ADVISORSHARES HOTEL ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.0%
Commercial Services – 3.8%
Target Hospitality Corp.*		12,397	$	162,896
Entertainment – 7.2%
Marriott Vacations Worldwide Corp.		395		53,270
Monarch Casino & Resort, Inc.		2,736		202,874
Red Rock Resorts, Inc., Class A		1,177		52,459
Total Entertainment				308,603
Internet – 14.8%
Airbnb, Inc., Class A*		1,563		194,437
Booking Holdings, Inc.*		92		244,022
Expedia Group, Inc.*		1,994		193,478
Total Internet				631,937
Lodging – 51.2%
Bluegreen Vacations Holding Corp.		8,068		220,902
Boyd Gaming Corp.		3,440		220,573
Choice Hotels International, Inc.		782		91,642
GreenTree Hospitality Group Ltd. (China)*(a)		47,714		212,327
Hilton Grand Vacations, Inc.*		4,816		213,975
Hilton Worldwide Holdings, Inc.		1,455		204,966
Hyatt Hotels Corp., Class A*		1,802		201,445
InterContinental Hotels Group PLC (United Kingdom)(a)		3,223		214,652
Marriott International, Inc., Class A		1,256		208,546
Playa Hotels & Resorts NV*		23,101		221,770
Wyndham Hotels & Resorts, Inc.		2,734		185,502
Total Lodging				2,196,300
REITS – 22.0%
Apple Hospitality REIT, Inc.		9,261		143,731
Chatham Lodging Trust		7,821		82,042
Gaming and Leisure Properties, Inc.		2,053		106,879
Host Hotels & Resorts, Inc.		4,936		81,395
Park Hotels & Resorts, Inc.		16,599		205,164
Service Properties Trust		20,474		203,921
VICI Properties, Inc.		3,657		119,291
Total REITS				942,423
Total Common Stocks
(Cost $4,083,422)				4,242,159
MONEY MARKET FUND – 1.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.49%(b)
(Cost $65,025)		65,025		65,025
Total Investments – 100.5%
(Cost $4,148,447)				4,307,184
Liabilities in Excess of Other Assets – (0.5%)				(20,523	)
Net Assets – 100.0%			$	4,286,661

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	Rate shown reflects the 7-day yield as of March 31, 2023.

ADVISORSHARES HOTEL 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	$	4,242,159	$	-	$	-	$	4,242,159
Money Market Fund		65,025		-		-		65,025
Total	$	4,307,184	$	-	$	-	$	4,307,184

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Commercial Services		3.8	%
Entertainment		7.2
Internet		14.8
Lodging		51.2
REITS		22.0
Money Market Fund		1.5
Total Investments		100.5
Liabilities in Excess of Other Assets		(0.5	)
Net Assets		100.0	%