UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22110
AdvisorShares Trust
(Exact name of registrant as specified in charter)
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip code)
Dan Ahrens
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-877-843-3831
Date of fiscal year end: June 30
Date of reporting period: June 30, 2024
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, 100 F Street, NE, Washington, DC 20549-1090. 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. |
AdvisorShares Dorsey Wright ADR ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i2003d58b0dd4a80dc9f2e0c8.jpg)
AADR | Nasdaq Stock Market LLC
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Dorsey Wright ADR ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Dorsey Wright ADR ETF | $125 | 1.10% |
How did the Fund perform last year?
The AdvisorShares Dorsey Wright ADR ETF (ticker: AADR) finished the fiscal year ended June 30th, 2024, well ahead of its benchmark, the MSCI EAFE Index. The Fund was aided by factor tailwinds as momentum strategies across the globe turned in exemplary performances. In the US, for example, momentum was up nearly 40% over the last year and beat the next best factor (quality) by nearly 10%. Performance was consistent and the Fund beat its benchmark each quarter.
The second half of 2023 saw international markets perform well despite a 10% pullback in the back half of Q3. Often these pullbacks cause leadership changes as stocks declining by less during the drawdown gain relative strength. This largely did not happen though which allowed momentum strategies across the board to stay invested in areas that continued to demonstrate strength after the pullback. One of those areas was Latin America, where the Fund had an outsized position relative to the benchmark.
The first half of 2024 saw a continuation of 2023’s success as there was very little pullback at all and trends related to AI continued to lead the market higher. While the future is unknowable, we feel this resurgence in momentum is not a one hit wonder as studies over time have shown momentum to be the most durable and successful investment factor.
The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i118512651fa46ebac197e61f.jpg)
MSCI EAFE Index (Net) | ||
---|---|---|
AdvisorShares Dorsey Wright ADR ETF NAV | ||
6/2014 | $10,000 | $10,000 |
7/2014 | $9,736 | $9,804 |
8/2014 | $9,941 | $9,789 |
9/2014 | $9,551 | $9,412 |
10/2014 | $9,697 | $9,276 |
11/2014 | $9,754 | $9,402 |
12/2014 | $9,533 | $9,076 |
1/2015 | $9,338 | $9,121 |
2/2015 | $10,042 | $9,666 |
3/2015 | $9,960 | $9,519 |
4/2015 | $10,386 | $9,908 |
5/2015 | $10,368 | $9,857 |
6/2015 | $10,036 | $9,578 |
7/2015 | $10,297 | $9,777 |
8/2015 | $9,527 | $9,057 |
9/2015 | $9,366 | $8,597 |
10/2015 | $9,921 | $9,269 |
11/2015 | $10,146 | $9,125 |
12/2015 | $9,951 | $9,002 |
1/2016 | $9,422 | $8,351 |
2/2016 | $9,331 | $8,198 |
3/2016 | $9,962 | $8,732 |
4/2016 | $9,956 | $8,985 |
5/2016 | $10,037 | $8,903 |
6/2016 | $10,142 | $8,604 |
7/2016 | $10,609 | $9,040 |
8/2016 | $10,446 | $9,047 |
9/2016 | $10,550 | $9,158 |
10/2016 | $10,823 | $8,970 |
11/2016 | $10,593 | $8,792 |
12/2016 | $10,506 | $9,092 |
1/2017 | $11,498 | $9,356 |
2/2017 | $11,659 | $9,490 |
3/2017 | $12,099 | $9,751 |
4/2017 | $12,288 | $9,999 |
5/2017 | $12,343 | $10,366 |
6/2017 | $12,214 | $10,348 |
7/2017 | $12,993 | $10,646 |
8/2017 | $13,734 | $10,642 |
9/2017 | $14,542 | $10,907 |
10/2017 | $15,046 | $11,073 |
11/2017 | $14,626 | $11,189 |
12/2017 | $15,433 | $11,369 |
1/2018 | $16,389 | $11,939 |
2/2018 | $15,863 | $11,400 |
3/2018 | $15,416 | $11,194 |
4/2018 | $15,333 | $11,450 |
5/2018 | $15,167 | $11,193 |
6/2018 | $14,101 | $11,056 |
7/2018 | $14,003 | $11,328 |
8/2018 | $13,841 | $11,109 |
9/2018 | $14,214 | $11,206 |
10/2018 | $12,300 | $10,314 |
11/2018 | $11,718 | $10,301 |
12/2018 | $10,622 | $9,801 |
1/2019 | $11,744 | $10,445 |
2/2019 | $12,238 | $10,711 |
3/2019 | $12,064 | $10,779 |
4/2019 | $12,208 | $11,082 |
5/2019 | $12,200 | $10,550 |
6/2019 | $13,233 | $11,175 |
7/2019 | $13,466 | $11,034 |
8/2019 | $13,203 | $10,748 |
9/2019 | $12,729 | $11,056 |
10/2019 | $13,448 | $11,453 |
11/2019 | $13,550 | $11,582 |
12/2019 | $14,434 | $11,958 |
1/2020 | $14,312 | $11,709 |
2/2020 | $13,206 | $10,650 |
3/2020 | $10,807 | $9,229 |
4/2020 | $12,265 | $9,825 |
5/2020 | $13,078 | $10,253 |
6/2020 | $14,167 | $10,602 |
7/2020 | $15,136 | $10,849 |
8/2020 | $15,060 | $11,407 |
9/2020 | $14,778 | $11,110 |
10/2020 | $14,261 | $10,667 |
11/2020 | $15,438 | $12,320 |
12/2020 | $16,255 | $12,893 |
1/2021 | $15,960 | $12,756 |
2/2021 | $16,667 | $13,042 |
3/2021 | $16,615 | $13,342 |
4/2021 | $17,363 | $13,743 |
5/2021 | $17,684 | $14,191 |
6/2021 | $17,764 | $14,032 |
7/2021 | $17,919 | $14,137 |
8/2021 | $18,182 | $14,387 |
9/2021 | $17,026 | $13,969 |
10/2021 | $17,426 | $14,313 |
11/2021 | $16,487 | $13,647 |
12/2021 | $17,290 | $14,345 |
1/2022 | $16,783 | $13,652 |
2/2022 | $15,831 | $13,411 |
3/2022 | $16,059 | $13,497 |
4/2022 | $14,661 | $12,624 |
5/2022 | $15,208 | $12,718 |
6/2022 | $13,232 | $11,538 |
7/2022 | $13,957 | $12,113 |
8/2022 | $13,524 | $11,538 |
9/2022 | $12,127 | $10,459 |
10/2022 | $12,991 | $11,021 |
11/2022 | $13,896 | $12,262 |
12/2022 | $13,297 | $12,272 |
1/2023 | $14,014 | $13,266 |
2/2023 | $13,524 | $12,989 |
3/2023 | $13,495 | $13,311 |
4/2023 | $13,406 | $13,687 |
5/2023 | $12,848 | $13,108 |
6/2023 | $13,853 | $13,704 |
7/2023 | $14,862 | $14,148 |
8/2023 | $14,620 | $13,606 |
9/2023 | $13,736 | $13,141 |
10/2023 | $13,305 | $12,608 |
11/2023 | $15,235 | $13,778 |
12/2023 | $15,744 | $14,510 |
1/2024 | $15,763 | $14,594 |
2/2024 | $16,372 | $14,861 |
3/2024 | $17,469 | $15,350 |
4/2024 | $17,138 | $14,957 |
5/2024 | $18,228 | $15,536 |
6/2024 | $17,544 | $15,285 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | 10 year |
---|---|---|---|
AdvisorShares Dorsey Wright ADR ETF NAV | 26.65% | 5.80% | 5.78% |
AdvisorShares Dorsey Wright ADR ETF Market Price* | 26.69% | 5.81% | 5.78% |
MSCI EAFE Index (Net) | 11.54% | 6.46% | 4.33% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$25,675,310
- Total advisory fees paid$161,647
- Total number of portfolio holdings36
- Period portfolio turnover rate45%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Apparel | 1.7% |
Food Service | 1.9% |
Insurance | 2.1% |
Miscellaneous Manufacturing | 2.3% |
Building Materials | 2.3% |
Beverages | 2.3% |
Computers | 2.5% |
Electric | 2.6% |
Transportation | 2.9% |
Software | 2.9% |
Electronics | 3.9% |
Diversified Financial Services | 4.5% |
Other | 67.9% |
Money Market Fund | 8.9% |
Assets Less Liabilities | (8.7)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Dorsey Wright FSM All Cap World ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/ib6cf521ea670ac137fa4bbaf.jpg)
DWAW | Nasdaq Stock Market LLC
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM All Cap World ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Dorsey Wright FSM All Cap World ETF | $111 | 0.98% |
How did the Fund perform last year?
During the fiscal year ended June 30, 2024, the AdvisorShares Dorsey Wright FSM All Cap World ETF (ticker: DWAW) outperformed its benchmark, the MSCI ACWI Index.
The Fund is built on a foundation of momentum and relative strength to select the strongest funds from a universe of broad ETFs that cover size, styles, and global themes. The momentum factor has struggled for a few years before returning to favor in the back half of 2023 and continuing its strong run in the first half of 2024. Market strength was concentrated in just a few names with the lion’s shares of contribution to the S&P 500 Index’s return coming from a handful of names.
DWAW was able to capitalize on the narrow market with its exposure to the Invesco QQQ Trust (QQQ) and eventual exposure to the iShares Morningstar Growth ETF (ILCG) both of which were heavily weighted to the few names that drove broad market performance. DWAW picked up exposure to the momentum factor via the iShares MSCI USA Momentum Factor ETF (MTUM) in February which highlights the strength in momentum strategies over the last few quarters.
The MSCI All Country World Index is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i3ae7dcd00dea588757a7dac3.jpg)
MSCI All Country World Index (Net) | ||
---|---|---|
AdvisorShares Dorsey Wright FSM All Cap World ETF NAV | ||
12/26/2019 | $10,000 | $10,000 |
12/31/2019 | $9,948 | $10,001 |
1/31/2020 | $10,093 | $9,890 |
2/29/2020 | $9,536 | $9,091 |
3/31/2020 | $8,733 | $7,864 |
4/30/2020 | $10,040 | $8,706 |
5/31/2020 | $10,715 | $9,085 |
6/30/2020 | $11,176 | $9,375 |
7/31/2020 | $11,991 | $9,871 |
8/31/2020 | $12,837 | $10,475 |
9/30/2020 | $12,353 | $10,138 |
10/31/2020 | $12,180 | $9,891 |
11/30/2020 | $13,824 | $11,110 |
12/31/2020 | $14,807 | $11,626 |
1/31/2021 | $15,141 | $11,573 |
2/28/2021 | $15,260 | $11,841 |
3/31/2021 | $14,638 | $12,158 |
4/30/2021 | $15,259 | $12,689 |
5/31/2021 | $14,898 | $12,887 |
6/30/2021 | $14,607 | $13,057 |
7/31/2021 | $14,530 | $13,147 |
8/31/2021 | $14,883 | $13,476 |
9/30/2021 | $14,191 | $12,919 |
10/31/2021 | $15,264 | $13,578 |
11/30/2021 | $15,304 | $13,251 |
12/31/2021 | $15,309 | $13,781 |
1/31/2022 | $13,602 | $13,105 |
2/28/2022 | $13,384 | $12,766 |
3/31/2022 | $13,787 | $13,043 |
4/30/2022 | $13,006 | $11,999 |
5/31/2022 | $13,313 | $12,013 |
6/30/2022 | $12,273 | $11,000 |
7/31/2022 | $12,801 | $11,768 |
8/31/2022 | $12,444 | $11,335 |
9/30/2022 | $11,309 | $10,250 |
10/31/2022 | $12,571 | $10,868 |
11/30/2022 | $13,311 | $11,711 |
12/31/2022 | $12,624 | $11,251 |
1/31/2023 | $13,811 | $12,057 |
2/28/2023 | $13,156 | $11,711 |
3/31/2023 | $12,657 | $12,073 |
4/30/2023 | $12,683 | $12,246 |
5/31/2023 | $12,243 | $12,115 |
6/30/2023 | $12,841 | $12,818 |
7/31/2023 | $13,321 | $13,288 |
8/31/2023 | $12,939 | $12,916 |
9/30/2023 | $12,332 | $12,382 |
10/31/2023 | $11,904 | $12,010 |
11/30/2023 | $13,171 | $13,118 |
12/31/2023 | $14,018 | $13,748 |
1/31/2024 | $14,182 | $13,829 |
2/29/2024 | $15,038 | $14,422 |
3/31/2024 | $15,342 | $14,875 |
4/30/2024 | $14,576 | $14,384 |
5/31/2024 | $15,371 | $14,969 |
6/30/2024 | $16,176 | $15,302 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 12/26/2019 |
---|---|---|
AdvisorShares Dorsey Wright FSM All Cap World ETF NAV | 25.97% | 11.25% |
AdvisorShares Dorsey Wright FSM All Cap World ETF (MKT)* | 25.81% | 11.23% |
MSCI All Country World Index (Net) | 19.38% | 9.89% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The MSCI All Country World Index (Net) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$79,975,410
- Total advisory fees paid$586,901
- Total number of portfolio holdings4
- Period portfolio turnover rate154%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Equity Fund | 99.9% |
Money Market Funds | 3.7% |
Assets Less Liabilities | (3.6)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Dorsey Wright FSM US Core ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i8753af770c71ed5d210465b4.jpg)
DWUS | Nasdaq Stock Market LLC
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM US Core ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Dorsey Wright FSM US Core ETF | $107 | 0.94% |
How did the Fund perform last year?
During the fiscal year ended June 30, 2024, the AdvisorShares Dorsey Wright FSM US Core ETF (ticker: DWUS) outperformed its benchmark, the S&P 500 Index.
The Fund is built on a foundation of momentum and relative strength to select the strongest funds from a small lineup of US large cap core equity ETFs. The momentum factor has struggled for a few years before catching fire in the back half of 2023 and has continued its strong run in the first half of 2024. Market strength was concentrated in just a few names with the lion’s shares of contribution to the S&P 500 Index’s return coming from a handful of names.
DWUS was able to capitalize on the narrow market with its exposure to the Invesco QQQ Trust which is heavily weighted to the few names that drove broad market performance. DWUS picked up exposure to the momentum factor via the iShares MSCI USA Momentum Factor ETF (MTUM) in February which highlights the strength in momentum strategies over the last few quarters.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i325b7ad776e1eb27c7109baf.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Dorsey Wright FSM US Core ETF NAV | ||
12/26/2019 | $10,000 | $10,000 |
12/31/2019 | $10,000 | $9,974 |
1/31/2020 | $10,292 | $9,970 |
2/29/2020 | $9,563 | $9,149 |
3/31/2020 | $8,657 | $8,019 |
4/30/2020 | $9,801 | $9,047 |
5/31/2020 | $10,401 | $9,478 |
6/30/2020 | $10,943 | $9,667 |
7/31/2020 | $11,716 | $10,212 |
8/31/2020 | $12,903 | $10,946 |
9/30/2020 | $12,282 | $10,530 |
10/31/2020 | $11,828 | $10,250 |
11/30/2020 | $13,110 | $11,372 |
12/31/2020 | $13,647 | $11,809 |
1/31/2021 | $13,760 | $11,690 |
2/28/2021 | $13,701 | $12,012 |
3/31/2021 | $13,727 | $12,538 |
4/30/2021 | $14,606 | $13,207 |
5/31/2021 | $14,341 | $13,300 |
6/30/2021 | $14,782 | $13,610 |
7/31/2021 | $15,082 | $13,933 |
8/31/2021 | $15,569 | $14,357 |
9/30/2021 | $14,821 | $13,689 |
10/31/2021 | $15,784 | $14,648 |
11/30/2021 | $15,722 | $14,547 |
12/31/2021 | $16,284 | $15,199 |
1/31/2022 | $15,207 | $14,412 |
2/28/2022 | $14,793 | $13,981 |
3/31/2022 | $15,322 | $14,500 |
4/30/2022 | $13,775 | $13,235 |
5/31/2022 | $13,820 | $13,260 |
6/30/2022 | $12,865 | $12,165 |
7/31/2022 | $13,674 | $13,287 |
8/31/2022 | $13,301 | $12,745 |
9/30/2022 | $12,136 | $11,571 |
10/31/2022 | $13,126 | $12,508 |
11/30/2022 | $13,923 | $13,207 |
12/31/2022 | $13,467 | $12,446 |
1/31/2023 | $13,960 | $13,228 |
2/28/2023 | $13,373 | $12,905 |
3/31/2023 | $13,552 | $13,379 |
4/30/2023 | $13,678 | $13,588 |
5/31/2023 | $13,892 | $13,647 |
6/30/2023 | $14,843 | $14,549 |
7/31/2023 | $15,373 | $15,016 |
8/31/2023 | $15,119 | $14,777 |
9/30/2023 | $14,368 | $14,073 |
10/31/2023 | $14,054 | $13,777 |
11/30/2023 | $15,439 | $15,035 |
12/31/2023 | $16,207 | $15,718 |
1/31/2024 | $16,470 | $15,982 |
2/29/2024 | $17,552 | $16,835 |
3/31/2024 | $17,907 | $17,377 |
4/30/2024 | $17,012 | $16,667 |
5/31/2024 | $17,977 | $17,494 |
6/30/2024 | $18,956 | $18,122 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 12/26/2019 |
---|---|---|
AdvisorShares Dorsey Wright FSM US Core ETF NAV | 27.72% | 15.23% |
AdvisorShares Dorsey Wright FSM U.S. Core ETF (MKT)* | 27.77% | 15.22% |
S&P 500 Index | 24.56% | 14.08% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$111,940,230
- Total advisory fees paid$738,177
- Total number of portfolio holdings3
- Period portfolio turnover rate99%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Holdings | % of Net Assets |
---|---|
Equity Fund | 99.8% |
Money Market Fund | 0.2% |
Assets Less Liabilities | -% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Dorsey Wright Short ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/ie5f1fb2b18a816f659ca008f.jpg)
DWSH | Nasdaq Stock Market LLC
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Dorsey Wright Short ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Dorsey Wright Short ETF | $366 | 3.77% |
How did the Fund perform last year?
The AdvisorShares Dorsey Wright Short ETF (ticker: DWSH) finished the fiscal year ended June 30th, 2024, well ahead of its benchmark, the inverse of the S&P 500 Index. Downside momentum helped the fund tremendously as laggard stocks have been underperforming. Much of this has come from the fact that the S&P 500’s returns have been dominated by the largest cap stocks. Meanwhile, the smaller cap stocks haven’t performed as well. This has set up opportunities to outperform by shorting these smaller cap stocks while largely avoiding shorts in large caps.
The second half of 2023 saw the Fund underperform the benchmark as many of the laggards rebounded sharply off the bottom in October. Despite this, the first half of 2024 provided many opportunities for the Fund to outperform. In fact, while the S&P 500 rallied over 15% in the first half, DWSH managed to post a positive return of 6.67%. Also, currently nearly 20% of the Fund has declined over 40% since we shorted them showing the stark divergence in the market. While it’s hard to say whether this level of outperformance will remain, we know over time these stocks are more likely to have negative outcomes as companies rarely collapse in a positive trend.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i7e1d1b83df66c3632a8755ca.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Dorsey Wright Short ETF NAV | ||
7/10/2018 | $10,000 | $10,000 |
7/31/2018 | $9,932 | $10,085 |
8/31/2018 | $9,952 | $10,414 |
9/30/2018 | $10,045 | $10,473 |
10/31/2018 | $11,152 | $9,757 |
11/30/2018 | $10,683 | $9,956 |
12/31/2018 | $12,214 | $9,057 |
1/31/2019 | $10,218 | $9,783 |
2/28/2019 | $9,812 | $10,097 |
3/31/2019 | $9,945 | $10,293 |
4/30/2019 | $9,476 | $10,710 |
5/31/2019 | $11,022 | $10,029 |
6/30/2019 | $9,973 | $10,736 |
7/31/2019 | $10,134 | $10,891 |
8/31/2019 | $11,354 | $10,718 |
9/30/2019 | $10,403 | $10,919 |
10/31/2019 | $10,388 | $11,155 |
11/30/2019 | $9,808 | $11,560 |
12/31/2019 | $9,129 | $11,909 |
1/31/2020 | $9,892 | $11,904 |
2/29/2020 | $11,054 | $10,924 |
3/31/2020 | $14,040 | $9,575 |
4/30/2020 | $10,062 | $10,803 |
5/31/2020 | $9,168 | $11,317 |
6/30/2020 | $7,753 | $11,542 |
7/31/2020 | $7,766 | $12,193 |
8/31/2020 | $7,112 | $13,069 |
9/30/2020 | $7,632 | $12,573 |
10/31/2020 | $7,205 | $12,238 |
11/30/2020 | $5,014 | $13,578 |
12/31/2020 | $4,606 | $14,100 |
1/31/2021 | $4,280 | $13,958 |
2/28/2021 | $3,975 | $14,343 |
3/31/2021 | $3,725 | $14,971 |
4/30/2021 | $3,592 | $15,770 |
5/31/2021 | $3,520 | $15,880 |
6/30/2021 | $3,444 | $16,251 |
7/31/2021 | $3,491 | $16,637 |
8/31/2021 | $3,466 | $17,142 |
9/30/2021 | $3,532 | $16,345 |
10/31/2021 | $3,499 | $17,490 |
11/30/2021 | $3,742 | $17,369 |
12/31/2021 | $3,424 | $18,148 |
1/31/2022 | $3,420 | $17,208 |
2/28/2022 | $3,437 | $16,693 |
3/31/2022 | $3,365 | $17,313 |
4/30/2022 | $3,740 | $15,803 |
5/31/2022 | $3,797 | $15,832 |
6/30/2022 | $4,207 | $14,525 |
7/31/2022 | $3,759 | $15,865 |
8/31/2022 | $3,867 | $15,218 |
9/30/2022 | $4,464 | $13,816 |
10/31/2022 | $3,998 | $14,935 |
11/30/2022 | $3,696 | $15,769 |
12/31/2022 | $3,992 | $14,861 |
1/31/2023 | $3,287 | $15,795 |
2/28/2023 | $3,459 | $15,409 |
3/31/2023 | $3,628 | $15,975 |
4/30/2023 | $3,672 | $16,224 |
5/31/2023 | $3,868 | $16,295 |
6/30/2023 | $3,521 | $17,372 |
7/31/2023 | $3,157 | $17,930 |
8/31/2023 | $3,380 | $17,644 |
9/30/2023 | $3,680 | $16,803 |
10/31/2023 | $3,996 | $16,450 |
11/30/2023 | $3,608 | $17,952 |
12/31/2023 | $3,110 | $18,767 |
1/31/2024 | $3,251 | $19,083 |
2/29/2024 | $3,214 | $20,102 |
3/31/2024 | $3,093 | $20,749 |
4/30/2024 | $3,306 | $19,901 |
5/31/2024 | $3,229 | $20,888 |
6/30/2024 | $3,320 | $21,637 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | Since Inception 7/10/2018 |
---|---|---|---|
AdvisorShares Dorsey Wright Short ETF NAV | - 5.70% | - 19.75% | - 16.86% |
AdvisorShares Dorsey Wright Short ETF (MKT)* | - 5.60% | - 19.80% | - 16.89% |
S&P 500 Index | 24.56% | 15.05% | 13.80% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$10,989,121
- Total advisory fees paid$127,282
- Total number of portfolio holdings102
- Period portfolio turnover rate253%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Retail | (10.0)% |
Healthcare - Products | (8.7)% |
Biotechnology | (7.9)% |
REITS | (6.4)% |
Pharmaceuticals | (5.4)% |
Media | (5.0)% |
Software | (4.5)% |
Computers | (4.5)% |
Transportation | (4.4)% |
Internet | (3.6)% |
Semiconductors | (3.3)% |
Commercial Services | (3.1)% |
Other | (39.5)% |
Money Market Fund | 237.1% |
Assets Less Liabilities | (30.8)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Focused Equity ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i8a1480c8a70266ed636b0611.jpg)
CWS | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Focused Equity ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Focused Equity ETF | $78 | 0.72% |
How did the Fund perform last year?
For the 12 months ended June 30, 2024, the AdvisorShares Focused Equity ETF (ticker: CWS) gained 16.20% (NAV) and 15.84% (market price).
CWS is an exchange-traded fund that aims to provide superior returns through a diversified portfolio of 25 high-quality stocks. The stocks in the portfolio are equally weighted at the start of each year, and no changes are made throughout the year (except for mergers or buyouts).
Over the past year, CWS benefitted from a resilient U.S. economy and lower inflation. The Fund’s performance can be impacted by the health of the broader economy and financial market conditions. CWS tends to perform well relative to the broader market when monetary conditions are more restrictive. While this has been an important factor in previous years, it was less so in the past year as the Federal Reserve left interest rates unchanged.
The Fund’s performance can be influenced by geo-political conditions, especially our positions in defense and aerospace companies. Additionally, CWS can be subjected to transient market trends. CWS tends to perform well when high-quality stocks are in favor. The Fund also did well this year as economically cyclical stocks gained favor, and investors foresaw a stronger economy and lower inflation.
We continue to be optimistic for the Fund. CWS seeks to invest in companies with very strong balance sheets and lasting competitive advantages. These attributes should help the Fund’s holdings weather whatever comes their way.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/ia713b5fb646a18c440b73160.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Focused Equity ETF NAV | ||
9/20/2016 | $10,000 | $10,000 |
9/30/2016 | $10,080 | $10,137 |
10/31/2016 | $9,901 | $9,952 |
11/30/2016 | $10,385 | $10,321 |
12/31/2016 | $10,378 | $10,525 |
1/31/2017 | $10,789 | $10,725 |
2/28/2017 | $10,996 | $11,151 |
3/31/2017 | $11,087 | $11,164 |
4/30/2017 | $11,302 | $11,278 |
5/31/2017 | $11,331 | $11,437 |
6/30/2017 | $11,439 | $11,508 |
7/31/2017 | $11,428 | $11,745 |
8/31/2017 | $11,274 | $11,781 |
9/30/2017 | $11,590 | $12,024 |
10/31/2017 | $11,919 | $12,305 |
11/30/2017 | $12,400 | $12,682 |
12/31/2017 | $12,524 | $12,823 |
1/31/2018 | $12,936 | $13,557 |
2/28/2018 | $12,635 | $13,057 |
3/31/2018 | $12,417 | $12,726 |
4/30/2018 | $12,333 | $12,774 |
5/31/2018 | $12,398 | $13,082 |
6/30/2018 | $12,762 | $13,163 |
7/31/2018 | $13,131 | $13,652 |
8/31/2018 | $13,581 | $14,097 |
9/30/2018 | $13,596 | $14,177 |
10/31/2018 | $12,587 | $13,208 |
11/30/2018 | $13,137 | $13,478 |
12/31/2018 | $11,810 | $12,261 |
1/31/2019 | $12,688 | $13,243 |
2/28/2019 | $13,259 | $13,668 |
3/31/2019 | $13,343 | $13,934 |
4/30/2019 | $13,923 | $14,498 |
5/31/2019 | $13,497 | $13,577 |
6/30/2019 | $14,177 | $14,534 |
7/31/2019 | $14,441 | $14,743 |
8/31/2019 | $14,444 | $14,509 |
9/30/2019 | $14,478 | $14,781 |
10/31/2019 | $14,623 | $15,101 |
11/30/2019 | $15,228 | $15,649 |
12/31/2019 | $15,402 | $16,121 |
1/31/2020 | $15,556 | $16,115 |
2/29/2020 | $14,160 | $14,788 |
3/31/2020 | $12,652 | $12,962 |
4/30/2020 | $14,008 | $14,623 |
5/31/2020 | $14,814 | $15,320 |
6/30/2020 | $14,747 | $15,624 |
7/31/2020 | $15,998 | $16,505 |
8/31/2020 | $16,496 | $17,692 |
9/30/2020 | $16,103 | $17,020 |
10/31/2020 | $15,765 | $16,567 |
11/30/2020 | $17,208 | $18,381 |
12/31/2020 | $18,007 | $19,087 |
1/31/2021 | $17,585 | $18,895 |
2/28/2021 | $17,638 | $19,416 |
3/31/2021 | $18,462 | $20,266 |
4/30/2021 | $19,478 | $21,347 |
5/31/2021 | $19,282 | $21,497 |
6/30/2021 | $19,341 | $21,998 |
7/31/2021 | $20,001 | $22,521 |
8/31/2021 | $20,275 | $23,206 |
9/30/2021 | $19,221 | $22,126 |
10/31/2021 | $20,502 | $23,677 |
11/30/2021 | $20,370 | $23,513 |
12/31/2021 | $21,844 | $24,566 |
1/31/2022 | $20,269 | $23,295 |
2/28/2022 | $19,677 | $22,598 |
3/31/2022 | $19,925 | $23,437 |
4/30/2022 | $18,768 | $21,393 |
5/31/2022 | $18,606 | $21,432 |
6/30/2022 | $17,547 | $19,663 |
7/31/2022 | $19,194 | $21,476 |
8/31/2022 | $18,475 | $20,600 |
9/30/2022 | $17,085 | $18,703 |
10/31/2022 | $18,829 | $20,217 |
11/30/2022 | $20,348 | $21,347 |
12/31/2022 | $19,758 | $20,117 |
1/31/2023 | $21,193 | $21,381 |
2/28/2023 | $20,679 | $20,859 |
3/31/2023 | $21,138 | $21,625 |
4/30/2023 | $21,170 | $21,963 |
5/31/2023 | $20,379 | $22,058 |
6/30/2023 | $22,388 | $23,516 |
7/31/2023 | $23,183 | $24,271 |
8/31/2023 | $22,981 | $23,885 |
9/30/2023 | $21,718 | $22,746 |
10/31/2023 | $20,637 | $22,268 |
11/30/2023 | $23,075 | $24,301 |
12/31/2023 | $24,750 | $25,405 |
1/31/2024 | $25,051 | $25,832 |
2/29/2024 | $25,753 | $27,212 |
3/31/2024 | $26,559 | $28,087 |
4/30/2024 | $25,372 | $26,940 |
5/31/2024 | $26,199 | $28,276 |
6/30/2024 | $26,015 | $29,290 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | Since Inception 9/20/2016 |
---|---|---|---|
AdvisorShares Focused Equity ETF NAV | 16.20% | 12.91% | 13.08% |
AdvisorShares Focused Equity ETF (MKT)* | 15.84% | 12.98% | 13.08% |
S&P 500 Index | 24.56% | 15.05% | 14.82% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$154,194,978
- Total advisory fees paid$549,905
- Total number of portfolio holdings26
- Period portfolio turnover rate18%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Leisure Time | 3.1% |
Chemicals | 3.3% |
Media | 3.3% |
Real Estate | 3.4% |
Packaging & Containers | 3.5% |
Computers | 3.6% |
Water | 3.7% |
Food | 3.8% |
Machinery - Diversified | 4.1% |
Insurance | 4.2% |
Pharmaceuticals | 4.2% |
Aerospace/Defense | 4.7% |
Other | 54.4% |
Money Market Fund | 0.8% |
Assets Less Liabilities | (0.1)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Gerber Kawasaki ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i22895f12a8dcb80f9d827a32.jpg)
GK | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Gerber Kawasaki ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Gerber Kawasaki ETF | $83 | 0.75% |
How did the Fund perform last year?
The AdvisorShares Gerber Kawasaki ETF (ticker: GK) had a very solid performance during the past fiscal year ended June 30, 2024. We made significant shifts in our overall allocations, moving away from clean energy investments and into AI-related investments. We see the opportunity in AI as a unique, decade-long investment thesis that will transform our society in many visible and yet-to-be-seen ways.
This shift away from large positions like Tesla and into our new top holding, NVIDIA, resulted in much better performance for the Fund over the last 12 months. Despite the Biden administration's focus on clean energy, these investments performed poorly due to high interest rates and poor execution from many of the solar and electric vehicle companies we previously owned. Conversely, our AI investments have performed very well with much higher profits and revenue growth, as well as, in our opinion, significant future potential.
We continue to view the clean energy sector as a great opportunity and regularly evaluate investments in that space. However, until there are better conditions for climate-related investments, we have moved it to the sidelines from being a major theme in the Fund. Our primary focus now is on technology and AI, followed by consumer discretionary, healthcare, clean energy (monitoring opportunities), and real estate.
We are optimistic about the future and believe we are well-positioned for the Fund to perform well moving forward. We anticipate a lower interest rate environment, which could benefit many of our investments.
Thank you for your patience and support over the last several years. We have now had two positive fiscal years in a row with double-digit returns, and we hope to continue this streak well into the future. However, markets are uncertain, and we are actively managing the Fund for opportunities that we see today and in the future.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i3ddb67df233e8c2e5fc9999d.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Gerber Kawasaki ETF NAV | ||
7/1/2021 | $10,000 | $10,000 |
7/31/2021 | $10,163 | $10,184 |
8/31/2021 | $10,473 | $10,493 |
9/30/2021 | $9,879 | $10,005 |
10/31/2021 | $10,951 | $10,706 |
11/30/2021 | $10,857 | $10,632 |
12/31/2021 | $10,587 | $11,109 |
1/31/2022 | $9,175 | $10,534 |
2/28/2022 | $8,826 | $10,218 |
3/31/2022 | $9,132 | $10,598 |
4/30/2022 | $7,586 | $9,674 |
5/31/2022 | $7,295 | $9,691 |
6/30/2022 | $6,529 | $8,891 |
7/31/2022 | $7,375 | $9,711 |
8/31/2022 | $6,967 | $9,315 |
9/30/2022 | $6,256 | $8,457 |
10/31/2022 | $6,591 | $9,142 |
11/30/2022 | $6,871 | $9,653 |
12/31/2022 | $6,051 | $9,097 |
1/31/2023 | $6,790 | $9,668 |
2/28/2023 | $6,817 | $9,432 |
3/31/2023 | $6,905 | $9,779 |
4/30/2023 | $6,691 | $9,931 |
5/31/2023 | $6,721 | $9,975 |
6/30/2023 | $7,261 | $10,634 |
7/31/2023 | $7,500 | $10,975 |
8/31/2023 | $7,141 | $10,800 |
9/30/2023 | $6,628 | $10,285 |
10/31/2023 | $6,267 | $10,069 |
11/30/2023 | $6,922 | $10,989 |
12/31/2023 | $7,345 | $11,488 |
1/31/2024 | $7,536 | $11,681 |
2/29/2024 | $8,120 | $12,305 |
3/31/2024 | $8,429 | $12,701 |
4/30/2024 | $7,918 | $12,182 |
5/31/2024 | $8,342 | $12,786 |
6/30/2024 | $8,724 | $13,245 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 7/1/2021 |
---|---|---|
AdvisorShares Gerber Kawasaki ETF NAV | 20.16% | - 4.45% |
AdvisorShares Gerber Kawasaki (MKT)* | 20.12% | - 4.47% |
S&P 500 Index | 24.56% | 9.83% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$22,492,411
- Total advisory fees paid$0
- Total number of portfolio holdings30
- Period portfolio turnover rate53%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Auto Manufacturers | 0.7% |
Retail | 1.1% |
Apparel | 1.2% |
REITS | 1.4% |
Biotechnology | 2.2% |
Venture Capital | 2.9% |
Media | 3.9% |
Equity Fund | 4.0% |
Building Materials | 4.3% |
Diversified Financial Services | 4.3% |
Home Builders | 4.9% |
Lodging | 7.5% |
Other | 61.1% |
Money Market Fund | 0.7% |
Assets Less Liabilities | (0.2)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Hotel ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/ia34dccc9178a49a04b2193de.jpg)
BEDZ | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Hotel ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Hotel ETF | $105 | 0.99% |
How did the Fund perform last year?
During the past fiscal year, the AdvisorShares Hotel ETF (ticker: BEDZ) achieved a modestly positive return but underperformed the S&P 500 Index.
BEDZ's performance is closely tied to the hotel industry, a crucial part of the global travel and tourism sector, including luxury hotels, resorts, budget hotels, and boutique hotels. The industry's performance is influenced by economic conditions, evolving travel trends, technological advancements, and global events. Despite concerns about a potential recession and geopolitical tensions, the sector has shown resilience. Leisure travel thrived, driven by strong consumer confidence and pent-up demand. However, the recovery of business travel was slower, impacting overall growth. Airlines reported increases in passenger numbers and improved load factors, but higher fuel costs and operational challenges limited their profit margins.
We remain optimistic about the future growth of the travel sector, supported by increasing interest in diverse destinations, technological advancements, and the impact of baby boomers.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/idaac30e6e26298c7f4c84f56.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Hotel ETF NAV | ||
4/20/2021 | $10,000 | $10,000 |
4/30/2021 | $10,512 | $10,114 |
5/31/2021 | $10,637 | $10,185 |
6/30/2021 | $10,081 | $10,423 |
7/31/2021 | $9,528 | $10,670 |
8/31/2021 | $9,976 | $10,995 |
9/30/2021 | $10,443 | $10,484 |
10/31/2021 | $10,790 | $11,218 |
11/30/2021 | $9,925 | $11,140 |
12/31/2021 | $10,901 | $11,640 |
1/31/2022 | $9,905 | $11,037 |
2/28/2022 | $10,489 | $10,707 |
3/31/2022 | $10,917 | $11,104 |
4/30/2022 | $10,287 | $10,136 |
5/31/2022 | $9,565 | $10,155 |
6/30/2022 | $8,111 | $9,316 |
7/31/2022 | $9,550 | $10,175 |
8/31/2022 | $9,107 | $9,760 |
9/30/2022 | $8,374 | $8,862 |
10/31/2022 | $9,512 | $9,579 |
11/30/2022 | $9,987 | $10,114 |
12/31/2022 | $9,459 | $9,532 |
1/31/2023 | $10,558 | $10,130 |
2/28/2023 | $10,435 | $9,883 |
3/31/2023 | $10,128 | $10,246 |
4/30/2023 | $10,097 | $10,406 |
5/31/2023 | $9,759 | $10,451 |
6/30/2023 | $10,490 | $11,142 |
7/31/2023 | $11,151 | $11,500 |
8/31/2023 | $10,581 | $11,317 |
9/30/2023 | $10,126 | $10,777 |
10/31/2023 | $9,529 | $10,551 |
11/30/2023 | $10,820 | $11,514 |
12/31/2023 | $11,726 | $12,037 |
1/31/2024 | $11,619 | $12,239 |
2/29/2024 | $12,225 | $12,893 |
3/31/2024 | $12,655 | $13,308 |
4/30/2024 | $11,881 | $12,764 |
5/31/2024 | $11,615 | $13,397 |
6/30/2024 | $11,812 | $13,878 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 4/20/2021 |
---|---|---|
AdvisorShares Hotel ETF NAV | 12.61% | 5.35% |
AdvisorShares Hotel ETF (MKT)* | 12.70% | 5.34% |
S&P 500 Index | 24.56% | 10.80% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$3,371,772
- Total advisory fees paid$0
- Total number of portfolio holdings25
- Period portfolio turnover rate94%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Commercial Services | 5.9% |
Leisure Time | 10.2% |
Internet | 21.6% |
REITS | 27.6% |
Lodging | 31.6% |
Money Market Fund | 4.3% |
Assets Less Liabilities | (1.2)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Insider Advantage ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/id2a05efb280d4df02db3dafd.jpg)
SURE | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Insider Advantage ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Insider Advantage ETF | $99 | 0.90% |
How did the Fund perform last year?
The AdvisorShares Insider Advantage ETF (ticker: SURE) recorded positive returns for the fiscal year ended June 30, 2024. The Fund’s strategy is designed to follow a group of corporations that are actively buying back their own shares and distributing dividends.
SURE has taken advantage of the substantial level of recent buybacks and dividends, offering investors a way to benefit from these corporate actions that, we believe, tend to reward shareholders. SURE invests in companies that have demonstrated a tendency to deliver value back to their shareholders which can suggest robust financial health of a company, as well as management's belief in the company's potential for future growth. Additionally, the Fund has seen a favorable influence from the current disinflationary trend on its performance. Moreover, discrepancies in market dynamics, especially the different performances between large-cap versus mid-and small-cap companies, as well as technology firms compared to other industries, considerably affected the Fund’s results as SURE equally weighs the companies in its portfolio.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i92b2281cfceb74626ad14a1e.jpg)
Russell 3000 Index | ||
---|---|---|
AdvisorShares Insider Advantage ETF NAV | ||
6/2014 | $10,000 | $10,000 |
7/2014 | $9,834 | $9,803 |
8/2014 | $10,289 | $10,214 |
9/2014 | $10,094 | $10,001 |
10/2014 | $10,414 | $10,276 |
11/2014 | $10,824 | $10,525 |
12/2014 | $10,868 | $10,525 |
1/2015 | $10,634 | $10,232 |
2/2015 | $11,304 | $10,825 |
3/2015 | $11,259 | $10,715 |
4/2015 | $11,202 | $10,763 |
5/2015 | $11,394 | $10,912 |
6/2015 | $11,205 | $10,729 |
7/2015 | $11,339 | $10,909 |
8/2015 | $10,783 | $10,250 |
9/2015 | $10,347 | $9,952 |
10/2015 | $11,111 | $10,738 |
11/2015 | $11,131 | $10,797 |
12/2015 | $10,705 | $10,576 |
1/2016 | $10,197 | $9,979 |
2/2016 | $10,446 | $9,976 |
3/2016 | $11,113 | $10,678 |
4/2016 | $10,949 | $10,744 |
5/2016 | $11,113 | $10,936 |
6/2016 | $10,996 | $10,959 |
7/2016 | $11,420 | $11,394 |
8/2016 | $11,602 | $11,423 |
9/2016 | $11,540 | $11,441 |
10/2016 | $11,556 | $11,193 |
11/2016 | $12,556 | $11,694 |
12/2016 | $12,734 | $11,922 |
1/2017 | $12,943 | $12,147 |
2/2017 | $13,261 | $12,599 |
3/2017 | $13,065 | $12,607 |
4/2017 | $13,028 | $12,741 |
5/2017 | $12,871 | $12,871 |
6/2017 | $13,256 | $12,987 |
7/2017 | $13,380 | $13,232 |
8/2017 | $13,109 | $13,258 |
9/2017 | $13,584 | $13,581 |
10/2017 | $13,572 | $13,877 |
11/2017 | $14,198 | $14,299 |
12/2017 | $14,354 | $14,442 |
1/2018 | $14,911 | $15,203 |
2/2018 | $14,124 | $14,642 |
3/2018 | $13,812 | $14,349 |
4/2018 | $13,638 | $14,403 |
5/2018 | $13,694 | $14,810 |
6/2018 | $13,675 | $14,907 |
7/2018 | $14,096 | $15,401 |
8/2018 | $14,194 | $15,942 |
9/2018 | $14,124 | $15,968 |
10/2018 | $13,032 | $14,793 |
11/2018 | $13,396 | $15,089 |
12/2018 | $12,088 | $13,685 |
1/2019 | $12,977 | $14,859 |
2/2019 | $13,323 | $15,382 |
3/2019 | $13,372 | $15,606 |
4/2019 | $13,799 | $16,230 |
5/2019 | $13,133 | $15,179 |
6/2019 | $13,913 | $16,246 |
7/2019 | $14,128 | $16,487 |
8/2019 | $14,149 | $16,151 |
9/2019 | $14,223 | $16,434 |
10/2019 | $14,490 | $16,788 |
11/2019 | $14,936 | $17,426 |
12/2019 | $15,481 | $17,929 |
1/2020 | $15,121 | $17,910 |
2/2020 | $13,876 | $16,444 |
3/2020 | $11,688 | $14,182 |
4/2020 | $13,111 | $16,061 |
5/2020 | $13,642 | $16,919 |
6/2020 | $13,686 | $17,306 |
7/2020 | $14,162 | $18,289 |
8/2020 | $14,735 | $19,614 |
9/2020 | $14,313 | $18,900 |
10/2020 | $14,021 | $18,492 |
11/2020 | $16,281 | $20,741 |
12/2020 | $16,851 | $21,675 |
1/2021 | $16,643 | $21,578 |
2/2021 | $17,700 | $22,253 |
3/2021 | $18,785 | $23,050 |
4/2021 | $19,652 | $24,238 |
5/2021 | $20,301 | $24,349 |
6/2021 | $19,951 | $24,949 |
7/2021 | $19,866 | $25,371 |
8/2021 | $20,190 | $26,095 |
9/2021 | $19,496 | $24,924 |
10/2021 | $20,522 | $26,610 |
11/2021 | $19,643 | $26,205 |
12/2021 | $20,757 | $27,236 |
1/2022 | $20,662 | $25,634 |
2/2022 | $20,425 | $24,988 |
3/2022 | $20,628 | $25,799 |
4/2022 | $19,273 | $23,484 |
5/2022 | $19,740 | $23,452 |
6/2022 | $18,133 | $21,490 |
7/2022 | $19,174 | $23,506 |
8/2022 | $18,378 | $22,629 |
9/2022 | $16,467 | $20,531 |
10/2022 | $18,668 | $22,214 |
11/2022 | $19,787 | $23,374 |
12/2022 | $18,386 | $22,005 |
1/2023 | $20,129 | $23,521 |
2/2023 | $20,086 | $22,971 |
3/2023 | $19,300 | $23,585 |
4/2023 | $19,075 | $23,837 |
5/2023 | $18,582 | $23,929 |
6/2023 | $20,451 | $25,563 |
7/2023 | $21,508 | $26,480 |
8/2023 | $20,976 | $25,968 |
9/2023 | $20,359 | $24,731 |
10/2023 | $19,640 | $24,076 |
11/2023 | $21,300 | $26,321 |
12/2023 | $22,696 | $27,717 |
1/2024 | $22,829 | $28,024 |
2/2024 | $24,084 | $29,541 |
3/2024 | $25,383 | $30,494 |
4/2024 | $23,873 | $29,152 |
5/2024 | $24,759 | $30,530 |
6/2024 | $24,356 | $31,475 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | 10 year |
---|---|---|---|
AdvisorShares Insider Advantage ETF NAV | 19.10% | 11.85% | 9.31% |
AdvisorShares Insider Advantage ETF (MKT)* | 18.93% | 11.85% | 9.29% |
Russell 3000 Index | 23.13% | 14.14% | 12.15% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The Russell 3000 Index is broad market, capitalization-weighted index comprised of the largest 3,000 U.S. companies and represents 98% of the investable U.S. equity market.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$47,118,372
- Total advisory fees paid$243,188
- Total number of portfolio holdings101
- Period portfolio turnover rate246%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Transportation | 0.8% |
Pharmaceuticals | 0.9% |
Packaging & Containers | 0.9% |
Distribution/Wholesale | 0.9% |
Advertising | 0.9% |
Real Estate | 1.0% |
Coal | 1.0% |
Auto Manufacturers | 1.0% |
Biotechnology | 1.0% |
Entertainment | 1.0% |
Media | 1.1% |
Cosmetics/Personal Care | 1.1% |
Other | 87.8% |
Money Market Fund | 0.3% |
Assets Less Liabilities | 0.3% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares MSOS 2X Daily ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i7f00beea141eb663c70d8ebb.jpg)
MSOX | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares MSOS 2X Daily ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares MSOS 2X Daily ETF | $89 | 0.95% |
How did the Fund perform last year?
The AdvisorShares MSOS 2X Daily ETF (ticker: MSOX) aims to offer daily leveraged exposure to the AdvisorShares Pure US Cannabis ETF (MSOS) in a single trade, catering to sophisticated investors seeking amplified exposure to the U.S. cannabis sector. Over the 12 months ended June 30, 2024, MSOX experienced increasingly negative returns.
Due to its leveraged strategy and exclusive focus on the U.S. cannabis industry, MSOX is particularly sensitive to volatility from changes in U.S. cannabis legislation. The Fund’s future performance is expected to be influenced by the evolving regulatory environment, including the expansion of state-by-state cannabis sales and potential Federal reforms.
Despite current price levels, we maintain a strong optimistic outlook on the U.S. cannabis market and anticipate favorable changes in U.S. cannabis regulations.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i2c67459c1ea437603d703c32.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares MSOS 2X Daily ETF NAV | ||
8/23/2022 | $10,000 | $10,000 |
8/31/2022 | $12,326 | $9,583 |
9/30/2022 | $5,538 | $8,700 |
10/31/2022 | $7,428 | $9,405 |
11/30/2022 | $8,452 | $9,930 |
12/31/2022 | $2,397 | $9,358 |
1/31/2023 | $2,165 | $9,946 |
2/28/2023 | $1,998 | $9,704 |
3/31/2023 | $1,491 | $10,060 |
4/30/2023 | $1,359 | $10,217 |
5/31/2023 | $1,307 | $10,261 |
6/30/2023 | $1,292 | $10,939 |
7/31/2023 | $1,279 | $11,291 |
8/31/2023 | $1,733 | $11,111 |
9/30/2023 | $2,251 | $10,581 |
10/31/2023 | $1,042 | $10,359 |
11/30/2023 | $1,495 | $11,305 |
12/31/2023 | $1,455 | $11,818 |
1/31/2024 | $2,434 | $12,017 |
2/29/2024 | $1,973 | $12,659 |
3/31/2024 | $2,513 | $13,066 |
4/30/2024 | $2,886 | $12,532 |
5/31/2024 | $1,401 | $13,154 |
6/30/2024 | $1,120 | $13,626 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 8/23/2022 |
---|---|---|
AdvisorShares MSOS 2X Daily ETF NAV | - 13.31% | - 69.34% |
AdvisorShares MSOS 2X Daily ETF (MKT)* | - 14.42% | - 69.39% |
S&P 500 Index | 24.56% | 18.18% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$59,265,552
- Total advisory fees paid$312,372
- Total number of portfolio holdings3
- Period portfolio turnover rate0%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024. This does not represent the Fund's market exposure due to the exclusion of derivatives.
Sector | % of Net Assets |
---|---|
Money Market Fund | 7.5% |
Assets Less Liabilities | 92.5% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Psychedelics ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i46815b3cff46361fc8f3a17e.jpg)
PSIL | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Psychedelics ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Psychedelics ETF | $76 | 0.99% |
How did the Fund perform last year?
The AdvisorShares Psychedelics ETF (ticker: PSIL) recorded negative returns for the fiscal year ended June 30, 2024. Since its inception, the Fund’s performance has been volatile and predominantly negative.
Investing in psychedelics is relatively new and highly concentrated, consisting mainly of micro-cap securities. The industry, still in its early stages, is marked by companies primarily engaged in research and development of psychedelic therapies that have yet to gain widespread acceptance or regulation. This leads to significant market fluctuations, driven by shifts in investor sentiment influenced by regulatory updates, clinical trial outcomes, and broader market conditions.
Despite the negative performance observed in the past year, we believe psychedelics hold significant potential for long-term investors as legal frameworks are slowly evolving, with several U.S. cities decriminalizing psychedelics and public interest in alternative mental health treatments remaining strong.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i20d46f02c0d849f58a59f019.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Psychedelics ETF NAV | ||
9/15/2021 | $10,000 | $10,000 |
9/30/2021 | $9,022 | $9,617 |
10/31/2021 | $9,385 | $10,291 |
11/30/2021 | $7,402 | $10,220 |
12/31/2021 | $5,582 | $10,678 |
1/31/2022 | $4,569 | $10,125 |
2/28/2022 | $4,150 | $9,822 |
3/31/2022 | $3,777 | $10,187 |
4/30/2022 | $2,955 | $9,298 |
5/31/2022 | $2,847 | $9,315 |
6/30/2022 | $2,556 | $8,547 |
7/31/2022 | $2,825 | $9,335 |
8/31/2022 | $3,820 | $8,954 |
9/30/2022 | $2,668 | $8,129 |
10/31/2022 | $2,414 | $8,787 |
11/30/2022 | $2,285 | $9,278 |
12/31/2022 | $1,897 | $8,744 |
1/31/2023 | $2,174 | $9,293 |
2/28/2023 | $2,091 | $9,067 |
3/31/2023 | $1,788 | $9,399 |
4/30/2023 | $1,718 | $9,546 |
5/31/2023 | $1,739 | $9,588 |
6/30/2023 | $1,878 | $10,221 |
7/31/2023 | $1,987 | $10,550 |
8/31/2023 | $1,674 | $10,382 |
9/30/2023 | $1,591 | $9,887 |
10/31/2023 | $1,453 | $9,679 |
11/30/2023 | $1,302 | $10,563 |
12/31/2023 | $1,433 | $11,042 |
1/31/2024 | $1,446 | $11,228 |
2/29/2024 | $1,480 | $11,828 |
3/31/2024 | $1,451 | $12,208 |
4/30/2024 | $1,264 | $11,709 |
5/31/2024 | $1,189 | $12,290 |
6/30/2024 | $990 | $12,731 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 9/15/2021 |
---|---|---|
AdvisorShares Psychedelics ETF NAV | - 47.29% | - 56.36% |
AdvisorShares Psychedelics ETF (MKT)* | - 47.74% | - 56.35% |
S&P 500 Index | 24.56% | 9.04% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$5,618,540
- Total advisory fees paid$0
- Total number of portfolio holdings26
- Period portfolio turnover rate69%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Healthcare - Services | 4.5% |
Pharmaceuticals | 17.8% |
Biotechnology | 68.3% |
Money Market Funds | 17.8% |
Assets Less Liabilities | (8.4)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Pure Cannabis ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/iff95bc9ddaec0379e6e79265.jpg)
YOLO | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Pure Cannabis ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Pure Cannabis ETF | $51 | 0.44% |
How did the Fund perform last year?
The AdvisorShares Pure Cannabis ETF (ticker: YOLO) experienced markedly positive returns during the fiscal year ended June 30, 2024.
YOLO’s strong performance aligns with a global trend towards more lenient cannabis regulations, encompassing recreational, medicinal, and decriminalized use. Countries are motivated to eliminate illicit markets, generate tax revenues, improve public health, and address the social consequences of cannabis prohibition. As perceptions of cannabis evolve, more nations are likely to adopt progressive regulatory approaches, similar to the legalization efforts seen in Germany, South Africa, Spain, Portugal, and Malta.
Despite current price levels and ongoing volatility, we remain highly optimistic about the global cannabis market. We anticipate significant positive changes, particularly driven by potential shifts in U.S. cannabis regulations, including the possible Federal rescheduling of cannabis from Schedule I to Schedule III of the Controlled Substances Act.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/ie34f4a191b27def1d1e99b74.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Pure Cannabis ETF NAV | ||
4/17/2019 | $10,000 | $10,000 |
4/30/2019 | $10,353 | $10,159 |
5/31/2019 | $9,289 | $9,513 |
6/30/2019 | $9,194 | $10,183 |
7/31/2019 | $8,052 | $10,330 |
8/31/2019 | $7,059 | $10,166 |
9/30/2019 | $5,880 | $10,356 |
10/31/2019 | $5,397 | $10,581 |
11/30/2019 | $5,082 | $10,965 |
12/31/2019 | $4,992 | $11,296 |
1/31/2020 | $4,826 | $11,291 |
2/29/2020 | $4,056 | $10,362 |
3/31/2020 | $3,292 | $9,082 |
4/30/2020 | $3,676 | $10,246 |
5/31/2020 | $4,533 | $10,734 |
6/30/2020 | $4,344 | $10,948 |
7/31/2020 | $4,908 | $11,565 |
8/31/2020 | $5,334 | $12,396 |
9/30/2020 | $4,630 | $11,925 |
10/31/2020 | $4,903 | $11,608 |
11/30/2020 | $7,240 | $12,879 |
12/31/2020 | $7,342 | $13,374 |
1/31/2021 | $9,088 | $13,239 |
2/28/2021 | $10,816 | $13,604 |
3/31/2021 | $10,147 | $14,200 |
4/30/2021 | $9,437 | $14,958 |
5/31/2021 | $9,064 | $15,062 |
6/30/2021 | $9,120 | $15,414 |
7/31/2021 | $8,180 | $15,780 |
8/31/2021 | $7,754 | $16,260 |
9/30/2021 | $7,138 | $15,503 |
10/31/2021 | $6,507 | $16,590 |
11/30/2021 | $6,219 | $16,475 |
12/31/2021 | $5,856 | $17,213 |
1/31/2022 | $4,705 | $16,322 |
2/28/2022 | $4,726 | $15,834 |
3/31/2022 | $4,803 | $16,421 |
4/30/2022 | $3,636 | $14,990 |
5/31/2022 | $3,131 | $15,017 |
6/30/2022 | $2,372 | $13,777 |
7/31/2022 | $2,558 | $15,048 |
8/31/2022 | $2,546 | $14,434 |
9/30/2022 | $1,898 | $13,105 |
10/31/2022 | $2,231 | $14,166 |
11/30/2022 | $2,316 | $14,957 |
12/31/2022 | $1,630 | $14,096 |
1/31/2023 | $1,654 | $14,981 |
2/28/2023 | $1,523 | $14,616 |
3/31/2023 | $1,318 | $15,152 |
4/30/2023 | $1,258 | $15,389 |
5/31/2023 | $1,185 | $15,456 |
6/30/2023 | $1,171 | $16,477 |
7/31/2023 | $1,252 | $17,006 |
8/31/2023 | $1,434 | $16,736 |
9/30/2023 | $1,561 | $15,938 |
10/31/2023 | $1,176 | $15,603 |
11/30/2023 | $1,336 | $17,027 |
12/31/2023 | $1,392 | $17,801 |
1/31/2024 | $1,659 | $18,100 |
2/29/2024 | $1,621 | $19,067 |
3/31/2024 | $1,864 | $19,680 |
4/30/2024 | $2,076 | $18,876 |
5/31/2024 | $1,730 | $19,812 |
6/30/2024 | $1,559 | $20,523 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | Since Inception 4/17/2019 |
---|---|---|---|
AdvisorShares Pure Cannabis ETF NAV | 33.14% | - 29.87% | - 30.04% |
AdvisorShares Pure Cannabis ETF (MKT)* | 33.05% | - 29.85% | - 29.99% |
S&P 500 Index | 24.56% | 15.05% | 14.82% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$43,470,851
- Total advisory fees paid$0
- Total number of portfolio holdings26
- Period portfolio turnover rate31%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Agriculture | 8.1% |
Biotechnology | 0.5% |
Distributors | 9.3% |
Equity Fund | 37.7% |
Investment Company | 1.1% |
Pharmaceuticals | 30.5% |
REITS | 7.1% |
Software | 0.5% |
Specialty Retail | 4.4% |
Money Market Funds | 7.6% |
Assets Less Liabilities | (6.8)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Pure US Cannabis ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i9e6c80ec4906d03084a65589.jpg)
MSOS | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Pure US Cannabis ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Pure US Cannabis ETF | $86 | 0.74% |
How did the Fund perform last year?
The AdvisorShares Pure US Cannabis ETF (ticker: MSOS) recorded a significant positive return for the fiscal year ended June 30, 2024. MSOS’s performance has been highly volatile since its inception but has seen growth the past year as more states have implemented cannabis programs and the progress of potential legal reforms at the federal level.
There are indications that the Federal administration is considering moving cannabis from Schedule I to Schedule III of the Controlled Substance Act. Such a rescheduling shift may lead to the easing of banking and capital market restrictions that currently hinder the cannabis industry. It could also potentially reduce the tax burdens on businesses selling cannabis in legalized states. As regulations evolve, investors are preparing for potential impacts on market dynamics, investment strategies, and the overall landscape of cannabis-related businesses.
Considering the current price levels, we anticipate continued volatility and hold a strongly optimistic view on the U.S. cannabis sectors performance.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i58a29a9298bf2c7ca9124127.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Pure US Cannabis ETF NAV | ||
9/1/2020 | $10,000 | $10,000 |
9/30/2020 | $8,713 | $9,548 |
10/31/2020 | $9,965 | $9,294 |
11/30/2020 | $13,317 | $10,311 |
12/31/2020 | $14,525 | $10,708 |
1/31/2021 | $16,738 | $10,600 |
2/28/2021 | $19,054 | $10,892 |
3/31/2021 | $17,030 | $11,369 |
4/30/2021 | $16,961 | $11,976 |
5/31/2021 | $16,594 | $12,060 |
6/30/2021 | $16,086 | $12,341 |
7/31/2021 | $14,301 | $12,634 |
8/31/2021 | $13,048 | $13,018 |
9/30/2021 | $12,653 | $12,413 |
10/31/2021 | $10,928 | $13,283 |
11/30/2021 | $10,681 | $13,191 |
12/31/2021 | $10,237 | $13,782 |
1/31/2022 | $8,431 | $13,068 |
2/28/2022 | $8,704 | $12,677 |
3/31/2022 | $8,370 | $13,148 |
4/30/2022 | $6,154 | $12,001 |
5/31/2022 | $5,654 | $12,023 |
6/30/2022 | $4,151 | $11,031 |
7/31/2022 | $4,659 | $12,048 |
8/31/2022 | $5,270 | $11,557 |
9/30/2022 | $3,588 | $10,492 |
10/31/2022 | $4,397 | $11,342 |
11/30/2022 | $4,761 | $11,976 |
12/31/2022 | $2,839 | $11,286 |
1/31/2023 | $2,701 | $11,995 |
2/28/2023 | $2,643 | $11,702 |
3/31/2023 | $2,308 | $12,132 |
4/30/2023 | $2,214 | $12,321 |
5/31/2023 | $2,234 | $12,375 |
6/30/2023 | $2,198 | $13,192 |
7/31/2023 | $2,249 | $13,616 |
8/31/2023 | $2,705 | $13,399 |
9/30/2023 | $3,197 | $12,761 |
10/31/2023 | $2,241 | $12,492 |
11/30/2023 | $2,712 | $13,633 |
12/31/2023 | $2,788 | $14,252 |
1/31/2024 | $3,738 | $14,492 |
2/29/2024 | $3,432 | $15,266 |
3/31/2024 | $3,979 | $15,757 |
4/30/2024 | $4,499 | $15,113 |
5/31/2024 | $3,213 | $15,863 |
6/30/2024 | $2,932 | $16,432 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 9/1/2020 |
---|---|---|
AdvisorShares Pure US Cannabis ETF NAV | 33.39% | - 27.42% |
AdvisorShares Pure US Cannabis ETF (MKT)* | 30.99% | - 27.53% |
S&P 500 Index | 24.56% | 13.86% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$888,666,252
- Total advisory fees paid$4,278,083
- Total number of portfolio holdings47
- Period portfolio turnover rate4%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024. This does not represent the Fund's market exposure due to the exclusion of derivatives.
Sector | % of Net Assets |
---|---|
Investment Company | 0.1% |
Pharmaceuticals | 8.2% |
Money Market Fund | 17.2% |
Assets Less Liabilities | 74.5% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Q Dynamic Growth ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i0abb74a0be01de6cb5dd190f.jpg)
QPX | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Q Dynamic Growth ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Q Dynamic Growth ETF | $159 | 1.45% |
How did the Fund perform last year?
For the twelve-month period ended in June 2023, the AdvisorShares Q Dynamic Growth ETF (ticker: QPX) finished behind its benchmark, the S&P 500 Index. QPX’s investment strategy is purely quantitative in nature and portfolio allocations will reflect what is perceived to be the best long-term risk/reward sectors per QPX’s model.
The model stayed heavily weighted in the technology and healthcare sectors throughout the period, as this exposure displayed a much higher risk/reward characteristics than other segments of the market per our models. In the month of May 2024, a position in gold was taken, via the SPDR Gold Shares (GLD) ETF, as a hedge which proved to be unneeded.
Throughout the period, QPX’s proprietary Q Implied Volatility Index™ (QIX) did not trigger a tactical rebalance towards a defensive allocation. The QIX stayed below the Risk Level 2 volatility trigger, and therefore, no risk-off rebalancing allocation changes were made in QPX.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Q Implied Volatility Index™ ( QIX) is a proprietary indicator designed to tactically and unemotionally identify market volatility. QIX is reviewed daily and determines certain allocation changes.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i361e40ead2ab7795852b57b2.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Q Dynamic Growth ETF NAV | ||
12/28/2020 | $10,000 | $10,000 |
12/31/2020 | $10,000 | $10,057 |
1/31/2021 | $10,039 | $9,956 |
2/28/2021 | $10,181 | $10,230 |
3/31/2021 | $10,238 | $10,678 |
4/30/2021 | $10,750 | $11,248 |
5/31/2021 | $10,612 | $11,327 |
6/30/2021 | $11,250 | $11,591 |
7/31/2021 | $11,445 | $11,867 |
8/31/2021 | $11,824 | $12,227 |
9/30/2021 | $11,192 | $11,659 |
10/31/2021 | $11,937 | $12,476 |
11/30/2021 | $12,034 | $12,389 |
12/31/2021 | $12,224 | $12,944 |
1/31/2022 | $11,209 | $12,275 |
2/28/2022 | $10,728 | $11,907 |
3/31/2022 | $11,112 | $12,349 |
4/30/2022 | $9,781 | $11,272 |
5/31/2022 | $9,651 | $11,293 |
6/30/2022 | $8,809 | $10,361 |
7/31/2022 | $9,828 | $11,316 |
8/31/2022 | $9,301 | $10,855 |
9/30/2022 | $8,269 | $9,855 |
10/31/2022 | $8,725 | $10,653 |
11/30/2022 | $9,215 | $11,248 |
12/31/2022 | $8,470 | $10,600 |
1/31/2023 | $9,289 | $11,266 |
2/28/2023 | $9,269 | $10,991 |
3/31/2023 | $10,069 | $11,395 |
4/30/2023 | $10,066 | $11,573 |
5/31/2023 | $10,801 | $11,623 |
6/30/2023 | $11,396 | $12,391 |
7/31/2023 | $11,794 | $12,789 |
8/31/2023 | $11,547 | $12,585 |
9/30/2023 | $10,952 | $11,985 |
10/31/2023 | $10,858 | $11,733 |
11/30/2023 | $11,703 | $12,805 |
12/31/2023 | $12,241 | $13,387 |
1/31/2024 | $12,221 | $13,611 |
2/29/2024 | $12,855 | $14,338 |
3/31/2024 | $13,086 | $14,800 |
4/30/2024 | $12,452 | $14,195 |
5/31/2024 | $12,942 | $14,899 |
6/30/2024 | $13,539 | $15,434 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 12/28/2020 |
---|---|---|
AdvisorShares Q Dynamic Growth ETF NAV | 18.81% | 9.03% |
AdvisorShares Q Dynamic Growth Portfolio ETF (MKT)* | 18.81% | 9.03% |
S&P 500 Index | 24.56% | 13.18% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$25,725,028
- Total advisory fees paid$182,968
- Total number of portfolio holdings9
- Period portfolio turnover rate330%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Equity Fund | 98.7% |
Money Market Funds | 6.1% |
Assets Less Liabilities | (4.8)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Ranger Equity Bear ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i2509f13d0c39fa9efbcf18df.jpg)
HDGE | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Ranger Equity Bear ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Ranger Equity Bear ETF | $362 | 3.62% |
How did the Fund perform last year?
For the fiscal year ended June 30, 2024, the performance of the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE) was 0.08% (NAV) compared with 24.56% for the S&P 500 Index.
While the market indexes have hit new highs, the rally is running out of steam. For Nasdaq-listed companies, more stocks were hitting 52-week lows rather than highs. Market participation has narrowed with only a few stocks, such as Nvidia, driving the bulk of the returns.
The level of bulls among advisors has remained at extreme levels compared to recent decades. Furthermore, U.S. household allocations to stocks has matched generational highs. Meanwhile, leverage and borrowing on margin has hit extremes as well.
The convergence between the forward earnings yield on the stock market and interest rates has continued, suggesting significant risk to owning equities and an overvalued stock market.
As a result, our outlook for the next twelve months is very bearish, and HDGE’s goal is to benefit from maximum damage in the equity markets both in terms of portfolio exposure and beta.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Beta is a measure of how a stock or portfolio moves with the market.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i6f06efb974b7364de0e68f94.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Ranger Equity Bear ETF NAV | ||
6/2014 | $10,000 | $10,000 |
7/2014 | $10,289 | $9,862 |
8/2014 | $9,660 | $10,257 |
9/2014 | $10,102 | $10,113 |
10/2014 | $9,924 | $10,360 |
11/2014 | $9,660 | $10,638 |
12/2014 | $9,737 | $10,612 |
1/2015 | $10,102 | $10,293 |
2/2015 | $9,312 | $10,885 |
3/2015 | $9,406 | $10,712 |
4/2015 | $9,295 | $10,815 |
5/2015 | $9,168 | $10,954 |
6/2015 | $9,236 | $10,742 |
7/2015 | $9,236 | $10,967 |
8/2015 | $9,593 | $10,306 |
9/2015 | $9,711 | $10,051 |
10/2015 | $8,939 | $10,898 |
11/2015 | $8,871 | $10,931 |
12/2015 | $9,126 | $10,758 |
1/2016 | $10,127 | $10,225 |
2/2016 | $9,924 | $10,211 |
3/2016 | $9,024 | $10,903 |
4/2016 | $8,752 | $10,946 |
5/2016 | $8,859 | $11,142 |
6/2016 | $9,002 | $11,171 |
7/2016 | $8,357 | $11,583 |
8/2016 | $8,068 | $11,599 |
9/2016 | $8,160 | $11,602 |
10/2016 | $8,393 | $11,390 |
11/2016 | $7,971 | $11,812 |
12/2016 | $7,865 | $12,045 |
1/2017 | $7,669 | $12,274 |
2/2017 | $7,550 | $12,761 |
3/2017 | $7,467 | $12,776 |
4/2017 | $7,411 | $12,907 |
5/2017 | $7,588 | $13,089 |
6/2017 | $7,270 | $13,170 |
7/2017 | $7,222 | $13,441 |
8/2017 | $7,356 | $13,482 |
9/2017 | $7,128 | $13,760 |
10/2017 | $7,127 | $14,082 |
11/2017 | $6,777 | $14,513 |
12/2017 | $6,677 | $14,675 |
1/2018 | $6,463 | $15,515 |
2/2018 | $6,914 | $14,943 |
3/2018 | $7,011 | $14,563 |
4/2018 | $7,113 | $14,619 |
5/2018 | $6,917 | $14,971 |
6/2018 | $6,622 | $15,064 |
7/2018 | $6,399 | $15,624 |
8/2018 | $6,246 | $16,133 |
9/2018 | $6,252 | $16,225 |
10/2018 | $6,778 | $15,116 |
11/2018 | $6,540 | $15,424 |
12/2018 | $7,153 | $14,031 |
1/2019 | $6,312 | $15,156 |
2/2019 | $5,851 | $15,642 |
3/2019 | $5,812 | $15,946 |
4/2019 | $5,455 | $16,592 |
5/2019 | $5,891 | $15,538 |
6/2019 | $5,419 | $16,633 |
7/2019 | $5,446 | $16,872 |
8/2019 | $5,921 | $16,605 |
9/2019 | $5,577 | $16,915 |
10/2019 | $5,390 | $17,282 |
11/2019 | $4,880 | $17,909 |
12/2019 | $4,570 | $18,449 |
1/2020 | $4,594 | $18,442 |
2/2020 | $4,831 | $16,924 |
3/2020 | $5,866 | $14,834 |
4/2020 | $4,963 | $16,735 |
5/2020 | $4,422 | $17,532 |
6/2020 | $4,130 | $17,881 |
7/2020 | $4,011 | $18,889 |
8/2020 | $3,709 | $20,247 |
9/2020 | $3,821 | $19,478 |
10/2020 | $3,772 | $18,960 |
11/2020 | $2,825 | $21,035 |
12/2020 | $2,583 | $21,844 |
1/2021 | $2,336 | $21,623 |
2/2021 | $2,209 | $22,220 |
3/2021 | $2,158 | $23,193 |
4/2021 | $2,054 | $24,431 |
5/2021 | $2,050 | $24,601 |
6/2021 | $1,957 | $25,175 |
7/2021 | $2,057 | $25,773 |
8/2021 | $2,102 | $26,557 |
9/2021 | $2,192 | $25,322 |
10/2021 | $2,137 | $27,096 |
11/2021 | $2,154 | $26,908 |
12/2021 | $2,100 | $28,114 |
1/2022 | $2,157 | $26,659 |
2/2022 | $2,112 | $25,861 |
3/2022 | $2,079 | $26,821 |
4/2022 | $2,357 | $24,483 |
5/2022 | $2,456 | $24,527 |
6/2022 | $2,710 | $22,503 |
7/2022 | $2,438 | $24,578 |
8/2022 | $2,401 | $23,575 |
9/2022 | $2,579 | $21,404 |
10/2022 | $2,420 | $23,137 |
11/2022 | $2,312 | $24,430 |
12/2022 | $2,448 | $23,023 |
1/2023 | $2,048 | $24,469 |
2/2023 | $2,055 | $23,872 |
3/2023 | $2,165 | $24,749 |
4/2023 | $2,197 | $25,135 |
5/2023 | $2,165 | $25,244 |
6/2023 | $1,924 | $26,912 |
7/2023 | $1,730 | $27,777 |
8/2023 | $1,839 | $27,334 |
9/2023 | $1,996 | $26,031 |
10/2023 | $2,180 | $25,484 |
11/2023 | $2,008 | $27,811 |
12/2023 | $1,786 | $29,075 |
1/2024 | $1,905 | $29,563 |
2/2024 | $1,853 | $31,142 |
3/2024 | $1,830 | $32,144 |
4/2024 | $1,994 | $30,831 |
5/2024 | $1,922 | $32,360 |
6/2024 | $1,926 | $33,521 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | 10 year |
---|---|---|---|
AdvisorShares Ranger Equity Bear ETF NAV | 0.08% | - 18.69% | - 15.19% |
AdvisorShares Ranger Equity Bear ETF (MKT)* | 0.13% | - 18.69% | - 15.19% |
S&P 500 Index | 24.56% | 15.05% | 12.86% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$67,765,118
- Total advisory fees paid$1,339,406
- Total number of portfolio holdings70
- Period portfolio turnover rate912%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
REITS | (12.1)% |
Software | (11.2)% |
Banks | (7.2)% |
Semiconductors | (6.5)% |
Retail | (6.2)% |
Internet | (5.4)% |
Diversified Financial Services | (3.9)% |
Transportation | (3.3)% |
Real Estate | (3.0)% |
Insurance | (2.9)% |
Food | (2.8)% |
Packaging & Containers | (2.8)% |
Other | (27.2)% |
Money Market Funds | 116.5% |
Assets Less Liabilities | 78.0% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Restaurant ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i06479491b6928be2242bd096.jpg)
EATZ | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Restaurant ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Restaurant ETF | $106 | 0.99% |
How did the Fund perform last year?
During the past fiscal year ended June 30, 2024, the AdvisorShares Restaurant ETF (ticker: EATZ) achieved a positive return, though it underperformed the S&P 500 Index.
Restaurant and food service operators are facing challenges due to inflation, such as higher labor and food costs, and changing consumer expectations. Technology is being increasingly used to meet these challenges, with applications in marketing, recruiting, accounting, and inventory management. Competition remains intense with a notable decline in high-end categories, requiring restaurants to focus on value, customer experience, marketing, loyalty programs, and operational efficiency to sustain growth and profitability.
We hold an optimistic outlook regarding the future growth prospects of the restaurant industry, particularly as global economic conditions improve, issues related to employment and supply chain stability are resolved, and restaurants leverage new capabilities while continuing to adapt to the ever-shifting consumer landscape.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i00acce5708070a6d7c97e6de.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Restaurant ETF NAV | ||
4/20/2021 | $10,000 | $10,000 |
4/30/2021 | $10,418 | $10,114 |
5/31/2021 | $10,025 | $10,185 |
6/30/2021 | $9,899 | $10,423 |
7/31/2021 | $9,626 | $10,670 |
8/31/2021 | $9,713 | $10,995 |
9/30/2021 | $9,366 | $10,484 |
10/31/2021 | $9,134 | $11,218 |
11/30/2021 | $8,467 | $11,140 |
12/31/2021 | $9,539 | $11,640 |
1/31/2022 | $8,964 | $11,037 |
2/28/2022 | $9,156 | $10,707 |
3/31/2022 | $8,866 | $11,104 |
4/30/2022 | $8,186 | $10,136 |
5/31/2022 | $7,709 | $10,155 |
6/30/2022 | $6,884 | $9,316 |
7/31/2022 | $7,542 | $10,175 |
8/31/2022 | $7,653 | $9,760 |
9/30/2022 | $7,268 | $8,862 |
10/31/2022 | $8,203 | $9,579 |
11/30/2022 | $8,258 | $10,114 |
12/31/2022 | $7,559 | $9,532 |
1/31/2023 | $8,461 | $10,130 |
2/28/2023 | $8,198 | $9,883 |
3/31/2023 | $8,289 | $10,246 |
4/30/2023 | $8,426 | $10,406 |
5/31/2023 | $8,395 | $10,451 |
6/30/2023 | $8,990 | $11,142 |
7/31/2023 | $9,225 | $11,500 |
8/31/2023 | $8,414 | $11,317 |
9/30/2023 | $7,871 | $10,777 |
10/31/2023 | $7,705 | $10,551 |
11/30/2023 | $8,562 | $11,514 |
12/31/2023 | $9,477 | $12,037 |
1/31/2024 | $9,389 | $12,239 |
2/29/2024 | $9,998 | $12,893 |
3/31/2024 | $10,305 | $13,308 |
4/30/2024 | $9,944 | $12,764 |
5/31/2024 | $10,071 | $13,397 |
6/30/2024 | $10,235 | $13,878 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | Since Inception 4/20/2021 |
---|---|---|
AdvisorShares Restaurant ETF NAV | 13.85% | 0.73% |
AdvisorShares Restaurant ETF (MKT)* | 13.76% | 0.72% |
S&P 500 Index | 24.56% | 10.80% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$3,067,907
- Total advisory fees paid$0
- Total number of portfolio holdings25
- Period portfolio turnover rate75%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Food | 2.7% |
Food Service | 4.9% |
Retail | 81.8% |
Money Market Funds | 14.0% |
Assets Less Liabilities | (3.4)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares STAR Global Buy-Write ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i9ebeb0066b4d8801bbd18cef.jpg)
VEGA | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares STAR Global Buy-Write ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares STAR Global Buy-Write ETF | $130 | 1.22% |
How did the Fund perform last year?
The principal investment strategy of AdvisorShares STAR Global Buy-Write ETF (ticker: VEGA) is to invest in a globally diversified asset allocation with target equity and fixed income weights of 70% and 30%, respectively. VEGA also writes covered calls and purchases protective puts to mitigate portfolio market risk.
We rebalanced the portfolio in September 2023, removing our exposure to short duration high yield, U.S. small caps, and momentum in favor of core fixed income as interest rates were widely forecasted to decline in 2024 providing a tailwind to core allocations with 4–6-year duration targets. Interest rates rose in the first half of 2024 as expectations for Federal Reserve rate cuts were pushed back further into the year leading to a relatively flat return across many fixed income sectors. We have maintained our fixed income positioning as we believe rates have largely stabilized and will provide a favorable back-drop for core fixed income through year-end.
In January of 2024, we engaged in a tactical reallocation reducing our exposure to international equities and mid caps and reallocating more into domestic large cap. We have maintained a significant underweight to small cap stocks. This shift has served us well as the relative strength in domestic large cap equities has persisted through the first half of 2024. The persistent strength in the S&P 500 Index beginning in the fourth quarter of 2023 proved to be a challenging landscape for selling covered calls. The index grew steadily while overall volatility remained relatively subdued for much of the first quarter in 2024 providing lower premiums on average. In April of 2024, we closed out our puts (on S&P 500) and lowered our coverage ratio on a new purchase while extending the maturity out through June 2024. We were able to offset the cost of the puts by selling February calls, allowing us to extend out the downside protection two additional months with a near neutral cash outlay.Going forward, we continue to emphasize harnessing volatility through VEGAs’ covered calls and protective puts strategies to help reduce the risk of the underlying portfolio.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i6d136bd52ec466f08d132d3c.jpg)
MSCI All Country World Index (Net) | ||
---|---|---|
AdvisorShares STAR Global Buy-Write ETF NAV | ||
6/2014 | $10,000 | $10,000 |
7/2014 | $9,882 | $9,879 |
8/2014 | $10,126 | $10,097 |
9/2014 | $9,969 | $9,770 |
10/2014 | $10,073 | $9,838 |
11/2014 | $10,191 | $10,003 |
12/2014 | $10,111 | $9,810 |
1/2015 | $9,947 | $9,656 |
2/2015 | $10,286 | $10,194 |
3/2015 | $10,172 | $10,036 |
4/2015 | $10,271 | $10,327 |
5/2015 | $10,328 | $10,314 |
6/2015 | $10,160 | $10,071 |
7/2015 | $10,275 | $10,158 |
8/2015 | $9,767 | $9,462 |
9/2015 | $9,576 | $9,119 |
10/2015 | $10,088 | $9,835 |
11/2015 | $10,080 | $9,754 |
12/2015 | $9,912 | $9,578 |
1/2016 | $9,561 | $9,000 |
2/2016 | $9,576 | $8,938 |
3/2016 | $9,992 | $9,601 |
4/2016 | $10,041 | $9,742 |
5/2016 | $10,084 | $9,755 |
6/2016 | $10,225 | $9,696 |
7/2016 | $10,455 | $10,114 |
8/2016 | $10,461 | $10,148 |
9/2016 | $10,465 | $10,210 |
10/2016 | $10,319 | $10,036 |
11/2016 | $10,460 | $10,113 |
12/2016 | $10,589 | $10,331 |
1/2017 | $10,723 | $10,614 |
2/2017 | $10,946 | $10,911 |
3/2017 | $10,975 | $11,045 |
4/2017 | $11,065 | $11,217 |
5/2017 | $11,139 | $11,465 |
6/2017 | $11,217 | $11,517 |
7/2017 | $11,375 | $11,839 |
8/2017 | $11,380 | $11,884 |
9/2017 | $11,514 | $12,114 |
10/2017 | $11,640 | $12,365 |
11/2017 | $11,777 | $12,605 |
12/2017 | $11,873 | $12,808 |
1/2018 | $12,223 | $13,530 |
2/2018 | $11,850 | $12,962 |
3/2018 | $11,692 | $12,685 |
4/2018 | $11,745 | $12,806 |
5/2018 | $11,930 | $12,822 |
6/2018 | $11,936 | $12,752 |
7/2018 | $12,205 | $13,137 |
8/2018 | $12,371 | $13,240 |
9/2018 | $12,357 | $13,298 |
10/2018 | $11,717 | $12,301 |
11/2018 | $11,853 | $12,481 |
12/2018 | $11,118 | $11,602 |
1/2019 | $11,799 | $12,518 |
2/2019 | $12,083 | $12,853 |
3/2019 | $12,252 | $13,015 |
4/2019 | $12,523 | $13,454 |
5/2019 | $12,023 | $12,656 |
6/2019 | $12,488 | $13,485 |
7/2019 | $12,575 | $13,524 |
8/2019 | $12,467 | $13,203 |
9/2019 | $12,604 | $13,481 |
10/2019 | $12,787 | $13,850 |
11/2019 | $13,043 | $14,188 |
12/2019 | $13,319 | $14,688 |
1/2020 | $13,239 | $14,526 |
2/2020 | $12,505 | $13,352 |
3/2020 | $11,218 | $11,550 |
4/2020 | $12,042 | $12,787 |
5/2020 | $12,443 | $13,343 |
6/2020 | $12,512 | $13,769 |
7/2020 | $13,030 | $14,498 |
8/2020 | $13,657 | $15,385 |
9/2020 | $13,267 | $14,889 |
10/2020 | $12,952 | $14,527 |
11/2020 | $13,980 | $16,318 |
12/2020 | $14,353 | $17,075 |
1/2021 | $14,261 | $16,998 |
2/2021 | $14,466 | $17,391 |
3/2021 | $14,793 | $17,856 |
4/2021 | $15,177 | $18,637 |
5/2021 | $15,279 | $18,927 |
6/2021 | $15,521 | $19,176 |
7/2021 | $15,635 | $19,308 |
8/2021 | $15,855 | $19,791 |
9/2021 | $15,390 | $18,974 |
10/2021 | $16,030 | $19,942 |
11/2021 | $15,695 | $19,462 |
12/2021 | $16,099 | $20,241 |
1/2022 | $15,491 | $19,247 |
2/2022 | $15,193 | $18,749 |
3/2022 | $15,418 | $19,156 |
4/2022 | $14,378 | $17,622 |
5/2022 | $14,426 | $17,643 |
6/2022 | $13,559 | $16,156 |
7/2022 | $14,311 | $17,284 |
8/2022 | $13,730 | $16,648 |
9/2022 | $12,695 | $15,054 |
10/2022 | $13,321 | $15,962 |
11/2022 | $14,146 | $17,200 |
12/2022 | $13,649 | $16,524 |
1/2023 | $14,463 | $17,708 |
2/2023 | $14,068 | $17,200 |
3/2023 | $14,428 | $17,731 |
4/2023 | $14,591 | $17,986 |
5/2023 | $14,453 | $17,793 |
6/2023 | $14,997 | $18,826 |
7/2023 | $15,337 | $19,515 |
8/2023 | $15,016 | $18,970 |
9/2023 | $14,464 | $18,186 |
10/2023 | $14,129 | $17,639 |
11/2023 | $15,108 | $19,267 |
12/2023 | $15,764 | $20,192 |
1/2024 | $15,798 | $20,311 |
2/2024 | $16,244 | $21,182 |
3/2024 | $16,633 | $21,847 |
4/2024 | $16,078 | $21,126 |
5/2024 | $16,587 | $21,984 |
6/2024 | $16,900 | $22,474 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | 10 year |
---|---|---|---|
AdvisorShares STAR Global Buy-Write ETF NAV | 12.69% | 6.24% | 5.39% |
AdvisorShares STAR Global Buy-Write ETF (MKT)* | 12.62% | 6.28% | 5.36% |
MSCI All Country World Index (Net) | 19.38% | 10.76% | 8.43% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The MSCI All Country World Index (Net) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$61,539,331
- Total advisory fees paid$467,969
- Total number of portfolio holdings11
- Period portfolio turnover rate24%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Written Call Option | (0.0)%Footnote Reference** |
Debt Fund | 25.3% |
Equity Fund | 70.0% |
Money Market Funds | 8.4% |
Assets Less Liabilities | (3.7)% |
Total | 100.0% |
Footnote | Description |
Footnote** | Less than 0.05%. |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
AdvisorShares Vice ETF
![Image](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i92259a677abb328609903e3e.jpg)
VICE | NYSE Arca, Inc.
Annual Shareholder Report | JUNE 30, 2024
This annual shareholder report contains important information about AdvisorShares Vice ETF (the "Fund") for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.
What were the Fund’s costs for the period?
(based on a hypothetical $10,000 investment)
Fund | Cost of $10K Investment | Cost Paid as % of $10K Investment |
---|---|---|
AdvisorShares Vice ETF | $100 | 0.99% |
How did the Fund perform last year?
During the fiscal year ended June 30, 2024, the AdvisorShares Vice ETF (ticker: VICE) delivered a modest positive return, underperforming the broader market.
The "vice" sector includes industries such as alcohol, tobacco, restaurants/hospitality, gaming, and gambling. Typically, investments in sectors like alcohol and tobacco are expected to exhibit lower volatility and greater resilience in down markets. However, during the past fiscal year, vice industries worldwide were significantly impacted by inflation, supply chain disruptions, and employment issues.
Looking ahead, we anticipate that VICE will exhibit less volatility compared to the overall market. Certain vice-oriented stocks are expected to experience growth as companies focus on product innovation, market expansion, and adapting to evolving consumer preferences. Our strategy aims to achieve relative outperformance and long-term capital appreciation through effective security selection and successful trading techniques.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Performance
GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](https://capedge.com/proxy/N-CSR/0001829126-24-006086/i78b52fc1bda42a5744e3329b.jpg)
S&P 500 Index | ||
---|---|---|
AdvisorShares Vice ETF NAV | ||
12/12/2017 | $10,000 | $10,000 |
12/31/2017 | $10,480 | $10,044 |
1/31/2018 | $10,658 | $10,619 |
2/28/2018 | $10,058 | $10,228 |
3/31/2018 | $9,997 | $9,968 |
4/30/2018 | $10,076 | $10,006 |
5/31/2018 | $10,157 | $10,247 |
6/30/2018 | $10,258 | $10,310 |
7/31/2018 | $10,387 | $10,694 |
8/31/2018 | $10,520 | $11,042 |
9/30/2018 | $10,812 | $11,105 |
10/31/2018 | $10,289 | $10,346 |
11/30/2018 | $9,728 | $10,557 |
12/31/2018 | $8,770 | $9,604 |
1/31/2019 | $9,572 | $10,373 |
2/28/2019 | $10,240 | $10,706 |
3/31/2019 | $10,388 | $10,914 |
4/30/2019 | $10,473 | $11,356 |
5/31/2019 | $9,761 | $10,635 |
6/30/2019 | $10,235 | $11,384 |
7/31/2019 | $10,073 | $11,548 |
8/31/2019 | $9,832 | $11,365 |
9/30/2019 | $9,636 | $11,577 |
10/31/2019 | $9,626 | $11,828 |
11/30/2019 | $10,214 | $12,257 |
12/31/2019 | $10,503 | $12,627 |
1/31/2020 | $10,223 | $12,622 |
2/29/2020 | $9,458 | $11,583 |
3/31/2020 | $7,995 | $10,153 |
4/30/2020 | $9,076 | $11,454 |
5/31/2020 | $9,612 | $12,000 |
6/30/2020 | $9,528 | $12,238 |
7/31/2020 | $10,353 | $12,928 |
8/31/2020 | $11,026 | $13,858 |
9/30/2020 | $10,930 | $13,331 |
10/31/2020 | $11,285 | $12,977 |
11/30/2020 | $12,005 | $14,397 |
12/31/2020 | $12,951 | $14,951 |
1/31/2021 | $13,307 | $14,800 |
2/28/2021 | $14,365 | $15,208 |
3/31/2021 | $14,558 | $15,874 |
4/30/2021 | $15,197 | $16,721 |
5/31/2021 | $15,073 | $16,838 |
6/30/2021 | $15,244 | $17,231 |
7/31/2021 | $13,751 | $17,640 |
8/31/2021 | $14,008 | $18,177 |
9/30/2021 | $13,729 | $17,331 |
10/31/2021 | $13,919 | $18,545 |
11/30/2021 | $12,980 | $18,417 |
12/31/2021 | $14,066 | $19,242 |
1/31/2022 | $12,889 | $18,247 |
2/28/2022 | $13,249 | $17,700 |
3/31/2022 | $12,880 | $18,357 |
4/30/2022 | $12,016 | $16,757 |
5/31/2022 | $11,611 | $16,787 |
6/30/2022 | $10,756 | $15,402 |
7/31/2022 | $11,510 | $16,822 |
8/31/2022 | $11,123 | $16,136 |
9/30/2022 | $10,095 | $14,650 |
10/31/2022 | $11,384 | $15,836 |
11/30/2022 | $12,139 | $16,721 |
12/31/2022 | $11,499 | $15,757 |
1/31/2023 | $12,165 | $16,747 |
2/28/2023 | $12,150 | $16,339 |
3/31/2023 | $12,104 | $16,939 |
4/30/2023 | $12,472 | $17,203 |
5/31/2023 | $11,494 | $17,278 |
6/30/2023 | $12,395 | $18,420 |
7/31/2023 | $12,645 | $19,011 |
8/31/2023 | $11,921 | $18,709 |
9/30/2023 | $11,068 | $17,817 |
10/31/2023 | $10,445 | $17,442 |
11/30/2023 | $11,413 | $19,035 |
12/31/2023 | $11,855 | $19,900 |
1/31/2024 | $11,833 | $20,234 |
2/29/2024 | $12,442 | $21,314 |
3/31/2024 | $13,037 | $22,000 |
4/30/2024 | $11,973 | $21,102 |
5/31/2024 | $12,625 | $22,148 |
6/30/2024 | $12,587 | $22,943 |
AVERAGE ANNUAL TOTAL RETURN
Fund/Index | 1 year | 5 year | Since Inception 12/12/2017 |
---|---|---|---|
AdvisorShares Vice ETF NAV | 1.55% | 4.22% | 3.58% |
AdvisorShares VICE ETF (MKT)* | 1.48% | 4.21% | 3.57% |
S&P 500 Index | 24.56% | 15.05% | 13.52% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.
* The price used to calculate market return (“Market Price’’) is determined by using the closing price listed on the exchange included at the beginning of this shareholder report and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV, and are not individually redeemed from the Fund.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.
Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.
Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2024.
- Fund net assets$7,038,881
- Total advisory fees paid$0
- Total number of portfolio holdings24
- Period portfolio turnover rate124%
Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2024.
Sector | % of Net Assets |
---|---|
Electronics | 3.8% |
Household Products/Wares | 4.0% |
Auto Manufacturers | 4.5% |
REITS | 6.6% |
Semiconductors | 8.1% |
Lodging | 8.5% |
Agriculture | 8.7% |
Entertainment | 8.9% |
Software | 9.3% |
Beverages | 14.8% |
Retail | 18.6% |
Money Market Funds | 6.9% |
Assets Less Liabilities | (2.7)% |
Total | 100.0% |
Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.
Distributed by Foreside Fund Services, LLC
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
(e) | Not applicable. |
(f) | A copy of the Code of Ethics is filed as an Exhibit. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, Elizabeth Piper/Bach. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $283,050 for 2024 and $354,850 for 2023. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2024 and $0 for 2023. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $51,000 for 2024 and $65,000 for 2023. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2023. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A
(c) N/A
(d) N/A
(f) | No response required. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2024 and $0 for 2023. |
(h) | Not applicable. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
(a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the members of such committee are Elizabeth Piper/Bach and William G. McVay. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under item 7(a) of this form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | The annual Financial Statements are attached herewith. |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831
Annual Report
June 30, 2024
TABLE OF CONTENTS
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace/Defense — 6.2% | ||||||||
BAE Systems PLC (United Kingdom)(a) | 11,960 | $ | 799,526 | |||||
Embraer SA (Brazil)(a)(b) | 31,112 | 802,690 | ||||||
Total Aerospace/Defense | 1,602,216 | |||||||
Apparel — 1.7% | ||||||||
Hermes International SCA (France)(a) | 1,838 | 424,431 | ||||||
Banks — 21.7% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)(c) | 76,368 | 765,971 | ||||||
Banco Macro SA (Argentina)(a)(b) | 15,865 | 909,540 | ||||||
Grupo Financiero Galicia SA (Argentina)(a)(b)(c) | 26,744 | 817,297 | ||||||
ING Groep NV (Netherlands)(a) | 36,541 | 626,313 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan)(a) | 85,406 | 922,385 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan)(a) | 49,304 | 661,167 | ||||||
UBS Group AG (Switzerland) | 29,797 | 880,203 | ||||||
Total Banks | 5,582,876 | |||||||
Beverages — 2.3% | ||||||||
Coca-Cola Femsa SAB de CV (Mexico)(a) | 6,818 | 585,257 | ||||||
Building Materials — 2.3% | ||||||||
Cemex SAB de CV (Mexico)(a) | 92,617 | 591,823 | ||||||
Commercial Services — 6.6% | ||||||||
New Oriental Education & Technology Group, Inc. (China)(a)(b) | 11,825 | 919,157 | ||||||
RELX PLC (United Kingdom)(a) | 17,174 | 787,943 | ||||||
Total Commercial Services | 1,707,100 | |||||||
Computers — 2.5% | ||||||||
Logitech International SA (Switzerland) | 6,607 | 640,086 | ||||||
Diversified Financial Services — 4.5% | ||||||||
Nomura Holdings, Inc. (Japan)(a)(c) | 104,591 | 604,536 | ||||||
Qifu Technology, Inc. (China)(a) | 27,800 | 548,494 | ||||||
Total Diversified Financial Services | 1,153,030 | |||||||
Electric — 2.6% | ||||||||
Pampa Energia SA (Argentina)(a)(b)(c) | 14,891 | 659,076 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Electronics — 3.9% | ||||||||
ABB Ltd. (Switzerland)(a) | 18,205 | $ | 1,014,201 | |||||
Food Service — 1.9% | ||||||||
Compass Group PLC (United Kingdom)(a) | 17,714 | 490,855 | ||||||
Insurance — 2.1% | ||||||||
Aegon Ltd. (Netherlands) | 86,300 | 529,019 | ||||||
Internet — 5.2% | ||||||||
MercadoLibre, Inc. (Brazil)(b) | 401 | 659,003 | ||||||
Tencent Music Entertainment Group (China)(a) | 47,498 | 667,347 | ||||||
Total Internet | 1,326,350 | |||||||
Mining — 5.2% | ||||||||
Cia de Minas Buenaventura SAA (Peru)(a) | 36,328 | 615,760 | ||||||
Harmony Gold Mining Co. Ltd. (South Africa)(a) | 77,825 | 713,655 | ||||||
Total Mining | 1,329,415 | |||||||
Miscellaneous Manufacturing — 2.3% | ||||||||
Siemens AG (Germany)(a) | 6,338 | 591,018 | ||||||
Oil & Gas — 6.5% | ||||||||
Petroleo Brasileiro SA (Brazil)(a) | 37,886 | 548,968 | ||||||
YPF SA (Argentina)(a)(b)(c) | 56,090 | 1,128,531 | ||||||
Total Oil & Gas | 1,677,499 | |||||||
Pharmaceuticals — 8.6% | ||||||||
Avadel Pharmaceuticals PLC(b)(c) | 31,021 | 436,155 | ||||||
Novo Nordisk A/S (Denmark)(a) | 12,472 | 1,780,253 | ||||||
Total Pharmaceuticals | 2,216,408 | |||||||
Semiconductors — 7.9% | ||||||||
ASE Technology Holding Co., Ltd. (Taiwan)(a)(b) | 65,721 | 750,534 | ||||||
NXP Semiconductors NV (China) | 2,388 | 642,587 | ||||||
Tokyo Electron Ltd. (Japan)(a) | 5,761 | 630,829 | ||||||
Total Semiconductors | 2,023,950 | |||||||
Software — 2.9% | ||||||||
SAP SE (Germany)(a) | 3,703 | 746,932 | ||||||
Transportation — 2.9% | ||||||||
Tsakos Energy Navigation Ltd. (Greece) | 25,001 | 732,029 | ||||||
Total Common Stocks (Cost $18,152,511) | 25,623,571 |
See accompanying Notes to Financial Statements.
1
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
MONEY MARKET FUND — 8.9% | ||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(d)(e) (Cost $2,297,590) | 2,297,590 | $ | 2,297,590 | |||||
Total Investments — 108.7% (Cost $20,450,101) | 27,921,161 | |||||||
Liabilities in Excess of Other Assets — (8.7%) | (2,245,851 | ) | ||||||
Net Assets — 100.0% | $ | 25,675,310 |
PLC — Public Limited Company
(a) | American Depositary Receipt. |
(b) | Non-income producing security. |
(c) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,053,888; the aggregate market value of the collateral held by the fund is $3,205,767. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $908,177. |
(d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
(e) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
2
ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 25,623,571 | $ | — | $ | — | $ | 25,623,571 | ||||||||
Money Market Fund | 2,297,590 | — | — | 2,297,590 | ||||||||||||
Total | $ | 27,921,161 | $ | — | $ | — | $ | 27,921,161 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Aerospace/Defense | 6.2 | % | ||
Apparel | 1.7 | |||
Banks | 21.7 | |||
Beverages | 2.3 | |||
Building Materials | 2.3 | |||
Commercial Services | 6.6 | |||
Computers | 2.5 | |||
Diversified Financial Services | 4.5 | |||
Electric | 2.6 | |||
Electronics | 3.9 | |||
Food Service | 1.9 | |||
Insurance | 2.1 | |||
Internet | 5.2 | |||
Mining | 5.2 | |||
Miscellaneous Manufacturing | 2.3 | |||
Oil & Gas | 6.5 | |||
Pharmaceuticals | 8.6 | |||
Semiconductors | 7.9 | |||
Software | 2.9 | |||
Transportation | 2.9 | |||
Money Market Fund | 8.9 | |||
Total Investments | 108.7 | |||
Liabilities in Excess of Other Assets | (8.7 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
3
ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
EXCHANGE TRADED FUNDS — 99.9% | ||||||||
Equity Fund — 99.9% | ||||||||
iShares Morningstar Growth ETF | 495,156 | $ | 40,310,650 | |||||
iShares MSCI USA Momentum Factor ETF(a) | 203,036 | 39,565,625 | ||||||
Total Exchange Traded Funds (Cost $72,344,587) | 79,876,275 | |||||||
MONEY MARKET FUNDS — 3.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(b) | 223,979 | 223,979 | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(b)(c) | 2,786,001 | 2,786,001 | ||||||
Total Money Market Funds (Cost $3,009,980) | 3,009,980 | |||||||
Total Investments — 103.6% (Cost $75,354,567) | 82,886,255 | |||||||
Liabilities in Excess of Other Assets — (3.6%) | (2,910,845 | ) | ||||||
Net Assets — 100.0% | $ | 79,975,410 |
(a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,728,180; the aggregate market value of the collateral held by the fund is $2,786,001. |
(b) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
4
ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 79,876,275 | $ | — | $ | — | $ | 79,876,275 | ||||||||
Money Market Funds | 3,009,980 | — | — | 3,009,980 | ||||||||||||
Total | $ | 82,886,255 | $ | — | $ | — | $ | 82,886,255 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Equity Fund | 99.9 | % | ||
Money Market Funds | 3.7 | |||
Total Investments | 103.6 | |||
Liabilities in Excess of Other Assets | (3.6 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
5
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
EXCHANGE TRADED FUNDS — 99.8% | ||||||||
Equity Fund — 99.8% | ||||||||
Invesco QQQ Trust Series 1 | 117,602 | $ | 56,344,294 | |||||
iShares MSCI USA Momentum Factor ETF | 284,082 | 55,359,060 | ||||||
Total Exchange Traded Funds (Cost $86,448,037) | 111,703,354 | |||||||
MONEY MARKET FUND — 0.2% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(a) (Cost $278,452) | 278,452 | 278,452 | ||||||
Total Investments — 100.0% (Cost $86,726,489) | 111,981,806 | |||||||
Liabilities in Excess of Other Assets — (0.0%)** | (41,576 | ) | ||||||
Net Assets — 100.0% | $ | 111,940,230 |
** | Less than 0.05%. |
(a) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
6
ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 111,703,354 | $ | — | $ | — | $ | 111,703,354 | ||||||||
Money Market Fund | 278,452 | — | — | 278,452 | ||||||||||||
Total | $ | 111,981,806 | $ | — | $ | — | $ | 111,981,806 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Equity Fund | 99.8 | % | ||
Money Market Fund | 0.2 | |||
Total Investments | 100.0 | |||
Liabilities in Excess of Other Assets | (0.0 | )** | ||
Net Assets | 100.0 | % |
** | Less than 0.05%. |
See accompanying Notes to Financial Statements.
7
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
MONEY MARKET FUND — 237.1% | ||||||||
STIT — Government & Agency Portfolio, Institutional Class, 5.25%(a)(b) (Cost $26,057,199) | 26,057,199 | $ | 26,057,199 | |||||
Total Investments Before Securities Sold, Not Yet Purchased (Cost $26,057,199) | 26,057,199 | |||||||
Securities Sold, Not Yet Purchased — (106.3)% | ||||||||
COMMON STOCKS — (106.3)% | ||||||||
Aerospace/Defense — (1.2)% | ||||||||
Boeing Co. (The)(c) | (720 | ) | (131,047 | ) | ||||
Agriculture — (1.2)% | ||||||||
Archer-Daniels-Midland Co. | (2,181 | ) | (131,842 | ) | ||||
Airlines — (1.1)% | ||||||||
Southwest Airlines Co. | (4,340 | ) | (124,167 | ) | ||||
Apparel — (1.8)% | ||||||||
NIKE, Inc., Class B | (1,255 | ) | (94,589 | ) | ||||
VF Corp. | (7,284 | ) | (98,334 | ) | ||||
Total Apparel | (192,923 | ) | ||||||
Auto Manufacturers — (1.4)% | ||||||||
Tesla, Inc.(c) | (752 | ) | (148,806 | ) | ||||
Auto Parts & Equipment — (1.8)% | ||||||||
Adient PLC(c) | (3,518 | ) | (86,930 | ) | ||||
Visteon Corp.(c) | (1,045 | ) | (111,501 | ) | ||||
Total Auto Parts & Equipment | (198,431 | ) | ||||||
Banks — (1.1)% | ||||||||
Valley National Bancorp | (16,780 | ) | (117,124 | ) | ||||
Beverages — (0.8)% | ||||||||
Brown-Forman Corp., Class B | (2,141 | ) | (92,470 | ) | ||||
Biotechnology — (7.9)% | ||||||||
Alnylam Pharmaceuticals, Inc.(c) | (803 | ) | (195,129 | ) | ||||
Biogen, Inc.(c) | (529 | ) | (122,633 | ) | ||||
Bio-Rad Laboratories, Inc., Class A(c) | (377 | ) | (102,962 | ) | ||||
Gilead Sciences, Inc. | (1,745 | ) | (119,724 | ) | ||||
GRAIL, Inc.(c) | (191 | ) | (2,936 | ) | ||||
Illumina, Inc.(c) | (1,146 | ) | (119,620 | ) | ||||
Incyte Corp.(c) | (1,847 | ) | (111,965 | ) | ||||
Sage Therapeutics, Inc.(c) | (8,664 | ) | (94,091 | ) | ||||
Total Biotechnology | (869,060 | ) |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Chemicals — (3.0)% | ||||||||
Albemarle Corp. | (979 | ) | $ | (93,514 | ) | |||
FMC Corp. | (1,934 | ) | (111,302 | ) | ||||
Mosaic Co. (The) | (4,278 | ) | (123,634 | ) | ||||
Total Chemicals | (328,450 | ) | ||||||
Commercial Services — (3.1)% | ||||||||
MarketAxess Holdings, Inc. | (565 | ) | (113,299 | ) | ||||
Robert Half, Inc. | (1,870 | ) | (119,643 | ) | ||||
U-Haul Holding Co.(c) | (1,774 | ) | (109,509 | ) | ||||
Total Commercial Services | (342,451 | ) | ||||||
Computers — (4.5)% | ||||||||
DXC Technology Co.(c) | (7,980 | ) | (152,338 | ) | ||||
EPAM Systems, Inc.(c) | (645 | ) | (121,331 | ) | ||||
Genpact Ltd. | (3,072 | ) | (98,888 | ) | ||||
NCR Voyix Corp.(c) | (9,800 | ) | (121,030 | ) | ||||
Total Computers | (493,587 | ) | ||||||
Cosmetics/Personal Care — (0.9)% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | (908 | ) | (96,611 | ) | ||||
Distribution/Wholesale — (1.1)% | ||||||||
LKQ Corp. | (2,870 | ) | (119,363 | ) | ||||
Diversified Financial Services — (1.1)% | ||||||||
Franklin Resources, Inc. | (5,260 | ) | (117,561 | ) | ||||
Electric — (2.1)% | ||||||||
Ameren Corp. | (1,651 | ) | (117,403 | ) | ||||
Xcel Energy, Inc. | (2,220 | ) | (118,570 | ) | ||||
Total Electric | (235,973 | ) | ||||||
Entertainment — (2.2)% | ||||||||
Marriott Vacations Worldwide Corp. | (1,464 | ) | (127,836 | ) | ||||
Vail Resorts, Inc. | (660 | ) | (118,886 | ) | ||||
Total Entertainment | (246,722 | ) | ||||||
Food — (3.1)% | ||||||||
Hain Celestial Group, Inc. (The)(c) | (17,796 | ) | (122,970 | ) | ||||
J M Smucker Co. (The) | (982 | ) | (107,077 | ) | ||||
Lamb Weston Holdings, Inc. | (1,380 | ) | (116,031 | ) | ||||
Total Food | (346,078 | ) | ||||||
Gas — (1.0)% | ||||||||
UGI Corp. | (4,887 | ) | (111,912 | ) |
See accompanying Notes to Financial Statements.
8
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Healthcare — Products — (8.7)% | ||||||||
Baxter International, Inc. | (3,500 | ) | $ | (117,075 | ) | |||
Bio-Techne Corp. | (1,371 | ) | (98,232 | ) | ||||
DENTSPLY SIRONA, Inc. | (4,440 | ) | (110,601 | ) | ||||
Exact Sciences Corp.(c) | (2,800 | ) | (118,300 | ) | ||||
ICU Medical, Inc.(c) | (1,277 | ) | (151,644 | ) | ||||
Insulet Corp.(c) | (618 | ) | (124,712 | ) | ||||
Integra LifeSciences Holdings Corp.(c) | (4,024 | ) | (117,259 | ) | ||||
Teleflex, Inc. | (590 | ) | (124,095 | ) | ||||
Total Healthcare — Products | (961,918 | ) | ||||||
Healthcare — Services — (2.0)% | ||||||||
Humana, Inc. | (317 | ) | (118,447 | ) | ||||
Pediatrix Medical Group, Inc.(c) | (13,540 | ) | (102,227 | ) | ||||
Total Healthcare — Services | (220,674 | ) | ||||||
Home Furnishings — (2.3)% | ||||||||
Leggett & Platt, Inc. | (9,184 | ) | (105,249 | ) | ||||
Whirlpool Corp. | (1,400 | ) | (143,080 | ) | ||||
Total Home Furnishings | (248,329 | ) | ||||||
Housewares — (0.7)% | ||||||||
Newell Brands, Inc. | (12,590 | ) | (80,702 | ) | ||||
Insurance — (1.1)% | ||||||||
Globe Life, Inc. | (1,420 | ) | (116,838 | ) | ||||
Internet — (3.6)% | ||||||||
VeriSign, Inc.(c) | (715 | ) | (127,127 | ) | ||||
Ziff Davis, Inc.(c) | (2,202 | ) | (121,220 | ) | ||||
Zillow Group, Inc., Class C(c) | (3,080 | ) | (142,881 | ) | ||||
Total Internet | (391,228 | ) | ||||||
Leisure Time — (0.9)% | ||||||||
Polaris, Inc. | (1,310 | ) | (102,586 | ) | ||||
Media — (5.0)% | ||||||||
Altice USA, Inc., Class A(c) | (52,367 | ) | (106,829 | ) | ||||
Cable One, Inc. | (319 | ) | (112,926 | ) | ||||
Charter Communications, Inc., Class A(c) | (413 | ) | (123,470 | ) | ||||
Paramount Global, Class B | (8,761 | ) | (91,027 | ) | ||||
Warner Bros Discovery, Inc.(c) | (15,597 | ) | (116,042 | ) | ||||
Total Media | (550,294 | ) | ||||||
Oil & Gas — (2.2)% | ||||||||
APA Corp. | (4,014 | ) | (118,172 | ) | ||||
Patterson-UTI Energy, Inc. | (11,685 | ) | (121,057 | ) | ||||
Total Oil & Gas | (239,229 | ) |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Oil & Gas Services — (1.3)% | ||||||||
Core Laboratories, Inc. | (7,160 | ) | $ | (145,276 | ) | |||
Packaging & Containers — (1.0)% | ||||||||
O-I Glass, Inc.(c) | (10,046 | ) | (111,812 | ) | ||||
Pharmaceuticals — (5.4)% | ||||||||
Bristol-Myers Squibb Co. | (2,453 | ) | (101,873 | ) | ||||
CVS Health Corp. | (1,970 | ) | (116,348 | ) | ||||
Herbalife Ltd.(c) | (14,485 | ) | (150,499 | ) | ||||
Jazz Pharmaceuticals PLC(c) | (1,018 | ) | (108,651 | ) | ||||
Pfizer, Inc. | (4,316 | ) | (120,762 | ) | ||||
Total Pharmaceuticals | (598,133 | ) | ||||||
Real Estate — (1.1)% | ||||||||
Howard Hughes Holdings, Inc.(c) | (1,790 | ) | (116,028 | ) | ||||
REITS — (6.4)% | ||||||||
Crown Castle, Inc. | (1,175 | ) | (114,797 | ) | ||||
Hudson Pacific Properties, Inc. | (19,701 | ) | (94,762 | ) | ||||
Medical Properties Trust, Inc. | (35,696 | ) | (153,850 | ) | ||||
SBA Communications Corp. | (563 | ) | (110,517 | ) | ||||
Service Properties Trust | (21,100 | ) | (108,454 | ) | ||||
WP Carey, Inc. | (2,180 | ) | (120,009 | ) | ||||
Total REITS | (702,389 | ) | ||||||
Retail — (10.0)% | ||||||||
Advance Auto Parts, Inc. | (1,668 | ) | (105,634 | ) | ||||
Cracker Barrel Old Country Store, Inc. | (2,586 | ) | (109,026 | ) | ||||
Dollar General Corp. | (737 | ) | (97,453 | ) | ||||
Dollar Tree, Inc.(c) | (1,050 | ) | (112,108 | ) | ||||
Foot Locker, Inc. | (5,240 | ) | (130,581 | ) | ||||
Nu Skin Enterprises, Inc., Class A | (9,376 | ) | (98,823 | ) | ||||
Starbucks Corp. | (1,535 | ) | (119,500 | ) | ||||
Ulta Beauty, Inc.(c) | (317 | ) | (122,321 | ) | ||||
Walgreens Boots Alliance, Inc. | (7,029 | ) | (85,016 | ) | ||||
Wendy’s Co. (The) | (6,804 | ) | (115,396 | ) | ||||
Total Retail | (1,095,858 | ) | ||||||
Savings & Loans — (1.1)% | ||||||||
New York Community Bancorp, Inc. | (38,930 | ) | (125,355 | ) | ||||
Semiconductors — (3.3)% | ||||||||
Intel Corp. | (3,900 | ) | (120,783 | ) | ||||
IPG Photonics Corp.(c) | (1,340 | ) | (113,082 | ) | ||||
ON Semiconductor Corp.(c) | (1,825 | ) | (125,104 | ) | ||||
Total Semiconductors | (358,969 | ) |
See accompanying Notes to Financial Statements.
9
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Software — (4.5)% | ||||||||
Adobe, Inc.(c) | (260 | ) | $ | (144,441 | ) | |||
Akamai Technologies, Inc.(c) | (1,330 | ) | (119,806 | ) | ||||
Paycom Software, Inc. | (827 | ) | (118,294 | ) | ||||
Teradata Corp.(c) | (3,210 | ) | (110,938 | ) | ||||
Total Software | (493,479 | ) | ||||||
Telecommunications — (0.9)% | ||||||||
Viasat, Inc.(c) | (7,486 | ) | (95,072 | ) | ||||
Transportation — (4.4)% | ||||||||
JB Hunt Transport Services, Inc. | (760 | ) | (121,600 | ) | ||||
Knight-Swift Transportation Holdings, Inc. | (2,530 | ) | (126,298 | ) | ||||
Old Dominion Freight Line, Inc. | (710 | ) | (125,386 | ) | ||||
United Parcel Service, Inc., Class B | (785 | ) | (107,427 | ) | ||||
Total Transportation | (480,711 | ) | ||||||
Total Securities Sold, Not Yet Purchased [Proceeds Received $(14,847,676)] | (11,679,458 | ) | ||||||
Total Investments — 130.8% (Cost $11,209,523) | 14,377,741 | |||||||
Liabilities in Excess of Other Assets — (30.8%) | (3,388,620 | ) | ||||||
Net Assets — 100.0% | $ | 10,989,121 |
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
(a) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(b) | A portion of this security has been pledged as collateral for securities sold, not yet purchased. |
(c) | Non-income producing security. |
See accompanying Notes to Financial Statements.
10
ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Fund | $ | 26,057,199 | $ | — | $ | — | $ | 26,057,199 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | (11,679,458 | ) | $ | — | $ | — | $ | (11,679,458 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Aerospace/Defense | (1.2 | )% | ||
Agriculture | (1.2 | ) | ||
Airlines | (1.1 | ) | ||
Apparel | (1.8 | ) | ||
Auto Manufacturers | (1.4 | ) | ||
Auto Parts & Equipment | (1.8 | ) | ||
Banks | (1.1 | ) | ||
Beverages | (0.8 | ) | ||
Biotechnology | (7.9 | ) | ||
Chemicals | (3.0 | ) | ||
Commercial Services | (3.1 | ) | ||
Computers | (4.5 | ) | ||
Cosmetics/Personal Care | (0.9 | ) | ||
Distribution/Wholesale | (1.1 | ) | ||
Diversified Financial Services | (1.1 | ) | ||
Electric | (2.1 | ) | ||
Entertainment | (2.2 | ) | ||
Food | (3.1 | ) | ||
Gas | (1.0 | ) | ||
Healthcare — Products | (8.7 | ) | ||
Healthcare — Services | (2.0 | ) | ||
Home Furnishings | (2.3 | ) | ||
Housewares | (0.7 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of Net Assets | ||||
Insurance | (1.1 | )% | ||
Internet | (3.6 | ) | ||
Leisure Time | (0.9 | ) | ||
Media | (5.0 | ) | ||
Oil & Gas | (2.2 | ) | ||
Oil & Gas Services | (1.3 | ) | ||
Packaging & Containers | (1.0 | ) | ||
Pharmaceuticals | (5.4 | ) | ||
Real Estate | (1.1 | ) | ||
REITS | (6.4 | ) | ||
Retail | (10.0 | ) | ||
Savings & Loans | (1.1 | ) | ||
Semiconductors | (3.3 | ) | ||
Software | (4.5 | ) | ||
Telecommunications | (0.9 | ) | ||
Transportation | (4.4 | ) | ||
Money Market Fund | 237.1 | |||
Total Investments | 130.8 | |||
Liabilities in Excess of Other Assets | (30.8 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
11
ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
Aerospace/Defense — 4.7% | ||||||||
HEICO Corp. | 32,593 | $ | 7,288,121 | |||||
Auto Parts & Equipment — 4.9% | ||||||||
Miller Industries, Inc. | 136,902 | 7,532,348 | ||||||
Chemicals — 3.3% | ||||||||
Celanese Corp. | 37,559 | 5,066,334 | ||||||
Commercial Services — 8.3% | ||||||||
Moody’s Corp. | 14,956 | 6,295,429 | ||||||
Rollins, Inc. | 133,656 | 6,521,076 | ||||||
Total Commercial Services | 12,816,505 | |||||||
Computers — 3.6% | ||||||||
Science Applications International Corp. | 46,597 | 5,477,477 | ||||||
Diversified Financial Services — 7.6% | ||||||||
Federal Agricultural Mortgage Corp., Class C | 30,297 | 5,478,303 | ||||||
Intercontinental Exchange, Inc. | 45,766 | 6,264,908 | ||||||
Total Diversified Financial Services | 11,743,211 | |||||||
Electronics — 5.1% | ||||||||
Amphenol Corp., Class A | 117,052 | 7,885,793 | ||||||
Food — 3.8% | ||||||||
Hershey Co. (The) | 31,774 | 5,841,015 | ||||||
Healthcare — Products — 11.8% | ||||||||
Abbott Laboratories | 53,461 | 5,555,133 | ||||||
Stryker Corp. | 19,484 | 6,629,431 | ||||||
Thermo Fisher Scientific, Inc. | 10,959 | 6,060,327 | ||||||
Total Healthcare — Products | 18,244,891 | |||||||
Insurance — 4.2% | ||||||||
Aflac, Inc. | 72,268 | 6,454,255 | ||||||
Leisure Time — 3.1% | ||||||||
Polaris, Inc.(a) | 61,563 | 4,820,999 | ||||||
Machinery — Diversified — 4.1% | ||||||||
Otis Worldwide Corp. | 64,996 | 6,256,515 | ||||||
Media — 3.3% | ||||||||
FactSet Research Systems, Inc. | 12,393 | 5,059,690 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Packaging & Containers — 3.5% | ||||||||
Silgan Holdings, Inc. | 127,370 | $ | 5,391,572 | |||||
Pharmaceuticals — 4.2% | ||||||||
Cencora, Inc. | 28,673 | 6,460,027 | ||||||
Real Estate — 3.4% | ||||||||
McGrath RentCorp | 48,686 | 5,187,493 | ||||||
Software — 16.7% | ||||||||
Broadridge Financial Solutions, Inc. | 28,762 | 5,666,114 | ||||||
Fair Isaac Corp.(b) | 4,995 | 7,435,856 | ||||||
Fiserv, Inc.(b) | 44,047 | 6,564,765 | ||||||
Intuit, Inc. | 9,361 | 6,152,143 | ||||||
Total Software | 25,818,878 | |||||||
Water — 3.7% | ||||||||
American Water Works Co., Inc. | 44,590 | 5,759,244 | ||||||
Total Common Stocks (Cost $137,240,034) | 153,104,368 | |||||||
MONEY MARKET FUND — 0.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(c) (Cost $1,175,718) | 1,175,718 | 1,175,718 | ||||||
Total Investments — 100.1% (Cost $138,415,752) | 154,280,086 | |||||||
Liabilities in Excess of Other Assets — (0.1%) | (85,108 | ) | ||||||
Net Assets — 100.0% | $ | 154,194,978 |
(a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,894,904; the aggregate market value of the collateral held by the fund is $4,015,002. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,015,002. |
(b) | Non-income producing security. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
12
ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 153,104,368 | $ | — | $ | — | $ | 153,104,368 | ||||||||
Money Market Fund | 1,175,718 | — | — | 1,175,718 | ||||||||||||
Total | $ | 154,280,086 | $ | — | $ | — | $ | 154,280,086 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Aerospace/Defense | 4.7 | % | ||
Auto Parts & Equipment | 4.9 | |||
Chemicals | 3.3 | |||
Commercial Services | 8.3 | |||
Computers | 3.6 | |||
Diversified Financial Services | 7.6 | |||
Electronics | 5.1 | |||
Food | 3.8 | |||
Healthcare — Products | 11.8 | |||
Insurance | 4.2 | |||
Leisure Time | 3.1 | |||
Machinery — Diversified | 4.1 | |||
Media | 3.3 | |||
Packaging & Containers | 3.5 | |||
Pharmaceuticals | 4.2 | |||
Real Estate | 3.4 | |||
Software | 16.7 | |||
Water | 3.7 | |||
Money Market Fund | 0.8 | |||
Total Investments | 100.1 | |||
Liabilities in Excess of Other Assets | (0.1 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
13
ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 95.5% | ||||||||
Apparel — 1.2% | ||||||||
Crocs, Inc.(a) | 1,100 | $ | 160,534 | |||||
On Holding AG, Class A (Switzerland)(a) | 3,000 | 116,400 | ||||||
Total Apparel | 276,934 | |||||||
Auto Manufacturers — 0.7% | ||||||||
Tesla, Inc.(a) | 816 | 161,470 | ||||||
Biotechnology — 2.2% | ||||||||
Regeneron Pharmaceuticals, Inc.(a) | 479 | 503,443 | ||||||
Building Materials — 4.3% | ||||||||
Trane Technologies PLC | 2,967 | 975,935 | ||||||
Computers — 10.4% | ||||||||
Apple, Inc. | 7,207 | 1,517,939 | ||||||
Dell Technologies, Inc., Class C | 4,982 | 687,068 | ||||||
Super Micro Computer, Inc.(a) | 152 | 124,541 | ||||||
Total Computers | 2,329,548 | |||||||
Diversified Financial Services — 4.3% | ||||||||
LPL Financial Holdings, Inc. | 3,468 | 968,612 | ||||||
Home Builders — 4.9% | ||||||||
Lennar Corp., Class A | 7,388 | 1,107,240 | ||||||
Internet — 15.5% | ||||||||
Alphabet, Inc., Class C | 8,357 | 1,532,841 | ||||||
Amazon.com, Inc.(a) | 2,590 | 500,518 | ||||||
Netflix, Inc.(a) | 1,610 | 1,086,557 | ||||||
Uber Technologies, Inc.(a) | 4,880 | 354,678 | ||||||
Total Internet | 3,474,594 | |||||||
Lodging — 7.5% | ||||||||
MGM Resorts International(a) | 37,856 | 1,682,321 | ||||||
Media — 3.9% | ||||||||
Walt Disney Co. (The) | 8,772 | 870,972 | ||||||
Pharmaceuticals — 7.7% | ||||||||
Novo Nordisk A/S (Denmark)(b) | 10,570 | 1,508,762 | ||||||
Zoetis, Inc. | 1,224 | 212,192 | ||||||
Total Pharmaceuticals | 1,720,954 | |||||||
REITS — 1.4% | ||||||||
VICI Properties, Inc. | 11,106 | 318,076 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Retail — 1.1% | ||||||||
Home Depot, Inc. (The) | 744 | $ | 256,115 | |||||
Semiconductors — 16.8% | ||||||||
Advanced Micro Devices, Inc.(a) | 2,658 | 431,154 | ||||||
ASML Holding NV (Netherlands) | 788 | 805,911 | ||||||
Broadcom, Inc. | 279 | 447,943 | ||||||
NVIDIA Corp. | 16,978 | 2,097,462 | ||||||
Total Semiconductors | 3,782,470 | |||||||
Software — 10.7% | ||||||||
Microsoft Corp. | 4,023 | 1,798,080 | ||||||
Oracle Corp. | 4,285 | 605,042 | ||||||
Total Software | 2,403,122 | |||||||
Venture Capital — 2.9% | ||||||||
Blackstone, Inc. | 5,319 | 658,492 | ||||||
Total Common Stocks (Cost $15,918,959) | 21,490,298 | |||||||
EXCHANGE TRADED FUNDS — 4.0% | ||||||||
Equity Fund — 4.0% | ||||||||
AdvisorShares Pure US Cannabis ETF†(a) | 61,187 | 448,500 | ||||||
iShares Bitcoin Trust(a) | 13,052 | 445,595 | ||||||
Total Exchange Traded Funds (Cost $941,021) | 894,095 | |||||||
MONEY MARKET FUND — 0.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(c) (Cost $163,931) | 163,931 | 163,931 | ||||||
Total Investments — 100.2% (Cost $17,023,911) | 22,548,324 | |||||||
Liabilities in Excess of Other Assets — (0.2%) | (55,913 | ) | ||||||
Net Assets — 100.0% | $ | 22,492,411 |
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
† | Affiliated Company. |
(a) | Non-income producing security. |
(b) | American Depositary Receipt. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
14
ADVISORSHARES GERBER KAWASAKI ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 21,490,298 | $ | — | $ | — | $ | 21,490,298 | ||||||||
Exchange Traded Funds | 894,095 | — | — | 894,095 | ||||||||||||
Money Market Fund | 163,931 | — | — | 163,931 | ||||||||||||
Total | $ | 22,548,324 | $ | — | $ | — | $ | 22,548,324 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Apparel | 1.2 | % | ||
Auto Manufacturers | 0.7 | |||
Biotechnology | 2.2 | |||
Building Materials | 4.3 | |||
Computers | 10.4 | |||
Diversified Financial Services | 4.3 | |||
Equity Fund | 4.0 | |||
Home Builders | 4.9 | |||
Internet | 15.5 | |||
Lodging | 7.5 | |||
Media | 3.9 | |||
Pharmaceuticals | 7.7 | |||
REITS | 1.4 | |||
Retail | 1.1 | |||
Semiconductors | 16.8 | |||
Software | 10.7 | |||
Venture Capital | 2.9 | |||
Money Market Fund | 0.7 | |||
Total Investments | 100.2 | |||
Liabilities in Excess of Other Assets | (0.2 | ) | ||
Net Assets | 100.0 | % |
Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2024 were as follows:
Affiliated Holding Name | Value at 6/30/2023 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at | Value at 6/30/2024 | Dividend Income | ||||||||||||||||||||||||
AdvisorShares Pure US Cannabis ETF | $ | — | $ | 509,399 | $ | (13,191 | ) | $ | 5,770 | $ | (53,478 | ) | 61,187 | $ | 448,500 | $ | — |
See accompanying Notes to Financial Statements.
15
ADVISORSHARES HOTEL ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 96.9% | ||||||||
Commercial Services — 5.9% | ||||||||
Target Hospitality Corp.(a) | 22,589 | $ | 196,750 | |||||
Internet — 21.6% | ||||||||
Airbnb, Inc., Class A(a) | 390 | 59,136 | ||||||
Booking Holdings, Inc. | 47 | 186,190 | ||||||
Expedia Group, Inc.(a) | 1,517 | 191,127 | ||||||
Trip.com Group Ltd. (China)(a)(b) | 3,896 | 183,112 | ||||||
TripAdvisor, Inc.(a) | 6,116 | 108,926 | ||||||
Total Internet | 728,491 | |||||||
Leisure Time — 10.2% | ||||||||
Norwegian Cruise Line Holdings Ltd.(a) | 9,000 | 169,110 | ||||||
Royal Caribbean Cruises Ltd.(a) | 1,100 | 175,373 | ||||||
Total Leisure Time | 344,483 | |||||||
Lodging — 31.6% | ||||||||
Boyd Gaming Corp. | 2,453 | 135,161 | ||||||
GreenTree Hospitality Group Ltd. (China)(a)(b) | 3,847 | 9,348 | ||||||
Hilton Worldwide Holdings, Inc. | 659 | 143,794 | ||||||
Hyatt Hotels Corp., Class A | 559 | 84,923 | ||||||
InterContinental Hotels Group PLC (United Kingdom)(b) | 1,583 | 167,719 | ||||||
Marriott International, Inc., Class A | 586 | 141,677 | ||||||
MGM Resorts International(a) | 3,409 | 151,496 | ||||||
Playa Hotels & Resorts NV(a) | 12,900 | 108,231 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,657 | 122,618 | ||||||
Total Lodging | 1,064,967 | |||||||
REITS — 27.6% | ||||||||
Apple Hospitality REIT, Inc. | 10,447 | 151,899 | ||||||
Gaming and Leisure Properties, Inc. | 2,074 | 93,766 | ||||||
Host Hotels & Resorts, Inc. | 8,234 | 148,047 | ||||||
Park Hotels & Resorts, Inc. | 6,119 | 91,663 | ||||||
Ryman Hospitality Properties, Inc. | 1,399 | 139,704 | ||||||
VICI Properties, Inc. | 4,794 | 137,300 | ||||||
Xenia Hotels & Resorts, Inc. | 11,780 | 168,807 | ||||||
Total REITS | 931,186 | |||||||
Total Common Stocks (Cost $3,014,131) | 3,265,877 |
Investments | Shares | Value | ||||||
MONEY MARKET FUND — 4.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(c) (Cost $146,534) | 146,534 | $ | 146,534 | |||||
Total Investments — 101.2% (Cost $3,160,665) | 3,412,411 | |||||||
Liabilities in Excess of Other Assets — (1.2%) | (40,639 | ) | ||||||
Net Assets — 100.0% | $ | 3,371,772 |
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
(a) | Non-income producing security. |
(b) | American Depositary Receipt. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
16
ADVISORSHARES HOTEL ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 3,265,877 | $ | — | $ | — | $ | 3,265,877 | ||||||||
Money Market Fund | 146,534 | — | — | 146,534 | ||||||||||||
Total | $ | 3,412,411 | $ | — | $ | — | $ | 3,412,411 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Commercial Services | 5.9 | % | ||
Internet | 21.6 | |||
Leisure Time | 10.2 | |||
Lodging | 31.6 | |||
REITS | 27.6 | |||
Money Market Fund | 4.3 | |||
Total Investments | 101.2 | |||
Liabilities in Excess of Other Assets | (1.2 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
17
ADVISORSHARES INSIDER ADVANTAGE ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
Advertising — 0.9% | ||||||||
Omnicom Group, Inc. | 4,961 | $ | 445,002 | |||||
Aerospace/Defense — 2.0% | ||||||||
Lockheed Martin Corp. | 1,030 | 481,113 | ||||||
RTX Corp. | 4,572 | 458,983 | ||||||
Total Aerospace/Defense | 940,096 | |||||||
Agriculture — 2.0% | ||||||||
Altria Group, Inc. | 10,475 | 477,136 | ||||||
Bunge Global SA | 4,239 | 452,598 | ||||||
Total Agriculture | 929,734 | |||||||
Apparel — 1.9% | ||||||||
Columbia Sportswear Co. | 5,643 | 446,249 | ||||||
PVH Corp. | 4,122 | 436,396 | ||||||
Total Apparel | 882,645 | |||||||
Auto Manufacturers — 1.0% | ||||||||
General Motors Co. | 10,285 | 477,841 | ||||||
Auto Parts & Equipment — 1.9% | ||||||||
Allison Transmission Holdings, Inc. | 5,832 | 442,649 | ||||||
Gentex Corp. | 13,430 | 452,725 | ||||||
Total Auto Parts & Equipment | 895,374 | |||||||
Biotechnology — 1.0% | ||||||||
Corteva, Inc. | 8,390 | 452,557 | ||||||
Building Materials — 3.8% | ||||||||
Armstrong World Industries, Inc. | 4,004 | 453,413 | ||||||
Eagle Materials, Inc. | 1,856 | 403,606 | ||||||
Griffon Corp. | 6,789 | 433,545 | ||||||
Owens Corning | 2,832 | 491,975 | ||||||
Total Building Materials | 1,782,539 | |||||||
Chemicals — 1.9% | ||||||||
CF Industries Holdings, Inc. | 6,430 | 476,592 | ||||||
Olin Corp. | 8,628 | 406,810 | ||||||
Total Chemicals | 883,402 | |||||||
Coal — 1.0% | ||||||||
Arch Resources, Inc.(a) | 3,030 | 461,257 | ||||||
Computers — 5.1% | ||||||||
Accenture PLC, Class A | 1,650 | 500,626 | ||||||
Amdocs Ltd. | 5,362 | 423,169 | ||||||
Apple, Inc. | 2,288 | 481,899 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Computers (continued) | ||||||||
Leidos Holdings, Inc. | 3,662 | $ | 534,213 | |||||
NetApp, Inc. | 3,750 | 483,000 | ||||||
Total Computers | 2,422,907 | |||||||
Cosmetics/Personal Care — 1.1% | ||||||||
Colgate-Palmolive Co. | 5,232 | 507,713 | ||||||
Distribution/Wholesale — 0.9% | ||||||||
WW Grainger, Inc. | 483 | 435,782 | ||||||
Diversified Financial Services — 7.9% | ||||||||
Affiliated Managers Group, Inc. | 2,872 | 448,692 | ||||||
American Express Co. | 1,973 | 456,848 | ||||||
BGC Group, Inc., Class A | 59,552 | 494,282 | ||||||
Janus Henderson Group PLC | 14,460 | 487,447 | ||||||
Mastercard, Inc., Class A | 1,007 | 444,248 | ||||||
PJT Partners, Inc., Class A(a) | 4,854 | 523,795 | ||||||
Visa, Inc., Class A | 1,695 | 444,887 | ||||||
Western Union Co. (The) | 34,479 | 421,333 | ||||||
Total Diversified Financial Services | 3,721,532 | |||||||
Electric — 2.1% | ||||||||
NRG Energy, Inc. | 6,544 | 509,516 | ||||||
Vistra Corp. | 5,869 | 504,616 | ||||||
Total Electric | 1,014,132 | |||||||
Electrical Components & Equipment — 2.0% | ||||||||
Acuity Brands, Inc. | 1,826 | 440,870 | ||||||
Belden, Inc. | 5,498 | 515,712 | ||||||
Total Electrical Components & Equipment | 956,582 | |||||||
Electronics — 1.1% | ||||||||
CTS Corp. | 10,452 | 529,185 | ||||||
Entertainment — 1.0% | ||||||||
Vail Resorts, Inc. | 2,680 | 482,748 | ||||||
Healthcare — Products — 1.9% | ||||||||
ResMed, Inc. | 2,332 | 446,391 | ||||||
Thermo Fisher Scientific, Inc. | 810 | 447,930 | ||||||
Total Healthcare — Products | 894,321 | |||||||
Home Builders — 3.0% | ||||||||
KB Home | 7,100 | 498,278 | ||||||
Lennar Corp., Class A | 3,028 | 453,807 | ||||||
PulteGroup, Inc. | 4,141 | 455,924 | ||||||
Total Home Builders | 1,408,009 |
See accompanying Notes to Financial Statements.
18
ADVISORSHARES INSIDER ADVANTAGE ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Household Products/Wares — 1.9% | ||||||||
Church & Dwight Co., Inc. | 4,376 | $ | 453,704 | |||||
Kimberly-Clark Corp. | 3,380 | 467,116 | ||||||
Total Household Products/Wares | 920,820 | |||||||
Insurance — 4.0% | ||||||||
American International Group, Inc. | 5,999 | 445,366 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,640 | 466,505 | ||||||
MetLife, Inc. | 6,542 | 459,183 | ||||||
MGIC Investment Corp. | 22,932 | 494,185 | ||||||
Total Insurance | 1,865,239 | |||||||
Internet — 5.2% | ||||||||
Alphabet, Inc., Class A | 2,797 | 509,474 | ||||||
Booking Holdings, Inc. | 120 | 475,380 | ||||||
eBay, Inc. | 9,084 | 487,992 | ||||||
Gen Digital, Inc. | 19,330 | 482,863 | ||||||
Meta Platforms, Inc., Class A | 948 | 478,001 | ||||||
Total Internet | 2,433,710 | |||||||
Iron/Steel — 1.8% | ||||||||
Nucor Corp. | 2,609 | 412,431 | ||||||
Steel Dynamics, Inc. | 3,438 | 445,221 | ||||||
Total Iron/Steel | 857,652 | |||||||
Lodging — 3.0% | ||||||||
Hilton Worldwide Holdings, Inc. | 2,350 | 512,770 | ||||||
Las Vegas Sands Corp. | 10,860 | 480,555 | ||||||
Wynn Resorts Ltd. | 4,688 | 419,576 | ||||||
Total Lodging | 1,412,901 | |||||||
Machinery — Construction & Mining — 1.9% | ||||||||
BWX Technologies, Inc. | 4,962 | 471,390 | ||||||
Caterpillar, Inc. | 1,280 | 426,368 | ||||||
Total Machinery — Construction & Mining | 897,758 | |||||||
Machinery — Diversified — 1.1% | ||||||||
Westinghouse Air Brake Technologies Corp. | 3,146 | 497,225 | ||||||
Media — 1.1% | ||||||||
New York Times Co. (The), Class A | 9,981 | 511,127 | ||||||
Miscellaneous Manufacturing — 1.1% | ||||||||
Carlisle Cos., Inc. | 1,232 | 499,219 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Oil & Gas — 7.2% | ||||||||
Chevron Corp. | 3,100 | $ | 484,902 | |||||
ConocoPhillips | 3,584 | 409,938 | ||||||
EOG Resources, Inc. | 3,458 | 435,258 | ||||||
Marathon Petroleum Corp. | 2,346 | 406,984 | ||||||
Patterson-UTI Energy, Inc. | 43,680 | 452,525 | ||||||
PBF Energy, Inc., Class A | 8,277 | 380,908 | ||||||
SM Energy Co. | 9,368 | 404,979 | ||||||
Valero Energy Corp. | 2,807 | 440,025 | ||||||
Total Oil & Gas | 3,415,519 | |||||||
Packaging & Containers — 0.9% | ||||||||
Ball Corp. | 6,819 | 409,276 | ||||||
Pharmaceuticals — 0.9% | ||||||||
Cigna Group (The) | 1,311 | 433,377 | ||||||
Pipelines — 1.1% | ||||||||
Cheniere Energy, Inc. | 2,905 | 507,881 | ||||||
Real Estate — 1.0% | ||||||||
Newmark Group, Inc., Class A | 46,982 | 480,626 | ||||||
REITS — 2.0% | ||||||||
National Health Investors, Inc. | 7,175 | 485,963 | ||||||
National Storage Affiliates Trust | 11,610 | 478,564 | ||||||
Total REITS | 964,527 | |||||||
Retail — 6.2% | ||||||||
Bath & Body Works, Inc. | 10,930 | 426,817 | ||||||
Domino’s Pizza, Inc. | 976 | 503,938 | ||||||
Home Depot, Inc. (The) | 1,370 | 471,609 | ||||||
Murphy USA, Inc. | 1,116 | 523,917 | ||||||
Ross Stores, Inc. | 3,468 | 503,970 | ||||||
TJX Cos., Inc. (The) | 4,350 | 478,935 | ||||||
Total Retail | 2,909,186 | |||||||
Semiconductors — 7.2% | ||||||||
Amkor Technology, Inc. | 13,560 | 542,671 | ||||||
Applied Materials, Inc. | 2,002 | 472,452 | ||||||
KLA Corp. | 595 | 490,584 | ||||||
Lam Research Corp. | 527 | 561,176 | ||||||
Microchip Technology, Inc. | 5,150 | 471,225 | ||||||
NVIDIA Corp. | 3,580 | 442,273 | ||||||
QUALCOMM, Inc. | 2,190 | 436,204 | ||||||
Total Semiconductors | 3,416,585 |
See accompanying Notes to Financial Statements.
19
ADVISORSHARES INSIDER ADVANTAGE ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Software — 6.3% | ||||||||
Bentley Systems, Inc., Class B | 9,430 | $ | 465,465 | |||||
Electronic Arts, Inc. | 3,638 | 506,883 | ||||||
Fidelity National Information Services, Inc. | 6,190 | 466,478 | ||||||
Intuit, Inc. | 790 | 519,196 | ||||||
Microsoft Corp. | 1,070 | 478,236 | ||||||
Progress Software Corp. | 9,520 | 516,555 | ||||||
Total Software | 2,952,813 | |||||||
Telecommunications — 1.2% | ||||||||
InterDigital, Inc. | 4,688 | 546,433 | ||||||
Transportation — 0.8% | ||||||||
Old Dominion Freight Line, Inc. | 2,148 | 379,337 | ||||||
Total Common Stocks (Cost $43,425,826) | 46,834,569 | |||||||
MONEY MARKET FUND — 0.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(b) (Cost $129,898) | 129,898 | 129,898 | ||||||
Total Investments — 99.7% (Cost $43,555,724) | 46,964,467 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 153,905 | |||||||
Net Assets — 100.0% | $ | 47,118,372 |
PLC — Public Limited Company
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 $965,191; the aggregate market value of the collateral held by the fund is $973,815. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $973,815. |
(b) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
20
ADVISORSHARES INSIDER ADVANTAGE ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 46,834,569 | $ | — | $ | — | $ | 46,834,569 | ||||||||
Money Market Fund | 129,898 | — | — | 129,898 | ||||||||||||
Total | $ | 46,964,467 | $ | — | $ | — | $ | 46,964,467 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Advertising | 0.9 | % | ||
Aerospace/Defense | 2.0 | |||
Agriculture | 2.0 | |||
Apparel | 1.9 | |||
Auto Manufacturers | 1.0 | |||
Auto Parts & Equipment | 1.9 | |||
Biotechnology | 1.0 | |||
Building Materials | 3.8 | |||
Chemicals | 1.9 | |||
Coal | 1.0 | |||
Computers | 5.1 | |||
Cosmetics/Personal Care | 1.1 | |||
Distribution/Wholesale | 0.9 | |||
Diversified Financial Services | 7.9 | |||
Electric | 2.1 | |||
Electrical Components & Equipment | 2.0 | |||
Electronics | 1.1 | |||
Entertainment | 1.0 | |||
Healthcare — Products | 1.9 | |||
Home Builders | 3.0 | |||
Household Products/Wares | 1.9 | |||
Insurance | 4.0 |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of Net Assets | ||||
Internet | 5.2 | % | ||
Iron/Steel | 1.8 | |||
Lodging | 3.0 | |||
Machinery — Construction & Mining | 1.9 | |||
Machinery — Diversified | 1.1 | |||
Media | 1.1 | |||
Miscellaneous Manufacturing | 1.1 | |||
Oil & Gas | 7.2 | |||
Packaging & Containers | 0.9 | |||
Pharmaceuticals | 0.9 | |||
Pipelines | 1.1 | |||
Real Estate | 1.0 | |||
REITS | 2.0 | |||
Retail | 6.2 | |||
Semiconductors | 7.2 | |||
Software | 6.3 | |||
Telecommunications | 1.2 | |||
Transportation | 0.8 | |||
Money Market Fund | 0.3 | |||
Total Investments | 99.7 | |||
Other Assets in Excess of Liabilities | 0.3 | |||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
21
ADVISORSHARES MSOS 2X DAILY ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
MONEY MARKET FUND — 7.5% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(a) (Cost $4,452,979) | 4,452,979 | $ | 4,452,979 | |||||
Total Investments — 7.5% (Cost $4,452,979) | 4,452,979 | |||||||
Other Assets in Excess of Liabilities — 92.5% | 54,812,573 | |||||||
Net Assets — 100.0% | $ | 59,265,552 |
SOFR — Secured Overnight Financing Rate
(a) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
22
ADVISORSHARES MSOS 2X DAILY ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Fund | $ | 4,452,979 | $ | — | $ | — | $ | 4,452,979 | ||||||||
Swaps† | — | — | — | — | ||||||||||||
Total | $ | 4,452,979 | $ | — | $ | — | $ | 4,452,979 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Swap† | $ | — | $ | (399,513 | ) | $ | — | $ | (399,513 | ) |
† | 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 | 7.5 | % | ||
Total Investments | 7.5 | |||
Other Assets in Excess of Liabilities | 92.5 | |||
Net Assets | 100.0 | % |
Total return swap contracts outstanding as of June 30, 2024:
Reference Entity | Annual Financing Rate Paid | Payment Frequency | Termination Date | Notional Amounts | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
AdvisorShares Pure US Cannabis ETF | SOFR + 1.25% | Monthly | 9/22/2026 | $ | 72,062,717 | $ | 71,663,204 | $ | (399,513 | ) | ||||||||
AdvisorShares Pure US Cannabis ETF | SOFR + 3.00% | Monthly | 11/20/2026 | 47,718,300 | 47,718,300 | — | ||||||||||||
Net Unrealized Depreciation | $ | (399,513 | ) |
Clear Street and Nomura act as the counterparties to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of June 30, 2024, cash in the amount of $68,825,483 has been segregated as collateral from the broker for swap contracts.
See accompanying Notes to Financial Statements.
23
ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 90.6% | ||||||||
Biotechnology — 68.3% | ||||||||
ATAI Life Sciences NV (Germany)(a)(b) | 200,831 | $ | 267,105 | |||||
Bright Minds Biosciences, Inc. (Canada)(b) | 180,992 | 195,471 | ||||||
Clearmind Medicine, Inc. (Canada)(a)(b) | 128,641 | 216,117 | ||||||
Cybin, Inc. (Canada)(b) | 1,865,217 | 505,474 | ||||||
Enveric Biosciences, Inc.(b) | 317,047 | 196,569 | ||||||
GH Research PLC (Ireland)(b) | 22,605 | 263,574 | ||||||
Incannex Healthcare, Inc.(b) | 80,002 | 235,206 | ||||||
Intra-Cellular Therapies, Inc.(b) | 3,705 | 253,755 | ||||||
Mind Medicine MindMed, Inc.(a)(b) | 124,166 | 895,237 | ||||||
NRX Pharmaceuticals, Inc.(b) | 108,085 | 263,727 | ||||||
PsyBio Therapeutics Corp.(b) | 2,994,817 | 300 | ||||||
Psyence Biomedical Ltd. (Canada)(b) | 463,042 | 138,913 | ||||||
Sage Therapeutics, Inc.(b) | 16,030 | 174,086 | ||||||
Seelos Therapeutics, Inc.(b) | 89,812 | 53,618 | ||||||
Vistagen Therapeutics, Inc.(a)(b) | 51,780 | 180,194 | ||||||
Total Biotechnology | 3,839,346 | |||||||
Healthcare — Services — 4.5% | ||||||||
Field Trip Health & Wellness Ltd. (Canada)(b)(c) | 1,058,415 | 0 | ||||||
Greenbrook TMS, Inc. (Canada)(b) | 1,145,349 | 98,500 | ||||||
Lucy Scientific Discovery, Inc. (Canada)†(b) | 128,160 | 65,862 | ||||||
Numinus Wellness, Inc. (Canada)(a)(b) | 2,673,274 | 86,881 | ||||||
Total Healthcare — Services | 251,243 | |||||||
Pharmaceuticals — 17.8% | ||||||||
Alkermes PLC(b) | 11,390 | 274,499 | ||||||
Compass Pathways PLC (United Kingdom)(b)(d) | 60,882 | 367,727 | ||||||
FSD Pharma, Inc. (Canada)(b)(c) | 263,236 | 0 | ||||||
FSD Pharma, Inc., Class B (Canada)(b) | 555,184 | 88,885 | ||||||
Relmada Therapeutics, Inc.(b) | 90,028 | 270,084 | ||||||
Total Pharmaceuticals | 1,001,195 | |||||||
Total Common Stocks (Cost $9,851,275) | 5,091,784 |
Investments | Shares | Value | ||||||
MONEY MARKET FUNDS — 17.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(e) | 568,793 | $ | 568,793 | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(e)(f) | 429,996 | 429,996 | ||||||
Total Money Market Funds (Cost $998,789) | 998,789 | |||||||
Total Investments — 108.4% (Cost $10,850,064) | 6,090,573 | |||||||
Liabilities in Excess of Other Assets — (8.4%) | (472,033 | ) | ||||||
Net Assets — 100.0% | $ | 5,618,540 |
PLC — Public Limited Company
† | Affiliated Company. |
(a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $400,113; the aggregate market value of the collateral held by the fund is $429,996. |
(b) | Non-income producing security. |
(c) | Fair valued using significant unobservable inputs. See note 2 regarding fair value measurements. |
(d) | American Depositary Receipt. |
(e) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(f) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
24
ADVISORSHARES PSYCHEDELICS ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 5,091,784 | $ | — | $ | — | * | $ | 5,091,784 | |||||||
Money Market Funds | 998,789 | — | — | 998,789 | ||||||||||||
Total | $ | 6,090,573 | $ | — | $ | — | * | $ | 6,090,573 |
* | Less than $1. |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Biotechnology | 68.3 | % | ||
Healthcare — Services | 4.5 | |||
Pharmaceuticals | 17.8 | |||
Money Market Funds | 17.8 | |||
Total Investments | 108.4 | |||
Liabilities in Excess of Other Assets | (8.4 | ) | ||
Net Assets | 100.0 | % |
Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2024 were as follows:
Affiliated Holding Name | Value at 6/30/2023 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 6/30/2024 | Value at 6/30/2024 | Dividend Income | ||||||||||||||||||||||||
Lucy Scientific Discovery, Inc.* | $ | 327,432 | $ | 379,324 | $ | (12,774 | ) | $ | (83,634 | ) | $ | (544,486 | ) | 128,160 | $ | 65,862 | $ | — |
* | Security was not an affiliated company in prior year end; therefore, the change in unrealized gain (loss) will not match the Statement of Operations. |
See accompanying Notes to Financial Statements.
25
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 61.5% | ||||||||
Agriculture — 8.1% | ||||||||
Village Farms International, Inc. (Canada)(a) | 3,435,936 | $ | 3,504,655 | |||||
Biotechnology — 0.5% | ||||||||
Skye Bioscience, Inc.(a)(b) | 26,000 | 208,260 | ||||||
Distributors — 9.3% | ||||||||
High Tide, Inc. (Canada)(a)(b) | 1,828,968 | 4,042,019 | ||||||
Investment Company — 1.1% | ||||||||
RIV Capital, Inc. (Canada)(a) | 4,975,540 | 472,701 | ||||||
Pharmaceuticals — 30.5% | ||||||||
Canopy Growth Corp. (Canada)(a)(b) | 68,922 | 444,547 | ||||||
Cardiol Therapeutics, Inc., Class A (Canada)(a)(b) | 1,466,972 | 2,963,284 | ||||||
Charlottes Web Holdings, Inc.(a)(b) | 2,112,115 | 416,758 | ||||||
Clever Leaves Holdings, Inc. (Canada)(a) | 34,571 | 91,267 | ||||||
Cronos Group, Inc. (Canada)(a) | 870,613 | 2,028,528 | ||||||
Hempfusion Wellness, Inc. (Canada)(a) | 1,762,927 | 2 | ||||||
IM Cannabis Corp. (Canada)(a) | 620,762 | 285,551 | ||||||
Intercure Ltd. (Israel)(a) | 107,414 | 215,902 | ||||||
Jazz Pharmaceuticals PLC(a) | 9,900 | 1,056,627 | ||||||
Organigram Holdings, Inc. (Canada)(a) | 1,000,126 | 1,540,194 | ||||||
PharmaCielo Ltd. (Canada)(a) | 338,496 | 47,743 | ||||||
Rubicon Organics, Inc. (Canada)(a) | 1,050,000 | 374,010 | ||||||
SNDL, Inc. (Canada)(a) | 1,409,212 | 2,677,503 | ||||||
Tilray Brands, Inc. (Canada)(a)(b) | 674,900 | 1,120,334 | ||||||
Total Pharmaceuticals | 13,262,250 | |||||||
REITS — 7.1% | ||||||||
AFC Gamma, Inc. | 124,606 | 1,520,193 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 101,361 | 1,556,905 | ||||||
Total REITS | 3,077,098 | |||||||
Software — 0.5% | ||||||||
WM Technology, Inc.(a) | 200,000 | 208,000 | ||||||
Specialty Retail — 4.4% | ||||||||
GrowGeneration Corp.(a) | 247,182 | 531,441 | ||||||
Ispire Technology, Inc.(a) | 175,858 | 1,406,864 | ||||||
Total Specialty Retail | 1,938,305 | |||||||
Total Common Stocks (Cost $86,956,750) | 26,713,288 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
EXCHANGE TRADED FUND — 37.7% | ||||||||
Equity Fund — 37.7% | ||||||||
AdvisorShares Pure US Cannabis ETF†(a) (Cost $32,580,941) | 2,237,818 | $ | 16,403,206 | |||||
MONEY MARKET FUNDS — 7.6% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(c) | 258,596 | 258,596 | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(c)(d) | 3,040,984 | 3,040,984 | ||||||
Total Money Market Funds (Cost $3,299,580) | 3,299,580 | |||||||
Total Investments — 106.8% (Cost $122,837,271) | 46,416,074 | |||||||
Liabilities in Excess of Other Assets — (6.8%) | (2,945,223 | ) | ||||||
Net Assets — 100.0% | $ | 43,470,851 |
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
† | Affiliated Company. |
(a) | Non-income producing security. |
(b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,613,454; the aggregate market value of the collateral held by the fund is $3,300,116. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $259,132. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
26
ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 26,713,288 | $ | — | $ | — | $ | 26,713,288 | ||||||||
Exchange Traded Fund | 16,403,206 | — | — | 16,403,206 | ||||||||||||
Money Market Funds | 3,299,580 | — | — | 3,299,580 | ||||||||||||
Total | $ | 46,416,074 | $ | — | $ | — | $ | 46,416,074 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Agriculture | 8.1 | % | ||
Biotechnology | 0.5 | |||
Distributors | 9.3 | |||
Equity Fund | 37.7 | |||
Investment Company | 1.1 | |||
Pharmaceuticals | 30.5 | |||
REITS | 7.1 | |||
Software | 0.5 | |||
Specialty Retail | 4.4 | |||
Money Market Funds | 7.6 | |||
Total Investments | 106.8 | |||
Liabilities in Excess of Other Assets | (6.8 | ) | ||
Net Assets | 100.0 | % |
Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2024 were as follows:
Affiliated Holding Name | Value at 6/30/2023 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 6/30/2024 | Value at 6/30/2024 | Dividend Income | ||||||||||||||||||||||||
AdvisorShares Pure US Cannabis ETF | $ | 19,211,102 | $ | 928,295 | $ | (10,435,148 | ) | $ | (25,614,508 | ) | $ | 32,313,465 | 2,237,818 | $ | 16,403,206 | $ | — |
See accompanying Notes to Financial Statements.
27
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 8.3% | ||||||||
Investment Company — 0.1% | ||||||||
RIV Capital, Inc. (Canada)(a) | 4,294,850 | $ | 408,032 | |||||
Pharmaceuticals — 8.2% | ||||||||
Curaleaf Holdings, Inc.(a) | 10,468,126 | 40,302,285 | ||||||
Hempfusion Wellness, Inc. (Canada)(a) | 7,964,631 | 8 | ||||||
TerrAscend Corp. (Canada)†(a) | 24,110,324 | 32,548,937 | ||||||
Total Pharmaceuticals | 72,851,230 | |||||||
Total Common Stocks (Cost $112,458,155) | 73,259,262 | |||||||
MONEY MARKET FUND — 17.2% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(b) (Cost $153,192,798) | 153,192,798 | 153,192,798 | ||||||
Total Investments — 25.5% (Cost $265,650,953) | 226,452,060 | |||||||
Other Assets in Excess of Liabilities — 74.5% | 662,214,192 | |||||||
Net Assets — 100.0% | $ | 888,666,252 |
SOFR — Secured Overnight Financing Rate
† | Affiliated Company. |
(a) | Non-income producing security. |
(b) | Rate shown reflects the 7-day yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
28
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 73,259,262 | $ | — | $ | — | $ | 73,259,262 | ||||||||
Money Market Fund | 153,192,798 | — | — | 153,192,798 | ||||||||||||
Swaps† | — | 523,165 | — | 523,165 | ||||||||||||
Total | $ | 226,452,060 | $ | 523,165 | $ | — | $ | 226,975,225 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Swaps† | $ | — | $ | (4,277,216 | ) | $ | — | $ | (4,277,216 | ) |
† | 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 | 0.1 | % | ||
Pharmaceuticals | 8.2 | |||
Money Market Fund | 17.2 | |||
Total Investments | 25.5 | |||
Other Assets in Excess of Liabilities | 74.5 | |||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
29
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
June 30, 2024
Total return swap contracts outstanding as of June 30, 2024:
Reference Entity | Annual Financing Rate Paid | Payment Frequency | Termination Date | Notional Amounts | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
4Front Ventures ORD | SOFR + 1.25% | Monthly | 11/20/2026 | $ | 2,767,872 | $ | 2,751,580 | $ | (16,292 | ) | ||||||||
4Front Ventures ORD | SOFR + 3.00% | Monthly | 11/20/2026 | 187,451 | 232,200 | 44,749 | ||||||||||||
Acreage Holdings FX SUB VOT CL E ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 675,175 | 671,044 | (4,131 | ) | |||||||||||
Acreage Holdings FX SUB VOT CL E ORD | SOFR + 3.00% | Monthly | 9/22/2026 | 65,550 | 63,250 | (2,300 | ) | |||||||||||
Ascend Well | SOFR + 1.25% | Monthly | 11/20/2026 | 1,774,326 | 1,763,741 | (10,585 | ) | |||||||||||
AYR Rights Offering | SOFR + 1.25% | Monthly | 3/01/2026 | 1,732,244 | 1,720,581 | (11,663 | ) | |||||||||||
AYR Rights Offering | SOFR + 3.00% | Monthly | 3/01/2026 | 1,334,846 | 1,334,846 | — | ||||||||||||
AYR Wellness | SOFR + 1.25% | Monthly | 11/20/2026 | 13,274,425 | 13,202,135 | (72,290 | ) | |||||||||||
AYR Wellness | SOFR + 3.00% | Monthly | 11/20/2026 | 10,753,722 | 11,063,500 | 309,778 | ||||||||||||
C21 Investments ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 306,936 | 327,600 | 20,664 | ||||||||||||
C21 Investments ORD | SOFR + 1.25% | Monthly | 8/25/2026 | 2,783,550 | 2,767,650 | (15,900 | ) | |||||||||||
CANNABIST COMPANY HOLDING ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 735,916 | 734,921 | (995 | ) | |||||||||||
CANNABIST COMPANY HOLDING ORD | SOFR + 1.25% | Monthly | 9/02/2026 | 7,408,147 | 7,362,339 | (45,808 | ) | |||||||||||
Cresco Labs ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 4,945,403 | 4,996,276 | 50,873 | ||||||||||||
Cresco Labs ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 46,530,036 | 46,247,787 | (282,249 | ) | |||||||||||
Curaleaf Holdings SUB VOT | SOFR + 1.25% | Monthly | 11/20/2026 | 121,379,669 | 120,645,587 | (734,082 | ) | |||||||||||
Curaleaf Holdings SUB VOT ORD | SOFR + 3.00% | Monthly | 11/20/2026 | 13,917,245 | 13,965,490 | 48,245 | ||||||||||||
Glass House Brands | SOFR + 1.25% | Monthly | 11/20/2026 | 24,442,451 | 24,308,921 | (133,530 | ) | |||||||||||
Glass House Brands | SOFR + 3.00% | Monthly | 9/02/2026 | 5,948,250 | 5,905,598 | (42,652 | ) | |||||||||||
Gold Flora Corp | SOFR + 1.25% | Monthly | 9/22/2026 | 754,540 | 749,605 | (4,935 | ) | |||||||||||
Goodness Growth Hold | SOFR + 1.25% | Monthly | 11/20/2026 | 2,281,829 | 2,265,524 | (16,305 | ) | |||||||||||
Goodness Growth Hold | SOFR + 3.00% | Monthly | 11/20/2026 | 649,169 | 650,238 | 1,069 | ||||||||||||
Green Thumb Industries SUB VOT | SOFR + 1.25% | Monthly | 11/20/2026 | 221,559,551 | 220,501,651 | (1,057,900 | ) | |||||||||||
Green Thumb Industries SUB VOT ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 29,904,336 | 29,735,200 | (169,136 | ) | |||||||||||
Grown Rogue International | SOFR + 1.25% | Monthly | 11/20/2026 | 1,428,386 | 1,424,995 | (3,391 | ) | |||||||||||
Grown Rogue International | SOFR + 3.00% | Monthly | 11/20/2026 | 1,131,279 | 1,118,000 | (13,279 | ) | |||||||||||
Jushi Holdings CL B SUB VOT ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 10,500,915 | 10,443,271 | (57,644 | ) | |||||||||||
Jushi Holdings CL B SUB VOT ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 1,432,952 | 1,439,640 | 6,688 | ||||||||||||
Lowell Farms ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 23,398 | 25,072 | 1,675 | ||||||||||||
Marimed ORD | SOFR + 3.00% | Monthly | 11/20/2026 | 342,197 | 339,013 | (3,184 | ) | |||||||||||
Marimed ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 482,561 | 479,650 | (2,911 | ) | |||||||||||
Planet 13 Holdings ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 6,172,416 | 6,135,250 | (37,166 | ) | |||||||||||
Planet 13 Holdings ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 1,106,796 | 1,095,100 | (11,696 | ) | |||||||||||
Schwazze (Medicine Man Technologies) | SOFR + 3.00% | Monthly | 11/20/2026 | 875,739 | 893,095 | 17,356 | ||||||||||||
Terrascend ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 15,498,323 | 15,409,312 | (89,011 | ) | |||||||||||
Terrascend ORD | SOFR + 3.00% | Monthly | 11/20/2026 | 936,686 | 930,285 | (6,401 | ) | |||||||||||
Trulieve Cannabis ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 141,368,801 | 140,618,250 | (750,551 | ) | |||||||||||
Trulieve Cannabis ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 20,327,238 | 20,211,250 | (115,988 | ) | |||||||||||
Vext Science ORD | SOFR + 1.25% | Monthly | 8/25/2026 | 825,490 | 820,756 | (4,734 | ) | |||||||||||
Verano Holdings ORD | SOFR + 1.25% | Monthly | 11/20/2026 | 95,807,042 | 95,247,025 | (560,017 | ) | |||||||||||
Verano Holdings ORD | SOFR + 3.00% | Monthly | 9/02/2026 | 10,441,743 | 10,463,812 | 22,069 | ||||||||||||
Vext Science ORD | SOFR + 3.00% | Monthly | 11/01/2026 | 13,739 | 13,248 | (491 | ) | |||||||||||
Net Unrealized Depreciation | $ | (3,754,051 | ) |
See accompanying Notes to Financial Statements.
30
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
June 30, 2024
Clear Street and Nomura act as the counterparties to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of June 30, 2024, cash in the amount of $727,949,696 has been segregated as collateral from the broker for swap contracts.
Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2024 were as follows:
Affiliated Holding Name | Value at 6/30/2023 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 6/30/2024 | Value at 6/30/2024 | Dividend Income | ||||||||||||||||||||||||
Power REIT* | $ | 380,905 | $ | 72,568 | $ | (236,992 | ) | $ | (8,386,176 | ) | $ | 8,169,695 | — | $ | — | $ | — | |||||||||||||||
TerrAscend Corp. | — | 44,256,292 | (494,310 | ) | (45,140 | ) | (11,167,905 | ) | 24,110,324 | 32,548,937 | — | |||||||||||||||||||||
Urban-GRO, Inc.* | 684,337 | 63,898 | (739,398 | ) | (5,080,920 | ) | 5,072,083 | — | — | — | ||||||||||||||||||||||
Total | $ | 1,065,242 | $ | 44,392,758 | $ | (1,470,700 | ) | $ | (13,512,236 | ) | $ | 2,073,873 | 24,110,324 | $ | 32,548,937 | $ | — |
* | Security is no longer an affiliated company at year end. |
See accompanying Notes to Financial Statements.
31
ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
EXCHANGE TRADED FUNDS — 98.7% | ||||||||
Equity Fund — 98.7% | ||||||||
Communication Services Select Sector SPDR Fund | 27,614 | $ | 2,365,415 | |||||
Consumer Discretionary Select Sector SPDR Fund | 25,532 | 4,657,037 | ||||||
Health Care Select Sector SPDR Fund(a) | 28,174 | 4,106,361 | ||||||
Industrial Select Sector SPDR Fund(a) | 11,600 | 1,413,692 | ||||||
iShares U.S. Technology ETF | 35,767 | 5,382,933 | ||||||
Technology Select Sector SPDR Fund(a) | 26,339 | 5,958,672 | ||||||
Utilities Select Sector SPDR Fund | 21,800 | 1,485,452 | ||||||
Total Exchange Traded Funds (Cost $22,275,708) | 25,369,562 | |||||||
MONEY MARKET FUNDS — 6.1% | ||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(b)(c) | 1,136,149 | 1,136,149 | ||||||
Fidelity Investments Money Market Government Portfolio — Class I, 4.96%(b) | 437,191 | 437,191 | ||||||
Total Money Market Funds (Cost $1,573,340) | 1,573,340 | |||||||
Total Investments — 104.8% (Cost $23,849,048) | 26,942,902 | |||||||
Liabilities in Excess of Other Assets — (4.8%) | (1,217,874 | ) | ||||||
Net Assets — 100.0% | $ | 25,725,028 |
(a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,283,624; the aggregate market value of the collateral held by the fund is $4,384,288. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,248,139. |
(b) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
32
ADVISORSHARES Q DYNAMIC GROWTH ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 25,369,562 | $ | — | $ | — | $ | 25,369,562 | ||||||||
Money Market Funds | 1,573,340 | — | — | 1,573,340 | ||||||||||||
Total | $ | 26,942,902 | $ | — | $ | — | $ | 26,942,902 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Equity Fund | 98.7 | % | ||
Money Market Funds | 6.1 | |||
Total Investments | 104.8 | |||
Liabilities in Excess of Other Assets | (4.8 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
33
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
MONEY MARKET FUNDS — 116.5% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 5.21%(a)(b) | 58,856,279 | $ | 58,856,279 | |||||
Fidelity Institutional Money Market Government Portfolio — Class III, 4.96%(a) | 20,088,568 | 20,088,568 | ||||||
Total Money Market Funds (Cost $78,944,847) | 78,944,847 | |||||||
Total Investments Before Securities Sold, Not Yet Purchased (Cost $78,944,847) | 78,944,847 | |||||||
Securities Sold, Not Yet Purchased — (94.5)%(c) | ||||||||
COMMON STOCKS — (94.5)% | ||||||||
Aerospace/Defense — (1.6)% | ||||||||
Mercury Systems, Inc.(d) | (40,000 | ) | (1,079,600 | ) | ||||
Airlines — (1.3)% | ||||||||
Southwest Airlines Co. | (30,000 | ) | (858,300 | ) | ||||
Auto Parts & Equipment — (1.4)% | ||||||||
Goodyear Tire & Rubber Co. (The)(d) | (85,000 | ) | (964,750 | ) | ||||
Banks — (7.2)% | ||||||||
Cullen/Frost Bankers, Inc. | (13,000 | ) | (1,321,190 | ) | ||||
Regions Financial Corp. | (50,000 | ) | (1,002,000 | ) | ||||
Synovus Financial Corp. | (24,128 | ) | (969,704 | ) | ||||
United Community Banks, Inc. | (35,000 | ) | (891,100 | ) | ||||
Valley National Bancorp | (100,000 | ) | (698,000 | ) | ||||
Total Banks | (4,881,994 | ) | ||||||
Beverages — (2.0)% | ||||||||
Diageo PLC (United Kingdom)(e) | (11,000 | ) | (1,386,880 | ) | ||||
Commercial Services — (2.4)% | ||||||||
Adtalem Global Education, Inc.(d) | (10,000 | ) | (682,100 | ) | ||||
Avis Budget Group, Inc. | (9,000 | ) | (940,680 | ) | ||||
Total Commercial Services | (1,622,780 | ) | ||||||
Diversified Financial Services — (3.9)% | ||||||||
Columbia Financial, Inc.(d) | (18,000 | ) | (269,460 | ) | ||||
Credit Acceptance Corp.(d) | (3,000 | ) | (1,544,040 | ) | ||||
SoFi Technologies, Inc.(d) | (125,000 | ) | (826,250 | ) | ||||
Total Diversified Financial Services | (2,639,750 | ) |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Electronics — (1.1)% | ||||||||
Vicor Corp.(d) | (22,000 | ) | $ | (729,520 | ) | |||
Food — (2.8)% | ||||||||
Lamb Weston Holdings, Inc. | (10,000 | ) | (840,800 | ) | ||||
TreeHouse Foods, Inc.(d) | (29,000 | ) | (1,062,560 | ) | ||||
Total Food | (1,903,360 | ) | ||||||
Hand/Machine Tools — (1.2)% | ||||||||
Snap-on, Inc. | (3,000 | ) | (784,170 | ) | ||||
Healthcare — Products — (1.4)% | ||||||||
Omnicell, Inc.(d) | (35,000 | ) | (947,450 | ) | ||||
Healthcare — Services — (1.9)% | ||||||||
Humana, Inc. | (3,500 | ) | (1,307,775 | ) | ||||
Home Builders — (1.3)% | ||||||||
LGI Homes, Inc.(d) | (10,000 | ) | (894,900 | ) | ||||
Household Products/Wares — (1.5)% | ||||||||
Helen of Troy Ltd.(d) | (11,000 | ) | (1,020,140 | ) | ||||
Insurance — (2.9)% | ||||||||
Goosehead Insurance, Inc., Class A(d) | (15,000 | ) | (861,600 | ) | ||||
Prudential PLC (Hong Kong)(e) | (60,000 | ) | (1,099,200 | ) | ||||
Total Insurance | (1,960,800 | ) | ||||||
Internet — (5.4)% | ||||||||
DoorDash, Inc., Class A(d) | (10,500 | ) | (1,142,190 | ) | ||||
Etsy, Inc.(d) | (13,000 | ) | (766,740 | ) | ||||
Roku, Inc.(d) | (15,000 | ) | (898,950 | ) | ||||
VeriSign, Inc.(d) | (5,000 | ) | (889,000 | ) | ||||
Total Internet | (3,696,880 | ) | ||||||
Leisure Time — (1.1)% | ||||||||
Brunswick Corp. | (10,000 | ) | (727,700 | ) | ||||
Lodging — (1.2)% | ||||||||
Hilton Grand Vacations, Inc.(d) | (20,000 | ) | (808,600 | ) | ||||
Miscellaneous Manufacturing — (1.5)% | ||||||||
Materion Corp. | (1,500 | ) | (162,195 | ) | ||||
Teledyne Technologies, Inc.(d) | (2,200 | ) | (853,556 | ) | ||||
Total Miscellaneous Manufacturing | (1,015,751 | ) | ||||||
Office/Business Equipment — (0.9)% | ||||||||
Xerox Holdings Corp. | (50,000 | ) | (581,000 | ) |
See accompanying Notes to Financial Statements.
34
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Oil & Gas — (1.3)% | ||||||||
Nabors Industries Ltd.(d) | (12,000 | ) | $ | (853,920 | ) | |||
Oil & Gas Services — (2.7)% | ||||||||
NOV, Inc. | (45,000 | ) | (855,450 | ) | ||||
Oceaneering International, Inc.(d) | (40,000 | ) | (946,400 | ) | ||||
Total Oil & Gas Services | (1,801,850 | ) | ||||||
Packaging & Containers — (2.8)% | ||||||||
Greif, Inc., Class A | (15,000 | ) | (862,050 | ) | ||||
Silgan Holdings, Inc. | (25,000 | ) | (1,058,250 | ) | ||||
Total Packaging & Containers | (1,920,300 | ) | ||||||
Pharmaceuticals — (1.4)% | ||||||||
CVS Health Corp. | (16,000 | ) | (944,960 | ) | ||||
Real Estate — (3.0)% | ||||||||
Howard Hughes Holdings, Inc.(d) | (13,000 | ) | (842,660 | ) | ||||
McGrath RentCorp | (11,000 | ) | (1,172,050 | ) | ||||
Total Real Estate | (2,014,710 | ) | ||||||
REITS — (12.1)% | ||||||||
EastGroup Properties, Inc. | (8,000 | ) | (1,360,800 | ) | ||||
First Industrial Realty Trust, Inc. | (20,000 | ) | (950,200 | ) | ||||
Kimco Realty Corp. | (40,000 | ) | (778,400 | ) | ||||
Prologis, Inc. | (8,000 | ) | (898,480 | ) | ||||
Realty Income Corp. | (19,000 | ) | (1,003,580 | ) | ||||
Retail Opportunity Investments Corp. | (75,000 | ) | (932,250 | ) | ||||
Terreno Realty Corp. | (15,000 | ) | (887,700 | ) | ||||
WP Carey, Inc. | (25,000 | ) | (1,376,250 | ) | ||||
Total REITS | (8,187,660 | ) | ||||||
Retail — (6.2)% | ||||||||
CarMax, Inc.(d) | (20,000 | ) | (1,466,800 | ) | ||||
Penske Automotive Group, Inc. | (6,000 | ) | (894,120 | ) | ||||
Restaurant Brands International, Inc. (Canada) | (10,000 | ) | (703,700 | ) | ||||
Starbucks Corp. | (15,000 | ) | (1,167,750 | ) | ||||
Total Retail | (4,232,370 | ) |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductors — (6.5)% | ||||||||
Allegro MicroSystems, Inc. (Japan)(d) | (31,000 | ) | $ | (875,440 | ) | |||
IPG Photonics Corp.(d) | (10,000 | ) | (843,900 | ) | ||||
Kulicke & Soffa Industries, Inc. (Singapore) | (20,000 | ) | (983,800 | ) | ||||
ON Semiconductor Corp.(d) | (15,000 | ) | (1,028,250 | ) | ||||
Wolfspeed, Inc.(d) | (30,000 | ) | (682,800 | ) | ||||
Total Semiconductors | (4,414,190 | ) | ||||||
Software — (11.2)% | ||||||||
Atlassian Corp., Class A(d) | (5,000 | ) | (884,400 | ) | ||||
Cloudflare, Inc., Class A(d) | (10,000 | ) | (828,300 | ) | ||||
Global-e Online Ltd. (Israel)(d) | (20,000 | ) | (725,400 | ) | ||||
MSCI, Inc. | (1,800 | ) | (867,150 | ) | ||||
Phreesia, Inc.(d) | (63,000 | ) | (1,335,600 | ) | ||||
Sprout Social, Inc., Class A(d) | (25,000 | ) | (892,000 | ) | ||||
Veeva Systems, Inc., Class A(d) | (7,000 | ) | (1,281,070 | ) | ||||
Workiva, Inc.(d) | (10,744 | ) | (784,205 | ) | ||||
Total Software | (7,598,125 | ) | ||||||
Transportation — (3.3)% | ||||||||
Marten Transport Ltd. | (55,000 | ) | (1,014,750 | ) | ||||
Schneider National, Inc., Class B | (52,000 | ) | (1,256,320 | ) | ||||
Total Transportation | (2,271,070 | ) | ||||||
Total Common Stocks (Cost $(64,616,087)) | (64,051,255 | ) | ||||||
Total Securities Sold, Not Yet Purchased [Proceeds Received $(64,616,087)] | (64,051,255 | ) | ||||||
Total Investments — 22.0% (Cost $14,328,760) | 14,893,592 | |||||||
Other Assets in Excess of Liabilities — 78.0% | 52,871,526 | |||||||
Net Assets — 100.0% | $ | 67,765,118 |
PLC — Public Limited Company
REITS — Real Estate Investment Trusts
(a) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(b) | A portion of this security has been pledged as collateral for securities sold, not yet purchased. |
(c) | As of June 30, 2024 cash in the amount of $53,741,370 has been segregated as collateral from the broker for securities sold short. |
(d) | Non-income producing security. |
(e) | American Depositary Receipt. |
See accompanying Notes to Financial Statements.
35
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds | $ | 78,944,847 | $ | — | $ | — | $ | 78,944,847 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | (64,051,255 | ) | $ | — | $ | — | $ | (64,051,255 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Aerospace/Defense | (1.6 | )% | ||
Airlines | (1.3 | ) | ||
Auto Parts & Equipment | (1.4 | ) | ||
Banks | (7.2 | ) | ||
Beverages | (2.0 | ) | ||
Commercial Services | (2.4 | ) | ||
Diversified Financial Services | (3.9 | ) | ||
Electronics | (1.1 | ) | ||
Food | (2.8 | ) | ||
Hand/Machine Tools | (1.2 | ) | ||
Healthcare — Products | (1.4 | ) | ||
Healthcare — Services | (1.9 | ) | ||
Home Builders | (1.3 | ) | ||
Household Products/Wares | (1.5 | ) | ||
Insurance | (2.9 | ) | ||
Internet | (5.4 | ) | ||
Leisure Time | (1.1 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
% of Net Assets | ||||
Lodging | (1.2 | )% | ||
Miscellaneous Manufacturing | (1.5 | ) | ||
Office/Business Equipment | (0.9 | ) | ||
Oil & Gas | (1.3 | ) | ||
Oil & Gas Services | (2.7 | ) | ||
Packaging & Containers | (2.8 | ) | ||
Pharmaceuticals | (1.4 | ) | ||
Real Estate | (3.0 | ) | ||
REITS | (12.1 | ) | ||
Retail | (6.2 | ) | ||
Semiconductors | (6.5 | ) | ||
Software | (11.2 | ) | ||
Transportation | (3.3 | ) | ||
Money Market Funds | 116.5 | |||
Total Investments | 22.0 | |||
Other Assets in Excess of Liabilities | 78.0 | |||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
36
ADVISORSHARES RESTAURANT ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 89.4% | ||||||||
Food — 2.7% | ||||||||
US Foods Holding Corp.(a) | 1,580 | $ | 83,708 | |||||
Food Service — 4.9% | ||||||||
Aramark | 4,370 | 148,668 | ||||||
Retail — 81.8% | ||||||||
Arcos Dorados Holdings, Inc., Class A (Brazil) | 6,883 | 61,947 | ||||||
BJ’s Restaurants, Inc.(a) | 1,307 | 45,353 | ||||||
Brinker International, Inc.(a) | 3,131 | 226,653 | ||||||
Casey’s General Stores, Inc. | 290 | 110,652 | ||||||
Cava Group, Inc.(a) | 2,350 | 217,962 | ||||||
Chipotle Mexican Grill, Inc.(a) | 2,650 | 166,023 | ||||||
Chuy’s Holdings, Inc.(a) | 3,505 | 90,850 | ||||||
Darden Restaurants, Inc. | 699 | 105,773 | ||||||
Dave & Buster’s Entertainment, Inc.(a) | 1,442 | 57,406 | ||||||
Dine Brands Global, Inc. | 2,209 | 79,966 | ||||||
Domino’s Pizza, Inc. | 259 | 133,729 | ||||||
Dutch Bros, Inc., Class A(a) | 4,210 | 174,294 | ||||||
El Pollo Loco Holdings, Inc.(a) | 13,108 | 148,251 | ||||||
Jack in the Box, Inc.(b) | 1,129 | 57,511 | ||||||
McDonald’s Corp. | 396 | 100,917 | ||||||
Portillo’s, Inc., Class A(a) | 5,500 | 53,460 | ||||||
Restaurant Brands International, Inc. (Canada) | 1,700 | 119,629 | ||||||
Shake Shack, Inc., Class A(a) | 958 | 86,220 | ||||||
Texas Roadhouse, Inc. | 841 | 144,408 | ||||||
Wingstop, Inc. | 469 | 198,228 | ||||||
Yum! Brands, Inc. | 986 | 130,606 | ||||||
Total Retail | 2,509,838 | |||||||
Total Common Stocks (Cost $2,066,371) | 2,742,214 |
Investments | Shares | Value | ||||||
MONEY MARKET FUNDS — 14.0% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(c) | 372,887 | $ | 372,887 | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(c)(d) | 58,065 | 58,065 | ||||||
Total Money Market Funds (Cost $430,952) | 430,952 | |||||||
Total Investments — 103.4% (Cost $2,497,323) | 3,173,166 | |||||||
Liabilities in Excess of Other Assets — (3.4%) | (105,259 | ) | ||||||
Net Assets — 100.0% | $ | 3,067,907 |
(a) | Non-income producing security. |
(b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $56,340; the aggregate market value of the collateral held by the fund is $58,065. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
37
ADVISORSHARES RESTAURANT ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 2,742,214 | $ | — | $ | — | $ | 2,742,214 | ||||||||
Money Market Funds | 430,952 | — | — | 430,952 | ||||||||||||
Total | $ | 3,173,166 | $ | — | $ | — | $ | 3,173,166 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Food | 2.7 | % | ||
Food Service | 4.9 | |||
Retail | 81.8 | |||
Money Market Funds | 14.0 | |||
Total Investments | 103.4 | |||
Liabilities in Excess of Other Assets | (3.4 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
38
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
EXCHANGE TRADED FUNDS — 95.3% | ||||||||
Debt Fund — 25.3% | ||||||||
iShares Core Total USD Bond Market ETF(a) | 251,265 | $ | 11,362,203 | |||||
iShares MBS ETF | 28,098 | 2,579,677 | ||||||
iShares U.S. Treasury Bond ETF | 71,631 | 1,616,712 | ||||||
Total Debt Fund | 15,558,592 | |||||||
Equity Fund — 70.0% | ||||||||
BlackRock U.S. Equity Factor Rotation ETF | 55,285 | 2,595,078 | ||||||
iShares MSCI EAFE ETF(b) | 94,304 | 7,386,832 | ||||||
iShares MSCI Emerging Markets ETF(b) | 36,283 | 1,545,293 | ||||||
iShares Russell Mid-Cap Growth ETF | 29,737 | 3,281,478 | ||||||
SPDR S&P 500 ETF Trust(a) | 51,948 | 28,271,141 | ||||||
Total Equity Fund | 43,079,822 | |||||||
Total Exchange Traded Funds (Cost $51,233,803) | 58,638,414 | |||||||
MONEY MARKET FUNDS — 8.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 5.20%(c) | 2,953,598 | 2,953,598 | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(c)(d) | 2,210,170 | 2,210,170 | ||||||
Total Money Market Funds (Cost $5,163,768) | 5,163,768 | |||||||
Total Investments Before Written Options — 103.7% (Cost $56,397,571) | 63,802,182 |
Notional Amount | Contracts | Value | ||||||||||
WRITTEN CALL OPTION — (0.0)%** | ||||||||||||
SPDR S&P 500 ETF Trust, expiring 07/19/24, Strike Price $565.00 [Premium Received $(16,504)] | $ | (17,628,000 | ) | (312 | ) | $ | (9,828 | ) | ||||
Total Investments — 103.7% (Cost $56,381,067) | 63,792,354 | |||||||||||
Liabilities in Excess of Other Assets — (3.7%) | (2,253,023 | ) | ||||||||||
Net Assets — 100.0% | $ | 61,539,331 |
** | Less than 0.05%. |
(a) | All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,098,743 as of June 30, 2024. |
(b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,682,469; the aggregate market value of the collateral held by the fund is $3,759,833. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,549,663. |
(c) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
39
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 58,638,414 | $ | — | $ | — | $ | 58,638,414 | ||||||||
Money Market Funds | 5,163,768 | — | — | 5,163,768 | ||||||||||||
Total | $ | 63,802,182 | $ | — | $ | — | $ | 63,802,182 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Written Call Option | $ | (9,828 | ) | $ | — | $ | — | $ | (9,828 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Debt Fund | 25.3 | % | ||
Equity Fund | 70.0 | |||
Written Call Option | (0.0 | )** | ||
Money Market Funds | 8.4 | |||
Total Investments | 103.7 | |||
Liabilities in Excess of Other Assets | (3.7 | ) | ||
Net Assets | 100.0 | % |
** | Less than 0.05%. |
See accompanying Notes to Financial Statements.
40
ADVISORSHARES VICE ETF
Schedule of Investments
June 30, 2024
Investments | Shares | Value | ||||||
COMMON STOCKS — 95.8% | ||||||||
Agriculture — 8.7% | ||||||||
British American Tobacco PLC (United Kingdom)(a)(b) | 4,528 | $ | 140,051 | |||||
Turning Point Brands, Inc. | 14,777 | 474,194 | ||||||
Total Agriculture | 614,245 | |||||||
Auto Manufacturers — 4.5% | ||||||||
Ferrari NV (Italy)(a) | 768 | 313,628 | ||||||
Beverages — 14.8% | ||||||||
Boston Beer Co., Inc. (The), Class A(c) | 900 | 274,545 | ||||||
Duckhorn Portfolio, Inc. (The)(c) | 35,792 | 254,123 | ||||||
MGP Ingredients, Inc. | 3,465 | 257,796 | ||||||
Molson Coors Beverage Co., Class B | 5,094 | 258,928 | ||||||
Total Beverages | 1,045,392 | |||||||
Electronics — 3.8% | ||||||||
Turtle Beach Corp.(c) | 18,477 | 264,960 | ||||||
Entertainment — 8.9% | ||||||||
Accel Entertainment, Inc.(c) | 31,326 | 321,405 | ||||||
Light & Wonder, Inc.(c) | 2,913 | 305,515 | ||||||
Total Entertainment | 626,920 | |||||||
Household Products/Wares — 4.0% | ||||||||
Church & Dwight Co., Inc. | 2,752 | 285,327 | ||||||
Lodging — 8.5% | ||||||||
Boyd Gaming Corp. | 4,912 | 270,651 | ||||||
MGM Resorts International(c) | 7,308 | 324,768 | ||||||
Total Lodging | 595,419 | |||||||
REITS — 6.6% | ||||||||
Gaming and Leisure Properties, Inc. | 5,927 | 267,960 | ||||||
VICI Properties, Inc. | 6,916 | 198,074 | ||||||
Total REITS | 466,034 | |||||||
Retail — 18.6% | ||||||||
Chuy’s Holdings, Inc.(c) | 10,038 | 260,185 | ||||||
El Pollo Loco Holdings, Inc.(c) | 29,524 | 333,916 | ||||||
Texas Roadhouse, Inc. | 1,900 | 326,249 | ||||||
Wingstop, Inc. | 923 | 390,115 | ||||||
Total Retail | 1,310,465 | |||||||
Semiconductors — 8.1% | ||||||||
NVIDIA Corp. | 4,590 | 567,049 |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Software — 9.3% | ||||||||
Electronic Arts, Inc. | 2,326 | $ | 324,082 | |||||
HUYA, Inc. (China)(b) | 84,016 | 331,863 | ||||||
Total Software | 655,945 | |||||||
Total Common Stocks (Cost $6,049,471) | 6,745,384 | |||||||
MONEY MARKET FUNDS — 6.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.20%(d) | 341,446 | 341,446 | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27%(d)(e) | 144,203 | 144,203 | ||||||
Total Money Market Funds (Cost $485,649) | 485,649 | |||||||
Total Investments — 102.7% (Cost $6,535,120) | 7,231,033 | |||||||
Liabilities in Excess of Other Assets — (2.7%) | (192,152 | ) | ||||||
Net Assets — 100.0% | $ | 7,038,881 |
PLC — Public Limited Company
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 $444,331; the aggregate market value of the collateral held by the fund is $462,244. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $318,041. |
(b) | American Depositary Receipt. |
(c) | Non-income producing security. |
(d) | Rate shown reflects the 7-day yield as of June 30, 2024. |
(e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
41
ADVISORSHARES VICE ETF
Schedule of Investments (continued)
June 30, 2024
Fair Value Measurements
The following is a summary of the inputs used, as of June 30, 2024, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 6,745,384 | $ | — | $ | — | $ | 6,745,384 | ||||||||
Money Market Funds | 485,649 | — | — | 485,649 | ||||||||||||
Total | $ | 7,231,033 | $ | — | $ | — | $ | 7,231,033 |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of Net Assets | ||||
Agriculture | 8.7 | % | ||
Auto Manufacturers | 4.5 | |||
Beverages | 14.8 | |||
Electronics | 3.8 | |||
Entertainment | 8.9 | |||
Household Products/Wares | 4.0 | |||
Lodging | 8.5 | |||
REITS | 6.6 | |||
Retail | 18.6 | |||
Semiconductors | 8.1 | |||
Software | 9.3 | |||
Money Market Funds | 6.9 | |||
Total Investments | 102.7 | |||
Liabilities in Excess of Other Assets | (2.7 | ) | ||
Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
42
ADVISORSHARES TRUST
Statements of Assets and Liabilities
June 30, 2024
AdvisorShares Dorsey Wright | AdvisorShares Dorsey Wright | AdvisorShares | AdvisorShares | ||||||||||||||
ASSETS | |||||||||||||||||
Investments, at Cost | $ | 20,450,101 | $ | 75,354,567 | $ | 86,726,489 | $ | 26,057,199 | |||||||||
Total Cost of Investments | 20,450,101 | 75,354,567 | 86,726,489 | 26,057,199 | |||||||||||||
Investments, at Market Value (including securities on loan) (Note 2)(a) | 27,921,161 | 82,886,255 | 111,981,806 | 26,057,199 | |||||||||||||
Total Market Value of Investments | 27,921,161 | 82,886,255 | 111,981,806 | 26,057,199 | |||||||||||||
Cash | — | 1,346 | 1 | 2,067 | |||||||||||||
Dividends and Interest Receivable | 29,802 | 3,007 | 94,070 | 109,473 | |||||||||||||
Receivable from Securities Sold | 101,466 | — | — | — | |||||||||||||
Reclaim Receivable | 22,773 | — | — | — | |||||||||||||
Prepaid Expenses | — | 2,276 | 2,269 | — | |||||||||||||
Total Assets | 28,075,202 | 82,892,884 | 112,078,146 | 26,168,739 | |||||||||||||
LIABILITIES | |||||||||||||||||
Cash collateral for securities on loan(b) | 2,297,590 | 2,786,001 | — | — | |||||||||||||
Advisory Fees Payable | 16,977 | 56,978 | 64,383 | 12,961 | |||||||||||||
Accounting & Administration Fees Payable | 36,101 | 35,931 | 34,817 | 36,684 | |||||||||||||
Audit & Tax Fees Payable | 19,554 | 19,169 | 19,169 | 19,198 | |||||||||||||
Trustee Fees Payable | 259 | 625 | 552 | 294 | |||||||||||||
Securities Sold, Not Yet Purchased(c) | — | — | — | 11,679,458 | |||||||||||||
Capital Shares Payable | — | — | — | 375,143 | |||||||||||||
Custody Fees Payable | 3,423 | 6,166 | 6,243 | 2,957 | |||||||||||||
Legal Fees Payable | 435 | 1,168 | 749 | 562 | |||||||||||||
Exchange Listing Fees Payable | 56 | 33 | 32 | 100 | |||||||||||||
Reports to Shareholders Fees Payable | 5,169 | 5,929 | 5,359 | 4,360 | |||||||||||||
CCO Fees Payable | 798 | 2,334 | 2,452 | 807 | |||||||||||||
Due to Custodian | 15,144 | — | — | — | |||||||||||||
Due to Broker | — | — | — | 2,998,645 | |||||||||||||
Interest Payable | — | — | — | 26,011 | |||||||||||||
Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | 21,440 | |||||||||||||
Accrued Expenses | 4,386 | 3,140 | 4,160 | 998 | |||||||||||||
Total Liabilities | 2,399,892 | 2,917,474 | 137,916 | 15,179,618 | |||||||||||||
NET ASSETS | $ | 25,675,310 | $ | 79,975,410 | $ | 111,940,230 | $ | 10,989,121 | |||||||||
COMPONENTS OF NET ASSETS | |||||||||||||||||
Capital Stock at Zero Par Value | $ | 73,943,345 | $ | 99,610,334 | $ | 89,616,026 | $ | 101,035,894 | |||||||||
Total Distributable Earnings/Accumulated (Loss) | (48,268,035 | ) | (19,634,924 | ) | 22,324,204 | (90,046,773 | ) | ||||||||||
NET ASSETS | $ | 25,675,310 | $ | 79,975,410 | $ | 111,940,230 | $ | 10,989,121 | |||||||||
SHARES ISSUED AND OUTSTANDING | |||||||||||||||||
Shares Outstanding (Unlimited Shares Authorized) | 415,000 | 2,045,000 | 2,390,000 | 1,465,000 | |||||||||||||
Net Asset Value (NAV) Per Share | $ | 61.87 | $ | 39.11 | $ | 46.84 | $ | 7.50 | |||||||||
(a) | Market value of securities on loan | $ | 3,053,888 | $ | 2,728,180 | $ | — | $ | — | ||||||||
(b) | Non-cash collateral for securities on loan | $ | 908,177 | $ | — | $ | — | $ | — | ||||||||
(c) | Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | — | $ | — | $ | 14,847,676 |
See accompanying Notes to Financial Statements.
43
ADVISORSHARES TRUST
Statements of Assets and Liabilities
June 30, 2024
AdvisorShares | AdvisorShares Gerber Kawasaki | AdvisorShares | AdvisorShares | ||||||||||||||
ASSETS | |||||||||||||||||
Investments, at Cost | $ | 138,415,752 | $ | 16,521,933 | $ | 3,160,665 | $ | 43,555,724 | |||||||||
Investments in Affiliates, at Cost (Note 8) | — | 501,978 | — | — | |||||||||||||
Total Cost of Investments | 138,415,752 | 17,023,911 | 3,160,665 | 43,555,724 | |||||||||||||
Investments, at Market Value (including securities on loan) (Note 2)(a) | 154,280,086 | 22,099,824 | 3,412,411 | 46,964,467 | |||||||||||||
Investments in Affiliates, at Market Value (Note 8) | — | 448,500 | — | — | |||||||||||||
Total Market Value of Investments | 154,280,086 | 22,548,324 | 3,412,411 | 46,964,467 | |||||||||||||
Cash | 84 | 23 | 18 | 212,255 | |||||||||||||
Dividends and Interest Receivable | 59,639 | 5,279 | 9,667 | 38,153 | |||||||||||||
Reclaim Receivable | — | 1,476 | — | 4,822 | |||||||||||||
Due from Investment Advisor | — | 7,250 | 7,390 | — | |||||||||||||
Prepaid Expenses | 477 | 56 | — | 281 | |||||||||||||
Total Assets | 154,340,286 | 22,562,408 | 3,429,486 | 47,219,978 | |||||||||||||
LIABILITIES | |||||||||||||||||
Advisory Fees Payable | 67,145 | — | — | 30,057 | |||||||||||||
Accounting & Administration Fees Payable | 34,612 | 35,993 | 35,927 | 36,067 | |||||||||||||
Audit & Tax Fees Payable | 19,654 | 19,169 | 19,167 | 19,889 | |||||||||||||
Trustee Fees Payable | 163 | 147 | 79 | 750 | |||||||||||||
Custody Fees Payable | 6,816 | 2,264 | 809 | 4,630 | |||||||||||||
Legal Fees Payable | 192 | 4,547 | 74 | 412 | |||||||||||||
Exchange Listing Fees Payable | 36 | 12 | 8 | — | |||||||||||||
Reports to Shareholders Fees Payable | 9,700 | 3,913 | 1,125 | 4,401 | |||||||||||||
CCO Fees Payable | 1,802 | 476 | 120 | 1,191 | |||||||||||||
Accrued Expenses | 5,188 | 3,476 | 405 | 4,209 | |||||||||||||
Total Liabilities | 145,308 | 69,997 | 57,714 | 101,606 | |||||||||||||
NET ASSETS | $ | 154,194,978 | $ | 22,492,411 | $ | 3,371,772 | $ | 47,118,372 | |||||||||
COMPONENTS OF NET ASSETS | |||||||||||||||||
Capital Stock at Zero Par Value | $ | 138,833,755 | $ | 27,226,996 | $ | 4,420,631 | $ | 63,722,613 | |||||||||
Total Distributable Earnings/Accumulated (Loss) | 15,361,223 | (4,734,585 | ) | (1,048,859 | ) | (16,604,241 | ) | ||||||||||
NET ASSETS | $ | 154,194,978 | $ | 22,492,411 | $ | 3,371,772 | $ | 47,118,372 | |||||||||
SHARES ISSUED AND OUTSTANDING | |||||||||||||||||
Shares Outstanding (Unlimited Shares Authorized) | 2,480,000 | 1,045,000 | 120,000 | 420,000 | |||||||||||||
Net Asset Value (NAV) Per Share | $ | 62.18 | $ | 21.52 | $ | 28.10 | $ | 112.19 | |||||||||
(a) | Market value of securities on loan | $ | 3,894,904 | $ | — | $ | — | $ | 965,191 | ||||||||
Non-cash collateral for securities on loan | $ | 4,015,002 | $ | — | $ | — | $ | 973,815 |
See accompanying Notes to Financial Statements.
44
ADVISORSHARES TRUST
Statements of Assets and Liabilities
June 30, 2024
AdvisorShares MSOS 2X Daily ETF | AdvisorShares Psychedelics ETF | AdvisorShares Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | ||||||||||||||
ASSETS | |||||||||||||||||
Investments, at Cost | $ | 4,452,979 | $ | 10,224,828 | $ | 90,256,330 | $ | 221,934,111 | |||||||||
Investments in Affiliates, at Cost (Note 8) | — | 625,236 | 32,580,941 | 43,716,842 | |||||||||||||
Total Cost of Investments | 4,452,979 | 10,850,064 | 122,837,271 | 265,650,953 | |||||||||||||
Investments, at Market Value (including securities on loan) (Note 2)(a) | 4,452,979 | 6,024,711 | 30,012,868 | 193,903,123 | |||||||||||||
Investments in Affiliates, at Market Value (Note 8) | — | 65,862 | 16,403,206 | 32,548,937 | |||||||||||||
Total Market Value of Investments | 4,452,979 | 6,090,573 | 46,416,074 | 226,452,060 | |||||||||||||
Cash | 12 | 68 | — | 1,596 | |||||||||||||
Cash collateral held at brokers | 68,825,483 | — | — | 727,949,696 | |||||||||||||
Unrealized Appreciation on OTC Swap Contracts | — | — | — | 523,165 | |||||||||||||
Dividends and Interest Receivable | 271,129 | 13,490 | 172,237 | 3,280,254 | |||||||||||||
Due from Investment Advisor | — | 11,566 | 36,100 | — | |||||||||||||
Prepaid Expenses | 327 | 31 | 899 | 1,537 | |||||||||||||
Total Assets | 73,549,930 | 6,115,728 | 46,625,310 | 958,208,308 | |||||||||||||
LIABILITIES | |||||||||||||||||
Unrealized Depreciation on OTC Swap Contracts | 399,513 | — | — | 4,277,216 | |||||||||||||
Cash collateral for securities on loan(b) | — | 429,996 | 3,040,984 | — | |||||||||||||
Advisory Fees Payable | 45,019 | — | — | 425,941 | |||||||||||||
Accounting & Administration Fee Payable | 29,836 | 37,715 | 37,819 | 126,553 | |||||||||||||
Trustee Fees Payable | — | 91 | 326 | 1,355 | |||||||||||||
Capital Shares Payable | 758,047 | — | — | — | |||||||||||||
Reports to Shareholders Fees Payable | 982 | 8,003 | 53,151 | 135,675 | |||||||||||||
CCO Fees Payable | 354 | 183 | 1,101 | 11,938 | |||||||||||||
Due to Custodian — Foreign Currency | — | 1 | — | 32 | |||||||||||||
Due to Broker | 13,024,582 | — | — | 64,473,961 | |||||||||||||
Accrued Expenses | 26,045 | 21,199 | 21,078 | 89,385 | |||||||||||||
Total Liabilities | 14,284,378 | 497,188 | 3,154,459 | 69,542,056 | |||||||||||||
NET ASSETS | $ | 59,265,552 | $ | 5,618,540 | $ | 43,470,851 | $ | 888,666,252 | |||||||||
COMPONENTS OF NET ASSETS | |||||||||||||||||
Capital Stock at Zero Par Value | $ | 109,418,838 | $ | 21,353,371 | $ | 309,292,139 | $ | 2,415,316,429 | |||||||||
Total Distributable Earnings/Accumulated (Loss) | (50,153,286 | ) | (15,734,831 | ) | (265,821,288 | ) | (1,526,650,177 | ) | |||||||||
NET ASSETS | $ | 59,265,552 | $ | 5,618,540 | $ | 43,470,851 | $ | 888,666,252 | |||||||||
SHARES ISSUED AND OUTSTANDING | |||||||||||||||||
Shares Outstanding (Unlimited Shares Authorized) | 21,135,000 | 5,800,000 | 12,840,000 | 121,495,000 | |||||||||||||
Net Asset Value (NAV) Per Share | $ | 2.80 | $ | 0.97 | $ | 3.39 | $ | 7.31 | |||||||||
(a) | Market value of securities on loan | $ | — | $ | 400,113 | $ | 2,613,454 | $ | — | ||||||||
(b) | Non-cash collateral for securities on loan | $ | — | $ | — | $ | 259,132 | $ | — |
See accompanying Notes to Financial Statements.
45
ADVISORSHARES TRUST
Statements of Assets and Liabilities
June 30, 2024
AdvisorShares Q Dynamic Growth ETF | AdvisorShares Ranger Equity Bear ETF | AdvisorShares Restaurant ETF | AdvisorShares STAR Global Buy-Write ETF | ||||||||||||||
ASSETS | |||||||||||||||||
Investments, at Cost | $ | 23,849,048 | $ | 78,944,847 | $ | 2,497,323 | $ | 56,397,571 | |||||||||
Total Cost of Investments | 23,849,048 | 78,944,847 | 2,497,323 | 56,397,571 | |||||||||||||
Investments, at Market Value (including securities on loan) (Note 2)(a) | 26,942,902 | 78,944,847 | 3,173,166 | 63,802,182 | |||||||||||||
Total Market Value of Investments | 26,942,902 | 78,944,847 | 3,173,166 | 63,802,182 | |||||||||||||
Cash | 1 | — | 10 | 3 | |||||||||||||
Cash collateral held at brokers | — | 53,741,370 | — | — | |||||||||||||
Dividends and Interest Receivable | 2,462 | 454,794 | 2,874 | 104,387 | |||||||||||||
Receivable from Securities Sold | — | 3,359,043 | — | — | |||||||||||||
Reclaim Receivable | — | — | 99 | — | |||||||||||||
Due from Investment Advisor | — | — | 6,869 | — | |||||||||||||
Prepaid Expenses | 1 | 2,660 | 6 | 249 | |||||||||||||
Total Assets | 26,945,366 | 136,502,714 | 3,183,024 | 63,906,821 | |||||||||||||
LIABILITIES | |||||||||||||||||
Cash collateral for securities on loan(b) | 1,136,149 | — | 58,065 | 2,210,170 | |||||||||||||
Advisory Fees Payable | 20,675 | 82,459 | — | 42,077 | |||||||||||||
Accounting & Administration Fees Payable | 34,826 | 36,269 | 35,913 | 37,407 | |||||||||||||
Audit & Tax Fees Payable | 19,167 | 19,889 | 19,167 | 20,698 | |||||||||||||
Trustee Fees Payable | 230 | 1,068 | 64 | 341 | |||||||||||||
Securities Sold, Not Yet Purchased(c) | — | 64,051,255 | — | — | |||||||||||||
Payable for Securities Purchased | — | 4,362,725 | — | — | |||||||||||||
Options Written, at value(d) | — | — | — | 9,828 | |||||||||||||
Custody Fees Payable | 2,921 | 7,304 | 419 | 3,549 | |||||||||||||
Legal Fees Payable | 1,575 | 3,192 | 20 | 2,086 | |||||||||||||
Exchange Listing Fees Payable | 8 | 8 | 8 | 8 | |||||||||||||
Reports to Shareholders Fees Payable | 3,037 | 21,467 | 1,027 | 8,262 | |||||||||||||
CCO Fees Payable | 610 | 3,600 | 73 | 1,484 | |||||||||||||
Due to Custodian | — | 6,413 | — | — | |||||||||||||
Due to Broker | — | — | — | 29,444 | |||||||||||||
Dividend Payable on Securities Sold, Not Yet Purchased | — | 139,096 | — | — | |||||||||||||
Accrued Expenses | 1,140 | 2,851 | 361 | 2,136 | |||||||||||||
Total Liabilities | 1,220,338 | 68,737,596 | 115,117 | 2,367,490 | |||||||||||||
NET ASSETS | $ | 25,725,028 | $ | 67,765,118 | $ | 3,067,907 | $ | 61,539,331 | |||||||||
COMPONENTS OF NET ASSETS | |||||||||||||||||
Capital Stock at Zero Par Value | $ | 27,210,844 | $ | 466,378,662 | $ | 3,595,632 | $ | 56,497,004 | |||||||||
Total Distributable Earnings/Accumulated (Loss) | (1,485,816 | ) | (398,613,544 | ) | (527,725 | ) | 5,042,327 | ||||||||||
NET ASSETS | $ | 25,725,028 | $ | 67,765,118 | $ | 3,067,907 | $ | 61,539,331 | |||||||||
SHARES ISSUED AND OUTSTANDING | |||||||||||||||||
Shares Outstanding (Unlimited Shares Authorized) | 760,000 | 3,282,500 | 125,000 | 1,470,000 | |||||||||||||
Net Asset Value (NAV) Per Share | $ | 33.85 | $ | 20.64 | $ | 24.54 | $ | 41.86 | |||||||||
(a) | Market value of securities on loan | $ | 4,283,624 | $ | — | $ | 56,340 | $ | 3,682,469 | ||||||||
(b) | Non-cash collateral for securities on loan | $ | 3,248,139 | $ | — | $ | — | $ | 1,549,663 | ||||||||
(c) | Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | 64,616,087 | $ | — | $ | — | ||||||||
(d) | Premiums received for options written | $ | — | $ | — | $ | — | $ | 16,504 |
See accompanying Notes to Financial Statements.
46
ADVISORSHARES TRUST
Statements of Assets and Liabilities
June 30, 2024
AdvisorShares Vice ETF | |||||
ASSETS | |||||
Investments, at Cost | $ | 6,535,120 | |||
Total Cost of Investments | 6,535,120 | ||||
Investments, at Market Value (including securities on loan) (Note 2)(a) | 7,231,033 | ||||
Total Market Value of Investments | 7,231,033 | ||||
Cash | 41 | ||||
Dividends and Interest Receivable | 9,226 | ||||
Reclaim Receivable | 1,990 | ||||
Due from Investment Advisor | 2,139 | ||||
Prepaid Expenses | 33 | ||||
Total Assets | 7,244,462 | ||||
LIABILITIES | |||||
Cash collateral for securities on loan(b) | 144,203 | ||||
Accounting & Administration Fees Payable | 35,971 | ||||
Audit & Tax Fees Payable | 19,408 | ||||
Reports to Shareholders Fees Payable | 4,050 | ||||
Trustee Fees Payable | 116 | ||||
CCO Fees Payable | 253 | ||||
Accrued Expenses | 1,580 | ||||
Total Liabilities | 205,581 | ||||
NET ASSETS | $ | 7,038,881 | |||
COMPONENTS OF NET ASSETS | |||||
Capital Stock at Zero Par Value | $ | 8,150,233 | |||
Total Distributable Earnings/Accumulated (Loss) | (1,111,352 | ) | |||
NET ASSETS | $ | 7,038,881 | |||
SHARES ISSUED AND OUTSTANDING | |||||
Shares Outstanding (Unlimited Shares Authorized) | 245,000 | ||||
Net Asset Value (NAV) Per Share | $ | 28.73 | |||
(a) | Market value of securities on loan | $ | 444,331 | ||
(b) | Non-cash collateral for securities on loan | $ | 318,041 |
See accompanying Notes to Financial Statements.
47
ADVISORSHARES TRUST
Statements of Operations
Year Ended June 30, 2024
AdvisorShares Dorsey Wright ADR ETF | AdvisorShares Dorsey Wright FSM All Cap World ETF | AdvisorShares Dorsey Wright FSM US Core ETF | AdvisorShares Dorsey Wright Short ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | 608,864 | $ | 492,565 | $ | 803,515 | $ | 1,691,763 | ||||||||
Interest Income | — | — | — | 83,267 | ||||||||||||
Securities lending income (Net) (Note 2) | 26,418 | 38,097 | 40,376 | — | ||||||||||||
Foreign withholding tax | (22,547 | ) | — | — | (302 | ) | ||||||||||
Total Investment Income | 612,735 | 530,662 | 843,891 | 1,774,728 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory Fees | 197,743 | 575,157 | 720,060 | 140,529 | ||||||||||||
Accounting & Administration Fees | 73,397 | 76,307 | 64,818 | 60,193 | ||||||||||||
Audit & Tax Fees | 20,606 | 18,769 | 18,769 | 20,798 | ||||||||||||
Legal Fees | 6,773 | 20,182 | 25,702 | — | ||||||||||||
Exchange Listing Fees | 4,009 | 4,010 | 4,010 | 4,007 | ||||||||||||
Custody Fees | 2,006 | 5,376 | 7,066 | 2,925 | ||||||||||||
Report to Shareholders Fees | 6,192 | — | — | 5,122 | ||||||||||||
Trustee Fees | 7,520 | 9,054 | 9,136 | 7,402 | ||||||||||||
CCO Fees | 4,071 | 11,745 | 13,543 | 3,358 | ||||||||||||
Pricing Fees | — | 4,621 | 4,621 | — | ||||||||||||
Transfer Agent Fees | 1,978 | 5,750 | 7,199 | 1,405 | ||||||||||||
Insurance Fees | 1,825 | 4,581 | 4,746 | 1,747 | ||||||||||||
Dividend Expense | — | — | — | 471,838 | ||||||||||||
Miscellaneous Fees | — | 4,112 | 3,216 | — | ||||||||||||
Total Expenses | 326,120 | 739,664 | 882,886 | 719,324 | ||||||||||||
Advisory Fees Waived/Recoupment | (36,096 | ) | 11,744 | 18,117 | (13,247 | ) | ||||||||||
Net Expenses | 290,024 | 751,408 | 901,003 | 706,077 | ||||||||||||
Net Investment Income (Loss) | 322,711 | (220,746 | ) | (57,112 | ) | 1,068,651 | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | (487,499 | ) | (123,694 | ) | 587,382 | — | ||||||||||
In-Kind Redemptions | 1,622,871 | 13,481,884 | 4,543,097 | — | ||||||||||||
Short Sales | — | — | — | 1,293,912 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 4,656,273 | 3,557,268 | 19,132,523 | — | ||||||||||||
Short Sales | — | — | — | (3,477,524 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) | 5,791,645 | 16,915,458 | 24,263,002 | (2,183,612 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,114,356 | $ | 16,694,712 | $ | 24,205,890 | $ | (1,114,961 | ) |
See accompanying Notes to Financial Statements.
48
ADVISORSHARES TRUST
Statements of Operations
Year Ended June 30, 2024
AdvisorShares Focused Equity ETF | AdvisorShares Gerber Kawasaki ETF | AdvisorShares Hotel ETF | AdvisorShares Insider Advantage ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | 1,366,909 | $ | 137,990 | $ | 57,578 | $ | 776,436 | ||||||||
Securities lending income (Net) (Note 2) | 2,326 | 2,606 | 452 | 1,225 | ||||||||||||
Foreign withholding tax | — | — | — | (827 | ) | |||||||||||
Total Investment Income | 1,369,235 | 140,596 | 58,030 | 776,834 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory Fees | 758,045 | 141,527 | 23,558 | 314,819 | ||||||||||||
Accounting & Administration Fees | 81,050 | 79,001 | 81,421 | 79,517 | ||||||||||||
Audit & Tax Fees | 20,756 | 18,769 | 18,767 | 20,989 | ||||||||||||
Legal Fees | 25,224 | 32,404 | 992 | 12,274 | ||||||||||||
Exchange Listing Fees | 8,541 | 8,513 | 8,513 | 8,492 | ||||||||||||
Custody Fees | 9,429 | 4,681 | 1,239 | 7,943 | ||||||||||||
Report to Shareholders Fees | 27,005 | 7,780 | 2,753 | 8,604 | ||||||||||||
Trustee Fees | 9,282 | 7,960 | 6,960 | 8,856 | ||||||||||||
CCO Fees | 12,423 | 2,645 | 590 | 6,459 | ||||||||||||
Transfer Agent Fees | 7,844 | 1,415 | 295 | 3,373 | ||||||||||||
Insurance Fees | 3,742 | 939 | 241 | 2,336 | ||||||||||||
Registration Fees | 286 | — | — | — | ||||||||||||
Miscellaneous Fees | 2,558 | 1,004 | 563 | 2,738 | ||||||||||||
Total Expenses | 966,185 | 306,638 | 145,892 | 476,400 | ||||||||||||
Advisory Fees Waived/Recoupment | (208,140 | ) | (141,527 | ) | (23,558 | ) | (71,631 | ) | ||||||||
Expense Reimbursement | — | (23,584 | ) | (83,463 | ) | — | ||||||||||
Net Expenses | 758,045 | 141,527 | 38,871 | 404,769 | ||||||||||||
Net Investment Income (Loss) | 611,190 | (931 | ) | 19,159 | 372,065 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | (284,261 | ) | (1,923,202 | ) | 124,543 | 7,981,517 | ||||||||||
In-Kind Redemptions | 7,820,767 | 257,252 | 384,381 | 269,335 | ||||||||||||
In-Kind Redemptions in Affiliates | — | 5,770 | — | — | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 6,106,342 | 5,456,942 | (59,063 | ) | (787,308 | ) | ||||||||||
Investments in Affiliates | — | (53,478 | ) | — | — | |||||||||||
Net Realized and Unrealized Gain (Loss) | 13,642,848 | 3,743,284 | 449,861 | 7,463,544 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,254,038 | $ | 3,742,353 | $ | 469,020 | $ | 7,835,609 |
See accompanying Notes to Financial Statements.
49
ADVISORSHARES TRUST
Statements of Operations
Year Ended June 30, 2024
AdvisorShares MSOS 2X Daily ETF | AdvisorShares Psychedelics ETF | AdvisorShares Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | 2,312,021 | $ | 14,447 | $ | 443,855 | $ | 29,813,457 | ||||||||
Securities lending income (net) (Note 2) | — | 90,661 | 563,669 | — | ||||||||||||
Total Investment Income | 2,312,021 | 105,108 | 1,007,524 | 29,813,457 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory Fees | 396,656 | 39,880 | 256,165 | 4,282,857 | ||||||||||||
Accounting & Administration Fees | 63,950 | 93,464 | 106,249 | 278,847 | ||||||||||||
Audit & Tax Fees | — | 18,769 | 25,180 | 18,766 | ||||||||||||
Legal Fees | 26,939 | 2,358 | 13,282 | 159,848 | ||||||||||||
Exchange Listing Fees | 8,513 | 8,513 | 8,537 | 8,803 | ||||||||||||
Custody Fees | 4,156 | 1,849 | 5,340 | 53,994 | ||||||||||||
Report to Shareholders | 8,860 | 21,784 | 189,432 | 286,404 | ||||||||||||
Trustee Fees | 6,728 | 7,046 | 8,502 | 17,290 | ||||||||||||
CCO Fees | 4,199 | 971 | 5,927 | 81,892 | ||||||||||||
Transfer Agent Fees | 3,505 | 498 | 3,203 | 53,531 | ||||||||||||
Insurance Fees | — | 387 | 2,123 | 20,707 | ||||||||||||
Registration Fees | 163 | 39 | — | 1,629 | ||||||||||||
Organizational Fees | 3,068 | — | — | — | ||||||||||||
Miscellaneous Fees | 869 | 686 | 2,902 | 22,404 | ||||||||||||
Total Expenses | 527,606 | 196,244 | 626,842 | 5,286,972 | ||||||||||||
Advisory Fees Waived/Recoupment | (84,284 | ) | (39,880 | ) | (256,165 | ) | (4,774 | ) | ||||||||
Expense Reimbursement | — | (90,562 | ) | (183,251 | ) | — | ||||||||||
Net Expenses | 443,322 | 65,802 | 187,426 | 5,282,198 | ||||||||||||
Net Investment Income (Loss) | 1,868,699 | 39,306 | 820,098 | 24,531,259 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | — | (2,909,419 | ) | (23,950,611 | ) | (321,355 | ) | |||||||||
Investments in Affiliates | — | (83,634 | ) | (25,640,194 | ) | (13,467,277 | ) | |||||||||
In-Kind Redemptions | — | — | (65,532 | ) | 7 | |||||||||||
In-Kind Redemptions in Affiliates | — | — | 25,686 | (44,959 | ) | |||||||||||
Swaps | (40,897,424 | ) | — | — | 45,715,918 | |||||||||||
Foreign Currency Transactions | — | — | — | 517 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | — | (757,045 | ) | 27,587,629 | (10,913,974 | ) | ||||||||||
Investments in Affiliates | — | (559,374 | ) | 32,313,465 | 2,073,873 | |||||||||||
Swaps | (443,685 | ) | — | — | (2,073,590 | ) | ||||||||||
Foreign Currency Translations | — | — | — | 1 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | (41,341,109 | ) | (4,309,472 | ) | 10,270,443 | 20,969,161 | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (39,472,410 | ) | $ | (4,270,166 | ) | $ | 11,090,541 | $ | 45,500,420 |
See accompanying Notes to Financial Statements.
50
ADVISORSHARES TRUST
Statements of Operations
Year Ended June 30, 2024
AdvisorShares Q Dynamic Growth ETF | AdvisorShares Ranger Equity Bear ETF | AdvisorShares Restaurant ETF | AdvisorShares STAR Global Buy-Write ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend Income | $ | 382,420 | $ | 5,240,174 | $ | 35,198 | $ | 1,306,095 | ||||||||
Interest Income | — | 2,952,522 | — | — | ||||||||||||
Securities lending income (Net) (Note 2) | 4,868 | — | 203 | 14,700 | ||||||||||||
Foreign withholding tax | — | — | (596 | ) | — | |||||||||||
Total Investment Income | 387,288 | 8,192,696 | 34,805 | 1,320,795 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory Fees | 242,844 | 1,339,406 | 16,416 | 467,969 | ||||||||||||
Accounting & Administration Fees | 78,740 | 77,290 | 80,073 | 79,759 | ||||||||||||
Audit & Tax Fees | 18,767 | 20,989 | 18,767 | 21,898 | ||||||||||||
Legal Fees | 15,344 | 32,396 | 320 | 32,022 | ||||||||||||
Exchange Listing Fees | 8,513 | 8,513 | 8,513 | 8,513 | ||||||||||||
Custody Fees | 2,674 | 9,022 | 629 | 5,160 | ||||||||||||
Report to Shareholders Fees | 6,375 | 32,291 | 2,608 | 18,318 | ||||||||||||
Trustee Fees | 8,064 | 9,544 | 6,925 | 8,642 | ||||||||||||
CCO Fees | 3,408 | 15,958 | 402 | 7,984 | ||||||||||||
Pricing Fees | — | 4,621 | — | — | ||||||||||||
Transfer Agent Fees | 1,706 | 6,697 | 205 | 4,129 | ||||||||||||
Insurance Fees | 1,609 | 6,627 | 140 | 2,997 | ||||||||||||
Registration Fees | — | 114 | — | 110 | ||||||||||||
Interest Expense | — | — | — | 10,849 | ||||||||||||
Dividend Expense | — | 1,658,338 | — | — | ||||||||||||
Miscellaneous Fees | 1,668 | 11,324 | 326 | 2,135 | ||||||||||||
Total Expenses | 389,712 | 3,233,130 | 135,324 | 670,485 | ||||||||||||
Advisory Fees Waived/Recoupment | (59,876 | ) | — | (16,416 | ) | — | ||||||||||
Expense Reimbursement | — | — | (91,822 | ) | — | |||||||||||
Net Expenses | 329,836 | 3,233,130 | 27,086 | 670,485 | ||||||||||||
Net Investment Income (Loss) | 57,452 | 4,959,566 | 7,719 | 650,310 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | 741,752 | — | (108,318 | ) | (736,336 | ) | ||||||||||
In-Kind Redemptions | 561,043 | — | 138,945 | 706,128 | ||||||||||||
Short Sales | — | (15,026,377 | ) | — | — | |||||||||||
Options Written | — | — | — | (300,388 | ) | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 2,504,311 | — | 332,035 | 6,287,442 | ||||||||||||
Short Sales | — | 8,899,419 | — | — | ||||||||||||
Options Written | — | — | — | 4,693 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 3,807,106 | (6,126,958 | ) | 362,662 | 5,961,539 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,864,558 | $ | (1,167,392 | ) | $ | 370,381 | $ | 6,611,849 |
See accompanying Notes to Financial Statements.
51
ADVISORSHARES TRUST
Statements of Operations
Year Ended June 30, 2024
AdvisorShares Vice ETF | ||||
INVESTMENT INCOME: | ||||
Dividend Income | $ | 199,487 | ||
Securities lending income (net) (Note 2) | 989 | |||
Foreign withholding tax | (1,392 | ) | ||
Total Investment Income | 199,084 | |||
EXPENSES: | ||||
Advisory Fees | 47,721 | |||
Accounting & Administration Fees | 71,432 | |||
Audit & Tax Fees | 19,258 | |||
Legal Fees | 2,395 | |||
Exchange Listing Fees | 8,513 | |||
Custody Fees | 2,251 | |||
Report to Shareholders | 10,698 | |||
Trustee Fees | 7,797 | |||
CCO Fees | 1,270 | |||
Transfer Agent Fees | 597 | |||
Insurance Fees | 575 | |||
Miscellaneous Fees | 753 | |||
Total Expenses | 173,260 | |||
Advisory Fees Waived/Recoupment | (47,721 | ) | ||
Expense Reimbursement | (46,799 | ) | ||
Net Expenses | 78,740 | |||
Net Investment Income (Loss) | 120,344 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||
Net Realized Gain (Loss) on: | ||||
Investments | (666,458 | ) | ||
In-Kind Redemptions | 674,387 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Investments | (151,148 | ) | ||
Net Realized and Unrealized Gain (Loss) | (143,219 | ) | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,875 | ) |
See accompanying Notes to Financial Statements.
52
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Dorsey Wright ADR ETF | AdvisorShares Dorsey Wright FSM All Cap World ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 322,711 | $ | 872,837 | $ | (220,746 | ) | $ | 1,644,218 | |||||||
Net Realized Gain (Loss) | 1,135,372 | (3,645,498 | ) | 13,358,190 | (8,795,986 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 4,656,273 | 4,298,903 | 3,557,268 | 10,656,650 | ||||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 6,114,356 | 1,526,242 | 16,694,712 | 3,504,882 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (363,090 | ) | (830,502 | ) | (1,203,485 | ) | (459,135 | ) | ||||||||
Total Distributions | (363,090 | ) | (830,502 | ) | (1,203,485 | ) | (459,135 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | — | 3,234,714 | 85,207,894 | 12,774,890 | ||||||||||||
Value of Shares Redeemed | (8,813,760 | ) | (17,130,470 | ) | (106,897,537 | ) | (13,823,487 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | (8,813,760 | ) | (13,895,756 | ) | (21,689,643 | ) | (1,048,597 | ) | ||||||||
Net Increase (Decrease) in Net Assets | (3,062,494 | ) | (13,200,016 | ) | (6,198,416 | ) | 1,997,150 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 28,737,804 | 41,937,820 | 86,173,826 | 84,176,676 | ||||||||||||
End of Year/Period | $ | 25,675,310 | $ | 28,737,804 | $ | 79,975,410 | $ | 86,173,826 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 580,000 | 865,000 | 2,730,000 | 2,775,000 | ||||||||||||
Shares Sold | — | 65,000 | 2,420,000 | 405,000 | ||||||||||||
Shares Repurchased | (165,000 | ) | (350,000 | ) | (3,105,000 | ) | (450,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 415,000 | 580,000 | 2,045,000 | 2,730,000 |
See accompanying Notes to Financial Statements.
53
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Dorsey Wright FSM US Core ETF | AdvisorShares Dorsey Wright Short ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | (57,112 | ) | $ | 762,793 | $ | 1,068,651 | $ | 1,405,850 | |||||||
Net Realized Gain (Loss) | 5,130,479 | (1,889,408 | ) | 1,293,912 | (6,101,769 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 19,132,523 | 13,180,154 | (3,477,524 | ) | (4,925,796 | ) | ||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 24,205,890 | 12,053,539 | (1,114,961 | ) | (9,621,715 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (278,455 | ) | (703,469 | ) | (1,498,804 | ) | — | |||||||||
Total Distributions | (278,455 | ) | (703,469 | ) | (1,498,804 | ) | — | |||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 51,078,210 | 5,428,998 | 9,917,032 | 48,998,000 | ||||||||||||
Value of Shares Redeemed | (52,612,912 | ) | (6,995,099 | ) | (20,406,738 | ) | (62,282,952 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | (1,534,702 | ) | (1,566,101 | ) | (10,489,706 | ) | (13,284,952 | ) | ||||||||
Net Increase (Decrease) in Net Assets | 22,392,733 | 9,783,969 | (13,103,471 | ) | (22,906,667 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 89,547,497 | 79,763,528 | 24,092,592 | 46,999,259 | ||||||||||||
End of Year/Period | $ | 111,940,230 | $ | 89,547,497 | $ | 10,989,121 | $ | 24,092,592 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 2,435,000 | 2,480,000 | 2,745,000 | 4,480,000 | ||||||||||||
Shares Sold | 1,225,000 | 160,000 | 1,205,000 | 5,110,000 | ||||||||||||
Shares Repurchased | (1,270,000 | ) | (205,000 | ) | (2,485,000 | ) | (6,845,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 2,390,000 | 2,435,000 | 1,465,000 | 2,745,000 |
See accompanying Notes to Financial Statements.
54
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Focused Equity ETF | AdvisorShares Gerber Kawasaki ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 611,190 | $ | 163,855 | $ | (931 | ) | $ | 146,226 | |||||||
Net Realized Gain (Loss) | 7,536,506 | 1,739,546 | (1,660,180 | ) | (4,388,490 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 6,106,342 | 7,913,050 | 5,403,464 | 6,071,863 | ||||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 14,254,038 | 9,816,451 | 3,742,353 | 1,829,599 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (207,722 | ) | (155,922 | ) | (24,169 | ) | (185,487 | ) | ||||||||
Total Distributions | (207,722 | ) | (155,922 | ) | (24,169 | ) | (185,487 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 95,736,388 | 39,967,140 | 2,048,379 | 3,211,361 | ||||||||||||
Value of Shares Redeemed | (25,589,445 | ) | (7,723,911 | ) | (851,988 | ) | (3,123,864 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | 70,146,943 | 32,243,229 | 1,196,391 | 87,497 | ||||||||||||
Net Increase (Decrease) in Net Assets | 84,193,259 | 41,903,758 | 4,914,575 | 1,731,609 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 70,001,719 | 28,097,961 | 17,577,836 | 15,846,227 | ||||||||||||
End of Year/Period | $ | 154,194,978 | $ | 70,001,719 | $ | 22,492,411 | $ | 17,577,836 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 1,305,000 | 665,000 | 980,000 | 970,000 | ||||||||||||
Shares Sold | 1,615,000 | 805,000 | 110,000 | 185,000 | ||||||||||||
Shares Repurchased | (440,000 | ) | (165,000 | ) | (45,000 | ) | (175,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 2,480,000 | 1,305,000 | 1,045,000 | 980,000 |
See accompanying Notes to Financial Statements.
55
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Hotel ETF | AdvisorShares Insider Advantage ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 19,159 | $ | 46,173 | $ | 372,065 | $ | 671,231 | ||||||||
Net Realized Gain (Loss) | 508,924 | (682,450 | ) | 8,250,852 | 1,582,690 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (59,063 | ) | 1,885,589 | (787,308 | ) | 2,929,681 | ||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 469,020 | 1,249,312 | 7,835,609 | 5,183,602 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (65,051 | ) | (9,873 | ) | (498,714 | ) | (693,692 | ) | ||||||||
Total Distributions | (65,051 | ) | (9,873 | ) | (498,714 | ) | (693,692 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 547,885 | 515,916 | — | 29,857,485 | ||||||||||||
Value of Shares Redeemed | (1,766,097 | ) | (3,466,291 | ) | (2,599,354 | ) | (38,344,744 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | (1,218,212 | ) | (2,950,375 | ) | (2,599,354 | ) | (8,487,259 | ) | ||||||||
Net Increase (Decrease) in Net Assets | (814,243 | ) | (1,710,936 | ) | 4,737,541 | (3,997,349 | ) | |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 4,186,015 | 5,896,951 | 42,380,831 | 46,378,180 | ||||||||||||
End of Year/Period | $ | 3,371,772 | $ | 4,186,015 | $ | 47,118,372 | $ | 42,380,831 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 165,000 | 300,000 | 445,000 | 540,000 | ||||||||||||
Shares Sold | 20,000 | 20,000 | — | 345,000 | ||||||||||||
Shares Repurchased | (65,000 | ) | (155,000 | ) | (25,000 | ) | (440,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 120,000 | 165,000 | 420,000 | 445,000 |
See accompanying Notes to Financial Statements.
56
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares MSOS 2X Daily ETF | AdvisorShares Psychedelics ETF | |||||||||||||||
Year ended June 30, 2024 | For the period | Year ended 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 1,868,699 | $ | 134,516 | $ | 39,306 | $ | 159,458 | ||||||||
Net Realized Gain (Loss) | (40,897,424 | ) | (11,579,539 | ) | (2,993,053 | ) | (6,529,121 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) | (443,685 | ) | 44,172 | (1,316,419 | ) | 3,570,992 | ||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | (39,472,410 | ) | (11,400,851 | ) | (4,270,166 | ) | (2,798,671 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | — | — | (14,044 | ) | (160,462 | ) | ||||||||||
Total Distributions | — | — | (14,044 | ) | (160,462 | ) | ||||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 105,942,272 | 18,433,063 | 3,009,233 | 4,343,946 | ||||||||||||
Value of Shares Redeemed | (14,236,522 | ) | — | — | — | |||||||||||
Net Increase (Decrease) From Capital Stock Transactions | 91,705,750 | 18,433,063 | 3,009,233 | 4,343,946 | ||||||||||||
Net Increase (Decrease) in Net Assets | 52,233,340 | 7,032,212 | (1,274,977 | ) | 1,384,813 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 7,032,212 | — | 6,893,517 | 5,508,704 | ||||||||||||
End of Year/Period | $ | 59,265,552 | $ | 7,032,212 | $ | 5,618,540 | $ | 6,893,517 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 2,180,000 | — | 3,745,000 | 2,155,000 | ||||||||||||
Shares Sold | 21,370,000 | 2,180,000 | 2,055,000 | 1,590,000 | ||||||||||||
Shares Repurchased | (2,415,000 | ) | — | — | — | |||||||||||
Shares Outstanding, End of Year/Period | 21,135,000 | 2,180,000 | 5,800,000 | 3,745,000 |
* | Commencement of operations. |
See accompanying Notes to Financial Statements.
57
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 820,098 | $ | 487,086 | $ | 24,531,259 | $ | 4,842,970 | ||||||||
Net Realized Gain (Loss) | (49,630,651 | ) | (84,353,104 | ) | 31,882,851 | (866,906,531 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 59,901,094 | 47,752,285 | (10,913,690 | ) | 505,586,045 | |||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 11,090,541 | (36,113,733 | ) | 45,500,420 | (356,477,516 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (762,879 | ) | (305,589 | ) | — | — | ||||||||||
Total Distributions | (762,879 | ) | (305,589 | ) | — | — | ||||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | — | 472,085 | 510,429,405 | 262,950,333 | ||||||||||||
Value of Shares Redeemed | (878,793 | ) | (1,847,333 | ) | (10,648,720 | ) | (77,778,692 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | (878,793 | ) | (1,375,248 | ) | 499,780,685 | 185,171,641 | ||||||||||
Net Increase (Decrease) in Net Assets | 9,448,869 | (37,794,570 | ) | 545,281,105 | (171,305,875 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 34,021,982 | 71,816,552 | 343,385,147 | 514,691,022 | ||||||||||||
End of Year/Period | $ | 43,470,851 | $ | 34,021,982 | $ | 888,666,252 | $ | 343,385,147 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 13,160,000 | 13,605,000 | 62,665,000 | 49,740,000 | ||||||||||||
Shares Sold | — | 80,000 | 60,590,000 | 24,030,000 | ||||||||||||
Shares Repurchased | (320,000 | ) | (525,000 | ) | (1,760,000 | ) | (11,105,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 12,840,000 | 13,160,000 | 121,495,000 | 62,665,000 |
See accompanying Notes to Financial Statements.
58
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Q Dynamic Growth ETF | AdvisorShares Ranger Equity Bear ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 57,452 | $ | (136,141 | ) | $ | 4,959,566 | $ | 3,414,298 | |||||||
Net Realized Gain (Loss) | 1,302,795 | (3,602,758 | ) | (15,026,377 | ) | (41,465,197 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 2,504,311 | 10,839,811 | 8,899,419 | (18,307,894 | ) | |||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 3,864,558 | 7,100,912 | (1,167,392 | ) | (56,358,793 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | — | — | (6,472,045 | ) | — | |||||||||||
Total Distributions | — | — | (6,472,045 | ) | — | |||||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 13,355,986 | 3,311,679 | 59,913,831 | 193,612,444 | ||||||||||||
Value of Shares Redeemed | (19,844,310 | ) | (22,362,830 | ) | (107,141,445 | ) | (180,806,225 | ) | ||||||||
Net Increase (Decrease) From Capital Stock Transactions | (6,488,324 | ) | (19,051,151 | ) | (47,227,614 | ) | 12,806,219 | |||||||||
Net Increase (Decrease) in Net Assets | (2,623,766 | ) | (11,950,239 | ) | (54,867,051 | ) | (43,552,574 | ) | ||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 28,348,794 | 40,299,033 | 122,632,169 | 166,184,743 | ||||||||||||
End of Year/Period | $ | 25,725,028 | $ | 28,348,794 | $ | 67,765,118 | $ | 122,632,169 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 995,000 | 1,830,000 | 5,422,500 | 5,217,500 | ||||||||||||
Shares Sold | 450,000 | 135,000 | 2,765,000 | 6,900,000 | ||||||||||||
Shares Repurchased | (685,000 | ) | (970,000 | ) | (4,905,000 | ) | (6,695,000 | ) | ||||||||
Shares Outstanding, End of Year/Period | 760,000 | 995,000 | 3,282,500 | 5,422,500 |
See accompanying Notes to Financial Statements.
59
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Restaurant ETF | AdvisorShares STAR Global Buy-Write ETF | |||||||||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 7,719 | $ | 31,217 | $ | 650,310 | $ | 308,503 | ||||||||
Net Realized Gain (Loss) | 30,627 | (253,346 | ) | (330,596 | ) | (1,168,572 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 332,035 | 892,606 | 6,292,135 | 5,394,948 | ||||||||||||
Net Increase (Decrease) In Net Assets Resulting From Operations | 370,381 | 670,477 | 6,611,849 | 4,534,879 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions | (13,961 | ) | (53,627 | ) | (610,224 | ) | (717,637 | ) | ||||||||
Total Distributions | (13,961 | ) | (53,627 | ) | (610,224 | ) | (717,637 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Issued | 564,513 | — | 4,762,387 | 12,360,292 | ||||||||||||
Value of Shares Redeemed | (452,706 | ) | (648,016 | ) | (2,949,250 | ) | — | |||||||||
Net Increase (Decrease) From Capital Stock Transactions | 111,807 | (648,016 | ) | 1,813,137 | 12,360,292 | |||||||||||
Net Increase (Decrease) in Net Assets | 468,227 | (31,166 | ) | 7,814,762 | 16,177,534 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year/Period | 2,599,680 | 2,630,846 | 53,724,569 | 37,547,035 | ||||||||||||
End of Year/Period | $ | 3,067,907 | $ | 2,599,680 | $ | 61,539,331 | $ | 53,724,569 | ||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares Outstanding, Beginning of Year/Period | 120,000 | 155,000 | 1,430,000 | 1,085,000 | ||||||||||||
Shares Sold | 25,000 | — | 120,000 | 345,000 | ||||||||||||
Shares Repurchased | (20,000 | ) | (35,000 | ) | (80,000 | ) | — | |||||||||
Shares Outstanding, End of Year/Period | 125,000 | 120,000 | 1,470,000 | 1,430,000 |
See accompanying Notes to Financial Statements.
60
ADVISORSHARES TRUST
Statements of Changes in Net Assets
AdvisorShares Vice ETF | ||||||||
Year ended June 30, 2024 | Year ended June 30, 2023 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 120,344 | $ | 148,188 | ||||
Net Realized Gain (Loss) | 7,929 | (542,464 | ) | |||||
Net Change in Unrealized Appreciation (Depreciation) | (151,148 | ) | 1,628,296 | |||||
Net Increase (Decrease) In Net Assets Resulting From Operations | (22,875 | ) | 1,234,020 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Distributions | (132,733 | ) | (80,580 | ) | ||||
Total Distributions | (132,733 | ) | (80,580 | ) | ||||
CAPITAL STOCK TRANSACTIONS | ||||||||
Proceeds from Shares Issued | 1,261,058 | 854,944 | ||||||
Value of Shares Redeemed | (3,848,476 | ) | (921,036 | ) | ||||
Net Increase (Decrease) From Capital Stock Transactions | (2,587,418 | ) | (66,092 | ) | ||||
Net Increase (Decrease) in Net Assets | (2,743,026 | ) | 1,087,348 | |||||
Net Assets: | ||||||||
Beginning of Year/Period | 9,781,907 | 8,694,559 | ||||||
End of Year/Period | $ | 7,038,881 | $ | 9,781,907 | ||||
Changes in Shares Outstanding | ||||||||
Shares Outstanding, Beginning of Year/Period | 340,000 | 345,000 | ||||||
Shares Sold | 45,000 | 30,000 | ||||||
Shares Repurchased | (140,000 | ) | (35,000 | ) | ||||
Shares Outstanding, End of Year/Period | 245,000 | 340,000 |
See accompanying Notes to Financial Statements.
61
ADVISORSHARES TRUST
Financial Highlights
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Dorsey Wright ADR ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 49.55 | $ | 48.48 | $ | 66.54 | $ | 53.25 | $ | 49.75 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | 0.68 | 1.22 | 1.62 | 0.27 | (0.03 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) | 12.47 | 0.97 | (18.48 | ) | 13.23 | 3.54 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 13.15 | 2.19 | (16.86 | ) | 13.50 | 3.51 | ||||||||||||||
Distributions from Net Investment Income | (0.83 | ) | (1.12 | ) | (1.20 | ) | (0.21 | ) | (0.01 | ) | ||||||||||
Total Distributions | (0.83 | ) | (1.12 | ) | (1.20 | ) | (0.21 | ) | (0.01 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 61.87 | $ | 49.55 | $ | 48.48 | $ | 66.54 | $ | 53.25 | ||||||||||
Market Value, End of Year/Period | $ | 61.79 | $ | 49.47 | $ | 48.47 | $ | 66.49 | $ | 52.97 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 26.65 | % | 4.69 | % | (25.51 | )% | 25.39 | % | 7.06 | % | ||||||||||
Total Investment Return Based on Market(3) | 26.69 | % | 4.55 | % | (25.45 | )% | 25.95 | % | 6.62 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 25,675 | $ | 28,738 | $ | 41,938 | $ | 88,836 | $ | 75,879 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 1.10 | % | 1.10 | % | 0.99 | % | 1.10 | % | 1.02 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 1.24 | % | 1.15 | % | 1.00 | % | 0.96 | % | 0.97 | % | ||||||||||
Net Investment Income (Loss)(4) | 1.22 | % | 2.52 | % | 2.59 | % | 0.44 | % | (0.06 | )% | ||||||||||
Portfolio Turnover Rate(5) | 45 | % | 101 | % | 79 | % | 85 | % | 48 | % |
Years Ended June 30, | For the period | |||||||||||||||||||
AdvisorShares Dorsey Wright FSM All Cap World ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 31.57 | $ | 30.33 | $ | 36.63 | $ | 28.07 | $ | 25.12 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | (0.10 | ) | 0.58 | 0.01 | (0.12 | ) | (0.02 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 8.22 | 0.82 | (5.76 | ) | 8.74 | 2.97 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 8.12 | 1.40 | (5.75 | ) | 8.62 | 2.95 | ||||||||||||||
Distributions from Net Investment Income | (0.58 | ) | (0.16 | ) | — | — | — | |||||||||||||
Distributions from Realized Capital Gains | — | — | (0.55 | ) | (0.06 | ) | — | |||||||||||||
Total Distributions | (0.58 | ) | (0.16 | ) | (0.55 | ) | (0.06 | ) | — | |||||||||||
Net Asset Value, End of Year/Period | $ | 39.11 | $ | 31.57 | $ | 30.33 | $ | 36.63 | $ | 28.07 | ||||||||||
Market Value, End of Year/Period | $ | 39.09 | $ | 31.60 | $ | 30.34 | $ | 36.67 | $ | 28.07 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 25.97 | % | 4.63 | % | (15.98 | )% | 30.70 | % | 11.76 | % | ||||||||||
Total Investment Return Based on Market(3) | 25.81 | % | 4.71 | % | (16.06 | )% | 30.85 | % | 11.74 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 79,975 | $ | 86,174 | $ | 84,177 | $ | 155,673 | $ | 73,685 | ||||||||||
Ratio to Average Net Assets of:(6) | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.98 | % | 0.98 | % | 0.91 | % | 0.88 | % | 0.99 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 0.96 | % | 0.96 | % | 0.94 | % | 0.86 | % | 1.12 | % | ||||||||||
Net Investment Income (Loss)(4) | (0.29 | )% | 1.87 | % | 0.02 | % | (0.34 | )% | (0.17 | )% | ||||||||||
Portfolio Turnover Rate(5) | 154 | % | 151 | % | 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.
62
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | For the period | |||||||||||||||||||
AdvisorShares Dorsey Wright FSM US Core ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 36.78 | $ | 32.16 | $ | 37.09 | $ | 27.51 | $ | 25.14 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | (0.02 | ) | 0.32 | 0.11 | (0.07 | ) | 0.05 | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 10.20 | 4.60 | (4.90 | ) | 9.72 | 2.32 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 10.18 | 4.92 | (4.79 | ) | 9.65 | 2.37 | ||||||||||||||
Distributions from Net Investment Income | (0.12 | ) | (0.30 | ) | — | (0.03 | ) | — | ||||||||||||
Distributions from Realized Capital Gains | — | — | (0.14 | ) | (0.04 | ) | — | |||||||||||||
Total Distributions | (0.12 | ) | (0.30 | ) | (0.14 | ) | (0.07 | ) | — | |||||||||||
Net Asset Value, End of Year/Period | $ | 46.84 | $ | 36.78 | $ | 32.16 | $ | 37.09 | $ | 27.51 | ||||||||||
Market Value, End of Year/Period | $ | 46.83 | $ | 36.76 | $ | 32.08 | $ | 37.16 | $ | 27.46 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 27.72 | % | 15.38 | % | (12.97 | )% | 35.08 | % | 9.43 | % | ||||||||||
Total Investment Return Based on Market(3) | 27.77 | % | 15.61 | % | (13.36 | )% | 35.59 | % | 9.23 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 111,940 | $ | 89,547 | $ | 79,764 | $ | 93,649 | $ | 46,767 | ||||||||||
Ratio to Average Net Assets of:(4) | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 0.94 | % | 0.98 | % | 0.93 | % | 0.92 | % | 0.99 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 0.92 | % | 0.97 | % | 0.95 | % | 0.89 | % | 1.15 | % | ||||||||||
Net Investment Income (Loss)(5) | (0.06 | )% | 0.95 | % | 0.28 | % | (0.22 | )% | 0.37 | % | ||||||||||
Portfolio Turnover Rate(6) | 99 | % | 103 | % | 50 | % | 64 | % | 53 | % |
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Dorsey Wright Short ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 8.78 | $ | 10.49 | $ | 8.59 | $ | 19.33 | $ | 24.90 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | 0.47 | 0.36 | (0.21 | ) | (0.46 | ) | (0.65 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) | (1.03 | ) | (2.07 | ) | 2.11 | (10.28 | ) | (4.89 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | (0.56 | ) | (1.71 | ) | 1.90 | (10.74 | ) | (5.54 | ) | |||||||||||
Distributions from Net Investment Income | (0.72 | ) | — | — | — | (0.03 | ) | |||||||||||||
Total Distributions | (0.72 | ) | — | — | — | (0.03 | ) | |||||||||||||
Net Asset Value, End of Year/Period | $ | 7.50 | $ | 8.78 | $ | 10.49 | $ | 8.59 | $ | 19.33 | ||||||||||
Market Value, End of Year/Period | $ | 7.49 | $ | 8.75 | $ | 10.45 | $ | 8.56 | $ | 19.36 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | (5.70 | )% | (16.31 | )% | 22.15 | % | (55.58 | )% | (22.26 | )% | ||||||||||
Total Investment Return Based on Market(3) | (5.60 | )% | (16.27 | )% | 22.08 | % | (55.79 | )% | (22.24 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 10,989 | $ | 24,093 | $ | 46,999 | $ | 25,164 | $ | 113,098 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 3.77 | %(7) | 2.61 | %(7) | 2.71 | %(7) | 3.48 | %(7) | 3.56 | %(7) | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 3.84 | %(7) | 2.56 | %(7) | 2.63 | %(7) | 3.55 | %(7) | 3.56 | %(7) | ||||||||||
Net Investment Income (Loss)(5) | 5.70 | % | 3.77 | % | (2.35 | )% | (3.18 | )% | (2.58 | )% | ||||||||||
Portfolio Turnover Rate(6) | 253 | % | 263 | % | 190 | % | 243 | % | 555 | % |
* | Commencement of operations. |
(1) | Based on average shares outstanding. |
(2) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
(3) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period. |
(4) | The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses. |
(5) | Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds. |
(6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
(7) | The expense ratio includes interest and dividend expenses on short sales of 2.52%, 1.45%, 1.46%, 2.46% and 2.47% for the period ended June 30, 2024, June 30, 2023, June 30, 2022, June 30, 2021 and June 30, 2020, respectively. |
See accompanying Notes to Financial Statements.
63
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Focused Equity ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 53.64 | $ | 42.25 | $ | 46.65 | $ | 35.67 | $ | 34.42 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income(1) | 0.34 | 0.20 | 0.17 | 0.10 | 0.14 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 8.35 | 11.43 | (4.49 | ) | 11.00 | 1.26 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 8.69 | 11.63 | (4.32 | ) | 11.10 | 1.40 | ||||||||||||||
Distributions from Net Investment Income | (0.15 | ) | (0.24 | ) | (0.08 | ) | (0.12 | ) | (0.15 | ) | ||||||||||
Total Distributions | (0.15 | ) | (0.24 | ) | (0.08 | ) | (0.12 | ) | (0.15 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 62.18 | $ | 53.64 | $ | 42.25 | $ | 46.65 | $ | 35.67 | ||||||||||
Market Value, End of Year/Period | $ | 62.17 | $ | 53.80 | $ | 42.21 | $ | 46.68 | $ | 34.88 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 16.20 | % | 27.59 | % | (9.28 | )% | 31.15 | % | 4.02 | % | ||||||||||
Total Investment Return Based on Market(3) | 15.84 | % | 28.10 | % | (9.44 | )% | 34.20 | % | 2.06 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 154,195 | $ | 70,002 | $ | 28,098 | $ | 28,921 | $ | 19,616 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.72 | % | 0.84 | % | 0.65 | % | 0.66 | % | 0.77 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 0.92 | % | 1.20 | % | 1.09 | % | 1.19 | % | 1.43 | % | ||||||||||
Net Investment Income(4) | 0.58 | % | 0.42 | % | 0.36 | % | 0.24 | % | 0.41 | % | ||||||||||
Portfolio Turnover Rate(5) | 18 | % | 18 | % | 24 | % | 25 | % | 23 | % |
Years Ended June 30, | For the period | |||||||||||
AdvisorShares Gerber Kawasaki ETF | 2024 | 2023 | 2022 | |||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 17.94 | $ | 16.34 | $ | 25.03 | ||||||
Investment Operations | ||||||||||||
Net Investment Income(1) | (0.00 | )(6) | 0.15 | 0.07 | ||||||||
Net Realized and Unrealized Gain (Loss) | 3.60 | 1.65 | (8.75 | ) | ||||||||
Distributions of Net Realized Gains by other investment companies | — | — | 0.00 | (6) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 3.60 | 1.80 | (8.68 | ) | ||||||||
Distributions from Net Investment Income | (0.02 | ) | (0.20 | ) | (0.01 | ) | ||||||
Total Distributions | (0.02 | ) | (0.20 | ) | (0.01 | ) | ||||||
Net Asset Value, End of Year/Period | $ | 21.52 | $ | 17.94 | $ | 16.34 | ||||||
Market Value, End of Year/Period | $ | 21.51 | $ | 17.93 | $ | 16.35 | ||||||
Total Return | ||||||||||||
Total Investment Return Based on Net Asset Value(3) | 20.16 | % | 11.21 | % | (34.71 | )% | ||||||
Total Investment Return Based on Market(3) | 20.12 | % | 11.09 | % | (34.65 | )% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 22,492 | $ | 17,578 | $ | 15,846 | ||||||
Ratio to Average Net Assets of: | ||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.75 | % | 0.75 | % | 0.75 | % | ||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 1.62 | % | 1.33 | % | 1.37 | % | ||||||
Net Investment Income(4) | 0.00 | %(6) | 0.91 | % | 0.31 | % | ||||||
Portfolio Turnover Rate(5) | 53 | % | 48 | % | 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.
64
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | For the period | |||||||||||||||
AdvisorShares Hotel ETF | 2024 | 2023 | 2022 | 2021 | ||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 25.37 | $ | 19.66 | $ | 24.52 | $ | 24.32 | ||||||||
Investment Operations | ||||||||||||||||
Net Investment Income (Loss)(1) | 0.13 | 0.21 | (0.02 | ) | 0.13 | |||||||||||
Net Realized and Unrealized Gain (Loss) | 3.06 | 5.55 | (4.75 | ) | 0.07 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 3.19 | 5.76 | (4.77 | ) | 0.20 | |||||||||||
Distributions from Net Investment Income | (0.46 | ) | (0.05 | ) | (0.09 | ) | — | |||||||||
Total Distributions | (0.46 | ) | (0.05 | ) | (0.09 | ) | — | |||||||||
Net Asset Value, End of Year/Period | $ | 28.10 | $ | 25.37 | $ | 19.66 | $ | 24.52 | ||||||||
Market Value, End of Year/Period | $ | 28.09 | $ | 25.34 | $ | 19.61 | $ | 24.56 | ||||||||
Total Return | ||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 12.61 | % | 29.33 | % | (19.54 | )% | 0.81 | % | ||||||||
Total Investment Return Based on Market(3) | 12.70 | % | 29.49 | % | (19.87 | )% | 0.99 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 3,372 | $ | 4,186 | $ | 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 | % | 0.99 | % | ||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 3.72 | % | 2.40 | % | 1.33 | % | 6.60 | % | ||||||||
Net Investment Income (Loss)(4) | 0.49 | % | 0.92 | % | (0.07 | )% | 2.70 | % | ||||||||
Portfolio Turnover Rate(5) | 94 | % | 120 | % | 74 | % | 21 | % |
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Insider Advantage ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 95.24 | $ | 85.89 | $ | 95.53 | $ | 66.37 | $ | 68.21 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income(1) | 0.86 | 1.34 | 1.10 | 0.95 | 0.82 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 17.25 | 9.49 | (9.68 | ) | 29.23 | (1.84 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 18.11 | 10.83 | (8.58 | ) | 30.18 | (1.02 | ) | |||||||||||||
Distributions from Net Investment Income | (1.16 | ) | (1.48 | ) | (1.06 | ) | (1.02 | ) | (0.82 | ) | ||||||||||
Total Distributions | (1.16 | ) | (1.48 | ) | (1.06 | ) | (1.02 | ) | (0.82 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 112.19 | $ | 95.24 | $ | 85.89 | $ | 95.53 | $ | 66.37 | ||||||||||
Market Value, End of Year/Period | $ | 112.03 | $ | 95.24 | $ | 85.78 | $ | 95.41 | $ | 66.28 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 19.10 | % | 12.78 | % | (9.12 | )% | 45.78 | % | (1.63 | )% | ||||||||||
Total Investment Return Based on Market(3) | 18.93 | % | 12.95 | % | (9.12 | )% | 45.79 | % | (1.65 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 47,118 | $ | 42,381 | $ | 46,378 | $ | 48,243 | $ | 41,483 | ||||||||||
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 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 1.06 | % | 1.05 | % | 0.96 | % | 1.05 | % | 1.07 | % | ||||||||||
Net Investment Income(4) | 0.83 | % | 1.51 | % | 1.15 | % | 1.18 | % | 1.18 | % | ||||||||||
Portfolio Turnover Rate(5) | 246 | % | 278 | % | 32 | % | 40 | % | 93 | % |
* | 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.
65
ADVISORSHARES TRUST
Financial Highlights (continued)
AdvisorShares MSOS 2X Daily ETF | Year ended June 30, 2024 | For the period | ||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||
Net Asset Value, Beginning of Year/Period | $ | 3.23 | $ | 25.00 | ||||
Investment Operations | ||||||||
Net Investment Income(1) | 0.18 | 0.15 | ||||||
Net Realized and Unrealized Loss | (0.61 | ) | (21.92 | ) | ||||
Net Decrease in Net Assets Resulting from Investment Operations(2) | (0.43 | ) | (21.77 | ) | ||||
Net Asset Value, End of Year/Period | $ | 2.80 | $ | 3.23 | ||||
Market Value, End of Year/Period | $ | 2.79 | $ | 3.26 | ||||
Total Return | ||||||||
Total Investment Return Based on Net Asset Value(3) | (13.31 | )% | (87.08 | )% | ||||
Total Investment Return Based on Market(3) | (14.42 | )% | (86.96 | )% | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 59,266 | $ | 7,032 | ||||
Ratio to Average Net Assets of: | ||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.95 | % | 0.95 | % | ||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 1.13 | % | 4.54 | % | ||||
Net Investment Income(4) | 4.00 | % | 3.44 | % | ||||
Portfolio Turnover Rate(5) | 0 | % | 0 | % |
Years Ended June 30, | For the period | |||||||||||
AdvisorShares Psychedelics ETF | 2024 | 2023 | 2022 | |||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 1.84 | $ | 2.56 | $ | 10.00 | ||||||
Investment Operations | ||||||||||||
Net Investment Income (Loss)(1) | 0.01 | 0.05 | (0.02 | ) | ||||||||
Net Realized and Unrealized Loss | (0.88 | ) | (0.72 | ) | (7.42 | ) | ||||||
Net Decrease in Net Assets Resulting from Investment Operations(2) | (0.87 | ) | (0.67 | ) | (7.44 | ) | ||||||
Distributions from Net Investment Income | (0.00 | )(6) | (0.05 | ) | — | |||||||
Total Distributions | (0.00 | )(6) | (0.05 | ) | — | |||||||
Net Asset Value, End of Year/Period | $ | 0.97 | $ | 1.84 | $ | 2.56 | ||||||
Market Value, End of Year/Period | $ | 0.97 | $ | 1.86 | $ | 2.65 | ||||||
Total Return | ||||||||||||
Total Investment Return Based on Net Asset Value(3) | (47.29 | )% | (26.55 | )% | (74.44 | )% | ||||||
Total Investment Return Based on Market(3) | (47.74 | )% | (28.45 | )% | (73.50 | )% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 5,619 | $ | 6,894 | $ | 5,509 | ||||||
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) | 2.95 | % | 3.01 | % | 3.10 | % | ||||||
Net Investment Income (Loss)(4) | 0.59 | % | 2.29 | % | (0.52 | )% | ||||||
Portfolio Turnover Rate(5) | 69 | % | 73 | % | 27 | % |
* | 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.
66
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Pure Cannabis ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 2.59 | $ | 5.28 | $ | 21.15 | $ | 10.17 | $ | 22.99 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income(1) | 0.06 | 0.04 | 0.01 | 0.04 | 0.70 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.80 | (2.71 | ) | (15.35 | ) | 11.05 | (12.75 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 0.86 | (2.67 | ) | (15.34 | ) | 11.09 | (12.05 | ) | ||||||||||||
Distributions from Net Investment Income | (0.06 | ) | (0.02 | ) | — | (0.11 | ) | (0.70 | ) | |||||||||||
Distributions from Realized Capital Gains | — | — | (0.51 | ) | — | (0.07 | ) | |||||||||||||
Return of capital | — | — | (0.02 | ) | — | — | ||||||||||||||
Total Distributions | (0.06 | ) | (0.02 | ) | (0.53 | ) | (0.11 | ) | (0.77 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 3.39 | $ | 2.59 | $ | 5.28 | $ | 21.15 | $ | 10.17 | ||||||||||
Market Value, End of Year/Period | $ | 3.39 | $ | 2.59 | $ | 5.28 | $ | 21.12 | $ | 10.18 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 33.14 | % | (50.63 | )% | (73.99 | )% | 109.96 | % | (52.76 | )% | ||||||||||
Total Investment Return Based on Market(3) | 33.05 | % | (50.54 | )% | (73.93 | )% | 109.35 | % | (52.70 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 43,471 | $ | 34,022 | $ | 71,817 | $ | 354,408 | $ | 45,503 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.44 | % | 0.51 | % | 0.65 | % | 0.74 | % | 0.74 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 1.47 | % | 1.04 | % | 0.88 | % | 0.69 | % | 1.17 | % | ||||||||||
Net Investment Income(4) | 1.92 | % | 0.88 | % | 0.11 | % | 0.21 | % | 5.67 | % | ||||||||||
Portfolio Turnover Rate(5) | 31 | % | 40 | % | 28 | % | 46 | % | 59 | % |
Years Ended June 30, | For the period | |||||||||||||||
AdvisorShares Pure US Cannabis ETF | 2024 | 2023 | 2022 | 2021 | ||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 5.48 | $ | 10.35 | $ | 40.22 | $ | 25.00 | ||||||||
Investment Operations | ||||||||||||||||
Net Investment Income (Loss)(1) | 0.27 | 0.08 | (0.09 | ) | (0.17 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) | 1.56 | (4.95 | ) | (29.71 | ) | 15.39 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 1.83 | (4.87 | ) | (29.80 | ) | 15.22 | ||||||||||
Distributions from Realized Capital Gains | — | — | (0.07 | ) | — | |||||||||||
Total Distributions | — | — | (0.07 | ) | — | |||||||||||
Net Asset Value, End of Year/Period | $ | 7.31 | $ | 5.48 | $ | 10.35 | $ | 40.22 | ||||||||
Market Value, End of Year/Period | $ | 7.27 | $ | 5.55 | $ | 10.37 | $ | 40.08 | ||||||||
Total Return | ||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 33.39 | % | (47.04 | )% | (74.20 | )% | 60.86 | % | ||||||||
Total Investment Return Based on Market(3) | 30.99 | % | (46.48 | )% | (74.06 | )% | 60.32 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 888,666 | $ | 343,385 | $ | 514,691 | $ | 950,694 | ||||||||
Ratio to Average Net Assets of: | ||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.74 | % | 0.74 | % | 0.72 | % | 0.69 | % | ||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 0.74 | % | 0.77 | % | 0.75 | % | 0.69 | % | ||||||||
Net Investment Income (Loss)(4) | 3.44 | % | 0.96 | % | (0.40 | )% | (0.49 | )% | ||||||||
Portfolio Turnover Rate(5) | 4 | % | 13 | % | 48 | % | 68 | % |
* | Commencement of operations. |
(1) | Based on average shares outstanding. |
(2) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
(3) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period. |
(4) | Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds. |
(5) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
67
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | For the period | |||||||||||||||
AdvisorShares Q Dynamic Growth ETF | 2024 | 2023 | 2022 | 2021 | ||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 28.49 | $ | 22.02 | $ | 28.12 | $ | 25.00 | ||||||||
Investment Operations | ||||||||||||||||
Net Investment Income (Loss)(1) | 0.08 | (0.10 | ) | (0.15 | ) | (0.09 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) | 5.28 | 6.57 | (5.95 | ) | 3.21 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 5.36 | 6.47 | (6.10 | ) | 3.12 | |||||||||||
Net Asset Value, End of Year/Period | $ | 33.85 | $ | 28.49 | $ | 22.02 | $ | 28.12 | ||||||||
Market Value, End of Year/Period | $ | 33.85 | $ | 28.49 | $ | 22.01 | $ | 28.13 | ||||||||
Total Return | ||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 18.81 | % | 29.37 | % | (21.70 | )% | 12.50 | % | ||||||||
Total Investment Return Based on Market(3) | 18.81 | % | 29.44 | % | (21.76 | )% | 12.52 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 25,725 | $ | 28,349 | $ | 40,299 | $ | 68,763 | ||||||||
Ratio to Average Net Assets of:(4) | ||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 1.45 | % | 1.32 | % | 1.14 | % | 1.43 | % | ||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 1.71 | % | 1.31 | % | 1.13 | % | 1.49 | % | ||||||||
Net Investment Income (Loss)(5) | 0.25 | % | (0.44 | )% | (0.52 | )% | (0.65 | )% | ||||||||
Portfolio Turnover Rate(6) | 330 | % | 57 | % | 106 | % | 61 | % |
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Ranger Equity Bear ETF | 2024 | 2023 | 2022 | 2021(9) | 2020(9) | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 22.62 | $ | 31.85 | $ | 23.00 | $ | 48.55 | $ | 63.84 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | 1.20 | 0.63 | (0.97 | ) | (1.59 | ) | (0.64 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) | (1.35 | ) | (9.86 | ) | 9.82 | (23.96 | ) | (14.55 | ) | |||||||||||
Distributions of Net Realized Gains by other investment companies | — | — | — | 0.00 | (7) | — | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | (0.15 | ) | (9.23 | ) | 8.85 | (25.55 | ) | (15.19 | ) | |||||||||||
Distributions from Net Investment Income | (1.83 | ) | — | — | — | (0.10 | ) | |||||||||||||
Total Distributions | (1.83 | ) | — | — | — | (0.10 | ) | |||||||||||||
Net Asset Value, End of Year/Period | $ | 20.64 | $ | 22.62 | $ | 31.85 | $ | 23.00 | $ | 48.55 | ||||||||||
Market Value, End of Year/Period | $ | 20.68 | $ | 22.63 | $ | 31.96 | $ | 23.00 | $ | 48.50 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 0.08 | % | (28.99 | )% | 38.48 | % | (52.62 | )% | (23.79 | )% | ||||||||||
Total Investment Return Based on Market(3) | 0.13 | % | (29.19 | )% | 38.96 | % | (52.58 | )% | (23.94 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 67,765 | $ | 122,632 | $ | 166,185 | $ | 50,655 | $ | 162,019 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 3.62 | %(8) | 3.39 | %(8) | 4.15 | %(8) | 4.90 | %(8) | 3.10 | %(8) | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 3.62 | %(8) | 3.39 | %(8) | 4.15 | %(8) | 4.90 | %(8) | 3.10 | %(8) | ||||||||||
Net Investment Income (Loss)(5) | 5.55 | % | 2.34 | % | (3.70 | )% | (4.49 | )% | (1.07 | )% | ||||||||||
Portfolio Turnover Rate(6) | 912 | % | 1001 | % | 1462 | % | 669 | % | 593 | % |
* | Commencement of operations. |
(1) | Based on average shares outstanding. |
(2) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
(3) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period. |
(4) | The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses. |
(5) | Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds. |
(6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
(7) | Amount represents less than $0.005 or 0.005%. |
(8) | The expense ratio includes interest and dividend expenses on short sales of 1.86%, 1.69%, 2.47%, 3.14% and 1.42% for the periods ended June 30, 2024, June 30, 2023, June 30, 2022, June 30, 2021 and June 30, 2020, respectively. |
(9) | After the close of business on February 5, 2021, the Fund underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. |
See accompanying Notes to Financial Statements.
68
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | For the period | |||||||||||||||
AdvisorShares Restaurant ETF | 2024 | 2023 | 2022 | 2021 | ||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 21.66 | $ | 16.97 | $ | 24.44 | $ | 24.69 | ||||||||
Investment Operations | ||||||||||||||||
Net Investment Income(1) | 0.06 | 0.23 | 0.13 | (0.00 | )(2) | |||||||||||
Net Realized and Unrealized Gain (Loss) | 2.93 | 4.89 | (7.56 | ) | (0.25 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3) | 2.99 | 5.12 | (7.43 | ) | (0.25 | ) | ||||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.43 | ) | (0.04 | ) | — | |||||||||
Total Distributions | (0.11 | ) | (0.43 | ) | (0.04 | ) | — | |||||||||
Net Asset Value, End of Year/Period | $ | 24.54 | $ | 21.66 | $ | 16.97 | $ | 24.44 | ||||||||
Market Value, End of Year/Period | $ | 24.52 | $ | 21.66 | $ | 16.93 | $ | 24.44 | ||||||||
Total Return | ||||||||||||||||
Total Investment Return Based on Net Asset Value(4) | 13.85 | % | 30.59 | % | (30.46 | )% | (1.01 | )% | ||||||||
Total Investment Return Based on Market(4) | 13.76 | % | 30.95 | % | (30.62 | )% | (1.01 | )% | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 3,068 | $ | 2,600 | $ | 2,631 | $ | 5,988 | ||||||||
Ratio to Average Net Assets of: | ||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 4.95 | % | 3.97 | % | 2.11 | % | 7.93 | % | ||||||||
Net Investment Income (Loss)(5) | 0.28 | % | 1.20 | % | 0.57 | % | (0.03 | )% | ||||||||
Portfolio Turnover Rate(6) | 75 | % | 113 | % | 86 | % | 26 | % |
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares STAR Global Buy-Write ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 37.57 | $ | 34.61 | $ | 39.83 | $ | 32.20 | $ | 32.28 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income (Loss)(1) | 0.46 | 0.25 | 0.13 | (0.16 | ) | 0.09 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) | 4.27 | 3.35 | (5.12 | ) | 7.89 | (0.02 | ) | |||||||||||||
Distributions of Net Realized Gains by other investment companies | — | — | — | 0.00 | (2) | — | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3) | 4.73 | 3.60 | (4.99 | ) | 7.73 | 0.07 | ||||||||||||||
Distributions from Net Investment Income | (0.44 | ) | (0.08 | ) | — | (0.10 | ) | (0.15 | ) | |||||||||||
Distributions from Realized Capital Gains | — | (0.56 | ) | (0.23 | ) | — | — | |||||||||||||
Total Distributions | (0.44 | ) | (0.64 | ) | (0.23 | ) | (0.10 | ) | (0.15 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 41.86 | $ | 37.57 | $ | 34.61 | $ | 39.83 | $ | 32.20 | ||||||||||
Market Value, End of Year/Period | $ | 41.83 | $ | 37.56 | $ | 34.62 | $ | 39.83 | $ | 32.25 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(4) | 12.69 | % | 10.60 | % | (12.64 | )% | 24.04 | % | 0.20 | % | ||||||||||
Total Investment Return Based on Market(4) | 12.62 | % | 10.54 | % | (12.60 | )% | 23.86 | % | 0.63 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 61,539 | $ | 53,725 | $ | 37,547 | $ | 18,323 | $ | 12,882 | ||||||||||
Ratio to Average Net Assets of:(7) | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(5) | 1.22 | % | 1.54 | % | 1.85 | % | 1.85 | % | 1.85 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(5) | 1.22 | % | 1.33 | % | 1.82 | % | 2.48 | % | 2.20 | % | ||||||||||
Net Investment Income (Loss)(5) | 1.18 | % | 0.71 | % | 0.33 | % | (0.43 | )% | 0.26 | % | ||||||||||
Portfolio Turnover Rate(6) | 24 | % | 23 | % | 41 | % | 55 | % | 47 | % |
* | 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.
69
ADVISORSHARES TRUST
Financial Highlights (continued)
Years Ended June 30, | ||||||||||||||||||||
AdvisorShares Vice ETF | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||
Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||
Net Asset Value, Beginning of Year/Period | $ | 28.77 | $ | 25.20 | $ | 36.07 | $ | 22.81 | $ | 25.11 | ||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income(1) | 0.42 | 0.45 | 0.18 | 0.19 | 0.42 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | — | 3.38 | (10.73 | ) | 13.44 | (2.10 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(2) | 0.42 | 3.83 | (10.55 | ) | 13.63 | (1.68 | ) | |||||||||||||
Distributions from Net Investment Income | (0.46 | ) | (0.26 | ) | (0.14 | ) | (0.37 | ) | (0.62 | ) | ||||||||||
Distributions from Realized Capital Gains | — | — | (0.18 | ) | — | — | ||||||||||||||
Total Distributions | (0.46 | ) | (0.26 | ) | (0.32 | ) | (0.37 | ) | (0.62 | ) | ||||||||||
Net Asset Value, End of Year/Period | $ | 28.73 | $ | 28.77 | $ | 25.20 | $ | 36.07 | $ | 22.81 | ||||||||||
Market Value, End of Year/Period | $ | 28.71 | $ | 28.77 | $ | 25.13 | $ | 36.06 | $ | 22.80 | ||||||||||
Total Return | ||||||||||||||||||||
Total Investment Return Based on Net Asset Value(3) | 1.55 | % | 15.24 | % | (29.45 | )% | 59.98 | % | (6.91 | )% | ||||||||||
Total Investment Return Based on Market(3) | 1.48 | % | 15.58 | % | (29.62 | )% | 60.05 | % | (6.99 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Year/Period (000’s omitted) | $ | 7,039 | $ | 9,782 | $ | 8,695 | $ | 13,889 | $ | 9,126 | ||||||||||
Ratio to Average Net Assets of: | ||||||||||||||||||||
Expenses, after expense waivers and reimbursements or recapture(4) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.90 | % | ||||||||||
Expenses, prior to expense waivers and reimbursements or recapture(4) | 2.18 | % | 1.90 | % | 1.64 | % | 1.71 | % | 1.59 | % | ||||||||||
Net Investment Income(4) | 1.51 | % | 1.65 | % | 0.59 | % | 0.63 | % | 1.77 | % | ||||||||||
Portfolio Turnover Rate(5) | 124 | % | 147 | % | 83 | % | 125 | % | 41 | % |
(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.
70
ADVISORSHARES TRUST
Notes to Financial Statements
June 30, 2024
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 (defined below) 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 “1940 Act”). As of June 30, 2024, the Trust is comprised of 17 separate series (each, a “Fund” and, collectively, the “Funds”):
Fund | | Ticker | | Commencement of Operations | |
AdvisorShares Dorsey Wright ADR ETF | AADR | July 21, 2010 | |||
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 Short ETF | DWSH | July 11, 2018 | |||
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 | October 4, 2011 | |||
AdvisorShares MSOS 2X Daily ETF | MSOX | August 24, 2022 | |||
AdvisorShares Psychedelics ETF | PSIL | September 16, 2021 | |||
AdvisorShares Pure Cannabis ETF | YOLO | April 17, 2019 | |||
AdvisorShares Pure US Cannabis ETF | MSOS | September 1, 2020 | |||
AdvisorShares Q Dynamic Growth ETF | QPX | December 28, 2020 | |||
AdvisorShares 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 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 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 Short ETF (“Dorsey Wright Short ETF”) seeks capital appreciation through short selling securities.
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 long-term capital appreciation.
AdvisorShares Insider Advantage ETF (“Insider Advantage ETF”) seeks to generate long-term capital appreciation.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
1. Organization – (continued)
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 AdvisorShares Pure US Cannabis ETF.
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 long-term capital appreciation.
AdvisorShares STAR Global Buy-Write ETF (“STAR Global Buy-Write ETF”) seeks consistent repeatable returns across all market cycles.
AdvisorShares Vice ETF (“Vice ETF”) seeks long-term capital appreciation.
Some of the Funds are considered “funds of funds” and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds (“ETFs”), as well as other exchange-traded products (“ETPs”), such as, exchange-traded notes (“ETNs”) and closed-end funds.
Each Fund, except the Gerber Kawasaki ETF, Hotel ETF, MSOS 2X Daily ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, and Restaurant ETF, is a diversified investment company under the 1940 Act.
For the year ended June 30, 2024, 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:
Fund | Security Name | Market Value as of June 30, 2024 | % of Fund Net Assets as of June 30, 2024 | Reference location | |||||||||
Dorsey Wright FSM All Cap World ETF | iShares Morningstar Growth ETF | $ | 40,310,650 | 50.4 | % | https://www.ishares.com/us | |||||||
iShares MSCI USA Momentum Factor ETF | 39,565,625 | 49.5 | https://www.ishares.com/us | ||||||||||
Dorsey Wright FSM US Core ETF | Invesco QQQ Trust Series 1 | 56,344,294 | 50.3 | https://www.invesco.com | |||||||||
iShares MSCI USA Momentum Factor ETF | 55,359,060 | 49.5 | https://www.ishares.com/us | ||||||||||
Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | 16,403,206 | 37.7 | Contained within this report. | |||||||||
STAR Global Buy-Write ETF | SPDR S&P 500 ETF Trust | 28,271,141 | 45.9 | https://us.spdrs.com |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
2. Summary of Significant Accounting Policies
These financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investment Valuation
In computing each Fund’s NAV, the Fund’s portfolio investments are generally valued based on their last readily available market price. Price information on listed securities, including any exchange-traded funds in which a Fund invests (“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. When market quotations are not readily available, a portfolio investment’s fair value will be determined and such fair valuations will be used in calculating a Fund’s NAV.
The Board of Trustees of the Trust (the “Board”) has adopted valuation policies and procedures pursuant to which it has designated AdvisorShares Investments, LLC (the “Advisor”) to determine the fair value of each Fund’s investments, subject to the Board’s oversight, when market prices for those investments are not readily available, including when they are determined to be unreliable. Fair value determinations are made in good faith and in accordance with the fair value methodologies established by the Advisor.
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.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
2. Summary of Significant Accounting Policies – (continued)
Futures Contracts
Certain Funds may invest in futures contracts (“futures”), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market’. Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and 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 its Statement 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
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
2. Summary of Significant Accounting Policies – (continued)
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.
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 Statement of Assets and Liabilities and securities segregated as collateral are denoted in 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. The net amount of income or fees paid to Dorsey Wright Short ETF and Ranger Equity Bear ETF for the year ended June 30, 2024 was $83,267 and $2,952,522, respectively, which is included as Interest in the Statement of Operations.
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.
Options
Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). 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.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
2. Summary of Significant Accounting Policies – (continued)
Short-Term Investments
In addition to repurchase agreements, 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 and U.S. government securities.
Securities Lending
The Funds participate in a securities lending program offered by The Bank of New York Mellon (“BNY”) (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 BNY, 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 BNY. Cash collateral is held in a separate account managed by BNY, 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. BNY 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 Statement of Operations.
The value of loaned securities and related collateral outstanding at June 30, 2024 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. Non-cash collateral is included on a Fund’s Schedule of Investments and Statement of Asset and Liabilities.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
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 | ||||||||||||||||||
Dorsey Wright ADR ETF | ||||||||||||||||||||||||
Securities Lending | $ | (2,297,590 | ) | $ | — | $ | (2,297,590 | ) | $ | 2,297,590 | (1) | $ | — | $ | — | |||||||||
Money Market Instruments | 2,297,590 | — | 2,297,590 | 2,297,590 | — | — | ||||||||||||||||||
Dorsey Wright FSM All Cap World ETF | ||||||||||||||||||||||||
Securities Lending | (2,786,001 | ) | — | (2,786,001 | ) | 2,786,001 | (1) | — | — | |||||||||||||||
Money Market Instruments | 2,786,001 | — | 2,786,001 | 2,786,001 | — | — | ||||||||||||||||||
MSOS 2x Daily ETF | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
Money Market Instruments | — | — | — | — | — | — | ||||||||||||||||||
Swaps | (399,513 | ) | — | (399,513 | ) | — | — | (399,513 | ) | |||||||||||||||
Psychedelics ETF | ||||||||||||||||||||||||
Securities Lending | (429,996 | ) | — | (429,996 | ) | 429,996 | (1) | — | — | |||||||||||||||
Money Market Instruments | 429,996 | — | 429,996 | 429,996 | — | — | ||||||||||||||||||
Pure Cannabis ETF | ||||||||||||||||||||||||
Securities Lending | (3,040,984 | ) | — | (3,040,984 | ) | 3,040,984 | (1) | — | — | |||||||||||||||
Money Market Instruments | 3,040,984 | — | 3,040,984 | 3,040,984 | — | — | ||||||||||||||||||
Pure US Cannabis ETF | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
Money Market Instruments | — | — | — | — | — | — | ||||||||||||||||||
Swaps | (3,754,051 | ) | — | (3,754,051 | ) | — | — | (3,754,051 | ) | |||||||||||||||
Q Dynamic Growth ETF | ||||||||||||||||||||||||
Securities Lending | (1,136,149 | ) | — | (1,136,149 | ) | 1,136,149 | (1) | — | — | |||||||||||||||
Money Market Instruments | 1,136,149 | — | 1,136,149 | 1,136,149 | — | — | ||||||||||||||||||
Restaurant ETF | ||||||||||||||||||||||||
Securities Lending | (58,065 | ) | — | (58,065 | ) | 58,065 | (1) | — | — | |||||||||||||||
Money Market Instruments | 58,065 | — | 58,065 | 58,065 | — | — | ||||||||||||||||||
STAR Global Buy-Write ETF | ||||||||||||||||||||||||
Securities Lending | (2,210,170 | ) | — | (2,210,170 | ) | 2,210,170 | (1) | — | — | |||||||||||||||
Money Market Instruments | 2,210,170 | — | 2,210,170 | 2,210,170 | — | — | ||||||||||||||||||
Vice ETF | ||||||||||||||||||||||||
Securities Lending | (144,203 | ) | — | (144,203 | ) | 144,203 | (1) | — | — | |||||||||||||||
Money Market Instruments | 144,203 | — | 144,203 | 144,203 | — | — |
(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. |
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.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
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
Accounting Standards Update 2020-04 Reference Rate Reform
In March 2020, the FASB issued Accounting Standards Update 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 the Advisor pursuant to which the Advisor serves as the Fund’s investment adviser. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund’s portfolio, and has ultimate responsibility (subject to oversight by the Board) for investment and operational oversight of a Fund’s sub-adviser, if applicable. For its services, the Advisor is entitled to an annual management fee from each Fund, 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 for a Fund.
The Advisor’s annual management fee for each Fund is as follows:
Fund | Rate | ||
Dorsey Wright ADR ETF | 0.75% | ||
Dorsey Wright FSM All Cap World ETF | 0.75% | ||
Dorsey Wright FSM US Core ETF | 0.75% | ||
Dorsey Wright Short ETF | 0.75% | ||
Focused Equity ETF | 0.75%* | ||
Gerber Kawasaki ETF | 0.75% | ||
Hotel ETF | 0.60% | ||
Insider Advantage ETF | 0.70% | ||
MSOS 2X Daily ETF | 0.85% | ||
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% |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
3. Investment Advisory Agreement and Other Agreements – (continued)
Fund | Rate | ||
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% |
** | The Fund’s advisory fee is 0.60% less the acquired fund fees and expenses related to any investment in AdvisorShares Pure US Cannabis ETF. |
With respect to the AdvisorShares Focused Equity ETF, the following table illustrates how the effective annual rate of the advisory fee would vary under this arrangement, which is commonly referred to as a “fulcrum” fee arrangement:
Base Fee | 0.75% | |||
Incremental Changes | 0.02% | |||
Performance to Benchmark | Advisory Fee | |||
2.00% | 0.85% | |||
1.50% | 0.83% | |||
1.25% | 0.81% | |||
1.00% | 0.79% | |||
0.50% | 0.77% | |||
+/– | 0.75% | |||
-0.50% | 0.73% | |||
-1.00% | 0.71% | |||
-1.25% | 0.69% | |||
-1.50% | 0.67% | |||
-2.00% | 0.65% |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
3. Investment Advisory Agreement and Other Agreements – (continued)
With respect to the AdvisorShares Q Dynamic Growth ETF, the following table illustrates how the effective annual rate of the advisory fee would vary under the Fund’s “fulcrum” fee arrangement:
Base Fee | 1.00% | |||
Incremental Changes | 0.02% | |||
Performance to Benchmark | Advisory Fee | |||
2.00% | 1.10% | |||
1.50% | 1.08% | |||
1.25% | 1.06% | |||
1.00% | 1.04% | |||
0.50% | 1.02% | |||
+/– | 1.00% | |||
-0.50% | 0.98% | |||
-1.00% | 0.96% | |||
-1.25% | 0.94% | |||
-1.50% | 0.92% | |||
-2.00% | 0.90% |
Sub-Advisory Agreements
Each Fund’s investment sub-adviser, 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-adviser and the Advisor, the sub-adviser 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-Advisor | Sub-Advisory Fee Rate | |||||
Gerber Kawasaki ETF | Gerber Kawasaki, Inc. | 0.50 | % | |||
Ranger Equity Bear ETF | Ranger Alternative Management, L.P. | 1.00 | % | |||
STAR Global Buy-Write ETF | CreativeOne Wealth, LLC | 0.55 | % |
From time to time, a sub-adviser may waive all or a portion of its fee for a fund.
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
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
3. Investment Advisory Agreement and Other Agreements – (continued)
termination to be effective as of the close of business on the last day of the then-current one-year period. The expense limits in effect for each Fund during the year ended June 30, 2024 were as follows:
Fund | Rate | ||
Dorsey Wright ADR ETF | 1.10% | ||
Dorsey Wright FSM All Cap World ETF | 0.99% | ||
Dorsey Wright FSM US Core ETF | 0.99% | ||
Dorsey Wright Short ETF | 1.25% | ||
Focused Equity ETF | 0.65%-0.85%(a) | ||
Gerber Kawasaki ETF | 0.75% | ||
Hotel ETF | 0.99% | ||
Insider Advantage ETF | 0.90% | ||
MSOS 2X Daily ETF | 0.95% | ||
Psychedelics ETF | 0.99% | ||
Pure Cannabis ETF | 0.74% | ||
Pure US Canabis 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%. |
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 a Fund’s total annual operating expenses and the Fund’s expense limitation currently in effect, or, if 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.
All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured no later than during the fiscal years indicated:
Fund | Expenses Reimbursed | Recoupment Balance | Recoupment Expiration | ||||||||
Dorsey Wright ADR ETF | $ | 12,898 | $ | 12,898 | 6/30/2025 | ||||||
18,402 | 18,402 | 6/30/2026 | |||||||||
38,935 | 36,096 | 6/30/2027 | |||||||||
Total | 70,235 | 67,396 | |||||||||
Dorsey Wright FSM All Cap World ETF | 14,930 | 3,186 | 6/30/2025 | ||||||||
— | — | 6/30/2026 | |||||||||
13,207 | — | 6/30/2027 | |||||||||
Total | 28,137 | 3,186 |
81
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
3. Investment Advisory Agreement and Other Agreements – (continued)
Fund | Expenses Reimbursed | Recoupment Balance | Recoupment Expiration | ||||||||
Dorsey Wright FSM US Core ETF | $ | 18,117 | $ | — | 6/30/2025 | ||||||
— | — | 6/30/2026 | |||||||||
856 | — | 6/30/2027 | |||||||||
Total | 18,973 | — | |||||||||
Dorsey Wright Short ETF | — | — | 6/30/2026 | ||||||||
22,151 | 13,247 | 6/30/2027 | |||||||||
Total | 22,151 | 13,247 | |||||||||
Focused Equity ETF | 134,742 | 134,742 | 6/30/2025 | ||||||||
137,790 | 137,790 | 6/30/2026 | |||||||||
208,140 | 208,140 | 6/30/2027 | |||||||||
Total | 480,672 | 480,672 | |||||||||
Gerber Kawasaki ETF | 110,127 | 110,127 | 6/30/2025 | ||||||||
93,397 | 93,397 | 6/30/2026 | |||||||||
165,111 | 165,111 | 6/30/2027 | |||||||||
Total | 368,635 | 368,635 | |||||||||
Hotel ETF | 28,064 | 28,064 | 6/30/2025 | ||||||||
70,955 | 70,955 | 6/30/2026 | |||||||||
107,021 | 107,021 | 6/30/2027 | |||||||||
Total | 206,040 | 206,040 | |||||||||
Insider Advantage ETF | 31,171 | 31,171 | 6/30/2025 | ||||||||
67,433 | 67,433 | 6/30/2026 | |||||||||
74,870 | 71,631 | 6/30/2027 | |||||||||
Total | 173,474 | 170,235 | |||||||||
MSOS 2x Daily ETF | 140,585 | 140,585 | 6/30/2026 | ||||||||
86,127 | 84,284 | 6/30/2027 | |||||||||
226,712 | 224,869 | ||||||||||
Psychedelics ETF | 94,175 | 94,175 | 6/30/2025 | ||||||||
140,498 | 140,498 | 6/30/2026 | |||||||||
130,442 | 130,442 | 6/30/2027 | |||||||||
Total | 365,115 | 365,115 | |||||||||
Pure Cannabis ETF | 283,232 | 283,232 | 6/30/2025 | ||||||||
165,820 | 165,820 | 6/30/2026 | |||||||||
310,912 | 310,912 | 6/30/2027 | |||||||||
Total | 759,964 | 759,964 |
82
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
3. Investment Advisory Agreement and Other Agreements – (continued)
Fund | Expenses Reimbursed | Recoupment Balance | Recoupment Expiration | ||||||||
Pure US Cannabis ETF | $ | 291,422 | $ | 291,422 | 6/30/2025 | ||||||
136,205 | 136,205 | 6/30/2026 | |||||||||
139,088 | 4,774 | 6/30/2027 | |||||||||
Total | 566,715 | 432,401 | |||||||||
Q Dynamic Growth ETF | 2,148 | 2,148 | 6/30/2026 | ||||||||
63,956 | 59,876 | 6/30/2027 | |||||||||
Total | 66,104 | 62,024 | |||||||||
Restaurant ETF | 47,970 | 47,970 | 6/30/2025 | ||||||||
77,174 | 77,174 | 6/30/2026 | |||||||||
108,238 | 108,238 | 6/30/2027 | |||||||||
Total | 233,382 | 233,382 | |||||||||
STAR Global Buy-Write ETF | 3,755 | — | 6/30/2025 | ||||||||
Total | 3,755 | — | |||||||||
Vice ETF | 73,954 | 73,954 | 6/30/2025 | ||||||||
82,098 | 82,098 | 6/30/2026 | |||||||||
94,520 | 94,520 | 6/30/2027 | |||||||||
Total | 250,572 | 250,572 |
Administrator, Custodian, Fund Accountant and Transfer Agent
The Bank of New York Mellon 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 shares 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 “participating party”, i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System (“CNS”) of the National Securities Clearing Corporation (“NSCC”) or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor with respect to creations and redemptions of Creation Units. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole
83
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
4. Creation and Redemption Transactions – (continued)
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.
To compensate a fund for transfer and other transaction costs involved in creation transactions and redemption transactions through the clearing process, investors will be required to pay a minimum transaction fee, assessed per transaction, of $500. To the extent a Creation Unit consists of more than 100 securities, an additional fee may be charged to Authorized Participants to the next highest $500 increment at the following rates: (i) $5 per book-entry security settled via the NSCC’s CNS and (ii) $15 per security for “in-kind” settlements settled outside the NSCC, and all physical settlements, including options, futures and other derivatives.
5. Summary of Fair Value Disclosure
The FASB Accounting Standards Codification 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. |
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.
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
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 June 30, 2024, the fair values of derivative instruments were as follows:
Statements of Assets and Liabilities:
Fund | Asset Derivatives | Equity Risk | ||||
Pure US Cannabis ETF | Unrealized Appreciation on OTC Swap Contracts | $ | 523,165 |
Fund | Liability Derivatives | Equity Risk | ||||
MSOS 2X Daily ETF | Unrealized Depreciation on OTC Swap Contracts | $ | 399,513 | |||
Pure US Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | 4,277,216 | ||||
STAR Global Buy-Write ETF | Options Written, at value | 9,828 |
Transactions in derivative instruments during the year ended June 30, 2024, were as follows:
Statements of Operations:
Fund | Realized Gain (Loss) | Equity Risk | ||||
MSOS 2X Daily ETF | Swaps | $ | (40,897,424 | ) | ||
Pure US Cannabis ETF | Swaps | 45,715,918 | ||||
STAR Global Buy-Write ETF | Options Written | (300,388 | ) | |||
STAR Global Buy-Write ETF | Purchased Options | (173,397 | ) |
Fund | Change in Unrealized Gain (Loss) | Equity Risk | ||||
MSOS 2X Daily ETF | Swaps | $ | (443,685 | ) | ||
Pure US Cannabis ETF | Swaps | (2,073,590 | ) | |||
STAR Global Buy-Write ETF | Options Written | 4,693 | ||||
STAR Global Buy-Write ETF | Purchased Options | 76,559 |
For the year ended June 30, 2024, the average volume of the derivatives opened by the Funds was as follows:
MSOS 2X Daily ETF | Pure US Cannabis ETF | STAR Global Buy-Write ETF | ||||||||||
Long Swaps Contracts | $ | 1,290,900 | $ | 1,760,567 | $ | — | ||||||
Purchased Options Contracts | — | — | 106,069 | |||||||||
Written Options Contracts | — | — | 29,756 |
85
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
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. FASB Accounting Standards Update No. 2009-06, “Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities” 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 (2021 − 2023), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Trust currently has no tax-related 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, 2024, 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) | |||||||||||||||
Dorsey Wright ADR ETF | $ | 20,450,101 | $ | 7,668,693 | $ | (197,633 | ) | $ | 7,471,060 | $ | — | |||||||||
Dorsey Wright FSM All Cap World ETF | 75,354,567 | 7,531,688 | — | 7,531,688 | — | |||||||||||||||
Dorsey Wright FSM US Core ETF | 86,726,489 | 25,256,773 | (1,456 | ) | 25,255,317 | — | ||||||||||||||
Dorsey Wright Short ETF | 26,057,199 | — | — | — | 2,955,242 | |||||||||||||||
Focused Equity ETF | 138,575,985 | 20,443,474 | (4,739,373 | ) | 15,704,101 | — | ||||||||||||||
Gerber Kawasaki ETF | 17,327,241 | 5,685,714 | (464,631 | ) | 5,221,083 | — | ||||||||||||||
Hotel ETF | 3,174,766 | 417,044 | (179,399 | ) | 237,645 | — | ||||||||||||||
Insider Advantage ETF | 43,620,112 | 4,490,132 | (1,145,777 | ) | 3,344,355 | — | ||||||||||||||
MSOS 2x Daily ETF | 4,452,979 | — | — | — | (399,513 | ) | ||||||||||||||
Psychedelics ETF | 16,076,098 | 432,697 | (10,418,222 | ) | (9,985,525 | ) | — | |||||||||||||
Pure Cannabis ETF | 135,727,230 | 1,045,691 | (90,356,847 | ) | (89,311,156 | ) | — | |||||||||||||
Pure US Cannabis ETF | 266,494,496 | 1,641,991,487 | (1,682,033,922 | ) | (40,042,435 | ) | (3,754,051 | ) | ||||||||||||
Q Dynamic Growth ETF | 23,974,773 | 3,062,121 | (93,992 | ) | 2,968,129 | — | ||||||||||||||
Ranger Equity Bear ETF | 78,944,847 | — | — | — | 474,264 | |||||||||||||||
Restaurant ETF | 2,515,358 | 783,906 | (126,098 | ) | 657,808 | — | ||||||||||||||
STAR Global Buy-Write ETF | 56,636,711 | 7,941,097 | (775,626 | ) | 7,165,471 | 6,676 | ||||||||||||||
Vice ETF | 6,613,027 | 1,028,470 | (410,464 | ) | 618,006 | — |
86
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
7. Federal Income Tax – (continued)
At June 30, 2024, the components of distributable earnings/loss on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Capital Loss Carryforward | Timing Differences | Post- October/ Late-year Ordinary Deferrals | Net Unrealized Appreciation (Depreciation) | Total Earnings (Losses) | |||||||||||||||||||||
Dorsey Wright ADR ETF | $ | 2,085 | $ | — | $ | (55,741,180 | ) | $ | — | $ | — | $ | 7,471,060 | $ | (48,268,035 | ) | ||||||||||||
Dorsey Wright FSM All Cap World ETF | — | — | (26,979,215 | ) | (9,529 | ) | (177,868 | ) | 7,531,688 | (19,634,924 | ) | |||||||||||||||||
Dorsey Wright FSM US Core ETF | — | — | (2,748,633 | ) | (9,529 | ) | (172,951 | ) | 25,255,317 | 22,324,204 | ||||||||||||||||||
Dorsey Wright Short ETF | 744,072 | — | (93,746,087 | ) | — | — | 2,955,242 | (90,046,773 | ) | |||||||||||||||||||
Focused Equity ETF | 500,731 | — | (843,609 | ) | — | — | 15,704,101 | 15,361,223 | ||||||||||||||||||||
Gerber Kawasaki ETF | — | — | (9,943,478 | ) | (7,959 | ) | (4,231 | ) | 5,221,083 | (4,734,585 | ) | |||||||||||||||||
Hotel ETF | — | — | (1,274,799 | ) | (11,705 | ) | — | 237,645 | (1,048,859 | ) | ||||||||||||||||||
Insider Advantage ETF | 202,534 | — | (20,151,130 | ) | — | — | 3,344,355 | (16,604,241 | ) | |||||||||||||||||||
MSOS 2x Daily ETF | — | — | (46,076,721 | ) | (24,057 | ) | (3,652,995 | ) | (399,513 | ) | (50,153,286 | ) | ||||||||||||||||
Psychedelics ETF | 27,243 | — | (5,756,437 | ) | (20,112 | ) | — | (9,985,525 | ) | (15,734,831 | ) | |||||||||||||||||
Pure Cannabis ETF | 126,515 | — | (176,636,647 | ) | — | — | (89,311,156 | ) | (265,821,288 | ) | ||||||||||||||||||
Pure US Cannabis ETF | — | — | (1,470,157,724 | ) | (99,445 | ) | (12,596,522 | ) | (43,796,486 | ) | (1,526,650,177 | ) | ||||||||||||||||
Q Dynamic Growth ETF | — | — | (4,423,946 | ) | (9,645 | ) | (20,354 | ) | 2,968,129 | (1,485,816 | ) | |||||||||||||||||
Ranger Equity Bear ETF | 2,415,681 | — | (401,503,489 | ) | — | — | 474,264 | (398,613,544 | ) | |||||||||||||||||||
Restaurant ETF | 821 | — | (1,174,649 | ) | (11,705 | ) | — | 657,808 | (527,725 | ) | ||||||||||||||||||
STAR Global Buy-Write ETF | 348,568 | — | (1,777,748 | ) | (700,640 | ) | — | 7,172,147 | 5,042,327 | |||||||||||||||||||
Vice ETF | 55,314 | — | (1,784,672 | ) | — | — | 618,006 | (1,111,352 | ) |
The differences between book and tax basis components of net assets are primarily attributed to wash sale loss deferrals and other book/tax differences.
At June 30, 2023, the effect of permanent book/tax reclassifications resulted in increases/(decreases) to the components of net assets as follows:
Fund | Distributable Earnings (Loss) | Paid-in Capital | ||||||
Dorsey Wright ADR ETF | $ | (1,622,742 | ) | $ | 1,622,742 | |||
Dorsey Wright FSM All Cap World ETF | (13,434,187 | ) | 13,434,187 | |||||
Dorsey Wright FSM US Core ETF | (4,529,766 | ) | 4,529,766 | |||||
Dorsey Wright Short ETF | — | — | ||||||
Focused Equity ETF | (7,639,829 | ) | 7,639,829 | |||||
Gerber Kawasaki ETF | (171,316 | ) | 171,316 | |||||
Hotel ETF | (353,540 | ) | 353,540 | |||||
Insider Advantage ETF | (269,314 | ) | 269,314 | |||||
MSOS 2x Daily ETF | 692,104 | (692,104 | ) | |||||
Psychedelics ETF | — | — | ||||||
Pure Cannabis ETF | 244,658 | (244,658 | ) | |||||
Pure US Cannabis ETF | 13,821,822 | (13,821,822 | ) |
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
7. Federal Income Tax – (continued)
Fund | Distributable Earnings (Loss) | Paid-in Capital | ||||||
Q Dynamic Growth ETF | $ | (422,319 | ) | $ | 422,319 | |||
Ranger Equity Bear ETF | — | — | ||||||
Restaurant ETF | (138,275 | ) | 138,275 | |||||
STAR Global Buy-Write ETF | (705,484 | ) | 705,484 | |||||
Vice ETF | (658,523 | ) | 658,523 |
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses and redemptions-in-kind.
The tax character of distributions paid during the fiscal years ended June 30, 2024 and 2023 were as follows:
Fund | 2024 Ordinary Income | 2024 Long Term Capital Gains | 2024 Return of Capital | 2023 Ordinary Income | 2023 Long Term Capital Gains | 2023 Return of Capital | ||||||||||||||||||
Dorsey Wright ADR ETF | $ | 363,090 | $ | — | $ | 830,502 | $ | — | $ | — | ||||||||||||||
Dorsey Wright FSM All Cap World ETF | 1,203,485 | — | 459,135 | — | — | |||||||||||||||||||
Dorsey Wright FSM US Core ETF | 278,455 | — | 703,469 | — | — | |||||||||||||||||||
Dorsey Wright Short ETF | 1,498,804 | — | — | — | — | |||||||||||||||||||
Focused Equity ETF | 207,722 | — | 155,922 | — | — | |||||||||||||||||||
Gerber Kawasaki ETF | 24,169 | — | 185,487 | — | — | |||||||||||||||||||
Hotel ETF | 65,051 | — | 9,873 | — | — | |||||||||||||||||||
Insider Advantage ETF | 498,714 | — | 693,692 | — | — | |||||||||||||||||||
MSOS 2x Daily ETF | — | — | — | — | — | |||||||||||||||||||
Psychedelics ETF | 14,044 | — | 160,462 | — | — | |||||||||||||||||||
Pure Cannabis ETF | 762,879 | — | 305,589 | — | — | |||||||||||||||||||
Pure US Cannabis ETF | — | — | — | — | — | |||||||||||||||||||
Q Dynamic Growth ETF | — | — | — | — | — | |||||||||||||||||||
Ranger Equity Bear ETF | 6,472,045 | — | — | — | — | |||||||||||||||||||
Restaurant ETF | 13,961 | — | 53,627 | — | — | |||||||||||||||||||
STAR Global Buy-Write ETF | 610,224 | — | 650,549 | 67,088 | — | |||||||||||||||||||
Vice ETF | 132,733 | — | 80,580 | — | — |
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
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ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
7. Federal Income Tax – (continued)
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, 2024 are as follows:
Fund | Late Year Ordinary Loss Deferral | Short-Term Capital Post- October Loss | Long-Term Capital Post- October Loss | |||||||||
Dorsey Wright ADR ETF | $ | — | $ | — | $ | — | ||||||
Dorsey Wright FSM All Cap World ETF | 177,868 | — | — | |||||||||
Dorsey Wright FSM US Core ETF | 172,951 | — | — | |||||||||
Dorsey Wright Short ETF | — | — | — | |||||||||
Focused Equity ETF | — | — | — | |||||||||
Gerber Kawasaki ETF | 4,231 | — | — | |||||||||
Hotel ETF | — | — | — | |||||||||
Insider Advantage ETF | — | — | — | |||||||||
MSOS 2x Daily ETF | 3,652,995 | — | — | |||||||||
Psychedelics ETF | — | — | — | |||||||||
Pure Cannabis ETF | — | — | — | |||||||||
Pure US Cannabis ETF | 12,596,522 | — | — | |||||||||
Q Dynamic Growth ETF | 20,354 | — | — | |||||||||
Ranger Equity Bear ETF | — | — | — | |||||||||
Restaurant ETF | — | — | — | |||||||||
STAR Global Buy-Write ETF | — | — | — | |||||||||
Vice ETF | — | — | — |
The following Funds have capital loss carryforwards available to offset future realized gains of:
Fund | Short-Term No Expiration | Long-Term No Expiration | Total | |||||||||
Dorsey Wright ADR ETF | $ | 55,741,180 | $ | — | $ | 55,741,180 | ||||||
Dorsey Wright FSM All Cap World ETF | 20,813,668 | 6,165,547 | 26,979,215 | |||||||||
Dorsey Wright FSM US Core ETF | 2,748,633 | — | 2,748,633 | |||||||||
Dorsey Wright Short ETF | 93,518,528 | 227,559 | 93,746,087 | |||||||||
Focused Equity ETF | 153,889 | 689,720 | 843,609 | |||||||||
Gerber Kawasaki ETF | 5,908,135 | 4,035,343 | 9,943,478 | |||||||||
Hotel ETF | 631,989 | 642,810 | 1,274,799 | |||||||||
Insider Advantage ETF | 19,287,852 | 863,278 | 20,151,130 | |||||||||
MSOS 2x Daily ETF | 46,076,721 | — | 46,076,721 | |||||||||
Psychedelics ETF | 829,619 | 4,926,818 | 5,756,437 | |||||||||
Pure Cannabis ETF | 45,496,153 | 131,140,494 | 176,636,647 | |||||||||
Pure US Cannabis ETF | 919,745,969 | 550,411,755 | 1,470,157,724 | |||||||||
Q Dynamic Growth ETF | 4,423,946 | — | 4,423,946 | |||||||||
Ranger Equity Bear ETF | 400,602,125 | 901,364 | 401,503,489 | |||||||||
Restaurant ETF | 988,433 | 186,216 | 1,174,649 | |||||||||
STAR Global Buy-Write ETF | 789,593 | 988,155 | 1,777,748 | |||||||||
Vice ETF | 1,482,231 | 302,441 | 1,784,672 |
89
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
7. Federal Income Tax – (continued)
The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2024:
Fund | Utilized Amount | |||
Dorsey Wright ADR ETF | $ | — | ||
Dorsey Wright FSM All Cap World ETF | — | |||
Dorsey Wright FSM US Core ETF | 587,350 | |||
Dorsey Wright Short ETF | 1,088,199 | |||
Focused Equity ETF | — | |||
Gerber Kawasaki ETF | — | |||
Hotel ETF | 133,980 | |||
Insider Advantage ETF | 8,039,037 | |||
MSOS 2x Daily ETF | — | |||
Psychedelics ETF | — | |||
Pure Cannabis ETF | — | |||
Pure US Cannabis ETF | 69,361,307 | |||
Q Dynamic Growth ETF | 955,418 | |||
Ranger Equity Bear ETF | — | |||
Restaurant ETF | — | |||
STAR Global Buy-Write ETF | — | |||
Vice ETF | — |
8. Investment Transactions
Purchases and sales of investments and securities sold short (excluding short term securities) for the year ended June 30, 2024 were as follows:
Purchases | Sales | |||||||||||||||||||||||
Fund | Long Term | U.S. Government | In-Kind | Long Term | U.S. Government | In-Kind | ||||||||||||||||||
Dorsey Wright ADR ETF | $ | 11,936,983 | $ | — | $ | — | $ | 11,745,139 | $ | — | $ | 8,684,811 | ||||||||||||
Dorsey Wright FSM All Cap World ETF | 117,344,532 | — | 85,086,082 | 118,889,347 | — | 105,817,826 | ||||||||||||||||||
Dorsey Wright FSM US Core ETF | 95,012,225 | — | 50,869,867 | 95,718,414 | — | 51,553,422 | ||||||||||||||||||
Dorsey Wright Short ETF | 61,896,765 | — | — | 47,385,620 | — | — | ||||||||||||||||||
Focused Equity ETF | 18,700,556 | — | 95,254,079 | 18,753,503 | — | 25,479,653 | ||||||||||||||||||
Gerber Kawasaki ETF | 10,034,287 | — | 2,044,641 | 10,117,048 | — | 851,212 | ||||||||||||||||||
Hotel ETF | 3,623,766 | — | 545,391 | 3,768,512 | — | 1,696,422 | ||||||||||||||||||
Insider Advantage ETF | 110,275,251 | — | — | 110,550,478 | — | 2,581,174 | ||||||||||||||||||
MSOS 2x Daily ETF | — | — | — | — | — | — | ||||||||||||||||||
Psychedelics ETF | 4,764,556 | — | 2,612,719 | 4,401,700 | — | — | ||||||||||||||||||
Pure Cannabis ETF | 13,023,221 | — | — | 13,166,724 | — | 856,646 | ||||||||||||||||||
Pure US Cannabis ETF | 66,766,304 | — | 29,490,046 | 2,183,080 | — | 496,175 | ||||||||||||||||||
Q Dynamic Growth ETF | 73,856,011 | — | 13,103,052 | 73,871,005 | — | 19,443,621 | ||||||||||||||||||
Ranger Equity Bear ETF | 838,395,667 | — | — | 762,085,909 | — | — | ||||||||||||||||||
Restaurant ETF | 2,037,859 | — | 566,009 | 2,409,538 | — | 397,550 | ||||||||||||||||||
STAR Global Buy-Write ETF | 12,917,709 | — | 4,557,969 | 13,402,599 | — | 2,807,084 | ||||||||||||||||||
Vice ETF | 9,472,444 | — | 1,249,926 | 9,786,131 | — | 3,653,667 |
90
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
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.
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.
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 Statement 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. This difference can be reflected as a spread between the bid and ask prices quoted during the day or a premium or discount in the closing price from a Fund’s NAV.
91
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
9. Risks Involved with Investing in the Funds – (continued)
Because a Fund’s shares trade in the secondary market, a broker may charge a commission to execute a transaction in shares and an investor may incur the cost of the spread between the price at which a dealer will buy shares (bid) and the somewhat higher price at which a dealer will sell shares (ask). In addition, not only are there a limited number of institutions that act as authorized participants, direct trading by authorized participants is critical to ensuring that a Fund’s shares trade at or close to NAV. However, market makers are not obligated to make a market in a Fund’s shares nor are authorized participants obligated to execute purchase or redemption orders for Creation Units and, in times of market stress, circumstances could develop that could cause them to refrain from these activities or reduce their role. 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.
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.
92
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
9. Risks Involved with Investing in the Funds – (continued)
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 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. For example, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia’s invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of investments. Fluctuations in the value of securities and other 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 investments 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.
Trading Risk
Shares of each Fund may trade above or below their NAV. The NAV of shares will fluctuate with changes in the market value of a Fund’s holdings. The trading prices of a Fund’s shares will fluctuate in accordance with changes in NAV, as well as market supply and demand. When the market price of a Fund’s shares deviates significantly from their NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund’s shares. However, given that shares can be created and redeemed only in Creation Units at NAV, the Advisor and Sub-Advisor, as applicable, do not believe that large discounts or premiums to NAV will exist for extended periods of time. Although each Fund’s shares are currently listed on the Exchange, 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 the Fund’s Exchange, make trading in shares inadvisable.
10. Subsequent Events
The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred, other than those disclosed below, that require additional disclosure.
93
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
11. Unaudited Tax Information
Qualified Dividend Income — Certain dividends paid by the Funds may be subject to a minimum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the year ended June 30, 2024, taxed at a minimum rate of 15% were as follows:
Fund | Percentage | |||
Dorsey Wright ADR ETF | 100.00 | % | ||
Dorsey Wright FSM All Cap World ETF | 94.90 | % | ||
Dorsey Wright FSM US Core ETF | 100.00 | % | ||
Dorsey Wright Short ETF | 0.00 | % | ||
Focused Equity ETF | 100.00 | % | ||
Gerber Kawasaki ETF | 64.18 | % | ||
Hotel ETF | 100.00 | % | ||
Insider Advantage ETF | 100.00 | % | ||
MSOS 2x Daily ETF | 0.00 | % | ||
Psychedelics ETF | 0.00 | % | ||
Pure Cannabis ETF | 0.00 | % | ||
Pure US Cannabis ETF | 0.00 | % | ||
Q Dynamic Growth ETF | 0.00 | % | ||
Ranger Equity Bear ETF | 0.00 | % | ||
Restaurant ETF | 100.00 | % | ||
STAR Global Buy-Write ETF | 100.00 | % | ||
Vice ETF | 100.00 | % |
Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended June 30, 2024 that qualifies for the dividends received deduction were as follows:
Fund | Percentage | |||
Dorsey Wright ADR ETF | 0.00 | % | ||
Dorsey Wright FSM All Cap World ETF | 52.91 | % | ||
Dorsey Wright FSM US Core ETF | 100.00 | % | ||
Dorsey Wright Short ETF | 0.00 | % | ||
Focused Equity ETF | 100.00 | % | ||
Gerber Kawasaki ETF | 40.91 | % | ||
Hotel ETF | 100.00 | % | ||
Insider Advantage ETF | 100.00 | % | ||
MSOS 2x Daily ETF | 0.00 | % | ||
Psychedelics ETF | 0.00 | % | ||
Pure Cannabis ETF | 0.00 | % | ||
Pure US Cannabis ETF | 0.00 | % | ||
Q Dynamic Growth ETF | 0.00 | % | ||
Ranger Equity Bear ETF | 0.00 | % | ||
Restaurant ETF | 100.00 | % | ||
STAR Global Buy-Write ETF | 76.64 | % | ||
Vice ETF | 79.84 | % |
94
ADVISORSHARES TRUST
Notes to Financial Statements (Continued)
June 30, 2024
11. Unaudited Tax Information – (continued)
Qualified Interest Income — For nonresident alien shareholders, the percentage of ordinary income distributions for the year ended June 30, 2024 that qualified interest income were as follows:
Fund | Percentage | |||
Dorsey Wright ADR ETF | 0.00 | % | ||
Dorsey Wright FSM All Cap World ETF | 0.00 | % | ||
Dorsey Wright FSM US Core ETF | 0.00 | % | ||
Dorsey Wright Short ETF | 0.00 | % | ||
Focused Equity ETF | 0.00 | % | ||
Gerber Kawasaki ETF | 0.00 | % | ||
Hotel ETF | 0.00 | % | ||
Insider Advantage ETF | 0.00 | % | ||
MSOS 2x Daily ETF | 0.00 | % | ||
Psychedelics ETF | 0.00 | % | ||
Pure Cannabis ETF | 0.00 | % | ||
Pure US Cannabis ETF | 0.00 | % | ||
Q Dynamic Growth ETF | 0.00 | % | ||
Ranger Equity Bear ETF | 0.00 | % | ||
Restaurant ETF | 0.00 | % | ||
STAR Global Buy-Write ETF | 0.00 | % | ||
Vice ETF | 0.00 | % |
The following Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid were as follows:
Fund | Foreign Taxes Paid | Gross Foreign Income | ||||||
Dorsey Wright ADR ETF | $ | 9,858 | $ | 582,953 | ||||
Dorsey Wright FSM All Cap World ETF | — | — | ||||||
Dorsey Wright FSM US Core ETF | — | — | ||||||
Dorsey Wright Short ETF | — | — | ||||||
Focused Equity ETF | — | — | ||||||
Gerber Kawasaki ETF | — | — | ||||||
Hotel ETF | — | — | ||||||
Insider Advantage ETF | — | — | ||||||
MSOS 2x Daily ETF | — | — | ||||||
Psychedelics ETF | — | — | ||||||
Pure Cannabis ETF | — | — | ||||||
Pure US Cannabis ETF | — | — | ||||||
Q Dynamic Growth ETF | — | — | ||||||
Ranger Equity Bear ETF | — | — | ||||||
Restaurant ETF | — | — | ||||||
STAR Global Buy-Write ETF | — | — | ||||||
Vice ETF | — | — |
95
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
of AdvisorShares Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Dorsey Wright ADR ETF, Dorsey Wright FSM All Cap World ETF, Dorsey Wright FSM US Core ETF, Dorsey Wright Short ETF, Focused Equity ETF, Gerber Kawasaki ETF, Hotel ETF, Insider Advantage ETF, MSOS 2x Daily ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, Q Dynamic Growth ETF, Ranger Equity Bear ETF, Restaurant ETF, STAR Global Buy-Write ETF, and Vice ETF, each a series of AdvisorShares Trust (the “Funds”), including the schedules of investments, as of June 30, 2024, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Funds constituting AdvisorShares Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Dorsey Wright ADR ETF, Dorsey Wright Short ETF, Focused Equity ETF, Insider Advantage ETF, Pure Cannabis ETF, Ranger Equity Bear ETF, STAR Global Buy-Write ETF, Vice ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the five years in the period ended June 30, 2024 | |||
Dorsey Wright FSM All Cap World ETF, Dorsey Wright FSM US Core ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the four years in the period ended June 30, 2024 and the period December 26, 2019 (commencement of operations) through June 30, 2020 | |||
Pure US Cannabis ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the three years in the period ended June 30, 2024 and the period September 1, 2020 (commencement of operations) through June 30, 2021 | |||
Q Dynamic Growth ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the three years in the period ended June 30, 2024 and the period December 28, 2020 (commencement of operations) through June 30, 2021 | |||
Hotel ETF, Restaurant ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the three years in the period ended June 30, 2024 and the period April 20, 2021 (commencement of operations) through June 30, 2021 | |||
Gerber Kawasaki ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 and the period July 2, 2021 (commencement of operations) through June 30, 2022 |
96
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)
Individual Funds constituting AdvisorShares Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Psychedelics ETF | For the year ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 | For each of the two years in the period ended June 30, 2024 and the period September 16, 2021 (commencement of operations) through June 30, 2022 | |||
MSOS 2x Daily ETF | For the year ended June 30, 2024 | For the year ended June 30, 2024 and the period August 24, 2022 through June 30, 2023 | For the year ended June 30, 2024 and the period August 24, 2022 through June 30, 2023 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2009.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, brokers or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP |
Philadelphia, Pennsylvania
August 28, 2024
97
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Renewal of the Advisory Agreement for Each Fund and the Sub-Advisory Agreements for the
AdvisorShares Gerber Kawasaki ETF and AdvisorShares STAR Global Buy-Write ETF
At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on February 28, 2024 and May 29, 2024, the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of the renewal of (a) separate sub-advisory agreements (together, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Gerber Kawasaki, Inc., on behalf of the AdvisorShares Gerber Kawasaki ETF and (2) CreativeOne Wealth, LLC, on behalf of the AdvisorShares STAR Global Buy-Write ETF (together, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services, and (b) the investment advisory agreement between the Advisor and the Trust (together with the Sub-Advisory Agreements, the “Advisory Agreements”), on behalf of each series of the Trust (each, a “Fund” and, collectively, the “Funds”).
Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the 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 the Advisor’s and each Sub-Advisor’s fee and other aspects of the Advisory Agreements and decide whether to renew the Advisory Agreements for an additional year.
As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate the Advisor’s and each Sub-Advisor’s fee and other aspects of the Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor; (ii) the performance by the Advisor and each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by the Advisor and each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) any ancillary benefits to the Adviser and each Sub-Advisor. The Board received an overview of the Advisor’s and each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed the Advisor’s and each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.
The Board deliberated on the renewal of the Advisory Agreements in light of the written materials that it received before the 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 Advisor and each Sub-Advisor and the renewal of each Advisory Agreement. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.
Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor, the Board reviewed the services provided to each Fund by the Advisor and applicable Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services, such as portfolio management compliance services, and the preparation and filing of certain reports on behalf
98
BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
of the Funds. The Trustees reviewed the extensive responsibilities that the Advisor has as investment advisor to each Fund, including the oversight of the activities and operations of the Sub-Advisors, as applicable, and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Funds. The most recent Form ADV for the Advisor and each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about their business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and each Sub-Advisor, including those individuals responsible for portfolio management, the Advisor’s and each Sub-Advisor’s operational capabilities and resources, and their experience in managing investment portfolios. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Advisor and each Sub-Advisor.
Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. The Advisor and each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that each Fund is actively managed and that it receives regular reports regarding each Fund’s performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that the Advisor and each Sub-Advisor had been able to achieve for its respective Fund.
Cost of Services and Profitability. In considering whether the advisory and sub-advisory fees payable with respect to each Fund are reasonable, the Board reviewed the advisory fee paid by each Fund to the Advisor, the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and each Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and each Sub-Advisor in providing advisory services, and the Advisor’s and each Sub-Advisor’s profitability analysis with respect to each Fund, as applicable. In discussing the fee arrangements between the Advisor and each Sub-Advisor, the Board noted that the Advisor pays each Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratios of the Funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory fees appear to be reasonable in light of the services rendered.
Economies of Scale. The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Advisor and Sub-Advisors and whether the Advisor’s and/or Sub-Advisors’ fees include breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of a Fund.
Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor and each Sub-Advisor as a result of its relationship with a Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with a Fund’s performance.
Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Advisory Agreement are fair and reasonable; (ii) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; (iii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund; and (iv) agreed to renew each Advisory Agreement for another year.
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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.
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ADVISORSHARES TRUST
Investment Advisor | Distributor | |
|
Foreside Fund Services, LLC
Legal Counsel |
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This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund’s risks, objectives, fees and expenses, experience of management and other information.
(b) | The Financial Highlights are included with the Financial Statements under Item 7(a). |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) | Not Applicable. |
Item 19. Exhibits.
(a)(1) | Code of ethics that is the subject of disclosure required by Item 2 is attached hereto. | |
(a)(2) | Not applicable. |
(a)(3) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3)(1) | Not applicable. |
(a)(3)(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, President | ||
(principal executive officer) | ||
Date | August 30, 2024 |
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, President | ||
(principal executive officer) | ||
Date | August 30, 2024 | |
By (Signature and Title)* | /s/ Dan Ahrens | |
Dan Ahrens, Treasurer | ||
(principal financial officer) | ||
Date | August 30, 2024 |
* | Print the name and title of each signing officer under his or her signature. |