ADVISORSHARES HOTEL ETF
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 95.7% | ||||||||
| Commercial Services – 4.4% | ||||||||
| Target Hospitality Corp.(a) | 16,965 | $ | 184,410 | |||||
| Entertainment – 1.5% | ||||||||
| Monarch Casino & Resort, Inc. | 884 | 66,291 | ||||||
| Internet – 20.8% | ||||||||
| Airbnb, Inc., Class A(a) | 458 | 75,552 | ||||||
| Booking Holdings, Inc. | 55 | 199,533 | ||||||
| Expedia Group, Inc.(a) | 1,417 | 195,192 | ||||||
| Trip.com Group Ltd. (China)(a)(b) | 4,764 | 209,092 | ||||||
| TripAdvisor, Inc.(a) | 7,112 | 197,642 | ||||||
| Total Internet | 877,011 | |||||||
| Leisure Time – 5.4% | ||||||||
| Royal Caribbean Cruises Ltd.(a) | 1,632 | 226,864 | ||||||
| Lodging – 35.0% | ||||||||
| Boyd Gaming Corp. | 2,853 | 192,064 | ||||||
| Choice Hotels International, Inc. | 456 | 57,615 | ||||||
| GreenTree Hospitality Group Ltd. (China)(a)(b) | 22,431 | 69,760 | ||||||
| H World Group Ltd. (China)(b) | 3,300 | 127,710 | ||||||
| Hilton Grand Vacations, Inc.(a) | 3,000 | 141,630 | ||||||
| Hilton Worldwide Holdings, Inc. | 767 | 163,609 | ||||||
| Hyatt Hotels Corp., Class A | 451 | 71,989 | ||||||
| InterContinental Hotels Group PLC (United Kingdom)(b) | 915 | 96,679 | ||||||
| Marriott International, Inc., Class A | 798 | 201,343 | ||||||
| MGM Resorts International(a) | 4,365 | 206,072 | ||||||
| Wyndham Hotels & Resorts, Inc. | 1,929 | 148,051 | ||||||
| Total Lodging | 1,476,522 | |||||||
| REITS – 28.6% | ||||||||
| Apple Hospitality REIT, Inc. | 8,951 | 146,617 | ||||||
| Gaming and Leisure Properties, Inc. | 2,878 | 132,589 | ||||||
| Host Hotels & Resorts, Inc. | 9,578 | 198,073 | ||||||
| Park Hotels & Resorts, Inc. | 11,303 | 197,690 | ||||||
| RLJ Lodging Trust | 13,700 | 161,934 | ||||||
| Ryman Hospitality Properties, Inc. | 1,743 | 201,508 | ||||||
| VICI Properties, Inc. | 5,578 | 166,169 | ||||||
| Total REITS | 1,204,580 | |||||||
| Total
Common Stocks (Cost $3,426,171) | 4,035,678 | |||||||
| MONEY MARKET FUND – 5.0% | ||||||||
| BlackRock
Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.21%(c) (Cost $209,982) | 209,982 | 209,982 | ||||||
| Total Investments – 100.7% (Cost $3,636,153) | 4,245,660 | |||||||
| Liabilities in Excess of Other Assets – (0.7%) | (31,095 | ) | ||||||
| Net Assets – 100.0% | $ | 4,214,565 | ||||||
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 March 31, 2024. |
ADVISORSHARES HOTEL ETF
Schedule of Investments (continued)
March 31, 2024 (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, 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 | $ | 4,035,678 | $ | - | $ | - | $ | 4,035,678 | ||||||||
| Money Market Fund | 209,982 | - | - | 209,982 | ||||||||||||
| Total | $ | 4,245,660 | $ | - | $ | - | $ | 4,245,660 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of | ||||
| Net Assets | ||||
| Commercial Services | 4.4 | % | ||
| Entertainment | 1.5 | |||
| Internet | 20.8 | |||
| Leisure Time | 5.4 | |||
| Lodging | 35.0 | |||
| REITS | 28.6 | |||
| Money Market Fund | 5.0 | |||
| Total Investments | 100.7 | |||
| Liabilities in Excess of Other Assets | (0.7 | ) | ||
| Net Assets | 100.0 | % | ||