
SL Green Realty Corp.		(60,000	)		(2,023,200	)
Total REITS					(22,727,550	)
Retail — (5.7)%
CarMax, Inc.*		(110,000	)		(6,697,900	)
Victoria’s Secret & Co.*		(75,000	)		(2,683,500	)
Total Retail					(9,381,400	)

Investments	Shares			Value
COMMON STOCKS (continued)
Software — (21.8)%
Altair Engineering, Inc., Class A*		(44,000	)	$	(2,000,680	)
ANSYS, Inc.*		(11,000	)		(2,657,490	)
Appian Corp., Class A*		(60,000	)		(1,953,600	)
Bill.Com Holdings, Inc.*		(20,000	)		(2,179,200	)
Braze, Inc., Class A*		(95,000	)		(2,591,600	)
CCC Intelligent Solutions Holdings, Inc.*		(225,000	)		(1,957,500	)
Cloudflare, Inc., Class A*		(35,000	)		(1,582,350	)
Confluent, Inc., Class A*		(90,000	)		(2,001,600	)
Global-e Online Ltd. (Israel)*		(110,000	)		(2,270,400	)
Monday.com Ltd.*		(20,000	)		(2,440,000	)
nCino, Inc.*		(93,849	)		(2,481,368	)
Palantir Technologies, Inc., Class A*		(50,000	)		(321,000	)
Paycor HCM, Inc.*		(60,000	)		(1,468,200	)
Procore Technologies, Inc.*		(50,000	)		(2,359,000	)
Sprout Social, Inc., Class A*		(25,000	)		(1,411,500	)
Veeva Systems, Inc., Class A*		(10,000	)		(1,613,800	)
Zoom Video Communications, Inc., Class A*		(30,000	)		(2,032,200	)
ZoomInfo Technologies, Inc.*		(75,000	)		(2,258,250	)
Total Software					(35,579,738	)
Telecommunications — (3.4)%
EchoStar Corp., Class A*		(150,000	)		(2,502,000	)
Telephone and Data Systems, Inc.		(300,000	)		(3,147,000	)
Total Telecommunications					(5,649,000	)
Transportation — (1.4)%
CH Robinson Worldwide, Inc.		(25,000	)		(2,289,000	)
Total Common Stocks (Cost $(171,723,990))					(168,115,218	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(171,723,990)]					(168,115,218	)
Total Investments — (15.9)% (Cost $(28,552,770))					(25,944,245	)
Other Assets in Excess of Liabilities — 115.9%					189,376,693
Net Assets — 100.0%				$	163,432,448

ETF — Exchange Traded Fund

See accompanying Notes to Financial Statements.

79

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

REITS — Real Estate Investment Trusts

* 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 December 31, 2022.

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

(d) As of December 31, 2022 cash in the amount of $194,934,071 has been segregated as collateral from the broker for securities sold short.

(e) American Depositary Receipt.

See accompanying Notes to Financial Statements.

80

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
U.S. Treasury Bills	$	-	$	78,744,776	$	-	$	78,744,776
Exchange Traded Fund		19,462,000		-		-		19,462,000
Money Market Funds		43,964,197		-		-		43,964,197
Total	$	63,426,197	$	78,744,776	$	-	$	142,170,973

Liabilities	Level 1			Level 2		Level 3		Total
Common Stocks	$	(168,115,218	)	$	-	$	-	$	(168,115,218	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		(0.9	)%
Agriculture		(1.3	)
Apparel		(1.4	)
Auto Parts & Equipment		(1.7	)
Banks		(9.8	)
Chemicals		(1.1	)
Commercial Services		(3.5	)
Debt Fund		11.9
Diversified Financial Services		(11.0	)
Entertainment		(2.6	)
Home Builders		(1.4	)
Home Furnishings		(1.3	)
Household Products/Wares		(1.5	)
Insurance		(0.9	)
Internet		(6.6	)
Leisure Time		(4.0	)
Machinery — Diversified		(1.0	)
Media		(3.7	)
Office/Business Equipment		(2.0	)
Real Estate		(1.0	)
REITS		(13.9	)
Retail		(5.7	)
Software		(21.8	)
Sovereign		48.2
Telecommunications		(3.4	)
Transportation		(1.4	)
Money Market Funds		26.9
Total Investments		(15.9	)
Other Assets in Excess of Liabilities		115.9
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

81

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

Affiliated Holding Name	Value at 6/30/2022		Purchases/ Additions		Sales/ Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2022		Value at 12/31/2022		Dividend Income
AdvisorShares North Square McKee Core Reserves ETF	$	19,476,000	$	-	$	-	$	-	$	(14,000	)		200,000	$	19,462,000	$	232,540

See accompanying Notes to Financial Statements.

82

ADVISORSHARES RESTAURANT ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 94.7%
Entertainment — 6.7%
RCI Hospitality Holdings, Inc.		1,648	$	153,577
Retail — 88.0%
Arcos Dorados Holdings, Inc., Class A (Brazil)		32,848		274,609
Bloomin’ Brands, Inc.		2,418		48,650
Casey’s General Stores, Inc.		420		94,227
Cheesecake Factory, Inc. (The)(a)		800		25,368
Chipotle Mexican Grill, Inc.*		92		127,649
Chuy’s Holdings, Inc.*		3,621		102,474
Cracker Barrel Old Country Store, Inc.		500		47,370
Darden Restaurants, Inc.		831		114,952
Dave & Buster’s Entertainment, Inc.*		753		26,686
Denny’s Corp.*		8,314		76,572
Dine Brands Global, Inc.		1,600		103,360
Domino’s Pizza, Inc.		49		16,974
Dutch Bros, Inc., Class A*		3,262		91,956
El Pollo Loco Holdings, Inc.		2,348		23,386
FAT Brands, Inc., Class A		14,775		71,954
Jack in the Box, Inc.		1,055		71,983
McDonald’s Corp.		116		30,570
ONE Group Hospitality, Inc. (The)*		7,920		49,896
Papa John’s International, Inc.		462		38,027
Restaurant Brands International, Inc. (Canada)(a)		1,443		93,319
Shake Shack, Inc., Class A*		481		19,976
Starbucks Corp.		221		21,923
Sweetgreen, Inc., Class A*		2,120		18,168
Texas Roadhouse, Inc.		1,264		114,961
Wendy’s Co. (The)		2,976		67,347
Wingstop, Inc.		800		110,096
Yum! Brands, Inc.		944		120,908
Total Retail				2,003,361
Total Common Stocks (Cost $2,224,416)				2,156,938
MONEY MARKET FUND — 7.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(b)  (Cost $160,195)		160,195		160,195

Investments	Principal		Value
REPURCHASE AGREEMENT — 5.3%(c)
Nomura Securities International, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $120,065, (collateralized by various U.S. Government Agency Obligations, 1.97%-9.00%, 2/1/23-7/1/60, totaling $122,408) (Cost $120,008)	$	120,008	$	120,008
Total Investments — 107.0% (Cost $2,504,619)				2,437,141
Liabilities in Excess of Other Assets — (7.0%)				(160,071	)
Net Assets — 100.0%			$	2,277,070

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $116,304; the aggregate market value of the collateral held by the fund is $120,008.
(b)	Rate shown reflects the 7-day yield as of December 31, 2022.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

83

ADVISORSHARES RESTAURANT ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	2,156,938	$	-	$	-	$	2,156,938
Money Market Fund		160,195		-		-		160,195
Repurchase Agreement		-		120,008		-		120,008
Total	$	2,317,133	$	120,008	$	-	$	2,437,141

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Entertainment		6.7	%
Retail		88.0
Money Market Fund		7.0
Repurchase Agreement		5.3
Total Investments		107.0
Liabilities in Excess of Other Assets		(7.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

84

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 97.4%
Debt Fund — 25.5%
iShares 10-20 Year Treasury Bond ETF		10,893	$	1,178,405
iShares MBS ETF(a)		16,727		1,551,429
iShares Core Total USD Bond Market ETF(a)(b)		120,622		5,419,546
iShares U.S. Treasury Bond ETF(a)		33,762		767,073
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		31,255		757,621
Total Debt Fund				9,674,074
Equity Fund — 71.9%
iShares MSCI EAFE ETF(a)		82,941		5,444,247
iShares MSCI Emerging Markets ETF		55,322		2,096,704
iShares MSCI USA Momentum Factor ETF		7,668		1,118,991
iShares Russell 2000 ETF		4,118		718,015
iShares Russell Mid-Cap Growth ETF		35,611		2,977,080
SPDR S&P 500 ETF Trust(b)		39,087		14,948,041
Total Equity Fund				27,303,078
Total Exchange Traded Funds (Cost $40,097,925)				36,977,152
MONEY MARKET FUND — 2.8%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 4.03%(c)  (Cost $1,055,683)		1,055,683		1,055,683
REPURCHASE AGREEMENTS — 17.0%(d)
BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $1,530,152)	$	1,500,149		1,500,149

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $1,530,152)	$	1,500,149	$	1,500,149
HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $444,160, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/30/23-2/15/51, totaling $452,829)		443,950		443,950
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $1,530,152)		1,500,149		1,500,149
Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $1,500,869, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $1,530,163)		1,500,149		1,500,149
Total Repurchase Agreements (Cost $6,444,546)				6,444,546
Total Investments Before Written Options — 117.2% (Cost $47,598,154)				44,477,381

See accompanying Notes to Financial Statements.

85

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Notional Amount			Contracts			Value
WRITTEN CALL OPTION — (0.1)%
SPDR S&P 500 ETF Trust, expiring 01/20/23, Strike Price $405.00 [Premium Received $(42,147)]	$	(13,446,000	)		(332	)	$	(28,552	)
Total Investments — 117.1% (Cost $47,556,007)								44,448,829
Liabilities in Excess of Other Assets — (17.1%)								(6,492,590	)
Net Assets — 100.0%							$	37,956,239

ETF — Exchange Traded Fund

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $7,622,309; the aggregate market value of the collateral held by the fund is $7,871,069. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,426,523.
(b)	All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,615,269 as of December 31, 2022.
(c)	Rate shown reflects the 7-day yield as of December 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

86

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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
Exchange Traded Funds	$	36,977,152	$	-	$	-	$	36,977,152
Money Market Fund		1,055,683		-		-		1,055,683
Repurchase Agreements		-		6,444,546		-		6,444,546
Total	$	38,032,835	$	6,444,546	$	-	$	44,477,381

Liabilities	Level 1			Level 2		Level 3		Total
Written Call Option	$	(28,552	)	$	-	$	-	$	(28,552	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund		25.5	%
Equity Fund		71.9
Written Call Option		(0.1	)
Money Market Fund		2.8
Repurchase Agreements		17.0
Total Investments		117.1
Liabilities in Excess of Other Assets		(17.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

87

ADVISORSHARES VICE ETF

Schedule of Investments

December 31, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 92.3%
Agriculture — 16.7%
Altria Group, Inc.		1,750	$	79,993
British American Tobacco PLC (United Kingdom)(a)		8,783		351,144
Imperial Brands PLC (United Kingdom)(a)		11,870		296,750
Philip Morris International, Inc.		1,064		107,687
Turning Point Brands, Inc.		6,314		136,572
Universal Corp.		3,620		191,172
Vector Group Ltd.		19,966		236,797
Total Agriculture				1,400,115
Apparel — 3.1%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)		1,827		264,678
Beverages — 25.4%
Anheuser-Busch InBev SA/NV (Belgium)(a)		1,728		103,749
Boston Beer Co., Inc. (The), Class A*(b)		255		84,028
Brown-Forman Corp., Class B		2,013		132,214
Constellation Brands, Inc., Class A		967		224,102
Diageo PLC (United Kingdom)(a)(b)		1,430		254,812
Duckhorn Portfolio, Inc. (The)*		12,328		204,275
MGP Ingredients, Inc.		5,106		543,176
Molson Coors Beverage Co., Class B		3,830		197,322
Pernod Ricard SA (France)(a)		10,016		393,929
Total Beverages				2,137,607
Entertainment — 24.8%
Caesars Entertainment, Inc.*		3,233		134,493
Churchill Downs, Inc.		546		115,441
Everi Holdings, Inc.*		5,384		77,260
International Game Technology PLC		17,284		392,001
Monarch Casino & Resort, Inc.*		4,894		376,300
Penn Entertainment, Inc.*		5,540		164,538
RCI Hospitality Holdings, Inc.		5,524		514,782
Red Rock Resorts, Inc., Class A		7,842		313,758
Total Entertainment				2,088,573

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Food — 2.0%
Hershey Co. (The)		744	$	172,288
Lodging — 8.3%		��
Boyd Gaming Corp.		7,101		387,217
Century Casinos, Inc.*		29,365		206,436
Full House Resorts, Inc.*		13,623		102,445
Total Lodging				696,098
REITS — 7.2%
Gaming and Leisure Properties, Inc.		6,420		334,418
VICI Properties, Inc.		8,326		269,762
Total REITS				604,180
Retail — 2.4%
Dave & Buster’s Entertainment, Inc.*		5,588		198,039
Software — 2.4%
Inspired Entertainment, Inc.*		10,084		127,764
Take-Two Interactive Software, Inc.*		723		75,286
Total Software				203,050
Total Common Stocks (Cost $7,261,023)				7,764,628
MONEY MARKET FUND — 8.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%(c)  (Cost $682,501)		682,501		682,501
REPURCHASE AGREEMENTS — 4.1%(d)
HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $93,819, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/30/23-2/15/51, totaling $95,651)	$	93,775		93,775

See accompanying Notes to Financial Statements.

88

ADVISORSHARES VICE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980)		249,000	$	249,000
Total Repurchase Agreements (Cost $342,775)				342,775
Total Investments — 104.5% (Cost $8,286,299)				8,789,904
Liabilities in Excess of Other Assets — (4.5%)				(382,156	)
Net Assets — 100.0%			$	8,407,748

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 $331,695; the aggregate market value of the collateral held by the fund is $342,775.
(c)	Rate shown reflects the 7-day yield as of December 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

89

ADVISORSHARES VICE ETF

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 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	$	7,764,628	$	-	$	-	$	7,764,628
Money Market Fund		682,501		-		-		682,501
Repurchase Agreements		-		342,775		-		342,775
Total	$	8,447,129	$	342,775	$	-	$	8,789,904

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		16.7	%
Apparel		3.1
Beverages		25.4
Entertainment		24.8
Food		2.0
Lodging		8.3
REITS		7.2
Retail		2.4
Software		2.4
Money Market Fund		8.1
Repurchase Agreements		4.1
Total Investments		104.5
Liabilities in Excess of Other Assets		(4.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

90

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares Alpha DNA Equity Sentiment ETF			AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
ASSETS
Investments, at Cost		$	44,590,103		$	32,268,623		$	35,952,739		$	90,921,072
Repurchase Agreements, at Cost (Note 2)			1,266,386			3,378,616			426,303			38,939,348
Total Cost of Investments			45,856,489			35,647,239			36,379,042			129,860,420
Investments, at Market Value (including securities on loan) (Note 2)(a)			44,569,119			33,585,305			35,740,030			86,586,180
Repurchase Agreements, at Market Value (Note 2)			1,266,386			3,378,616			426,303			38,939,348
Total Market Value of Investments			45,835,505			36,963,921			36,166,333			125,525,528
Cash			1,335			-			-			-
Cash collateral held at brokers			12,791			-			-			-
Dividends and Interest Receivable			53,323			113,112			22,009			15,441
Reclaim Receivable			-			14,632			-			-
Prepaid Expenses			1,960			5,224			2,017			4,053
Total Assets			45,904,914			37,096,889			36,190,359			125,545,022
LIABILITIES
Cash collateral for securities on loan(b)			1,266,386			3,378,616			426,303			38,939,348
Advisory Fees Payable			29,825			21,902			20,491			58,342
Trustee Fees Payable			1,152			1,143			1,125			967
Due to Custodian			-			-			2,048			-
Accrued Expenses			71,592			94,610			86,517			105,639
Total Liabilities			1,368,955			3,496,271			536,484			39,104,296
NET ASSETS		$	44,535,959		$	33,600,618		$	35,653,875		$	86,440,726
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	61,644,140		$	86,438,367		$	60,271,992		$	109,496,231
Total Distributable Earnings/Accumulated (Loss)			(17,108,181	)		(52,837,749	)		(24,618,117	)		(23,055,505	)
NET ASSETS		$	44,535,959		$	33,600,618		$	35,653,875		$	86,440,726
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			1,970,000			705,000			1,850,000			2,785,000
Net Asset Value (NAV) Per Share		$	22.61		$	47.66		$	19.27		$	31.04
(a)	Market value of securities on loan	$	1,624,042		$	3,280,950		$	1,360,872		$	37,916,868
(b)	Non-cash collateral for securities on loan	$	407,029		$	-		$	989,266		$	-

See accompanying Notes to Financial Statements.

91

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares Dorsey Wright FSM US Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares Drone Technology ETF
ASSETS
Investments, at Cost		$	82,676,098		$	4,444,434		$	35,741,679		$	491,659
Investments in Affiliates, at Cost (Note 8)			-			-			9,862,980			-
Repurchase Agreements, at Cost (Note 2)			28,837,648			106,212			-			31,592
Total Cost of Investments			111,513,746			4,550,646			45,604,659			523,251
Investments, at Market Value (including securities on loan) (Note 2)(a)			79,059,050			4,941,283			35,741,679			401,664
Investments in Affiliates, at Market Value (Note 8)			-			-			9,731,000			-
Repurchase Agreements, at Market Value (Note 2)			28,837,648			106,212			-			31,592
Total Market Value of Investments			107,896,698			5,047,495			45,472,679			433,256
Cash collateral held at brokers			-			-			31,099,953			-
Dividends and Interest Receivable			14,016			12,446			237,808			3,385
Capital Shares Receivable			335,728			-			-			-
Due from Investment Advisor			-			4,758			-			4,583
Prepaid Organizational Fees			-			-			-			11,801
Prepaid Expenses			3,602			246			5,433			3,942
Total Assets			108,250,044			5,064,945			76,815,873			456,967
LIABILITIES
Cash collateral for securities on loan(b)			28,837,648			106,212			-			31,592
Advisory Fees Payable			53,262			-			25,389			-
Trustee Fees Payable			991			1,252			1,110			1,267
Securities Sold, Not Yet Purchased(c)			-			-			36,863,488			-
Payable for Securities Purchased			335,649			-			-			-
CCO Fees Payable			-			-			575			10
Dividend Payable on Securities Sold, Not Yet Purchased			-			-			55,482			-
Accrued Expenses			97,059			67,936			99,358			28,408
Total Liabilities			29,324,609			175,400			37,045,402			61,277
NET ASSETS		$	78,925,435		$	4,889,545		$	39,770,471		$	395,690
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	84,268,617		$	7,002,241		$	121,510,377		$	493,250
Total Distributable Earnings/Accumulated (Loss)			(5,343,182	)		(2,112,696	)		(81,739,906	)		(97,560	)
NET ASSETS		$	78,925,435		$	4,889,545		$	39,770,471		$	395,690
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			2,365,000			150,000			3,995,000			20,000
Net Asset Value (NAV) Per Share		$	33.37		$	32.60		$	9.96		$	19.78
(a)	Market value of securities on loan	$	28,046,883		$	157,350		$	-		$	30,673
(b)	Non-cash collateral for securities on loan	$	-		$	56,041		$	-		$	-
(c)	Proceeds Received from Securities Sold, Not Yet Purchased	$	-		$	-		$	49,877,148		$	-

See accompanying Notes to Financial Statements.

92

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares Focused Equity ETF		AdvisorShares Gerber Kawasaki ETF			AdvisorShares Hotel ETF			AdvisorShares Insider Advantage ETF(1)
ASSETS
Investments, at Cost		$	28,673,651	$	19,170,427		$	4,466,964		$	39,411,912
Repurchase Agreements, at Cost (Note 2)			-		296,724			-			382,941
Total Cost of Investments			28,673,651		19,467,151			4,466,964			39,794,853
Investments, at Market Value (including securities on loan) (Note 2)(a)			32,354,786		14,200,878			4,720,445			39,345,618
Repurchase Agreements, at Market Value (Note 2)			-		296,724			-			382,941
Total Market Value of Investments			32,354,786		14,497,602			4,720,445			39,728,559
Cash			-		-			-			51,011
Cash collateral held at brokers			2,398		-			-			-
Dividends and Interest Receivable			16,808		27,153			11,933			80,128
Receivable from Securities Sold			1,854,363		308,231			-			854,945
Reclaim Receivable			-		-			-			8,200
Due from Investment Advisor			-		-			3,758			-
Prepaid Expenses			1,659		25,239			-			5,008
Total Assets			34,230,014		14,858,225			4,736,136			40,727,851
LIABILITIES
Cash collateral for securities on loan(b)			-		296,724			-			382,941
Advisory Fees Payable			12,270		1,006			-			21,785
Trustee Fees Payable			1,234		1,218			1,252			1,095
Payable for Securities Purchased			66,748		287,290			-			-
Capital Shares Payable			-		-			-			858,926
CCO Fees Payable			-		-			93			-
Due to Custodian			1,646,789		-			-			-
Due to Broker			1,771		-			-			-
Accrued Expenses			73,647		71,406			45,283			74,262
Total Liabilities			1,802,459		657,644			46,628			1,339,009
NET ASSETS		$	32,427,555	$	14,200,581		$	4,689,508		$	39,388,842
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	27,720,493	$	25,271,133		$	5,914,313		$	61,637,180
Total Distributable Earnings/Accumulated (Loss)			4,707,062		(11,070,552	)		(1,224,805	)		(22,248,338	)
NET ASSETS		$	32,427,555	$	14,200,581		$	4,689,508		$	39,388,842
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			685,000		950,000			205,000			460,000
Net Asset Value (NAV) Per Share		$	47.34	$	14.95		$	22.88		$	85.63
(a)	Market value of securities on loan	$	-	$	279,364		$	-		$	958,028
(b)	Non-cash collateral for securities on loan	$	-	$	-		$	-		$	607,208

(1) Formerly known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

93

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares Let Bob AI Powered Momentum ETF			AdvisorShares Managed Bitcoin Strategy ETF			AdvisorShares MSOS 2X Daily ETF			AdvisorShares Newfleet Multi-Sector Income ETF
ASSETS
Investments, at Cost		$	25,771,436		$	179,971		$	3,972,677		$	25,194,921
Repurchase Agreements, at Cost (Note 2)			-			38,882			-			334
Total Cost of Investments			25,771,436			218,853			3,972,677			25,195,255
Investments, at Market Value (including securities on loan) (Note 2)(a)			25,771,436			161,453			3,972,677			23,529,910
Repurchase Agreements, at Market Value (Note 2)			-			38,882			-			334
Total Market Value of Investments			25,771,436			200,335			3,972,677			23,530,244
Cash			-			-			-			25,120
Cash collateral held at brokers			-			-			-			6,838
Unrealized Appreciation on OTC Swap Contracts			-			-			361,406			-
Dividends and Interest Receivable			80,935			537			27,643			86,154
Receivable from Securities Sold			-			-			-			87,476
Due from Investment Advisor			-			11,882			5,565			-
Prepaid CCO Fees			118			-			-			-
Prepaid Organizational Fees			3,754			34,898			19,150			-
Prepaid Expenses			2,294			259			36,660			13,902
Total Assets			25,858,537			247,911			4,423,101			23,749,734
LIABILITIES
Cash collateral for securities on loan(b)			-			38,882			-			334
Advisory Fees Payable			14,235			-			-			154
Trustee Fees Payable			899			1,267			801			1,150
Payable for Securities Purchased			-			-			-			38,850
CCO Fees Payable			-			18			895			-
Accrued Expenses			37,599			24,924			19,144			101,624
Total Liabilities			52,733			65,091			20,840			142,112
NET ASSETS		$	25,805,804		$	182,820		$	4,402,261		$	23,607,622
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	28,221,528		$	342,607		$	12,731,852		$	38,357,160
Total Distributable Earnings/Accumulated (Loss)			(2,415,724	)		(159,787	)		(8,329,591	)		(14,749,538	)
NET ASSETS		$	25,805,804		$	182,820		$	4,402,261		$	23,607,622
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			1,140,000			15,000			735,000			530,000
Net Asset Value (NAV) Per Share		$	22.64		$	12.19		$	5.99		$	44.54
(a)	Market value of securities on loan	$	-		$	37,548		$	-		$	622,119
(b)	Non-cash collateral for securities on loan	$	-		$	-		$	-		$	641,989

(a)	Market value of securities on loan
(b)	Non-cash collateral for securities on loan

See accompanying Notes to Financial Statements.

94

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares North Square McKee Core Reserves ETF			AdvisorShares Poseidon Dynamic Cannabis ETF			AdvisorShares Psychedelics ETF			AdvisorShares Pure Cannabis ETF
ASSETS
Investments, at Cost		$	31,876,169		$	5,033,981		$	13,040,774		$	93,847,794
Investments in Affiliates, at Cost (Note 8)			-			-			-			102,611,940
Repurchase Agreements, at Cost (Note 2)			4,000			62,599			-			5,794,576
Total Cost of Investments			31,880,169			5,096,580			13,040,774			202,254,310
Investments, at Market Value (including securities on loan) (Note 2)(a)			31,522,575			4,983,174			5,681,305			26,869,346
Investments in Affiliates, at Market Value (Note 8)			-			-			-			20,632,488
Repurchase Agreements, at Market Value (Note 2)			4,000			62,599			-			5,794,576
Total Market Value of Investments			31,526,575			5,045,773			5,681,305			53,296,410
Cash			-			-			536,720			-
Foreign currency(b)			-			-			-			198,985
Unrealized Appreciation on OTC Swap Contracts			-			188,193			-			-
Dividends and Interest Receivable			182,928			15,464			4,533			81,197
Receivable from Securities Sold			-			-			226,984			-
Due from Investment Advisor			2,861			4,048			9,971			-
OTC Swaps Contracts			-			-			176,645			25,850,701
Prepaid Organizational Fees			-			20,288			-			-
Prepaid Expenses			1,223			19,504			53,898			64,106
Total Assets			31,713,587			5,293,270			6,690,056			79,491,399
LIABILITIES
Unrealized Depreciation on OTC Swap Contracts			-			299			102,451			24,006,401
Cash collateral for securities on loan(c)			4,000			62,599			536,720			5,794,576
Advisory Fees Payable			-			-			-			1,113
Trustee Fees Payable			1,153			1,254			1,240			758
CCO Fees Payable			-			184			424			-
Due to Broker			-			1,923,867			-			-
Accrued Expenses			80,066			49,606			41,716			68,729
Total Liabilities			85,219			2,037,809			682,551			29,871,577
NET ASSETS		$	31,628,368		$	3,255,461		$	6,007,505		$	49,619,822
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	33,057,859		$	14,121,351		$	17,371,393		$	314,538,581
Total Distributable Earnings/Accumulated (Loss)			(1,429,491	)		(10,865,890	)		(11,363,888	)		(264,918,759	)
NET ASSETS		$	31,628,368		$	3,255,461		$	6,007,505		$	49,619,822
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			325,000			2,125,000			3,230,000			13,685,000
Net Asset Value (NAV) Per Share		$	97.32		$	1.53		$	1.86		$	3.63
(a)	Market value of securities on loan	$	671,214		$	61,768		$	384,796		$	5,283,700
(b)	Foreign currency at cost	$	-		$	-		$	-		$	198,146
(c)	Non-cash collateral for securities on loan	$	688,970		$	-		$	-		$	-

See accompanying Notes to Financial Statements.

95

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF			AdvisorShares Ranger Equity Bear ETF			AdvisorShares Restaurant ETF
ASSETS
Investments, at Cost		$	328,266,009		$	36,604,390		$	123,285,220		$	2,384,611
Investments in Affiliates, at Cost (Note 8)			17,612,674			-			19,886,000			-
Repurchase Agreements, at Cost (Note 2)			200,123			973,129			-			120,008
Total Cost of Investments			346,078,806			37,577,519			143,171,220			2,504,619
Investments, at Market Value (including securities on loan) (Note 2)(a)			272,335,789			27,746,873			122,708,973			2,317,133
Investments in Affiliates, at Market Value (Note 8)			2,645,398			-			19,462,000			-
Repurchase Agreements, at Market Value (Note 2)			200,123			973,129			-			120,008
Total Market Value of Investments			275,181,310			28,720,002			142,170,973			2,437,141
Cash collateral held at brokers			143,260,000			-			194,934,071			-
Unrealized Appreciation on OTC Swap Contracts			20,889,167			-			-			-
Dividends and Interest Receivable			1,546,566			2,852			571,514			2,279
Receivable from Securities Sold			3,682,543			1,130,755			1,791,335			-
Capital Shares Receivable			-			-			2,158,331			-
Reclaim Receivable			-			-			-			78
Due from Investment Advisor			-			-			-			5,316
Prepaid CCO Fees			6,735			-			1,846			-
OTC Swaps Contracts			515,369,920			-			-			-
Prepaid Expenses			388,314			3,432			17,748			-
Total Assets			960,324,555			29,857,041			341,645,818			2,444,814
LIABILITIES
Unrealized Depreciation on OTC Swap Contracts			429,804,734			-			-			-
Cash collateral for securities on loan(b)			200,123			973,129			-			120,008
Advisory Fees Payable			304,186			23,299			190,730			-
Trustee Fees Payable			-			1,154			781			1,383
Securities Sold, Not Yet Purchased(c)			-			-			168,115,218			-
Payable for Securities Purchased			13,077			-			9,622,579			-
Capital Shares Payable			13,634,804			1,164,588			-			-
CCO Fees Payable			-			295			-			-
Due to Custodian			5,675,205			-			-			-
Due to Custodian - Foreign Currency			28			-			-			-
Due to Broker			65,096,601			-			-			-
Dividend Payable on Securities Sold, Not Yet Purchased			-			-			191,388			-
Accrued Expenses			716,342			60,283			92,674			46,353
Total Liabilities			515,445,100			2,222,748			178,213,370			167,744
NET ASSETS		$	444,879,455		$	27,634,293		$	163,432,448		$	2,277,070
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	1,958,720,088		$	43,950,024		$	516,680,004		$	3,464,181
Total Distributable Earnings/Accumulated (Loss)			(1,513,840,633	)		(16,315,731	)		(353,247,556	)		(1,187,111	)
NET ASSETS		$	444,879,455		$	27,634,293		$	163,432,448		$	2,277,070
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			62,965,000			1,305,000			5,677,500			125,000
Net Asset Value (NAV) Per Share		$	7.07		$	21.18		$	28.79		$	18.22
(a)	Market value of securities on loan	$	183,840		$	3,211,966		$	-		$	116,304
(b)	Non-cash collateral for securities on loan	$	-		$	2,314,252		$	-		$	-
(c)	Proceeds Received from Securities Sold, Not Yet Purchased	$	-		$	-		$	171,723,990		$	-

See accompanying Notes to Financial Statements.

96

ADVISORSHARES TRUST

Statements of Assets and Liabilities

December 31, 2022 (Unaudited)

		AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF
ASSETS
Investments, at Cost		$	41,153,608		$	7,943,524
Repurchase Agreements, at Cost (Note 2)			6,444,546			342,775
Total Cost of Investments			47,598,154			8,286,299
Investments, at Market Value (including securities on loan) (Note 2)(a)			38,032,835			8,447,129
Repurchase Agreements, at Market Value (Note 2)			6,444,546			342,775
Total Market Value of Investments			44,477,381			8,789,904
Dividends and Interest Receivable			75,804			24,130
Reclaim Receivable			-			424
Due from Investment Advisor			-			2,299
Prepaid Expenses			10,163			1,116
Total Assets			44,563,348			8,817,873
LIABILITIES
Cash collateral for securities on loan(b)			6,444,546			342,775
Advisory Fees Payable			48,314			-
Trustee Fees Payable			1,137			1,237
Options Written, at value(c)			28,552			-
Due to Broker			15,780			-
Accrued Expenses			68,780			66,113
Total Liabilities			6,607,109			410,125
NET ASSETS		$	37,956,239		$	8,407,748
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	42,494,182		$	9,239,342
Total Distributable Earnings/Accumulated (Loss)			(4,537,943	)		(831,594	)
NET ASSETS		$	37,956,239		$	8,407,748
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			1,110,000			315,000
Net Asset Value (NAV) Per Share		$	34.19		$	26.69
(a)	Market value of securities on loan	$	7,622,309		$	331,695
(b)	Non-cash collateral for securities on loan	$	1,426,523		$	-
(c)	Premiums received for options written	$	42,147		$	-

See accompanying Notes to Financial Statements.

97

ADVISORSHARES TRUST

Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares Alpha DNA Equity Sentiment ETF			AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
INVESTMENT INCOME:
Dividend Income	$	441,486		$	937,160		$	491,789		$	1,064,209
Securities lending income (net) (Note 2)		6,866			51,955			1,243			52,239
Foreign withholding tax		(718	)		(54,239	)		-			-
Total Investment Income		447,634			934,876			493,032			1,116,448
EXPENSES:
Advisory Fees		192,480			147,023			158,466			333,437
Accounting & Administration Fees		22,379			43,591			37,483			37,586
Professional Fees		16,242			15,168			15,010			21,399
Exchange Listing Fees		4,285			3,355			4,217			4,242
Custody Fees		7,543			2,420			4,334			4,255
Report to Shareholders		9,120			7,511			6,986			15,300
Trustee Fees		2,821			2,773			2,777			3,085
CCO Fees		2,980			2,464			2,426			5,045
Pricing Fees		-			-			2,017			1,881
Transfer Agent Fees		1,899			1,471			1,585			3,336
Insurance Fees		1,029			812			849			1,771
Miscellaneous Fees		1,049			2,107			802			1,665
Total Expenses		261,827			228,695			236,952			433,002
Advisory Fees Waived/Recoupment		-			(13,061	)		(27,776	)		7,137
Net Expenses		261,827			215,634			209,176			440,139
Net Investment Income (Loss)		185,807			719,242			283,856			676,309
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(2,560,274	)		(3,410,801	)		(4,701,173	)		(641,365	)
In-Kind Redemptions		815,376			47,545			43,920			(95,691	)
Options Written		(60	)		-			-			-
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		6,042,600			2,800,798			1,550,211			2,347,338
Net Realized and Unrealized Gain (Loss)		4,297,642			(562,458	)		(3,107,042	)		1,610,282
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,483,449		$	156,784		$	(2,823,186	)	$	2,286,591

See accompanying Notes to Financial Statements.

98

ADVISORSHARES TRUST

Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares Dorsey Wright FSM US Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares Drone Technology ETF(1)
INVESTMENT INCOME:
Dividend Income	$	780,546		$	83,480		$	571,799		$	1,632
Dividend Income from Affiliates		-			-			116,270			-
Interest Income		-			-			486,510			-
Securities lending income (net) (Note 2)		60,793			4,288			-			16,606
Foreign withholding tax		-			(242	)		-			(8	)
Total Investment Income		841,339			87,526			1,174,579			18,230
EXPENSES:
Advisory Fees		302,255			24,034			171,921			1,418
Accounting & Administration Fees		36,316			38,057			36,317			6,243
Professional Fees		20,815			10,872			11,802			9,885
Exchange Listing Fees		4,186			3,976			4,285			4,285
Custody Fees		3,851			2,030			2,751			840
Report to Shareholders		14,082			1,713			8,103			110
Trustee Fees		3,043			2,525			2,770			2,476
CCO Fees		4,558			441			1,546			26
Pricing Fees		2,021			-			-			-
Transfer Agent Fees		3,023			240			1,719			17
Insurance Fees		1,556			101			793			7
Registration Fees		3			11			311			533
Organizational Fees		-			-			-			2,383
Dividend Expense		-			-			295,197			-
Miscellaneous Fees		1,618			280			653			340
Total Expenses		397,327			84,280			538,168			28,563
Advisory Fees Waived/Recoupment		4,141			(24,034	)		18,524			(1,418	)
Expense Reimbursement		(2,492	)		(20,189	)		-			(24,952	)
Net Expenses		398,976			40,057			556,692			2,193
Net Investment Income (Loss)		442,363			47,469			617,887			16,037
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(18,648	)		(688,083	)		(911	)		(7,068	)
In-Kind Redemptions		(63,887	)		124,870			-			(1,412	)
Short Sales		-			-			(5,855,731	)		-
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,440,312			817,626			-			(13,039	)
Investments in Affiliates		-			-			(7,000	)		-
Short Sales		-			-			1,317,142			-
Net Realized and Unrealized Gain (Loss)		3,357,777			254,413			(4,546,500	)		(21,519	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,800,140		$	301,882		$	(3,928,613	)	$	(5,482	)

(1) Represents the period April 27, 2022 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

99

ADVISORSHARES TRUST

Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares Focused Equity ETF			AdvisorShares Gerber Kawasaki ETF			AdvisorShares Hotel ETF			AdvisorShares Insider Advantage ETF(1)
INVESTMENT INCOME:
Dividend Income	$	192,844		$	142,595		$	42,891		$	604,280
Securities lending income (net) (Note 2)		137			65,627			666			3,184
Foreign withholding tax		-			(15,243	)		-			(691	)
Total Investment Income		192,981			192,979			43,557			606,773
EXPENSES:
Advisory Fees		126,231			60,488			16,704			168,347
Accounting & Administration Fees		38,343			17,603			18,121			36,932
Professional Fees		13,687			12,149			10,592			16,535
Exchange Listing Fees		4,285			4,285			4,285			4,285
Custody Fees		2,241			2,441			1,259			2,921
Report to Shareholders		5,972			3,485			1,117			9,396
Trustee Fees		2,648			2,590			2,514			2,803
CCO Fees		1,605			902			276			2,637
Transfer Agent Fees		1,131			605			209			1,804
Insurance Fees		548			218			67			1,197
Registration Fees		48			533			-			64
Miscellaneous Fees		394			462			386			927
Total Expenses		197,133			105,761			55,530			247,848
Advisory Fees Waived/Recoupment		-			(45,273	)		(16,704	)		(31,402	)
Expense Reimbursement		(71,236	)		-			(11,264	)		-
Net Expenses		125,897			60,488			27,562			216,446
Net Investment Income (Loss)		67,084			132,491			15,995			390,327
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(490,560	)		(2,232,495	)		(1,074,921	)		(4,509,465	)
In-Kind Redemptions		2,011,461			92,914			15,601			6,304,662
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,836,193			981,365			1,828,261			(1,332,664	)
Net Realized and Unrealized Gain (Loss)		3,357,094			(1,158,216	)		768,941			462,533
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,424,178		$	(1,025,725	)	$	784,936		$	852,860

(1) Formerly known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

100

ADVISORSHARES TRUST

Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares Let Bob AI Powered Momentum ETF			AdvisorShares Managed Bitcoin Strategy ETF			AdvisorShares MSOS 2X Daily ETF(1)			AdvisorShares Newfleet Multi-Sector Income ETF
INVESTMENT INCOME:
Dividend Income	$	322,607		$	931		$	50,037		$	-
Interest Income		-			-			-			834,580
Securities lending income (net) (Note 2)		26			518			-			586
Total Investment Income		322,633			1,449			50,037			835,166
EXPENSES:
Advisory Fees		89,183			1,177			11,418			138,087
Accounting & Administration Fees		9,764			6,369			6,431			55,153
Professional Fees		12,913			9,915			14,002			22,918
Exchange Listing Fees		4,482			4,285			3,530			4,285
Custody Fees		2,544			847			1,186			5,750
Report to Shareholders		3,760			119			2,076			14,197
Trustee Fees		2,358			2,476			2,027			3,067
CCO Fees		1,157			33			993			4,583
Transfer Agent Fees		956			10			104			2,071
Insurance Fees		275			11			743			1,630
Registration Fees		533			533			533			-
Organizational Fees		7,562			45,371			12,466			-
Miscellaneous Fees		576			224			207			1,429
Total Expenses		136,063			71,370			55,716			253,170
Advisory Fees Waived/Recoupment		(9,933	)		(1,177	)		(11,418	)		(46,039	)
Expense Reimbursement		-			(68,244	)		(31,538	)		-
Net Expenses		126,130			1,949			12,760			207,131
Net Investment Income (Loss)		196,503			(500	)		37,277			628,035
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(786,248	)		(85,457	)		-			(4,454,035	)
In-Kind Redemptions		-			29,284			-			-
Swaps		-			-			(8,728,274	)		-
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		90,393			116,812			-			3,523,598
Swaps		-			-			361,406			-
Net Realized and Unrealized Gain (Loss)		(695,855	)		60,639			(8,366,868	)		(930,437	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(499,352	)	$	60,139		$	(8,329,591	)	$	(302,402	)

(1) Represents the period August 24, 2022 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

101

ADVISORSHARES TRUST

Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares North Square McKee Core Reserves ETF			AdvisorShares Poseidon Dynamic Cannabis ETF(1)			AdvisorShares Psychedelics ETF(2)				AdvisorShares Pure Cannabis ETF
INVESTMENT INCOME:
Dividend Income	$	23,014		$	55,859		$	5,462			$	165,141
Non-cash dividends		-			-			140,815				-
Interest Income		410,111			-			-				-
Securities lending income (net) (Note 2)		938			2,561			39,943				237,966
Total Investment Income		434,063			58,420			186,220				403,107
EXPENSES:
Advisory Fees		50,541			19,604			22,622				208,551
Accounting & Administration Fees		40,231			10,157			13,725				36,713
Professional Fees		14,160			18,584			38,130				19,667
Exchange Listing Fees		4,285			4,285			4,285				4,119
Custody Fees		2,345			1,380			1,844				4,580
Report to Shareholders		6,328			789			3,866				24,684
Trustee Fees		2,718			2,508			2,511		��		2,971
CCO Fees		1,869			236			828				4,335
Transfer Agent Fees		1,264			184			283				2,607
Insurance Fees		991			74			67				1,768
Registration Fees		-			533			533				-
Organizational Fees		-			5,631			6,164				-
Miscellaneous Fees		673			555			359				1,516
Total Expenses		125,405			64,520			95,217				311,511
Advisory Fees Waived/Recoupment		(50,541	)		(19,604	)		(22,622	)			(130,736	)
Expense Reimbursement		(15,900	)		(20,656	)		(35,270	)			-
Net Expenses		58,964			24,260			37,325				180,775
Net Investment Income (Loss)		375,099			34,160			148,895				222,332
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(35,988	)		(309,141	)		(1,952,820	)			(22,020,831	)
Investments in Affiliates		-			-			-				(11,883,875	)
Swaps		-			(1,985,666	)		(460,147	)			(65,702	)
Foreign Currency Transactions		-			-			-				(14,336	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		5,229			85,325			(838,559	)			13,988,894
Investments in Affiliates		-			-			-				(695,967	)
Swaps		-			199,456			390,703				(2,183,527	)
Foreign Currency Translations		-			-			-				1,714
Net Realized and Unrealized Gain (Loss)		(30,759	)		(2,010,026	)		(2,860,823	)			(22,873,630	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	344,340		$	(1,975,866	)	$	(2,711,928	)		$	(22,651,298	)

(1)	Represents the period November 17, 2021 (commencement of operations) to December 31, 2022.
(2)	Represents the period September 16, 2021 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

102

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF			AdvisorShares Ranger Equity Bear ETF			AdvisorShares Restaurant ETF
INVESTMENT INCOME:
Dividend Income	$	5,719,318		$	163,093		$	428,678		$	28,679
Dividend Income from Affiliates		-			-			232,540			-
Interest Income		-			-			2,505,127			-
Securities lending income (net) (Note 2)		4,448			9,193			-			7,652
Foreign withholding tax		-			-			-			(312	)
Total Investment Income		5,723,766			172,286			3,166,345			36,019
EXPENSES:
Advisory Fees		1,921,291			161,506			1,137,561			8,097
Accounting & Administration Fees		173,826			22,451			37,523			18,043
Professional Fees		98,943			15,450			29,852			10,096
Exchange Listing Fees		4,285			4,285			4,285			4,285
Custody Fees		27,846			2,533			7,284			965
Report to Shareholders		129,583			8,549			30,856			367
Trustee Fees		6,487			2,780			3,553			2,445
CCO Fees		35,005			2,377			7,822			149
Pricing Fees		-			-			2,010			-
Transfer Agent Fees		24,019			1,346			5,688			101
Insurance Fees		12,031			864			2,761			34
Registration Fees		15,872			-			-			-
Dividend Expense		-			-			939,160			-
Miscellaneous Fees		10,581			996			3,684			345
Total Expenses		2,459,769			223,137			2,212,039			44,927
Advisory Fees Waived/Recoupment		(90,182	)		3,158			-			(8,097	)
Expense Reimbursement		-			-			-			(23,470	)
Net Expenses		2,369,587			226,295			2,212,039			13,360
Net Investment Income (Loss)		3,354,179			(54,009	)		954,306			22,659
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(41,914,916	)		(376,228	)		(7	)		(241,600	)
Investments in Affiliates		(47,007,593	)		-			-			-
In-Kind Redemptions		(76,863	)		(1,753,018	)		-			(19,702	)
In-Kind Redemptions in Affiliates		(85,499	)		-			-			-
Swaps		(231,443,035	)		-			-			-
Short Sales		-			-			(12,221,759	)		-
Foreign Currency Transactions		1			-			-			-
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		25,764,101			1,392,751			(402,976	)		481,320
Investments in Affiliates		53,661,100			-			(14,000	)		-
Short Sales		-			-			(6,947,806	)		-
Swaps		(21,612,965	)		-			-			-
Foreign Currency Translations		(1	)		-			-			-
Net Realized and Unrealized Gain (Loss)		(262,715,670	)		(736,495	)		(19,586,548	)		220,018
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(259,361,491	)	$	(790,504	)	$	(18,632,242	)	$	242,677

See accompanying Notes to Financial Statements.

103

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

	AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF
INVESTMENT INCOME:
Dividend Income	$	417,212		$	109,587
Securities lending income (net) (Note 2)		8,171			812
Foreign withholding tax		-			(1,389	)
Total Investment Income		425,383			109,010
EXPENSES:
Advisory Fees		212,955			27,038
Accounting & Administration Fees		37,015			36,827
Professional Fees		15,525			10,724
Exchange Listing Fees		4,285			4,285
Custody Fees		2,607			1,429
Report to Shareholders		8,274			2,120
Trustee Fees		2,736			2,534
CCO Fees		2,089			480
Transfer Agent Fees		1,451			338
Insurance Fees		700			169
Registration Fees		510			-
Miscellaneous Fees		769			218
Total Expenses		288,916			86,162
Advisory Fees Waived/Recoupment		67,855			(27,038	)
Expense Reimbursement		-			(14,511	)
Net Expenses		356,771			44,613
Net Investment Income (Loss)		68,612			64,397
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(923,706	)		(884,665	)
In-Kind Redemptions		-			108,106
Options Written		(62,774	)		-
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,183,172			1,284,840
Options Written		(14,554	)		-
Net Realized and Unrealized Gain (Loss)		182,138			508,281
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	250,750		$	572,678

See accompanying Notes to Financial Statements.

104

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Alpha DNA Equity Sentiment ETF						AdvisorShares Dorsey Wright ADR ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	185,807		$	(39,604	)	$	719,242		$	1,811,453
Net Realized Gain (Loss)		(1,744,958	)		(9,674,922	)		(3,363,256	)		1,889,719
Net Change in Unrealized Appreciation (Depreciation)		6,042,600			(8,507,113	)		2,800,798			(20,545,915	)
Net Increase (Decrease) In Net Assets Resulting From Operations		4,483,449			(18,221,639	)		156,784			(16,844,743	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		-			-			(752,726	)		(1,200,067	)
Total Distributions		-			-			(752,726	)		(1,200,067	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		-			40,215,570			-			-
Value of Shares Redeemed		(10,520,822	)		(41,327,340	)		(7,741,260	)		(28,853,838	)
Net Increase (Decrease) From Capital Stock Transactions		(10,520,822	)		(1,111,770	)		(7,741,260	)		(28,853,838	)
Net Increase (Decrease) in Net Assets		(6,037,373	)		(19,333,409	)		(8,337,202	)		(46,898,648	)
Net Assets:
Beginning of Year/Period		50,573,332			69,906,741			41,937,820			88,836,468
End of Year/Period	$	44,535,959		$	50,573,332		$	33,600,618		$	41,937,820
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,430,000			2,535,000			865,000			1,335,000
Shares Sold		-			1,445,000			-			-
Shares Repurchased		(460,000	)		(1,550,000	)		(160,000	)		(470,000	)
Shares Outstanding, End of Year/Period		1,970,000			2,430,000			705,000			865,000

See accompanying Notes to Financial Statements.

105

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Alpha Equal Weight ETF						AdvisorShares Dorsey Wright FSM All Cap World ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	283,856		$	(19,193	)	$	676,309		$	20,265
Net Realized Gain (Loss)		(4,657,253	)		(15,107,867	)		(737,056	)		(17,005,868	)
Net Change in Unrealized Appreciation (Depreciation)		1,550,211			(2,397,719	)		2,347,338			(2,715,526	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(2,823,186	)		(17,524,779	)		2,286,591			(19,701,129	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(236,127	)		(1,162,299	)		(459,135	)		(2,192,696	)
Total Distributions		(236,127	)		(1,162,299	)		(459,135	)		(2,192,696	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		2,148,220			68,469,951			10,791,964			86,954,010
Value of Shares Redeemed		(6,131,940	)		(86,479,636	)		(10,355,370	)		(136,556,384	)
Net Increase (Decrease) From Capital Stock Transactions		(3,983,720	)		(18,009,685	)		436,594			(49,602,374	)
Net Increase (Decrease) in Net Assets		(7,043,033	)		(36,696,763	)		2,264,050			(71,496,199	)
Net Assets:
Beginning of Year/Period		42,696,908			79,393,671			84,176,676			155,672,875
End of Year/Period	$	35,653,875		$	42,696,908		$	86,440,726		$	84,176,676
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,060,000			2,850,000			2,775,000			4,250,000
Shares Sold		100,000			2,440,000			345,000			2,270,000
Shares Repurchased		(310,000	)		(3,230,000	)		(335,000	)		(3,745,000	)
Shares Outstanding, End of Year/Period		1,850,000			2,060,000			2,785,000			2,775,000

See accompanying Notes to Financial Statements.

106

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright FSM US Core ETF						AdvisorShares Dorsey Wright Micro-Cap ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	442,363		$	267,581		$	47,469		$	40,920
Net Realized Gain (Loss)		(82,535	)		7,670,452			(563,213	)		194,942
Net Change in Unrealized Appreciation (Depreciation)		3,440,312			(21,632,697	)		817,626			(2,235,824	)
Net Increase (Decrease) In Net Assets Resulting From Operations		3,800,140			(13,694,664	)		301,882			(1,999,962	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(703,470	)		(367,102	)		(38,413	)		(38,855	)
Distributions – Return of capital		-			-			-			(9,609	)
Total Distributions		(703,470	)		(367,102	)		(38,413	)		(48,464	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		844,149			48,884,270			167,011			6,397,157
Value of Shares Redeemed		(4,778,912	)		(48,707,954	)		(2,916,479	)		(5,872,501	)
Net Increase (Decrease) From Capital Stock Transactions		(3,934,763	)		176,316			(2,749,468	)		524,656
Net Increase (Decrease) in Net Assets		(838,093	)		(13,885,450	)		(2,485,999	)		(1,523,770	)
Net Assets:
Beginning of Year/Period		79,763,528			93,648,978			7,375,544			8,899,314
End of Year/Period	$	78,925,435		$	79,763,528		$	4,889,545		$	7,375,544
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,480,000			2,525,000			245,000			235,000
Shares Sold		25,000			1,355,000			5,000			170,000
Shares Repurchased		(140,000	)		(1,400,000	)		(100,000	)		(160,000	)
Shares Outstanding, End of Year/Period		2,365,000			2,480,000			150,000			245,000

See accompanying Notes to Financial Statements.

107

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Short ETF						AdvisorShares Drone Technology ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			For the period April 27, 2022* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	617,887		$	(731,788	)	$	16,037		$	1,849
Net Realized Gain (Loss)		(5,856,642	)		(4,319,311	)		(8,480	)		1,025
Net Change in Unrealized Appreciation (Depreciation)		1,310,142			11,883,100			(13,039	)		(76,956	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(3,928,613	)		6,832,001			(5,482	)		(74,082	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		-			-			(17,996	)		-
Total Distributions		-			-			(17,996	)		-
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		36,929,730			31,836,759			113,327			625,000
Value of Shares Redeemed		(40,229,905	)		(16,833,886	)		(245,077	)		-
Net Increase (Decrease) From Capital Stock Transactions		(3,300,175	)		15,002,873			(131,750	)		625,000
Net Increase (Decrease) in Net Assets		(7,228,788	)		21,834,874			(155,228	)		550,918
Net Assets:
Beginning of Year/Period		46,999,259			25,164,385			550,918			-
End of Year/Period	$	39,770,471		$	46,999,259		$	395,690		$	550,918
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		4,480,000			2,930,000			25,000			-
Shares Sold		3,775,000			3,390,000			5,000			25,000
Shares Repurchased		(4,260,000	)		(1,840,000	)		(10,000	)		-
Shares Outstanding, End of Year/Period		3,995,000			4,480,000			20,000			25,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

108

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Focused Equity ETF						AdvisorShares Gerber Kawasaki ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			For the Period July 2, 2021* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	67,084		$	112,077		$	132,491		$	54,600
Net Realized Gain (Loss)		1,520,901			3,192,990			(2,139,581	)		(3,952,421	)
Net Change in Unrealized Appreciation (Depreciation)		1,836,193			(6,401,532	)		981,365			(5,950,914	)
Net Increase (Decrease) In Net Assets Resulting From Operations		3,424,178			(3,096,465	)		(1,025,725	)		(9,848,735	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(155,922	)		(52,120	)		(185,487	)		(9,594	)
Total Distributions		(155,922	)		(52,120	)		(185,487	)		(9,594	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		8,035,330			11,183,176			2,189,432			28,966,567
Value of Shares Redeemed		(6,973,992	)		(8,857,828	)		(2,623,866	)		(3,262,011	)
Net Increase (Decrease) From Capital Stock Transactions		1,061,338			2,325,348			(434,434	)		25,704,556
Net Increase (Decrease) in Net Assets		4,329,594			(823,237	)		(1,645,646	)		15,846,227
Net Assets:
Beginning of Year/Period		28,097,961			28,921,198			15,846,227			-
End of Year/Period	$	32,427,555		$	28,097,961		$	14,200,581		$	15,846,227
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		665,000			620,000			970,000			-
Shares Sold		170,000			215,000			125,000			1,125,000
Shares Repurchased		(150,000	)		(170,000	)		(145,000	)		(155,000	)
Shares Outstanding, End of Year/Period		685,000			665,000			950,000			970,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

109

ADVISORSHARES TRUST

Statements of Changes in Net Assets

	AdvisorShares Hotel ETF						AdvisorShares Insider Advantage ETF(1)
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	15,995		$	(6,108	)	$	390,327		$	553,143
Net Realized Gain (Loss)		(1,059,320	)		23,624			1,795,197			5,815,533
Net Change in Unrealized Appreciation (Depreciation)		1,828,261			(1,292,991	)		(1,332,664	)		(10,804,313	)
Net Increase (Decrease) In Net Assets Resulting From Operations		784,936			(1,275,475	)		852,860			(4,435,637	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(9,873	)		(32,154	)		(693,692	)		(520,610	)
Total Distributions		(9,873	)		(32,154	)		(693,692	)		(520,610	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		-			5,342,715			29,857,485			6,473,012
Value of Shares Redeemed		(1,982,506	)		(5,861,734	)		(37,005,991	)		(3,381,200	)
Net Increase (Decrease) From Capital Stock Transactions		(1,982,506	)		(519,019	)		(7,148,506	)		3,091,812
Net Increase (Decrease) in Net Assets		(1,207,443	)		(1,826,648	)		(6,989,338	)		(1,864,435	)
Net Assets:
Beginning of Year/Period		5,896,951			7,723,599			46,378,180			48,242,615
End of Year/Period	$	4,689,508		$	5,896,951		$	39,388,842		$	46,378,180
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		300,000			315,000			540,000			505,000
Shares Sold		-			220,000			345,000			70,000
Shares Repurchased		(95,000	)		(235,000	)		(425,000	)		(35,000	)
Shares Outstanding, End of Year/Period		205,000			300,000			460,000			540,000

(1) Formerly known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

110

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Let Bob AI Powered Momentum ETF						AdvisorShares Managed Bitcoin Strategy ETF
	Six months ended December 31, 2022 (Unaudited)			For the period February 9, 2022* to June 30, 2022			Six months ended December 31, 2022 (Unaudited)			For the period April 27, 2022* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	196,503		$	(36,771	)	$	(500	)	$	(818	)
Net Realized Gain (Loss)		(786,248	)		(1,625,071	)		(56,173	)		(158,703	)
Net Change in Unrealized Appreciation (Depreciation)		90,393			(90,393	)		116,812			(135,330	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(499,352	)		(1,752,235	)		60,139			(294,851	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(164,137	)		-			(50,761	)		-
Total Distributions		(164,137	)		-			(50,761	)		-
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		2,966,877			25,935,550			83,444			21,000,864
Value of Shares Redeemed		(680,899	)		-			(426,731	)		(20,189,284	)
Net Increase (Decrease) From Capital Stock Transactions		2,285,978			25,935,550			(343,287	)		811,580
Net Increase (Decrease) in Net Assets		1,622,489			24,183,315			(333,909	)		516,729
Net Assets:
Beginning of Year/Period		24,183,315			-			516,729			-
End of Year/Period	$	25,805,804		$	24,183,315		$	182,820		$	516,729
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		1,040,000			-			35,000			-
Shares Sold		130,000			1,040,000			5,000			1,070,000
Shares Repurchased		(30,000	)		-			(25,000	)		(1,035,000	)
Shares Outstanding, End of Year/Period		1,140,000			1,040,000			15,000			35,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

111

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares MSOS 2X Daily ETF			AdvisorShares Newfleet Multi-Sector Income ETF
	For the period August 24, 2022* to December 31, 2022 (Unaudited)			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	37,277		$	628,035		$	1,301,513
Net Realized Gain (Loss)		(8,728,274	)		(4,454,035	)		(606,602	)
Net Change in Unrealized Appreciation (Depreciation)		361,406			3,523,598			(5,873,888	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(8,329,591	)		(302,402	)		(5,178,977	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		-			(738,413	)		(1,469,967	)
Total Distributions		-			(738,413	)		(1,469,967	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		12,731,852			-			8,066,264
Value of Shares Redeemed		-			(59,033,163	)		(14,694,308	)
Net Increase (Decrease) From Capital Stock Transactions		12,731,852			(59,033,163	)		(6,628,044	)
Net Increase (Decrease) in Net Assets		4,402,261			(60,073,978	)		(13,276,988	)
Net Assets:
Beginning of Year/Period		-			83,681,600			96,958,588
End of Year/Period	$	4,402,261		$	23,607,622		$	83,681,600
Changes in Shares Outstanding								��
Shares Outstanding, Beginning of Year/Period		-			1,835,000			1,985,000
Shares Sold		735,000			-			165,000
Shares Repurchased		-			(1,305,000	)		(315,000	)
Shares Outstanding, End of Year/Period		735,000			530,000			1,835,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

112

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares North Square McKee Core Reserves ETF						AdvisorShares Poseidon Dynamic Cannabis ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			For the period November 17, 2021* to June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	375,099		$	195,963		$	34,160		$	(37,558	)
Net Realized Gain (Loss)		(35,988	)		45,215			(2,294,807	)		(8,707,938	)
Net Change in Unrealized Appreciation (Depreciation)		5,229			(492,742	)		284,781			(147,694	)
Net Increase (Decrease) In Net Assets Resulting From Operations		344,340			(251,564	)		(1,975,866	)		(8,893,190	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(391,163	)		(206,678	)		-			-
Total Distributions		(391,163	)		(206,678	)		-			-
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		485,661			2,455,644			874,552			13,802,346
Value of Shares Redeemed		(3,897,131	)		(9,343,134	)		-			(552,381	)
Net Increase (Decrease) From Capital Stock Transactions		(3,411,470	)		(6,887,490	)		874,552			13,249,965
Net Increase (Decrease) in Net Assets		(3,458,293	)		(7,345,732	)		(1,101,314	)		4,356,775
Net Assets:
Beginning of Year/Period		35,086,661			42,432,393			4,356,775			-
End of Year/Period	$	31,628,368		$	35,086,661		$	3,255,461		$	4,356,775
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		360,000			430,000			1,780,000			-
Shares Sold		5,000			25,000			345,000			1,995,000
Shares Repurchased		(40,000	)		(95,000	)		-			(215,000	)
Shares Outstanding, End of Year/Period		325,000			360,000			2,125,000			1,780,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

113

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Psychedelics ETF						AdvisorShares Pure Cannabis ETF
	Six months ended December 31, 2022 (Unaudited)			For the period September 16, 2021* to June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	148,895		$	(22,971	)	$	222,332		$	213,406
Net Realized Gain (Loss)		(2,412,967	)		(1,462,994	)		(33,984,744	)		(50,275,886	)
Net Change in Unrealized Appreciation (Depreciation)		(447,856	)		(7,014,064	)		11,111,114			(177,754,807	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(2,711,928	)		(8,500,029	)		(22,651,298	)		(227,817,287	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(160,462	)		-			(17,517	)		(7,501,781	)
Distributions		-			-			-			(252,376	)
Total Distributions		(160,462	)		-			(17,517	)		(7,754,157	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		3,371,191			14,008,733			472,085			1,430,696
Value of Shares Redeemed		-			-			-			(48,450,969	)
Net Increase (Decrease) From Capital Stock Transactions		3,371,191			14,008,733			472,085			(47,020,273	)
Net Increase (Decrease) in Net Assets		498,801			5,508,704			(22,196,730	)		(282,591,717	)
Net Assets:
Beginning of Year/Period		5,508,704			-			71,816,552			354,408,269
End of Year/Period	$	6,007,505		$	5,508,704		$	49,619,822		$	71,816,552
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		2,155,000			-			13,605,000			16,755,000
Shares Sold		1,075,000			2,155,000			80,000			210,000
Shares Repurchased		-			-			-			(3,360,000	)
Shares Outstanding, End of Year/Period		3,230,000			2,155,000			13,685,000			13,605,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

114

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Pure US Cannabis ETF						AdvisorShares Q Dynamic Growth ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	3,354,179		$	(3,686,647	)	$	(54,009	)	$	(474,657	)
Net Realized Gain (Loss)		(320,527,905	)		(722,687,915	)		(2,129,246	)		(4,864,676	)
Net Change in Unrealized Appreciation (Depreciation)		57,812,235			(472,948,355	)		1,392,751			(15,140,779	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(259,361,491	)		(1,199,322,917	)		(790,504	)		(20,480,112	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		-			(3,055,414	)		-			-
Total Distributions		-			(3,055,414	)		-			-
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		237,495,395			968,257,354			1,653,241			55,320,778
Value of Shares Redeemed		(47,945,471	)		(201,882,496	)		(13,527,477	)		(63,304,550	)
Net Increase (Decrease) From Capital Stock Transactions		189,549,924			766,374,858			(11,874,236	)		(7,983,772	)
Net Increase (Decrease) in Net Assets		(69,811,567	)		(436,003,473	)		(12,664,740	)		(28,463,884	)
Net Assets:
Beginning of Year/Period		514,691,022			950,694,495			40,299,033			68,762,917
End of Year/Period	$	444,879,455		$	514,691,022		$	27,634,293		$	40,299,033
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		49,740,000			23,640,000			1,830,000			2,445,000
Shares Sold		19,730,000			34,520,000			75,000			1,885,000
Shares Repurchased		(6,505,000	)		(8,420,000	)		(600,000	)		(2,500,000	)
Shares Outstanding, End of Year/Period		62,965,000			49,740,000			1,305,000			1,830,000

See accompanying Notes to Financial Statements.

115

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Ranger Equity Bear ETF						AdvisorShares Restaurant ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	954,306		$	(3,180,143	)	$	22,659		$	24,320
Net Realized Gain (Loss)		(12,221,766	)		26,673,974			(261,302	)		(769,005	)
Net Change in Unrealized Appreciation (Depreciation)		(7,364,782	)		11,102,644			481,320			(517,861	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(18,632,242	)		34,596,475			242,677			(1,262,546	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		-			-			(53,627	)		(6,358	)
Total Distributions		-			-			(53,627	)		(6,358	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		139,143,319			131,971,269			-			-
Value of Shares Redeemed		(123,263,372	)		(51,038,274	)		(542,826	)		(2,088,536	)
Net Increase (Decrease) From Capital Stock Transactions		15,879,947			80,932,995			(542,826	)		(2,088,536	)
Net Increase (Decrease) in Net Assets		(2,752,295	)		115,529,470			(353,776	)		(3,357,440	)
Net Assets:
Beginning of Year/Period		166,184,743			50,655,273			2,630,846			5,988,286
End of Year/Period	$	163,432,448		$	166,184,743		$	2,277,070		$	2,630,846
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		5,217,500			2,202,500			155,000			245,000
Shares Sold		4,805,000			4,975,000			-			-
Shares Repurchased		(4,345,000	)		(1,960,000	)		(30,000	)		(90,000	)
Shares Outstanding, End of Year/Period		5,677,500			5,217,500			125,000			155,000

See accompanying Notes to Financial Statements.

116

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares STAR Global Buy-Write ETF						AdvisorShares Vice ETF
	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	68,612		$	94,014		$	64,397		$	66,995
Net Realized Gain (Loss)		(986,480	)		520,125			(776,559	)		(126,093	)
Net Change in Unrealized Appreciation (Depreciation)		1,168,618			(5,826,783	)		1,284,840			(3,846,483	)
Net Increase (Decrease) In Net Assets Resulting From Operations		250,750			(5,212,644	)		572,678			(3,905,581	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(717,637	)		(166,381	)		(80,579	)		(118,472	)
Total Distributions		(717,637	)		(166,381	)		(80,579	)		(118,472	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		876,091			25,014,673			-			-
Value of Shares Redeemed		-			(411,757	)		(778,910	)		(1,170,108	)
Net Increase (Decrease) From Capital Stock Transactions		876,091			24,602,916			(778,910	)		(1,170,108	)
Net Increase (Decrease) in Net Assets		409,204			19,223,891			(286,811	)		(5,194,161	)
Net Assets:
Beginning of Year/Period		37,547,035			18,323,144			8,694,559			13,888,720
End of Year/Period	$	37,956,239		$	37,547,035		$	8,407,748		$	8,694,559
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		1,085,000			460,000			345,000			385,000
Shares Sold		25,000			635,000			-			-
Shares Repurchased		-			(10,000	)		(30,000	)		(40,000	)
Shares Outstanding, End of Year/Period		1,110,000			1,085,000			315,000			345,000

See accompanying Notes to Financial Statements.

117

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Alpha DNA Equity Sentiment ETF	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			For the period February 2, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	20.81		$	27.58		$	25.35
Investment Operations
Net Investment Income (Loss)(1)		0.08			(0.01	)		(0.07	)
Net Realized and Unrealized Gain (Loss)		1.72			(6.76	)		2.30
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		1.80			(6.77	)		2.23
Net Asset Value, End of Year/Period	$	22.61		$	20.81		$	27.58
Market Value, End of Year/Period		22.56		$	20.73		$	27.58
Total Return
Total Investment Return Based on Net Asset Value(3)		8.62	%		(24.53	)%		8.78	%
Total Investment Return Based on Market(3)		8.83	%		(24.84	)%		8.80	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	44,536		$	50,573		$	69,907
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		1.03	%		0.98	%		1.08	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.03	%		0.98	%		1.08	%
Net Investment Income (Loss)(4)		0.73	%		(0.06	)%		(0.67	)%
Portfolio Turnover Rate(5)		251	%		537	%		244	%

AdvisorShares Dorsey Wright ADR ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	48.48		$	66.54		$	53.25		$	49.75		$	53.34		$	46.56
Investment Operations
Net Investment Income (Loss)(1)		0.90			1.62			0.27			(0.03	)		0.23			0.55
Net Realized and Unrealized Gain (Loss)		(0.73	)		(18.48	)		13.23			3.54			(3.51	)		6.66
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		0.17			(16.86	)		13.50			3.51			(3.28	)		7.21
Distributions from Net Investment Income		(0.99	)		(1.20	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)
Total Distributions		(0.99	)		(1.20	)		(0.21	)		(0.01	)		(0.31	)		(0.43	)
Net Asset Value, End of Year/Period	$	47.66		$	48.48		$	66.54		$	53.25		$	49.75		$	53.34
Market Value, End of Year/Period		47.65		$	48.47		$	66.49		$	52.97		$	49.69		$	53.19
Total Return
Total Investment Return Based on Net Asset Value(3)		0.44	%		(25.51	)%		25.39	%		7.06	%		(6.16	)%		15.45	%
Total Investment Return Based on Market(3)		0.45	%		(25.45	)%		25.95	%		6.62	%		(6.00	)%		15.01	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	33,601		$	41,938		$	88,836		$	75,879		$	108,198		$	246,701
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		1.10	%		0.99	%		1.10	%		1.02	%		0.88	%		1.02	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.17	%		1.00	%		0.96	%		0.97	%		1.07	%		0.95	%
Net Investment Income (Loss)(4)		3.67	%		2.59	%		0.44	%		(0.06	)%		0.47	%		0.96	%
Portfolio Turnover Rate(5)		46	%		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.

118

ADVISORSHARES TRUST
Financial Highlights

	Six months ended December 31, 2022			Years Ended June 30,						For the period December 26, 2019* to June 30,
AdvisorShares Dorsey Wright Alpha Equal Weight ETF	(Unaudited)			2022			2021			2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	20.73		$	27.86		$	20.43		$	25.09
Investment Operations
Net Investment Income (Loss)(1)		0.14			(0.01	)		(0.11	)		0.01
Net Realized and Unrealized Gain (Loss)		(1.47	)		(6.73	)		7.55			(4.67	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(1.33	)		(6.74	)		7.44			(4.66	)
Distributions from Net Investment Income		(0.13	)		-			(0.01	)		-
Distributions from Realized Capital Gains		-			(0.39	)		-			-
Total Distributions		(0.13	)		(0.39	)		(0.01	)		-
Net Asset Value, End of Year/Period	$	19.27		$	20.73		$	27.86		$	20.43
Market Value, End of Year/Period		19.28		$	20.68		$	27.90		$	20.44
Total Return
Total Investment Return Based on Net Asset Value(3)		6.42	%		(24.56	)%		36.36	%		(18.57	)%
Total Investment Return Based on Market(3)		6.10	%		(24.85	)%		36.52	%		(18.53	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	35,654		$	42,697		$	79,394		$	39,333
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.93	%		0.96	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.12	%		1.00	%		0.91	%		1.19	%
Net Investment Income (Loss)(4)		1.34	%		(0.03	)%		(0.42	)%		0.09	%
Portfolio Turnover Rate(5)		211	%		495	%		372	%		147	%

	Six months ended December 31, 2022			Years Ended June 30,						For the period December 26, 2019* to June 30,
AdvisorShares Dorsey Wright FSM All Cap World ETF	(Unaudited)			2022			2021			2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	30.33		$	36.63		$	28.07		$	25.12
Investment Operations
Net Investment Income (Loss)(1)		0.24			0.01			(0.12	)		(0.02	)
Net Realized and Unrealized Gain (Loss)		0.63			(5.76	)		8.74			2.97
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		0.87			(5.75	)		8.62			2.95
Distributions from Net Investment Income		(0.16	)		-			-			-
Distributions from Realized Capital Gains		-			(0.55	)		(0.06	)		-
Total Distributions		(0.16	)		(0.55	)		(0.06	)		-
Net Asset Value, End of Year/Period	$	31.04		$	30.33		$	36.63		$	28.07
Market Value, End of Year/Period		31.05		$	30.34		$	36.67		$	28.07
Total Return
Total Investment Return Based on Net Asset Value(3)		2.86	%		(15.98	)%		30.70	%		11.76	%
Total Investment Return Based on Market(3)		2.88	%		(16.06	)%		30.85	%		11.74	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	86,441		$	84,177		$	155,673		$	73,685
Ratio to Average Net Assets of:(6)
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.91	%		0.88	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		0.97	%		0.94	%		0.86	%		1.12	%
Net Investment Income (Loss)(4)		1.52	%		0.02	%		(0.34	)%		(0.17	)%
Portfolio Turnover Rate(5)		57	%		244	%		209	%		46	%

*	Commencement of operations.
(1)	Based on average shares outstanding.
(2)	The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3)	Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4)	Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(6)	The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

119

ADVISORSHARES TRUST
Financial Highlights

	Six months ended December 31, 2022			Years Ended June 30,						For the period December 26, 2019* to June 30,
AdvisorShares Dorsey Wright FSM US Core ETF	(Unaudited)			2022			2021			2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	32.16		$	37.09		$	27.51		$	25.14
Investment Operations
Net Investment Income (Loss)(1)		0.18			0.11			(0.07	)		0.05
Net Realized and Unrealized Gain (Loss)		1.33			(4.90	)		9.72			2.32
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		1.51			(4.79	)		9.65			2.37
Distributions from Net Investment Income		(0.30	)		-			(0.03	)		-
Distributions from Realized Capital Gains		-			(0.14	)		(0.04	)		-
Total Distributions		(0.30	)		(0.14	)		(0.07	)		-
Net Asset Value, End of Year/Period	$	33.37		$	32.16		$	37.09		$	27.51
Market Value, End of Year/Period	$	33.36		$	32.08		$	37.16		$	27.46
Total Return
Total Investment Return Based on Net Asset Value(3)		4.68	%		(12.97	)%		35.08	%		9.43	%
Total Investment Return Based on Market(3)		4.92	%		(13.36	)%		35.59	%		9.23	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	78,925		$	79,764		$	93,649		$	46,767
Ratio to Average Net Assets of:(4)
Expenses, after expense waivers and reimbursements or recapture(5)		0.99	%		0.93	%		0.92	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(5)		0.99	%		0.95	%		0.89	%		1.15	%
Net Investment Income (Loss)(5)		1.10	%		0.28	%		(0.22	)%		0.37	%
Portfolio Turnover Rate(6)		1	%		50	%		64	%		53	%

AdvisorShares Dorsey Wright Micro-Cap ETF	Six months ended December 31, 2022			Years Ended June 30,									For the period July 11, 2018* to June 30,
	(Unaudited)			2022			2021			2020			2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	30.10		$	37.87		$	21.12		$	23.04		$	24.71
Investment Operations
Net Investment Income (Loss)(1)		0.24			0.16			(0.04	)		(0.01	)		(0.02	)
Net Realized and Unrealized Gain (Loss)		2.52			(7.77	)		16.79			(1.89	)		(1.65	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		2.76			(7.61	)		16.75			(1.90	)		(1.67	)
Distributions from Net Investment Income		(0.26	)		(0.13	)		-			(0.02	)		-
Return of capital		-			(0.03	)		-			-			-
Total Distributions		(0.26	)		(0.16	)		-			(0.02	)		-
Net Asset Value, End of Year/Period	$	32.60		$	30.10		$	37.87		$	21.12		$	23.04
Market Value, End of Year/Period	$	32.62		$	29.84		$	37.92		$	20.80		$	23.02
Total Return
Total Investment Return Based on Net Asset Value(3)		9.14	%		(20.17	)%		79.33	%		(8.26	)%		(6.79	)%
Total Investment Return Based on Market(3)		10.17	%		(20.99	)%		82.31	%		(9.58	)%		(6.86	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	4,890		$	7,376		$	8,899		$	2,112		$	2,304
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(5)		1.25	%		1.25	%		1.25	%		1.17	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(5)		2.63	%		1.95	%		3.17	%		4.98	%		4.79	%
Net Investment Income (Loss)(5)		1.48	%		0.45	%		(0.12	)%		(0.05	)%		(0.11	)%
Portfolio Turnover Rate(6)		53	%		104	%		163	%		119	%		103	%

*	Commencement of operations.
(1)	Based on average shares outstanding.
(2)	The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3)	Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4)	The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
(5)	Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(6)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

120

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Dorsey Wright Short ETF	Six months ended December 31, 2022			Years Ended June 30,									For the period July 11, 2018* to June 30,
	(Unaudited)			2022			2021			2020			2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	10.49		$	8.59		$	19.33		$	24.90		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.13			(0.21	)		(0.46	)		(0.65	)		0.13
Net Realized and Unrealized Gain (Loss)		(0.66	)		2.11			(10.28	)		(4.89	)		(0.19	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(0.53	)		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	$	9.96		$	10.49		$	8.59		$	19.33		$	24.90
Market Value, End of Year/Period	$	9.98		$	10.45		$	8.56		$	19.36		$	24.93
Total Return
Total Investment Return Based on Net Asset Value(3)		(5.06	)%		22.15	%		(55.58	)%		(22.26	)%		(0.27	)%
Total Investment Return Based on Market(3)		(4.50	)%		22.08	%		(55.79	)%		(22.24	)%		(0.18	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	39,770		$	46,999		$	25,164		$	113,098		$	24,281
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		2.43	%(5)		2.71	%(5)		3.48	%(5)		3.56	%(5)		2.70	%(5)
Expenses, prior to expense waivers and reimbursements or recapture(4)		2.35	%(5)		2.63	%(5)		3.55	%(5)		3.56	%(5)		3.26	%(5)
Net Investment Income (Loss)(4)		2.70	%		(2.35	)%		(3.18	)%		(2.58	)%		0.53	%
Portfolio Turnover Rate(6)		127	%		190	%		243	%		555	%		357	%

AdvisorShares Drone Technology ETF	Six months ended December 31, 2022 (Unaudited)			For the period April 27, 2022* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	22.04		$	25.00
Investment Operations
Net Investment Income(1)		0.81			0.07
Net Realized and Unrealized Loss		(2.17	)		(3.03	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(1.36	)		(2.96	)
Distributions from Net Investment Income		(0.90	)		-
Total Distributions		(0.90	)		-
Net Asset Value, End of Year/Period	$	19.78		$	22.04
Net Asset Value, End of Year/Period	$	19.75		$	22.04
Total Return
Total Investment Return Based on Net Asset Value(3)		(6.10	)%		(11.86	)%
Total Investment Return Based on Market(3)		(6.26	)%		(11.88	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	396		$	551
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		12.89	%		47.15	%
Net Investment Income(4)		7.24	%		1.75	%
Portfolio Turnover Rate(6)		26	%		13	%

*	Commencement of operations.
(1)	Based on average shares outstanding.
(2)	The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3)	Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4)	Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5)	The expense ratio includes interest and dividend expenses on short sales of 1.29%, 1.46%, 2.46%, 2.47% and 1.71% for the period ended December 31, 2022, 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.

121

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Focused Equity ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	42.25		$	46.65		$	35.67		$	34.42		$	31.80		$	28.59
Investment Operations
Net Investment Income(1)		0.10			0.17			0.10			0.14			0.16			0.13
Net Realized and Unrealized Gain (Loss)		5.23			(4.49	)		11.00			1.26			3.21			3.17
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		5.33			(4.32	)		11.10			1.40			3.37			3.30
Distributions from Net Investment Income		(0.24	)		(0.08	)		(0.12	)		(0.15	)		(0.16	)		(0.09	)
Distributions from Realized Capital Gains		-			-			-			-			(0.59	)		-
Total Distributions		(0.24	)		(0.08	)		(0.12	)		(0.15	)		(0.75	)		(0.09	)
Net Asset Value, End of Year/Period	$	47.34		$	42.25		$	46.65		$	35.67		$	34.42		$	31.80
Market Value, End of Year/Period	$	47.51		$	42.21		$	46.68		$	34.88		$	34.31		$	31.79
Total Return
Total Investment Return Based on Net Asset Value(3)		12.60	%		(9.28	)%		31.15	%		4.02	%		11.09	%		11.57	%
Total Investment Return Based on Market(3)		13.13	%		(9.44	)%		34.20	%		2.06	%		10.74	%		11.51	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	32,428		$	28,098		$	28,921		$	19,616		$	17,211		$	14,311
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.83	%		0.65	%		0.66	%		0.77	%		0.72	%		0.68	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.31	%		1.09	%		1.19	%		1.43	%		1.63	%		1.39	%
Net Investment Income(4)		0.44	%		0.36	%		0.24	%		0.41	%		0.49	%		0.42	%
Portfolio Turnover Rate(5)		24	%		24	%		25	%		23	%		19	%		26	%

AdvisorShares Gerber Kawasaki ETF	Six months ended December 31, 2022 (Unaudited)			For the period July 2, 2021* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	16.34		$	25.03
Investment Operations
Net Investment Income(1)		0.14			0.07
Net Realized and Unrealized Loss		(1.33	)		(8.75	)
Distributions of Net Realized Gains by other investment companies		-			0.00	(6)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(1.19	)		(8.68	)
Distributions from Net Investment Income		(0.20	)		(0.01	)
Total Distributions		(0.20	)		(0.01	)
Net Asset Value, End of Year/Period	$	14.95		$	16.34
Market Value, End of Year/Period	$	14.97		$	16.35
Total Return
Total Investment Return Based on Net Asset Value(3)		(7.31	)%		(34.71	)%
Total Investment Return Based on Market(3)		(7.25	)%		(34.65	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	14,201		$	15,846
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.31	%		1.37	%
Net Investment Income(4)		1.64	%		0.31	%
Portfolio Turnover Rate(5)		20	%		66	%

*	Commencement of operations.
(1)	Based on average shares outstanding.
(2)	The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
(3)	Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.
(4)	Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.
(5)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.
(6)	Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

122

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Hotel ETF	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			For the period April 20, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	19.66		$	24.52		$	24.32
Investment Operations
Net Investment Income (Loss)(1)		0.06			(0.02	)		0.13
Net Realized and Unrealized Gain (Loss)		3.21			(4.75	)		0.07
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		3.27			(4.77	)		0.20
Distributions from Net Investment Income		(0.05	)		(0.09	)		-
Total Distributions		(0.05	)		(0.09	)		-
Net Asset Value, End of Year/Period	$	22.88		$	19.66		$	24.52
Market Value, End of Year/Period	$	22.87		$	19.61		$	24.56
Total Return
Total Investment Return Based on Net Asset Value(3)		16.62	%		(19.54	)%		0.81	%
Total Investment Return Based on Market(3)		16.87	%		(19.87	)%		0.99	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	4,690		$	5,897		$	7,724
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.99	%		1.33	%		6.60	%
Net Investment Income (Loss)(4)		0.57	%		(0.07	)%		2.70	%
Portfolio Turnover Rate(5)		62	%		74	%		21	%

AdvisorShares Insider Advantage ETF(6)	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	85.89		$	95.53		$	66.37		$	68.21		$	67.88		$	66.23
Investment Operations
Net Investment Income(1)		0.71			1.10			0.95			0.82			0.62			0.53
Net Realized and Unrealized Gain (Loss)		0.51			(9.68	)		29.23			(1.84	)		0.45			1.59
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		1.22			(8.58	)		30.18			(1.02	)		1.07			2.12
Distributions from Net Investment Income		(1.48	)		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)
Total Distributions		(1.48	)		(1.06	)		(1.02	)		(0.82	)		(0.74	)		(0.47	)
Net Asset Value, End of Year/Period	$	85.63		$	85.89		$	95.53		$	66.37		$	68.21		$	67.88
Market Value, End of Year/Period	$	85.61		$	85.78		$	95.41		$	66.28		$	68.13		$	67.88
Total Return
Total Investment Return Based on Net Asset Value(3)		1.40	%		(9.12	)%		45.78	%		(1.63	)%		1.74	%		3.15	%
Total Investment Return Based on Market(3)		1.52	%		(9.12	)%		45.79	%		(1.65	)%		1.63	%		3.26	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	39,389		$	46,378		$	48,243		$	41,483		$	61,386		$	95,034
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.87	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.03	%		0.96	%		1.05	%		1.07	%		1.17	%		1.07	%
Net Investment Income(4)		1.62	%		1.15	%		1.18	%		1.18	%		0.93	%		0.77	%
Portfolio Turnover Rate(5)		168	%		32	%		40	%		93	%		218	%		171	%

* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) Formerly known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

123

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Let Bob AI Powered Momentum ETF	Six months ended December 31, 2022 (Unaudited)			For the period February 9, 2022* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	23.25		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.18			(0.04	)
Net Realized and Unrealized Loss		(0.65	)		(1.71	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(0.47	)		(1.75	)
Distributions from Net Investment Income		(0.14	)		-
Total Distributions		(0.14	)		-
Net Asset Value, End of Year/Period	$	22.64		$	23.25
Market Value, End of Year/Period	$	22.63		$	23.22
Total Return
Total Investment Return Based on Net Asset Value(3)		(2.01	)%		(6.99	)%
Total Investment Return Based on Market(3)		(1.92	)%		(7.12	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	25,806		$	24,183
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.07	%		1.48	%
Net Investment Income (Loss)(4)		1.54	%		(0.43	)%
Portfolio Turnover Rate(5)		484	%		497	%

AdvisorShares Managed Bitcoin Strategy ETF	Six months ended December 31, 2022 (Unaudited)			For the period April 27, 2022* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	14.76		$	25.00
Investment Operations
Net Investment Loss(1)		(0.03	)		(0.01	)
Net Realized and Unrealized Gain (Loss)		0.84			(10.23	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		0.81			(10.24	)
Distributions from Net Investment Income		(3.38	)		-
Total Distributions		(3.38	)		-
Net Asset Value, End of Year/Period	$	12.19		$	14.76
Market Value, End of Year/Period	$	12.19		$	14.73
Total Return
Total Investment Return Based on Net Asset Value(3)		5.43	%		(40.95	)%
Total Investment Return Based on Market(3)		5.73	%		(41.08	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	183		$	517
Ratio to Average Net Assets of:(6)
Expenses, after expense waivers and reimbursements or recapture(4)		1.49	%		1.49	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		54.56	%		59.15	%
Net Investment Loss(4)		(0.38	)%		(0.37	)%
Portfolio Turnover Rate(5)		0	%		42	%

* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

124

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares MSOS 2X Daily ETF	For the period August 24, 2022* to December 31, 2022 (Unaudited)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.00
Investment Operations
Net Investment Income(1)		0.14
Net Realized and Unrealized Loss		(19.15	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(19.01	)
Net Asset Value, End of Year/Period	$	5.99
Market Value, End of Year/Period	$	5.97
Total Return
Total Investment Return Based on Net Asset Value(3)		(76.03	)%
Total Investment Return Based on Market(3)		(76.12	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	4,402
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.95	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		4.15	%
Net Investment Income(4)		2.78	%
Portfolio Turnover Rate(5)		0	%

AdvisorShares Newfleet Multi-Sector Income ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	45.60		$	48.85		$	48.14		$	48.44		$	47.86		$	48.68
Investment Operations
Net Investment Income(1)		0.52			0.63			0.78			1.21			1.35			1.05
Net Realized and Unrealized Gain (Loss)		(0.85	)		(3.17	)		0.83			(0.22	)		0.65			(0.62	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(0.33	)		(2.54	)		1.61			0.99			2.00			0.43
Distributions from Net Investment Income		(0.73	)		(0.71	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)
Total Distributions		(0.73	)		(0.71	)		(0.90	)		(1.29	)		(1.42	)		(1.25	)
Net Asset Value, End of Year/Period	$	44.54		$	45.60		$	48.85		$	48.14		$	48.44		$	47.86
Market Value, End of Year/Period	$	44.51		$	45.61		$	48.83		$	48.17		$	48.38		$	47.79
Total Return
Total Investment Return Based on Net Asset Value(3)		(0.74	)%		(5.24	)%		3.36	%		2.10	%		4.27	%		0.87	%
Total Investment Return Based on Market(3)		(0.82	)%		(5.19	)%		3.27	%		2.28	%		4.29	%		0.70	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	23,608		$	83,682		$	96,959		$	57,767		$	75,080		$	155,529
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		0.92	%		0.76	%		0.78	%		0.82	%		0.96	%		0.84	%
Net Investment Income(4)		2.27	%		1.32	%		1.61	%		2.51	%		2.81	%		2.17	%
Portfolio Turnover Rate(5)		14	%		54	%		95	%		63	%		40	%		66	%

* 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.

125

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares North Square McKee Core Reserves ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	97.46		$	98.68		$	98.46		$	99.64		$	99.21		$	99.43
Investment Operations
Net Investment Income(1)		1.09			0.51			0.83			2.03			2.37			1.53
Net Realized and Unrealized Gain (Loss)		(0.07	)		(1.19	)		0.23			(1.19	)		0.33			(0.16	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		1.02			(0.68	)		1.06			0.84			2.70			1.37
Distributions from Net Investment Income		(1.16	)		(0.54	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)
Total Distributions		(1.16	)		(0.54	)		(0.84	)		(2.02	)		(2.27	)		(1.59	)
Net Asset Value, End of Year/Period	$	97.32		$	97.46		$	98.68		$	98.46		$	99.64		$	99.21
Market Value, End of Year/Period	$	97.31		$	97.38		$	98.68		$	98.35		$	99.61		$	99.19
Total Return
Total Investment Return Based on Net Asset Value(3)		1.06	%		(0.68	)%		1.09	%		0.83	%		2.74	%		1.38	%
Total Investment Return Based on Market(3)		1.13	%		(0.76	)%		1.21	%		0.75	%		2.74	%		1.34	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	31,628		$	35,087		$	42,432		$	100,921		$	72,240		$	52,087
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		0.74	%		0.65	%		0.57	%		0.53	%		0.65	%		0.65	%
Net Investment Income(4)		2.23	%		0.52	%		0.84	%		2.05	%		2.39	%		1.53	%
Portfolio Turnover Rate(5)		50	%		99	%		103	%		101	%		91	%		74	%

AdvisorShares Poseidon Dynamic Cannabis ETF	Six months ended December 31, 2022 (Unaudited)			For the period November 17, 2021* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	2.45		$	10.00
Investment Operations
Net Investment Income (Loss)(1)		0.02			(0.03	)
Net Realized and Unrealized Loss		(0.94	)		(7.52	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(0.92	)		(7.55	)
Net Asset Value, End of Year/Period	$	1.53		$	2.45
Market Value, End of Year/Period	$	1.54		$	2.45
Total Return
Total Investment Return Based on Net Asset Value(3)		(37.49	)%		(75.52	)%
Total Investment Return Based on Market(3)		(37.14	)%		(75.50	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	3,255		$	4,357
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		2.63	%		2.57	%
Net Investment Income (Loss)(4)		1.39	%		(0.90	)%
Portfolio Turnover Rate(5)		149	%		159	%

* 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.

126

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Psychedelics ETF	Six months ended December 31, 2022 (Unaudited)			For the period September 16, 2021* to June 30, 2022
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	2.56		$	10.00
Investment Operations
Net Investment Income (Loss)(1)		0.05			(0.02	)
Net Realized and Unrealized Loss		(0.70	)		(7.42	)
Net Decrease in Net Assets Resulting from Investment Operations(2)		(0.65	)		(7.44	)
Distributions from Net Investment Income		(0.05	)		-
Total Distributions		(0.05	)		-
Net Asset Value, End of Year/Period	$	1.86		$	2.56
Market Value, End of Year/Period	$	1.86		$	2.65
Total Return
Total Investment Return Based on Net Asset Value(3)		(25.78	)%		(74.44	)%
Total Investment Return Based on Market(3)		(28.45	)%		(73.50	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	6,008		$	5,509
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		2.53	%		3.10	%
Net Investment Income (Loss)(4)		3.95	%		(0.52	)%
Portfolio Turnover Rate(5)		40	%		27	%

AdvisorShares Pure Cannabis ETF	Six months ended December 31, 2022			Years Ended June 30,									For the period April 17, 2019* to June 30,
	(Unaudited)			2022			2021			2020			2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	5.28		$	21.15		$	10.17		$	22.99		$	25.00
Investment Operations
Net Investment Income(1)		0.02			0.01			0.04			0.70			0.06
Net Realized and Unrealized Gain (Loss)		(1.67	)		(15.35	)		11.05			(12.75	)		(2.07	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(1.65	)		(15.34	)		11.09			(12.05	)		(2.01	)
Distributions from Net Investment Income		(0.00	)(6)		-			(0.11	)		(0.70	)		-
Distributions from Realized Capital Gains		-			(0.51	)		-			(0.07	)		-
Return of capital		-			(0.02	)		-			-			-
Total Distributions		(0.00	)		(0.53	)		(0.11	)		(0.77	)		-
Net Asset Value, End of Year/Period	$	3.63		$	5.28		$	21.15		$	10.17		$	22.99
Market Value, End of Year/Period	$	3.59		$	5.28		$	21.12		$	10.18		$	23.02
Total Return
Total Investment Return Based on Net Asset Value(3)		(31.27	)%		(73.99	)%		109.96	%		(52.76	)%		(8.06	)%
Total Investment Return Based on Market(3)		(31.99	)%		(73.93	)%		109.35	%		(52.70	)%		(7.92	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	49,620		$	71,817		$	354,408		$	45,503		$	59,762
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.52	%		0.65	%		0.74	%		0.74	%		0.74	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		0.90	%		0.88	%		0.69	%		1.17	%		1.10	%
Net Investment Income(4)		0.64	%		0.11	%		0.21	%		5.67	%		1.35	%
Portfolio Turnover Rate(5)		13	%		28	%		46	%		59	%		26	%

* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

127

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Pure US Cannabis ETF	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			For the period September 1, 2020* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	10.35		$	40.22		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.06			(0.09	)		(0.17	)
Net Realized and Unrealized Gain (Loss)		(3.34	)		(29.71	)		15.39
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(3.28	)		(29.80	)		15.22
Distributions from Realized Capital Gains		-			(0.07	)		-
Total Distributions		-			(0.07	)		-
Net Asset Value, End of Year/Period	$	7.07		$	10.35		$	40.22
Market Value, End of Year/Period	$	6.99		$	10.37		$	40.08
Total Return
Total Investment Return Based on Net Asset Value(3)		(31.68	)%		(74.20	)%		60.86	%
Total Investment Return Based on Market(3)		(32.59	)%		(74.06	)%		60.32	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	444,879		$	514,691		$	950,694
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(4)		0.74	%		0.72	%		0.69	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		0.77	%		0.75	%		0.69	%
Net Investment Income (Loss)(4)		1.05	%		(0.40	)%		(0.49	)%
Portfolio Turnover Rate(5)		8	%		48	%		68	%

AdvisorShares Q Dynamic Growth ETF	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			For the period December 28, 2020* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	22.02		$	28.12		$	25.00
Investment Operations
Net Investment Loss(1)		(0.03	)		(0.15	)		(0.09	)
Net Realized and Unrealized Gain (Loss)		(0.81	)		(5.95	)		3.21
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2)		(0.84	)		(6.10	)		3.12
Net Asset Value, End of Year/Period	$	21.18		$	22.02		$	28.12
Market Value, End of Year/Period	$	21.16		$	22.01		$	28.13
Total Return
Total Investment Return Based on Net Asset Value(3)		(3.82	)%		(21.70	)%		12.50	%
Total Investment Return Based on Market(3)		(3.86	)%		(21.76	)%		12.52	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	27,634		$	40,299		$	68,763
Ratio to Average Net Assets of:(6)
Expenses, after expense waivers and reimbursements or recapture(4)		1.26	%		1.14	%		1.43	%
Expenses, prior to expense waivers and reimbursements or recapture(4)		1.24	%		1.13	%		1.49	%
Net Investment Loss(4)		(0.30	)%		(0.52	)%		(0.65	)%
Portfolio Turnover Rate(5)		25	%		106	%		61	%

* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(6) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

128

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Ranger Equity Bear ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021(1)			2020(1)			2019(1)			2018(1)
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	31.85		$	23.00		$	48.55		$	63.84		$	78.01		$	85.65
Investment Operations
Net Investment Income (Loss)(2)		0.18			(0.97	)		(1.59	)		(0.64	)		0.13			(1.34	)
Net Realized and Unrealized Gain (Loss)		(3.24	)		9.82			(23.96	)		(14.55	)		(14.30	)		(6.30	)
Distributions of Net Realized Gains by other investment companies		-			-			0.00	(3)		-			-			-
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(3.06	)		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	$	28.79		$	31.85		$	23.00		$	48.55		$	63.84		$	78.01
Market Value, End of Year/Period	$	28.83		$	31.96		$	23.00		$	48.50		$	63.90		$	77.80
Total Return
Total Investment Return Based on Net Asset Value(5)		(9.61	)%		38.48	%		(52.62	)%		(23.79	)%		(18.16	)%		(8.92	)%
Total Investment Return Based on Market(5)		(9.79	)%		38.96	%		(52.58	)%		(23.94	)%		(17.87	)%		(9.01	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	163,432		$	166,185		$	50,655		$	162,019		$	135,814		$	133,587
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(6)		2.93	%(7)		4.15	%(7)		4.90	%(7)		3.10	%(7)		2.94	%(7)		2.52	%(7)
Expenses, prior to expense waivers and reimbursements or recapture(6)		2.93	%(7)		4.15	%(7)		4.90	%(7)		3.10	%(7)		2.94	%(7)		2.52	%(7)
Net Investment Income (Loss)(6)		1.26	%		(3.70	)%		(4.49	)%		(1.07	)%		0.18	%		(1.63	)%
Portfolio Turnover Rate(8)		555	%		1462	%		669	%		593	%		338	%		301	%

AdvisorShares Restaurant ETF	Six months ended December 31, 2022 (Unaudited)			Year ended June 30, 2022			For the period April 20, 2021* to June 30, 2021
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	16.97		$	24.44		$	24.69
Investment Operations
Net Investment Income(2)		0.16			0.13			0.00	(3)
Net Realized and Unrealized Gain (Loss)		1.52			(7.56	)		(0.25	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		1.68			(7.43	)		(0.25	)
Distributions from Net Investment Income		(0.43	)		(0.04	)		-
Total Distributions		(0.43	)		(0.04	)		-
Net Asset Value, End of Year/Period	$	18.22		$	16.97		$	24.44
Market Value, End of Year/Period	$	18.21		$	16.93		$	24.44
Total Return
Total Investment Return Based on Net Asset Value(5)		9.81	%		(30.46	)%		(1.01	)%
Total Investment Return Based on Market(5)		10.10	%		(30.62	)%		(1.01	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	2,277		$	2,631		$	5,988
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(6)		0.99	%		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements or recapture(6)		3.33	%		2.11	%		7.93	%
Net Investment Income (Loss)(6)		1.68	%		0.57	%		(0.03	)%
Portfolio Turnover Rate(8)		52	%		86	%		26	%

*	Commencement of operations.
(1)	After the close of business on February 5, 2021, the Fund’s applicable class underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

(2) Based on average shares outstanding.

(3) Amount represents less than $0.005 or 0.005%.

(4) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(5) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) The expense ratio includes interest and dividend expenses on short sales of 2.47%, 3.14%, 1.42%, 1.22%, 0.84%, and 1.03% for the periods ended December 31, 2022, June 30, 2022, June 30, 2021, June 30, 2020, June 30, 2019, and June 30, 2018, respectively.

(8) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

See accompanying Notes to Financial Statements.

129

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares STAR Global Buy-Write ETF	Six months ended December 31, 2022			Years Ended June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	34.61		$	39.83		$	32.20		$	32.28		$	30.99		$	29.13
Investment Operations
Net Investment Income (Loss)(1)		0.06			0.13			(0.16	)		0.09			0.13			0.11
Net Realized and Unrealized Gain (Loss)		0.16			(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)		0.22			(4.99	)		7.73			0.07			1.42			1.86
Distributions from Net Investment Income		(0.08	)		-			(0.10	)		(0.15	)		(0.13	)		-
Distributions from Realized Capital Gains		(0.56	)		(0.23	)		-			-			-			-
Total Distributions		(0.64	)		(0.23	)		(0.10	)		(0.15	)		(0.13	)		-
Net Asset Value, End of Year/Period	$	34.19		$	34.61		$	39.83		$	32.20		$	32.28		$	30.99
Market Value, End of Year/Period	$	34.29		$	34.62		$	39.83		$	32.25		$	32.19		$	31.01
Total Return
Total Investment Return Based on Net Asset Value(4)		0.66	%		(12.64	)%		24.04	%		0.20	%		4.62	%		6.41	%
Total Investment Return Based on Market(4)		0.91	%		(12.60	)%		23.86	%		0.63	%		4.27	%		6.45	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	37,956		$	37,547		$	18,323		$	12,882		$	14,527		$	17,047
Ratio to Average Net Assets of:(7)
Expenses, after expense waivers and reimbursements or recapture(5)		1.84	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements or recapture(5)		1.49	%		1.82	%		2.48	%		2.20	%		2.34	%		2.18	%
Net Investment Income (Loss)(5)		0.35	%		0.33	%		(0.43	)%		0.26	%		0.43	%		0.38	%
Portfolio Turnover Rate(6)		21	%		41	%		55	%		47	%		49	%		12	%

	Six months ended December 31, 2022			Years Ended June 30,												For the period December 12, 2017* to June 30,
AdvisorShares Vice ETF	(Unaudited)			2022			2021			2020			2019			2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.20		$	36.07		$	22.81		$	25.11		$	25.60		$	25.00
Investment Operations
Net Investment Income(1)		0.19			0.18			0.19			0.42			0.45			0.23
Net Realized and Unrealized Gain (Loss)		1.56			(10.73	)		13.44			(2.10	)		(0.57	)		0.41
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		1.75			(10.55	)		13.63			(1.68	)		(0.12	)		0.64
Distributions from Net Investment Income		(0.26	)		(0.14	)		(0.37	)		(0.62	)		(0.37	)		(0.04	)
Distributions from Realized Capital Gains		-			(0.18	)		-			-			-			-
Total Distributions		(0.26	)		(0.32	)		(0.37	)		(0.62	)		(0.37	)		(0.04	)
Net Asset Value, End of Year/Period	$	26.69		$	25.20		$	36.07		$	22.81		$	25.11		$	25.60
Market Value, End of Year/Period	$	26.65		$	25.13		$	36.06		$	22.80		$	25.12		$	25.68
Total Return
Total Investment Return Based on Net Asset Value(4)		6.92	%		(29.45	)%		59.98	%		(6.91	)%		(0.22	)%		2.58	%
Total Investment Return Based on Market(4)		7.07	%		(29.62	)%		60.05	%		(6.99	)%		(0.50	)%		2.89	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	8,408		$	8,695		$	13,889		$	9,126		$	13,183		$	12,800
Ratio to Average Net Assets of:
Expenses, after expense waivers and reimbursements or recapture(5)		0.99	%		0.99	%		0.99	%		0.90	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements or recapture(5)		1.91	%		1.64	%		1.71	%		1.59	%		1.43	%		2.18	%
Net Investment Income(5)		1.43	%		0.59	%		0.63	%		1.77	%		1.79	%		1.64	%
Portfolio Turnover Rate(6)		59	%		83	%		125	%		41	%		76	%		25	%

* Commencement of operations.

(1) Based on average shares outstanding.

(2) Amount represents less than $0.005 or 0.005%.

(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(5) 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) 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.

130

ADVISORSHARES TRUST

Notes to Financial Statements

December 31, 2022 (Unaudited)

1. Organization

AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies”.

The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). As of December 31, 2022, the Trust is comprised of 26 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):

Fund	Ticker	Commencement of Operations
AdvisorShares Alpha DNA Equity Sentiment ETF	SENT	February 2, 2021
AdvisorShares Dorsey Wright ADR ETF	AADR	July 21, 2010
AdvisorShares Dorsey Wright Alpha Equal Weight ETF	DWEQ	December 26, 2019
AdvisorShares Dorsey Wright FSM All Cap World ETF	DWAW	December 26, 2019
AdvisorShares Dorsey Wright FSM US Core ETF	DWUS	December 26, 2019
AdvisorShares Dorsey Wright Micro Cap ETF	DWMC	July 10, 2018
AdvisorShares Dorsey Wright Short ETF	DWSH	July 10, 2018
AdvisorShares 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 Insider Advantage ETF	SURE	August 24, 2022
AdvisorShares Let Bob AI Powered Momentum ETF	LETB	February 9, 2022
AdvisorShares Managed Bitcoin Strategy ETF	CRYP	April 27, 2022
AdvisorShares MSOS 2X Daily ETF	MSOX	August 24, 2022
AdvisorShares Newfleet Multi-Sector Income ETF	MINC	March 19, 2013
AdvisorShares North Square McKee Core Reserves ETF	HOLD	January 14, 2014
AdvisorShares Poseidon Dynamic Cannabis ETF	PSDN	November 17, 2021
AdvisorShares Psychedelics ETF	PSIL	September 15, 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 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

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.

131

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

1. Organization – (continued)

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 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 Insider Advantage ETF (“Insider Advantage ETF”) seeks 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 MSOS 2X Daily ETF (“MSOS Daily 2X Daily ETF”) seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily total return of the US Cannabis ETF.

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 Poseidon Dynamic Cannabis ETF (“Poseidon Dynamic Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Psychedelics ETF (“Psychedelics ETF”) seeks long-term capital appreciation.

AdvisorShares Pure Cannabis ETF (“Pure Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Pure US Cannabis ETF (“Pure US Cannabis ETF”) seeks long-term capital appreciation.

AdvisorShares Q Dynamic Growth ETF (“Q Dynamic Growth ETF”) seeks to achieve long-term growth.

AdvisorShares 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.

132

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

1. Organization – (continued)

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 Drone Technology ETF, Gerber Kawasaki ETF, Hotel ETF, Managed Bitcoin Strategy ETF, MSOS 2X Daily ETF, Poseidon Dynamic Cannabis ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, and Restaurant ETF is a diversified investment company under the Investment Company Act of 1940 (the “1940 Act”).

For the period ended December 31, 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 Equal Weight ETF	$	43,829,028		50.7	%	https://www.invesco.com
	Invesco S&P 500 Pure Value ETF		42,421,666		49.1		https://www.invesco.com
Dorsey Wright FSM US Core ETF	Invesco S&P 500 Equal Weight ETF		39,316,231		49.8		https://www.invesco.com
	Invesco S&P 500 Low Volatility ETF		39,593,079		50.2		https://www.invesco.com
Managed Bitcoin Strategy ETF	ProShares Bitcoin Strategy ETF		77,943		42.6		https://www.proshares.com
Pure Cannabis ETF	AdvisorShares Pure US Cannabis ETF		14,696,112		29.6		Contained within this report.
Q Dynamic Growth ETF	Invesco QQQ Trust Series 1		10,609,661		38.4		https://www.invesco.com
	Technology Select Sector SPDR Fund		8,408,162		30.4		https://www.ssga.com
STAR Global Buy-Write ETF	SPDR S&P 500 ETF Trust		14,948,041		39.4		https://us.spdrs.com

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.

133

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Investment Valuation

In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an over-the-counter (“OTC”) market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.

Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.

Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.

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

134

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

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 the Fund will realize a loss or gain. A Fund 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 a Fund 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 a Fund to unlimited risk of loss. A Fund 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, a Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

Swap Agreements

Certain Funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.

Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

Equity swaps are derivatives, and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund 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 a Fund 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 respective Fund may be delayed or limited.

At December 31, 2022, the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.

135

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

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 a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A Fund 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 a Fund 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. A Fund also is 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.

A Fund is required to pledge cash or securities to the broker as collateral for any securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with the 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. A Fund 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.

Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the respective Fund’s prime brokers and custodian. A Fund is subject to credit risk should the prime brokers be unable to meet its obligations to the Fund.

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 a 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

136

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

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). A Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

Short-Term Investments

Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. government securities and repurchase agreements.

Securities Lending

The Funds participate in a securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the applicable Fund, 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 Funds’ 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 a Fund 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 a Fund is disclosed on the Statements of Operations.

The value of loaned securities and related collateral outstanding at December 31, 2022 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by a Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on a Fund’s Schedules of Investments or Statements of Asset and Liabilities.

137

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

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	$	(1,266,386	)	$	-	$	(1,266,386	)	$	1,266,386	(1)	$	-	$	-
Repurchase Agreements		1,266,386			-		1,266,386			1,266,386	(2)		-		-
Dorsey Wright ADR ETF
Securities Lending		(3,378,616	)		-		(3,378,616	)		3,378,616	(1)		-		-
Repurchase Agreements		3,378,616			-		3,378,616			3,378,616	(2)		-		-
Dorsey Wright Alpha Equal Weight ETF
Securities Lending		(426,303	)		-		(426,303	)		426,303	(1)		-		-
Repurchase Agreements		426,303			-		426,303			426,303	(2)		-		-
Dorsey Wright FSM All Cap World ETF
Securities Lending		(38,939,348	)		-		(38,939,348	)		38,939,348	(1)		-		-
Repurchase Agreements		38,939,348			-		38,939,348			38,939,348	(2)		-		-
Dorsey Wright FSM US Core ETF
Securities Lending		(28,837,648	)		-		(28,837,648	)		28,837,648	(1)		-		-
Repurchase Agreements		28,837,648			-		28,837,648			28,837,648	(2)		-		-
Dorsey Wright Micro-Cap ETF
Securities Lending		(106,212	)		-		(106,212	)		106,212	(1)		-		-
Repurchase Agreements		106,212			-		106,212			106,212	(2)		-		-
Drone Technology ETF
Securities Lending		(31,592	)		-		(31,592	)		31,592	(1)		-		-
Repurchase Agreements		31,592			-		31,592			31,592	(2)		-		-
Gerber Kawasaki ETF													-
Securities Lending		(296,724	)		-		(296,724	)		296,724	(1)		-		-
Repurchase Agreements		296,724			-		296,724			296,724	(2)				-
Insider Advantage ETF
Securities Lending		(382,941	)		-		(382,941	)		382,941	(1)		-		-
Repurchase Agreements		382,941			-		382,941			382,941	(2)		-		-
Managed Bitcoin Strategy ETF
Securities Lending		(38,882	)		-		(38,882	)		38,882	(1)		-		-
Repurchase Agreements		38,882			-		38,882			38,882	(2)		-		-
MSOS 2X Daily ETF
Swaps		361,406			-		361,406			-			-		361,406
Newfleet Multi-Sector Income ETF
Securities Lending		(334	)		-		(334	)		334	(1)		-		-
Repurchase Agreements		334			-		334			334	(2)		-		-
North Square McKee Core Reserves ETF
Securities Lending		(4,000	)		-		(4,000	)		4,000	(1)		-		-
Repurchase Agreements		4,000			-		4,000			4,000	(2)		-		-

138

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

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
Poseidon Dynamic Cannabis ETF
Securities Lending	$	(62,599	)	$	-	$	(62,599	)	$	62,599	(1)	$	-	$	-
Repurchase Agreements		62,599			-		62,599			62,599	(2)		-		-
Swaps		187,894			-		187,894			-			-		187,894
Psychedelics ETF
Securities Lending		(536,720	)(3)		-		(536,720	)		536,720	(1)		-		-
Swaps		(102,451	)		-		(102,451	)		-			-		(102,451	)
Pure Cannabis ETF
Securities Lending		(5,794,576	)		-		(5,794,576	)		5,794,576	(1)		-		-
Repurchase Agreements		5,794,576			-		5,794,576			5,794,576	(2)		-		-
Swaps		(24,006,401	)		-		(24,006,401	)		-			-		(24,006,401	)
Pure US Cannabis ETF
Securities Lending		(200,123	)		-		(200,123	)		200,123	(1)		-		-
Repurchase Agreements		200,123			-		200,123			200,123	(2)		-		-
Swaps		(408,915,567	)		-		(408,915,567	)		-			-		(408,915,567	)
Q Dynamic Growth ETF
Securities Lending		(973,129	)		-		(973,129	)		973,129	(1)		-		-
Repurchase Agreements		973,129			-		973,129			973,129	(2)		-		-
Restaurant ETF
Securities Lending		(120,008	)		-		(120,008	)		120,008	(1)		-		-
Repurchase Agreements		120,008			-		120,008			120,008	(2)		-		-
STAR Global Buy-Write ETF
Securities Lending		(6,444,546	)		-		(6,444,546	)		6,444,546	(1)		-		-
Repurchase Agreements		6,444,546			-		6,444,546			6,444,546	(2)		-		-
Vice ETF
Securities Lending		(342,775	)		-		(342,775	)		342,775	(1)		-		-
Repurchase Agreements		342,775			-		342,775			342,775	(2)		-		-

(1)	Collateral for securities on loan is included in the Schedules of Investments and consists of Repurchase Agreements and/or 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 $536,720 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.

139

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

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

Tailored Shareholder Reports

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (ETFs); Fee Information in Investment Company Advertisements. The rule and form amendments will require mutual funds and ETFs to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

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 provide 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, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

3. Investment Advisory Agreement and Other Agreements

Investment Advisory Agreement

Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the “Advisor”) pursuant to which the Advisor acts as the Fund’s investment advisor. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisors, if applicable. For its services, each Fund pays the Advisor an annual management fee, which is calculated daily and paid monthly based on the Fund’s average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.

140

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

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	%
Drone Technology ETF		0.64	%
Focused Equity ETF		0.75	%*
Gerber Kawasaki ETF		0.75	%
Hotel ETF		0.60	%
Insider Advantage ETF		0.70	%
Let Bob AI Powered Momentum ETF		0.70	%
Managed Bitcoin Strategy ETF		0.90	%
MSOS 2X Daily ETF		0.85	%
Newfleet Multi-Sector Income ETF		0.50	%
North Square McKee Core Reserves ETF		0.30	%
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	%*
Ranger Equity Bear ETF		1.50	%
Restaurant ETF		0.60	%
STAR Global Buy-Write ETF		0.85	%
Vice ETF		0.60	%

* The Advisor’s advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund’s net performance is in line with Fund’s pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment. The Advisor’s annual base fee based on the Fund’s average daily net assets. The performance fee adjustment is derived by comparing the Fund’s performance over a rolling twelve-month period to its performance benchmark, which is set forth in the table below. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor’s annual advisory fee may range as follows, based on the Fund’s average daily net assets:

Fund	Performance Benchmark	Annual Advisory Fee Range
Focused Equity ETF	S&P 500 Index	0.65% to 0.85%
Q Dynamic Growth ETF	S&P 500 Index	0.90% to 1.10%

141

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Sub-Advisory Agreements

Each Fund’s investment sub-advisor, as applicable, provides investment advice and management services to its respective Fund(s). 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, that 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-Advisory
	Sub-Advisor	Fee Rate
Alpha DNA Equity Sentiment ETF	Alpha DNA Investment Management LLC		0.45	%
Dorsey Wright ADR ETF	Dorsey, Wright & Associates, LLC		0.25	%
Dorsey Wright Micro Cap ETF	Dorsey, Wright & Associates, LLC		0.25	%
Dorsey Wright Short ETF	Dorsey, Wright & Associates, LLC		0.25	%
Gerber Kawasaki ETF	Gerber Kawasaki, Inc.		0.50	%
Managed Bitcoin ETF	Morgan Creek Capital Management, LLC		0.45	%
Newfleet Multi-Sector Income ETF	Newfleet Asset Management, LLC		0.25	%
North Square McKee Core Reserves ETF	CMS Advisors, LLC		0.12	%
Poseidon Dynamic Cannabis ETF	Poseidon Investment Management, LLC		0.50	%
Q Dynamic Growth ETF	ThinkBetter, LLC		0.65	%*
Ranger Equity Bear ETF	Ranger Alternative Management, L.P.		1.00	%
STAR Global Buy-Write ETF	CreativeOne Wealth, LLC		0.55	%**

*

The sub-advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the sub-adviser is paid when net performance is in line with a pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If a Fund outperforms the performance benchmark, the sub-adviser may receive an upward fee adjustment. If a Fund underperforms the performance benchmark, the sub-adviser may receive a downward fee adjustment. The performance fee adjustment is derived by comparing a Fund’s performance over a rolling twelve-month period to its performance benchmark, which is the S&P 500 Index for AdvisorShares Q Dynamic Growth ETF. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the sub-adviser’s annual sub-advisory fee may range from 0.40% to 0.60% of AdvisorShares Q Portfolio Blended Allocation ETF’s average daily net assets.

**

Effective October 1, 2022, the Fund’s sub-advisory fee was changed from 0.85% to 0.55% of the Fund’s daily net assets.

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

142

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

period. If at any point it becomes unnecessary for the Advisor to waive fees or reimburse expenses, the Board may permit the Advisor to retain the difference between the Fund’s total annual operating expenses and the expense limitation currently in effect, or, if the current expense limitation is lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The expense limits in effect for each Fund during the period ended December 31, 2022 were as follows:

Fund:	Rate:
Alpha DNA Equity Sentiment ETF		1.35	%
Dorsey Wright ADR ETF		1.10	%
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	%
Dorsey Wright Short ETF		1.25	%
Drone Technology ETF		0.99	%
Focused Equity ETF		0.65%-0.85	%(a)
Gerber Kawasaki ETF		0.75	%
Hotel ETF		0.99	%
Insider Advantage ETF		0.90	%
Let Bob AI Powered Momentum ETF		0.99	%
Managed Bitcoin Strategy ETF		1.49	%
MSOS 2X Daily ETF		0.95	%
Newfleet Multi-Sector Income ETF		0.75	%
North Square McKee Core Reserves ETF		0.35	%
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	%
Ranger Equity Bear ETF		1.85	%
Restaurant ETF		0.99	%
STAR Global Buy-Write ETF		1.85	%
Vice ETF		0.99	%

(a) 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%.

143

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

The Advisor may recapture operating expenses waived and/or reimbursed within three years after the date on which such waiver or reimbursement occurred. The Funds must pay their ordinary operating expenses before the Advisor is permitted to recapture and must remain in compliance with any applicable expense limitation. All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured during the fiscal years indicated:

	Expenses		Recoupment		Recoupment
Fund	Reimbursed		Balance		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
Dorsey Wright Short ETF		42,681		18,585	6/30/2024
Total		42,681		18,585
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
		29,775		29,775	6/30/2025
Total		77,079		77,079
Insider Advantage 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

144

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

	Expenses		Recoupment		Recoupment
Fund	Reimbursed		Balance		Expiration
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
Poseidon Dynamic Cannabis ETF		65,585		65,585	6/30/2025
Total		65,585		65,585
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
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

145

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Administrator, Custodian, Fund Accountant and Transfer Agent

The Bank of New York Mellon (“BNYM”) serves as the Funds’ administrator, fund accountant, custodian, and transfer agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, as the case may be.

Distribution Arrangement

Foreside Fund Services, LLC (the “Distributor”) serves as the distributor of Creation Units (defined below) for each Fund pursuant to a 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 fee is currently paid by any Fund under the Plan, and there are no current plans to impose the fee. However, in the event a Fund were to charge a Rule 12b-1 fee, over time it would increase the cost of an investment in the Fund.

4. Creation and Redemption Transactions

The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only “Authorized Participants” may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from a 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 each 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.

146

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

5. Summary of Fair Value Disclosure – (continued)

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.

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. Certain Funds use derivative instruments as part of their principal investment strategies to seek to achieve their investment objective.

At December 31, 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	Investments, at Market Value(1)	$	1,118,234
MSOS 2X Daily ETF	Unrealized Appreciation on OTC Swap Contracts		361,406
Poseidon Dynamic Cannabis ETF	Unrealized Appreciation on OTC Swap Contracts		188,193
Pure US Cannabis ETF	Unrealized Appreciation on OTC Swap Contracts		20,889,167

Fund:	Liability Derivatives:	Equity Risk
Poseidon Dynamic Cannabis ETF	Unrealized Depreciation on OTC Swap Contracts	$	(299	)
Psychedelics ETF	Unrealized Depreciation on OTC Swap Contracts		(102,451	)
Pure Cannabis ETF	Unrealized Depreciation on OTC Swap Contracts		(24,006,401	)
Pure US Cannabis ETF	Unrealized Depreciation on OTC Swap Contracts		(429,804,734	)
STAR Global Buy-Write ETF	Options Written, at value		(28,552	)

(1) Purchased options are included in Investments, at Market Value.

147

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

6. Derivative Instruments – (continued)

Transactions in derivative instruments during the period ended December 31, 2022, were as follows:

Statements of Operations:

Fund:	Realized Gain (Loss):	Equity Risk
Alpha DNA Equity Sentiment ETF	Options Written	$	(60	)
MSOS 2X Daily ETF	Swaps		(8,728,274	)
Poseidon Dynamic Cannabis ETF	Swaps		(1,985,666	)
Psychedelics ETF	Swaps		(460,147	)
Pure Cannabis ETF	Swaps		(65,702	)
Pure US Cannabis ETF	Swaps		(231,443,035	)
STAR Global Buy-Write ETF	Options Written		(62,774	)

Fund:	Change in Unrealized Gain (Loss):	Equity Risk
Alpha DNA Equity Sentiment ETF	Purchased Options	$	(548,044	)
MSOS 2X Daily ETF	Swaps		361,406
Poseidon Dynamic Cannabis ETF	Swaps		199,456
Psychedelics ETF	Swaps		390,703
Pure Cannabis ETF	Swaps		(2,183,527	)
Pure US Cannabis ETF	Swaps		(21,612,965	)
STAR Global Buy-Write ETF	Options Written		(14,554	)

For the period ended December 31, 2022, the average volume of the derivatives opened by the Funds was as follows:

	Alpha DNA Equity Sentiment ETF		MSOS 2X Daily ETF		Poseidon Dynamic Cannabis ETF		Psychedelics ETF		Pure Cannabis ETF		Pure US Cannabis ETF		STAR Global Buy-Write ETF
Long Swaps Contracts	$	-	$	230,281	$	49,646	$	3,333	$	1,084,736	$	1,356,820	$	-
Purchased Options Contracts		665,723		-		-		-		-		-		-
Written Options Contracts		-		-		-		-		-		-		40,867

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 (2020 − 2022), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities.

148

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

7. Federal Income Tax – (continued)

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
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			-
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	)		-
Insider Advantage ETF		45,634,377		5,914,250		(5,172,202	)		742,048			-
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	)		-
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	)		-
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		43,424,792		931,838		(5,418,980	)		(4,487,142	)		28,149
Vice ETF		9,608,147		700,166		(1,590,090	)		(889,924	)		-

149

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

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 Regulated Investment Company Modernization Act of 2010, the Funds are 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		-		-
Drone Technology ETF		2,476		-		-
Focused Equity ETF		-		-		-
Gerber Kawasaki ETF		-		-		-
Hotel ETF		-		-		-
Insider Advantage ETF		-		-		-
Let Bob AI Powered Momentum ETF		38,365		-		-
Managed Bitcoin Strategy ETF		-		-		-
Newfleet Multi-Sector Income ETF		-		-		-
North Square McKee Core Reserves 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		-		-
Ranger Equity Bear ETF		1,134,889		-		-
Restaurant ETF		-		-		-
STAR Global Buy-Write ETF		-		-		-
Vice ETF		-		-		-

150

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

7. Federal Income Tax – (continued)

The following Funds have capital loss carryforwards available to offset future realized gains of:

Fund	Short-Term No Expiration		Long-Term No Expiration		Total
Alpha DNA Equity Sentiment ETF	$	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
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
Insider Advantage ETF		23,503,336		-		23,503,336
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
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
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		-
Drone Technology ETF		-
Focused Equity ETF		3,730
Gerber Kawasaki ETF		-
Hotel ETF		-

151

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

7. Federal Income Tax – (continued)

Fund	Utilized Amount
Insider Advantage ETF	$	4,875,911
Let Bob AI Powered Momentum ETF		-
Managed Bitcoin Strategy ETF		-
Newfleet Multi-Sector Income ETF		-
North Square McKee Core Reserves ETF		26,678
Poseidon Dynamic Cannabis ETF		-
Psychedelics ETF		-
Pure Cannabis ETF		-
Pure US Cannabis ETF		-
Q Dynamic Growth 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 period ended December 31, 2022 were as follows:

	Purchases						Sales
			U.S.						U.S.
Fund	Long Term		Government		In-Kind		Long Term		Government		In-Kind
Alpha DNA Equity Sentiment ETF	$	120,969,258	$	-	$	-	$	121,668,143	$	-	$	10,262,673
Dorsey Wright ADR ETF		17,832,370		-		-		17,787,557		-		7,662,388
Dorsey Wright Alpha Equal Weight ETF		85,976,871		-		1,596,799		72,889,553		-		4,836,395
Dorsey Wright FSM All Cap World ETF		49,843,950		-		10,722,009		49,106,641		-		10,283,813
Dorsey Wright FSM US Core ETF		423,307		-		842,359		443,540		-		4,761,663
Dorsey Wright Micro Cap ETF		3,393,542		-		165,841		3,334,927		-		2,905,833
Dorsey Wright Short ETF		-		-		-		-		-		-
Drone Technology ETF		172,928		-		100,931		109,295		-		221,583
Focused Equity ETF		7,210,135		-		8,015,736		7,279,639		-		6,878,190
Gerber Kawasaki ETF		3,249,074		-		2,168,658		3,239,033		-		2,588,001
Hotel ETF		3,089,866		-		-		3,394,692		-		1,597,265
Insider Advantage ETF		78,928,118		-		28,388,864		76,422,864		-		36,334,900
Let Bob AI Powered Momentum ETF		6,977,108		-		22,765		8,971,022		-		-
Managed Bitcoin Strategy ETF		-		-		34,339		144,845		-		364,088
MSOS 2x Daily ETF		-		-		-		-		-		-
Newfleet Multi-Sector Income ETF		3,697,148		3,567,882		-		57,907,177		5,537,389		-
North Square McKee Core Reserves ETF		13,037,559		2,872,789		-		14,342,150		1,376,464		-
Poseidon Dynamic Cannabis ETF		753,400		-		251,904		967,004		-		-
Psychedelics ETF		3,458,682		-		2,709,104		2,608,031		-		-
Pure Cannabis ETF		10,999,786		-		427,677		8,412,230		-		-
Pure US Cannabis ETF		2,988,017		-		4,542,803		27,763,803		-		2,113,721
Q Dynamic Growth ETF		8,697,190		-		1,609,651		8,393,581		-		13,175,895
Ranger Equity Bear ETF		-		-		-		-		-		-
Restaurant ETF		1,523,443		-		-		1,110,729		-		443,190
STAR Global Buy-Write ETF		7,574,195		-		842,113		7,670,927		-		-
Vice ETF		5,127,894		-		-		4,900,781		-		727,625

152

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

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 one or more 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 a 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. Each Fund 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 a Fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a 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.

ETF Market Risk

In stressed market conditions, the market for certain ETF shares may become less liquid in response to deteriorating liquidity in the markets for the ETF’s underlying portfolio holdings. This adverse effect on liquidity for the ETF’s shares in turn can lead to differences between the market price of the ETF’s shares and the underlying value of those shares. In addition, there are a limited number of institutions that act as authorized participants. If these institutions exit the business or are, for any reason, unable to process creation and/or redemption orders with respect to the Fund, or purchase and sell securities in connection with creation and/or redemption orders, as applicable, and no other authorized participant steps forward to create or redeem, or purchase or sell securities, as applicable, Fund shares may trade at a premium or discount to their NAV and possibly face operational issues such as trading halts and/or delisting. The absence of an active market in a Fund’s shares could lead to a heightened risk of differences between the market price of the Fund’s shares and the underlying value of those shares.

Fund of Funds Risk

Certain 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 portfolio. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

Illiquid Investments Risk

In certain circumstances, it may be difficult for a Fund to purchase and sell particular portfolio investments due to infrequent trading in such investments. The prices of such securities may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such securities without an unfavorable impact on prevailing market prices, or make it difficult for the Advisor or Sub-Advisor, as applicable, to dispose of such securities at a fair price at the time the Advisor or Sub-Advisor believes it is desirable to do so. The Fund’s investments in such securities may restrict the Fund’s ability to take advantage of other market opportunities and adversely affect the value of the Fund’s portfolio holdings. Such investments also may be subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules.

Management Risk

The Advisor or Sub-Advisor, as applicable, continuously evaluates each Fund’s holdings, purchases and sales with a view to achieving the Fund’s investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Advisor’s or Sub-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. In fact, no matter how good a job the Advisor or Sub-Advisor does, you could lose money on your investment in a Fund, just as you could with other investments. If the Advisor or Sub-Advisor is incorrect in its assessment of the income, growth or price realization potential of a Fund’s holdings or incorrect in its assessment of general market or economic conditions, then the value of the Fund’s shares may decline.

Market Risk

Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. A Fund’s investments may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic conditions or changes in interest or currency rates, or particular countries, segments, economic sectors, industries or companies within those markets. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness, such as the COVID-19 pandemic, or other public health issues, recessions, uncertainties regarding interest rates, rising inflation, or other events could have a significant impact on the market generally and on specific securities. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Fluctuations in the value of securities and financial instruments in which the Fund invests will cause the NAV of the Fund to fluctuate. Historically, the markets have moved in cycles, and the value of the Fund’s securities may fluctuate drastically from day to day. Because of its link to the markets, an investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term principal fluctuations, which at times may be significant.

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

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

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 a 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.

New Fund Risk

Some of the Funds are new funds. There can be no assurance that a new Fund will grow to or maintain an economically viable size, and, if not, it could ultimately liquidate.

Trading Risk

Shares of each Fund may trade above or below their NAV. The trading price of a Fund’s shares may deviate significantly from their NAV during periods of market volatility and, in such instances, you may pay significantly more or receive significantly less than the underlying value of the Fund’s shares. There can be no assurance that an active trading market for a Fund’s shares will develop or be maintained. In addition, trading in shares of a Fund may be halted because of market conditions or for reasons that, in the view of a Fund’s Exchange, make trading in shares inadvisable.

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 AdvisorShares Managed Bitcoin Strategy ETF, primarily through Bitcoin ETFs and/or its 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

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Notes to Financial Statements (Continued)

December 31, 2022 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

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 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 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.

156

LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, AdvisorShares Trust (the “Trust”), on behalf of its series (the “Funds”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk based on factors specific to the circumstances of the Funds. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining shareholders’ interests. The Board of Trustees of the Trust appointed AdvisorShares Investments, LLC, the Funds’ investment adviser, as the administrator of the Program (the “Program Administrator”).

At the Board’s August 2022 meeting, the Trustees reviewed a written report provided by the Program Administrator addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period July 1, 2021 through June 30, 2022. The report did not reflect that any material changes had been made to the Program since its implementation. The report noted that the Program utilizes analysis from a third-party liquidity metrics service provider to assist in liquidity classification, calculation, and monitoring. The Program Administrator concluded in the report that the Program has been adequately designed and effectively implemented to meet the requirements of Rule 22e-4 and the Funds’ liquidity needs.

157

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of the Sub-Advisory Agreements for the AdvisorShares Alpha DNA Equity Sentiment ETF, AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, AdvisorShares Dorsey Wright Short ETF, AdvisorShares Ranger Equity Bear ETF, and AdvisorShares Q Dynamic Growth ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 24, 2022 and December 7, 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 separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Alpha DNA Investment Management LLC, on behalf of the AdvisorShares Alpha DNA Equity Sentiment ETF, (2) Dorsey, Wright & Associates, LLC, on behalf of the AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, and AdvisorShares Dorsey Wright Short ETF, (3) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, and (4) ThinkBetter, on behalf of the AdvisorShares Q Dynamic Growth ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.

Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements and decide whether to renew the Sub-Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by each Sub-Advisor; (ii) the performance of each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) any ancillary benefits to each Sub-Advisor. The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of each Sub-Advisory Agreements in light of the materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the renewal of the Sub-Advisory Agreements. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Advisors, including those individuals responsible for portfolio management. The Board also considered the Sub-Advisors’ operational capabilities and resources and their experience in managing investment portfolios. The most recent Form ADV for each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and compensation. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.

Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. 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 each Sub-Advisor had been able to achieve for its respective Fund(s).

Cost of Services and Profitability. In considering whether the sub-advisory fee payable with respect to each Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fee waived and/or expenses reimbursed by each Sub-Advisor over the period, as applicable, the costs and other expenses incurred by each Sub-Advisor in providing the services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the sub-advisory fee appeared to be reasonable in light of the services rendered.

Economies of Scale. The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by a Sub-Advisor and whether a Sub-Advisor’s fee includes breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by each Sub-Advisor as a result of its relationship with a Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with 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 each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund(s); and (iii) agreed to renew each Sub-Advisory Agreement for another year.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Approval of New Sub-Advisory Agreement for AdvisorShares Ranger Equity Bear ETF

On August 25, 2022, Ranger Alternative Management L.P. (“Ranger”), the investment sub-adviser to the AdvisorShares Ranger Equity Bear ETF (the “Fund”), concluded an ownership restructuring that constituted a change in control of Ranger thereby causing an assignment of the existing sub-advisory agreement between the Advisor and Ranger with respect to the Fund and the agreement’s automatic termination under the 1940 Act. Accordingly, in addition to considering the renewal of the existing sub-advisory agreement at its August 24, 2022 meeting, the Board, including the Independent Trustees, considered the approval of a new sub-advisory agreement between the Advisor and Ranger with respect to the Fund (the “New Sub-Advisory Agreement”), noting that the New Sub-Advisory Agreement contained substantially the same terms as the existing sub-advisory agreement including the rate of compensation.

In considering whether to approve the New Sub-Advisory Agreement, the Board noted that its annual comprehensive review of Ranger was being conducted at the meeting and that it also received specific information relating to the change in control. The Board reviewed and discussed the information and analysis provided by Ranger and considered the approval of the New Sub-Advisory Agreement in light of the information it received relating to the renewal and the change in control. 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. In considering the nature, extent and quality of the services provided by Ranger, the Board reviewed the portfolio management services provided to the Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of Ranger, including those individuals responsible for portfolio management. The Board also considered Ranger’s operational capabilities and resources and its experience in managing investment portfolios. The most recent Form ADV for Ranger was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about Ranger’s business, services, and compensation as well as the expected change in control. The Board considered Ranger’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by Ranger.

Performance of the Fund. The Board was provided with information regarding the Fund’s performance for various periods, as well as comparative performance information. Ranger provided information regarding factors impacting the performance of the Fund, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that the Fund is actively managed and that it receives regular reports regarding the Fund’s performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that Ranger had been able to achieve for the Fund.

Cost of Services and Profitability. In considering whether the sub-advisory fee payable with respect to the Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to Ranger, the costs and other expenses incurred by Ranger, and the profitability analysis with respect to 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 Ranger under the existing sub-advisory agreement. The Board also reviewed information comparing the Fund’s advisory fee to the advisory fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for the Fund that the sub-advisory fee appeared to be reasonable in light of the services rendered.

Economies of Scale. The Board considered whether economies of scale were realized for the Fund. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for the Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Ancillary Benefits. The Board noted the potential benefits to be received by Ranger 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 and evaluation of the information described above, 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.

Approval of the Advisory Agreement for AdvisorShares MSOS 2x Daily ETF

At a meeting held on May 17, 2022, the Board, including the Independent Trustees, considered the approval of the proposed investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor with respect to the AdvisorShares MSOS 2x Daily ETF (the “Fund”). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that its annual comprehensive review of the Advisor with respect to those series also was being conducted at the meeting.

In connection with its consideration of the Advisory Agreement, the Board, including the Independent Trustees, requested, received, and evaluated materials from the Advisor about the services proposed to be provided thereunder including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rate and other matters that it considered relevant to its consideration and approval of the Advisory 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 adviser 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

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

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 appeared to be reasonable in light of the services to be provided.

Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.

Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor as a result of its relationship with the Fund (other than the advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to the Advisor is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.

Approval of the Amended Advisory Agreement and Amended Sub-Advisory Agreement for the AdvisorShares STAR Global Buy-Write ETF

At a meeting held on September 12, 2022, the Board, including the Independent Trustees, considered the approval of (a) an amended investment advisory agreement (the “Advisory Agreement”) between the Advisor and the Trust, on behalf of the AdvisorShares STAR Global Buy-Write ETF (the “Fund”), and (b) an amended sub-advisory agreement (together with the Advisory Agreement, the “Amended Agreements”) between the Advisor and CreativeOne Wealth, LLC (formerly, ChangePath, LLC) (the “Sub-Advisor”) with respect to portfolio management services for the Fund. The Board noted that the Amended Agreements reflected reduced advisory or sub-advisory fees, as applicable, but otherwise contained the same terms as the applicable currently effective agreement.

In considering whether to approve the Amended Agreements, the Board noted that it had conducted a comprehensive review of the Advisor at its May 2022 quarterly meeting and of the Sub-Advisor at its February 2022 quarterly meeting in connection with its consideration of the most recent annual renewal of each one’s currently effective agreement. The Board also reviewed and discussed additional information and analysis provided by the Advisor in connection with the proposed reduction in advisory and sub-advisory fees. The Board considered the approval of the Amended Agreements in light of the information it received at its current and prior meetings. 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 Sub-Advisor, the Board reviewed the services provided to the Fund 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 Fund. The Trustees reviewed the extensive responsibilities that the Advisor has as investment adviser to the

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BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

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 most recent Form ADV for the Advisor and Sub-Advisor had been 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 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 considered the Advisor’s representation that the fee reductions would not result in a change to the services provided to the Fund by the Advisor or Sub-Advisor. 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 Fund by the Advisor and Sub-Advisor.

Performance of the Fund. The Board had been provided with information regarding the Fund’s performance for various periods, as well as comparative performance information. The Advisor and Sub-Advisor provided information regarding factors impacting the performance of the Fund, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that the Fund is actively managed and that it receives regular reports regarding the 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 Sub-Advisor had been able to achieve for the Fund.

Cost of Services and Profitability. In considering whether the advisory and sub-advisory fees payable with respect to the Fund are reasonable, the Board reviewed the advisory fee paid by the Fund to the Advisor, the sub-advisory fee paid by the Advisor to the Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and Sub-Advisor in providing advisory services, and the Advisor’s and Sub-Advisor’s profitability analysis with respect to the Fund. In discussing the fee arrangements between the Advisor and Sub-Advisor, the Board noted that the Advisor pays the Sub-Advisor out of the advisory fee it receives from the Fund. The Board also reviewed information comparing the 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 Fund. Based on its review, in the context of its full deliberations, the Board concluded for the Fund that the advisory and sub-advisory fees appeared to be reasonable in light of the services rendered.

Economies of Scale. The Board considered for the Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Advisor and Sub-Advisor and whether the Advisor’s and/or Sub-Advisor’s fees include breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for the Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor and Sub-Advisor as a result of its relationship with the Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Amended Agreement is fair and reasonable; (ii) concluded that the Advisor’s fee is reasonable in light of the services that it provides to the Fund; (iii) concluded that the Sub-Advisor’s fee is reasonable in light of the services that it provides to the Fund; and (iv) agreed to approve each Amended Agreement.

163

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.

164

ADVISORSHARES TRUST

Investment Advisor	Distributor
AdvisorShares Investments, LLC	Foreside Fund Services, LLC
4800 Montgomery Lane, Suite 150	Three Canal Plaza, Suite 100
Bethesda, MD 20814	Portland, ME 04101
Sub-Advisors	Custodian/Fund Administrator/Transfer Agent
Alpha DNA Investment Management LLC	The Bank of New York Mellon
8860 Columbia 100 Parkway, Suite 301	240 Greenwich Street
Columbia, MD 21045	New York, NY 10286
CMS Advisors, LLC	Legal Counsel
420 Fort Duquesne Boulevard
Pittsburgh, PA 15222	Morgan, Lewis & Bockius LLP
	1111 Pennsylvania Avenue, NW
CreativeOne Wealth, LLC	Washington, D.C. 20004
6330 Sprint Parkway, Suite 400
Overland Park, KS 66211	Independent Registered Public Accounting Firm
Dorsey, Wright & Associates, LLC	Tait, Weller & Baker LLP
3300 W. Leigh Street	50 South 16th Street, Suite 2900
Richmond, VA 23230	Philadelphia, PA 19102
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

165

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.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Investments.

(a) 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.

Not applicable.

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)	Not applicable.
(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)(2)(1)	Not applicable.
(a)(2)(2)	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	March 3, 2023

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	March 3, 2023
By (Signature and Title)*	/s/ Dan Ahrens
	Dan Ahrens, Treasurer
	(principal financial officer)
Date	March 3, 2023

^* Print the name and title of each signing officer under his or her signature.