# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009719
**Filing Date:** 2025-11
**Character Count:** 16645
**Document Hash:** bb2afb9af349a33b614395bed10cafe5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009719.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009719

**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:** 251513026

**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 Vice ETF (Series ID: S000059263)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000194564 | AdvisorShares Vice ETF | VICE            |

## Nport-Ex

**ADVISORSHARES VICE ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.1%** |  |  |
| **Agriculture – 22.9%** |  |  |
| Altria Group, Inc. | 5724 | $378127 |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 6776 | 359670 |
| Imperial Brands PLC (United Kingdom)<sup>(a)</sup> | 8896 | 378970 |
| Philip Morris International, Inc. | 2174 | 352623 |
| Universal Corp. | 6756 | 377458 |
| Total Agriculture |  | 1846848 |
| **Auto Manufacturers – 4.6%** |  |  |
| Ferrari NV (Italy)<sup>(b)</sup> | 774 | 375560 |
| **Beverages – 5.0%** |  |  |
| Celsius Holdings, Inc.<sup>(c)</sup> | 7000 | 402430 |
| **Entertainment – 15.9%** |  |  |
| Accel Entertainment, Inc.<sup>(c)</sup> | 34984 | 387273 |
| Light & Wonder, Inc.<sup>(b)(c)</sup> | 1200 | 100728 |
| Monarch Casino & Resort, Inc. | 3850 | 407484 |
| Red Rock Resorts, Inc., Class A | 6300 | 384678 |
| Total Entertainment |  | 1280163 |
| **Internet – 7.6%** |  |  |
| Bilibili, Inc. (China)<sup>(a)(b)(c)</sup> | 13576 | 381350 |
| Gambling.com Group Ltd. (Malta)<sup>(c)</sup> | 28208 | 230741 |
| Total Internet |  | 612091 |
| **Lodging – 10.1%** |  |  |
| Boyd Gaming Corp. | 4678 | 404413 |
| Melco Resorts & Entertainment Ltd. (Hong Kong)<sup>(a)(c)</sup> | 44780 | 410633 |
| Total Lodging |  | 815046 |
| **REITS – 4.5%** |  |  |
| VICI Properties, Inc. | 11178 | 364515 |
| **Retail – 8.6%** |  |  |
| BJ's Restaurants, Inc.<sup>(c)</sup> | 12500 | 381625 |
| El Pollo Loco Holdings, Inc.<sup>(c)</sup> | 32000 | 310400 |
| Total Retail |  | 692025 |
| **Semiconductors – 5.0%** |  |  |
| NVIDIA Corp. | 2148 | 400774 |
| **Software – 14.9%** |  |  |
| Electronic Arts, Inc. | 2102 | 423973 |
| Genius Sports Ltd. (United Kingdom)<sup>(c)</sup> | 17000 | 210460 |
| NetEase, Inc. (China)<sup>(a)</sup> | 2400 | 364776 |
| Sharplink Gaming, Inc.<sup>(b)(c)</sup> | 12000 | 204120 |
| Total Software |  | 1203329 |
| **Total Common Stocks<br> (Cost $6,883,903)** |  | 7992781 |
| **MONEY MARKET FUNDS – 12.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(d)</sup> | 66279 | 66279 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(d)(e)</sup> | 900968 | 900968 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS (continued)** |  |  |
| **Total Money Market Funds<br> (Cost $967,247)** |  | $967247 |
| Total Investments – 111.1%<br> (Cost $7,851,150) |  | 8960028 |
| Liabilities in Excess of Other Assets – (11.1%) |  | (895897) |
| **Net Assets – 100.0%** |  | $**8064131** |

---

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $888,160; the aggregate market value of the collateral held by the fund is $902,024. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,056.

(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 VICE 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 | $7992781 | $– | $– | $7992781 |
| Money Market Funds | 967247 | – | – | 967247 |
| Total | $8960028 | $– | $– | $8960028 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 22.9% |
| Auto Manufacturers | 4.6 |
| Beverages | 5.0 |
| Entertainment | 15.9 |
| Internet | 7.6 |
| Lodging | 10.1 |
| REITS | 4.5 |
| Retail | 8.6 |
| Semiconductors | 5.0 |
| Software | 14.9 |
| Money Market Funds | 12.0 |
| Total Investments | 111.1 |
| Liabilities in Excess of Other Assets | (11.1) |
| 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 Vice ETF

- **b. EDGAR series identifier (if any):** S000059263

- **c. LEI of Series:** 5493007Q9G201B621B10

**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:** $8982603.99

**Total Liabilities:** $918473.04

**Net Assets:** $8064130.95

**Cash Not Reported:** $2521.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194564 | 3.30%                | 1.93%                | -0.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $286581.30               | $-39768.00                                 |
| Month 2  | $5301.28                 | $145856.17                                 |
| Month 3  | $-70467.49               | $26298.95                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NetEase Inc                    | NetEase Inc                       | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      2400 | NS      | $364776.00    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sharplink Gaming Inc           | Sharplink Gaming Inc              | CUSIP: 820014405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $204120.00    | 2.53%             |  |  |  | No            |                  1 | On Loan: —       |
| NVIDIA Corp                    | NVIDIA Corp                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2148 | NS      | $400773.84    | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc             | Light & Wonder Inc                | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |      1200 | NS      | $100728.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Melco Resorts & Entertainment  | Melco Resorts & Entertainment Ltd | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               | CORP              | HK        |     44780 | NS      | $410632.60    | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                  | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      4678 | NS      | $404413.10    | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gambling.com Group Ltd         | Gambling.com Group Ltd            | CUSIP: 000000000<br>LEI: 254900PUNXQ3N26IMU63 | Long             | EC               | CORP              | JE        |     28208 | NS      | $230741.44    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5724 | NS      | $378127.44    | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bilibili Inc                   | Bilibili Inc                      | CUSIP: 090040106<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | CN        |     13576 | NS      | $381349.84    | 4.73%             |  |  |  | No            |                  1 | On Loan: —       |
| El Pollo Loco Holdings Inc     | El Pollo Loco Holdings Inc        | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     32000 | NS      | $310400.00    | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC      | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      6776 | NS      | $359670.08    | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc           | Celsius Holdings Inc              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $402430.00    | 4.99%             |  |  |  | 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        |    900968 | NS      | $900967.72    | 11.17%            |  |  |  | No            |                  2 | On Loan: No      |
| BJ's Restaurants Inc           | BJ's Restaurants Inc              | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     12500 | NS      | $381625.00    | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2102 | NS      | $423973.40    | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                 | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      6756 | NS      | $377457.72    | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc        | Accel Entertainment Inc           | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34984 | NS      | $387272.88    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     17000 | NS      | $210460.00    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6300 | NS      | $384678.00    | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     11178 | NS      | $364514.58    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands PLC               | CUSIP: 45262P102<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |      8896 | NS      | $378969.60    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc       | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      3850 | NS      | $407484.00    | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     66279 | NS      | $66278.93     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2174 | NS      | $352622.80    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                        | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |       774 | NS      | $375560.28    | 4.66%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer