ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.6%
Aerospace/Defense – 2.7%
BAE Systems PLC (United Kingdom)(a)(b)		16,111	$	795,400
Airlines – 2.5%
Copa Holdings SA, Class A (Panama)*		7,890		728,642
Banks – 13.3%
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)(b)		112,922		796,100
HDFC Bank Ltd. (India)(b)		9,680		645,366
ING Groep NV (Netherlands)(b)		50,771		602,652
Mitsubishi UFJ Financial Group, Inc. (Japan)(a)(b)		130,990		837,026
UBS Group AG (Switzerland)		46,253		987,039
Total Banks				3,868,183
Beverages – 5.3%
Coca-Cola Femsa SAB de CV (Mexico)(b)		9,850		792,629
Fomento Economico Mexicano SAB de CV (Mexico)(b)		7,805		742,958
Total Beverages				1,535,587
Biotechnology – 2.2%
Argenx SE (Netherlands)*(b)		1,698		632,641
Building Materials – 2.5%
CRH PLC (Ireland)(b)		14,381		731,561
Chemicals – 2.0%
Sociedad Quimica y Minera de Chile SA (Chile)(b)		7,083		574,148
Commercial Services – 5.3%
New Oriental Education & Technology Group, Inc. (China)*(a)(b)		16,964		654,980
RELX PLC (United Kingdom)(b)		26,877		871,890
Total Commercial Services				1,526,870
Electric – 2.5%
Pampa Energia SA (Argentina)*(a)(b)		21,804		719,096
Electrical Components & Equipment – 3.2%
ABB Ltd. (Switzerland)(b)		27,286		935,910
Insurance – 2.3%
Aegon NV (Netherlands)(c)		153,171		658,635
Internet – 11.3%
iQIYI, Inc. (China)*(b)		84,724		616,791
PDD Holdings, Inc. (China)*(b)		7,538		572,134
Tencent Music Entertainment Group (China)*(b)		84,833		702,417
Trip.com Group Ltd. (China)*(b)		17,879		673,502
Vipshop Holdings Ltd. (China)*(b)		46,553		706,675
Total Internet				3,271,519
Iron/Steel – 4.9%
Gerdau SA (Brazil)(b)		116,035		572,053
POSCO Holdings, Inc. (South Korea)(a)(b)		12,100		843,249
Total Iron/Steel				1,415,302
Lodging – 2.4%
H World Group Ltd. (China)*(b)		14,182		694,634
Metal Fabricate/Hardware – 3.7%
Tenaris SA(b)		37,813		1,074,645
Mining – 2.3%
BHP Group Ltd. (Australia)(a)(b)		10,731		680,453
Miscellaneous Manufacturing – 2.6%
Siemens AG (Germany)(b)		9,521		770,725
Oil & Gas – 3.1%
YPF SA (Argentina)*(b)		82,085		901,293
Pharmaceuticals – 7.7%
AstraZeneca PLC (United Kingdom)(b)		9,959		691,254
Novo Nordisk A/S (Denmark)(b)		9,787		1,557,503
Total Pharmaceuticals				2,248,757
Retail – 2.5%
Luckin Coffee, Inc. (China)*(b)		25,984		714,820
Semiconductors – 7.8%
ASE Technology Holding Co., Ltd. (Taiwan)(b)		93,918		748,526
ASML Holding NV (Netherlands)		1,062		722,914
STMicroelectronics NV (Singapore)		15,124		808,983
Total Semiconductors				2,280,423
Telecommunications – 3.0%
America Movil SAB de CV (Mexico)*(a)(b)		41,100		865,155
Transportation – 2.5%
Tsakos Energy Navigation Ltd. (Greece)		37,335		725,419
Total Common Stocks
(Cost $26,801,768)				28,349,818
MONEY MARKET FUNDS – 15.5%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.79%(d)(e)		3,760,288		3,760,288
Invesco Government & Agency Portfolio - Private Investment Class, 4.73%(d)		736,006		736,006
Total Money Market Funds
(Cost $4,496,294)				4,496,294
Total Investments – 113.1%
(Cost $31,298,062)				32,846,112
Liabilities in Excess of Other Assets – (13.1%)				(3,808,166	)
Net Assets – 100.0%			$	29,037,946

PLC - Public Limited Company

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,366,040; the aggregate market value of the collateral held by the fund is $4,443,004. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $682,716.
(b)	American Depositary Receipt.
(c)	Registered Shares.
(d)	Rate shown reflects the 7-day yield as of March 31, 2023.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

March 31, 2023 (Unaudited)

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

Fair Value Measurements

The following is a summary of the inputs used, as of March 31, 2023, 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	$	28,349,818	$	-	$	-	$	28,349,818
Money Market Funds		4,496,294		-		-		4,496,294
Total	$	32,846,112	$	-	$	-	$	32,846,112

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Aerospace/Defense		2.7	%
Airlines		2.5
Banks		13.3
Beverages		5.3
Biotechnology		2.2
Building Materials		2.5
Chemicals		2.0
Commercial Services		5.3
Electric		2.5
Electrical Components & Equipment		3.2
Insurance		2.3
Internet		11.3
Iron/Steel		4.9
Lodging		2.4
Metal Fabricate/Hardware		3.7
Mining		2.3
Miscellaneous Manufacturing		2.6
Oil & Gas		3.1
Pharmaceuticals		7.7
Retail		2.5
Semiconductors		7.8
Telecommunications		3.0
Transportation		2.5
Money Market Funds		15.5
Total Investments		113.1
Liabilities in Excess of Other Assets		(13.1	)
Net Assets		100.0	%