# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009704
**Filing Date:** 2025-11
**Character Count:** 23357
**Document Hash:** 0ad77000d44f921afcb4cc9a2055c9bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009704.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009704

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970

**ORGANIZATION NAME:**
- **EIN:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 251513009

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (877) 843-3831

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## Series and Classes Contracts Data

### AdvisorShares Dorsey Wright ADR ETF (Series ID: S000026954)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000081186 | AdvisorShares Dorsey Wright ADR ETF | AADR            |

## Nport-Ex

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.5%** |  |  |
| **Aerospace/Defense – 7.4%** |  |  |
| Embraer SA (Brazil)<sup>(a)</sup> | 38321 | $2316504 |
| Rolls-Royce Holdings PLC (United Kingdom)<sup>(a)(b)</sup> | 66500 | 1077300 |
| Total Aerospace/Defense |  | 3393804 |
| **Agriculture – 2.1%** |  |  |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 18070 | 959156 |
| **Airlines – 2.4%** |  |  |
| Ryanair Holdings PLC (Italy)<sup>(a)</sup> | 17944 | 1080588 |
| **Auto Parts & Equipment – 3.9%** |  |  |
| China Yuchai International Ltd. (China)<sup>(b)</sup> | 43100 | 1783047 |
| **Banks – 12.8%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(a)</sup> | 92420 | 1779085 |
| Barclays PLC (United Kingdom)<sup>(a)(b)</sup> | 70154 | 1450083 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)(b)</sup> | 103475 | 1649391 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(a)(b)</sup> | 60020 | 1004735 |
| Total Banks |  | 5883294 |
| **Building Materials – 2.1%** |  |  |
| Cemex SAB de CV (Mexico)<sup>(a)</sup> | 107500 | 966425 |
| **Diversified Financial Services – 5.5%** |  |  |
| Futu Holdings Ltd. (Hong Kong)<sup>(a)</sup> | 6830 | 1187805 |
| Up Fintech Holding Ltd. (China)<sup>(a)(c)</sup> | 124482 | 1328223 |
| Total Diversified Financial Services |  | 2516028 |
| **Electric – 4.7%** |  |  |
| E.ON SE (Germany)<sup>(a)(b)</sup> | 59015 | 1117744 |
| Korea Electric Power Corp. (South Korea)<sup>(a)(b)</sup> | 77938 | 1017091 |
| Total Electric |  | 2134835 |
| **Engineering & Construction – 2.0%** |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV (Mexico)<sup>(a)</sup> | 3950 | 936901 |
| **Insurance – 1.9%** |  |  |
| Aegon Ltd. (Netherlands) | 108071 | 863487 |
| **Internet – 16.3%** |  |  |
| MercadoLibre, Inc. (Brazil)<sup>(c)</sup> | 468 | 1093688 |
| Prosus NV (China)<sup>(a)</sup> | 78559 | 1109253 |
| Sea Ltd. (Singapore)<sup>(a)(c)</sup> | 8504 | 1519920 |
| Tencent Holdings Ltd. (China)<sup>(a)(b)</sup> | 15535 | 1322805 |
| Vnet Group, Inc. (China)<sup>(a)(b)(c)</sup> | 140486 | 1451221 |
| Yatsen Holding Ltd. (China)<sup>(a)(c)</sup> | 108006 | 978534 |
| Total Internet |  | 7475421 |
| **Mining – 14.3%** |  |  |
| Cia de Minas Buenaventura SAA (Peru)<sup>(a)</sup> | 54600 | 1328418 |
| Gold Fields Ltd. (South Africa)<sup>(a)</sup> | 45024 | 1889207 |
| Harmony Gold Mining Co. Ltd. (South Africa)<sup>(a)</sup> | 108283 | 1965336 |
| Sibanye Stillwater Ltd. (South Africa)<sup>(a)(c)</sup> | 123400 | 1387016 |
| Total Mining |  | 6569977 |
| **Miscellaneous Manufacturing – 2.3%** |  |  |
| Siemens AG (Germany)<sup>(a)</sup> | 7669 | 1035392 |
| **Pharmaceuticals – 4.6%** |  |  |
| Ascendis Pharma A/S (Denmark)<sup>(a)(c)</sup> | 5558 | 1104986 |
| Grifols SA (Spain)<sup>(a)</sup> | 101600 | 1011936 |
| Total Pharmaceuticals |  | 2116922 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software – 4.2%** |  |  |
| Kingsoft Cloud Holdings Ltd. (China)<sup>(a)(b)(c)</sup> | 49124 | $732930 |
| SAP SE (Germany)<sup>(a)</sup> | 4446 | 1188016 |
| Total Software |  | 1920946 |
| **Telecommunications – 10.7%** |  |  |
| Deutsche Telekom AG (Germany)<sup>(a)</sup> | 26835 | 916415 |
| KT Corp. (South Korea)<sup>(a)</sup> | 49289 | 961136 |
| Singapore Telecommunications Ltd. (Singapore)<sup>(a)</sup> | 33184 | 1061224 |
| Telefonica Brasil SA (Brazil)<sup>(a)(b)</sup> | 83640 | 1066410 |
| VEON Ltd. (Pakistan)<sup>(a)(c)</sup> | 16900 | 919867 |
| Total Telecommunications |  | 4925052 |
| **Toys / Games / Hobbies – 2.3%** |  |  |
| Nintendo Co. Ltd. (Japan)<sup>(a)(b)</sup> | 49290 | 1051849 |
| **Total Common Stocks<br> (Cost $35,355,411)** |  | 45613124 |
| **MONEY MARKET FUNDS – 15.7%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(d)(e)</sup> | 6943238 | 6943238 |
| Invesco Government & Agency Portfolio - Private Investment Class, 3.75%<sup>(d)</sup> | 275186 | 275186 |
| **Total Money Market Funds<br> (Cost $7,218,424)** |  | 7218424 |
| Total Investments – 115.2%<br> (Cost $42,573,835) |  | 52831548 |
| Liabilities in Excess of Other Assets – (15.2%) |  | (6961198) |
| **Net Assets – 100.0%** |  | $**45870350** |

---

PLC - Public Limited Company

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,483,977; the aggregate market value of the collateral held by the fund is $8,720,446. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,777,209.

(c) Non-income producing security.

(d) Rate shown reflects the 7-day yield as of September 30, 2025.

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

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

September 30, 2025 (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 September 30, 2025, 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 | $45613124 | $– | $– | $45613124 |
| Money Market Funds | 7218424 | – | – | 7218424 |
| Total | $52831548 | $– | $– | $52831548 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of** **<br> Net Assets** |
| Aerospace/Defense | 7.4% |
| Agriculture | 2.1 |
| Airlines | 2.4 |
| Auto Parts & Equipment | 3.9 |
| Banks | 12.8 |
| Building Materials | 2.1 |
| Diversified Financial Services | 5.5 |
| Electric | 4.7 |
| Engineering & Construction | 2.0 |
| Insurance | 1.9 |
| Internet | 16.3 |
| Mining | 14.3 |
| Miscellaneous Manufacturing | 2.3 |
| Pharmaceuticals | 4.6 |
| Software | 4.2 |
| Telecommunications | 10.7 |
| Toys / Games / Hobbies | 2.3 |
| Money Market Funds | 15.7 |
| Total Investments | 115.2 |
| Liabilities in Excess of Other Assets | (15.2) |
| Net Assets | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AdvisorShares Trust

- **b. Investment Company Act file number:** 811-22110

- **c. CIK number of Registrant:** 0001408970

- **d. LEI of Registrant:** 549300K5KGUMX2I7WM68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4800 Montgomery Lane

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 877-843-3831

**Item A.2. Information about the Series.**

- **a. Name of Series:** AdvisorShares Dorsey Wright ADR ETF

- **b. EDGAR series identifier (if any):** S000026954

- **c. LEI of Series:** 549300J3T52TB0ZR4T50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $52872161.92

**Total Liabilities:** $7001812.41

**Net Assets:** $45870349.51

**Cash Not Reported:** $859.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081186 | -0.38%               | 5.11%                | 5.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3270859.47              | $-3430344.06                               |
| Month 2  | $1016392.45              | $1096544.67                                |
| Month 3  | $3542.75                 | $2195774.18                                |

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deutsche Telekom AG            | Deutsche Telekom AG                        | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     26835 | NS      | $916415.25    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    103475 | NS      | $1649391.50   | 3.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                       | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     17944 | NS      | $1080587.68   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd           | CUSIP: 82929R304<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |     33184 | NS      | $1061224.32   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                     | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4446 | NS      | $1188015.66   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVT AGENCY PRIVA      | INVESCO GOVT AGENCY PRIVA                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    275186 | NS      | $275186.19    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DREY INST PREF GOV MM-M        | DREY INST PREF GOV MM-M                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6943237 | NS      | $6943237.50   | 15.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                      | Prosus NV                                  | CUSIP: 74365P108<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     78559 | NS      | $1109253.08   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KT Corp                        | KT Corp                                    | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |     49289 | NS      | $961135.50    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                           | Banco Bilbao Vizcaya Argentaria SA         | CUSIP: 05946K101<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     92420 | NS      | $1779085.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vnet Group Inc                 | Vnet Group Inc                             | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | CN        |    140486 | NS      | $1451220.38   | 3.16%             |  |  |  | No            |                  1 | On Loan: —       |
| E.ON SE                        | E.ON SE                                    | CUSIP: 268780103<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     59015 | NS      | $1117744.10   | 2.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Korea Electric Power Corp      | Korea Electric Power Corp                  | CUSIP: 500631106<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |     77938 | NS      | $1017090.90   | 2.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Sibanye Stillwater Ltd         | Sibanye Stillwater Ltd                     | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |    123400 | NS      | $1387016.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Minas Buenaventura SAA  | Cia de Minas Buenaventura SAA              | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     54600 | NS      | $1328418.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      5558 | NS      | $1104985.98   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegon Ltd                      | Aegon Ltd                                  | CUSIP: 0076CA104<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | NL        |    108071 | NS      | $863487.29    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC       | Rolls-Royce Holdings PLC                   | CUSIP: 775781206<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     66500 | NS      | $1077300.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Nintendo Co Ltd                | Nintendo Co Ltd                            | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     49290 | NS      | $1051848.60   | 2.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Embraer SA                     | Embraer SA                                 | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     38321 | NS      | $2316504.45   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                 | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      7669 | NS      | $1035391.69   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Cloud Holdings Ltd    | Kingsoft Cloud Holdings Ltd                | CUSIP: 49639K101<br>LEI: 875500HZE0VKCD0Z8K15 | Long             | EC               | CORP              | CN        |     49124 | NS      | $732930.08    | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Aeroportuario del Pacifi | Grupo Aeroportuario del Pacifico SAB de CV | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      3950 | NS      | $936900.50    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                     | Grifols SA                                 | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    101600 | NS      | $1011936.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Yuchai International Ltd | China Yuchai International Ltd             | CUSIP: 000000000<br>LEI: 529900DHISUGAY2ARU76 | Long             | EC               | CORP              | SG        |     43100 | NS      | $1783047.00   | 3.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Up Fintech Holding Ltd         | Up Fintech Holding Ltd                     | CUSIP: 91531W106<br>LEI: 213800JJDNMAG3L84P54 | Long             | EC               | CORP              | CN        |    124482 | NS      | $1328222.94   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VEON Ltd                       | VEON Ltd                                   | CUSIP: 91822M502<br>LEI: 5493008CA3NMHYEVT131 | Long             | EC               | CORP              | AE        |     16900 | NS      | $919867.00    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       468 | NS      | $1093687.92   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Grou | Sumitomo Mitsui Financial Group Inc        | CUSIP: 86562M209<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     60020 | NS      | $1004734.80   | 2.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Barclays PLC                   | Barclays PLC                               | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     70154 | NS      | $1450083.18   | 3.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Gold Fields Ltd                | Gold Fields Ltd                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     45024 | NS      | $1889207.04   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC               | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     18070 | NS      | $959155.60    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                | Cemex SAB de CV                            | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    107500 | NS      | $966425.00    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd              | Futu Holdings Ltd                          | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |      6830 | NS      | $1187805.30   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                       | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     15535 | NS      | $1322805.25   | 2.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Harmony Gold Mining Co Ltd     | Harmony Gold Mining Co Ltd                 | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    108283 | NS      | $1965336.45   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA           | Telefonica Brasil SA                       | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |     83640 | NS      | $1066410.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      8504 | NS      | $1519919.92   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Yatsen Holding Ltd             | Yatsen Holding Ltd                         | CUSIP: 985194208<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    108006 | NS      | $978534.36    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer