# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001829126-25-007030
**Filing Date:** 2025-9
**Character Count:** 497813
**Document Hash:** 831a0ec0b72a5cddda3c203ed5156cc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007030.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001829126-25-007030

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 251287957

**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            |

### AdvisorShares Ranger Equity Bear ETF (Series ID: S000030090)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000092409 | AdvisorShares Ranger Equity Bear ETF | HDGE            |

### AdvisorShares Insider Advantage ETF (Series ID: S000031813)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000099071 | AdvisorShares Insider Advantage ETF | SURE            |

### AdvisorShares STAR Global Buy-Write ETF (Series ID: S000034456)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000105934 | AdvisorShares STAR Global Buy-Write ETF | VEGA            |

### AdvisorShares Focused Equity ETF (Series ID: S000055090)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000173320 | AdvisorShares Focused Equity ETF | CWS             |

### AdvisorShares Vice ETF (Series ID: S000059263)

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

### AdvisorShares Dorsey Wright Short ETF (Series ID: S000062084)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000201033 | AdvisorShares Dorsey Wright Short ETF | DWSH            |

### AdvisorShares Pure Cannabis ETF (Series ID: S000065228)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000211119 | AdvisorShares Pure Cannabis ETF | YOLO            |

### AdvisorShares Pure US Cannabis ETF (Series ID: S000066948)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000215439 | AdvisorShares Pure US Cannabis ETF | MSOS            |

### AdvisorShares Dorsey Wright FSM All Cap World ETF (Series ID: S000067383)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000216698 | AdvisorShares Dorsey Wright FSM All Cap World ETF | DWAW            |

### AdvisorShares Dorsey Wright FSM US Core ETF (Series ID: S000067384)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000216699 | AdvisorShares Dorsey Wright FSM US Core ETF | DWUS            |

### AdvisorShares Q Dynamic Growth ETF (Series ID: S000070111)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000223023 | AdvisorShares Q Dynamic Growth ETF | QPX             |

### AdvisorShares Hotel ETF (Series ID: S000071546)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000226855 | AdvisorShares Hotel ETF | BEDZ            |

### AdvisorShares Restaurant ETF (Series ID: S000071547)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000226856 | AdvisorShares Restaurant ETF | EATZ            |

### AdvisorShares Gerber Kawasaki ETF (Series ID: S000072084)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000227805 | AdvisorShares Gerber Kawasaki ETF | GK              |

### AdvisorShares Psychedelics ETF (Series ID: S000072085)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000227806 | AdvisorShares Psychedelics ETF | PSIL            |

### AdvisorShares MSOS Daily Leveraged ETF (Series ID: S000077183)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000237353 | AdvisorShares MSOS Daily Leveraged ETF | MSOX            |

### AdvisorShares HVAC and Industrials ETF (Series ID: S000089876)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000256704 | AdvisorShares HVAC and Industrials ETF | HVAC            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22110</u>

**AdvisorShares Trust**

(Exact name of registrant as specified in charter)

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip code)

Dan Ahrens

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-877-843-3831</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# AdvisorShares Dorsey Wright ADR ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **AADR** \| **The Nasdaq Stock Market LLC** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Dorsey Wright ADR ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Dorsey Wright ADR ETF | $126 | 1.10% |

---

## How did the Fund perform last year?
The AdvisorShares Dorsey Wright ADR ETF (AADR) finished the fiscal year ended June 30, 2025, well ahead of its benchmark, the MSCI EAFE Index. The fund was aided by factor tailwinds as momentum strategies across the globe turned in exemplary performances. In the US, for example, momentum was up nearly 25% over the last year which doubled the next best factor (Value).

The second half of 2024 saw international markets struggle with the decline largely confined to Q4. As typically happens, this decline coincided with a rapid rise in the value of the US dollar. This occurs because a strong US dollar makes commodities priced in dollars more expensive for foreign consumers. It also makes it more expensive for foreigners to buy US goods/services. Our portfolio did very well during this period though as we profited from investments in Argentina. This is a country with very little weighting in market-weighted benchmarks like the MSCI EAFE Index which helped generate the outperformance.

The first half of 2025 provided a much different experience for International Equities as they were the best performing asset class in the world. This, conversely, coincided with a rapid decline in the value of the US dollar. These kinds of shifts are typically difficult for relative strength (which profits from sustained trends in leadership). This was the case here as AADR lagged the benchmark. This doesn't worry us though as leadership changes have happened many times in the past. Relative strength will pick up on the new leadership should it continue to outperform and will provide the fuel for the next leg up.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i3ada04e650be1bd196f0ada8.jpg)

---

| | | |
|:---|:---|:---|
| | | **MSCI EAFE Index (Net)** |
| | **AdvisorShares Dorsey Wright ADR ETF NAV** | |
| **6/2015** | $10000 | $10000 |
| **7/2015** | $10260 | $10208 |
| **8/2015** | $9493 | $9457 |
| **9/2015** | $9332 | $8977 |
| **10/2015** | $9885 | $9678 |
| **11/2015** | $10109 | $9528 |
| **12/2015** | $9915 | $9399 |
| **1/2016** | $9388 | $8720 |
| **2/2016** | $9298 | $8560 |
| **3/2016** | $9926 | $9117 |
| **4/2016** | $9920 | $9381 |
| **5/2016** | $10001 | $9296 |
| **6/2016** | $10105 | $8984 |
| **7/2016** | $10570 | $9439 |
| **8/2016** | $10409 | $9446 |
| **9/2016** | $10512 | $9562 |
| **10/2016** | $10784 | $9366 |
| **11/2016** | $10554 | $9179 |
| **12/2016** | $10468 | $9493 |
| **1/2017** | $11457 | $9769 |
| **2/2017** | $11617 | $9908 |
| **3/2017** | $12055 | $10181 |
| **4/2017** | $12244 | $10440 |
| **5/2017** | $12298 | $10823 |
| **6/2017** | $12170 | $10804 |
| **7/2017** | $12946 | $11116 |
| **8/2017** | $13684 | $11112 |
| **9/2017** | $14489 | $11388 |
| **10/2017** | $14991 | $11561 |
| **11/2017** | $14574 | $11682 |
| **12/2017** | $15378 | $11870 |
| **1/2018** | $16330 | $12465 |
| **2/2018** | $15805 | $11903 |
| **3/2018** | $15360 | $11688 |
| **4/2018** | $15278 | $11955 |
| **5/2018** | $15112 | $11686 |
| **6/2018** | $14050 | $11544 |
| **7/2018** | $13952 | $11828 |
| **8/2018** | $13791 | $11599 |
| **9/2018** | $14163 | $11700 |
| **10/2018** | $12256 | $10769 |
| **11/2018** | $11675 | $10755 |
| **12/2018** | $10584 | $10233 |
| **1/2019** | $11702 | $10906 |
| **2/2019** | $12194 | $11184 |
| **3/2019** | $12020 | $11254 |
| **4/2019** | $12164 | $11570 |
| **5/2019** | $12156 | $11015 |
| **6/2019** | $13185 | $11668 |
| **7/2019** | $13418 | $11520 |
| **8/2019** | $13156 | $11222 |
| **9/2019** | $12683 | $11543 |
| **10/2019** | $13399 | $11958 |
| **11/2019** | $13501 | $12093 |
| **12/2019** | $14381 | $12486 |
| **1/2020** | $14260 | $12225 |
| **2/2020** | $13158 | $11120 |
| **3/2020** | $10768 | $9636 |
| **4/2020** | $12220 | $10258 |
| **5/2020** | $13031 | $10705 |
| **6/2020** | $14116 | $11069 |
| **7/2020** | $15081 | $11327 |
| **8/2020** | $15005 | $11910 |
| **9/2020** | $14724 | $11600 |
| **10/2020** | $14209 | $11137 |
| **11/2020** | $15382 | $12864 |
| **12/2020** | $16196 | $13462 |
| **1/2021** | $15902 | $13318 |
| **2/2021** | $16607 | $13617 |
| **3/2021** | $16555 | $13930 |
| **4/2021** | $17300 | $14349 |
| **5/2021** | $17620 | $14817 |
| **6/2021** | $17700 | $14650 |
| **7/2021** | $17854 | $14761 |
| **8/2021** | $18116 | $15021 |
| **9/2021** | $16965 | $14585 |
| **10/2021** | $17363 | $14944 |
| **11/2021** | $16427 | $14248 |
| **12/2021** | $17227 | $14978 |
| **1/2022** | $16722 | $14254 |
| **2/2022** | $15774 | $14002 |
| **3/2022** | $16001 | $14092 |
| **4/2022** | $14608 | $13180 |
| **5/2022** | $15153 | $13279 |
| **6/2022** | $13184 | $12047 |
| **7/2022** | $13906 | $12647 |
| **8/2022** | $13475 | $12047 |
| **9/2022** | $12083 | $10920 |
| **10/2022** | $12944 | $11507 |
| **11/2022** | $13846 | $12803 |
| **12/2022** | $13249 | $12813 |
| **1/2023** | $13963 | $13851 |
| **2/2023** | $13475 | $13562 |
| **3/2023** | $13446 | $13898 |
| **4/2023** | $13358 | $14290 |
| **5/2023** | $12802 | $13686 |
| **6/2023** | $13803 | $14308 |
| **7/2023** | $14808 | $14771 |
| **8/2023** | $14567 | $14205 |
| **9/2023** | $13686 | $13720 |
| **10/2023** | $13257 | $13164 |
| **11/2023** | $15180 | $14386 |
| **12/2023** | $15687 | $15150 |
| **1/2024** | $15706 | $15237 |
| **2/2024** | $16313 | $15516 |
| **3/2024** | $17405 | $16027 |
| **4/2024** | $17076 | $15616 |
| **5/2024** | $18162 | $16221 |
| **6/2024** | $17480 | $15959 |
| **7/2024** | $17562 | $16427 |
| **8/2024** | $17880 | $16962 |
| **9/2024** | $18036 | $17118 |
| **10/2024** | $18240 | $16187 |
| **11/2024** | $19492 | $16095 |
| **12/2024** | $19662 | $15729 |
| **1/2025** | $21094 | $16556 |
| **2/2025** | $21309 | $16877 |
| **3/2025** | $21082 | $16809 |
| **4/2025** | $21215 | $17579 |
| **5/2025** | $21974 | $18383 |
| **6/2025** | $22450 | $18788 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **10 year** |
| AdvisorShares Dorsey Wright ADR ETF NAV | 28.43% | 9.72% | 8.42% |
| MSCI EAFE Index (Net) | 17.73% | 11.16% | 6.51% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index.*

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$46,865,968

* Total advisory fees paid$211,030

* Total number of portfolio holdings37

* Period portfolio turnover rate56%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Banks | 19.7% |
| Internet | 17.3% |
| Money Market Fund | 10.6% |
| Telecommunications | 9.4% |
| Diversified Financial Services | 9.0% |
| Pharmaceuticals | 8.7% |
| Electric | 5.7% |
| Aerospace/Defense | 5.5% |
| Software | 4.9% |
| Oil & Gas | 3.4% |
| Mining | 3.2% |
| Commercial Services | 2.8% |
| Miscellaneous Manufacturing | 2.5% |
| Other | 7.6% |
| Assets Less Liabilities | (10.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Dorsey Wright FSM All Cap World ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **DWAW** \| **The Nasdaq Stock Market LLC** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM All Cap World ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Dorsey Wright FSM All Cap World ETF | $98 | 0.95% |

---

## How did the Fund perform last year?
During the fiscal year ended June 30, 2025, the AdvisorShares Dorsey Wright FSM All Cap World ETF (ticker: DWAW) lagged its benchmark, the MSCI ACWI Index. The Fund is built on a foundation of momentum and relative strength to select the strongest funds from a universe of broad ETFs that cover size, styles, and global themes.

International equities ramped higher in the first half of 2025 which led the fund to underperform in the second half of the fiscal year due to an underweight of international equities relative to its benchmark. The fund did make an adjustment as momentum picked up in international equities and added the Invesco S&P International Developed Low Volatility ETF (ticker: IDLV). Broad-based momentum, either in the US or internationally, remains in good standing as the fund holds the iShares MSCI USA Momentum Factor ETF (ticker: MTUM). While underweight international equities entering the year, the fund is well positioned to benefit from continued international equity strength or a return to the US equity market that has been dominant over the last few years.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](iede434a96a74571461d63562.jpg)

---

| | | |
|:---|:---|:---|
| | | **MSCI All Country World Index (Net)** |
| | **AdvisorShares Dorsey Wright FSM All Cap World ETF NAV** | |
| **12/26/2019** | $10000 | $10000 |
| **12/31/2019** | $9948 | $10001 |
| **1/31/2020** | $10093 | $9890 |
| **2/29/2020** | $9536 | $9091 |
| **3/31/2020** | $8733 | $7864 |
| **4/30/2020** | $10040 | $8706 |
| **5/31/2020** | $10715 | $9085 |
| **6/30/2020** | $11176 | $9375 |
| **7/31/2020** | $11991 | $9871 |
| **8/31/2020** | $12837 | $10475 |
| **9/30/2020** | $12353 | $10138 |
| **10/31/2020** | $12180 | $9891 |
| **11/30/2020** | $13824 | $11110 |
| **12/31/2020** | $14807 | $11626 |
| **1/31/2021** | $15141 | $11573 |
| **2/28/2021** | $15260 | $11841 |
| **3/31/2021** | $14638 | $12158 |
| **4/30/2021** | $15259 | $12689 |
| **5/31/2021** | $14898 | $12887 |
| **6/30/2021** | $14607 | $13057 |
| **7/31/2021** | $14530 | $13147 |
| **8/31/2021** | $14883 | $13476 |
| **9/30/2021** | $14191 | $12919 |
| **10/31/2021** | $15264 | $13578 |
| **11/30/2021** | $15304 | $13251 |
| **12/31/2021** | $15309 | $13781 |
| **1/31/2022** | $13602 | $13105 |
| **2/28/2022** | $13384 | $12766 |
| **3/31/2022** | $13787 | $13043 |
| **4/30/2022** | $13006 | $11999 |
| **5/31/2022** | $13313 | $12013 |
| **6/30/2022** | $12273 | $11000 |
| **7/31/2022** | $12801 | $11768 |
| **8/31/2022** | $12444 | $11335 |
| **9/30/2022** | $11309 | $10250 |
| **10/31/2022** | $12571 | $10868 |
| **11/30/2022** | $13311 | $11711 |
| **12/31/2022** | $12624 | $11251 |
| **1/31/2023** | $13811 | $12057 |
| **2/28/2023** | $13156 | $11711 |
| **3/31/2023** | $12657 | $12073 |
| **4/30/2023** | $12683 | $12246 |
| **5/31/2023** | $12243 | $12115 |
| **6/30/2023** | $12841 | $12818 |
| **7/31/2023** | $13321 | $13288 |
| **8/31/2023** | $12939 | $12916 |
| **9/30/2023** | $12332 | $12382 |
| **10/31/2023** | $11904 | $12010 |
| **11/30/2023** | $13171 | $13118 |
| **12/31/2023** | $14018 | $13748 |
| **1/31/2024** | $14182 | $13829 |
| **2/29/2024** | $15038 | $14422 |
| **3/31/2024** | $15342 | $14875 |
| **4/30/2024** | $14576 | $14384 |
| **5/31/2024** | $15371 | $14969 |
| **6/30/2024** | $16176 | $15302 |
| **7/31/2024** | $15880 | $15549 |
| **8/31/2024** | $15901 | $15944 |
| **9/30/2024** | $16223 | $16314 |
| **10/31/2024** | $16071 | $15948 |
| **11/30/2024** | $17393 | $16544 |
| **12/31/2024** | $16633 | $16153 |
| **1/31/2025** | $17296 | $16695 |
| **2/28/2025** | $16621 | $16594 |
| **3/31/2025** | $15330 | $15939 |
| **4/30/2025** | $15556 | $16088 |
| **5/31/2025** | $16730 | $17012 |
| **6/30/2025** | $17198 | $17776 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 12/26/2019** |
| AdvisorShares Dorsey Wright FSM All Cap World ETF NAV | 6.32% | 9.00% | 10.34% |
| MSCI All Country World Index (Net) | 16.17% | 13.65% | 11.00% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The MSCI All Country World Index (Net) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.*

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$82,118,598

* Total advisory fees paid$605,847

* Total number of portfolio holdings4

* Period portfolio turnover rate317%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Equity Fund | 98.9% |
| Money Market Funds | 2.4% |
| Assets Less Liabilities | (1.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Dorsey Wright FSM US Core ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **DWUS** \| **The Nasdaq Stock Market LLC** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM US Core ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Dorsey Wright FSM US Core ETF | $95 | 0.91% |

---

## How did the Fund perform last year?
During the fiscal year ended June 30, 2025, the AdvisorShares Dorsey Wright FSM US Core ETF (ticker: DWUS) outperformed its benchmark, the S&P 500 Index. The Fund is built on a foundation of momentum and relative strength to select the strongest funds from a small lineup of US large cap core equity ETFs.

The primary reason the fund underperformed over the fiscal year was due to a large volatility event in August 2024 in which the fund saw a larger drawdown than its benchmark. However, since the end of August 2024, DWUS has edged out its benchmark as the overall momentum market has been stable since then. After finding its footing in the fourth quarter of 2024 and first quarter of 2025, DWUS picked up some defensive exposure via the Invesco S&P 500 Low Volatility ETF (ticker: SPLV) in May following equity weakness in March and April. The fund still holds the iShares MSCI USA Momentum Factor ETF (ticker: MTUM) which speaks to the stability of current leadership as a tailwind for momentum-based strategies.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i10f90174630079e047bbe14e.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Dorsey Wright FSM US Core ETF NAV** | |
| **12/26/2019** | $10000 | $10000 |
| **12/31/2019** | $10000 | $9974 |
| **1/31/2020** | $10292 | $9970 |
| **2/29/2020** | $9563 | $9149 |
| **3/31/2020** | $8657 | $8019 |
| **4/30/2020** | $9801 | $9047 |
| **5/31/2020** | $10401 | $9478 |
| **6/30/2020** | $10943 | $9667 |
| **7/31/2020** | $11716 | $10212 |
| **8/31/2020** | $12903 | $10946 |
| **9/30/2020** | $12282 | $10530 |
| **10/31/2020** | $11828 | $10250 |
| **11/30/2020** | $13110 | $11372 |
| **12/31/2020** | $13647 | $11809 |
| **1/31/2021** | $13760 | $11690 |
| **2/28/2021** | $13701 | $12012 |
| **3/31/2021** | $13727 | $12538 |
| **4/30/2021** | $14606 | $13207 |
| **5/31/2021** | $14341 | $13300 |
| **6/30/2021** | $14782 | $13610 |
| **7/31/2021** | $15082 | $13933 |
| **8/31/2021** | $15569 | $14357 |
| **9/30/2021** | $14821 | $13689 |
| **10/31/2021** | $15784 | $14648 |
| **11/30/2021** | $15722 | $14547 |
| **12/31/2021** | $16284 | $15199 |
| **1/31/2022** | $15207 | $14412 |
| **2/28/2022** | $14793 | $13981 |
| **3/31/2022** | $15322 | $14500 |
| **4/30/2022** | $13775 | $13235 |
| **5/31/2022** | $13820 | $13260 |
| **6/30/2022** | $12865 | $12165 |
| **7/31/2022** | $13674 | $13287 |
| **8/31/2022** | $13301 | $12745 |
| **9/30/2022** | $12136 | $11571 |
| **10/31/2022** | $13126 | $12508 |
| **11/30/2022** | $13923 | $13207 |
| **12/31/2022** | $13467 | $12446 |
| **1/31/2023** | $13960 | $13228 |
| **2/28/2023** | $13373 | $12905 |
| **3/31/2023** | $13552 | $13379 |
| **4/30/2023** | $13678 | $13588 |
| **5/31/2023** | $13892 | $13647 |
| **6/30/2023** | $14843 | $14549 |
| **7/31/2023** | $15373 | $15016 |
| **8/31/2023** | $15119 | $14777 |
| **9/30/2023** | $14368 | $14073 |
| **10/31/2023** | $14054 | $13777 |
| **11/30/2023** | $15439 | $15035 |
| **12/31/2023** | $16207 | $15718 |
| **1/31/2024** | $16470 | $15982 |
| **2/29/2024** | $17552 | $16835 |
| **3/31/2024** | $17907 | $17377 |
| **4/30/2024** | $17012 | $16667 |
| **5/31/2024** | $17977 | $17494 |
| **6/30/2024** | $18956 | $18122 |
| **7/31/2024** | $18595 | $18342 |
| **8/31/2024** | $18670 | $18787 |
| **9/30/2024** | $19097 | $19188 |
| **10/31/2024** | $18915 | $19014 |
| **11/30/2024** | $20194 | $20130 |
| **12/31/2024** | $19528 | $19651 |
| **1/31/2025** | $20353 | $20198 |
| **2/28/2025** | $20180 | $19934 |
| **3/31/2025** | $18878 | $18811 |
| **4/30/2025** | $19130 | $18684 |
| **5/31/2025** | $20269 | $19860 |
| **6/30/2025** | $20603 | $20869 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 12/26/2019** |
| AdvisorShares Dorsey Wright FSM US Core ETF NAV | 8.69% | 13.49% | 14.01% |
| S&P 500 Index | 15.16% | 16.64% | 14.28% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$116,367,369

* Total advisory fees paid$852,968

* Total number of portfolio holdings4

* Period portfolio turnover rate145%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Equity Fund | 99.5% |
| Money Market Funds | 2.1% |
| Assets Less Liabilities | (1.6)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Dorsey Wright Short ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **DWSH** \| **The Nasdaq Stock Market LLC** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Dorsey Wright Short ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Dorsey Wright Short ETF | $600 | 5.86% |

---

## How did the Fund perform last year?
The AdvisorShares Dorsey Wright Short ETF (DWSH) finished the fiscal year ended June 30th, 2025, well ahead of its benchmark, the inverse of the S&P 500 Total Return Index. Downside momentum helped the fund tremendously as laggard stocks underperformed. Much of this has come from the fact that the S&P 500's returns have been dominated by the largest cap stocks. Meanwhile, the smaller cap stocks haven't performed as well. This has set up opportunities to outperform by shorting these smaller cap stocks while largely avoiding shorts in large caps.

The second half of 2024 saw the fund outperform the benchmark as there was a divergence in the market where the market hit new highs but many stocks below the surface pulled back. The fund picked up on this (especially during Q4) and largely sidestepped the decline seen in short S&P 500 funds. The first half of 2025 saw a very similar story in Q1, and our shorts were able to capitalize on the post-Liberation Day correction. Once the bottom came, we began to lag though as leadership changed abruptly. Nevertheless, the fund generated a solid positive return despite a very good year for US equity markets.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i5a963ebaf3489309c6c4c4c7.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Dorsey Wright Short ETF NAV** | |
| **7/10/2018** | $10000 | $10000 |
| **7/31/2018** | $9932 | $10085 |
| **8/31/2018** | $9952 | $10414 |
| **9/30/2018** | $10045 | $10473 |
| **10/31/2018** | $11152 | $9757 |
| **11/30/2018** | $10683 | $9956 |
| **12/31/2018** | $12214 | $9057 |
| **1/31/2019** | $10218 | $9783 |
| **2/28/2019** | $9812 | $10097 |
| **3/31/2019** | $9945 | $10293 |
| **4/30/2019** | $9476 | $10710 |
| **5/31/2019** | $11022 | $10029 |
| **6/30/2019** | $9973 | $10736 |
| **7/31/2019** | $10134 | $10891 |
| **8/31/2019** | $11354 | $10718 |
| **9/30/2019** | $10403 | $10919 |
| **10/31/2019** | $10388 | $11155 |
| **11/30/2019** | $9808 | $11560 |
| **12/31/2019** | $9129 | $11909 |
| **1/31/2020** | $9892 | $11904 |
| **2/29/2020** | $11054 | $10924 |
| **3/31/2020** | $14040 | $9575 |
| **4/30/2020** | $10062 | $10803 |
| **5/31/2020** | $9168 | $11317 |
| **6/30/2020** | $7753 | $11542 |
| **7/31/2020** | $7766 | $12193 |
| **8/31/2020** | $7112 | $13069 |
| **9/30/2020** | $7632 | $12573 |
| **10/31/2020** | $7205 | $12238 |
| **11/30/2020** | $5014 | $13578 |
| **12/31/2020** | $4606 | $14100 |
| **1/31/2021** | $4280 | $13958 |
| **2/28/2021** | $3975 | $14343 |
| **3/31/2021** | $3725 | $14971 |
| **4/30/2021** | $3592 | $15770 |
| **5/31/2021** | $3520 | $15880 |
| **6/30/2021** | $3444 | $16251 |
| **7/31/2021** | $3491 | $16637 |
| **8/31/2021** | $3466 | $17142 |
| **9/30/2021** | $3532 | $16345 |
| **10/31/2021** | $3499 | $17490 |
| **11/30/2021** | $3742 | $17369 |
| **12/31/2021** | $3424 | $18148 |
| **1/31/2022** | $3420 | $17208 |
| **2/28/2022** | $3437 | $16693 |
| **3/31/2022** | $3365 | $17313 |
| **4/30/2022** | $3740 | $15803 |
| **5/31/2022** | $3797 | $15832 |
| **6/30/2022** | $4207 | $14525 |
| **7/31/2022** | $3759 | $15865 |
| **8/31/2022** | $3867 | $15218 |
| **9/30/2022** | $4464 | $13816 |
| **10/31/2022** | $3998 | $14935 |
| **11/30/2022** | $3696 | $15769 |
| **12/31/2022** | $3992 | $14861 |
| **1/31/2023** | $3287 | $15795 |
| **2/28/2023** | $3459 | $15409 |
| **3/31/2023** | $3628 | $15975 |
| **4/30/2023** | $3672 | $16224 |
| **5/31/2023** | $3868 | $16295 |
| **6/30/2023** | $3521 | $17372 |
| **7/31/2023** | $3157 | $17930 |
| **8/31/2023** | $3380 | $17644 |
| **9/30/2023** | $3680 | $16803 |
| **10/31/2023** | $3996 | $16450 |
| **11/30/2023** | $3608 | $17952 |
| **12/31/2023** | $3110 | $18767 |
| **1/31/2024** | $3251 | $19083 |
| **2/29/2024** | $3214 | $20102 |
| **3/31/2024** | $3093 | $20749 |
| **4/30/2024** | $3306 | $19901 |
| **5/31/2024** | $3229 | $20888 |
| **6/30/2024** | $3320 | $21637 |
| **7/31/2024** | $3102 | $21901 |
| **8/31/2024** | $3217 | $22432 |
| **9/30/2024** | $3158 | $22911 |
| **10/31/2024** | $3310 | $22703 |
| **11/30/2024** | $3107 | $24036 |
| **12/31/2024** | $3293 | $23463 |
| **1/31/2025** | $3242 | $24116 |
| **2/28/2025** | $3417 | $23802 |
| **3/31/2025** | $3525 | $22461 |
| **4/30/2025** | $3849 | $22308 |
| **5/31/2025** | $3690 | $23713 |
| **6/30/2025** | $3479 | $24918 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 7/10/2018** |
| AdvisorShares Dorsey Wright Short ETF NAV | 4.78% | -14.81% | -14.05% |
| S&P 500 Index | 15.16% | 16.64% | 13.99% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$12,513,226

* Total advisory fees paid$37,340

* Total number of portfolio holdings101

* Period portfolio turnover rate249%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Semiconductors | (11.1)% |
| Oil & Gas | (8.1)% |
| Healthcare - Products | (7.1)% |
| Chemicals | (6.7)% |
| Retail | (5.2)% |
| Commercial Services | (4.7)% |
| Biotechnology | (4.5)% |
| Apparel | (3.9)% |
| Healthcare - Services | (3.3)% |
| REITS | (3.1)% |
| Internet | (3.1)% |
| Auto Parts & Equipment | (3.0)% |
| Other | (32.6)% |
| Money Market Fund | 220.4% |
| Assets Less Liabilities | (24.0)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Focused Equity ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **CWS** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Focused Equity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Focused Equity ETF | $70 | 0.65% |

---

## How did the Fund perform last year?
The AdvisorShares Focused Equity ETF (CWS) performed well during the most recent fiscal year (July 2024 through June 2025).

There were several key factors that impacted the fund's return over that period. Most importantly, the stock market experienced a dramatic period over the last half of 2024 and into the first half of 2025.

The presidential election and victory for Donald Trump were especially noteworthy. There were also ongoing geopolitical troubles in the Middle East and Eastern Europe.

In early 2025, the fund and the broader stock market were roiled by President Trump's tariff agenda. The stock market dropped sharply in February and March. The S&P 500 experienced some of its worst days in decades. On April 9, President Trump announced a pause to his tariffs and the stock market rallied strongly.

The rally greatly helped the Advisor Shares Focused Equity ETF and the fund continued to make steady gains in the new bull market. The ETF has beaten the market over the first half of 2025, and it's done it with less risk.

Another important factor in the fund's performance has been the Federal Reserve and its outlook for the U.S. economy. The central bank raised interest rates a few times in late 2024, but it has held off on any rates hikes during the first half of 2025.

The daily volatility of the market calmed down considerably during the early spring of 2025. That was very reassuring for investors. Before the end of the first half of 2025, the S&P 500 reached a new all-time high.

After peaking at over 9%, inflation has also cooled off dramatically. In fact, inflation has reached the point where many investors think the Fed may be too late in cutting rates. President Trump has been especially vocal on the need for lower rates. Lower interest rates would be very good for the economy, stock market and CWS.

Some of the best-performing stocks for CWS over the past fiscal year have been companies such as Moody's (MCO), FICO (FICO), IES Holdings (IESC) and Amphenol (APH). At CWS, we follow a cautious, safety-first approach. We continue to expect strong gains in the weeks and months ahead.

As the White House announced the new tariff policies, there was evidence that shoppers moved quickly to make purchases before the new rates went into effect.

The unemployment rate continues to remain low which is beneficial for the fund. Consumers have mostly been in a good mood. Robust consumer spending is very important for the economy and our fund.

The fund is primarily concentrated on higher-quality stocks. These stocks tend to do well in any environment, but they're often especially strong when the rest of the market gets nervous. That was a big help for CWS during the tariff panic in early 2025.

We believe the fund is poised for more gains in the new fiscal year.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i00469f7a21445cd4fce1b630.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Focused Equity ETF NAV** | |
| **9/20/2016** | $10000 | $10000 |
| **9/30/2016** | $10080 | $10137 |
| **10/31/2016** | $9901 | $9952 |
| **11/30/2016** | $10385 | $10321 |
| **12/31/2016** | $10378 | $10525 |
| **1/31/2017** | $10789 | $10725 |
| **2/28/2017** | $10996 | $11151 |
| **3/31/2017** | $11087 | $11164 |
| **4/30/2017** | $11302 | $11278 |
| **5/31/2017** | $11331 | $11437 |
| **6/30/2017** | $11439 | $11508 |
| **7/31/2017** | $11428 | $11745 |
| **8/31/2017** | $11274 | $11781 |
| **9/30/2017** | $11590 | $12024 |
| **10/31/2017** | $11919 | $12305 |
| **11/30/2017** | $12400 | $12682 |
| **12/31/2017** | $12524 | $12823 |
| **1/31/2018** | $12936 | $13557 |
| **2/28/2018** | $12635 | $13057 |
| **3/31/2018** | $12417 | $12726 |
| **4/30/2018** | $12333 | $12774 |
| **5/31/2018** | $12398 | $13082 |
| **6/30/2018** | $12762 | $13163 |
| **7/31/2018** | $13131 | $13652 |
| **8/31/2018** | $13581 | $14097 |
| **9/30/2018** | $13596 | $14177 |
| **10/31/2018** | $12587 | $13208 |
| **11/30/2018** | $13137 | $13478 |
| **12/31/2018** | $11810 | $12261 |
| **1/31/2019** | $12688 | $13243 |
| **2/28/2019** | $13259 | $13668 |
| **3/31/2019** | $13343 | $13934 |
| **4/30/2019** | $13923 | $14498 |
| **5/31/2019** | $13497 | $13577 |
| **6/30/2019** | $14177 | $14534 |
| **7/31/2019** | $14441 | $14743 |
| **8/31/2019** | $14444 | $14509 |
| **9/30/2019** | $14478 | $14781 |
| **10/31/2019** | $14623 | $15101 |
| **11/30/2019** | $15228 | $15649 |
| **12/31/2019** | $15402 | $16121 |
| **1/31/2020** | $15556 | $16115 |
| **2/29/2020** | $14160 | $14788 |
| **3/31/2020** | $12652 | $12962 |
| **4/30/2020** | $14008 | $14623 |
| **5/31/2020** | $14814 | $15320 |
| **6/30/2020** | $14747 | $15624 |
| **7/31/2020** | $15998 | $16505 |
| **8/31/2020** | $16496 | $17692 |
| **9/30/2020** | $16103 | $17020 |
| **10/31/2020** | $15765 | $16567 |
| **11/30/2020** | $17208 | $18381 |
| **12/31/2020** | $18007 | $19087 |
| **1/31/2021** | $17585 | $18895 |
| **2/28/2021** | $17638 | $19416 |
| **3/31/2021** | $18462 | $20266 |
| **4/30/2021** | $19478 | $21347 |
| **5/31/2021** | $19282 | $21497 |
| **6/30/2021** | $19341 | $21998 |
| **7/31/2021** | $20001 | $22521 |
| **8/31/2021** | $20275 | $23206 |
| **9/30/2021** | $19221 | $22126 |
| **10/31/2021** | $20502 | $23677 |
| **11/30/2021** | $20370 | $23513 |
| **12/31/2021** | $21844 | $24566 |
| **1/31/2022** | $20269 | $23295 |
| **2/28/2022** | $19677 | $22598 |
| **3/31/2022** | $19925 | $23437 |
| **4/30/2022** | $18768 | $21393 |
| **5/31/2022** | $18606 | $21432 |
| **6/30/2022** | $17547 | $19663 |
| **7/31/2022** | $19194 | $21476 |
| **8/31/2022** | $18475 | $20600 |
| **9/30/2022** | $17085 | $18703 |
| **10/31/2022** | $18829 | $20217 |
| **11/30/2022** | $20348 | $21347 |
| **12/31/2022** | $19758 | $20117 |
| **1/31/2023** | $21193 | $21381 |
| **2/28/2023** | $20679 | $20859 |
| **3/31/2023** | $21138 | $21625 |
| **4/30/2023** | $21170 | $21963 |
| **5/31/2023** | $20379 | $22058 |
| **6/30/2023** | $22388 | $23516 |
| **7/31/2023** | $23183 | $24271 |
| **8/31/2023** | $22981 | $23885 |
| **9/30/2023** | $21718 | $22746 |
| **10/31/2023** | $20637 | $22268 |
| **11/30/2023** | $23075 | $24301 |
| **12/31/2023** | $24750 | $25405 |
| **1/31/2024** | $25051 | $25832 |
| **2/29/2024** | $25753 | $27212 |
| **3/31/2024** | $26559 | $28087 |
| **4/30/2024** | $25372 | $26940 |
| **5/31/2024** | $26199 | $28276 |
| **6/30/2024** | $26015 | $29290 |
| **7/31/2024** | $27690 | $29647 |
| **8/31/2024** | $28383 | $30366 |
| **9/30/2024** | $28753 | $31015 |
| **10/31/2024** | $28213 | $30733 |
| **11/30/2024** | $29894 | $32537 |
| **12/31/2024** | $27267 | $31762 |
| **1/31/2025** | $28568 | $32646 |
| **2/28/2025** | $28279 | $32220 |
| **3/31/2025** | $27552 | $30405 |
| **4/30/2025** | $27395 | $30199 |
| **5/31/2025** | $28775 | $32100 |
| **6/30/2025** | $29448 | $33732 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 9/20/2016** |
| AdvisorShares Focused Equity ETF NAV | 13.20% | 14.83% | 13.10% |
| S&P 500 Index | 15.16% | 16.64% | 14.86% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$192,417,248

* Total advisory fees paid$903,183

* Total number of portfolio holdings27

* Period portfolio turnover rate24%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Software | 18.3% |
| Healthcare - Products | 11.4% |
| Pharmaceuticals | 8.8% |
| Commercial Services | 8.5% |
| Auto Parts & Equipment | 5.8% |
| Electronics | 5.2% |
| Engineering & Construction | 5.2% |
| Aerospace/Defense | 5.1% |
| Diversified Financial Services | 4.6% |
| Water | 4.2% |
| Machinery - Diversified | 4.0% |
| Real Estate | 3.9% |
| Packaging & Containers | 3.9% |
| Other | 12.2% |
| Assets Less Liabilities | (1.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Gerber Kawasaki ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **GK** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Gerber Kawasaki ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Gerber Kawasaki ETF | $79 | 0.75% |

---

## How did the Fund perform last year?
The AdvisorShares Gerber Kawasaki ETF (GK) Fund delivered another solid year of performance, continuing to demonstrate resilience amid a volatile market environment. Over the past 12 months, our results have been materially enhanced by our strategic focus on AI-related companies and leading digital consumer service firms such as Netflix, Google, and Disney.

Our top technology holdings—Nvidia, Broadcom, and Microsoft—have been standout performers, helping to drive strong relative returns. Despite significant market turbulence in the second half of the fiscal year, including the introduction of Trump tariffs, we've successfully navigated these challenges by concentrating on sectors less exposed to trade disruptions. As a result, we've outperformed many of our peers and indexes over the last year.

We remain confident that the ongoing wave of innovation driven by AI adoption will continue to unlock compelling investment opportunities. The GK Fund is well-positioned to capitalize on these trends, and we remain vigilant in identifying emerging leaders across the technology sector.

Outside of tech, our industrial holdings have also contributed meaningfully to performance. Companies like Trane Technologies (TT) and Kratos Defense (KTOS) have become key positions in the fund, delivering strong returns over both the short and long term.

Additionally, the fund maintains positions in both Bitcoin and gold to hedge against the inflationary impact of recent economic policies. These assets have delivered substantial gains this year and help distinguish GK from other ETFs—we are currently the only ETF in the U.S. to hold both Bitcoin and gold as core components. This unique positioning has helped reduce volatility while enhancing long-term performance.

As we close out another fiscal year of double-digit positive returns, we want to thank our shareholders for their continued trust and patience. We remain focused on delivering long-term value and look forward to building on our success in the years ahead.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i587be7b4abdb428bfaaff6cd.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Gerber Kawasaki ETF NAV** | |
| **7/1/2021** | $10000 | $10000 |
| **7/31/2021** | $10163 | $10184 |
| **8/31/2021** | $10473 | $10493 |
| **9/30/2021** | $9879 | $10005 |
| **10/31/2021** | $10951 | $10706 |
| **11/30/2021** | $10857 | $10632 |
| **12/31/2021** | $10587 | $11109 |
| **1/31/2022** | $9175 | $10534 |
| **2/28/2022** | $8826 | $10218 |
| **3/31/2022** | $9132 | $10598 |
| **4/30/2022** | $7586 | $9674 |
| **5/31/2022** | $7295 | $9691 |
| **6/30/2022** | $6529 | $8891 |
| **7/31/2022** | $7375 | $9711 |
| **8/31/2022** | $6967 | $9315 |
| **9/30/2022** | $6256 | $8457 |
| **10/31/2022** | $6591 | $9142 |
| **11/30/2022** | $6871 | $9653 |
| **12/31/2022** | $6051 | $9097 |
| **1/31/2023** | $6790 | $9668 |
| **2/28/2023** | $6817 | $9432 |
| **3/31/2023** | $6905 | $9779 |
| **4/30/2023** | $6691 | $9931 |
| **5/31/2023** | $6721 | $9975 |
| **6/30/2023** | $7261 | $10634 |
| **7/31/2023** | $7500 | $10975 |
| **8/31/2023** | $7141 | $10800 |
| **9/30/2023** | $6628 | $10285 |
| **10/31/2023** | $6267 | $10069 |
| **11/30/2023** | $6922 | $10989 |
| **12/31/2023** | $7345 | $11488 |
| **1/31/2024** | $7536 | $11681 |
| **2/29/2024** | $8120 | $12305 |
| **3/31/2024** | $8429 | $12701 |
| **4/30/2024** | $7918 | $12182 |
| **5/31/2024** | $8342 | $12786 |
| **6/30/2024** | $8724 | $13245 |
| **7/31/2024** | $8506 | $13406 |
| **8/31/2024** | $8523 | $13731 |
| **9/30/2024** | $8704 | $14024 |
| **10/31/2024** | $8537 | $13897 |
| **11/30/2024** | $9119 | $14713 |
| **12/31/2024** | $8830 | $14362 |
| **1/31/2025** | $8987 | $14762 |
| **2/28/2025** | $8670 | $14570 |
| **3/31/2025** | $7888 | $13749 |
| **4/30/2025** | $8231 | $13655 |
| **5/31/2025** | $8944 | $14515 |
| **6/30/2025** | $9665 | $15253 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 7/1/2021** |
| AdvisorShares Gerber Kawasaki ETF NAV | 10.78% | -0.85% |
| S&P 500 Index | 15.16% | 11.14% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$25,394,188

* Total advisory fees paid$47,891

* Total number of portfolio holdings31

* Period portfolio turnover rate63%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Internet | 17.9% |
| Semiconductors | 13.0% |
| Software | 9.1% |
| Retail | 7.5% |
| Entertainment | 6.8% |
| Building Materials | 5.1% |
| Money Market Fund | 4.7% |
| Aerospace/Defense | 4.2% |
| Pharmaceuticals | 3.7% |
| Machinery - Construction & Mining | 3.5% |
| Computers | 3.4% |
| Venture Capital | 3.3% |
| Diversified Financial Services | 3.3% |
| Other | 17.0% |
| Assets Less Liabilities | (2.5)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Hotel ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **BEDZ** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Hotel ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Hotel ETF | $105 | 0.99% |

---

## How did the Fund perform last year?
During the fiscal year ended June 30, 2025, the AdvisorShares Hotel ETF (ticker: BEDZ) delivered a positive return, though it modestly trailed the S&P 500 Index. Following the strong post pandemic recovery, the hotel and travel sector has entered a more stable phase, though it continues to face headwinds from higher costs, labor shortages, and more cautious consumer behavior. Operators note that rising expenses, especially for labor and utilities, are weighing on profit margins, and nearly two thirds of companies in the hospitality industry still report difficulties in filling open positions.

BEDZ's performance remains closely tied to the hotel industry, a key component of the global travel and tourism sector encompassing luxury hotels, resorts, budget accommodations, and boutique properties. Leisure travel remained particularly popular throughout the fiscal year, while business travel recovery proved more gradual, somewhat constraining overall sector gains.

Looking ahead, we remain optimistic about hotel and travel growth potential, supported by upcoming global events including the 2026 FIFA World Cup and 2028 Olympics, continued technological innovation, and evolving consumer preferences favoring unique travel experiences and diverse destinations.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i2756fc6c88c9b387dadb21bc.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Hotel ETF NAV** | |
| **4/20/2021** | $10000 | $10000 |
| **4/30/2021** | $10512 | $10114 |
| **5/31/2021** | $10637 | $10185 |
| **6/30/2021** | $10081 | $10423 |
| **7/31/2021** | $9528 | $10670 |
| **8/31/2021** | $9976 | $10995 |
| **9/30/2021** | $10443 | $10484 |
| **10/31/2021** | $10790 | $11218 |
| **11/30/2021** | $9925 | $11140 |
| **12/31/2021** | $10901 | $11640 |
| **1/31/2022** | $9905 | $11037 |
| **2/28/2022** | $10489 | $10707 |
| **3/31/2022** | $10917 | $11104 |
| **4/30/2022** | $10287 | $10136 |
| **5/31/2022** | $9565 | $10155 |
| **6/30/2022** | $8111 | $9316 |
| **7/31/2022** | $9550 | $10175 |
| **8/31/2022** | $9107 | $9760 |
| **9/30/2022** | $8374 | $8862 |
| **10/31/2022** | $9512 | $9579 |
| **11/30/2022** | $9987 | $10114 |
| **12/31/2022** | $9459 | $9532 |
| **1/31/2023** | $10558 | $10130 |
| **2/28/2023** | $10435 | $9883 |
| **3/31/2023** | $10128 | $10246 |
| **4/30/2023** | $10097 | $10406 |
| **5/31/2023** | $9759 | $10451 |
| **6/30/2023** | $10490 | $11142 |
| **7/31/2023** | $11151 | $11500 |
| **8/31/2023** | $10581 | $11317 |
| **9/30/2023** | $10126 | $10777 |
| **10/31/2023** | $9529 | $10551 |
| **11/30/2023** | $10820 | $11514 |
| **12/31/2023** | $11726 | $12037 |
| **1/31/2024** | $11619 | $12239 |
| **2/29/2024** | $12225 | $12893 |
| **3/31/2024** | $12655 | $13308 |
| **4/30/2024** | $11881 | $12764 |
| **5/31/2024** | $11615 | $13397 |
| **6/30/2024** | $11812 | $13878 |
| **7/31/2024** | $11825 | $14047 |
| **8/31/2024** | $11987 | $14388 |
| **9/30/2024** | $12488 | $14695 |
| **10/31/2024** | $12950 | $14562 |
| **11/30/2024** | $14118 | $15416 |
| **12/31/2024** | $13871 | $15049 |
| **1/31/2025** | $14382 | $15468 |
| **2/28/2025** | $13419 | $15266 |
| **3/31/2025** | $12143 | $14406 |
| **4/30/2025** | $11709 | $14308 |
| **5/31/2025** | $12662 | $15209 |
| **6/30/2025** | $13258 | $15982 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 4/20/2021** |
| AdvisorShares Hotel ETF NAV | 12.24% | 6.95% |
| S&P 500 Index | 15.16% | 11.83% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$2,680,698

* Total advisory fees paid$0

* Total number of portfolio holdings26

* Period portfolio turnover rate137%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Entertainment | 2.3% |
| Commercial Services | 5.0% |
| REITS | 17.7% |
| Leisure Time | 17.8% |
| Internet | 22.9% |
| Lodging | 25.3% |
| Money Market Funds | 16.0% |
| Assets Less Liabilities | (7.0)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares HVAC and Industrials ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **HVAC** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares HVAC and Industrials ETF (the "Fund") for the period of February 3, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares HVAC and Industrials ETF | $42<sup>Footnote Reference(1)</sup> | 0.99%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year?
From its inception on February 3, 2025, through the fiscal year ended June 30, 2025, the AdvisorShares HVAC and Industrials ETF (ticker: HVAC) achieved a positive return, more than doubling the S&P 500 Index's performance over the same period.

The HVAC (heating, ventilation, and air conditioning) industry, a critical component of building products and construction, benefited from multiple growth drivers. Urbanization in developing regions drove demand for housing and commercial infrastructure, while rising global temperatures, particularly in traditionally cooler regions like Europe, increased the need for advanced cooling systems. The explosive growth of data centers, where cooling represents a major portion of energy consumption, continued to expand market opportunities.

The sector also saw strong momentum in retrofitting and upgrading legacy systems to meet stricter environmental standards. Technological innovation and sustainability initiatives prompted replacement of outdated systems, while maintenance and upgrades offered revenue resilience even during economic downturns. Smart building initiatives and regulatory mandates further drove adoption of innovative HVAC solutions.

While short-term tariff pressures and industrial stock volatility persist, the longer-term prospects remain compelling as HVAC systems become increasingly integral to sustainable construction, smart buildings, and modern infrastructure development.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i3fb644c2b963557ee695f890.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares HVAC and Industrials ETF NAV** | |
| **2/3/2025** | $10000 | $10000 |
| **2/2025** | $9343 | $9945 |
| **3/2025** | $8847 | $9384 |
| **4/2025** | $9221 | $9321 |
| **5/2025** | $10374 | $9907 |
| **6/2025** | $11131 | $10411 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | |
|:---|:---|
| **Fund/Index** | **Since Inception 2/3/2025** |
| AdvisorShares HVAC and Industrials ETF NAV | 11.31% |
| S&P 500 Index | 4.11% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$1,113,107

* Total advisory fees paid$0

* Total number of portfolio holdings25

* Period portfolio turnover rate62%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Commercial Services | 2.7% |
| REITS | 2.9% |
| Retail | 5.2% |
| Electric | 5.9% |
| Electronics | 7.3% |
| Miscellaneous Manufacturing | 8.8% |
| Machinery - Construction & Mining | 9.8% |
| Machinery - Diversified | 10.5% |
| Electrical Components & Equipment | 11.3% |
| Building Materials | 15.4% |
| Engineering & Construction | 16.1% |
| Money Market Fund | 9.7% |
| Assets Less Liabilities | (5.6)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Insider Advantage ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **SURE** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Insider Advantage ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Insider Advantage ETF | $92 | 0.90% |

---

## How did the Fund perform last year?
Global equity markets experienced significant volatility over the past fiscal year, driven by uncertainties surrounding the US presidential election, changes in interest rate policy, geopolitical tensions, and tariffs imposed during the most recent round of trade wars.

Our overweight positions in financial and industrial stocks contributed positively to performance. Conversely, underperformance in the energy sector detracted from results, as recession fears drove down oil prices.

Several of our holdings in the consumer discretionary and technology sectors faced significant headwinds as trade tensions intensified. These companies encountered various sales restrictions, such as export bans, and experienced supply chain disruptions as tariff hikes took effect.

As a result, mid-cap and small-cap stocks underperformed amid increased market volatility, as investors favored larger companies for safety. Because the Fund implements an equal-weight strategy, this underperformance in mid- and small-cap companies also weighed on our overall results.

Looking ahead, we remain cautiously optimistic due to ongoing trade negotiations and the recently passed tax bill. We believe the economy will ultimately be able to withstand the slightly higher tariffs and avoid a recession. The downward trend in inflation should support further interest rate cuts in the second half of this year. Most importantly, we see companies remaining committed to repurchasing their own shares at a rate exceeding $1 trillion annually. This should provide a tailwind for our strategy as we continue to focus on high-quality companies with strong balance sheets that are actively executing share buybacks.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i770dc37dad6b5cc7697ec73e.jpg)

---

| | | |
|:---|:---|:---|
| | | **Russell 3000 Index** |
| | **AdvisorShares Insider Advantage ETF NAV** | |
| **6/2015** | $10000 | $10000 |
| **7/2015** | $10119 | $10167 |
| **8/2015** | $9623 | $9553 |
| **9/2015** | $9234 | $9275 |
| **10/2015** | $9916 | $10008 |
| **11/2015** | $9933 | $10063 |
| **12/2015** | $9554 | $9857 |
| **1/2016** | $9100 | $9300 |
| **2/2016** | $9322 | $9297 |
| **3/2016** | $9917 | $9952 |
| **4/2016** | $9771 | $10014 |
| **5/2016** | $9918 | $10193 |
| **6/2016** | $9813 | $10214 |
| **7/2016** | $10191 | $10619 |
| **8/2016** | $10354 | $10646 |
| **9/2016** | $10299 | $10663 |
| **10/2016** | $10313 | $10432 |
| **11/2016** | $11206 | $10899 |
| **12/2016** | $11364 | $11112 |
| **1/2017** | $11551 | $11321 |
| **2/2017** | $11834 | $11742 |
| **3/2017** | $11660 | $11750 |
| **4/2017** | $11626 | $11875 |
| **5/2017** | $11486 | $11996 |
| **6/2017** | $11830 | $12104 |
| **7/2017** | $11941 | $12333 |
| **8/2017** | $11698 | $12356 |
| **9/2017** | $12123 | $12658 |
| **10/2017** | $12112 | $12934 |
| **11/2017** | $12670 | $13327 |
| **12/2017** | $12810 | $13460 |
| **1/2018** | $13307 | $14169 |
| **2/2018** | $12604 | $13647 |
| **3/2018** | $12326 | $13373 |
| **4/2018** | $12171 | $13424 |
| **5/2018** | $12221 | $13803 |
| **6/2018** | $12204 | $13893 |
| **7/2018** | $12579 | $14354 |
| **8/2018** | $12667 | $14858 |
| **9/2018** | $12605 | $14883 |
| **10/2018** | $11630 | $13787 |
| **11/2018** | $11955 | $14063 |
| **12/2018** | $10787 | $12754 |
| **1/2019** | $11581 | $13849 |
| **2/2019** | $11889 | $14336 |
| **3/2019** | $11933 | $14545 |
| **4/2019** | $12315 | $15126 |
| **5/2019** | $11720 | $14147 |
| **6/2019** | $12416 | $15141 |
| **7/2019** | $12608 | $15366 |
| **8/2019** | $12627 | $15053 |
| **9/2019** | $12693 | $15317 |
| **10/2019** | $12931 | $15647 |
| **11/2019** | $13330 | $16242 |
| **12/2019** | $13816 | $16711 |
| **1/2020** | $13495 | $16692 |
| **2/2020** | $12384 | $15326 |
| **3/2020** | $10431 | $13218 |
| **4/2020** | $11701 | $14969 |
| **5/2020** | $12175 | $15769 |
| **6/2020** | $12213 | $16130 |
| **7/2020** | $12639 | $17046 |
| **8/2020** | $13150 | $18281 |
| **9/2020** | $12774 | $17615 |
| **10/2020** | $12513 | $17235 |
| **11/2020** | $14529 | $19331 |
| **12/2020** | $15038 | $20201 |
| **1/2021** | $14853 | $20111 |
| **2/2021** | $15796 | $20740 |
| **3/2021** | $16764 | $21483 |
| **4/2021** | $17538 | $22591 |
| **5/2021** | $18117 | $22694 |
| **6/2021** | $17805 | $23253 |
| **7/2021** | $17729 | $23647 |
| **8/2021** | $18018 | $24321 |
| **9/2021** | $17398 | $23230 |
| **10/2021** | $18315 | $24801 |
| **11/2021** | $17530 | $24423 |
| **12/2021** | $18524 | $25385 |
| **1/2022** | $18439 | $23891 |
| **2/2022** | $18228 | $23290 |
| **3/2022** | $18409 | $24045 |
| **4/2022** | $17200 | $21887 |
| **5/2022** | $17616 | $21858 |
| **6/2022** | $16182 | $20029 |
| **7/2022** | $17112 | $21908 |
| **8/2022** | $16401 | $21091 |
| **9/2022** | $14695 | $19135 |
| **10/2022** | $16660 | $20704 |
| **11/2022** | $17658 | $21785 |
| **12/2022** | $16408 | $20509 |
| **1/2023** | $17963 | $21922 |
| **2/2023** | $17926 | $21409 |
| **3/2023** | $17224 | $21982 |
| **4/2023** | $17023 | $22216 |
| **5/2023** | $16583 | $22302 |
| **6/2023** | $18251 | $23825 |
| **7/2023** | $19194 | $24679 |
| **8/2023** | $18719 | $24203 |
| **9/2023** | $18168 | $23050 |
| **10/2023** | $17527 | $22439 |
| **11/2023** | $19009 | $24532 |
| **12/2023** | $20254 | $25833 |
| **1/2024** | $20373 | $26119 |
| **2/2024** | $21494 | $27533 |
| **3/2024** | $22652 | $28421 |
| **4/2024** | $21305 | $27170 |
| **5/2024** | $22096 | $28454 |
| **6/2024** | $21736 | $29335 |
| **7/2024** | $22476 | $29880 |
| **8/2024** | $22683 | $30531 |
| **9/2024** | $23067 | $31162 |
| **10/2024** | $22803 | $30934 |
| **11/2024** | $24370 | $32991 |
| **12/2024** | $22715 | $31983 |
| **1/2025** | $23434 | $32993 |
| **2/2025** | $22850 | $32360 |
| **3/2025** | $21748 | $30473 |
| **4/2025** | $21289 | $30268 |
| **5/2025** | $22198 | $32187 |
| **6/2025** | $22896 | $33822 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **10 year** |
| AdvisorShares Insider Advantage ETF NAV | 5.34% | 13.39% | 8.64% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The Russell 3000 Index is broad market, capitalization-weighted index comprised of the largest 3,000 U.S. companies and represents 98% of the investable U.S. equity market.*

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$46,955,327

* Total advisory fees paid$282,170

* Total number of portfolio holdings102

* Period portfolio turnover rate231%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Retail | 10.9% |
| Diversified Financial Services | 9.0% |
| Commercial Services | 5.9% |
| Insurance | 5.9% |
| Oil & Gas | 5.0% |
| Semiconductors | 5.0% |
| Lodging | 4.1% |
| Healthcare - Services | 4.0% |
| Transportation | 3.9% |
| Electronics | 3.1% |
| Software | 3.0% |
| Engineering & Construction | 3.0% |
| Internet | 3.0% |
| Other | 34.7% |
| Assets Less Liabilities | (0.5)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares MSOS Daily Leveraged ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **MSOX** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares MSOS Daily Leveraged ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares MSOS Daily Leveraged ETF | $50 | 0.96% |

---

## How did the Fund perform last year?
The AdvisorShares MSOS Daily Leveraged ETF (ticker: MSOX) posted negative returns for the fiscal year ended June 30, 2025, as its leveraged structure magnified the effects of regulatory uncertainty and competitive pressures impacting the underlying U.S. cannabis sector. Designed for sophisticated investors seeking amplified exposure to cannabis market movements, MSOX provides daily leveraged returns tied to the AdvisorShares Pure US Cannabis ETF (ticker: MSOS).

The ETF's concentrated focus on U.S. cannabis companies makes it particularly reactive to policy developments, from state level program expansion to potential federal rescheduling initiatives. While current market conditions present challenges, MSOX remains well positioned to capitalize on sector catalysts as the regulatory landscape evolves.

Despite near term headwinds, we maintain strong conviction in the U.S. cannabis market's long-term trajectory and expect transformative policy changes will eventually benefit risk tolerant investors willing to accept the fund's inherent volatility.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i1c162979a3365cde5670ba46.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares MSOS Daily Leveraged ETF NAV** | |
| **8/23/2022** | $10000 | $10000 |
| **8/31/2022** | $12326 | $9583 |
| **9/30/2022** | $5538 | $8700 |
| **10/31/2022** | $7428 | $9405 |
| **11/30/2022** | $8452 | $9930 |
| **12/31/2022** | $2397 | $9358 |
| **1/31/2023** | $2165 | $9946 |
| **2/28/2023** | $1998 | $9704 |
| **3/31/2023** | $1491 | $10060 |
| **4/30/2023** | $1359 | $10217 |
| **5/31/2023** | $1307 | $10261 |
| **6/30/2023** | $1292 | $10939 |
| **7/31/2023** | $1279 | $11291 |
| **8/31/2023** | $1733 | $11111 |
| **9/30/2023** | $2251 | $10581 |
| **10/31/2023** | $1042 | $10359 |
| **11/30/2023** | $1495 | $11305 |
| **12/31/2023** | $1455 | $11818 |
| **1/31/2024** | $2434 | $12017 |
| **2/29/2024** | $1973 | $12659 |
| **3/31/2024** | $2513 | $13066 |
| **4/30/2024** | $2886 | $12532 |
| **5/31/2024** | $1401 | $13154 |
| **6/30/2024** | $1120 | $13626 |
| **7/31/2024** | $1157 | $13792 |
| **8/31/2024** | $745 | $14126 |
| **9/30/2024** | $932 | $14428 |
| **10/31/2024** | $766 | $14297 |
| **11/30/2024** | $271 | $15136 |
| **12/31/2024** | $183 | $14775 |
| **1/31/2025** | $141 | $15187 |
| **2/28/2025** | $115 | $14989 |
| **3/31/2025** | $79 | $14144 |
| **4/30/2025** | $104 | $14048 |
| **5/31/2025** | $59 | $14932 |
| **6/30/2025** | $56 | $15692 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 8/23/2022** |
| AdvisorShares MSOS Daily Leveraged ETF NAV | -95.00% | -83.76% |
| S&P 500 Index | 15.16% | 17.11% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$10,329,122

* Total advisory fees paid$124,812

* Total number of portfolio holdings3

* Period portfolio turnover rate0%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025. This does not represent the Fund's market exposure due to the exclusion of derivatives.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Money Market Fund | 3.1% |
| Assets Less Liabilities | 96.9% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Psychedelics ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **PSIL** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Psychedelics ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Psychedelics ETF | $122 | 0.99% |

---

## How did the Fund perform last year?
The AdvisorShares Psychedelics ETF (ticker: PSIL) delivered significantly positive returns for the fiscal year ended June 30, 2025, marking a sharp turnaround from prior periods of volatility and predominantly negative performance since inception.

The psychedelics industry remains nascent and highly concentrated, composed mainly of micro-cap companies engaged in research and development of novel therapies. This early stage profile contributes to substantial market fluctuations driven by regulatory developments, clinical trial outcomes, and shifting investor sentiment.

The sector is benefiting from increased research into alternative mental health therapies and a gradual shift in public and regulatory sentiment. Growth is supported by ongoing clinical trials, expanding decriminalization efforts across U.S. cities, and rising investment interest. The industry's development is further aided by growing public interest in alternative mental health treatments as legal frameworks slowly evolve.

Despite inherent risks tied to regulatory uncertainty and early stage business models, we believe the sector holds significant potential for long-term investors with a high tolerance for volatility. The long-term outlook remains optimistic as the regulatory landscape continues to evolve and acceptance of psychedelic-based therapies gradually increases.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i615a4d56f5fb0937f8aed6c7.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Psychedelics ETF NAV** | |
| **9/15/2021** | $10000 | $10000 |
| **9/30/2021** | $9022 | $9617 |
| **10/31/2021** | $9385 | $10291 |
| **11/30/2021** | $7402 | $10220 |
| **12/31/2021** | $5582 | $10678 |
| **1/31/2022** | $4569 | $10125 |
| **2/28/2022** | $4150 | $9822 |
| **3/31/2022** | $3777 | $10187 |
| **4/30/2022** | $2955 | $9298 |
| **5/31/2022** | $2847 | $9315 |
| **6/30/2022** | $2556 | $8547 |
| **7/31/2022** | $2825 | $9335 |
| **8/31/2022** | $3820 | $8954 |
| **9/30/2022** | $2668 | $8129 |
| **10/31/2022** | $2414 | $8787 |
| **11/30/2022** | $2285 | $9278 |
| **12/31/2022** | $1897 | $8744 |
| **1/31/2023** | $2174 | $9293 |
| **2/28/2023** | $2091 | $9067 |
| **3/31/2023** | $1788 | $9399 |
| **4/30/2023** | $1718 | $9546 |
| **5/31/2023** | $1739 | $9588 |
| **6/30/2023** | $1878 | $10221 |
| **7/31/2023** | $1987 | $10550 |
| **8/31/2023** | $1674 | $10382 |
| **9/30/2023** | $1591 | $9887 |
| **10/31/2023** | $1453 | $9679 |
| **11/30/2023** | $1302 | $10563 |
| **12/31/2023** | $1433 | $11042 |
| **1/31/2024** | $1446 | $11228 |
| **2/29/2024** | $1480 | $11828 |
| **3/31/2024** | $1451 | $12208 |
| **4/30/2024** | $1264 | $11709 |
| **5/31/2024** | $1189 | $12290 |
| **6/30/2024** | $990 | $12731 |
| **7/31/2024** | $1065 | $12886 |
| **8/31/2024** | $889 | $13199 |
| **9/30/2024** | $788 | $13480 |
| **10/31/2024** | $1234 | $13358 |
| **11/30/2024** | $1258 | $14142 |
| **12/31/2024** | $1154 | $13805 |
| **1/31/2025** | $1299 | $14190 |
| **2/28/2025** | $1329 | $14005 |
| **3/31/2025** | $1222 | $13215 |
| **4/30/2025** | $1202 | $13126 |
| **5/31/2025** | $1396 | $13952 |
| **6/30/2025** | $1458 | $14662 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 9/15/2021** |
| AdvisorShares Psychedelics ETF NAV | 47.29% | -39.84% |
| S&P 500 Index | 15.16% | 10.63% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$10,349,888

* Total advisory fees paid$92

* Total number of portfolio holdings26

* Period portfolio turnover rate107%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Healthcare - Services | 5.0% |
| Pharmaceuticals | 23.3% |
| Biotechnology | 61.1% |
| Money Market Funds | 23.7% |
| Assets Less Liabilities | (13.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Pure Cannabis ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **YOLO** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Pure Cannabis ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Pure Cannabis ETF | $40 | 0.51% |

---

## How did the Fund perform last year?
The AdvisorShares Pure Cannabis ETF (ticker: YOLO) recorded negative returns for the fiscal year ended June 30, 2025. The ETF's underperformance reflected persistent political uncertainty and stalled progress toward more lenient cannabis regulations for recreational, medicinal, and decriminalized use, both in the U.S. and globally.

Despite current headwinds, the global trend remains favorable as countries work to dismantle illicit markets, generate tax revenues, improve public health outcomes, and mitigate the societal costs of prohibition, such as Germany legalizing cannabis for recreational use.

The long-term outlook remains constructive as more countries pursue legalization and seek to capture associated economic benefits. Regulatory advancements in major markets, particularly the potential rescheduling of cannabis under federal law in the U.S., could serve as significant catalysts for future growth and represent meaningful progress for the sector.

Even amid current volatility and muted investor sentiment, we remain highly optimistic about the global cannabis market's potential. The global cannabis sector continues to evolve, and YOLO remains positioned to benefit from eventual policy breakthroughs and expanding legalization trends as regulatory frameworks mature worldwide.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](ic3e5f8357af2fe2008aee857.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Pure Cannabis ETF NAV** | |
| **4/17/2019** | $10000 | $10000 |
| **4/30/2019** | $10353 | $10159 |
| **5/31/2019** | $9289 | $9513 |
| **6/30/2019** | $9194 | $10183 |
| **7/31/2019** | $8052 | $10330 |
| **8/31/2019** | $7059 | $10166 |
| **9/30/2019** | $5880 | $10356 |
| **10/31/2019** | $5397 | $10581 |
| **11/30/2019** | $5082 | $10965 |
| **12/31/2019** | $4992 | $11296 |
| **1/31/2020** | $4826 | $11291 |
| **2/29/2020** | $4056 | $10362 |
| **3/31/2020** | $3292 | $9082 |
| **4/30/2020** | $3676 | $10246 |
| **5/31/2020** | $4533 | $10734 |
| **6/30/2020** | $4344 | $10948 |
| **7/31/2020** | $4908 | $11565 |
| **8/31/2020** | $5334 | $12396 |
| **9/30/2020** | $4630 | $11925 |
| **10/31/2020** | $4903 | $11608 |
| **11/30/2020** | $7240 | $12879 |
| **12/31/2020** | $7342 | $13374 |
| **1/31/2021** | $9088 | $13239 |
| **2/28/2021** | $10816 | $13604 |
| **3/31/2021** | $10147 | $14200 |
| **4/30/2021** | $9437 | $14958 |
| **5/31/2021** | $9064 | $15062 |
| **6/30/2021** | $9120 | $15414 |
| **7/31/2021** | $8180 | $15780 |
| **8/31/2021** | $7754 | $16260 |
| **9/30/2021** | $7138 | $15503 |
| **10/31/2021** | $6507 | $16590 |
| **11/30/2021** | $6219 | $16475 |
| **12/31/2021** | $5856 | $17213 |
| **1/31/2022** | $4705 | $16322 |
| **2/28/2022** | $4726 | $15834 |
| **3/31/2022** | $4803 | $16421 |
| **4/30/2022** | $3636 | $14990 |
| **5/31/2022** | $3131 | $15017 |
| **6/30/2022** | $2372 | $13777 |
| **7/31/2022** | $2558 | $15048 |
| **8/31/2022** | $2546 | $14434 |
| **9/30/2022** | $1898 | $13105 |
| **10/31/2022** | $2231 | $14166 |
| **11/30/2022** | $2316 | $14957 |
| **12/31/2022** | $1630 | $14096 |
| **1/31/2023** | $1654 | $14981 |
| **2/28/2023** | $1523 | $14616 |
| **3/31/2023** | $1318 | $15152 |
| **4/30/2023** | $1258 | $15389 |
| **5/31/2023** | $1185 | $15456 |
| **6/30/2023** | $1171 | $16477 |
| **7/31/2023** | $1252 | $17006 |
| **8/31/2023** | $1434 | $16736 |
| **9/30/2023** | $1561 | $15938 |
| **10/31/2023** | $1176 | $15603 |
| **11/30/2023** | $1336 | $17027 |
| **12/31/2023** | $1392 | $17801 |
| **1/31/2024** | $1659 | $18100 |
| **2/29/2024** | $1621 | $19067 |
| **3/31/2024** | $1864 | $19680 |
| **4/30/2024** | $2076 | $18876 |
| **5/31/2024** | $1730 | $19812 |
| **6/30/2024** | $1559 | $20523 |
| **7/31/2024** | $1615 | $20773 |
| **8/31/2024** | $1468 | $21277 |
| **9/30/2024** | $1533 | $21731 |
| **10/31/2024** | $1486 | $21534 |
| **11/30/2024** | $1266 | $22798 |
| **12/31/2024** | $1131 | $22255 |
| **1/31/2025** | $1055 | $22874 |
| **2/28/2025** | $980 | $22576 |
| **3/31/2025** | $825 | $21304 |
| **4/30/2025** | $939 | $21160 |
| **5/31/2025** | $910 | $22491 |
| **6/30/2025** | $883 | $23635 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 4/17/2019** |
| AdvisorShares Pure Cannabis ETF NAV | -43.36% | -27.28% | -32.38% |
| S&P 500 Index | 15.16% | 16.64% | 14.87% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$24,649,457

* Total advisory fees paid$0

* Total number of portfolio holdings24

* Period portfolio turnover rate30%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Agriculture | 15.0% |
| Distributors | 13.8% |
| Equity Fund | 31.9% |
| Pharmaceuticals | 32.4% |
| REITS | 4.1% |
| Specialty Retail | 0.0%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds | 8.7% |
| Assets Less Liabilities | (5.9)% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Pure US Cannabis ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **MSOS** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Pure US Cannabis ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Pure US Cannabis ETF | $49 | 0.75% |

---

## How did the Fund perform last year?
The AdvisorShares Pure US Cannabis ETF (ticker: MSOS) experienced significant declines during the fiscal year ended June 30, 2025. Despite continued growth in U.S. cannabis sales, the sector was weighed down by persistent price compression, intense competition, and stalled federal reform efforts.

While MSOS has historically been volatile, its long-term trajectory remains tied to the steady implementation of state level cannabis programs and potential progress on federal legal reforms. The market continues to monitor indications that the federal government may reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act, a move that could ease banking and capital market restrictions, reduce tax burdens for legal businesses, and open new growth avenues.

Hopes for regulatory reclassification remain a key catalyst, as such changes could reshape market dynamics, investment strategies, and the broader cannabis business landscape such as the uplisting of cannabis stocks. As regulations evolve, the sector's growth potential remains significant, with the policy landscape continuing to drive long-term performance expectations.

Despite recent declines and expected continued volatility, we maintain a strongly optimistic outlook on the U.S. cannabis sector's long-term performance as state level programs expand, and federal reform gradually advances.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i7d0194cef7a9b5817e48e76a.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Pure US Cannabis ETF NAV** | |
| **9/1/2020** | $10000 | $10000 |
| **9/30/2020** | $8713 | $9548 |
| **10/31/2020** | $9965 | $9294 |
| **11/30/2020** | $13317 | $10311 |
| **12/31/2020** | $14525 | $10708 |
| **1/31/2021** | $16738 | $10600 |
| **2/28/2021** | $19054 | $10892 |
| **3/31/2021** | $17030 | $11369 |
| **4/30/2021** | $16961 | $11976 |
| **5/31/2021** | $16594 | $12060 |
| **6/30/2021** | $16086 | $12341 |
| **7/31/2021** | $14301 | $12634 |
| **8/31/2021** | $13048 | $13018 |
| **9/30/2021** | $12653 | $12413 |
| **10/31/2021** | $10928 | $13283 |
| **11/30/2021** | $10681 | $13191 |
| **12/31/2021** | $10237 | $13782 |
| **1/31/2022** | $8431 | $13068 |
| **2/28/2022** | $8704 | $12677 |
| **3/31/2022** | $8370 | $13148 |
| **4/30/2022** | $6154 | $12001 |
| **5/31/2022** | $5654 | $12023 |
| **6/30/2022** | $4151 | $11031 |
| **7/31/2022** | $4659 | $12048 |
| **8/31/2022** | $5270 | $11557 |
| **9/30/2022** | $3588 | $10492 |
| **10/31/2022** | $4397 | $11342 |
| **11/30/2022** | $4761 | $11976 |
| **12/31/2022** | $2839 | $11286 |
| **1/31/2023** | $2701 | $11995 |
| **2/28/2023** | $2643 | $11702 |
| **3/31/2023** | $2308 | $12132 |
| **4/30/2023** | $2214 | $12321 |
| **5/31/2023** | $2234 | $12375 |
| **6/30/2023** | $2198 | $13192 |
| **7/31/2023** | $2249 | $13616 |
| **8/31/2023** | $2705 | $13399 |
| **9/30/2023** | $3197 | $12761 |
| **10/31/2023** | $2241 | $12492 |
| **11/30/2023** | $2712 | $13633 |
| **12/31/2023** | $2788 | $14252 |
| **1/31/2024** | $3738 | $14492 |
| **2/29/2024** | $3432 | $15266 |
| **3/31/2024** | $3979 | $15757 |
| **4/30/2024** | $4499 | $15113 |
| **5/31/2024** | $3213 | $15863 |
| **6/30/2024** | $2932 | $16432 |
| **7/31/2024** | $3018 | $16632 |
| **8/31/2024** | $2531 | $17035 |
| **9/30/2024** | $2848 | $17399 |
| **10/31/2024** | $2666 | $17241 |
| **11/30/2024** | $1806 | $18253 |
| **12/31/2024** | $1523 | $17818 |
| **1/31/2025** | $1371 | $18315 |
| **2/28/2025** | $1265 | $18076 |
| **3/31/2025** | $1049 | $17057 |
| **4/30/2025** | $1270 | $16941 |
| **5/31/2025** | $976 | $18008 |
| **6/30/2025** | $956 | $18924 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 9/1/2020** |
| AdvisorShares Pure US Cannabis ETF NAV | -67.40% | -38.51% |
| S&P 500 Index | 15.16% | 14.13% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$314,803,143

* Total advisory fees paid$3,453,379

* Total number of portfolio holdings46

* Period portfolio turnover rate0%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025. This does not represent the Fund's market exposure due to the exclusion of derivatives.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Pharmaceuticals | 6.0% |
| Money Market Fund | 10.9% |
| Assets Less Liabilities | 83.1% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Q Dynamic Growth ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **QPX** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Q Dynamic Growth ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Q Dynamic Growth ETF | $155 | 1.45% |

---

## How did the Fund perform last year?
Over the 12-month period ending June 2025, the AdvisorShares Q Dynamic Growth ETF (QPX) outperformed its benchmark, the S&P 500 Index.

The portfolio remained consistently overweight in the Technology sector, with an average allocation to XLK of approximately 40%. Gold also maintained a notable presence, with exposures ranging from 0% to 18% and averaging over 13% since March 2025. Allocations to the Communication Services sector were steady throughout the period, typically ranging between 7% and 10%. Consumer Discretionary exposure was also significant, averaging around 19%.

In April 2025, the portfolio briefly adopted a tactical risk-reduction posture in response to a spike in implied volatility across major asset classes, as flagged by the proprietary QIX index. This tactical shift was implemented from April 11 to April 17, 2025, after which the portfolio returned to its standard allocation framework. No further tactical rebalancing has occurred since.

*The **QIX index** is a proprietary indicator designed to tactically and unemotionally identify market volatility and to help avoid drawdowns. When the QIX indicates normal volatility, QPX maintains long equity exposure; when the QIX is high, QPX maintains varying levels of fixed income / cash until a move back into equity is signaled.* 

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i71b2773e5d927836be97dcdf.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Q Dynamic Growth ETF NAV** | |
| **12/28/2020** | $10000 | $10000 |
| **12/31/2020** | $10000 | $10057 |
| **1/31/2021** | $10039 | $9956 |
| **2/28/2021** | $10181 | $10230 |
| **3/31/2021** | $10238 | $10678 |
| **4/30/2021** | $10750 | $11248 |
| **5/31/2021** | $10612 | $11327 |
| **6/30/2021** | $11250 | $11591 |
| **7/31/2021** | $11445 | $11867 |
| **8/31/2021** | $11824 | $12227 |
| **9/30/2021** | $11192 | $11659 |
| **10/31/2021** | $11937 | $12476 |
| **11/30/2021** | $12034 | $12389 |
| **12/31/2021** | $12224 | $12944 |
| **1/31/2022** | $11209 | $12275 |
| **2/28/2022** | $10728 | $11907 |
| **3/31/2022** | $11112 | $12349 |
| **4/30/2022** | $9781 | $11272 |
| **5/31/2022** | $9651 | $11293 |
| **6/30/2022** | $8809 | $10361 |
| **7/31/2022** | $9828 | $11316 |
| **8/31/2022** | $9301 | $10855 |
| **9/30/2022** | $8269 | $9855 |
| **10/31/2022** | $8725 | $10653 |
| **11/30/2022** | $9215 | $11248 |
| **12/31/2022** | $8470 | $10600 |
| **1/31/2023** | $9289 | $11266 |
| **2/28/2023** | $9269 | $10991 |
| **3/31/2023** | $10069 | $11395 |
| **4/30/2023** | $10066 | $11573 |
| **5/31/2023** | $10801 | $11623 |
| **6/30/2023** | $11396 | $12391 |
| **7/31/2023** | $11794 | $12789 |
| **8/31/2023** | $11547 | $12585 |
| **9/30/2023** | $10952 | $11985 |
| **10/31/2023** | $10858 | $11733 |
| **11/30/2023** | $11703 | $12805 |
| **12/31/2023** | $12241 | $13387 |
| **1/31/2024** | $12221 | $13611 |
| **2/29/2024** | $12855 | $14338 |
| **3/31/2024** | $13086 | $14800 |
| **4/30/2024** | $12452 | $14195 |
| **5/31/2024** | $12942 | $14899 |
| **6/30/2024** | $13539 | $15434 |
| **7/31/2024** | $13538 | $15621 |
| **8/31/2024** | $13730 | $16000 |
| **9/30/2024** | $14162 | $16342 |
| **10/31/2024** | $13912 | $16194 |
| **11/30/2024** | $14590 | $17144 |
| **12/31/2024** | $14370 | $16736 |
| **1/31/2025** | $14719 | $17202 |
| **2/28/2025** | $14367 | $16977 |
| **3/31/2025** | $13737 | $16021 |
| **4/30/2025** | $13893 | $15912 |
| **5/31/2025** | $14726 | $16914 |
| **6/30/2025** | $15491 | $17774 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 12/28/2020** |
| AdvisorShares Q Dynamic Growth ETF NAV | 14.42% | 10.21% |
| S&P 500 Index | 15.16% | 13.62% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$25,367,131

* Total advisory fees paid$235,766

* Total number of portfolio holdings9

* Period portfolio turnover rate334%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Commodity Fund | 17.4% |
| Equity Fund | 80.4% |
| Money Market Funds | 3.2% |
| Assets Less Liabilities | (1.0)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Ranger Equity Bear ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **HDGE** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Ranger Equity Bear ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Ranger Equity Bear ETF | $314 | 3.33% |

---

## How did the Fund perform last year?
For the fiscal year ended June 30, 2025, the performance of the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE) was -11.64% (NAV) compared with 15.16% for the S&P 500 Index.

The period was marked by extraordinary volatility. Tariff uncertainty benefited performance, while the portfolio performed well in the subsequent rebound due to its lower exposure to as the result of an oversold market.

While market indexes have reached new highs, we remain concerned about the long-term return potential of equities.

The risk premium of the S&P 500 is flat with the 10-year, indicating that equities offer little value relative to government securities. Insiders are selling stock at a record pace. Professional investors are fully allocated to stocks after an impressive rally from the low established in the tariff uncertainty. Market sentiment remains too bullish, which we view as a contrary indicator. As a result, our outlook for the next twelve months is very bearish, and HDGE's goal is to benefit from maximum damage in the equity markets both in terms of portfolio exposure and beta.

***Beta** is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.* 

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](ie482e0a792c90da31e73bbda.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Ranger Equity Bear ETF NAV** | |
| **6/2015** | $10000 | $10000 |
| **7/2015** | $10000 | $10210 |
| **8/2015** | $10386 | $9594 |
| **9/2015** | $10515 | $9356 |
| **10/2015** | $9678 | $10145 |
| **11/2015** | $9605 | $10176 |
| **12/2015** | $9881 | $10015 |
| **1/2016** | $10965 | $9518 |
| **2/2016** | $10744 | $9505 |
| **3/2016** | $9770 | $10150 |
| **4/2016** | $9476 | $10189 |
| **5/2016** | $9592 | $10372 |
| **6/2016** | $9747 | $10399 |
| **7/2016** | $9048 | $10783 |
| **8/2016** | $8736 | $10798 |
| **9/2016** | $8835 | $10800 |
| **10/2016** | $9088 | $10603 |
| **11/2016** | $8631 | $10996 |
| **12/2016** | $8515 | $11213 |
| **1/2017** | $8304 | $11426 |
| **2/2017** | $8174 | $11879 |
| **3/2017** | $8085 | $11893 |
| **4/2017** | $8024 | $12015 |
| **5/2017** | $8215 | $12184 |
| **6/2017** | $7872 | $12260 |
| **7/2017** | $7820 | $12512 |
| **8/2017** | $7964 | $12551 |
| **9/2017** | $7718 | $12810 |
| **10/2017** | $7717 | $13109 |
| **11/2017** | $7337 | $13511 |
| **12/2017** | $7230 | $13661 |
| **1/2018** | $6998 | $14443 |
| **2/2018** | $7486 | $13911 |
| **3/2018** | $7591 | $13557 |
| **4/2018** | $7702 | $13609 |
| **5/2018** | $7489 | $13937 |
| **6/2018** | $7170 | $14023 |
| **7/2018** | $6929 | $14544 |
| **8/2018** | $6762 | $15018 |
| **9/2018** | $6769 | $15104 |
| **10/2018** | $7339 | $14072 |
| **11/2018** | $7081 | $14358 |
| **12/2018** | $7745 | $13062 |
| **1/2019** | $6834 | $14109 |
| **2/2019** | $6335 | $14562 |
| **3/2019** | $6292 | $14845 |
| **4/2019** | $5906 | $15446 |
| **5/2019** | $6378 | $14464 |
| **6/2019** | $5867 | $15483 |
| **7/2019** | $5897 | $15706 |
| **8/2019** | $6411 | $15457 |
| **9/2019** | $6039 | $15746 |
| **10/2019** | $5836 | $16087 |
| **11/2019** | $5283 | $16671 |
| **12/2019** | $4948 | $17175 |
| **1/2020** | $4974 | $17168 |
| **2/2020** | $5231 | $15755 |
| **3/2020** | $6351 | $13809 |
| **4/2020** | $5373 | $15579 |
| **5/2020** | $4788 | $16321 |
| **6/2020** | $4472 | $16645 |
| **7/2020** | $4343 | $17584 |
| **8/2020** | $4016 | $18848 |
| **9/2020** | $4138 | $18132 |
| **10/2020** | $4084 | $17650 |
| **11/2020** | $3058 | $19582 |
| **12/2020** | $2797 | $20334 |
| **1/2021** | $2530 | $20129 |
| **2/2021** | $2392 | $20684 |
| **3/2021** | $2336 | $21590 |
| **4/2021** | $2224 | $22742 |
| **5/2021** | $2219 | $22901 |
| **6/2021** | $2119 | $23436 |
| **7/2021** | $2227 | $23993 |
| **8/2021** | $2276 | $24722 |
| **9/2021** | $2373 | $23572 |
| **10/2021** | $2313 | $25224 |
| **11/2021** | $2332 | $25049 |
| **12/2021** | $2274 | $26172 |
| **1/2022** | $2336 | $24817 |
| **2/2022** | $2287 | $24074 |
| **3/2022** | $2251 | $24968 |
| **4/2022** | $2552 | $22791 |
| **5/2022** | $2659 | $22833 |
| **6/2022** | $2934 | $20948 |
| **7/2022** | $2640 | $22879 |
| **8/2022** | $2599 | $21946 |
| **9/2022** | $2792 | $19925 |
| **10/2022** | $2620 | $21538 |
| **11/2022** | $2503 | $22742 |
| **12/2022** | $2651 | $21432 |
| **1/2023** | $2217 | $22778 |
| **2/2023** | $2225 | $22223 |
| **3/2023** | $2344 | $23038 |
| **4/2023** | $2379 | $23398 |
| **5/2023** | $2344 | $23500 |
| **6/2023** | $2083 | $25053 |
| **7/2023** | $1873 | $25857 |
| **8/2023** | $1991 | $25446 |
| **9/2023** | $2161 | $24232 |
| **10/2023** | $2360 | $23723 |
| **11/2023** | $2174 | $25889 |
| **12/2023** | $1933 | $27066 |
| **1/2024** | $2063 | $27520 |
| **2/2024** | $2007 | $28990 |
| **3/2024** | $1982 | $29923 |
| **4/2024** | $2159 | $28700 |
| **5/2024** | $2081 | $30124 |
| **6/2024** | $2085 | $31204 |
| **7/2024** | $1885 | $31584 |
| **8/2024** | $1925 | $32350 |
| **9/2024** | $1886 | $33041 |
| **10/2024** | $1893 | $32742 |
| **11/2024** | $1703 | $34664 |
| **12/2024** | $1783 | $33837 |
| **1/2025** | $1721 | $34780 |
| **2/2025** | $1846 | $34326 |
| **3/2025** | $1941 | $32392 |
| **4/2025** | $2041 | $32172 |
| **5/2025** | $1938 | $34197 |
| **6/2025** | $1842 | $35936 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **10 year** |
| AdvisorShares Ranger Equity Bear ETF NAV | -11.64% | -16.25% | -15.56% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$45,594,724

* Total advisory fees paid$829,840

* Total number of portfolio holdings55

* Period portfolio turnover rate624%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Retail | (13.3)% |
| Banks | (8.4)% |
| Semiconductors | (8.1)% |
| Software | (6.6)% |
| REITS | (6.6)% |
| Computers | (5.9)% |
| Advertising | (5.1)% |
| Chemicals | (4.3)% |
| Internet | (4.0)% |
| Entertainment | (3.5)% |
| Leisure Time | (3.2)% |
| Diversified Financial Services | (3.2)% |
| Other | (26.3)% |
| Money Market Funds | 146.4% |
| Assets Less Liabilities | 52.1% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Restaurant ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **EATZ** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Restaurant ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Restaurant ETF | $111 | 0.99% |

---

## How did the Fund perform last year?
For the fiscal year ended June 30, 2025, the AdvisorShares Restaurant ETF (ticker: EATZ) delivered a strong positive return, notably outperforming the S&P 500 Index. The restaurant industry demonstrated remarkable resilience amid persistent inflationary pressures, particularly elevated labor and food costs.

The restaurant industry faced a challenging environment, with overall consumer spending at U.S. food service establishments declining year-over-year and traffic falling for several consecutive quarters. Growth in the sector was driven by consumer demand for value and convenience, which benefited fast-casual and quick-service restaurants, even as visit counts in these segments remained flat or slightly down. Operators responded to persistent inflation and shifting consumer preferences by emphasizing promotions, digital ordering, and operational efficiencies. While higher menu prices helped offset some of the volume declines, margin pressures persisted, particularly in the casual dining space.

Despite these headwinds, EATZ's active management and focus on industry leaders enabled it to capture gains from select outperformers and navigate ongoing volatility. We remain confident on the restaurant sector's outlook, as continued innovation, easing supply chain pressures, and the industry's adaptability to changing consumer behavior are expected to support long-term growth.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i0db356004207b6774977475b.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Restaurant ETF NAV** | |
| **4/20/2021** | $10000 | $10000 |
| **4/30/2021** | $10418 | $10114 |
| **5/31/2021** | $10025 | $10185 |
| **6/30/2021** | $9899 | $10423 |
| **7/31/2021** | $9626 | $10670 |
| **8/31/2021** | $9713 | $10995 |
| **9/30/2021** | $9366 | $10484 |
| **10/31/2021** | $9134 | $11218 |
| **11/30/2021** | $8467 | $11140 |
| **12/31/2021** | $9539 | $11640 |
| **1/31/2022** | $8964 | $11037 |
| **2/28/2022** | $9156 | $10707 |
| **3/31/2022** | $8866 | $11104 |
| **4/30/2022** | $8186 | $10136 |
| **5/31/2022** | $7709 | $10155 |
| **6/30/2022** | $6884 | $9316 |
| **7/31/2022** | $7542 | $10175 |
| **8/31/2022** | $7653 | $9760 |
| **9/30/2022** | $7268 | $8862 |
| **10/31/2022** | $8203 | $9579 |
| **11/30/2022** | $8258 | $10114 |
| **12/31/2022** | $7559 | $9532 |
| **1/31/2023** | $8461 | $10130 |
| **2/28/2023** | $8198 | $9883 |
| **3/31/2023** | $8289 | $10246 |
| **4/30/2023** | $8426 | $10406 |
| **5/31/2023** | $8395 | $10451 |
| **6/30/2023** | $8990 | $11142 |
| **7/31/2023** | $9225 | $11500 |
| **8/31/2023** | $8414 | $11317 |
| **9/30/2023** | $7871 | $10777 |
| **10/31/2023** | $7705 | $10551 |
| **11/30/2023** | $8562 | $11514 |
| **12/31/2023** | $9477 | $12037 |
| **1/31/2024** | $9389 | $12239 |
| **2/29/2024** | $9998 | $12893 |
| **3/31/2024** | $10305 | $13308 |
| **4/30/2024** | $9944 | $12764 |
| **5/31/2024** | $10071 | $13397 |
| **6/30/2024** | $10235 | $13878 |
| **7/31/2024** | $10147 | $14047 |
| **8/31/2024** | $10581 | $14388 |
| **9/30/2024** | $11128 | $14695 |
| **10/31/2024** | $11189 | $14562 |
| **11/30/2024** | $12513 | $15416 |
| **12/31/2024** | $11676 | $15049 |
| **1/31/2025** | $12550 | $15468 |
| **2/28/2025** | $12267 | $15266 |
| **3/31/2025** | $11365 | $14406 |
| **4/30/2025** | $11067 | $14308 |
| **5/31/2025** | $12248 | $15209 |
| **6/30/2025** | $12728 | $15982 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1 year** | **Since Inception 4/20/2021** |
| AdvisorShares Restaurant ETF NAV | 24.36% | 5.92% |
| S&P 500 Index | 15.16% | 11.83% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$3,656,396

* Total advisory fees paid$0

* Total number of portfolio holdings27

* Period portfolio turnover rate115%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Food Service | 2.2% |
| Internet | 4.4% |
| Food | 11.0% |
| Retail | 75.4% |
| Money Market Funds | 11.3% |
| Assets Less Liabilities | (4.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares STAR Global Buy-Write ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **VEGA** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares STAR Global Buy-Write ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares STAR Global Buy-Write ETF | $117 | 1.11% |

---

## How did the Fund perform last year?
The principal investment strategy of AdvisorShares STAR Global Buy-Write ETF (ticker: VEGA) is to invest in a globally diversified asset allocation with target equity and fixed income weights of 70% and 30%, respectively. VEGA also writes covered calls and purchases protective puts to mitigate portfolio market risk.

In July of 2024, we initiated a volatility-based rebalance which is triggered by the VIX crossing over pre-determined thresholds. In this rebalance we deploy accumulated cash back into the market, specifically we reallocated to our depreciated fixed income allocation to bring our asset class targets back in line with our objective.

Within our global asset allocation, we tactically tilt our allocations into geographic regions and market capitalizations that we feel help to achieve the portfolio's objectives and underweight areas that we believe have the potential to underperform. Throughout the most recent fiscal year, we have been underweighting small cap stocks in favor of domestic mid cap and global large cap allocations which has positively contributed to the portfolio return vs a global benchmark.

International equities have enjoyed a strong first half of 2025 fueled by a declining U.S. dollar, accommodative monetary policies from the European Central Bank, and lower starting valuations relative to their U.S. counterparts. As a result, both developed international (MSCI EAFE Index) and emerging markets (MSCI Emerging Markets) outperformed the S&P 500 Index during the most recent fiscal year.

We reallocated the portfolio in March 2025 due to changing economic conditions and heightened market volatility. The rebalance included establishing a new 2% position in IAU, the iShares Gold Trust ETF, as well as increasing our allocation to emerging market equities and tilting our domestic large cap exposure from a predominately passive allocation towards a more actively managed exposure to help navigate the increasingly uncertain economic future.

Most recently, we responded to the heightened volatility in April caused by mounting trade wars and market uncertainty surrounding the announcement of reciprocal tariffs that led to significant drawdowns and a sharp, V-shaped recovery across global equities to rebalance the portfolio back to the newly established target allocations from the March rebalance.

VEGA's option overlay provides a valuable risk mitigation tool as evidenced during the heightened market volatility experienced in April of 2025. Our short calls on the S&P 500 helped to reduce the portfolio's standard deviation relative to our benchmark, the MSCI All Country World Index (MSCI ACWI) during this period. Given the sharp market sell-off, we were able to close out our options positions early at a marginal cost and re-sell new calls within the same month to increase the premium collected and offset declines in our SPY allocation. In addition, our protective puts positively impacted portfolio returns during the market correction as evidence by a max drawdown in 2025 of -7.7% for VEGA vs -11.23% for the MSCI ACWI.

*The **CBOE Volatility Index (VIX)**, also known as the Fear Index, measures expected market volatility using a portfolio of options on the S&P 500 Index. The **S&P 500 Inde**x is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The **MSCI All Country World Index (ACWI)** is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets*.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](i930252ad1f0cbb334814e034.jpg)

---

| | | |
|:---|:---|:---|
| | | **MSCI All Country World Index (Net)** |
| | **AdvisorShares STAR Global Buy-Write ETF NAV** | |
| **6/2015** | $10000 | $10000 |
| **7/2015** | $10113 | $10087 |
| **8/2015** | $9613 | $9395 |
| **9/2015** | $9425 | $9055 |
| **10/2015** | $9929 | $9766 |
| **11/2015** | $9921 | $9685 |
| **12/2015** | $9756 | $9510 |
| **1/2016** | $9410 | $8937 |
| **2/2016** | $9425 | $8875 |
| **3/2016** | $9835 | $9533 |
| **4/2016** | $9883 | $9674 |
| **5/2016** | $9925 | $9686 |
| **6/2016** | $10064 | $9627 |
| **7/2016** | $10290 | $10042 |
| **8/2016** | $10295 | $10076 |
| **9/2016** | $10300 | $10138 |
| **10/2016** | $10156 | $9966 |
| **11/2016** | $10295 | $10041 |
| **12/2016** | $10422 | $10258 |
| **1/2017** | $10554 | $10539 |
| **2/2017** | $10773 | $10834 |
| **3/2017** | $10801 | $10967 |
| **4/2017** | $10890 | $11138 |
| **5/2017** | $10963 | $11384 |
| **6/2017** | $11040 | $11436 |
| **7/2017** | $11196 | $11755 |
| **8/2017** | $11200 | $11800 |
| **9/2017** | $11332 | $12028 |
| **10/2017** | $11456 | $12278 |
| **11/2017** | $11591 | $12516 |
| **12/2017** | $11686 | $12717 |
| **1/2018** | $12030 | $13435 |
| **2/2018** | $11663 | $12871 |
| **3/2018** | $11507 | $12595 |
| **4/2018** | $11560 | $12715 |
| **5/2018** | $11741 | $12731 |
| **6/2018** | $11747 | $12662 |
| **7/2018** | $12012 | $13044 |
| **8/2018** | $12176 | $13147 |
| **9/2018** | $12161 | $13204 |
| **10/2018** | $11532 | $12214 |
| **11/2018** | $11666 | $12393 |
| **12/2018** | $10942 | $11520 |
| **1/2019** | $11613 | $12430 |
| **2/2019** | $11892 | $12762 |
| **3/2019** | $12058 | $12923 |
| **4/2019** | $12325 | $13359 |
| **5/2019** | $11833 | $12567 |
| **6/2019** | $12291 | $13390 |
| **7/2019** | $12376 | $13429 |
| **8/2019** | $12270 | $13110 |
| **9/2019** | $12405 | $13386 |
| **10/2019** | $12585 | $13752 |
| **11/2019** | $12837 | $14088 |
| **12/2019** | $13109 | $14584 |
| **1/2020** | $13030 | $14423 |
| **2/2020** | $12307 | $13258 |
| **3/2020** | $11041 | $11468 |
| **4/2020** | $11852 | $12697 |
| **5/2020** | $12246 | $13249 |
| **6/2020** | $12315 | $13672 |
| **7/2020** | $12824 | $14395 |
| **8/2020** | $13442 | $15277 |
| **9/2020** | $13058 | $14784 |
| **10/2020** | $12747 | $14425 |
| **11/2020** | $13759 | $16203 |
| **12/2020** | $14126 | $16955 |
| **1/2021** | $14036 | $16878 |
| **2/2021** | $14238 | $17269 |
| **3/2021** | $14559 | $17730 |
| **4/2021** | $14938 | $18505 |
| **5/2021** | $15038 | $18793 |
| **6/2021** | $15276 | $19041 |
| **7/2021** | $15388 | $19172 |
| **8/2021** | $15605 | $19652 |
| **9/2021** | $15147 | $18840 |
| **10/2021** | $15777 | $19802 |
| **11/2021** | $15447 | $19325 |
| **12/2021** | $15845 | $20098 |
| **1/2022** | $15246 | $19111 |
| **2/2022** | $14953 | $18617 |
| **3/2022** | $15175 | $19020 |
| **4/2022** | $14151 | $17498 |
| **5/2022** | $14198 | $17519 |
| **6/2022** | $13345 | $16042 |
| **7/2022** | $14085 | $17162 |
| **8/2022** | $13513 | $16530 |
| **9/2022** | $12494 | $14948 |
| **10/2022** | $13110 | $15850 |
| **11/2022** | $13923 | $17079 |
| **12/2022** | $13434 | $16407 |
| **1/2023** | $14235 | $17583 |
| **2/2023** | $13846 | $17079 |
| **3/2023** | $14200 | $17606 |
| **4/2023** | $14360 | $17859 |
| **5/2023** | $14225 | $17668 |
| **6/2023** | $14760 | $18693 |
| **7/2023** | $15095 | $19378 |
| **8/2023** | $14779 | $18836 |
| **9/2023** | $14235 | $18057 |
| **10/2023** | $13905 | $17514 |
| **11/2023** | $14869 | $19131 |
| **12/2023** | $15515 | $20050 |
| **1/2024** | $15549 | $20167 |
| **2/2024** | $15987 | $21033 |
| **3/2024** | $16370 | $21693 |
| **4/2024** | $15824 | $20977 |
| **5/2024** | $16325 | $21829 |
| **6/2024** | $16633 | $22316 |
| **7/2024** | $16889 | $22675 |
| **8/2024** | $17241 | $23251 |
| **9/2024** | $17458 | $23792 |
| **10/2024** | $17149 | $23257 |
| **11/2024** | $17753 | $24127 |
| **12/2024** | $17356 | $23556 |
| **1/2025** | $17741 | $24347 |
| **2/2025** | $17754 | $24200 |
| **3/2025** | $17270 | $23244 |
| **4/2025** | $17260 | $23461 |
| **5/2025** | $17887 | $24810 |
| **6/2025** | $18499 | $25923 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **10 year** |
| AdvisorShares STAR Global Buy-Write ETF NAV | 11.22% | 8.48% | 6.34% |
| MSCI All Country World Index (Net) | 16.17% | 13.65% | 9.99% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The MSCI All Country World Index (Net) is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$65,906,782

* Total advisory fees paid$541,721

* Total number of portfolio holdings13

* Period portfolio turnover rate15%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Written Call Option | (0.2)% |
| Purchased Put Option | 0.0%<sup>Footnote Reference\*\*</sup> |
| Commodity Fund | 2.0% |
| Debt Fund | 27.1% |
| Equity Fund | 69.3% |
| Money Market Funds | 13.1% |
| Assets Less Liabilities | (11.3)% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

# AdvisorShares Vice ETF
![Image](i9f2f2ce99d118e161a2d4523.jpg)

## **VICE** \| **NYSE Arca, Inc.** 

## Annual Shareholder Report \| JUNE 30, 2025
This annual shareholder report contains important information about AdvisorShares Vice ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.advisorshares.com/about/literature-center. You can also request this information by contacting us at 1-877-843-3831.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10K Investment** | **Cost Paid as % of $10K Investment** |
| AdvisorShares Vice ETF | $109 | 0.99% |

---

## How did the Fund perform last year?
During the fiscal year ended June 30, 2025, the AdvisorShares Vice ETF (ticker: VICE) delivered a positive return, outperforming the S&P 500 Index. The "vice" sector, encompassing alcohol, tobacco, restaurants, hospitality, gaming, and gambling, demonstrated its characteristic resilience amid inflation, tariffs, and political uncertainty that unsettled broader markets and consumer sentiment.

The gambling and gaming segments continued to see demand, both particularly benefiting from the expansion of online platforms, and gambling benefitting from the expansion of legalized sports betting. The tobacco industry faced declining cigarette sales but successfully offset losses through alternative nicotine products. These industries historically offer lower volatility and defensive characteristics during market downturns, which contributed to their strong relative performance.

The sector's strength was further supported by its ability to adapt to changing consumer preferences through product innovation and market expansion. Operators continued to demonstrate resilience in navigating challenging economic conditions while maintaining pricing power and customer loyalty.

Looking forward, we expect VICE to continue showing relative stability and growth opportunities driven by product innovation, market expansion, and the sector's inherent adaptability. Our approach remains focused on identifying the most attractive opportunities to deliver long-term capital appreciation through disciplined security selection and tactical trading.

## Fund Performance

### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![Growth of 10K Chart](ib669542d3081ba3b19a8ce3e.jpg)

---

| | | |
|:---|:---|:---|
| | | **S&P 500 Index** |
| | **AdvisorShares Vice ETF NAV** | |
| **12/12/2017** | $10000 | $10000 |
| **12/31/2017** | $10480 | $10044 |
| **1/31/2018** | $10658 | $10619 |
| **2/28/2018** | $10058 | $10228 |
| **3/31/2018** | $9997 | $9968 |
| **4/30/2018** | $10076 | $10006 |
| **5/31/2018** | $10157 | $10247 |
| **6/30/2018** | $10258 | $10310 |
| **7/31/2018** | $10387 | $10694 |
| **8/31/2018** | $10520 | $11042 |
| **9/30/2018** | $10812 | $11105 |
| **10/31/2018** | $10289 | $10346 |
| **11/30/2018** | $9728 | $10557 |
| **12/31/2018** | $8770 | $9604 |
| **1/31/2019** | $9572 | $10373 |
| **2/28/2019** | $10240 | $10706 |
| **3/31/2019** | $10388 | $10914 |
| **4/30/2019** | $10473 | $11356 |
| **5/31/2019** | $9761 | $10635 |
| **6/30/2019** | $10235 | $11384 |
| **7/31/2019** | $10073 | $11548 |
| **8/31/2019** | $9832 | $11365 |
| **9/30/2019** | $9636 | $11577 |
| **10/31/2019** | $9626 | $11828 |
| **11/30/2019** | $10214 | $12257 |
| **12/31/2019** | $10503 | $12627 |
| **1/31/2020** | $10223 | $12622 |
| **2/29/2020** | $9458 | $11583 |
| **3/31/2020** | $7995 | $10153 |
| **4/30/2020** | $9076 | $11454 |
| **5/31/2020** | $9612 | $12000 |
| **6/30/2020** | $9528 | $12238 |
| **7/31/2020** | $10353 | $12928 |
| **8/31/2020** | $11026 | $13858 |
| **9/30/2020** | $10930 | $13331 |
| **10/31/2020** | $11285 | $12977 |
| **11/30/2020** | $12005 | $14397 |
| **12/31/2020** | $12951 | $14951 |
| **1/31/2021** | $13307 | $14800 |
| **2/28/2021** | $14365 | $15208 |
| **3/31/2021** | $14558 | $15874 |
| **4/30/2021** | $15197 | $16721 |
| **5/31/2021** | $15073 | $16838 |
| **6/30/2021** | $15244 | $17231 |
| **7/31/2021** | $13751 | $17640 |
| **8/31/2021** | $14008 | $18177 |
| **9/30/2021** | $13729 | $17331 |
| **10/31/2021** | $13919 | $18545 |
| **11/30/2021** | $12980 | $18417 |
| **12/31/2021** | $14066 | $19242 |
| **1/31/2022** | $12889 | $18247 |
| **2/28/2022** | $13249 | $17700 |
| **3/31/2022** | $12880 | $18357 |
| **4/30/2022** | $12016 | $16757 |
| **5/31/2022** | $11611 | $16787 |
| **6/30/2022** | $10756 | $15402 |
| **7/31/2022** | $11510 | $16822 |
| **8/31/2022** | $11123 | $16136 |
| **9/30/2022** | $10095 | $14650 |
| **10/31/2022** | $11384 | $15836 |
| **11/30/2022** | $12139 | $16721 |
| **12/31/2022** | $11499 | $15757 |
| **1/31/2023** | $12165 | $16747 |
| **2/28/2023** | $12150 | $16339 |
| **3/31/2023** | $12104 | $16939 |
| **4/30/2023** | $12472 | $17203 |
| **5/31/2023** | $11494 | $17278 |
| **6/30/2023** | $12395 | $18420 |
| **7/31/2023** | $12645 | $19011 |
| **8/31/2023** | $11921 | $18709 |
| **9/30/2023** | $11068 | $17817 |
| **10/31/2023** | $10445 | $17442 |
| **11/30/2023** | $11413 | $19035 |
| **12/31/2023** | $11855 | $19900 |
| **1/31/2024** | $11833 | $20234 |
| **2/29/2024** | $12442 | $21314 |
| **3/31/2024** | $13037 | $22000 |
| **4/30/2024** | $11973 | $21102 |
| **5/31/2024** | $12625 | $22148 |
| **6/30/2024** | $12587 | $22943 |
| **7/31/2024** | $13309 | $23222 |
| **8/31/2024** | $13529 | $23785 |
| **9/30/2024** | $13992 | $24293 |
| **10/31/2024** | $13790 | $24073 |
| **11/30/2024** | $14803 | $25486 |
| **12/31/2024** | $14011 | $24878 |
| **1/31/2025** | $14355 | $25571 |
| **2/28/2025** | $14849 | $25238 |
| **3/31/2025** | $13996 | $23816 |
| **4/30/2025** | $14022 | $23654 |
| **5/31/2025** | $14813 | $25143 |
| **6/30/2025** | $15198 | $26422 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1 year** | **5 year** | **Since Inception 12/12/2017** |
| AdvisorShares Vice ETF NAV | 20.74% | 9.79% | 5.70% |
| S&P 500 Index | 15.16% | 16.64% | 13.74% |

---

***Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund's daily 4:00 p.m. NAV. *Returns shown include the reinvestment of all dividends and other distributions.* Index returns do not include expenses. Returns less than one year are not annualized. *The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* For the Fund's most recent month end performance, please call 1-877-843-3831.***

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.* 

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. The Fund may be non-diversified and may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

## Key Fund Statistics
The following table outlines key fund statistics as of 6/30/2025.

* Fund net assets$7,352,032

* Total advisory fees paid$0

* Total number of portfolio holdings24

* Period portfolio turnover rate162%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 6/30/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Beverages | 4.5% |
| Semiconductors | 4.6% |
| REITS | 4.6% |
| Computers | 4.8% |
| Auto Manufacturers | 4.9% |
| Lodging | 9.0% |
| Software | 12.3% |
| Internet | 12.4% |
| Entertainment | 13.3% |
| Agriculture | 25.8% |
| Money Market Funds | 17.5% |
| Assets Less Liabilities | (13.7)% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, portfolio holdings and proxy voting, please see the website address or contact number included at the beginning of this shareholder report.

Distributed by Foreside Fund Services, LLC

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has one audit committee financial expert serving on its audit committee, an "independent" Trustee, Elizabeth Piper/Bach. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the
 accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $302,810 for 2025 and $283,050
 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $54,000 for 2025 and $51,000 for 2024.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) No response required.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025
 and $0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange
 Act of 1934 (the "Exchange Act") and the members of such committee are Elizabeth Piper/Bach and William G. McVay.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the
 close of the reporting period is included in the financial statements filed under item 7(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The annual Financial Statements are attached herewith.

![](img_001.jpg)

**- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -**

**ADVISORSHARES TRUST**

**4800 Montgomery Lane**

**Suite 150**

**Bethesda, Maryland 20814**

**www.advisorshares.com**

**1.877.843.3831** **Annual Report**

**June 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#a1_001) |  |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright ADR ETF (AADR)](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)](#a_002) | 4 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)](#a_003) | 6 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright Short ETF (DWSH)](#a_004) | 8 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Focused Equity ETF (CWS)](#a_005) | 12 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Gerber Kawasaki ETF (GK)](#a_006) | 14 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Hotel ETF (BEDZ)](#a_007) | 16 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares HVAC and Industrials ETF (HVAC)](#a_008) | 18 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Insider Advantage ETF (SURE)](#a_009) | 20 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares MSOS Daily Leveraged ETF (MSOX)<br> \[formerly, AdvisorShares MSOS 2x Daily ETF (MSOX)\]](#a_010) | 24 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Psychedelics ETF (PSIL)](#a_011) | 27 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure Cannabis ETF (YOLO)](#a_012) | 29 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure US Cannabis ETF (MSOS)](#a_013) | 31 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Q Dynamic Growth ETF (QPX)](#a_014) | 35 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Ranger Equity Bear ETF (HDGE)](#a_015) | 37 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Restaurant ETF (EATZ)](#a_016) | 40 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares STAR Global Buy-Write ETF (VEGA)](#a_017) | 42 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Vice ETF (VICE)](#a_018) | 44 |
| [Statements of Assets and Liabilities](#a_019) | 46 |
| [Statements of Operations](#a_020) | 51 |
| [Statements of Changes in Net Assets](#a_021) | 56 |
| [Financial Highlights](#a_022) | 65 |
| [Notes to Financial Statements](#a_023) | 83 |
| [Report of Independent Registered Public Accounting Firm](#a_024) | 111 |
| [Board Review of Investment Advisory and Sub-Advisory Agreements](#a_025) | 113 |
| [Supplemental Information](#a_026) | 115 |

---

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.7%** |  |  |
| **Aerospace/Defense — 5.5%** |  |  |
| Embraer SA (Brazil)<sup>(a)(b)</sup> | 44872 | $2553666 |
| **Banks — 19.7%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(a)(b)</sup> | 105006 | 1613942 |
| Banco Macro SA (Argentina)<sup>(b)(c)</sup> | 22703 | 1593977 |
| Barclays PLC (United Kingdom)<sup>(b)</sup> | 79893 | 1485211 |
| Grupo Financiero Galicia SA (Argentina)<sup>(b)(c)</sup> | 37253 | 1877179 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)(b)</sup> | 119733 | 1642737 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(b)</sup> | 67819 | 1024745 |
| Total Banks |  | 9237791 |
| **Commercial Services — 2.8%** |  |  |
| RELX PLC (United Kingdom)<sup>(b)</sup> | 24179 | 1313887 |
| **Computers — 2.2%** |  |  |
| Check Point Software Technologies Ltd. (Israel)<sup>(c)</sup> | 4673 | 1033901 |
| **Diversified Financial Services — 9.0%** |  |  |
| Futu Holdings Ltd. (Hong Kong)<sup>(b)</sup> | 7795 | 963384 |
| Qifu Technology, Inc. (China)<sup>(b)</sup> | 40309 | 1747798 |
| Up Fintech Holding Ltd. (China)<sup>(a)(b)(c)</sup> | 154066 | 1486737 |
| Total Diversified Financial Services |  | 4197919 |
| **Electric — 5.7%** |  |  |
| E.ON SE (Germany)<sup>(a)(b)</sup> | 66364 | 1229592 |
| Pampa Energia SA (Argentina)<sup>(b)(c)</sup> | 20740 | 1438941 |
| Total Electric |  | 2668533 |
| **Food Service — 1.8%** |  |  |
| Compass Group PLC (United Kingdom)<sup>(b)</sup> | 24580 | 848502 |
| **Insurance — 1.9%** |  |  |
| Aegon Ltd. (Netherlands) | 122183 | 884605 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Internet — 17.3%** |  |  |
| MakeMyTrip Ltd. (India)<sup>(c)</sup> | 10804 | $1059008 |
| MercadoLibre, Inc. (Brazil)<sup>(c)</sup> | 554 | 1447951 |
| Prosus NV (China)<sup>(a)(b)</sup> | 91155 | 1014555 |
| Sea Ltd. (Singapore)<sup>(b)(c)</sup> | 9709 | 1552857 |
| Tencent Holdings Ltd. (China)<sup>(a)(b)</sup> | 17867 | 1152422 |
| Trip.com Group Ltd. (China)<sup>(b)</sup> | 12236 | 717519 |
| Vnet Group, Inc. (China)<sup>(b)(c)</sup> | 168691 | 1163968 |
| Total Internet |  | 8108280 |
| **Media — 1.7%** |  |  |
| Pearson PLC (United Kingdom)<sup>(a)(b)</sup> | 54740 | 817268 |
| **Mining — 3.2%** |  |  |
| Harmony Gold Mining Co. Ltd. (South Africa)<sup>(b)</sup> | 108343 | 1513552 |
| **Miscellaneous Manufacturing — 2.5%** |  |  |
| Siemens AG (Germany)<sup>(b)</sup> | 8990 | 1158541 |
| **Oil & Gas — 3.4%** |  |  |
| YPF SA (Argentina)<sup>(a)(b)(c)</sup> | 50978 | 1603258 |
| **Pharmaceuticals — 8.7%** |  |  |
| Ascendis Pharma A/S (Denmark)<sup>(b)(c)</sup> | 6518 | 1125007 |
| Verona Pharma PLC (United Kingdom)<sup>(b)(c)</sup> | 31126 | 2943897 |
| Total Pharmaceuticals |  | 4068904 |
| **Software — 4.9%** |  |  |
| Kingsoft Cloud Holdings Ltd. (China)<sup>(a)(b)(c)</sup> | 59552 | 745591 |
| SAP SE (Germany)<sup>(b)</sup> | 5161 | 1569460 |
| Total Software |  | 2315051 |
| **Telecommunications — 9.4%** |  |  |
| Deutsche Telekom AG (Germany)<sup>(b)</sup> | 30206 | 1105238 |
| KT Corp. (South Korea)<sup>(b)</sup> | 56747 | 1179203 |
| Nokia OYJ (Finland)<sup>(b)</sup> | 204506 | 1059341 |
| Telefonaktiebolaget LM Ericsson (Sweden)<sup>(b)</sup> | 122151 | 1035840 |
| Total Telecommunications |  | 4379622 |
| **Total Common Stocks<br> (Cost $36,307,542)** |  | 46703280 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 10.6%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(d)(e)</sup> | 4829791 | $4829791 |
| Invesco Government & Agency Portfolio — Private Investment Class, 3.96%<sup>(d)</sup> | 154893 | 154893 |
| **Total Money Market Funds<br> (Cost $4,984,684)** |  | 4984684 |
| Total Investments — 110.3%<br> (Cost $41,292,226) |  | 51687964 |
| Liabilities in Excess of Other Assets — (10.3%) |  | (4821996) |
| **Net Assets — 100.0%** |  | $**46865968** |

---

PLC — Public Limited Company

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $7,173,178; the aggregate market value of
 the collateral held by the fund is $7,426,502. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $2,596,711.

(b) American
 Depositary Receipt.

(c) Non-income
 producing security.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $46703280 | $— | $— | $46703280 |
| Money Market Funds | 4984684 |  |  | 4984684 |
| Total | $51687964 | $— | $— | $51687964 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 5.5% |
| Banks | 19.7 |
| Commercial Services | 2.8 |
| Computers | 2.2 |
| Diversified Financial Services | 9.0 |
| Electric | 5.7 |
| Food Service | 1.8 |
| Insurance | 1.9 |
| Internet | 17.3 |
| Media | 1.7 |
| Mining | 3.2 |
| Miscellaneous Manufacturing | 2.5 |
| Oil & Gas | 3.4 |
| Pharmaceuticals | 8.7 |
| Software | 4.9 |
| Telecommunications | 9.4 |
| Money Market Funds | 10.6 |
| Total Investments | 110.3 |
| Liabilities in Excess of Other Assets | (10.3) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 98.9%** |  |  |
| **Equity Fund — 98.9%** |  |  |
| Invesco S&P International Developed Low Volatility ETF<sup>†</sup> | 1171328 | $38800240 |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 176622 | 42445799 |
| **Total Exchange Traded Funds<br> (Cost $75,977,775)** |  | 81246039 |
| **MONEY MARKET FUNDS — 2.4%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(b)</sup> | 965670 | 965670 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(b)(c)</sup> | 970003 | 970003 |
| **Total Money Market Funds<br> (Cost $1,935,673)** |  | 1935673 |
| Total Investments — 101.3%<br> (Cost $77,913,448) |  | 83181712 |
| Liabilities in Excess of Other Assets — (1.3%) |  | (1063114) |
| **Net Assets — 100.0%** |  | $**82118598** |

---

† Affiliated
 Company.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $961,280; the aggregate market value of the
 collateral held by the fund is $970,003.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Exchange Traded Funds | $81246039 | $— | $— | $81246039 |
| Money Market Funds | 1935673 |  |  | 1935673 |
| Total | $83181712 | $— | $— | $83181712 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 98.9% |
| Money Market Funds | 2.4 |
| Total Investments | 101.3 |
| Liabilities in Excess of Other Assets | (1.3) |
| Net Assets | 100.0% |

---

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of Shares at 6/30/2025** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| Invesco S&P International Developed Low Volatility ETF | $— | $39718965 | $(1651249) | $11993 | $720531 | 1171328 | $38800240 | $468676 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.5%** |  |  |
| **Equity Fund — 99.5%** |  |  |
| Invesco S&P 500 Low Volatility ETF | 748955 | $54538904 |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 254616 | 61189317 |
| **Total Exchange Traded Funds<br> (Cost $106,728,744)** |  | 115728221 |
| **MONEY MARKET FUNDS — 2.1%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(b)</sup> | 749941 | 749941 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(b)(c)</sup> | 1725389 | 1725389 |
| **Total Money Market Funds<br> (Cost $2,475,330)** |  | 2475330 |
| Total Investments — 101.6%<br> (Cost $109,204,074) |  | 118203551 |
| Liabilities in Excess of Other Assets — (1.6%) |  | (1836182) |
| **Net Assets — 100.0%** |  | $**116367369** |

---

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $1,709,877; the aggregate market value of
 the collateral held by the fund is $1,725,389.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Exchange Traded Funds | $115728221 | $— | $— | $115728221 |
| Money Market Funds | 2475330 |  |  | 2475330 |
| Total | $118203551 | $— | $— | $118203551 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 99.5% |
| Money Market Funds | 2.1 |
| Total Investments | 101.6 |
| Liabilities in Excess of Other Assets | (1.6) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 220.4%** |  |  |
| STIT — Government & Agency Portfolio, Institutional Class, 4.26%<sup>(a)(b)</sup> (Cost $27,582,802) | 27582802 | $27582802 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $27,582,802) |  | 27582802 |
| **Securities Sold, Not Yet Purchased — (96.4)%** | **Securities Sold, Not Yet Purchased — (96.4)%** |  |
| **COMMON STOCKS — (96.4)%** |  |  |
| **Apparel — (3.9)%** |  |  |
| Carter's, Inc. | (3960) | (119315) |
| NIKE, Inc., Class B | (1863) | (132347) |
| PVH Corp. | (1895) | (129997) |
| VF Corp. | (9260) | (108805) |
| Total Apparel |  | (490464) |
| **Auto Parts & Equipment — (3.0)%** |  |  |
| Adient PLC<sup>(c)</sup> | (7759) | (150990) |
| Gentex Corp. | (5100) | (112149) |
| Lear Corp. | (1174) | (111507) |
| Total Auto Parts & Equipment |  | (374646) |
| **Beverages — (1.6)%** |  |  |
| Brown-Forman Corp., Class B | (3449) | (92813) |
| Constellation Brands, Inc., Class A | (690) | (112249) |
| Total Beverages |  | (205062) |
| **Biotechnology — (4.5)%** |  |  |
| Biogen, Inc.<sup>(c)</sup> | (801) | (100598) |
| Bio-Rad Laboratories, Inc., Class A<sup>(c)</sup> | (510) | (123073) |
| Illumina, Inc.<sup>(c)</sup> | (1470) | (140253) |
| Regeneron Pharmaceuticals, Inc. | (173) | (90825) |
| Sarepta Therapeutics, Inc.<sup>(c)</sup> | (5980) | (102258) |
| Total Biotechnology |  | (557007) |
| **Building Materials — (2.0)%** |  |  |
| Fortune Brands Innovations, Inc. | (2420) | (124582) |
| JELD-WEN Holding, Inc.<sup>(c)</sup> | (33150) | (129948) |
| Total Building Materials |  | (254530) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Chemicals — (6.7)%** |  |  |
| Albemarle Corp. | (1541) | $(96574) |
| Ashland, Inc. | (1742) | (87588) |
| Celanese Corp. | (2040) | (112873) |
| Chemours Co. (The) | (7915) | (90627) |
| FMC Corp. | (2013) | (84043) |
| Huntsman Corp. | (7944) | (82777) |
| LyondellBasell Industries NV, Class A | (1700) | (98362) |
| Olin Corp. | (4987) | (100189) |
| Westlake Corp. | (1094) | (83067) |
| Total Chemicals |  | (836100) |
| **Coal — (1.1)%** |  |  |
| Peabody Energy Corp. | (10227) | (137246) |
| **Commercial Services — (4.7)%** |  |  |
| Cimpress PLC (Ireland)<sup>(c)</sup> | (2760) | (129720) |
| Global Payments, Inc. | (1570) | (125663) |
| ManpowerGroup, Inc. | (2356) | (95182) |
| Robert Half, Inc. | (2610) | (107141) |
| WEX, Inc.<sup>(c)</sup> | (860) | (126325) |
| Total Commercial Services |  | (584031) |
| **Computers — (2.0)%** |  |  |
| ASGN, Inc.<sup>(c)</sup> | (1790) | (89375) |
| NCR Voyix Corp.<sup>(c)</sup> | (13180) | (154601) |
| Total Computers |  | (243976) |
| **Cosmetics/Personal Care — (2.1)%** |  |  |
| Coty, Inc., Class A<sup>(c)</sup> | (18960) | (88164) |
| Estee Lauder Cos., Inc. (The), Class A | (2163) | (174770) |
| Total Cosmetics/Personal Care |  | (262934) |
| **Electric — (1.7)%** |  |  |
| AES Corp. (The) | (9808) | (103180) |
| Edison International | (2060) | (106296) |
| Total Electric |  | (209476) |
| **Electronics — (1.1)%** |  |  |
| Sensata Technologies Holding PLC | (4767) | (143534) |
| **Energy — Alternate Sources — (1.3)%** |  |  |
| First Solar, Inc.<sup>(c)</sup> | (956) | (158256) |
| **Food — (1.7)%** |  |  |
| Hain Celestial Group, Inc. (The)<sup>(c)</sup> | (59820) | (90926) |
| Lamb Weston Holdings, Inc. | (2302) | (119359) |
| Total Food |  | (210285) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Hand/Machine Tools — (1.0)%** |  |  |
| Stanley Black & Decker, Inc. | (1860) | $(126015) |
| **Healthcare — Products — (7.1)%** |  |  |
| Align Technology, Inc.<sup>(c)</sup> | (591) | (111894) |
| Bio-Techne Corp. | (2220) | (114219) |
| Bruker Corp. | (3200) | (131840) |
| DENTSPLY SIRONA, Inc. | (7096) | (112684) |
| Enovis Corp.<sup>(c)</sup> | (2955) | (92669) |
| Integra LifeSciences Holdings Corp.<sup>(c)</sup> | (10228) | (125498) |
| Teleflex, Inc. | (712) | (84272) |
| West Pharmaceutical Services, Inc. | (515) | (112682) |
| Total Healthcare — Products |  | (885758) |
| **Healthcare — Services — (3.3)%** |  |  |
| Charles River Laboratories International, Inc.<sup>(c)</sup> | (1041) | (157951) |
| Humana, Inc. | (526) | (128597) |
| IQVIA Holdings, Inc.<sup>(c)</sup> | (780) | (122920) |
| Total Healthcare — Services |  | (409468) |
| **Home Builders — (0.9)%** |  |  |
| Lennar Corp., Class A | (1010) | (111716) |
| **Home Furnishings — (1.0)%** |  |  |
| Leggett & Platt, Inc. | (13538) | (120759) |
| **Internet — (3.1)%** |  |  |
| Snap, Inc., Class A<sup>(c)</sup> | (13620) | (118358) |
| Wayfair, Inc., Class A<sup>(c)</sup> | (3098) | (158432) |
| Ziff Davis, Inc.<sup>(c)</sup> | (3795) | (114874) |
| Total Internet |  | (391664) |
| **Iron/Steel — (1.0)%** |  |  |
| Nucor Corp. | (992) | (128504) |
| **Leisure Time — (2.9)%** |  |  |
| Brunswick Corp. | (2205) | (121804) |
| Harley-Davidson, Inc. | (4952) | (116867) |
| Polaris, Inc. | (3203) | (130202) |
| Total Leisure Time |  | (368873) |
| **Machinery — Diversified — (0.9)%** |  |  |
| Cognex Corp. | (3445) | (109275) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Media — (1.7)%** |  |  |
| Cable One, Inc. | (736) | $(99956) |
| Sirius XM Holdings, Inc. | (5013) | (115149) |
| Total Media |  | (215105) |
| **Office/Business Equipment — (0.8)%** |  |  |
| Xerox Holdings Corp. | (19976) | (105274) |
| **Oil & Gas — (8.1)%** |  |  |
| APA Corp. | (6257) | (114441) |
| Devon Energy Corp. | (3435) | (109267) |
| Helmerich & Payne, Inc. | (5470) | (82925) |
| HF Sinclair Corp. | (2919) | (119913) |
| Murphy Oil Corp. | (5474) | (123165) |
| Occidental Petroleum Corp. | (2436) | (102336) |
| Patterson-UTI Energy, Inc. | (17780) | (105435) |
| Transocean Ltd.<sup>(c)</sup> | (47383) | (122722) |
| Weatherford International PLC | (2618) | (131712) |
| Total Oil & Gas |  | (1011916) |
| **Oil & Gas Services — (1.6)%** |  |  |
| Halliburton Co. | (4611) | (93972) |
| NOV, Inc. | (8244) | (102473) |
| Total Oil & Gas Services |  | (196445) |
| **Pharmaceuticals — (1.1)%** |  |  |
| Agios Pharmaceuticals, Inc.<sup>(c)</sup> | (4165) | (138528) |
| **REITS — (3.1)%** |  |  |
| Alexandria Real Estate Equities, Inc. | (1275) | (92603) |
| Hudson Pacific Properties, Inc.<sup>(c)</sup> | (60329) | (165302) |
| Service Properties Trust | (53205) | (127160) |
| Total REITS |  | (385065) |
| **Retail — (5.2)%** |  |  |
| Floor & Decor Holdings, Inc., Class A<sup>(c)</sup> | (1600) | (121536) |
| Kohl's Corp. | (15066) | (127759) |
| Nu Skin Enterprises, Inc., Class A | (21996) | (175748) |
| Target Corp. | (1115) | (109995) |
| Wendy's Co. (The) | (10150) | (115913) |
| Total Retail |  | (650951) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Semiconductors — (11.1)%** |  |  |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | (1142) | $(162050) |
| Entegris, Inc. | (1600) | (129040) |
| Intel Corp. | (6497) | (145533) |
| IPG Photonics Corp.<sup>(c)</sup> | (1473) | (101122) |
| Marvell Technology, Inc. | (1940) | (150156) |
| MKS, Inc. | (1620) | (160963) |
| ON Semiconductor Corp.<sup>(c)</sup> | (2430) | (127356) |
| Qorvo, Inc.<sup>(c)</sup> | (2020) | (171518) |
| Skyworks Solutions, Inc. | (1542) | (114910) |
| Teradyne, Inc. | (1470) | (132182) |
| Total Semiconductors |  | (1394830) |
| **Software — (1.0)%** |  |  |
| Teradata Corp.<sup>(c)</sup> | (5457) | (121746) |
| **Telecommunications — (2.2)%** |  |  |
| Viasat, Inc.<sup>(c)</sup> | (19265) | (281269) |
| **Transportation — (1.9)%** |  |  |
| Old Dominion Freight Line, Inc. | (760) | (123348) |
| United Parcel Service, Inc., Class B | (1166) | (117696) |
| Total Transportation |  | (241044) |
| **Total Securities Sold, Not Yet Purchased [Proceeds Received $(15091015)]** |  | (12061752) |
| Total Investments — 124.0%<br> (Cost $12,491,787) |  | 15521050 |
| Liabilities in Excess of Other Assets — (24.0%) |  | (3007824) |
| **Net Assets — 100.0%** |  | $**12513226** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

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

(b) A
 portion of this security has been pledged as collateral for securities sold, not yet purchased.

(c) Non-income
 producing security.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Money Market Fund | $27582802 | $— | $— | $27582802 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(12061752) | $— | $— | $(12061752) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Apparel | (3.9)% |
| Auto Parts & Equipment | (3.0) |
| Beverages | (1.6) |
| Biotechnology | (4.5) |
| Building Materials | (2.0) |
| Chemicals | (6.7) |
| Coal | (1.1) |
| Commercial Services | (4.7) |
| Computers | (2.0) |
| Cosmetics/Personal Care | (2.1) |
| Electric | (1.7) |
| Electronics | (1.1) |
| Energy — Alternate Sources | (1.3) |
| Food | (1.7) |
| Hand/Machine Tools | (1.0) |
| Healthcare — Products | (7.1) |
| Healthcare — Services | (3.3) |
| Home Builders | (0.9) |
| Home Furnishings | (1.0) |
| Internet | (3.1) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Iron/Steel | (1.0)% |
| Leisure Time | (2.9) |
| Machinery — Diversified | (0.9) |
| Media | (1.7) |
| Office/Business Equipment | (0.8) |
| Oil & Gas | (8.1) |
| Oil & Gas Services | (1.6) |
| Pharmaceuticals | (1.1) |
| REITS | (3.1) |
| Retail | (5.2) |
| Semiconductors | (11.1) |
| Software | (1.0) |
| Telecommunications | (2.2) |
| Transportation | (1.9) |
| Money Market Fund | 220.4% |
| Total Investments | 124.0 |
| Liabilities in Excess of Other Assets | (24.0) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **Aerospace/Defense — 5.1%** |  |  |
| HEICO Corp. | 29861 | $9794408 |
| **Auto Parts & Equipment — 5.8%** |  |  |
| Allison Transmission Holdings, Inc. | 66368 | 6304296 |
| Miller Industries, Inc. | 107374 | 4773848 |
| Total Auto Parts & Equipment |  | 11078144 |
| **Commercial Services — 8.5%** |  |  |
| Moody's Corp. | 15120 | 7584041 |
| Rollins, Inc. | 154374 | 8709781 |
| Total Commercial Services |  | 16293822 |
| **Computers — 3.8%** |  |  |
| Science Applications International Corp. | 65065 | 7326970 |
| **Diversified Financial Services — 4.6%** |  |  |
| Intercontinental Exchange, Inc. | 48222 | 8847290 |
| **Electronics — 5.2%** |  |  |
| Amphenol Corp., Class A | 101588 | 10031815 |
| **Engineering & Construction — 5.2%** |  |  |
| IES Holdings, Inc.<sup>(a)(b)</sup> | 33996 | 10070635 |
| **Healthcare — Products — 11.4%** |  |  |
| Abbott Laboratories | 62959 | 8563054 |
| Stryker Corp. | 19646 | 7772547 |
| Thermo Fisher Scientific, Inc. | 13651 | 5534934 |
| Total Healthcare — Products |  | 21870535 |
| **Machinery — Diversified — 4.0%** |  |  |
| Otis Worldwide Corp. | 77350 | 7659197 |
| **Media — 3.4%** |  |  |
| FactSet Research Systems, Inc. | 14859 | 6646134 |
| **Metal Fabricate/Hardware — 3.7%** |  |  |
| Mueller Industries, Inc. | 89952 | 7148485 |
| **Packaging & Containers — 3.9%** |  |  |
| Silgan Holdings, Inc. | 137438 | 7446391 |
| **Pharmaceuticals — 8.8%** |  |  |
| Cencora, Inc. | 31775 | 9527734 |
| Henry Schein, Inc.<sup>(b)</sup> | 102501 | 7487698 |
| Total Pharmaceuticals |  | 17015432 |
| **Real Estate — 3.9%** |  |  |
| McGrath RentCorp | 64738 | 7507018 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — 18.3%** |  |  |
| Adobe, Inc.<sup>(b)</sup> | 16150 | $6248112 |
| Broadridge Financial Solutions, Inc. | 32034 | 7785223 |
| Fair Isaac Corp.<sup>(b)</sup> | 3503 | 6403344 |
| Fiserv, Inc.<sup>(b)</sup> | 34645 | 5973145 |
| Intuit, Inc. | 11245 | 8856899 |
| Total Software |  | 35266723 |
| **Water — 4.2%** |  |  |
| American Water Works Co., Inc. | 57770 | 8036385 |
| **Total Common Stocks<br> (Cost $158,399,879)** |  | 192039384 |
| **MONEY MARKET FUNDS — 1.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(c)</sup> | 433490 | 433490 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(c)(d)</sup> | 1960386 | 1960386 |
| **Total Money Market Funds <br> (Cost $2,393,876)** |  | 2393876 |
| Total Investments — 101.1% <br> (Cost $160,793,755) |  | 194433260 |
| Liabilities in Excess of Other Assets — (1.1%) |  | (2016012) |
| **Net Assets — 100.0%** |  | $**192417248** |

---

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $1,950,378; the aggregate market value of
 the collateral held by the fund is $1,960,386.

(b) Non-income
 producing security.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $192039384 | $— | $— | $192039384 |
| Money Market Funds | 2393876 |  |  | 2393876 |
| Total | $194433260 | $— | $— | $194433260 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 5.1% |
| Auto Parts & Equipment | 5.8 |
| Commercial Services | 8.5 |
| Computers | 3.8 |
| Diversified Financial Services | 4.6 |
| Electronics | 5.2 |
| Engineering & Construction | 5.2 |
| Healthcare — Products | 11.4 |
| Machinery — Diversified | 4.0 |
| Media | 3.4 |
| Metal Fabricate/Hardware | 3.7 |
| Packaging & Containers | 3.9 |
| Pharmaceuticals | 8.8 |
| Real Estate | 3.9 |
| Software | 18.3 |
| Water | 4.2 |
| Money Market Funds | 1.3 |
| Total Investments | 101.1 |
| Liabilities in Excess of Other Assets | (1.1) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 93.6%** |  |  |
| **Aerospace/Defense — 4.2%** |  |  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 22687 | $1053811 |
| **Apparel — 1.0%** |  |  |
| On Holding AG, Class A (Switzerland)<sup>(a)</sup> | 5066 | 263685 |
| **Auto Manufacturers — 0.4%** |  |  |
| Ferrari NV (Italy)<sup>(b)</sup> | 202 | 99129 |
| **Banks — 2.9%** |  |  |
| JPMorgan Chase & Co. | 2569 | 744779 |
| **Building Materials — 5.1%** |  |  |
| Trane Technologies PLC | 2972 | 1299982 |
| **Computers — 3.4%** |  |  |
| Apple, Inc. | 4252 | 872383 |
| **Diversified Financial Services — 3.3%** |  |  |
| LPL Financial Holdings, Inc. | 2213 | 829809 |
| **Entertainment — 6.8%** |  |  |
| Flutter Entertainment PLC (United Kingdom)<sup>(a)</sup> | 2497 | 713543 |
| Genius Sports Ltd. (United Kingdom)<sup>(a)(b)</sup> | 58823 | 611759 |
| TKO Group Holdings, Inc. | 2204 | 401018 |
| Total Entertainment |  | 1726320 |
| **Healthcare — Products — 2.9%** |  |  |
| Stryker Corp. | 1865 | 737850 |
| **Internet — 17.9%** |  |  |
| Alphabet, Inc., Class C | 5074 | 900077 |
| Amazon.com, Inc.<sup>(a)</sup> | 4500 | 987255 |
| Meta Platforms, Inc., Class A | 1196 | 882755 |
| Netflix, Inc.<sup>(a)</sup> | 1330 | 1781043 |
| Total Internet |  | 4551130 |
| **Machinery — Construction & Mining — 3.5%** |  |  |
| GE Vernova, Inc. | 1676 | 886855 |
| **Media — 3.1%** |  |  |
| Walt Disney Co. (The) | 6372 | 790192 |
| **Miscellaneous Manufacturing — 2.5%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 777 | 643309 |
| **Pharmaceuticals — 3.7%** |  |  |
| Eli Lilly & Co. | 1200 | 935436 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Retail — 7.5%** |  |  |
| Costco Wholesale Corp. | 555 | $549417 |
| Home Depot, Inc. (The) | 1000 | 366640 |
| Walmart, Inc. | 10091 | 986698 |
| Total Retail |  | 1902755 |
| **Semiconductors — 13.0%** |  |  |
| Broadcom, Inc. | 5537 | 1526274 |
| NVIDIA Corp. | 11244 | 1776440 |
| Total Semiconductors |  | 3302714 |
| **Software — 9.1%** |  |  |
| Microsoft Corp. | 2703 | 1344499 |
| Oracle Corp. | 4369 | 955195 |
| Total Software |  | 2299694 |
| **Venture Capital — 3.3%** |  |  |
| Blackstone, Inc. | 5500 | 822690 |
| **Total Common Stocks<br> (Cost $16,090,709)** |  | 23762523 |
| **EXCHANGE TRADED FUNDS — 4.2%** |  |  |
| **Commodity Fund — 3.2%** |  |  |
| iShares Gold Trust<sup>(a)</sup> | 13127 | 818600 |
| **Equity Fund — 1.0%** |  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 4038 | 247166 |
| **Total Exchange Traded Funds <br> (Cost $867,087)** |  | 1065766 |
| **MONEY MARKET FUNDS — 4.7%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(c)</sup> | 565651 | 565651 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(c)(d)</sup> | 634112 | 634112 |
| **Total Money Market Funds<br> (Cost $1,199,763)** |  | 1199763 |
| Total Investments — 102.5%<br> (Cost $18,157,559) |  | 26028052 |
| Liabilities in Excess of Other Assets — (2.5%) |  | (633864) |
| **Net Assets — 100.0%** |  | $**25394188** |

---

PLC — Public Limited Company

(a) Non-income
 producing security.

(b) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $614,658; the aggregate market value of the
 collateral held by the fund is $634,112.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $23762523 | $— | $— | $23762523 |
| Exchange Traded Funds | 1065766 |  |  | 1065766 |
| Money Market Funds | 1199763 |  |  | 1199763 |
| Total | $26028052 | $— | $— | $26028052 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 4.2% |
| Apparel | 1 |
| Auto Manufacturers | 0.4 |
| Banks | 2.9 |
| Building Materials | 5.1 |
| Commodity Fund | 3.2 |
| Computers | 3.4 |
| Diversified Financial Services | 3.3 |
| Entertainment | 6.8 |
| Equity Fund | 1 |
| Healthcare — Products | 2.9 |
| Internet | 17.9 |
| Machinery — Construction & Mining | 3.5 |
| Media | 3.1 |
| Miscellaneous Manufacturing | 2.5 |
| Pharmaceuticals | 3.7 |
| Retail | 7.5 |
| Semiconductors | 13 |
| Software | 9.1 |
| Venture Capital | 3.3 |
| Money Market Funds | 4.7 |
| Total Investments | 102.5 |
| Liabilities in Excess of Other Assets | (2.5) |
| Net Assets | 100.0% |

---

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of Shares at 6/30/2025** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| AdvisorShares Pure US Cannabis ETF | $448500 | $4281 | $(309053) | $(197206) | $53478 |  | $— | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 91.0%** |  |  |
| **Commercial Services — 5.0%** |  |  |
| Target Hospitality Corp.<sup>(a)</sup> | 18822 | $134012 |
| **Entertainment — 2.3%** |  |  |
| Monarch Casino & Resort, Inc. | 720 | 62237 |
| **Internet — 22.9%** |  |  |
| Booking Holdings, Inc. | 28 | 162099 |
| Expedia Group, Inc. | 694 | 117064 |
| Travelzoo<sup>(a)(b)</sup> | 9068 | 115436 |
| Trip.com Group Ltd. (China)<sup>(c)</sup> | 1947 | 114172 |
| TripAdvisor, Inc.<sup>(a)</sup> | 8032 | 104817 |
| Total Internet |  | 613588 |
| **Leisure Time — 17.8%** |  |  |
| Carnival Corp.<sup>(a)</sup> | 4420 | 124290 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 5377 | 109045 |
| Royal Caribbean Cruises Ltd. | 404 | 126509 |
| Viking Holdings Ltd.<sup>(a)</sup> | 2178 | 116066 |
| Total Leisure Time |  | 475910 |
| **Lodging — 25.3%** |  |  |
| Atour Lifestyle Holdings Ltd. (China)<sup>(c)</sup> | 3700 | 120287 |
| Boyd Gaming Corp. | 1630 | 127515 |
| Hilton Worldwide Holdings, Inc. | 482 | 128376 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 405 | 56558 |
| Marriott International, Inc., Class A | 418 | 114202 |
| Playa Hotels & Resorts (Netherlands)<sup>(a)(d)</sup> | 8897 | 11922 |
| Travel + Leisure Co. | 1134 | 58526 |
| Wyndham Hotels & Resorts, Inc. | 763 | 61963 |
| Total Lodging |  | 679349 |
| **REITS — 17.7%** |  |  |
| Apple Hospitality REIT, Inc. | 9377 | 109430 |
| DiamondRock Hospitality Co. | 7578 | 58047 |
| Pebblebrook Hotel Trust | 7621 | 76134 |
| VICI Properties, Inc. | 3865 | 125999 |
| Xenia Hotels & Resorts, Inc. | 8400 | 105588 |
| Total REITS |  | 475198 |
| **Total Common Stocks <br> (Cost $2,072,172)** |  | 2440294 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 16.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(e)</sup> | 250275 | $250275 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(e)(f)</sup> | 178514 | 178514 |
| **Total Money Market Funds <br> (Cost $428,789)** |  | 428789 |
| Total Investments — 107.0%<br> (Cost $2,500,961) |  | 2869083 |
| Liabilities in Excess of Other Assets — (7.0%) |  | (188385) |
| **Net Assets — 100.0%** |  | $**2680698** |

---

REITS — Real Estate Investment Trusts

(a) Non-income
 producing security.

(b) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $168,420; the aggregate market value of the
 collateral held by the fund is $178,514.

(c) American
 Depositary Receipt.

(d) Fair
 valued using significant unobservable inputs. See note 2 regarding fair value measurements.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $2428372 | $— | $11922 | $2440294 |
| Money Market Funds | 428789 |  |  | 428789 |
| Total | $2857161 | $— | $11922 | $2869083 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commercial Services | 5.0% |
| Entertainment | 2.3 |
| Internet | 22.9 |
| Leisure Time | 17.8 |
| Lodging | 25.3 |
| REITS | 17.7 |
| Money Market Funds | 16.0 |
| Total Investments | 107.0 |
| Liabilities in Excess of Other Assets | (7.0) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES HVAC AND INDUSTRIALS ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 95.9%** |  |  |
| **Building Materials — 15.4%** |  |  |
| AZEK Co., Inc. (The)<sup>(a)</sup> | 483 | $26251 |
| Carrier Global Corp. | 347 | 25397 |
| Lennox International, Inc. | 43 | 24649 |
| Modine Manufacturing Co.<sup>(a)</sup> | 187 | 18420 |
| SPX Technologies, Inc.<sup>(a)</sup> | 139 | 23308 |
| Trane Technologies PLC | 123 | 53801 |
| Total Building Materials |  | 171826 |
| **Commercial Services — 2.7%** |  |  |
| Willdan Group, Inc.<sup>(a)</sup> | 475 | 29692 |
| **Electric — 5.9%** |  |  |
| AES Corp. (The) | 6243 | 65676 |
| **Electrical Components & Equipment — 11.3%** |  |  |
| AMETEK, Inc. | 215 | 38906 |
| Eaton Corp. PLC | 119 | 42482 |
| Generac Holdings, Inc.<sup>(a)</sup> | 307 | 43966 |
| Total Electrical Components & Equipment |  | 125354 |
| **Electronics — 7.3%** |  |  |
| Amphenol Corp., Class A | 827 | 81666 |
| **Engineering & Construction — 16.1%** |  |  |
| Comfort Systems USA, Inc. | 123 | 65954 |
| Limbach Holdings, Inc.<sup>(a)</sup> | 811 | 113621 |
| Total Engineering & Construction |  | 179575 |
| **Machinery — Construction & Mining — 9.8%** |  |  |
| GE Vernova, Inc. | 102 | 53973 |
| Vertiv Holdings Co., Class A | 427 | 54831 |
| Total Machinery — Construction & Mining |  | 108804 |
| **Machinery — Diversified — 10.5%** |  |  |
| Dover Corp. | 163 | 29866 |
| Middleby Corp. (The)<sup>(a)</sup> | 259 | 37296 |
| Rockwell Automation, Inc. | 150 | 49826 |
| Total Machinery — Diversified |  | 116988 |
| **Miscellaneous Manufacturing — 8.8%** |  |  |
| Carlisle Cos., Inc. | 83 | 30992 |
| Illinois Tool Works, Inc. | 173 | 42774 |
| Parker-Hannifin Corp. | 35 | 24447 |
| Total Miscellaneous Manufacturing |  | 98213 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **REITS — 2.9%** |  |  |
| Digital Realty Trust, Inc. | 183 | $31903 |
| **Retail — 5.2%** |  |  |
| Ferguson Enterprises, Inc. | 267 | 58139 |
| **Total Common Stocks<br> (Cost $965,930)** |  | 1067836 |
| **MONEY MARKET FUND — 9.7%** |  |  |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares, 4.19%<sup>(b)</sup><br> (Cost $107,657) | 107657 | 107657 |
| Total Investments — 105.6% <br> (Cost $1,073,587) |  | 1175493 |
| Liabilities in Excess of Other Assets — (5.6%) |  | (62386) |
| **Net Assets — 100.0%** |  | $**1113107** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

(a) Non-income
 producing security.

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES HVAC AND INDUSTRIALS ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $1067836 | $— | $— | $1067836 |
| Money Market Fund | 107657 |  |  | 107657 |
| Total | $1175493 | $— | $— | $1175493 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Building Materials | 15.4% |
| Commercial Services | 2.7 |
| Electric | 5.9 |
| Electrical Components & Equipment | 11.3 |
| Electronics | 7.3 |
| Engineering & Construction | 16.1 |
| Machinery — Construction & Mining | 9.8 |
| Machinery — Diversified | 10.5 |
| Miscellaneous Manufacturing | 8.8 |
| REITS | 2.9 |
| Retail | 5.2 |
| Money Market Fund | 9.7 |
| Total Investments | 105.6 |
| Liabilities in Excess of Other Assets | (5.6) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.4%** |  |  |
| **Agriculture — 1.9%** |  |  |
| Altria Group, Inc. | 7483 | $438728 |
| Bunge Global SA | 5816 | 466909 |
| Total Agriculture |  | 905637 |
| **Apparel — 1.0%** |  |  |
| Ralph Lauren Corp. | 1640 | 449819 |
| **Auto Parts & Equipment — 2.9%** |  |  |
| Allison Transmission Holdings, Inc. | 4919 | 467256 |
| Gentex Corp. | 19779 | 434940 |
| Phinia, Inc. | 10573 | 470393 |
| Total Auto Parts & Equipment |  | 1372589 |
| **Biotechnology — 1.0%** |  |  |
| Royalty Pharma PLC, Class A | 13247 | 477289 |
| **Chemicals — 1.0%** |  |  |
| CF Industries Holdings, Inc. | 5029 | 462668 |
| **Commercial Services — 5.9%** |  |  |
| Booz Allen Hamilton Holding Corp. | 4307 | 448488 |
| H&R Block, Inc. | 8000 | 439120 |
| John Wiley & Sons, Inc., Class A | 10440 | 465937 |
| Morningstar, Inc. | 1491 | 468070 |
| United Rentals, Inc. | 642 | 483683 |
| Verisk Analytics, Inc. | 1499 | 466938 |
| Total Commercial Services |  | 2772236 |
| **Computers — 3.0%** |  |  |
| Amdocs Ltd. | 4964 | 452915 |
| Apple, Inc. | 2275 | 466762 |
| NetApp, Inc. | 4410 | 469886 |
| Total Computers |  | 1389563 |
| **Cosmetics/Personal Care — 1.0%** |  |  |
| Colgate-Palmolive Co. | 5172 | 470135 |
| **Distribution/Wholesale — 1.0%** |  |  |
| Pool Corp.<sup>(a)</sup> | 1613 | 470157 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Diversified Financial Services — 9.0%** |  |  |
| Affiliated Managers Group, Inc. | 2395 | $471264 |
| Bread Financial Holdings, Inc. | 8200 | 468384 |
| Enact Holdings, Inc. | 12800 | 475520 |
| Mastercard, Inc., Class A | 809 | 454609 |
| Pagseguro Digital Ltd., Class A (Brazil) | 51440 | 495882 |
| SEI Investments Co. | 5547 | 498453 |
| SLM Corp. | 14107 | 462569 |
| Synchrony Financial | 7000 | 467180 |
| Visa, Inc., Class A | 1250 | 443813 |
| Total Diversified Financial Services |  | 4237674 |
| **Electric — 1.0%** |  |  |
| NRG Energy, Inc. | 2940 | 472105 |
| **Electrical Components & Equipment — 1.0%** |  |  |
| Belden, Inc. | 4221 | 488792 |
| **Electronics — 3.1%** |  |  |
| Atkore, Inc. | 6800 | 479740 |
| Napco Security Technologies, Inc. | 16163 | 479879 |
| Vontier Corp. | 12743 | 470217 |
| Total Electronics |  | 1429836 |
| **Engineering & Construction — 3.0%** |  |  |
| Comfort Systems USA, Inc. | 866 | 464358 |
| EMCOR Group, Inc. | 866 | 463215 |
| Jacobs Solutions, Inc. | 3570 | 469276 |
| Total Engineering & Construction |  | 1396849 |
| **Entertainment — 1.0%** |  |  |
| TKO Group Holdings, Inc. | 2684 | 488354 |
| **Food — 1.0%** |  |  |
| Kroger Co. (The) | 6690 | 479874 |
| **Healthcare — Services — 4.0%** |  |  |
| Chemed Corp. | 959 | 466966 |
| Cigna Group (The) | 1430 | 472730 |
| Elevance Health, Inc. | 1168 | 454305 |
| HCA Healthcare, Inc. | 1202 | 460486 |
| Total Healthcare — Services |  | 1854487 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Insurance — 5.9%** |  |  |
| American International Group, Inc. | 5261 | $450289 |
| Essent Group Ltd. | 7700 | 467621 |
| Globe Life, Inc. | 3737 | 464472 |
| Hartford Insurance Group, Inc. (The) | 3577 | 453814 |
| MGIC Investment Corp. | 17324 | 482300 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1797 | 436491 |
| Total Insurance |  | 2754987 |
| **Internet — 3.0%** |  |  |
| Alphabet, Inc., Class A | 2700 | 475821 |
| Booking Holdings, Inc. | 83 | 480507 |
| Match Group, Inc. | 15211 | 469868 |
| Total Internet |  | 1426196 |
| **Iron/Steel — 1.0%** |  |  |
| Reliance, Inc. | 1551 | 486859 |
| **Leisure Time — 1.0%** |  |  |
| Acushnet Holdings Corp. | 6480 | 471874 |
| **Lodging — 4.1%** |  |  |
| Boyd Gaming Corp.<sup>(a)</sup> | 6307 | 493396 |
| Hilton Worldwide Holdings, Inc. | 1850 | 492729 |
| Las Vegas Sands Corp. | 11047 | 480655 |
| Wyndham Hotels & Resorts, Inc. | 5794 | 470531 |
| Total Lodging |  | 1937311 |
| **Machinery — Construction & Mining — 1.0%** |  |  |
| Argan, Inc. | 2100 | 463008 |
| **Machinery — Diversified — 3.0%** |  |  |
| Albany International Corp., Class A | 6600 | 462858 |
| Otis Worldwide Corp. | 4606 | 456086 |
| Toro Co. (The) | 6650 | 470022 |
| Total Machinery — Diversified |  | 1388966 |
| **Media — 1.0%** |  |  |
| New York Times Co. (The), Class A | 7991 | 447336 |
| **Mining — 1.0%** |  |  |
| Newmont Corp. | 8070 | 470158 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Oil & Gas — 5.0%** |  |  |
| APA Corp. | 26201 | $479216 |
| Chevron Corp. | 3318 | 475105 |
| EOG Resources, Inc. | 3920 | 468871 |
| Marathon Petroleum Corp. | 2828 | 469759 |
| Sitio Royalties Corp., Class A | 25500 | 468690 |
| Total Oil & Gas |  | 2361641 |
| **Oil & Gas Services — 2.9%** |  |  |
| Halliburton Co. | 23054 | 469840 |
| NOV, Inc. | 35248 | 438133 |
| Schlumberger NV | 13659 | 461674 |
| Total Oil & Gas Services |  | 1369647 |
| **Pharmaceuticals — 1.9%** |  |  |
| Premier, Inc., Class A<sup>(a)</sup> | 19706 | 432152 |
| Zoetis, Inc. | 2805 | 437440 |
| Total Pharmaceuticals |  | 869592 |
| **Real Estate — 1.0%** |  |  |
| St Joe Co. (The) | 9900 | 472230 |
| **REITS — 1.0%** |  |  |
| Medical Properties Trust, Inc. | 108962 | 469626 |
| **Retail — 10.9%** |  |  |
| American Eagle Outfitters, Inc. | 48650 | 468013 |
| Bath & Body Works, Inc. | 16160 | 484154 |
| Dillard's, Inc., Class A | 1146 | 478833 |
| Domino's Pizza, Inc. | 967 | 435730 |
| FirstCash Holdings, Inc. | 3560 | 481098 |
| Group 1 Automotive, Inc. | 1070 | 467280 |
| Murphy USA, Inc. | 1157 | 470668 |
| TJX Cos., Inc. (The) | 3590 | 443329 |
| Wendy's Co. (The)<sup>(a)</sup> | 40100 | 457942 |
| Wingstop, Inc. | 1326 | 446517 |
| Yum! Brands, Inc. | 3164 | 468842 |
| Total Retail |  | 5102406 |
| **Semiconductors — 5.0%** |  |  |
| Applied Materials, Inc. | 2570 | 470490 |
| KLA Corp. | 524 | 469368 |
| Lam Research Corp. | 4907 | 477647 |
| Monolithic Power Systems, Inc. | 640 | 468083 |
| Skyworks Solutions, Inc. | 6300 | 469476 |
| Total Semiconductors |  | 2355064 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — 3.0%** |  |  |
| Clear Secure, Inc., Class A | 16900 | $469144 |
| Electronic Arts, Inc. | 2950 | 471115 |
| MSCI, Inc. | 820 | 472927 |
| Total Software |  | 1413186 |
| **Telecommunications — 2.0%** |  |  |
| A10 Networks, Inc. | 24350 | 471173 |
| Iridium Communications, Inc. | 15460 | 466428 |
| Total Telecommunications |  | 937601 |
| **Transportation — 3.9%** |  |  |
| Golden Ocean Group Ltd. (Norway)<sup>(a)</sup> | 64160 | 469651 |
| Matson, Inc. | 4030 | 448740 |
| Old Dominion Freight Line, Inc. | 2895 | 469859 |
| Scorpio Tankers, Inc. (Monaco) | 11654 | 456021 |
| Total Transportation |  | 1844271 |
| **Total Common Stocks <br> (Cost $45,644,925)** |  | 46660023 |
| **MONEY MARKET FUNDS — 1.1%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(b)</sup> | 61409 | 61409 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(b)(c)</sup> | 471577 | 471577 |
| **Total Money Market Funds <br> (Cost $532,985)** |  | 532986 |
| Total Investments — 100.5% <br> (Cost $46,177,910) |  | 47193009 |
| Liabilities in Excess of Other Assets — (0.5%) |  | (237682) |
| **Net Assets — 100.0%** |  | $**46955327** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $2,201,050; the aggregate market value of
 the collateral held by the fund is $2,274,828. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $1,803,251.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $46660023 | $— | $— | $46660023 |
| Money Market Funds | 532986 |  |  | 532986 |
| Total | $47193009 | $— | $— | $47193009 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 1.9% |
| Apparel | 1 |
| Auto Parts & Equipment | 2.9 |
| Biotechnology | 1 |
| Chemicals | 1 |
| Commercial Services | 5.9 |
| Computers | 3 |
| Cosmetics/Personal Care | 1 |
| Distribution/Wholesale | 1 |
| Diversified Financial Services | 9 |
| Electric | 1 |
| Electrical Components & Equipment | 1 |
| Electronics | 3.1 |
| Engineering & Construction | 3 |
| Entertainment | 1 |
| Food | 1 |
| Healthcare — Services | 4 |
| Insurance | 5.9 |
| Internet | 3 |
| Iron/Steel | 1 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Leisure Time | 1.0% |
| Lodging | 4.1 |
| Machinery — Construction & Mining | 1 |
| Machinery — Diversified | 3 |
| Media | 1 |
| Mining | 1 |
| Oil & Gas | 5 |
| Oil & Gas Services | 2.9 |
| Pharmaceuticals | 1.9 |
| Real Estate | 1 |
| REITS | 1 |
| Retail | 10.9 |
| Semiconductors | 5 |
| Software | 3 |
| Telecommunications | 2 |
| Transportation | 3.9 |
| Money Market Funds | 1.1 |
| Total Investments | 100.5 |
| Liabilities in Excess of Other Assets | (0.5) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS DAILY LEVERAGED ETF**

(formerly AdvisorShares MSOS 2x Daily ETF)

**Schedule of Investments** 

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(a)</sup><br> (Cost $316,627) | 316627 | $316627 |
| &nbsp;&nbsp;&nbsp; Total Investments — 3.1%<br> (Cost $316,627) |  | 316627 |
| Other Assets in Excess of Liabilities — 96.9% |  | 10012495 |
| **Net Assets — 100.0%** |  | $**10329122** |

---

OBFR — Overnight Bank Funding Rate

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS DAILY LEVERAGED ETF**

(formerly AdvisorShares MSOS 2x Daily ETF)

**Schedule of Investments (continued)**

June 30, 2025

------

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Money Market Fund | $316627 | $— | $— | $316627 |
| Swaps<sup>†</sup> |  |  |  |  |
| Total | $316627 | $— | $— | $316627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swap<sup>†</sup> | $— | $(64563) | $— | $(64563) |

---

† Derivative
 instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Money Market Fund | 3.1% |
| Total Investments | 3.1 |
| Other Assets in Excess of Liabilities | 96.9 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS DAILY LEVERAGED ETF**

(formerly AdvisorShares MSOS 2x Daily ETF)

**Schedule of Investments (continued)**

June 30, 2025

------

**Total return swap contracts outstanding as of June 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual<br> Financing<br> Rate Paid** | **Payment<br> Frequency** | **Termination<br> Date** | **Notional<br> Amounts** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| AdvisorShares Pure US Cannabis ETF | OBFR + 2.00% | Monthly | 9/22/2026 | $13191108 | $13126545 | $(64563) |
| AdvisorShares Pure US Cannabis ETF | OBFR + 3.00% | Monthly | 11/20/2026 | 6699800 | 6699800 |  |
| **Net Unrealized Depreciation** |  |  |  |  |  | $(64563) |

---

Clear Street and Nomura act as the counterparties to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of June 30, 2025, cash in the amount of $10,287,160 has been segregated as collateral from the broker for swap contracts.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 89.4%** |  |  |
| **Biotechnology — 61.1%** |  |  |
| ATAI Life Sciences NV (Germany)<sup>(a)(b)</sup> | 389762 | $853579 |
| Bright Minds Biosciences, Inc. (Canada)<sup>(b)</sup> | 14481 | 378099 |
| Clearmind Medicine, Inc. (Canada)<sup>†(a)(b)</sup> | 205933 | 181839 |
| Cybin, Inc. (Canada)<sup>(b)</sup> | 88383 | 741533 |
| Enveric Biosciences, Inc.<sup>†(a)(b)</sup> | 103679 | 125452 |
| GH Research PLC (Ireland)<sup>(b)</sup> | 38256 | 466341 |
| Incannex Healthcare, Inc.<sup>(b)</sup> | 343954 | 74191 |
| Mind Medicine MindMed, Inc.<sup>(a)(b)</sup> | 109593 | 711258 |
| Neuphoria Therapeutics, Inc.<sup>(b)</sup> | 67733 | 480904 |
| NRX Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 263797 | 859978 |
| Pasithea Therapeutics Corp.<sup>(b)</sup> | 193547 | 139605 |
| Psyence Biomedical Ltd. (Canada)<sup>†(b)</sup> | 4448 | 23708 |
| Sage Therapeutics, Inc.<sup>(b)</sup> | 83642 | 762815 |
| Silo Pharma, Inc.<sup>(b)</sup> | 184236 | 116069 |
| Vistagen Therapeutics, Inc.<sup>(b)</sup> | 203114 | 406228 |
| Total Biotechnology |  | 6321599 |
| **Healthcare — Services — 5.0%** |  |  |
| Neuronetics, Inc.<sup>(a)(b)</sup> | 130534 | 455564 |
| Numinus Wellness, Inc. (Canada)<sup>(b)</sup> | 3391317 | 68844 |
| Total Healthcare — Services |  | 524408 |
| **Pharmaceuticals — 23.3%** |  |  |
| Alkermes PLC<sup>(b)</sup> | 16675 | 477072 |
| Compass Pathways PLC (United Kingdom)<sup>(a)(b)(c)</sup> | 173541 | 485915 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 3666 | 460779 |
| Quantum BioPharma Ltd. (Canada)<sup>(a)(b)</sup> | 36990 | 749047 |
| Relmada Therapeutics, Inc.<sup>(b)</sup> | 396514 | 238027 |
| Unbuzzd Wellness, Inc. (Canada)<sup>(b)</sup> | 263236 | 0 |
| Total Pharmaceuticals |  | 2410840 |
| **Total Common Stocks<br> (Cost $10,656,010)** |  | 9256847 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 23.7%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(d)</sup> | 1103247 | $1103247 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(d)(e)</sup> | 1343448 | 1343448 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds**<br> **(Cost $2,446,695)** |  | 2446695 |
| &nbsp;&nbsp;&nbsp; Total Investments — 113.1%<br> (Cost $13,102,705) |  | 11703542 |
| Liabilities in Excess of Other Assets — (13.1%) |  | (1353654) |
| **Net Assets — 100.0%** |  | $**10349888** |

---

PLC — Public Limited Company

† Affiliated
 Company.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $1,279,847; the aggregate market value of
 the collateral held by the fund is $1,343,448.

(b) Non-income
 producing security.

(c) American
 Depositary Receipt.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $9256847 | $— | $— | $9256847 |
| Money Market Funds | 2446695 |  |  | 2446695 |
| Total | $11703542 | $— | $— | $11703542 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Biotechnology | 61.1% |
| Healthcare — Services | 5.0 |
| Pharmaceuticals | 23.3 |
| Money Market Funds | 23.7 |
| Total Investments | 113.1 |
| Liabilities in Excess of Other Assets | (13.1) |
| Net Assets | 100.0% |

---

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 6/30/2025** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| Clearmind Medicine, Inc.\* | $216117 | $284532 | $(148633) | $(389380) | $219203 | 205933 | $181839 | $— |
| Enveric Biosciences, Inc.\* | 196569 | 301483 | (47943) | (278180) | (46477) | 103679 | 125452 |  |
| Lucy Scientific Discovery, Inc. | 65862 | 31 | (81) | (625186) | 559374 |  |  |  |
| Psyence Biomedical Ltd.\* | 138913 | 392124 | (92137) | (34654) | (380538) | 4448 | 23708 |  |
| Total | $617461 | $978170 | $(288794) | $(1327400) | $351562 | 314060 | $330999 | $— |

---

\* Security was not an affiliated company in prior year end; therefore, the change in unrealized gain (loss) will not match the Statement of Operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 65.3%** |  |  |
| **Agriculture — 15.0%** |  |  |
| Village Farms International, Inc. (Canada)<sup>(a)</sup> | 3368688 | $3705557 |
| **Distributors — 13.8%** |  |  |
| High Tide, Inc. (Canada)<sup>(a)(b)</sup> | 1475990 | 3394777 |
| **Pharmaceuticals — 32.4%** |  |  |
| Aurora Cannabis, Inc. (Canada)<sup>(a)(b)</sup> | 50380 | 213611 |
| Cannara Biotech, Inc. (Canada)<sup>(a)(b)</sup> | 221700 | 229093 |
| Canopy Growth Corp. (Canada)<sup>(a)(b)</sup> | 92162 | 112438 |
| Cardiol Therapeutics, Inc., Class A (Canada)<sup>(a)(b)</sup> | 857388 | 1166048 |
| Charlottes Web Holdings, Inc.<sup>(a)(b)</sup> | 2039555 | 186841 |
| Cronos Group, Inc. (Canada)<sup>(a)</sup> | 591068 | 1128940 |
| Flora Growth Corp. (Canada)<sup>(a)</sup> | 70960 | 41157 |
| Fluent Corp.<sup>(a)</sup> | 6194547 | 309727 |
| IM Cannabis Corp. (Canada)<sup>(a)</sup> | 104875 | 260090 |
| Intercure Ltd. (Israel)<sup>(a)</sup> | 108884 | 160059 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 10340 | 1097281 |
| Organigram Global, Inc. (Canada)<sup>(a)(b)</sup> | 802394 | 1083232 |
| PharmaCielo Ltd. (Canada)<sup>(a)</sup> | 343171 | 16347 |
| Rubicon Organics, Inc. (Canada)<sup>(a)</sup> | 1417035 | 453451 |
| SNDL, Inc. (Canada)<sup>(a)</sup> | 1084332 | 1312042 |
| Tilray Brands, Inc. (Canada)<sup>(a)(b)</sup> | 491535 | 203692 |
| Total Pharmaceuticals |  | 7974049 |
| **REITS — 4.1%** |  |  |
| Advanced Flower Capital Inc | 67446 | 302158 |
| Chicago Atlantic Real Estate Finance, Inc. | 52011 | 726074 |
| Total REITS |  | 1028232 |
| **Specialty Retail — 0.0%\*\*** |  |  |
| Ispire Technology, Inc.<sup>(a)(b)</sup> | 5050 | 12928 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks<br> (Cost $56,612,165)**  |  | 16115543 |
| **EXCHANGE TRADED FUND — 31.9%** |  |  |
| **Equity Fund — 31.9%** |  |  |
| &nbsp;&nbsp;&nbsp; AdvisorShares Pure US Cannabis ETF<sup>†(a)</sup><br> (Cost $37,634,249) | 3259493 | 7855378 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 8.7%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(c)</sup> | 687248 | $687248 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(c)(d)</sup> | 1454624 | 1454624 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $2,141,872)**  |  | 2141872 |
| &nbsp;&nbsp;&nbsp; Total Investments — 105.9%<br> (Cost $96,388,286) |  | 26112793 |
| Liabilities in Excess of Other Assets — (5.9%) |  | (1463336) |
| **Net Assets — 100.0%** |  | $**24649457** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

---

| | |
|:---|:---|
| \*\* | Less than 0.05%. |
| † | Affiliated Company. |
| (a) | Non-income producing security. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,514,815; the aggregate market value of the collateral held by the fund is $1,570,159. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $115,535. |
| (c) | Rate shown reflects the 7-day yield as of June 30, 2025. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $16099196 | $16347 | $— | $16115543 |
| Exchange Traded Fund | 7855378 |  |  | 7855378 |
| Money Market Funds | 2141872 |  |  | 2141872 |
| Total | $26096446 | $16347 | $— | $26112793 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 15.0 |
| Distributors | 13.8 |
| Equity Fund | 31.9 |
| Pharmaceuticals | 32.4 |
| REITS | 4.1 |
| Specialty Retail | 0.0 |
| Money Market Funds | 8.7 |
| Total Investments | 105.9 |
| Liabilities in Excess of Other Assets | (5.9 |
| Net Assets | 100.0 |

---

\*\* Less than 0.05%.

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 6/30/2025** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| AdvisorShares Pure US Cannabis ETF | $16403206 | $5338254 | $(71328) | $(213618) | $(13601136) | 3259493 | $7855378 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 6.0%** |  |  |
| **Pharmaceuticals — 6.0%** |  |  |
| Curaleaf Holdings, Inc.<sup>(a)</sup> | 13236000 | $11160595 |
| Fluent Corp.<sup>(a)</sup> | 5163788 | 258189 |
| Hempfusion Wellness, Inc. (Canada)<sup>(a)(b)</sup> | 2388103 | 0 |
| TerrAscend Corp. (Canada)<sup>†(a)</sup> | 26311924 | 7338396 |
| Total Pharmaceuticals |  | 18757180 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks<br> (Cost $110,551,019)**  |  | 18757180 |
| **MONEY MARKET FUND — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.20%<sup>(c)</sup><br> (Cost $34,172,546) | 34172546 | 34172546 |
| &nbsp;&nbsp;&nbsp; Total Investments — 16.9%<br> (Cost $144,723,565) |  | 52929726 |
| Other Assets in Excess of Liabilities — 83.1% |  | 261873417 |
| **Net Assets — 100.0%** |  | $**314803143** |

---

OBFR — Overnight Bank Funding Rate

† Affiliated
 Company.

(a) Non-income
 producing security.

(b) Fair
 valued using significant unobservable inputs. See note 2 regarding fair value measurements.

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $18757180 | $— | $— \* | $18757180 |
| Money Market Fund | 34172546 |  |  | 34172546 |
| Swaps<sup>†</sup> |  | 4979596 |  | 4979596 |
| Total | $52929726 | $4979596 | $— \* | $57909322 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $— | $(7111685) | $— | $(7111685) |

---

---

| | |
|:---|:---|
| \* | Less than $1 |
| † | Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument. |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Pharmaceuticals | 6.0% |
| Money Market Fund | 10.9 |
| Total Investments | 16.9 |
| Other Assets in Excess of Liabilities | 83.1 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Total return swap contracts outstanding as of June 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual<br> Financing<br> Rate Paid** | **Payment<br> Frequency** | **Termination<br> Date** | **Notional<br> Amounts** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 4Front Ventures ORD | OBFR + 2.00% | Monthly | 11/20/2026 | $10868 | $10831 | $(37) |
| Ascend Well | OBFR + 2.00% | Monthly | 11/20/2026 | 741199 | 737180 | (4019) |
| AYR Rights Offering | OBFR + 2.00% | Monthly | 3/01/2026 | 52850 | 33499 | (19351) |
| AYR Rights Offering | OBFR + 4.00% | Monthly | 3/01/2026 | 34053 | 25989 | (8064) |
| AYR Wellness | OBFR + 4.00% | Monthly | 11/20/2026 | 777882 | 906000 | 128118 |
| AYR Wellness | OBFR + 2.00% | Monthly | 11/20/2026 | 617821 | 616171 | (1650) |
| AYR Wellness | OBFR + 4.00% | Monthly | 11/20/2026 | 1744225 | 1090000 | (654225) |
| C21 Investments ORD | OBFR + 2.00% | Monthly | 8/25/2026 | 1381949 | 1374620 | (7329) |
| C21 Investments ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 541736 | 748125 | 206389 |
| Columbia Care ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 535857 | 671840 | 135983 |
| Columbia Care ORD | OBFR + 2.00% | Monthly | 9/02/2026 | 1746915 | 1738036 | (8879) |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 5936376 | 5085630 | (850746) |
| Cresco Labs ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 11770805 | 11700988 | (69817) |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 2744603 | 1624422 | (1120181) |
| Curaleaf Holdings SUB VOT | OBFR + 4.00% | Monthly | 11/20/2026 | 2728691 | 2529600 | (199091) |
| Curaleaf Holdings SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 30655747 | 30502644 | (153103) |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 6209395 | 8140500 | 1931105 |
| Glass House Brands | OBFR + 2.00% | Monthly | 11/20/2026 | 15388179 | 15312558 | (75621) |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 3998964 | 4974750 | 975786 |
| Gold Flora Corp | OBFR + 2.00% | Monthly | 9/22/2026 | 175646 |  | (175646) |
| Green Thumb Industries SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 86690872 | 86272511 | (418361) |
| Green Thumb Industries SUB VOT | OBFR + 4.00% | Monthly | 1/18/2027 | 15129260 | 16199400 | 1070140 |
| Green Thumb Industries SUB VOT ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 1386793 | 1366381 | (20412) |
| Grown Rogue International | OBFR + 4.00% | Monthly | 1/18/2027 | 1588379 | 1473120 | (115259) |
| Grown Rogue International | OBFR + 2.00% | Monthly | 11/20/2026 | 189863 | 189011 | (852) |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1980821 | 2512896 | 532075 |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 5131219 | 5107436 | (23783) |
| Lowell Farms ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 9009 | 8976 | (33) |
| Marimed ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 343603 | 341483 | (2120) |
| Planet 13 Holdings ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 990352 | 745125 | (245227) |
| Planet 13 Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 2545237 | 2530948 | (14289) |
| Terrascend ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1781536 | 1377515 | (404021) |
| Terrascend ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 2677086 | 2659581 | (17505) |
| Trulieve Cannabis ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 47783034 | 47527926 | (255108) |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 14263337 | 14250000 | (13337) |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 10052651 | 8303000 | (1749651) |
| Vapen Mj Ventures ORD | OBFR + 2.00% | Monthly | 8/25/2026 | 634994 | 632554 | (2440) |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 12/20/2025 | 4717449 | 4382400 | (335049) |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 11/20/2026 | 905034 | 840000 | (65034) |
| Verano Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 11229840 | 11157057 | (72783) |
| Vireo Health International ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 2054926 | 2046264 | (8662) |
| **Net Unrealized Depreciation** |  |  |  |  |  | $(2132089) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

June 30, 2025

CF Secured, Clear Street and Nomura act as the counterparties to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of June 30, 2025, cash in the amount of $265,770,967 has been segregated as collateral from the broker for swap contracts.

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2024** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 6/30/2025** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| TerrAscend Corp. | $32548937 | $3369717 | $(620817) | $(288142) | $(27671299) | 26311924 | $7338396 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES Q DYNAMIC GROWTH ETF**

**Schedule of Investments** 

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 97.8%** |  |  |
| **Commodity Fund — 17.4%** |  |  |
| SPDR Gold Shares<sup>(a)</sup> | 14529 | $4428875 |
| **Equity Fund — 80.4%** |  |  |
| Communication Services Select Sector SPDR Fund | 20468 | 2221392 |
| Consumer Discretionary Select Sector SPDR Fund<sup>(b)</sup> | 16400 | 3564212 |
| Industrial Select Sector SPDR Fund<sup>(b)</sup> | 15996 | 2359730 |
| iShares Russell 2000 Growth ETF | 7400 | 2115364 |
| iShares U.S. Technology ETF | 29168 | 5053939 |
| Technology Select Sector SPDR Fund<sup>(b)</sup> | 20029 | 5071944 |
| Total Equity Fund |  | 20386581 |
| &nbsp;&nbsp;&nbsp; **Total Exchange Traded Funds<br> (Cost $20,685,360)**  |  | 24815456 |
| **MONEY MARKET FUNDS — 3.2%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(c)(d)</sup> | 181799 | 181799 |
| Fidelity Investments Money Market Government Portfolio — Class I, 4.23%<sup>(c)</sup> | 615731 | 615731 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $797,530)**  |  | 797530 |
| &nbsp;&nbsp;&nbsp; Total Investments — 101.0%<br> (Cost $21,482,890) |  | 25612986 |
| Liabilities in Excess of Other Assets — (1.0%) |  | (245855) |
| **Net Assets — 100.0%** |  | $**25367131** |

---

(a) Non-income
 producing security.

(b) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $5,827,670; the aggregate market value of
 the collateral held by the fund is $5,959,985. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $5,778,186.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES Q DYNAMIC GROWTH ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Exchange Traded Funds | $24815456 | $— | $— | $24815456 |
| Money Market Funds | 797530 |  |  | 797530 |
| Total | $25612986 | $— | $— | $25612986 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commodity Fund | 17.4% |
| Equity Fund | 80.4 |
| Money Market Funds | 3.2 |
| Total Investments | 101.0 |
| Liabilities in Excess of Other Assets | (1.0) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 146.4%** |  |  |
| BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 4.15%<sup>(a)(b)</sup> | 61641554 | $61641554 |
| Fidelity Institutional Money Market Government Portfolio — Class III, 3.98%<sup>(a)</sup> | 5106642 | 5106642 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $66,748,196)**  |  | 66748196 |
| &nbsp;&nbsp;&nbsp; Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $66,748,196) |  | 66748196 |
| **Securities Sold, Not Yet Purchased — (98.5)%<sup>(c)</sup>** | **Securities Sold, Not Yet Purchased — (98.5)%<sup>(c)</sup>** |  |
| **EXCHANGE TRADED FUND — (2.2)%** |  |  |
| **Equity Fund — (2.2)%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P Homebuilders ETF<br> (Cost $(932490)) | (10000) | (985700) |
| **COMMON STOCKS — (96.3)%** |  |  |
| **Advertising — (5.1)%** |  |  |
| Interpublic Group of Cos., Inc. (The) | (22000) | (538560) |
| Omnicom Group, Inc. | (15000) | (1079100) |
| WPP PLC (United Kingdom)<sup>(d)</sup> | (20000) | (700200) |
| Total Advertising |  | (2317860) |
| **Auto Parts & Equipment — (2.2)%** |  |  |
| Aptiv PLC (Jersey Island)<sup>(e)</sup> | (15000) | (1023300) |
| **Banks — (8.4)%** |  |  |
| Bank OZK | (20000) | (941200) |
| Comerica, Inc. | (15000) | (894750) |
| Synovus Financial Corp. | (20000) | (1035000) |
| Western Alliance Bancorp | (12000) | (935760) |
| Total Banks |  | (3806710) |
| **Beverages — (1.5)%** |  |  |
| Diageo PLC (United Kingdom)<sup>(d)</sup> | (7000) | (705880) |
| **Building Materials — (1.5)%** |  |  |
| Lennox International, Inc. | (1200) | (687888) |
| **Chemicals — (4.3)%** |  |  |
| Albemarle Corp. | (10000) | (626700) |
| Axalta Coating Systems Ltd.<sup>(e)</sup> | (22000) | (653180) |
| Sherwin-Williams Co. (The) | (2000) | (686720) |
| Total Chemicals |  | (1966600) |
| **Commercial Services — (0.9)%** |  |  |
| Kforce, Inc. | (10000) | (411300) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Computers — (5.9)%** |  |  |
| Apple, Inc. | (9000) | $(1846530) |
| Insight Enterprises, Inc.<sup>(e)</sup> | (6000) | (828510) |
| Total Computers |  | (2675040) |
| **Diversified Financial Services — (3.2)%** |  |  |
| Credit Acceptance Corp.<sup>(e)</sup> | (1758) | (895578) |
| Western Union Co. (The) | (65000) | (547300) |
| Total Diversified Financial Services |  | (1442878) |
| **Electric — (1.2)%** |  |  |
| PG&E Corp. | (40000) | (557600) |
| **Entertainment — (3.5)%** |  |  |
| Caesars Entertainment, Inc.<sup>(e)</sup> | (30000) | (851700) |
| Six Flags Entertainment Corp.<sup>(e)</sup> | (25000) | (760750) |
| Total Entertainment |  | (1612450) |
| **Healthcare — Products — (1.8)%** |  |  |
| Glaukos Corp.<sup>(e)</sup> | (8000) | (826320) |
| **Home Builders — (1.4)%** |  |  |
| DR Horton, Inc. | (5000) | (644600) |
| **Home Furnishings — (2.0)%** |  |  |
| Whirlpool Corp. | (9000) | (912780) |
| **Household Products/Wares — (1.9)%** |  |  |
| Avery Dennison Corp. | (5000) | (877350) |
| **Insurance — (1.9)%** |  |  |
| Trupanion, Inc.<sup>(e)</sup> | (15554) | (860914) |
| **Internet — (4.0)%** |  |  |
| CDW Corp. | (4500) | (803655) |
| Expedia Group, Inc. | (6000) | (1012080) |
| Total Internet |  | (1815735) |
| **Leisure Time — (3.2)%** |  |  |
| Brunswick Corp. | (12000) | (662880) |
| Viking Holdings Ltd.<sup>(e)</sup> | (15000) | (799350) |
| Total Leisure Time |  | (1462230) |
| **Machinery — Diversified — (1.9)%** |  |  |
| Nordson Corp. | (4000) | (857480) |
| **Metal Fabricate / Hardware — (2.0)%** |  |  |
| Advanced Drainage Systems, Inc. | (8000) | (918880) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **REITS — (6.6)%** |  |  |
| CubeSmart | (15000) | $(637500) |
| Digital Realty Trust, Inc. | (5000) | (871650) |
| Kimco Realty Corp. | (30000) | (630600) |
| Realty Income Corp. | (15000) | (864150) |
| Total REITS |  | (3003900) |
| **Retail — (13.3)%** |  |  |
| AutoNation, Inc.<sup>(e)</sup> | (4500) | (893925) |
| Best Buy Co, Inc. | (12000) | (805560) |
| CarMax, Inc.<sup>(e)</sup> | (20000) | (1344200) |
| Genuine Parts Co. | (8000) | (970480) |
| Lithia Motors, Inc. | (3000) | (1013460) |
| Penske Automotive Group, Inc. | (6000) | (1030860) |
| Total Retail |  | (6058485) |
| **Semiconductors — (8.1)%** |  |  |
| Impinj, Inc.<sup>(e)</sup> | (7500) | (833025) |
| KLA Corp. | (1000) | (895740) |
| Lam Research Corp. | (10000) | (973400) |
| Synaptics, Inc.<sup>(e)</sup> | (15000) | (972300) |
| Total Semiconductors |  | (3674465) |
| **Software — (6.6)%** |  |  |
| Akamai Technologies, Inc.<sup>(e)</sup> | (9000) | (717840) |
| nCino, Inc.<sup>(e)</sup> | (22000) | (615340) |
| SentinelOne, Inc., Class A<sup>(e)</sup> | (40000) | (731200) |
| Workiva, Inc.<sup>(e)</sup> | (14000) | (958300) |
| Total Software |  | (3022680) |
| **Telecommunications — (2.0)%** |  |  |
| Extreme Networks, Inc.<sup>(e)</sup> | (50000) | (897500) |
| **Transportation — (1.9)%** |  |  |
| Star Bulk Carriers Corp. (Greece) | (50000) | (862500) |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks<br> (Cost $(40885520))**  |  | (43903325) |
| **Total Securities Sold, Not Yet Purchased [Proceeds Received $(41818010)]** |  | (44889025) |
| &nbsp;&nbsp;&nbsp; Total Investments — 47.9%<br> (Cost $24,930,186) |  | 21859171 |
| Other Assets in Excess of Liabilities — 52.1% |  | 23735553 |
| **Net Assets — 100.0%** |  | $**45594724** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

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

(b) A
 portion of this security has been pledged as collateral for securities sold, not yet purchased.

(c) As
 of June 30, 2025 cash in the amount of $23,716,491 has been segregated as collateral from the broker for securities sold short.

(d) American
 Depositary Receipt.

(e) Non-income
 producing security.

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Money Market Funds | $66748196 | $— | $— | $66748196 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Fund | $(985700) | $— | $— | $(985700) |
| Common Stocks | (43903325) |  |  | (43903325) |
| Total | $(44889025) | $— | $— | $(44889025) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Advertising | (5.1)% |
| Auto Parts & Equipment | (2.2) |
| Banks | (8.4) |
| Beverages | (1.5) |
| Building Materials | (1.5) |
| Chemicals | (4.3) |
| Commercial Services | (0.9) |
| Computers | (5.9) |
| Diversified Financial Services | (3.2) |
| Electric | (1.2) |
| Entertainment | (3.5) |
| Equity Fund | (2.2) |
| Healthcare — Products | (1.8) |
| Home Builders | (1.4) |
| Home Furnishings | (2.0) |
| Household Products/Wares | (1.9) |
| Insurance | (1.9) |
| Internet | (4.0) |
| Leisure Time | (3.2) |
| Machinery — Diversified | (1.9) |
| Metal Fabricate / Hardware | (2.0) |
| REITS | (6.6) |
| Retail | (13.3) |
| Semiconductors | (8.1) |
| Software | (6.6) |
| Telecommunications | (2.0) |
| Transportation | (1.9) |
| Money Market Funds | 146.4 |
| Total Investments | 47.9 |
| Other Assets in Excess of Liabilities | 52.1 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 93.0%** |  |  |
| **Food — 11.0%** |  |  |
| Nathan's Famous, Inc. | 2100 | $232218 |
| US Foods Holding Corp.<sup>(a)</sup> | 2209 | 170115 |
| Total Food |  | 402333 |
| **Food Service — 2.2%** |  |  |
| Aramark | 1895 | 79344 |
| **Internet — 4.4%** |  |  |
| DoorDash, Inc., Class A<sup>(a)</sup> | 656 | 161711 |
| **Retail — 75.4%** |  |  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 2700 | 120420 |
| Brinker International, Inc.<sup>(a)</sup> | 1371 | 247233 |
| Cava Group, Inc.<sup>(a)</sup> | 409 | 34450 |
| Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 3335 | 208971 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 2132 | 119712 |
| Cracker Barrel Old Country Store, Inc. | 2700 | 164916 |
| Darden Restaurants, Inc. | 993 | 216444 |
| Dine Brands Global, Inc. | 4474 | 108853 |
| Domino's Pizza, Inc. | 348 | 156809 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 2152 | 147132 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 14739 | 162276 |
| McDonald's Corp. | 172 | 50253 |
| ONE Group Hospitality, Inc. (The)<sup>(a)</sup> | 42000 | 170100 |
| Potbelly Corp.<sup>(a)</sup> | 8500 | 104125 |
| Red Robin Gourmet Burgers, Inc.<sup>(a)</sup> | 30000 | 173700 |
| Shake Shack, Inc., Class A<sup>(a)</sup> | 635 | 89281 |
| Sweetgreen, Inc., Class A<sup>(a)(b)</sup> | 2382 | 35444 |
| Texas Roadhouse, Inc. | 935 | 175228 |
| Wingstop, Inc. | 255 | 85869 |
| Yum China Holdings, Inc. (China) | 1461 | 65321 |
| Yum! Brands, Inc. | 824 | 122100 |
| Total Retail |  | 2758637 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks<br> (Cost $2,736,424)**  |  | 3402025 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 11.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(c)</sup> | 203600 | $203600 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(c)(d)</sup> | 207518 | 207518 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $411,118)**  |  | 411118 |
| &nbsp;&nbsp;&nbsp; Total Investments — 104.3%<br> (Cost $3,147,542) |  | 3813143 |
| Liabilities in Excess of Other Assets — (4.3%) |  | (156747) |
| **Net Assets — 100.0%** |  | $**3656396** |

---

(a) Non-income
 producing security.

(b) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $239,503; the aggregate market value of the
 collateral held by the fund is $239,914. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral
 having a value of $32,396.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $3402025 | $— | $— | $3402025 |
| Money Market Funds | 411118 |  |  | 411118 |
| Total | $3813143 | $— | $— | $3813143 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Food | 11.0% |
| Food Service | 2.2 |
| Internet | 4.4 |
| Retail | 75.4 |
| Money Market Funds | 11.3 |
| Total Investments | 104.3 |
| Liabilities in Excess of Other Assets | (4.3) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 98.4%** |  |  |
| **Commodity Fund — 2.0%** |  |  |
| iShares Gold Trust<sup>(a)</sup> | 20861 | $1300892 |
| **Debt Fund — 27.1%** |  |  |
| iShares Core Total USD Bond Market ETF<sup>(b)(c)</sup> | 248812 | 11502579 |
| iShares MBS ETF | 29404 | 2760742 |
| iShares U.S. Treasury Bond ETF | 157523 | 3619878 |
| Total Debt Fund |  | 17883199 |
| **Equity Fund — 69.3%** |  |  |
| iShares MSCI EAFE ETF<sup>(b)</sup> | 76459 | 6834670 |
| iShares MSCI Emerging Markets ETF<sup>(b)</sup> | 65865 | 3177328 |
| iShares Russell Mid-Cap Growth ETF<sup>(b)</sup> | 23388 | 3243448 |
| iShares U.S. Equity Factor Rotation Active ETF | 99527 | 5420240 |
| SPDR S&P 500 ETF Trust<sup>(c)</sup> | 43664 | 26977802 |
| Total Equity Fund |  | 45653488 |
| &nbsp;&nbsp;&nbsp; **Total Exchange Traded Funds<br> (Cost $52,613,333)**  |  | 64837579 |
| **MONEY MARKET FUNDS — 13.1%** |  |  |
| BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 4.34%<sup>(d)</sup> | 1242301 | 1242301 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, Institutional Class, 4.29%<sup>(d)(e)</sup> | 7432265 | 7432265 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $8,674,566)**  |  | 8674566 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional<br> Amount** | **Contracts** | |
| **PURCHASED PUT OPTION — 0.0%\*\*** |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, expiring 09/19/25, Strike Price $470.00<br> (Cost $41,168) | $6392000 | 136 | $15436 |
| &nbsp;&nbsp;&nbsp; **Total Investments Before Written Options — 111.5%<br> (Cost $61,329,067)**  |  |  | 73527581 |
| **WRITTEN CALL OPTION — (0.2)%** |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, expiring 07/18/25, Strike Price $623.00<br> [Premium Received $(29902)] | (17693200) | (284) | (143278) |
| &nbsp;&nbsp;&nbsp; Total Investments — 111.3%<br> (Cost $61,299,165) |  |  | 73384303 |
| Liabilities in Excess of Other Assets — (11.3%) |  |  | (7477521) |
| **Net Assets — 100.0%** |  |  | $**65906782** |

---

\*\* Less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $12,432,226; the aggregate market value of the collateral held by the fund is $12,686,250. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,253,985.

(c) All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,330,043 as of June 30, 2025.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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** |
| Exchange Traded Funds | $64837579 | $— | $— | $64837579 |
| Money Market Funds | 8674566 |  |  | 8674566 |
| Purchased Put Option | 15436 |  |  | 15436 |
| Total | $73527581 | $— | $— | $73527581 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Option | $(143278) | $— | $— | $(143278) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commodity Fund | 2.0 |
| Debt Fund | 27.1 |
| Equity Fund | 69.3 |
| Purchased Put Option | 0.0 |
| Written Call Option | (0.2) |
| Money Market Funds | 13.1 |
| Total Investments | 111.3 |
| Liabilities in Excess of Other Assets | (11.3 |
| Net Assets | 100.0 |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 96.2%** |  |  |
| **Agriculture — 25.8%** |  |  |
| Altria Group, Inc. | 6042 | $354242 |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 7048 | 333582 |
| Imperial Brands PLC (United Kingdom)<sup>(a)(b)</sup> | 8500 | 335410 |
| Philip Morris International, Inc. | 1694 | 308528 |
| Turning Point Brands, Inc. | 3249 | 246177 |
| Universal Corp. | 5500 | 320320 |
| Total Agriculture |  | 1898259 |
| **Auto Manufacturers — 4.9%** |  |  |
| Ferrari NV (Italy)<sup>(b)</sup> | 740 | 363148 |
| **Beverages — 4.5%** |  |  |
| Monster Beverage Corp.<sup>(c)</sup> | 5300 | 331992 |
| **Computers — 4.8%** |  |  |
| PlayAGS, Inc.<sup>(c)</sup> | 28000 | 349720 |
| **Entertainment — 13.3%** |  |  |
| Accel Entertainment, Inc.<sup>(c)</sup> | 30942 | 364188 |
| Flutter Entertainment PLC (United Kingdom)<sup>(c)</sup> | 1042 | 297762 |
| Monarch Casino & Resort, Inc. | 3678 | 317926 |
| Total Entertainment |  | 979876 |
| **Internet — 12.4%** |  |  |
| Bilibili, Inc. (China)<sup>(a)(c)</sup> | 15800 | 338910 |
| Gambling.com Group Ltd. (Malta)<sup>(c)</sup> | 25520 | 303433 |
| Sea Ltd. (Singapore)<sup>(a)(c)</sup> | 1680 | 268699 |
| Total Internet |  | 911042 |
| **Lodging — 9.0%** |  |  |
| Boyd Gaming Corp. | 4088 | 319804 |
| Melco Resorts & Entertainment Ltd. (Hong Kong)<sup>(a)(c)</sup> | 46800 | 338364 |
| Total Lodging |  | 658168 |
| **REITS — 4.6%** |  |  |
| VICI Properties, Inc. | 10298 | 335715 |
| **Semiconductors — 4.6%** |  |  |
| NVIDIA Corp. | 2148 | 339362 |
| **Software — 12.3%** |  |  |
| GDEV, Inc. (Cyprus) | 10197 | 160195 |
| Inspired Entertainment, Inc.<sup>(c)</sup> | 45666 | 373091 |
| NetEase, Inc. (China)<sup>(a)</sup> | 2758 | 371172 |
| Total Software |  | 904458 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks<br> (Cost $6,095,250)**  |  | 7071740 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 17.5%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.16%<sup>(d)</sup> | 298739 | $298739 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%<sup>(d)(e)</sup> | 992459 | 992459 |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds<br> (Cost $1,291,198)**  |  | 1291198 |
| &nbsp;&nbsp;&nbsp; Total Investments — 113.7%<br> (Cost $7,386,448) |  | 8362938 |
| Liabilities in Excess of Other Assets — (13.7%) |  | (1010906) |
| **Net Assets — 100.0%** |  | $**7352032** |

---

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 $978,782; the aggregate market value of the
 collateral held by the fund is $992,459.

(c) Non-income
 producing security.

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

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments (continued)**

June 30, 2025

**Fair Value Measurements**

The following is a summary of the inputs used, as of June 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 | $7071740 | $— | $— | $7071740 |
| Money Market Funds | 1291198 |  |  | 1291198 |
| Total | $8362938 | $— | $— | $8362938 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 25.8% |
| Auto Manufacturers | 4.9 |
| Beverages | 4.5 |
| Computers | 4.8 |
| Entertainment | 13.3 |
| Internet | 12.4 |
| Lodging | 9.0 |
| REITS | 4.6 |
| Semiconductors | 4.6 |
| Software | 12.3 |
| Money Market Funds | 17.5 |
| Total Investments | 113.7 |
| Liabilities in Excess of Other Assets | (13.7) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares<br> Dorsey Wright<br> ADR ETF** | **AdvisorShares <br> Dorsey Wright <br> FSM All Cap <br> World ETF** | **AdvisorShares<br> Dorsey Wright<br> FSM US Core<br> ETF** | **AdvisorShares <br> Dorsey Wright <br> Short ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $41292226 | $39833739 | $109204074 | $27582802 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) |  | 38079709 |  |  |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 41292226 | 77913448 | 109204074 | 27582802 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 51687964 | 44381472 | 118203551 | 27582802 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) |  | 38800240 |  |  |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 51687964 | 83181712 | 118203551 | 27582802 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 49404 | 4670 | 3667 | 130330 |
| Reclaim Receivable | Reclaim Receivable | 28936 |  |  |  |
| Prepaid Expenses | Prepaid Expenses | 2030 | 2364 | 1601 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 51768334 | 83188746 | 118208819 | 27714308 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 4829791 | 970003 | 1725389 |  |
| Advisory Fees Payable | Advisory Fees Payable | 30931 | 49532 | 67575 | 4162 |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 13340 | 13536 | 13255 | 13314 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 19850 | 19350 | 19350 | 19350 |
| Trustee Fees Payable | Trustee Fees Payable | 87 | 239 | 255 | 141 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  |  | 12061752 |
| Custody Fees Payable | Custody Fees Payable | 3479 | 5147 | 4910 | 2843 |
| Legal Fees Payable | Legal Fees Payable | 557 | 1344 | 792 | 218 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 1068 | 1586 | 1520 | 716 |
| CCO Fees Payable | CCO Fees Payable | 407 | 558 | 756 | 99 |
| Due to Custodian | Due to Custodian | 295 | 1345 |  |  |
| Due to Broker | Due to Broker |  |  |  | 3026263 |
| Interest Rebate | Interest Rebate |  |  |  | 62863 |
| Dividend Expense | Dividend Expense |  |  |  | 8964 |
| Accrued Expenses | Accrued Expenses | 2561 | 7508 | 7648 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 4902366 | 1070148 | 1841450 | 15201082 |
| **NET ASSETS** | **NET ASSETS** | $**46865968** | $**82118598** | $**116367369** | $**12513226** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $90198429 | $97011192 | $108522045 | $102612711 |
| Total Distributable Earnings / Accumulated (Loss) | Total Distributable Earnings / Accumulated (Loss) | (43332461) | (14892594) | 7845324 | (90099485) |
| **NET ASSETS** | **NET ASSETS** | $**46865968** | $**82118598** | $**116367369** | $**12513226** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 595000 | 1975000 | 2290000 | 1690000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $78.77 | $41.58 | $50.82 | $7.40 |
| <sup>(a)</sup> | Market value of securities on loan | $7173178 | $961280 | $1709877 | $— |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $2596711 | $— | $— | $— |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $— | $— | $— | $15091015 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares <br> Focused Equity<br> ETF** | **AdvisorShares <br> Gerber <br> Kawasaki ETF** | **AdvisorShares <br> Hotel ETF** | **AdvisorShares <br> HVAC and <br> Industrials ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $160793755 | $18157559 | $2500961 | $1073587 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 160793755 | 18157559 | 2500961 | 1073587 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 194433260 | 26028052 | 2869083 | 1175493 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 194433260 | 26028052 | 2869083 | 1175493 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 68124 | 6833 | 5744 | 635 |
| Receivable from Securities Sold | Receivable from Securities Sold |  | 242335 |  | 54637 |
| Reclaim Receivable | Reclaim Receivable |  | 3365 |  |  |
| Due from Investment Advisor | Due from Investment Advisor |  |  | 1274 | 16814 |
| Prepaid Expenses | Prepaid Expenses | 2234 | 201 | 4219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 194503618 | 26280786 | 2880320 | 1247579 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan | Cash collateral for securities on loan | 1960386 | 634112 | 178514 |  |
| Advisory Fees Payable | Advisory Fees Payable | 72342 | 6367 |  |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 16945 | 13750 | 629 | 4739 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 19650 | 19350 | 19350 | 19634 |
| Trustee Fees Payable | Trustee Fees Payable | 269 | 352 | 136 | 1234 |
| Payable for Securities Purchased | Payable for Securities Purchased |  | 208857 |  | 51670 |
| Custody Fees Payable | Custody Fees Payable | 5330 | 1349 | 326 | 1819 |
| Legal Fees Payable | Legal Fees Payable | 798 | 299 | 52 | 34981 |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable |  |  |  | 8500 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 6906 | 1442 | 504 | 2000 |
| CCO Fees Payable | CCO Fees Payable | 1205 | 318 | 35 | 1001 |
| Accrued Expenses | Accrued Expenses | 2539 | 402 | 76 | 8894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2086370 | 886598 | 199622 | 134472 |
| **NET ASSETS** | **NET ASSETS** | $**192417248** | $**25394188** | $**2680698** | $**1113107** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $160878355 | $27817605 | $3532015 | $1024610 |
| Total Distributable Earnings / Accumulated (Loss) | Total Distributable Earnings / Accumulated (Loss) | 31538893 | (2423417) | (851317) | 88497 |
| **NET ASSETS** | **NET ASSETS** | $**192417248** | $**25394188** | $**2680698** | $**1113107** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 2750000 | 1065000 | 85000 | 40000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $69.97 | $23.84 | $31.54 | $27.83 |
| <sup>(a)</sup> | Market value of securities on loan | $1950378 | $614658 | $168420 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares <br> Insider <br> Advantage ETF** | **AdvisorShares<br> MSOS Daily<br> Leveraged ETF<sup>(1)</sup>** | **AdvisorShares<br> Psychedelics<br> ETF** | **AdvisorShares<br> Pure Cannabis <br> ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $46177910 | $316627 | $11508896 | $58754037 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) |  |  | 1593809 | 37634249 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 46177910 | 316627 | 13102705 | 96388286 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 47193009 | 316627 | 11372543 | 18257415 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) |  |  | 330999 | 7855378 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 47193009 | 316627 | 11703542 | 26112793 |
| Cash | Cash | 237875 | 107 |  | 2400 |
| Cash collateral held at brokers | Cash collateral held at brokers |  | 10287160 |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 39387 | 32253 | 12486 | 42246 |
| Receivable from Securities Sold | Receivable from Securities Sold | 7970908 |  |  |  |
| Reclaim Receivable | Reclaim Receivable | 690 |  |  |  |
| Due from Investment Advisor | Due from Investment Advisor |  | 5628 |  | 3988 |
| Prepaid Expenses | Prepaid Expenses | 1725 | 3281 | 5203 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 55443594 | 10645056 | 11721231 | 26163559 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on OTC Swap Contracts | Unrealized Depreciation on OTC Swap Contracts |  | 64563 |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 471577 |  | 1343448 | 1454624 |
| Advisory Fees Payable | Advisory Fees Payable | 24100 |  | 4145 |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 13561 | 14027 | 699 | 12844 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 19850 | 19350 | 19350 | 19850 |
| Trustee Fees Payable | Trustee Fees Payable | 203 | 406 | 127 | 256 |
| Payable for Securities Purchased | Payable for Securities Purchased | 7951928 | 31676 |  |  |
| Custody Fees Payable | Custody Fees Payable | 3381 | 819 | 578 | 531 |
| Legal Fees Payable | Legal Fees Payable | 724 | 3768 | 150 | 1252 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 1164 | 3791 | 2562 | 23868 |
| CCO Fees Payable | CCO Fees Payable | 425 | 117 | 57 | 196 |
| Due to Custodian — Foreign Currency | Due to Custodian — Foreign Currency |  |  |  | 3 |
| Due to Broker | Due to Broker |  | 177228 |  |  |
| Accrued Expenses | Accrued Expenses | 1354 | 189 | 227 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 8488267 | 315934 | 1371343 | 1514102 |
| **NET ASSETS** | **NET ASSETS** | $**46955327** | $**10329122** | $**10349888** | $**24649457** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $61607943 | $136154329 | $22739184 | $309540085 |
| Total Distributable Earnings / Accumulated (Loss) | Total Distributable Earnings / Accumulated (Loss) | (14652616) | (125825207) | (12389296) | (284890628) |
| **NET ASSETS** | **NET ASSETS** | $**46955327** | $**10329122** | $**10349888** | $**24649457** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 400000 | 3688475 | 749976 | 13015000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $117.39 | $2.80 | $13.80 | $1.89 |
| <sup>(a)</sup> | Market value of securities on loan | $2201050 | $— | $1279847 | $1514815 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $1803251 | $— | $— | $115535 |

---

(1) Formerly
 known as AdvisorShares MSOS 2X Daily ETF.

(a) Market
 value of securities on loan

(b) Non-cash
 collateral for securities on loan

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares <br> Pure US <br> Cannabis ETF** | **AdvisorShares <br> Q Dynamic<br> Growth ETF** | **AdvisorShares <br> Ranger Equity <br> Bear ETF** | **AdvisorShares <br> Restaurant<br> ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $98545966 | $21482890 | $66748196 | $3147542 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) | 46177599 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 144723565 | 21482890 | 66748196 | 3147542 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 45591330 | 25612986 | 66748196 | 3813143 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) | 7338396 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 52929726 | 25612986 | 66748196 | 3813143 |
| Cash | Cash |  |  |  |  |
| Cash collateral held at brokers | Cash collateral held at brokers | 265770967 |  | 23716491 |  |
| Unrealized Appreciation on OTC Swap Contracts | Unrealized Appreciation on OTC Swap Contracts | 4979596 |  |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 922500 | 2458 | 225293 | 4963 |
| Receivable from Securities Sold | Receivable from Securities Sold |  | 4225414 |  | 62022 |
| Due from Investment Advisor (Note 7) | Due from Investment Advisor (Note 7) |  | 275817 |  | 666 |
| Prepaid Expenses | Prepaid Expenses | 3992 | 2001 | 1755 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 324606781 | 30118676 | 90691735 | 3884807 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on OTC Swap Contracts | Unrealized Depreciation on OTC Swap Contracts | 7111685 |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> |  | 181799 |  | 207518 |
| Advisory Fees Payable | Advisory Fees Payable | 161068 | 18309 | 57412 |  |
| Tax Expense (Note 7) | Tax Expense (Note 7) |  | 275817 |  |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 56121 | 12774 | 13391 | 432 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 19850 | 19650 | 20250 | 19350 |
| Trustee Fees Payable | Trustee Fees Payable | 3287 | 166 | 476 | 128 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  | 44889025 |  |
| Payable for Securities Purchased | Payable for Securities Purchased |  | 4237455 |  |  |
| Custody Fees Payable | Custody Fees Payable | 9224 | 2474 | 4465 | 180 |
| Legal Fees Payable | Legal Fees Payable | 28428 | 374 | 2036 | 52 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 50737 | 1842 | 8561 | 546 |
| CCO Fees Payable | CCO Fees Payable | 3192 | 272 | 319 | 24 |
| Due to Broker | Due to Broker | 2355301 |  |  |  |
| Dividend Payable on Securities Sold, Not Yet Purchased | Dividend Payable on Securities Sold, Not Yet Purchased |  |  | 93359 |  |
| Accrued Expenses | Accrued Expenses | 4745 | 613 | 7717 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 9803638 | 4751545 | 45097011 | 228411 |
| **NET ASSETS** | **NET ASSETS** | $**314803143** | $**25367131** | $**45594724** | $**3656396** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $2461474820 | $24925937 | $457565666 | $3824373 |
| Total Distributable Earnings / Accumulated (Loss) | Total Distributable Earnings / Accumulated (Loss) | (2146671677) | 441194 | (411970942) | (167977) |
| **NET ASSETS** | **NET ASSETS** | $**314803143** | $**25367131** | $**45594724** | $**3656396** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 132125000 | 655000 | 2697500 | 120000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $2.38 | $38.73 | $16.90 | $30.47 |
| <sup>(a)</sup> | Market value of securities on loan | $— | $5827670 | $— | $239503 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $— | $5778186 | $— | $32396 |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $— | $— | $41818010 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **AdvisorShares <br> STAR Global<br> Buy-Write ETF** | **AdvisorShares <br> Vice ETF** |
| **ASSETS** | **ASSETS** |  |  |
| Investments, at Cost | Investments, at Cost | $61329067 | $7386448 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 61329067 | 7386448 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 73527581 | 8362938 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 73527581 | 8362938 |
| Cash | Cash |  | 2521 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 81231 | 20616 |
| Receivable from Securities Sold | Receivable from Securities Sold |  | 36274 |
| Reclaim Receivable | Reclaim Receivable |  | 1640 |
| Prepaid Expenses | Prepaid Expenses | 2204 | 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 73611016 | 8428617 |
| **LIABILITIES** | **LIABILITIES** |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 7432265 | 992459 |
| Advisory Fees Payable | Advisory Fees Payable | 44897 | 3383 |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 14228 | 276 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 20950 | 19350 |
| Trustee Fees Payable | Trustee Fees Payable | 207 | 137 |
| Payable for Securities Purchased | Payable for Securities Purchased |  | 58485 |
| Options Written, at value<sup>(c)</sup> | Options Written, at value<sup>(c)</sup> | 143278 |  |
| Custody Fees Payable | Custody Fees Payable | 2462 | 782 |
| Legal Fees Payable | Legal Fees Payable | 524 | 45 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 2853 | 1177 |
| CCO Fees Payable | CCO Fees Payable | 649 | 49 |
| Due to Broker | Due to Broker | 40955 |  |
| Accrued Expenses | Accrued Expenses | 966 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 7704234 | 1076585 |
| **NET ASSETS** | **NET ASSETS** | $**65906782** | $**7352032** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $56344285 | $7392381 |
| Total Distributable Earnings / Accumulated (Loss) | Total Distributable Earnings / Accumulated (Loss) | 9562497 | (40349) |
| **NET ASSETS** | **NET ASSETS** | $**65906782** | $**7352032** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 1430000 | 215000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $46.09 | $34.20 |
| <sup>(a)</sup> | Market value of securities on loan | $12432226 | $978782 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $5253985 | $— |
| <sup>(c)</sup> | Premiums received for options written | $29902 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares <br> Dorsey Wright <br> ADR ETF** | **AdvisorShares<br> Dorsey Wright <br> FSM All Cap <br> World ETF** | **AdvisorShares<br> Dorsey Wright<br> FSM US Core <br> ETF** | **AdvisorShares<br> Dorsey Wright <br> Short ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $621014 | $688328 | $1280114 | $1235638 |
| &nbsp;&nbsp;&nbsp;Dividend Income from Affiliates |  | 468676 |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 43636 | 29819 | 115355 |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (47540) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 617110 | 1186823 | 1395469 | 1235638 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 227640 | 602662 | 852968 | 89867 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 74740 | 77497 | 76646 | 75547 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 20146 | 19531 | 19531 | 19502 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 6785 | 15885 | 23310 | 1883 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 3944 | 3967 | 3968 | 3900 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 3381 | 6157 | 8614 | 1013 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 45 | 1824 | 2616 | 331 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 8374 | 9267 | 10120 | 7956 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 1694 | 4673 | 7430 | 272 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  | 7335 | 7335 |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 2277 | 6027 | 8530 | 899 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 770 | 3186 | 4278 | 331 |
| &nbsp;&nbsp;&nbsp;Interest Expense |  |  |  | 305374 |
| &nbsp;&nbsp;&nbsp;Dividend Expense | 22 |  |  | 247093 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 659 | 5442 | 4707 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 350477 | 763453 | 1030053 | 754740 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (16610) | 3186 |  | (52527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 333867 | 766639 | 1030053 | 702213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 283243 | 420184 | 365416 | 533425 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1999211 | 6585570 | 1505162 | 296905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 1768697 | 101761 | 24742092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates |  | 11993 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2924678 | (2983955) | (16255840) | (138955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  | 720531 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 6692586 | 4435900 | 9991414 | 157950 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6975829 | $4856084 | $10356830 | $691375 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares <br> Focused<br> Equity ETF** | **AdvisorShares<br> Gerber<br> Kawasaki ETF** | **AdvisorShares <br> Hotel ETF** | **AdvisorShares <br> HVAC and <br> Industrials ETF<sup>(1)</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1980541 | $200952 | $68739 | $4499 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 1581 | 273 | 566 |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax |  | (3044) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1982122 | 198181 | 69305 | 4499 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 1148172 | 169814 | 20682 | 1514 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 88849 | 73862 | 37672 | 7558 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 19646 | 19531 | 19533 | 19634 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 36522 | 209 | 697 | 35000 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 8464 | 8488 | 8492 | 8500 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 13179 | 3634 | 946 | 2019 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 19983 | 2679 | 2194 | 5025 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 11894 | 8346 | 7965 | 3112 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 13428 | 1476 | 195 | 1007 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 13179 | 1698 | 259 | 19 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 6140 | 746 | 100 | 2000 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 7719 | 132 |  |  |
| &nbsp;&nbsp;&nbsp;Organizational Fees |  |  |  | 6042 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 5987 | 1114 | 57 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1393162 | 291729 | 98792 | 92277 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (244989) | (121923) | (20682) | (1514) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  | (43996) | (88265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1148173 | 169806 | 34114 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 833949 | 28375 | 35191 | 2001 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1422278) | 123589 | 36983 | (15410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  | (197206) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 3182613 | 215041 | 52648 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 17775171 | 2292602 | 116376 | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  | 53478 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 19535506 | 2487504 | 206007 | 86496 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $20369455 | $2515879 | $241198 | $88497 |

---

(1) Represents the period February 3,
 2025 (commencement of operations) to June 30, 2025.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares <br> Insider<br> Advantage ETF** | **AdvisorShares <br> MSOS Daily <br> Leveraged ETF<sup>(1)</sup>** | **AdvisorShares<br> Psychedelics<br> ETF** | **AdvisorShares <br> Pure Cannabis<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $770923 | $1424697 | $21690 | $338167 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 3199 |  | 255053 | 115374 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | 10828 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 784950 | 1424697 | 276743 | 453541 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 328732 | 263800 | 44189 | 198003 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 74680 | 80281 | 36748 | 73547 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 19811 | 19738 | 19531 | 20499 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 9681 | 12708 | 4368 | 8777 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 8691 | 8487 | 8492 | 8922 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 7824 | 2489 | 2449 | 3372 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 1359 | 18169 | 8398 | 48635 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 8341 | 9138 | 8046 | 8485 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 2902 | 2252 | 464 | 1746 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 3522 | 2329 | 553 | 2476 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 1563 | 1922 | 29 | 1823 |
| &nbsp;&nbsp;&nbsp;Registration Fees |  | 10092 | 331 |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | 2085 | 2660 | 463 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 2102 | 2367 | 866 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 471293 | 436432 | 134927 | 377815 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (46562) | (138988) | (44097) | (198003) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  | (17486) | (11139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 424731 | 297444 | 73344 | 168673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 360219 | 1127253 | 203399 | 284868 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4300691 |  | (702921) | (24874911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  | (1223449) | (213618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 131919 |  | 1751547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates |  |  | (103951) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (83983854) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  |  |  | (4924) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2393644) |  | 4063764 | 19746840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  | (703436) | (13601136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 334950 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 2038966 | (83648904) | 3081554 | (18947749) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2399185 | $(82521651) | $3284953 | $(18662881) |

---

(1) Formerly known as AdvisorShares MSOS
 2X Daily ETF.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares <br> Pure US<br> Cannabis ETF** | **AdvisorShares <br> Q Dynamic<br> Growth ETF** | **AdvisorShares <br> Ranger Equity <br> Bear ETF** | **AdvisorShares <br> Restaurant <br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $23361878 | $216740 | $3369041 | $44799 |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  | 681936 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 3049 | 6681 |  | 318 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax |  |  |  | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 23364927 | 223421 | 4050977 | 44930 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 3508631 | 229230 | 829840 | 19874 |
| &nbsp;&nbsp;&nbsp;Tax Expense (Note 7) |  | 275817 |  |  |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 353046 | 72228 | 79685 | 37592 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 20533 | 20133 | 20611 | 19533 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 163270 | 3795 | 12652 | 644 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 6637 | 8492 | 8492 | 8492 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 44088 | 2174 | 2763 | 920 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 71007 | 6325 |  | 2454 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 22584 | 8328 | 8243 | 7973 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 38316 | 1569 | 1145 | 220 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  |  | 7335 |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 43862 | 1880 | 4150 | 248 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 29854 | 812 | 3177 | 91 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 34772 |  |  |  |
| &nbsp;&nbsp;&nbsp;Registration Fees | 55000 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;Dividend Expense |  |  | 859668 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 25195 | 1958 | 7994 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4416795 | 632741 | 1845755 | 98068 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (55252) | 6536 |  | (19874) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  |  | (45408) |
| &nbsp;&nbsp;&nbsp;Advisor Reimbursement for taxes (Note 7) |  | (275817) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 4361543 | 363460 | 1845755 | 32786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 19003384 | (140039) | 2205222 | 12144 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (9574383) | 841420 |  | 322384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | (343069) | 1546100 |  | 338231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates | (288142) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (607120887) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (8128552) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (24923648) | 1036242 |  | (10242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | (27671298) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (3635847) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 1621962 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (668299464) | 3423762 | (11764399) | 650373 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(649296080) | $3283723 | $(9559177) | $662517 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

Year Ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **AdvisorShares<br> STAR Global<br> Buy-Write ETF** | **AdvisorShares<br> Vice ETF** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1523681 | $125144 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 17507 | 704 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax |  | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1541188 | 125827 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 541721 | 43072 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 79049 | 37945 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 21202 | 19292 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 11592 | 1376 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 8492 | 8492 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 4780 | 1644 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 4829 | 1439 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 9138 | 8014 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 4068 | 370 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 4780 | 539 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 2247 |  |
| &nbsp;&nbsp;&nbsp;Registration Fees | 200 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 11513 | 46 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 2352 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 705963 | 122837 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment |  | (43072) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  | (8665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 705963 | 71100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 835225 | 54727 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (66004) | 819501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 1604844 | 195846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (311622) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4793903 | 280577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (120052) |  |
| &nbsp;&nbsp;&nbsp;Net Increase from Payment by Affiliates |  | 15322<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 5901069 | 1311246 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6736294 | $1365973 |

---

(1) During the year ended June 30, 2025,
 the Advisor agreed to reimburse AdvisorShares Vice ETF $15,322 for a loss due to a trade executed incorrectly.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey<br> Wright ADR ETF** | **AdvisorShares Dorsey<br> Wright ADR ETF** | **AdvisorShares Dorsey<br> Wright FSM All Cap World ETF** | **AdvisorShares Dorsey<br> Wright FSM All Cap World ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $283243 | $322711 | $420184 | $(220746) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3767908 | 1135372 | 6699324 | 13358190 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2924678 | 4656273 | (2263424) | 3557268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 6975829 | 6114356 | 4856084 | 16694712 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (272179) | (363090) |  | (1203485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (272179) | (363090) |  | (1203485) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 20391935 |  | 2616868 | 85207894 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (5904927) | (8813760) | (5329764) | (106897537) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 14487008 | (8813760) | (2712896) | (21689643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 21190658 | (3062494) | 2143188 | (6198416) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 25675310 | 28737804 | 79975410 | 86173826 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $46865968 | $25675310 | $82118598 | $79975410 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 415000 | 580000 | 2045000 | 2730000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 270000 |  | 65000 | 2420000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (90000) | (165000) | (135000) | (3105000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 595000 | 415000 | 1975000 | 2045000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey Wright FSM US Core ETF** | **AdvisorShares Dorsey Wright FSM US Core ETF** | **AdvisorShares Dorsey Wright Short ETF** | **AdvisorShares Dorsey Wright Short ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,**<br> **2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $365416 | $(57112) | $533425 | $1068651 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 26247254 | 5130479 | 296905 | 1293912 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (16255840) | 19132523 | (138955) | (3477524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 10356830 | 24205890 | 691375 | (1114961) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (209381) | (278455) | (744087) | (1498804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (209381) | (278455) | (744087) | (1498804) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 113890218 | 51078210 | 13521791 | 9917032 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (119610528) | (52612912) | (11944974) | (20406738) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (5720310) | (1534702) | 1576817 | (10489706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4427139 | 22392733 | 1524105 | (13103471) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 111940230 | 89547497 | 10989121 | 24092592 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $116367369 | $111940230 | $12513226 | $10989121 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2390000 | 2435000 | 1465000 | 2745000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2405000 | 1225000 | 1805000 | 1205000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (2505000) | (1270000) | (1580000) | (2485000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2290000 | 2390000 | 1690000 | 1465000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Focused Equity ETF** | **AdvisorShares Focused Equity ETF** | **AdvisorShares Gerber Kawasaki ETF** | **AdvisorShares Gerber Kawasaki ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $833949 | $611190 | $28375 | $(931) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1760335 | 7536506 | 141424 | (1660180) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 17775171 | 6106342 | 2346080 | 5403464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 20369455 | 14254038 | 2515879 | 3742353 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1047338) | (207722) |  | (24169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1047338) | (207722) |  | (24169) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 28490901 | 95736388 | 946161 | 2048379 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (9590748) | (25589445) | (560263) | (851988) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 18900153 | 70146943 | 385898 | 1196391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 38222270 | 84193259 | 2901777 | 4914575 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 154194978 | 70001719 | 22492411 | 17577836 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $192417248 | $154194978 | $25394188 | $22492411 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2480000 | 1305000 | 1045000 | 980000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 415000 | 1615000 | 45000 | 110000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (145000) | (440000) | (25000) | (45000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2750000 | 2480000 | 1065000 | 1045000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **AdvisorShares Hotel ETF** | **AdvisorShares Hotel ETF** | **AdvisorShares<br> HVAC and<br> Industrials ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,**<br> **2024** | **For the period<br> February 3,<br> 2025\* to<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |
| **OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $35191 | $19159 | $2001 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 89631 | 508924 | (15410) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 116376 | (59063) | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 241198 | 469020 | 88497 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions |  | (65051) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** |  | (65051) |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 547885 | 1024610 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (932272) | (1766097) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (932272) | (1218212) | 1024610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (691074) | (814243) | 1113107 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 3371772 | 4186015 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $2680698 | $3371772 | $1113107 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 120000 | 165000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 20000 | 40000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (35000) | (65000) |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 85000 | 120000 | 40000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Insider Advantage ETF** | **AdvisorShares Insider Advantage ETF** | **AdvisorShares MSOS Daily Leveraged ETF<sup>(1)(2)</sup>** | **AdvisorShares MSOS Daily Leveraged ETF<sup>(1)(2)</sup>** |
|  | **Year ended<br> June 30,**<br> **2025** | **Year ended<br> June 30,**<br> **2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $360219 | $372065 | $1127253 | $1868699 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 4432610 | 8250852 | (83983854) | (40897424) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2393644) | (787308) | 334950 | (443685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 2399185 | 7835609 | (82521651) | (39472410) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (318213) | (498714) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (318213) | (498714) |  |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  | 33744272 | 105942272 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (2244017) | (2599354) | (159051) | (14236522) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (2244017) | (2599354) | 33585221 | 91705750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (163045) | 4737541 | (48936430) | 52233340 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 47118372 | 42380831 | 59265552 | 7032212 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $46955327 | $47118372 | $10329122 | $59265552 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 420000 | 445000 | 1056750 | 109000 |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  | 2635250 | 1068500 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (20000) | (25000) | (3525) | (120750) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 400000 | 420000 | 3688475 | 1056750 |

---

(1) Formerly
 known as AdvisorShares MSOS 2X Daily ETF.

(2) After
 the close of business on November 25, 2024, the Fund underwent a reverse stock split. The per share data presented here has been retroactively
 adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Psychedelics ETF<sup>(1)</sup>** | **AdvisorShares Psychedelics ETF<sup>(1)</sup>** | **AdvisorShares Pure Cannabis ETF** | **AdvisorShares Pure Cannabis ETF** |
|  | **Year ended<br> June 30,**<br> **2025** | **Year ended<br> June 30,**<br> **2024** | **Year ended<br> June 30,**<br> **2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $203399 | $39306 | $284868 | $820098 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (278774) | (2993053) | (25093453) | (49630651) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 3360328 | (1316419) | 6145704 | 59901094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 3284953 | (4270166) | (18662881) | 11090541 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (225488) | (14044) | (520020) | (762879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (225488) | (14044) | (520020) | (762879) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 6541703 | 3009233 | 361507 |  |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (4869820) |  |  | (878793) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 1671883 | 3009233 | 361507 | (878793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4731348 | (1274977) | (18821394) | 9448869 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 5618540 | 6893517 | 43470851 | 34021982 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $10349888 | $5618540 | $24649457 | $43470851 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 580000 | 374500 | 12840000 | 13160000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 505000 | 205500 | 175000 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (335024) |  |  | (320000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 749976 | 580000 | 13015000 | 12840000 |

---

(1) After
 the close of business on September 9, 2024, the Fund underwent a reverse stock split. The per share data presented here has been retroactively
 adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Pure US Cannabis ETF** | **AdvisorShares Pure US Cannabis ETF** | **AdvisorShares Q Dynamic Growth ETF** | **AdvisorShares Q Dynamic Growth ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $19003384 | $24531259 | $(140039) | $57452 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (617326479) | 31882851 | 2387520 | 1302795 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (50972985) | (10913690) | 1036242 | 2504311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (649296080) | 45500420 | 3283723 | 3864558 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** |  |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 94491380 | 510429405 | 9930872 | 13355986 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (19058409) | (10648720) | (13572492) | (19844310) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 75432971 | 499780685 | (3641620) | (6488324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (573863109) | 545281105 | (357897) | (2623766) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 888666252 | 343385147 | 25725028 | 28348794 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $314803143 | $888666252 | $25367131 | $25725028 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 121495000 | 62665000 | 760000 | 995000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 16480000 | 60590000 | 280000 | 450000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (5850000) | (1760000) | (385000) | (685000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 132125000 | 121495000 | 655000 | 760000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Ranger Equity Bear ETF** | **AdvisorShares Ranger Equity Bear ETF** | **AdvisorShares Restaurant ETF** | **AdvisorShares Restaurant ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $2205222 | $4959566 | $12144 | $7719 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (8128552) | (15026377) | 660615 | 30627 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3635847) | 8899419 | (10242) | 332035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (9559177) | (1167392) | 662517 | 370381 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (3798221) | (6472045) | (5736) | (13961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (3798221) | (6472045) | (5736) | (13961) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 57396887 | 59913831 | 1224985 | 564513 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (66209883) | (107141445) | (1293277) | (452706) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (8812996) | (47227614) | (68292) | 111807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (22170394) | (54867051) | 588489 | 468227 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 67765118 | 122632169 | 3067907 | 2599680 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $45594724 | $67765118 | $3656396 | $3067907 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 3282500 | 5422500 | 125000 | 120000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3110000 | 2765000 | 45000 | 25000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (3695000) | (4905000) | (50000) | (20000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2697500 | 3282500 | 120000 | 125000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares STAR Global Buy-Write ETF** | **AdvisorShares STAR Global Buy-Write ETF** | **AdvisorShares Vice ETF** | **AdvisorShares Vice ETF** |
|  | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,**<br> **2024** | **Year ended<br> June 30,**<br> **2025** | **Year ended<br> June 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $835225 | $650310 | $54727 | $120344 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1227218 | (330596) | 1015347 | 7929 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 4673851 | 6292135 | 280577 | (151148) |
| &nbsp;&nbsp;&nbsp;Net increase from payment from affiliates |  |  | 15322<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 6736294 | 6611849 | 1365973 | (22875) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (673294) | (610224) | (102755) | (132733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (673294) | (610224) | (102755) | (132733) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 3945976 | 4762387 |  | 1261058 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (5641525) | (2949250) | (950067) | (3848476) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (1695549) | 1813137 | (950067) | (2587418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4367451 | 7814762 | 313151 | (2743026) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 61539331 | 53724569 | 7038881 | 9781907 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $65906782 | $61539331 | $7352032 | $7038881 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 1470000 | 1430000 | 245000 | 340000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 90000 | 120000 |  | 45000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (130000) | (80000) | (30000) | (140000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1430000 | 1470000 | 215000 | 245000 |

---

(1) During the year ended June 30, 2025,
 the Advisor agreed to reimburse AdvisorShares Vice ETF $15,322 for a loss due to a trade executed incorrectly.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright ADR ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $61.87 | $49.55 | $48.48 | $66.54 | $53.25 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.65 | 0.68 | 1.22 | 1.62 | 0.27 |
| Net Realized and Unrealized Gain (Loss) | 16.84 | 12.47 | 0.97 | (18.48) | 13.23 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 17.49 | 13.15 | 2.19 | (16.86) | 13.50 |
| Distributions from Net Investment Income | (0.59) | (0.83) | (1.12) | (1.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.59) | (0.83) | (1.12) | (1.20) | (0.21) |
| Net Asset Value, End of Year/Period | $78.77 | $61.87 | $49.55 | $48.48 | $66.54 |
| Market Value, End of Year/Period | $78.65 | $61.79 | $49.47 | $48.47 | $66.49 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 28.43% | 26.65% | 4.69% | (25.51)% | 25.39% |
| Total Investment Return Based on Market<sup>(3)</sup> | 28.40% | 26.69% | 4.55% | (25.45)% | 25.95% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $46866 | $25675 | $28738 | $41938 | $88836 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.10% | 1.10% | 1.10% | 0.99% | 1.10% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.15% | 1.24% | 1.15% | 1.00% | 0.96% |
| Net Investment Income<sup>(4)</sup> | 0.93% | 1.22% | 2.52% | 2.59% | 0.44% |
| Portfolio Turnover Rate<sup>(5)</sup> | 56% | 45% | 101% | 79% | 85% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright FSM All Cap World ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $39.11 | $31.57 | $30.33 | $36.63 | $28.07 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.21 | (0.10) | 0.58 | 0.01 | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 2.26 | 8.22 | 0.82 | (5.76) | 8.74 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 2.47 | 8.12 | 1.40 | (5.75) | 8.62 |
| Distributions from Net Investment Income |  | (0.58) | (0.16) |  |  |
| Distributions from Realized Capital Gains |  |  |  | (0.55) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.58) | (0.16) | (0.55) | (0.06) |
| Net Asset Value, End of Year/Period | $41.58 | $39.11 | $31.57 | $30.33 | $36.63 |
| Market Value, End of Year/Period | $41.56 | $39.09 | $31.60 | $30.34 | $36.67 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 6.32% | 25.97% | 4.63% | (15.98)% | 30.70% |
| Total Investment Return Based on Market<sup>(3)</sup> | 6.32% | 25.81% | 4.71% | (16.06)% | 30.85% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $82119 | $79975 | $86174 | $84177 | $155673 |
| Ratio to Average Net Assets of:<sup>(6)</sup> |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.95% | 0.98% | 0.98% | 0.91% | 0.88% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.95% | 0.96% | 0.96% | 0.94% | 0.86% |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.52% | (0.29)% | 1.87% | 0.02% | (0.34)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 317% | 154% | 151% | 244% | 209% |

---

(1) Based
 on average shares outstanding.

(2) The
 amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the
 timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net
 asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period,
 reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made
 at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(4) Excludes
 expenses incurred by the underlying investments in other funds.

(5) Portfolio
 turnover rate excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's
 capital shares.

(6) The
 Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund
 is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright FSM US Core ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $46.84 | $36.78 | $32.16 | $37.09 | $27.51 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.15 | (0.02) | 0.32 | 0.11 | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 3.92 | 10.20 | 4.60 | (4.90) | 9.72 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 4.07 | 10.18 | 4.92 | (4.79) | 9.65 |
| Distributions from Net Investment Income | (0.09) | (0.12) | (0.30) |  | (0.03) |
| Distributions from Realized Capital Gains |  |  |  | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.09) | (0.12) | (0.30) | (0.14) | (0.07) |
| Net Asset Value, End of Year/Period | $50.82 | $46.84 | $36.78 | $32.16 | $37.09 |
| Market Value, End of Year/Period | $50.85 | $46.83 | $36.76 | $32.08 | $37.16 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 8.69% | 27.72% | 15.38% | (12.97)% | 35.08% |
| Total Investment Return Based on Market<sup>(3)</sup> | 8.78% | 27.77% | 15.61% | (13.36)% | 35.59% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $116367 | $111940 | $89547 | $79764 | $93649 |
| Ratio to Average Net Assets of:<sup>(4)</sup> |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.91% | 0.94% | 0.98% | 0.93% | 0.92% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.91% | 0.92% | 0.97% | 0.95% | 0.89% |
| Net Investment Income (Loss)<sup>(5)</sup> | 0.32% | (0.06)% | 0.95% | 0.28% | (0.22)% |
| Portfolio Turnover Rate<sup>(6)</sup> | 145% | 99% | 103% | 50% | 64% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright Short ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $7.50 | $8.78 | $10.49 | $8.59 | $19.33 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.33 | 0.47 | 0.36 | (0.21) | (0.46) |
| Net Realized and Unrealized Gain (Loss) |  | (1.03) | (2.07) | 2.11 | (10.28) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 0.33 | (0.56) | (1.71) | 1.90 | (10.74) |
| Distributions from Net Investment Income | (0.43) | (0.72) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.43) | (0.72) |  |  |  |
| Net Asset Value, End of Year/Period | $7.40 | $7.50 | $8.78 | $10.49 | $8.59 |
| Market Value, End of Year/Period | $7.41 | $7.49 | $8.75 | $10.45 | $8.56 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 4.78% | (5.70)% | (16.31)% | 22.15% | (55.58)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 5.01% | (5.60)% | (16.27)% | 22.08% | (55.79)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $12513 | $10989 | $24093 | $46999 | $25164 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 5.86%<sup>(7)</sup> | 3.77%<sup>(7)</sup> | 2.61%<sup>(7)</sup> | 2.71%<sup>(7)</sup> | 3.48%<sup>(7)</sup> |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 6.30%<sup>(7)</sup> | 3.84%<sup>(7)</sup> | 2.56%<sup>(7)</sup> | 2.63%<sup>(7)</sup> | 3.55%<sup>(7)</sup> |
| Net Investment Income (Loss)<sup>(5)</sup> | 4.45% | 5.70% | 3.77% | (2.35)% | (3.18)% |
| Portfolio Turnover Rate<sup>(6)</sup> | 249% | 253% | 263% | 190% | 243% |

---

(1) Based
 on average shares outstanding.

(2) The
 amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the
 timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net
 asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period,
 reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made
 at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(4) The
 Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund
 is invested. These ratios do not include these indirect fees and expenses.

(5) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
 of the Fund's capital shares.

(7) The
 expense ratio includes interest and dividend expenses on short sales of 4.61%, 2.52%, 1.45%, 1.46% and 2.46% for the period ended June
 30, 2025, June 30, 2024, June 30, 2023, June 30, 2022 and June 30, 2021, respectively.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Focused Equity ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $62.18 | $53.64 | $42.25 | $46.65 | $35.67 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.32 | 0.34 | 0.20 | 0.17 | 0.10 |
| Net Realized and Unrealized Gain (Loss) | 7.86 | 8.35 | 11.43 | (4.49) | 11.00 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 8.18 | 8.69 | 11.63 | (4.32) | 11.10 |
| Distributions from Net Investment Income | (0.39) | (0.15) | (0.24) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.39) | (0.15) | (0.24) | (0.08) | (0.12) |
| Net Asset Value, End of Year/Period | $69.97 | $62.18 | $53.64 | $42.25 | $46.65 |
| Market Value, End of Year/Period | $69.97 | $62.17 | $53.80 | $42.21 | $46.68 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 13.20% | 16.20% | 27.59% | (9.28)% | 31.15% |
| Total Investment Return Based on Market<sup>(3)</sup> | 13.22% | 15.84% | 28.10% | (9.44)% | 34.20% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $192417 | $154195 | $70002 | $28098 | $28921 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.65% | 0.72% | 0.84% | 0.65% | 0.66% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.79% | 0.92% | 1.20% | 1.09% | 1.19% |
| Net Investment Income<sup>(4)</sup> | 0.47% | 0.58% | 0.42% | 0.36% | 0.24% |
| Portfolio Turnover Rate<sup>(5)</sup> | 24% | 18% | 18% | 24% | 25% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AdvisorShares Gerber Kawasaki ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **For the period<br> July 2,<br> 2021\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $21.52 | $17.94 | $16.34 | $25.03 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.03 | (0.00)<sup>(6)</sup> | 0.15 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 2.29 | 3.60 | 1.65 | (8.75) |
| Distributions of Net Realized Gains by other investment companies |  |  |  | 0.00<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 2.32 | 3.60 | 1.80 | (8.68) |
| Distributions from Net Investment Income |  | (0.02) | (0.20) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.02) | (0.20) | (0.01) |
| Net Asset Value, End of Year/Period | $23.84 | $21.52 | $17.94 | $16.34 |
| Market Value, End of Year/Period | $23.84 | $21.51 | $17.93 | $16.35 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 10.78% | 20.16% | 11.21% | (34.71)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 10.83% | 20.12% | 11.09% | (34.65)% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $25394 | $22492 | $17578 | $15846 |
| Ratio to Average Net Assets of: |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.75% | 0.75% | 0.75% | 0.75% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.29% | 1.62% | 1.33% | 1.37% |
| Net Investment Income<sup>(4)</sup> | 0.13% | 0.00%<sup>(6)</sup> | 0.91% | 0.31% |
| Portfolio Turnover Rate<sup>(5)</sup> | 63% | 53% | 48% | 66% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Hotel ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **For the period<br> April 20,<br> 2021\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $28.10 | $25.37 | $19.66 | $24.52 | $24.32 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.31 | 0.13 | 0.21 | (0.02) | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 3.13 | 3.06 | 5.55 | (4.75) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 3.44 | 3.19 | 5.76 | (4.77) | 0.20 |
| Distributions from Net Investment Income |  | (0.46) | (0.05) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.46) | (0.05) | (0.09) |  |
| Net Asset Value, End of Year/Period | $31.54 | $28.10 | $25.37 | $19.66 | $24.52 |
| Market Value, End of Year/Period | $31.54 | $28.09 | $25.34 | $19.61 | $24.56 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 12.24% | 12.61% | 29.33% | (19.54)% | 0.81% |
| Total Investment Return Based on Market<sup>(3)</sup> | 12.28% | 12.70% | 29.49% | (19.87)% | 0.99% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $2681 | $3372 | $4186 | $5897 | $7724 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.87% | 3.72% | 2.40% | 1.33% | 6.60% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.02% | 0.49% | 0.92% | (0.07)% | 2.70% |
| Portfolio Turnover Rate<sup>(5)</sup> | 137% | 94% | 120% | 74% | 21% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | |
|:---|:---|
| **AdvisorShares HVAC and Industrials ETF** | **For the period<br> February 3,<br> 2025\* to<br> June 30,<br> 2025** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |
| Net Asset Value, Beginning of Year/Period | $25.00 |
| **Investment Operations** |  |
| Net Investment Income<sup>(1)</sup> | 0.08 |
| Net Realized and Unrealized Gain | 2.75 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 2.83 |
| Net Asset Value, End of Year/Period | $27.83 |
| Market Value, End of Year/Period | $27.82 |
| **Total Return** |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 11.31% |
| Total Investment Return Based on Market<sup>(3)</sup> | 11.28% |
| **Ratios/Supplemental Data** |  |
| Net Assets, End of Year/Period (000's omitted) | $1113 |
| Ratio to Average Net Assets of: |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 36.56% |
| Net Investment Income<sup>(4)</sup> | 0.79% |
| Portfolio Turnover Rate<sup>(5)</sup> | 62% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Insider Advantage ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $112.19 | $95.24 | $85.89 | $95.53 | $66.37 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.89 | 0.86 | 1.34 | 1.10 | 0.95 |
| Net Realized and Unrealized Gain (Loss) | 5.10 | 17.25 | 9.49 | (9.68) | 29.23 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 5.99 | 18.11 | 10.83 | (8.58) | 30.18 |
| Distributions from Net Investment Income | (0.79) | (1.16) | (1.48) | (1.06) | (1.02) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.79) | (1.16) | (1.48) | (1.06) | (1.02) |
| Net Asset Value, End of Year/Period | $117.39 | $112.19 | $95.24 | $85.89 | $95.53 |
| Market Value, End of Year/Period | $117.48 | $112.03 | $95.24 | $85.78 | $95.41 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 5.34% | 19.10% | 12.78% | (9.12)% | 45.78% |
| Total Investment Return Based on Market<sup>(3)</sup> | 5.57% | 18.93% | 12.95% | (9.12)% | 45.79% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $46955 | $47118 | $42381 | $46378 | $48243 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.00% | 1.06% | 1.05% | 0.96% | 1.05% |
| Net Investment Income<sup>(4)</sup> | 0.77% | 0.83% | 1.51% | 1.15% | 1.18% |
| Portfolio Turnover Rate<sup>(5)</sup> | 231% | 246% | 278% | 32% | 40% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares MSOS Daily Leveraged ETF<sup>(6)</sup>** | **Year ended<br> June 30,<br> 2025<sup>(7)</sup>** | **Year ended<br> June 30,<br> 2024<sup>(7)</sup>** | **For the<br> period<br> August 24,<br> 2022\* to<br> June 30,<br> 2023<sup>(7)</sup>** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $56.08 | $64.02 | $500.00 |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.09 | 3.58 | 3.05 |
| Net Realized and Unrealized Loss | (53.37) | (11.52) | (439.03) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (53.28) | (7.94) | (435.98) |
| Net Asset Value, End of Year/Period | $2.80 | $56.08 | $64.02 |
| Market Value, End of Year/Period | $2.79 | $55.08 | $65.20 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (95.00)% | (13.31)% | (87.08)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (95.00)% | (14.42)% | (86.96)% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $10329 | $59266 | $7032 |
| Ratio to Average Net Assets of: |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.96% | 0.95% | 0.95% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.41% | 1.13% | 4.54% |
| Net Investment Income<sup>(4)</sup> | 3.63% | 4.00% | 3.44% |
| Portfolio Turnover Rate<sup>(5)</sup> | 0% | 0% | 0% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) Formerly known as AdvisorShares MSOS 2X Daily ETF.

(7) After the close of business on November 25, 2024, the Fund underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AdvisorShares Psychedelics ETF** | **Year ended<br> June 30,<br> 2025<sup>(1)</sup>** | **Year ended<br> June 30,<br> 2024<sup>(1)</sup>** | **Year ended<br> June 30,<br> 2023<sup>(1)</sup>** | **For the<br> period<br> September 16,<br> 2021\* to<br> June 30,<br> 2022<sup>(1)</sup>** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $9.69 | $18.41 | $25.56 | $100.00 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.12 | 0.08 | 0.49 | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 4.33 | (8.80) | (7.59) | (74.27) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 4.45 | (8.72) | (7.10) | (74.44) |
| Distributions from Net Investment Income | (0.34) | (0.00)<sup>(4)</sup> | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.34) | (0.00)<sup>(4)</sup> | (0.05) |  |
| Net Asset Value, End of Year/Period | $13.80 | $9.69 | $18.41 | $25.56 |
| Market Value, End of Year/Period | $13.92 | $9.70 | $18.60 | $26.50 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | 47.29% | (47.29)% | (26.55)% | (74.44)% |
| Total Investment Return Based on Market<sup>(5)</sup> | 48.44% | (47.74)% | (28.45)% | (73.50)% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $10350 | $5619 | $6894 | $5509 |
| Ratio to Average Net Assets of: |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 0.99% | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.83% | 2.95% | 3.01% | 3.10% |
| Net Investment Income (Loss)<sup>(6)</sup> | 2.76% | 0.59% | 2.29% | (0.52)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 107% | 69% | 73% | 27% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Pure Cannabis ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $3.39 | $2.59 | $5.28 | $21.15 | $10.17 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(2)</sup> | 0.02 | 0.06 | 0.04 | 0.01 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | (1.48) | 0.80 | (2.71) | (15.35) | 11.05 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | (1.46) | 0.86 | (2.67) | (15.34) | 11.09 |
| Distributions from Net Investment Income | (0.04) | (0.06) | (0.02) |  | (0.11) |
| Distributions from Realized Capital Gains |  |  |  | (0.51) |  |
| Return of capital |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.04) | (0.06) | (0.02) | (0.53) | (0.11) |
| Net Asset Value, End of Year/Period | $1.89 | $3.39 | $2.59 | $5.28 | $21.15 |
| Market Value, End of Year/Period | $1.88 | $3.39 | $2.59 | $5.28 | $21.12 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | (43.36)% | 33.14% | (50.63)% | (73.99)% | 109.96% |
| Total Investment Return Based on Market<sup>(5)</sup> | (43.85)% | 33.05% | (50.54)% | (73.93)% | 109.35% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $24649 | $43471 | $34022 | $71817 | $354408 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 0.51% | 0.44% | 0.51% | 0.65% | 0.74% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.14% | 1.47% | 1.04% | 0.88% | 0.69% |
| Net Investment Income<sup>(6)</sup> | 0.86% | 1.92% | 0.88% | 0.11% | 0.21% |
| Portfolio Turnover Rate<sup>(7)</sup> | 30% | 31% | 40% | 28% | 46% |

---

\* Commencement of operations.

(1) After the close of business on September 9, 2024, the Fund underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

(2) Based on average shares outstanding.

(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Amount represents less than $0.005 or 0.005%.

(5) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Pure US Cannabis ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30, <br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30, <br> 2022** | **For the<br> period<br> September 1,<br> 2020\* to<br> June 30, <br> 2021**  |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $7.31 | $5.48 | $10.35 | $40.22 | $25.00 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.15 | 0.27 | 0.08 | (0.09) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | (5.08) | 1.56 | (4.95) | (29.71) | 15.39 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (4.93) | 1.83 | (4.87) | (29.80) | 15.22 |
| Distributions from Realized Capital Gains |  |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  |  |  | (0.07) |  |
| Net Asset Value, End of Year/Period | $2.38 | $7.31 | $5.48 | $10.35 | $40.22 |
| Market Value, End of Year/Period | $2.40 | $7.27 | $5.55 | $10.37 | $40.08 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (67.40)% | 33.39% | (47.04)% | (74.20)% | 60.86% |
| Total Investment Return Based on Market<sup>(3)</sup> | (66.99)% | 30.99% | (46.48)% | (74.06)% | 60.32% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $314803 | $888666 | $343385 | $514691 | $950694 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.75% | 0.74% | 0.74% | 0.72% | 0.69% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.76% | 0.74% | 0.77% | 0.75% | 0.69% |
| Net Investment Income (Loss)<sup>(4)</sup> | 3.25% | 3.44% | 0.96% | (0.40)% | (0.49)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 0% | 4% | 13% | 48% | 68% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Q Dynamic Growth ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> December 28,<br> 2020**\* **to<br> June 30, <br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $33.85 | $28.49 | $22.02 | $28.12 | $25.00 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.20) | 0.08 | (0.10) | (0.15) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 5.08 | 5.28 | 6.57 | (5.95) | 3.21 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 4.88 | 5.36 | 6.47 | (6.10) | 3.12 |
| Net Asset Value, End of Year/Period | $38.73 | $33.85 | $28.49 | $22.02 | $28.12 |
| Market Value, End of Year/Period | $38.69 | $33.85 | $28.49 | $22.01 | $28.13 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 14.42% | 18.81% | 29.37% | (21.70)% | 12.50% |
| Total Investment Return Based on Market<sup>(3)</sup> | 14.30% | 18.81% | 29.44% | (21.76)% | 12.52% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $25367 | $25725 | $28349 | $40299 | $68763 |
| Ratio to Average Net Assets of:<sup>(6)</sup> |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.45% | 1.45% | 1.32% | 1.14% | 1.43% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.52%<sup>(7)</sup> | 1.71% | 1.31% | 1.13% | 1.49% |
| Net Investment Income (Loss)<sup>(4)</sup> | (0.56)% | 0.25% | (0.44)% | (0.52)% | (0.65)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 334% | 330% | 57% | 106% | 61% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

(7) Expenses, prior to expense waivers and reimbursements or recapture, include tax expenses as a result of Grantor Trust income (Note 7).

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Ranger Equity Bear ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30, <br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $20.64 | $22.62 | $31.85 | $23.00 | $48.55 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.72 | 1.20 | 0.63 | (0.97) | (1.59) |
| Net Realized and Unrealized Gain (Loss) | (3.18) | (1.35) | (9.86) | 9.82 | (23.96) |
| Distributions of Net Realized Gains by other investment companies |  |  |  |  | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | (2.46) | (0.15) | (9.23) | 8.85 | (25.55) |
| Distributions from Net Investment Income | (1.28) | (1.83) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.28) | (1.83) |  |  |  |
| Net Asset Value, End of Year/Period | $16.90 | $20.64 | $22.62 | $31.85 | $23.00 |
| Market Value, End of Year/Period | $16.93 | $20.68 | $22.63 | $31.96 | $23.00 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | (11.64)% | 0.08% | (28.99)% | 38.48% | (52.62)% |
| Total Investment Return Based on Market<sup>(4)</sup> | (11.73)% | 0.13% | (29.19)% | 38.96% | (52.58)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $45595 | $67765 | $122632 | $166185 | $50655 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 3.33%<sup>(6)</sup> | 3.62%<sup>(6)</sup> | 3.39%<sup>(6)</sup> | 4.15%<sup>(6)</sup> | 4.90%<sup>(6)</sup> |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 3.33%<sup>(6)</sup> | 3.62%<sup>(6)</sup> | 3.39%<sup>(6)</sup> | 4.15%<sup>(6)</sup> | 4.90%<sup>(6)</sup> |
| Net Investment Income (Loss)<sup>(5)</sup> | 3.99% | 5.55% | 2.34% | (3.70)% | (4.49)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 624% | 912% | 1001% | 1462% | 669% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Restaurant ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> April 20,<br> 2021**\* **to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $24.54 | $21.66 | $16.97 | $24.44 | $24.69 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.10 | 0.06 | 0.23 | 0.13 | (0.00)<sup>(2)</sup> |
| Net Realized and Unrealized Gain (Loss) | 5.88 | 2.93 | 4.89 | (7.56) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 5.98 | 2.99 | 5.12 | (7.43) | (0.25) |
| Distributions from Net Investment Income | (0.05) | (0.11) | (0.43) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.05) | (0.11) | (0.43) | (0.04) |  |
| Net Asset Value, End of Year/Period | $30.47 | $24.54 | $21.66 | $16.97 | $24.44 |
| Market Value, End of Year/Period | $30.48 | $24.52 | $21.66 | $16.93 | $24.44 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 24.36% | 13.85% | 30.59% | (30.46)% | (1.01)% |
| Total Investment Return Based on Market<sup>(4)</sup> | 24.52% | 13.76% | 30.95% | (30.62)% | (1.01)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $3656 | $3068 | $2600 | $2631 | $5988 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 2.96% | 4.95% | 3.97% | 2.11% | 7.93% |
| Net Investment Income (Loss)<sup>(5)</sup> | 0.37% | 0.28% | 1.20% | 0.57% | (0.03)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 115% | 75% | 113% | 86% | 26% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) Amount represents less than $0.005 or 0.005%.

(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) The expense ratio includes interest and dividend expenses on short sales of 1.55%, 1.86%, 1.69%, 2.47%, and 3.14% for the periods ended June 30, 2025, June 30, 2024, June 30, 2023, June 30, 2022 and June 30, 2021, respectively.

(7) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares STAR Global Buy-Write ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $41.86 | $37.57 | $34.61 | $39.83 | $32.20 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.57 | 0.46 | 0.25 | 0.13 | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 4.11 | 4.27 | 3.35 | (5.12) | 7.89 |
| Distributions of Net Realized Gains by other investment companies |  |  |  |  | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 4.68 | 4.73 | 3.60 | (4.99) | 7.73 |
| Distributions from Net Investment Income | (0.45) | (0.44) | (0.08) |  | (0.10) |
| Distributions from Realized Capital Gains |  |  | (0.56) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.45) | (0.44) | (0.64) | (0.23) | (0.10) |
| Net Asset Value, End of Year/Period | $46.09 | $41.86 | $37.57 | $34.61 | $39.83 |
| Market Value, End of Year/Period | $46.08 | $41.83 | $37.56 | $34.62 | $39.83 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 11.22% | 12.69% | 10.60% | (12.64)% | 24.04% |
| Total Investment Return Based on Market<sup>(4)</sup> | 11.29% | 12.62% | 10.54% | (12.60)% | 23.86% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $65907 | $61539 | $53725 | $37547 | $18323 |
| Ratio to Average Net Assets of:<sup>(5)</sup> |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.11% | 1.22% | 1.54% | 1.85% | 1.85% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.11% | 1.22% | 1.33% | 1.82% | 2.48% |
| Net Investment Income (Loss)<sup>(6)</sup> | 1.31% | 1.18% | 0.71% | 0.33% | (0.43)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 15% | 24% | 23% | 41% | 55% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Vice ETF** | **Year ended<br> June 30,<br> 2025** | **Year ended<br> June 30,<br> 2024** | **Year ended<br> June 30,<br> 2023** | **Year ended<br> June 30,<br> 2022** | **Year ended<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $28.73 | $28.77 | $25.20 | $36.07 | $22.81 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.24 | 0.42 | 0.45 | 0.18 | 0.19 |
| Net Realized and Unrealized Gain (Loss) | 5.69 |  | 3.38 | (10.73) | 13.44 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 5.93 | 0.42 | 3.83 | (10.55) | 13.63 |
| Distributions from Net Investment Income | (0.46) | (0.46) | (0.26) | (0.14) | (0.37) |
| Distributions from Realized Capital Gains |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.46) | (0.46) | (0.26) | (0.32) | (0.37) |
| Net Asset Value, End of Year/Period | $34.20 | $28.73 | $28.77 | $25.20 | $36.07 |
| Market Value, End of Year/Period | $34.19 | $28.71 | $28.77 | $25.13 | $36.06 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 20.74%<sup>(8)</sup> | 1.55% | 15.24% | (29.45)% | 59.98% |
| Total Investment Return Based on Market<sup>(4)</sup> | 20.82%<sup>(8)</sup> | 1.48% | 15.58% | (29.62)% | 60.05% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $7352 | $7039 | $9782 | $8695 | $13889 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.71% | 2.18% | 1.90% | 1.64% | 1.71% |
| Net Investment Income<sup>(6)</sup> | 0.76% | 1.51% | 1.65% | 0.59% | 0.63% |
| Portfolio Turnover Rate<sup>(7)</sup> | 162% | 124% | 147% | 83% | 125% |

---

(1) Based
 on average shares outstanding.

(2) Amount
 represents less than $0.005 or 0.005%.

(3) The
 amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the
 timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net
 asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period,
 reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made
 at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(5) The
 Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund
 is invested. These ratios do not include these indirect fees and expenses.

(6) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
 of the Fund's capital shares.

(8) During
 the year ended June 30, 2025, the Advisor agreed to reimburse AdvisorShares Vice ETF $15,322 for a loss due to a trade executed incorrectly.
 Performance would have been lower by 0.27% without this reimbursement.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Notes to Financial Statements**

**June 30, 2025**

**1. Organization**

AdvisorShares Trust (the "Trust") was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds (defined below) are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025, the Trust is comprised of 18 separate series (each, a "Fund" and, collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Commencement of<br> Operations** |
| AdvisorShares Dorsey Wright ADR ETF | AADR | July 21, 2010 |
| AdvisorShares Dorsey Wright FSM All Cap World ETF | DWAW | December 26, 2019 |
| AdvisorShares Dorsey Wright FSM US Core ETF | DWUS | December 26, 2019 |
| AdvisorShares Dorsey Wright Short ETF | DWSH | July 11, 2018 |
| AdvisorShares Focused Equity ETF | CWS | September 20, 2016 |
| AdvisorShares Gerber Kawasaki ETF | GK | July 2, 2021 |
| AdvisorShares Hotel ETF | BEDZ | April 20, 2021 |
| AdvisorShares HVAC and Industrials ETF | HVAC | February 3, 2025 |
| AdvisorShares Insider Advantage ETF | SURE | October 4, 2011 |
| AdvisorShares MSOS Daily Leveraged ETF | MSOX | August 24, 2022 |
| AdvisorShares Psychedelics ETF | PSIL | September 16, 2021 |
| AdvisorShares Pure Cannabis ETF | YOLO | April 17, 2019 |
| AdvisorShares Pure US Cannabis ETF | MSOS | September 1, 2020 |
| AdvisorShares Q Dynamic Growth ETF | QPX | December 28, 2020 |
| AdvisorShares Ranger Equity Bear ETF | HDGE | January 27, 2011 |
| AdvisorShares Restaurant ETF | EATZ | April 20, 2021 |
| AdvisorShares STAR Global Buy-Write ETF | VEGA | September 17, 2012 |
| AdvisorShares Vice ETF | VICE | December 12, 2017 |

---

AdvisorShares Dorsey Wright ADR ETF ("Dorsey Wright ADR ETF") seeks long-term capital appreciation above international benchmarks such as the MSCI EAFE Index.

AdvisorShares Dorsey Wright FSM All Cap World ETF ("Dorsey Wright FSM All Cap World ETF") seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright FSM US Core ETF ("Dorsey Wright FSM US Core ETF") seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright Short ETF ("Dorsey Wright Short ETF") seeks capital appreciation through short selling securities.

AdvisorShares Focused Equity ETF ("Focused Equity ETF") seeks long-term capital appreciation.

AdvisorShares Gerber Kawasaki ETF ("Gerber Kawasaki ETF") seeks long-term capital appreciation.

AdvisorShares Hotel ETF ("Hotel ETF") seeks long-term capital appreciation.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**1. Organization – (continued)**

AdvisorShares HVAC and Industrials ETF ("HVAC and Industrials ETF") seeks long-term capital appreciation.

AdvisorShares Insider Advantage ETF ("Insider Advantage ETF") seeks to generate long-term capital appreciation.

AdvisorShares MSOS Daily Leveraged ETF ("MSOS Daily Leveraged ETF") seeks daily investment results that, before fees and expenses, correspond to approximately two times (2x) the daily total return of the AdvisorShares Pure US Cannabis ETF.

AdvisorShares Psychedelics ETF ("Psychedelics ETF") seeks long-term capital appreciation.

AdvisorShares Pure Cannabis ETF ("Pure Cannabis ETF") seeks long-term capital appreciation.

AdvisorShares Pure US Cannabis ETF ("Pure US Cannabis ETF") seeks long-term capital appreciation.

AdvisorShares Q Dynamic Growth ETF ("Q Dynamic Growth ETF") seeks to achieve long-term growth.

AdvisorShares Ranger Equity Bear ETF ("Ranger Equity Bear ETF") seeks capital appreciation through short sales of domestically traded equity securities.

AdvisorShares Restaurant ETF ("Restaurant ETF") seeks long-term capital appreciation.

AdvisorShares STAR Global Buy-Write ETF ("STAR Global Buy-Write ETF") seeks consistent repeatable returns across all market cycles.

AdvisorShares Vice ETF ("Vice ETF") seeks long-term capital appreciation.

Some of the Funds are considered "funds of funds" and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds ("ETFs"), as well as other exchange-traded products ("ETPs"), such as, exchange-traded notes ("ETNs") and closed-end funds.

Each Fund, except the Gerber Kawasaki ETF, Hotel ETF, HVAC and Industrials ETF, MSOS Daily Leveraged ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, and Restaurant ETF, is a diversified investment company under the 1940 Act.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**1. Organization – (continued)**

For the year ended June 30, 2025, the Funds held significant positions (greater than 25% of net assets), except those invested in short term money market instruments, in other funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Security Name** | **Market Value<br> as of<br> June 30,<br> 2025** | **% of Fund<br> Net Assets<br> as of<br> June 30,<br> 2025** | **Reference location** |
| Dorsey Wright FSM All Cap World ETF | Invesco S&P International Developed Low Volatility ETF | $38800240 | 47.2 | https://www.invesco.com |
|  | iShares MSCI USA Momentum Factor ETF | 42445799 | 51.7 | https://www.ishares.com/us |
| Dorsey Wright FSM US Core ETF | Invesco S&P 500 Low Volatility ETF | 54538904 | 46.9 | https://www.invesco.com |
|  | iShares MSCI USA Momentum Factor ETF | 61189317 | 52.6 | https://www.ishares.com/us |
| Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | 7855378 | 31.9 | Contained within this report. |
| STAR Global Buy-Write ETF | SPDR S&P 500 ETF Trust | 26977802 | 40.9 | https://us.spdrs.com |

---

***Reverse Split***

After the close of the markets on November 25, 2024, the MSOS Daily Leveraged ETF effected a reverse split of its issued and outstanding shares, with a 1 for 20 ratio, with approval by the Board. Shares of the Fund began trading on the NYSE Arca on a split-adjusted basis on November 26, 2024.

After the close of the markets on September 9, 2024, the Psychedelics ETF effected a reverse split of its issued and outstanding shares, with a 1 for 10 ratio, with approval by the Board. Shares of the Fund began trading on the NYSE Arca on a split-adjusted basis on September 10, 2024.

Each of these reverse splits reduced the number of shares outstanding for each Fund and resulted in a proportionate increase in the NAV per share of the Fund. Therefore, the reverse splits did not change the aggregate value of a shareholder's investment or the total market value of the shares outstanding for each Fund.

The reverse splits were applied retroactively for all years presented in the financial statements.

**2. Summary of Significant Accounting Policies**

These financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

***Investment Valuation***

In computing each Fund's NAV, the Fund's portfolio investments are generally valued based on their last readily available market price. Price information on listed securities, including any exchange-traded funds in which a Fund invests ("Underlying ETFs"), is taken from the exchange where the security is primarily traded. Securities regularly traded in an over-the-counter ("OTC") market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. When market quotations are not readily available, a portfolio investment's fair value will be determined and such fair valuations will be used in calculating a Fund's NAV.

The Board of Trustees of the Trust (the "Board") has adopted valuation policies and procedures pursuant to which it has designated AdvisorShares Investments, LLC (the "Advisor") to determine the fair value of each Fund's investments, subject to the Board's oversight, when market prices for those investments are not readily available, including when they are determined to be unreliable. Fair value determinations are made in good faith and in accordance with the fair value methodologies established by the Advisor.

***Investment Transactions***

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.

Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.

***Foreign Taxes***

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.

***Expenses***

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

***Futures Contracts***

Certain Funds may invest in futures contracts ("futures"), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as 'marking-to-the-market'. Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and the Fund will realize a loss or gain. A Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects a Fund to risk of loss in excess of the amounts shown on its Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects a Fund to unlimited risk of loss. A Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, a Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

***Swap Agreements***

Certain Funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.

Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

Equity swaps are derivatives, and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by a Fund are recorded as realized gains or losses.

***Repurchase Agreements***

The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund's custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the respective Fund may be delayed or limited.

***Short Sales***

Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. A Fund also is subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

A Fund is required to pledge cash or securities to the broker as collateral for any securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with the broker for collateral for securities sold short is recorded as an asset on the Statement of Assets and Liabilities and securities segregated as collateral are denoted in Schedule of Investments. A Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amount of income or fees paid to Dorsey Wright Short ETF and Ranger Equity Bear ETF for the year ended June 30, 2025 was $(305,374) and $681,936, respectively, which is included as Interest in the Statement of Operations.

Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the respective Fund's prime brokers and custodian. A Fund is subject to credit risk should the prime brokers be unable to meet its obligations to the Fund.

***Options***

Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). A Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

***Short-Term Investments***

In addition to repurchase agreements, each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances and U.S. government securities.

***Securities Lending***

The Funds participate in a securities lending program offered by The Bank of New York Mellon ("BNY") (the "Program"), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNY, as a fee for its services under the Program, and the applicable Fund, according to agreed-upon rates. Collateral on all securities loaned is accepted as cash and non-cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNY. Cash collateral is held in a separate account managed by BNY, who is authorized to exclusively enter into money market instruments and overnight repurchase agreements, which are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. Government or any agency, instrumentality or authority of the U.S. Government. The securities purchased with cash collateral received are reflected in the Schedule of Investments. BNY bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.

The money market instruments and repurchase agreements income related to the Program earned by a Fund is disclosed on the Statement of Operations.

The value of loaned securities and related collateral outstanding at June 30, 2025 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by a Fund may not be sold or re-pledged except to satisfy a borrower default. Non-cash collateral is included on a Fund's Schedule of Investments and Statement of Asset and Liabilities.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts<br> not offset in the <br> Statements of <br> Assets and Liabilities** | **Gross Amounts<br> not offset in the <br> Statements of <br> Assets and Liabilities** | |
| <br>**Fund and Description** | **Gross<br> Amounts of**<br>**Recognized <br> Assets and<br> (Liabilities)** | **Gross Amounts<br> Offset in the**<br>**Statements of <br> Assets and <br> (Liabilities)** | **Net Amounts <br> Presented in the**<br> **Statements of <br> Assets and <br> (Liabilities)** | **Financial<br> Instruments** | **Collateral <br> Pledged/<br> Received** | <br>**Net Amount** |
| **Dorsey Wright ADR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $(4829791) | $— | $(4829791) | $4829791<sup>(1)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 4829791 |  | 4829791 | 4829791 |  |  |
| **Dorsey Wright FSM All Cap World ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (970003) |  | (970003) | 970003<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 970003 |  | 970003 | 970003 |  |  |
| **Dorsey Wright FSM US Core ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (1725389) |  | (1725389) | 1725389<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 1725389 |  | 1725389 | 1725389 |  |  |
| **Focused Equity ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (1960386) |  | (1960386) | 1960386<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 1960386 |  | 1960386 | 1960386 |  |  |
| **Gerber Kawasaki ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (634112) |  | (634112) | 634112<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 634112 |  | 634112 | 634112 |  |  |
| **Hotel ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (178514) |  | (178514) | 178514<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 178514 |  | 178514 | 178514 |  |  |
| **Insider Advantage ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (471577) |  | (471577) | 471577<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 471577 |  | 471577 | 471577 |  |  |
| **MSOS Daily Leveraged ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (64563) |  | (64563) |  |  | (64563) |
| **Psychedelics ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (1343448) |  | (1343448) | 1343448<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 1343448 |  | 1343448 | 1343448 |  |  |
| **Pure Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (1454624) |  | (1454624) | 1454624<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 1454624 |  | 1454624 | 1454624 |  |  |
| **Pure US Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (2132089) |  | (2132089) |  |  | (2132089) |
| **Q Dynamic Growth ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (181799) |  | (181799) | 181799<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 181799 |  | 181799 | 181799 |  |  |
| **Restaurant ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (207518) |  | (207518) | 207518<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 207518 |  | 207518 | 207518 |  |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**2. Summary of Significant Accounting Policies – (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts<br> not offset in the <br> Statements of <br> Assets and Liabilities** | **Gross Amounts<br> not offset in the <br> Statements of <br> Assets and Liabilities** | |
| <br>**Fund and Description** | **Gross<br> Amounts of**<br>**Recognized <br> Assets and<br> (Liabilities)** | **Gross Amounts<br> Offset in the**<br>**Statements of <br> Assets and <br> (Liabilities)** | **Net Amounts <br> Presented in the**<br>**Statements of <br> Assets and <br> (Liabilities)** | **Financial<br> Instruments** | **Collateral <br> Pledged/<br> Received** | <br>**Net Amount** |
| **STAR Global Buy-Write ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $(7432265) | $— | $(7432265) | $7432265<sup>(1)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 7432265 |  | 7432265 | 7432265 |  |  |
| **Vice ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (992459) |  | (992459) | 992459<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 992459 |  | 992459 | 992459 |  |  |

---

(1) Collateral for securities on loan
 is included in the Schedules of Investments and consists of Repurchase Agreements and/or shares of Money Market instruments.

***Dividends and Distributions***

Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.

***Indemnifications***

In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

***Recent Accounting Pronouncement***

*Accounting Standards Update 2020-04 Reference Rate Reform*

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

**3. Investment Advisory Agreement and Other Agreements**

***Investment Advisory Agreement***

Each Fund has entered into an investment advisory agreement with the Advisor pursuant to which the Advisor serves as the Fund's investment adviser. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund's portfolio, and has ultimate responsibility (subject to oversight by the Board) for investment and operational oversight of a Fund's sub-adviser, if applicable. For its services, the Advisor is entitled to an annual management fee from

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

each Fund, which is calculated daily and paid monthly based on the Fund's average daily net assets. From time to time, the Advisor may waive all or a portion of its fee for a Fund.

The Advisor's annual management fee for each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| Dorsey Wright ADR ETF | 0.75% |
| Dorsey Wright FSM All Cap World ETF | 0.75% |
| Dorsey Wright FSM US Core ETF | 0.75% |
| Dorsey Wright Short ETF | 0.75% |
| Focused Equity ETF | 0.75%\* |
| Gerber Kawasaki ETF | 0.75% |
| Hotel ETF | 0.60% |
| HVAC and Industrials ETF | 0.60% |
| Insider Advantage ETF | 0.70% |
| MSOS Daily Leveraged ETF | 0.85% |
| Psychedelics ETF | 0.60% |
| Pure Cannabis ETF | 0.60%\*\* |
| Pure US Canabis ETF | 0.60% |
| Q Dynamic Growth ETF | 0.91%\* |
| Ranger Equity Bear ETF | 1.50% |
| Restaurant ETF | 0.60% |
| STAR Global Buy-Write ETF | 0.85% |
| Vice ETF | 0.60% |

---

\* The Advisor's advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund's net performance is in line with Fund's pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment. The Advisor's annual base fee based on the Fund's average daily net assets. The performance fee adjustment is derived by comparing the Fund's performance over a rolling twelve-month period to its performance benchmark, which is set forth in the table below. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor's annual advisory fee may range as follows, based on the Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
| **Fund** | **Performance<br> Benchmark** | **Annual Advisory <br> Fee Range** |
| Focused Equity ETF | S&P 500 Index | 0.65% to 0.85% |
| Q Dynamic Growth ETF | S&P 500 Index | 0.90% to 1.10% |

---

\*\* The Fund's advisory fee is 0.60% less the acquired fund fees and expenses related to any investment in Pure US Cannabis ETF.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

With respect to the Focused Equity ETF, the following table illustrates how the effective annual rate of the advisory fee would vary under this arrangement, which is commonly referred to as a "fulcrum" fee arrangement:

---

| | |
|:---|:---|
| Base Fee | 0.75% |
| Incremental Changes | 0.02% |
| Performance to Benchmark | Advisory Fee |
| 2.00% | **0.85%** |
| 1.50% | **0.83%** |
| 1.25% | **0.81%** |
| 1.00% | **0.79%** |
| 0.50% | **0.77%** |
| +/– | 0.75% |
| -0.50% | **0.73%** |
| -1.00% | **0.71%** |
| -1.25% | **0.69%** |
| -1.50% | **0.67%** |
| -2.00% | **0.65%** |

---

With respect to the Q Dynamic Growth ETF, the following table illustrates how the effective annual rate of the advisory fee would vary under the Fund's "fulcrum" fee arrangement:

---

| | |
|:---|:---|
| Base Fee | 1.00% |
| Incremental Changes | 0.02% |
| Performance to Benchmark | Advisory Fee |
| 2.00% | **1.10%** |
| 1.50% | **1.08%** |
| 1.25% | **1.06%** |
| 1.00% | **1.04%** |
| 0.50% | **1.02%** |
| +/– | 1.00% |
| -0.50% | **0.98%** |
| -1.00% | **0.96%** |
| -1.25% | **0.94%** |
| -1.50% | **0.92%** |
| -2.00% | **0.90%** |

---

***Sub-Advisory Agreements***

Each Fund's investment sub-adviser, as applicable, provides investment advice and management services to its respective Fund(s). The Advisor supervises the day-to-day investment and reinvestment of the assets in each Fund and is responsible for monitoring the Fund's adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-adviser and the

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

Advisor, the sub-adviser is entitled to a fee, which is paid by the Advisor and is not an additional expense of the applicable Fund, that is calculated daily and paid monthly by the Advisor, at an annual rate based on the average daily net assets of its respective Fund(s) as follows:

---

| | | |
|:---|:---|:---|
|  | **Sub-Advisor** | **Sub-Advisory<br> Fee Rate** |
| Gerber Kawasaki ETF | Gerber Kawasaki, Inc. | 0.50% |
| Ranger Equity Bear ETF | Ranger Alternative Management, L.P. | 1.00% |
| STAR Global Buy-Write ETF | CreativeOne Wealth, LLC | 0.55% |

---

From time to time, a sub-adviser may waive all or a portion of its fee for a fund.

***Expense Limitation Agreement***

The Advisor has contractually agreed to waive its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding a specified percentage of each Fund's average daily net assets for at least one year from the date of the Fund's currently effective prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Advisor, for any reason, upon ninety (90) days' prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. The expense limits in effect for each Fund during the year ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
| Dorsey Wright ADR ETF | 1.10% |
| Dorsey Wright FSM All Cap World ETF | 0.99% |
| Dorsey Wright FSM US Core ETF | 0.99% |
| Dorsey Wright Short ETF | 1.25% |
| Focused Equity ETF | 0.65%-0.85%<sup>(a)</sup> |
| Gerber Kawasaki ETF | 0.75% |
| Hotel ETF | 0.99% |
| HVAC and Industrials ETF | 0.99% |
| Insider Advantage ETF | 0.90% |
| MSOS Daily Leveraged ETF | 0.95% |
| Psychedelics ETF | 0.99% |
| Pure Cannabis ETF | 0.74% |
| Pure US Canabis ETF | 0.74% |
| Q Dynamic Growth ETF | 1.45% |
| Ranger Equity Bear ETF | 1.85% |
| Restaurant ETF | 0.99% |
| STAR Global Buy-Write ETF | 1.85% |
| Vice ETF | 0.99% |

---

(a) The expense limit is equal to the
 annual rate of the Advisor's contractual advisory fee, which can range from 0.65% to 0.85%.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

If at any point it becomes unnecessary for the Advisor to waive fees or reimburse expenses, the Board may permit the Advisor to retain the difference between a Fund's total annual operating expenses and the Fund's expense limitation currently in effect, or, if lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed.

All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured no later than during the fiscal years indicated:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expenses <br> Reimbursed** | **Recoupment<br> Balance** | **Recoupment<br> Expiration** |
| Dorsey Wright ADR ETF | 18402 | 18402 | 6/30/2026 |
|  | 36096 | 36096 | 6/30/2027 |
|  | 23465 | 16610 | 6/30/2028 |
| Total | **77963** | **71108** |  |
| Dorsey Wright Short ETF | 13247 | 13247 | 6/30/2027 |
|  | 52527 | 52527 | 6/30/2028 |
| Total | **65774** | **65774** |  |
| Focused Equity ETF | 137790 | 137790 | 6/30/2026 |
|  | 208140 | 208140 | 6/30/2027 |
|  | 244989 | 244989 | 6/30/2028 |
| Total | **590919** | **590919** |  |
| Gerber Kawasaki ETF | 93397 | 93397 | 6/30/2026 |
|  | 165111 | 165111 | 6/30/2027 |
|  | 121923 | 121923 | 6/30/2028 |
| Total | **380431** | **380431** |  |
| Hotel ETF | 70955 | 70955 | 6/30/2026 |
|  | 107021 | 107021 | 6/30/2027 |
|  | 64678 | 64678 | 6/30/2028 |
| Total | **242654** | **242654** |  |
| HVAC and Industrials ETF | 89779 | 89779 | 6/30/2028 |
|  | **89779** | **89779** |  |
| Insider Advantage ETF | 67433 | 67433 | 6/30/2026 |
|  | 71631 | 71631 | 6/30/2027 |
|  | 46562 | 46562 | 6/30/2028 |
| Total | **185626** | **185626** |  |
| MSOS Daily Leveraged ETF | 140585 | 140585 | 6/30/2026 |
|  | 84284 | 84284 | 6/30/2027 |
|  | 138988 | 138988 | 6/30/2028 |
| Total | **363857** | **363857** |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expenses <br> Reimbursed** | **Recoupment<br> Balance** | **Recoupment<br> Expiration** |
| Psychedelics ETF | 140498 | 140498 | 6/30/2026 |
|  | 130442 | 130442 | 6/30/2027 |
|  | 61675 | 61582 | 6/30/2028 |
| Total | **332615** | **332522** |  |
| Pure Cannabis ETF | 165820 | 165820 | 6/30/2026 |
|  | 310912 | 310912 | 6/30/2027 |
|  | 133638 | 133638 | 6/30/2028 |
| Total | **610370** | **610370** |  |
| Pure US Cannabis ETF | 136205 | 136205 | 6/30/2026 |
|  | 4774 | 4774 | 6/30/2027 |
|  | 185995 | 167997 | 6/30/2028 |
| Total | **326974** | **308976** |  |
| Q Dynamic Growth Portfolio ETF | 2148 | 0 | 6/30/2026 |
|  | 59876 | 55488 | 6/30/2027 |
|  | 4002 | 0 | 6/30/2028 |
| Total | **66026** | **55488** |  |
| Restaruants ETF | 77174 | 77174 | 6/30/2026 |
|  | 108238 | 108238 | 6/30/2027 |
|  | 65283 | 65283 | 6/30/2028 |
| Total | **250695** | **250695** |  |
| Vice ETF | 82098 | 82098 | 6/30/2026 |
|  | 94520 | 94520 | 6/30/2027 |
|  | 51737 | 51737 | 6/30/2028 |
| Total | **228355** | **228355** |  |

---

During the year ended June 30, 2025, the Advisor agreed to reimburse AdvisorShares Vice ETF $15,322 for a loss due to a trade executed incorrectly. Performance would have been lower by 0.27% without this reimbursement.

***Administrator, Custodian, Fund Accountant and Transfer Agent***

The Bank of New York Mellon serves as the Funds' administrator, fund accountant, custodian, and transfer agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, as the case may be.

***Distribution Arrangement***

Foreside Fund Services, LLC (the "Distributor") serves as the distributor of Creation Units (defined below) for each Fund pursuant to a distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

No fee is currently paid by any Fund under the Plan, and there are no current plans to impose the fee. However, in the event a Fund were to charge a Rule 12b-1 fee, over time it would increase the cost of an investment in the Fund.

**4. Creation and Redemption Transactions**

The Funds issue and redeem shares on a continuous basis at NAV in groups of shares called "Creation Units." Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only "Authorized Participants" may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a "participating party", *i.e*., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System ("CNS") of the National Securities Clearing Corporation ("NSCC") or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor with respect to creations and redemptions of Creation Units. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

To compensate a Fund for transfer and other transaction costs involved in creation transactions and redemption transactions through the clearing process, investors will be required to pay a minimum transaction fee, assessed per transaction, of $500. To the extent a Creation Unit consists of more than 100 securities, an additional fee may be charged to Authorized Participants to the next highest $500 increment at the following rates: (i) $5 per book-entry security settled via the NSCC's CNS and (ii) $15 per security for "in-kind" settlements settled outside the NSCC, and all physical settlements, including options, futures and other derivatives.

**5. Summary of Fair Value Disclosure**

The FASB Accounting Standards Codification 820-10, "Fair Value Measurements and Disclosures", defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

● Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

● Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**5. Summary of Fair Value Disclosure – (continued)**

been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund's net asset value is computed and that may materially affect the value of the Fund's investment). Examples of events that may be "significant events" are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For more detailed categories, see the accompanying Schedules of Investments.

**6. Derivative Instruments**

The Funds have adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations. Certain Funds use derivative instruments as part of their principal investment strategies to seek to achieve their investment objective.

At June 30, 2025, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Equity Risk** |
| Pure US Cannabis ETF | Unrealized Appreciation on OTC Swap Contracts | $4979596 |
| STAR Global Buy-Write ETF | Options Purchased, at value | 15436 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Liability Derivatives** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Unrealized Depreciation on OTC Swap Contracts | $64563 |
| Pure US Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | 7111685 |
| STAR Global Buy-Write ETF | Options Written, at value | 143278 |

---

Transactions in derivative instruments during the year ended June 30, 2025, were as follows:

Statements of Operations:

---

| | | |
|:---|:---|:---|
| **Fund** | **Realized Gain (Loss)** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Swaps | $(83983854) |
| Pure US Cannabis ETF | Swaps | (607120887) |
| STAR Global Buy-Write ETF | Options Purchased | (102001) |
| STAR Global Buy-Write ETF | Options Written | (311622) |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Change in Unrealized Gain (Loss)** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Swaps | $334950 |
| Pure US Cannabis ETF | Swaps | 1621962 |
| STAR Global Buy-Write ETF | Options Purchased | (25732) |
| STAR Global Buy-Write ETF | Options Written | (120052) |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**6. Derivative Instruments – (continued)**

For the year ended June 30, 2025, the average volume of the derivatives opened by the Funds was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **MSOS Daily<br> Leveraged ETF** | **Pure US<br> Cannabis ETF** | **STAR Global<br> Buy-Write ETF** |
| Long Swaps Contracts | $1533978 | $4491951 | $— |
| Purchased Options Contracts |  |  | 41760 |
| Written Options Contracts |  |  | 27316 |

---

**7. Federal Income Tax**

Each Fund intends to qualify as a "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. FASB Accounting Standards Update No. 2009-06, "Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities" provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2022 - 2024), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Trust currently has no tax-related examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

Q Dynamic Growth ETF intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. As such, Q Dynamic Growth ETF generally is not subject to federal income tax on the income and gains it distributes to its shareholders. However, during the year ended June 30, 2025, Q Dynamic Growth ETF's nonqualifying gross income exceeded the allowable 10% threshold under Section 851(b)(2) of the Internal Revenue Code.

As a result, Q Dynamic Growth ETF incurred a tax liability in accordance with Section 851(i) of the Internal Revenue Code, in the amount of $275,817. This tax is equal to the excess of the Q Dynamic Growth ETF's non-qualifying gross income over one-ninth of its qualifying gross income. Management believes this failure was due to reasonable cause and not willful neglect. The Fund has filed a statement with the Internal Revenue Service describing each item of its gross income as required by Section 851(b)(1). The Advisor is reimbursing Q Dynamic Growth ETF for the taxes incurred.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**7. Federal Income Tax – (continued)**

At June 30, 2025, the approximate cost of investments, excluding short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Other <br> Derivatives<br> Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Dorsey Wright ADR ETF | $41418857 | $11526116 | $(1257009) | $10269107 | $— |
| Dorsey Wright FSM All Cap World ETF | 77913448 | 5268264 |  | 5268264 |  |
| Dorsey Wright FSM US Core ETF | 109204074 | 9192697 | (193220) | 8999477 |  |
| Dorsey Wright Short ETF | 27582802 |  |  |  | 2769736 |
| Focused Equity ETF | 160976767 | 38508880 | (5052387) | 33456493 |  |
| Gerber Kawasaki ETF | 18300615 | 7826997 | (99560) | 7727437 |  |
| Hotel ETF | 2564282 | 471361 | (166560) | 304801 |  |
| HAVC and Industrial ETF | 1075721 | 109975 | (10203) | 99772 |  |
| Insider Advantage ETF | 46286372 | 2936660 | (2030023) | 906637 |  |
| MSOS Daily Leveraged ETF | 316627 |  |  |  | (64563) |
| Psychedelics ETF | 17352694 | 1739212 | (7388364) | (5649152) |  |
| Pure Cannabis ETF | 108292610 | 1264420 | (83444237) | (82179817) |  |
| Pure US Cannabis ETF | 145015784 | 595867557 | (687953615) | (92086058) | (2132089) |
| Q Dynamic Growth ETF | 21637624 | 3997287 | (21925) | 3975362 |  |
| Ranger Equity Bear ETF | 66748196 |  |  |  | (3337336) |
| Restaurant ETF | 3201149 | 695085 | (83091) | 611994 |  |
| STAR Global Buy-Write ETF | 61477145 | 12299540 | (249104) | 12050436 | (113376) |
| Vice ETF | 7410089 | 1059028 | (106179) | 952849 |  |

---

At June 30, 2025, the components of distributable earnings/loss on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Capital Loss<br> Carryforward** | **Timing<br> Differences** | **Post-October/<br> Late-year <br> Ordinary<br> Deferrals** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Earnings<br> (Losses)** |
| Dorsey Wright ADR ETF | $13770 | $– $| (53615338) | $— | $— | $10269107 | $(43332461) |
| Dorsey Wright FSM All Cap World ETF | 241401 | – | (20393645) | (8614) |  | 5268264 | (14892594) |
| Dorsey Wright FSM US Core ETF |  | – | (1145539) | (8614) |  | 8999477 | 7845324 |
| Dorsey Wright Short ETF | 545436 | – | (93414657) |  |  | 2769736 | (90099485) |
| Focused Equity ETF | 287342 | – | (2204942) |  |  | 33456493 | 31538893 |
| Gerber Kawasaki ETF | 23477 | – | (10167039) | (7292) |  | 7727437 | (2423417) |
| Hotel ETF | 34432 | – | (1179841) | (10709) |  | 304801 | (851317) |
| HVAC and Industrials ETF | 3043 | – | (13276) | (1042) |  | 99772 | 88497 |
| Insider Advantage ETF | 308199 | – | (15867452) |  |  | 906637 | (14652616) |
| MSOS Daily Leveraged ETF |  | – | (125017851) | (22057) | (720736) | (64563) | (125825207) |
| Psychedelics ETF | 266369 | – | (6988068) | (18445) |  | (5649152) | (12389296) |
| Pure Cannabis ETF |  | – | (202710811) |  |  | (82179817) | (284890628) |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**7. Federal Income Tax – (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Capital Loss<br> Carryforward** | **Timing<br> Differences** | **Post-October/<br> Late-year <br> Ordinary<br> Deferrals** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Earnings<br> (Losses)** |
| Pure US Cannabis ETF |  | – | (2045014896) | (91063) | (7347571) | (94218147) | (2146671677) |
| Q Dynamic Growth ETF |  | – | (3447327) | (8800) | (78041) | 3975362 | 441194 |
| Ranger Equity Bear ETF | 1027376 | – | (409660982) |  |  | (3337336) | (411970942) |
| Restaurant ETF | 6233 | – | (775495) | (10709) |  | 611994 | (167977) |
| STAR Global Buy-Write ETF | 510499 | – | (1661414) | (1223648) |  | 11937060 | 9562497 |
| Vice ETF | 7286 | – | (1000484) |  |  | 952849 | (40349) |

---

The differences between book and tax basis components of net assets are primarily attributed to wash sale loss deferrals and other book/tax differences.

At June 30, 2025, the effect of permanent book/tax reclassifications resulted in increases/(decreases) to the components of net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable <br> Earnings (Loss)** | **Paid-in <br> Capital** |
| Dorsey Wright ADR ETF | $(1768076) | $1768076 |
| Dorsey Wright FSM All Cap World ETF | (113754) | 113754 |
| Dorsey Wright FSM US Core ETF | (24626329) | 24626329 |
| Dorsey Wright Short ETF |  |  |
| Focused Equity ETF | (3144447) | 3144447 |
| Gerber Kawasaki ETF | (204711) | 204711 |
| Hotel ETF | (43656) | 43656 |
| HVAC and Industrials ETF |  |  |
| Insider Advantage ETF | (129347) | 129347 |
| MSOS Daily Leveraged ETF | 6849730 | (6849730) |
| Psychedelics ETF | 286070 | (286070) |
| Pure Cannabis ETF | 113561 | (113561) |
| Pure US Cannabis ETF | 29274580 | (29274580) |
| Q Dynamic Growth ETF | (1356713) | 1356713 |
| Ranger Equity Bear ETF |  |  |
| Restaurant ETF | (297033) | 297033 |
| STAR Global Buy-Write ETF | (1542830) | 1542830 |
| Vice ETF | (192215) | 192215 |

---

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses, securities sold short, passive foreign investment companies (PFICs), non-deductible taxes paid, swap contracts, and redemptions-in-kind.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**7. Federal Income Tax – (continued)**

The tax character of distributions paid during the fiscal years ended June 30, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **2025<br> Ordinary<br> Income** | **2025<br> Long Term<br> Capital Gains** | **2025<br> Return of<br> Capital** | **2024<br> Ordinary<br> Income** | **2024<br> Long Term<br> Capital Gains** | **2024<br> Return of<br> Capital** |
| Dorsey Wright ADR ETF | $272179 | $– $|  | $363090 | $– $|  |
| Dorsey Wright FSM All Cap World ETF |  | – |  | 1203485 | – |  |
| Dorsey Wright FSM US Core ETF | 209381 | – |  | 278455 | – |  |
| Dorsey Wright Short ETF | 744087 | – |  | 1498804 | – |  |
| Focused Equity ETF | 1047338 | – |  | 207722 | – |  |
| Gerber Kawasaki ETF |  | – |  | 24169 | – |  |
| Hotel ETF |  | – |  | 65051 | – |  |
| HVAC and Industrials ETF |  | – |  |  | – |  |
| Insider Advantage ETF | 318213 | – |  | 498714 | – |  |
| MSOS Daily Leveraged ETF |  | – |  |  | – |  |
| Psychedelics ETF | 225488 | – |  | 14044 | – |  |
| Pure Cannabis ETF | 520020 | – |  | 762879 | – |  |
| Pure US Cannabis ETF |  | – |  |  | – |  |
| Q Dynamic Growth ETF |  | – |  |  | – |  |
| Ranger Equity Bear ETF | 3798221 | – |  | 6472045 | – |  |
| Restaurant ETF | 5736 | – |  | 13961 | – |  |
| STAR Global Buy-Write ETF | 673294 | – |  | 610224 | – |  |
| Vice ETF | 102755 | – |  | 132733 | – |  |

---

Under current tax regulations, capital losses on securities transactions realized after October 31 ("Post-October Losses") may be deferred and treated as occurring on the first business day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Late Year <br> Ordinary<br> Loss<br> Deferral** | **Short-Term<br> Capital<br> Post-October<br> Loss** | **Long-Term<br> Capital <br> Post-October <br> Loss** |
| Dorsey Wright ADR ETF | $— | $– $|  |
| Dorsey Wright FSM All Cap World ETF |  | – |  |
| Dorsey Wright FSM US Core ETF |  | – |  |
| Dorsey Wright Short ETF |  | – |  |
| Focused Equity ETF |  | – |  |
| Gerber Kawasaki ETF |  | – |  |
| Hotel ETF |  | – |  |
| HVAC and Industrials ETF |  | – |  |
| Insider Advantage ETF |  | – |  |
| MSOS Daily Leveraged ETF | 720736 | – |  |
| Psychedelics ETF |  | – |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**7. Federal Income Tax – (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Late Year <br> Ordinary<br> Loss<br> Deferral** | **Short-Term<br> Capital<br> Post-October<br> Loss** | **Long-Term<br> Capital <br> Post-October <br> Loss** |
| Pure Cannabis ETF |  | – |  |
| Pure US Cannabis ETF | 7347571 | – |  |
| Q Dynamic Growth ETF | 78041 | – |  |
| Ranger Equity Bear ETF |  | – |  |
| Restaurant ETF |  | – |  |
| STAR Global Buy-Write ETF |  | – |  |
| Vice ETF |  | – |  |

---

The following Funds have capital loss carryforwards available to offset future realized gains of:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term <br> No Expiration** | **Long-Term <br> No Expiration** | **Total** |
| Dorsey Wright ADR ETF | $53615338 | $— | $53615338 |
| Dorsey Wright FSM All Cap World ETF | 14228098 | 6165547 | 20393645 |
| Dorsey Wright FSM US Core ETF | 1145539 |  | 1145539 |
| Dorsey Wright Short ETF | 93187098 | 227559 | 93414657 |
| Focused Equity ETF | 304456 | 1900486 | 2204942 |
| Gerber Kawasaki ETF | 6498577 | 3668462 | 10167039 |
| Hotel ETF | 641102 | 538739 | 1179841 |
| HVAC and Industrials ETF | 13276 |  | 13276 |
| Insider Advantage ETF | 15867452 |  | 15867452 |
| MSOS Daily Leveraged ETF | 125017851 |  | 125017851 |
| Psychedelics ETF | 500869 | 6487199 | 6988068 |
| Pure Cannabis ETF | 46935207 | 155775604 | 202710811 |
| Pure US Cannabis ETF | 1484477434 | 560537462 | 2045014896 |
| Q Dynamic Growth ETF | 3447327 |  | 3447327 |
| Ranger Equity Bear ETF | 408759618 | 901364 | 409660982 |
| Restaurant ETF | 775495 |  | 775495 |
| STAR Global Buy-Write ETF | 296396 | 1365018 | 1661414 |
| Vice ETF | 1000484 |  | 1000484 |

---

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Utilized Amount** |
| Dorsey Wright ADR ETF | $2125842 |
| Dorsey Wright FSM All Cap World ETF | 6585570 |
| Dorsey Wright FSM US Core ETF | 1603094 |
| Dorsey Wright Short ETF | 331430 |
| Focused Equity ETF |  |
| Gerber Kawasaki ETF |  |
| Hotel ETF | 94958 |
| HVAC and Industrials ETF |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**7. Federal Income Tax – (continued)**

---

| | | |
|:---|:---|:---|
| **Fund** | **Utilized Amount** | **Utilized Amount** |
| Insider Advantage ETF |  | 4283678 |
| MSOS Daily Leveraged ETF |  |  |
| Psychedelics ETF |  |  |
| Pure Cannabis ETF |  |  |
| Pure US Cannabis ETF |  |  |
| Q Dynamic Growth ETF |  | 976619 |
| Ranger Equity Bear ETF |  |  |
| Restaurant ETF |  | 399154 |
| STAR Global Buy-Write ETF |  | 116334 |
| Vice ETF |  | 784188 |

---

**8. Investment Transactions**

Purchases and sales of investments and securities sold short (excluding short term securities) for the year ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Purchases** | **Sales** | **Sales** | **Sales** |
| <br>**Fund** | **Long Term** | **U.S. <br> Government** | **In-Kind** | **Long Term** | **U.S.<br> Government** | **In-Kind** |
| Dorsey Wright ADR ETF | $17369989 | $— | $20108287 | $17248259 | $— | $5787948 |
| Dorsey Wright FSM All Cap World ETF | 255462694 |  | 2599591 | 255503254 |  | 5311437 |
| Dorsey Wright FSM US Core ETF | 164328105 |  | 113464602 | 164550627 |  | 119208628 |
| Dorsey Wright Short ETF | 29473041 |  |  | 30018601 |  |  |
| Focused Equity ETF | 43440505 |  | 28303515 | 42797375 |  | 9547135 |
| Gerber Kawasaki ETF | 14173094 |  | 935530 | 14598439 |  | 549876 |
| Hotel ETF | 4553272 |  |  | 4734402 |  | 852323 |
| HVAC and Industrials ETF | 413145 |  | 997026 | 428945 |  |  |
| Insider Advantage ETF | 108379964 |  |  | 108325379 |  | 2232382 |
| MSOS Daily Leveraged ETF |  |  |  |  |  |  |
| Psychedelics ETF | 7750328 |  | 5011117 | 7420091 |  | 4257845 |
| Pure Cannabis ETF | 9965485 |  | 350225 | 9999988 |  |  |
| Pure US Cannabis ETF | 2607002 |  | 7025354 |  |  | 1333898 |
| Q Dynamic Growth ETF | 81987846 |  | 9695570 | 82483748 |  | 13173252 |
| Ranger Equity Bear ETF | 343992967 |  |  | 313066341 |  |  |
| Restaurant ETF | 3721599 |  | 1151418 | 3613735 |  | 1249843 |
| STAR Global Buy-Write ETF | 10769030 |  | 3797345 | 9389823 |  | 5437863 |
| Vice ETF | 11287536 |  |  | 11334446 |  | 914907 |

---

**9. Risks Involved with Investing in the Funds**

As with any investment, an investor could lose all or part of their investment in a Fund and the Fund's performance could trail that of other investments. A Fund may be subject to one or more principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund's prospectus. Please refer to a Fund's currently effective prospectus for the specific list and description of the principal risks of investing in the Fund.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**9. Risks Involved with Investing in the Funds – (continued)**

***Cannabis-Related Company Risk***

Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company's ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.

***Credit Risk***

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. Each Fund and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a Fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a Fund's exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its Statement of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

***ETF Market Risk***

In stressed market conditions, the market for certain ETF shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings. This adverse effect on liquidity for the ETF's shares in turn can lead to differences between the market price of the ETF's shares and the underlying value of those shares. This difference can be reflected as a spread between the bid and ask prices quoted during the day or a premium or discount in the closing price from a Fund's NAV.

Because a Fund's shares trade in the secondary market, a broker may charge a commission to execute a transaction in shares and an investor may incur the cost of the spread between the price at which a dealer will buy shares (bid) and the somewhat higher price at which a dealer will sell shares (ask). In addition, not only are there a limited number of institutions that act as authorized participants, direct trading by authorized participants is critical to ensuring that a Fund's shares trade at or close to NAV. However, market makers are not obligated to make a market in a Fund's shares nor are authorized participants obligated to execute purchase or redemption orders for Creation Units and, in times of

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**9. Risks Involved with Investing in the Funds – (continued)**

market stress, circumstances could develop that could cause them to refrain from these activities or reduce their role. The absence of an active market in a Fund's shares could lead to a heightened risk of differences between the market price of the Fund's shares and the underlying value of those shares. Because securities underlying investments held by a Fund may trade on a foreign exchange that is closed when the Fund's listing exchange is open, there may be changes between the last quote from the closed foreign market and the value of the securities during the Fund's domestic trading day, which also could lead to differences between the market price of the Fund's shares and the underlying value of those shares.

***Fund of Funds Risk***

Certain Funds' investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds is subject to the risk associated with the Underlying ETFs that comprise their portfolio. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.

***Illiquid Investments Risk***

In certain circumstances, it may be difficult for a Fund to purchase and sell particular portfolio investments due to infrequent trading in such investments. The prices of such securities may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such securities without an unfavorable impact on prevailing market prices, or make it difficult for the Advisor or Sub-Advisor, as applicable, to dispose of such securities at a fair price at the time the Advisor or Sub-Advisor believes it is desirable to do so. The Fund's investments in such securities may restrict the Fund's ability to take advantage of other market opportunities and adversely affect the value of the Fund's portfolio holdings. Such investments also may be subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules.

***Management Risk***

The Advisor or Sub-Advisor, as applicable, continuously evaluates each Fund's holdings, purchases and sales with a view to achieving the Fund's investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Advisor's or Sub-Advisor's judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. In fact, no matter how good a job the Advisor or Sub-Advisor does, you could lose money on your investment in a Fund, just as you could with other investments. If the Advisor or Sub-Advisor is incorrect in its assessment of the income, growth or price realization potential of a Fund's holdings or incorrect in its assessment of general market or economic conditions, then the value of the Fund's shares may decline.

***Market Risk***

Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. A Fund's investments may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic conditions or changes in interest or currency rates, or particular countries, segments, economic sectors, industries or companies within those markets. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, uncertainties regarding interest rates, rising inflation, or

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**9. Risks Involved with Investing in the Funds – (continued)**

other events could have a significant impact on the market generally and on specific securities. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors. For example, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia's invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of investments. Fluctuations in the value of securities and other financial instruments in which the Fund invests will cause the NAV of the Fund to fluctuate. Historically, the markets have moved in cycles, and the value of the Fund's investments may fluctuate drastically from day to day. Because of its link to the markets, an investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term principal fluctuations, which at times may be significant.

***Trading Risk***

Shares of each Fund may trade above or below their NAV. The NAV of shares will fluctuate with changes in the market value of a Fund's holdings. The trading prices of a Fund's shares will fluctuate in accordance with changes in NAV, as well as market supply and demand. When the market price of a Fund's shares deviates significantly from their NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund's shares. However, given that shares can be created and redeemed only in Creation Units at NAV, the Advisor and Sub-Advisor, as applicable, do not believe that large discounts or premiums to NAV will exist for extended periods of time. Although each Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for a Fund's shares will develop or be maintained. In addition, trading in shares of a Fund may be halted because of market conditions or for reasons that, in the view of the Fund's Exchange, make trading in shares inadvisable.

**10. Segment Reporting**

Each fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the Advisor's Fund Oversight Committee. The CODM reviews the operating results of each fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**11. Subsequent Events**

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred, other than those disclosed below, that require additional disclosure.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**12. Unaudited Tax Information**

Qualified Dividend Income — Certain dividends paid by the Funds may be subject to a minimum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the year ended June 30, 2025, taxed at a minimum rate of 15% were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
| Dorsey Wright ADR ETF | 100.00% |
| Dorsey Wright FSM All Cap World ETF | 0.00% |
| Dorsey Wright FSM US Core ETF | 100.00% |
| Dorsey Wright Short ETF | 0.00% |
| Focused Equity ETF | 100.00% |
| Gerber Kawasaki ETF | 0.00% |
| Hotel ETF | 0.00% |
| HVAC and Industrials ETF | 0.00% |
| Insider Advantage ETF | 100.00% |
| MSOS Daily Leveraged ETF | 0.00% |
| Psychedelics ETF | 0.00% |
| Pure Cannabis ETF | 0.00% |
| Pure US Cannabis ETF | 0.00% |
| Q Dynamic Growth ETF | 0.00% |
| Ranger Equity Bear ETF | 0.00% |
| Restaurant ETF | 100.00% |
| STAR Global Buy-Write ETF | 86.85% |
| Vice ETF | 100.00% |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**12. Unaudited Tax Information – (continued)**

Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended June 30, 2025 that qualifies for the dividends received deduction were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
| Dorsey Wright ADR ETF | 0.00% |
| Dorsey Wright FSM All Cap World ETF | 0.00% |
| Dorsey Wright FSM US Core ETF | 100.00% |
| Dorsey Wright Short ETF | 0.00% |
| Focused Equity ETF | 100.00% |
| Gerber Kawasaki ETF | 0.00% |
| Hotel ETF | 0.00% |
| HVAC and Industrials ETF | 0.00% |
| Insider Advantage ETF | 100.00% |
| MSOS Daily Leveraged ETF | 0.00% |
| Psychedelics ETF | 0.00% |
| Pure Cannabis ETF | 0.00% |
| Pure US Cannabis ETF | 0.00% |
| Q Dynamic Growth ETF | 0.00% |
| Ranger Equity Bear ETF | 0.00% |
| Restaurant ETF | 100.00% |
| STAR Global Buy-Write ETF | 48.74% |
| Vice ETF | 80.79% |

---

Qualified Interest Income — For nonresident alien shareholders, the percentage of ordinary income distributions for the year ended June 30, 2025 that qualified interest income were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
| Dorsey Wright ADR ETF | 0.00% |
| Dorsey Wright FSM All Cap World ETF | 0.00% |
| Dorsey Wright FSM US Core ETF | 0.00% |
| Dorsey Wright Short ETF | 0.00% |
| Focused Equity ETF | 0.00% |
| Gerber Kawasaki ETF | 0.00% |
| Hotel ETF | 0.00% |
| HVAC and Industrials ETF | 0.00% |
| Insider Advantage ETF | 0.00% |
| MSOS Daily Leveraged ETF | 0.00% |
| Psychedelics ETF | 0.00% |
| Pure Cannabis ETF | 0.00% |
| Pure US Cannabis ETF | 0.00% |
| Q Dynamic Growth ETF | 0.00% |
| Ranger Equity Bear ETF | 0.00% |
| Restaurant ETF | 0.00% |
| STAR Global Buy-Write ETF | 0.00% |
| Vice ETF | 0.00% |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**June 30, 2025**

**12. Unaudited Tax Information – (continued)**

The following Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign<br> Taxes Paid** | **Gross<br> Foreign <br> Income** |
| Dorsey Wright ADR ETF | $46466 | $610024 |
| Dorsey Wright FSM All Cap World ETF |  |  |
| Dorsey Wright FSM US Core ETF |  |  |
| Dorsey Wright Short ETF |  |  |
| Focused Equity ETF |  |  |
| Gerber Kawasaki ETF |  |  |
| Hotel ETF |  |  |
| HVAC and Industrials ETF |  |  |
| Insider Advantage ETF |  |  |
| MSOS Daily Leveraged ETF |  |  |
| Psychedelics ETF |  |  |
| Pure Cannabis ETF |  |  |
| Pure US Cannabis ETF |  |  |
| Q Dynamic Growth ETF |  |  |
| Ranger Equity Bear ETF |  |  |
| Restaurant ETF |  |  |
| STAR Global Buy-Write ETF |  |  |
| Vice ETF |  |  |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Trustees**

**of AdvisorShares Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Dorsey Wright ADR ETF, Dorsey Wright FSM All Cap World ETF, Dorsey Wright FSM US Core ETF, Dorsey Wright Short ETF, Focused Equity ETF, Gerber Kawasaki ETF, Hotel ETF, HVAC and Industrials ETF, Insider Advantage ETF, MSOS Daily Leveraged ETF (formerly, MSOS 2x Daily ETF), Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, Q Dynamic Growth ETF, Ranger Equity Bear ETF, Restaurant ETF, STAR Global Buy-Write ETF, and Vice ETF, each a series of AdvisorShares Trust (the "Funds"), including the schedules of investments, as of June 30, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> AdvisorShares Trust** | **Statement of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Dorsey Wright ADR ETF, Dorsey Wright FSM All Cap World ETF, Dorsey Wright FSM US Core ETF, Dorsey Wright Short ETF, Focused Equity ETF, Insider Advantage ETF, Pure Cannabis ETF, Ranger Equity Bear ETF, STAR Global Buy-Write ETF, Vice ETF | For the year ended June 30, 2025 | For each of the two years in the period ended June 30, 2025 | For each of the five years in the period ended June 30, 2025 |
| Pure US Cannabis ETF | For the year ended June 30, 2025 | For each of the two years in the period ended June 30, 2025<br>| For each of the four years in the period ended June 30, 2025 and the period September 1, 2020 (commencement of operations) through June 30, 2021 |
| Q Dynamic Growth ETF | For the year ended June 30, 2025<br>| For each of the two years in the period ended June 30, 2025<br>| For each of the four years in the period ended June 30, 2025 and the period December 28, 2020 (commencement of operations) through June 30, 2021 |
| Hotel ETF, Restaurant ETF | For the year ended June 30, 2025<br>| For each of the two years in the period ended June 30, 2025<br>| For each of the four years in the period ended June 30, 2025 and the period April 20, 2021 (commencement of operations) through June 30, 2021 |
| Gerber Kawasaki ETF | For the year ended June 30, 2025<br>| For each of the two years in the period ended June 30, 2025 | For each of the three years in the period ended June 30, 2025 and the period July 2, 2021 (commencement of operations) through June 30, 2022 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> AdvisorShares Trust** | **Statement of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Psychedelics ETF | For the year ended June 30, 2025<br>| For each of the two years in the period ended June 30, 2025 | For each of the three years in the period ended June 30, 2025 and the period September 16, 2021 (commencement of operations) through June 30, 2022 |
| MSOS Daily Leveraged ETF | For the year ended June 30, 2025 | For each of the two years in the period ended June 30, 2025 | For each of the two years in the period ended June 30, 2025 and the period August 24, 2022 (commencement of operations) through June 30, 2023 |
| HVAC and Industrials ETF | For the period February 3, 2025 (commencement of operations) through June 30, 2025 | For the period February 3, 2025 (commencement of operations) through June 30, 2025 | For the period February 3, 2025 (commencement of operations) through June 30, 2025 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2009.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, brokers or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**August 29, 2025**

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

**<u>Renewal of the Advisory Agreement for Each Fund and the Sub-Advisory Agreements for the</u>**

 **<u>AdvisorShares Gerber Kawasaki ETF and AdvisorShares STAR Global Buy-Write ETF</u>**

At meetings of the Board of Trustees (the "Board") of AdvisorShares Trust (the "Trust") held on March 11, 2025 and May 28, 2025, the Board, including those trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered and approved the renewal of (a) separate sub-advisory agreements (together, the "Sub-Advisory Agreements") between AdvisorShares Investments, LLC (the "Advisor") and (1) Gerber Kawasaki, Inc., on behalf of the AdvisorShares Gerber Kawasaki ETF and (2) CreativeOne Wealth, LLC, on behalf of the AdvisorShares STAR Global Buy-Write ETF (together, the "Sub-Advisors"), pursuant to which the Sub-Advisors perform portfolio management and related services, and (b) the investment advisory agreement between the Advisor and the Trust (together with the Sub-Advisory Agreements, the "Advisory Agreements"), on behalf of each series of the Trust (each, a "Fund" and, collectively, the "Funds").

Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Advisory Agreements must be approved annually (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate the Advisor's and each Sub-Advisor's fee and other aspects of the Advisory Agreements and decide whether to renew the Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate the Advisor's and each Sub-Advisor's fee and other aspects of the Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things, (i) the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor; (ii) the performance by the Advisor and each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by the Advisor and each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund's shareholders; and (vi) any ancillary benefits to the Adviser and each Sub-Advisor. The Board received an overview of the Advisor's and each Sub-Advisor's operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund's strategy, the focus in the markets, the Fund's positioning in the market, and its attractive and unique offering. The Board reviewed the Advisor's and each Sub-Advisor's overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of the Advisory Agreements in light of the written materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the Advisor and each Sub-Advisor and the renewal of each Advisory Agreement. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

***Nature, Extent and Quality of Services*.** In considering the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor, the Board reviewed the services provided to each Fund by the Advisor and applicable Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

implementing, the purchase and sale of portfolio securities, the provision of related services, such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Funds. The Trustees reviewed the extensive responsibilities that the Advisor has as investment advisor to each Fund, including the oversight of the activities and operations of the Sub-Advisors, as applicable, and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Funds. The most recent Form ADV for the Advisor and each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about their business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and each Sub-Advisor, including those individuals responsible for portfolio management, the Advisor's and each Sub-Advisor's operational capabilities and resources, and their experience in managing investment portfolios. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Advisor and each Sub-Advisor.

***Performance of the Funds*.** The Board was provided with information regarding each Fund's performance for various periods, as well as comparative performance information. The Advisor and each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that each Fund is actively managed and that it receives regular reports regarding each Fund's performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that the Advisor and each Sub-Advisor had been able to achieve for its respective Fund.

***Cost of Services and Profitability.*** In considering whether the advisory and sub-advisory fees payable with respect to each Fund are reasonable, the Board reviewed the advisory fee paid by each Fund to the Advisor, the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and each Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and each Sub-Advisor in providing advisory services, and the Advisor's and each Sub-Advisor's profitability analysis with respect to each Fund, as applicable. In discussing the fee arrangements between the Advisor and each Sub-Advisor, the Board noted that the Advisor pays each Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also reviewed information comparing each Fund's fee to the fee paid by comparable funds. The Board also considered the Advisor's contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratios of the Funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory and sub-advisory fees appear to be reasonable in light of the services rendered.

***Economies of Scale.*** The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Advisor and Sub-Advisors and whether the Advisor's and/or Sub-Advisors' fees include breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of a Fund.

***Ancillary Benefits.*** The Board noted the potential benefits to be received by the Advisor and each Sub-Advisor as a result of its relationship with a Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with a Fund's performance.

***Conclusion*.** Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable and agreed to renew each Advisory Agreement for another year.

**SUPPLEMENTAL INFORMATION**

**Quarterly Portfolio Holdings Information**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available without charge on the SEC's website at *www.sec.gov*.

**Proxy Voting Information**

A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC's website at *www.sec.gov*.

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Fund's website at *www.advisorshares.com*.

**ADVISORSHARES TRUST**

---

| |
|:---|
| **<u>Investment Advisor</u>** |
| <br> AdvisorShares Investments, LLC<br> 4800 Montgomery Lane, Suite 150<br> Bethesda, MD 20814<br>**<u>Sub-Advisors</u>**<br>**CreativeOne Wealth, LLC**<br> 6330 Sprint Parkway, Suite 400<br> Overland Park, KS 66211<br>**Gerber Kawasaki, Inc.**<br> 2716 Ocean Park Boulevard<br> Santa Monica, CA 90405<br>**Ranger Alternative Management, L.P.**<br> 1845 Woodall Rodgers Freeway, Suite 1050<br> Dallas, TX 75201<br>Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>**<u>Custodian/Fund Administrator/Transfer Agent</u>**<br>The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br>**<u>Legal Counsel</u>**<br>Morgan, Lewis & Bockius LLP<br> 1111 Pennsylvania Avenue, NW<br> Washington, D.C. 20004<br>**<u>Independent Registered Public Accounting Firm</u>**<br>Tait, Weller & Baker LLP<br> 50 South 16<sup>th</sup> Street, Suite 2900<br> Philadelphia, PA 19102<br>|

---

This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund's risks, objectives, fees and expenses, experience of management and other information.

![](img_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](advisorshares_ex99codeeth.htm) [Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.](advisorshares_ex99codeeth.htm) <br>(a)(2) Not applicable.

[(a)(3)](advisorshares_ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](advisorshares_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](advisorshares_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](advisorshares_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | AdvisorShares Trust |
| By (Signature and Title)\* | /s/ Noah Hamman |
|  | Noah Hamman, President |
|  | (principal executive officer) |
| Date | September 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Noah Hamman |
|  | Noah Hamman, President |
|  | (principal executive officer) |
| Date | September 3, 2025 |
| By (Signature and Title)\* | /s/ Dan Ahrens |
|  | Dan Ahrens, Treasurer |
|  | (principal financial officer) |
| Date | September 3, 2025 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH**

**ADVISORSHARES TRUST**

***Financial Officer Code of Ethics***

**I.** **Introduction** 

The reputation and integrity of AdvisorShares Trust (the "Trust") are valuable assets that are vital to the Trust's success. The Trust's senior financial officers ("SFOs") are responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. The Trust's SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trust) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. The Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by the Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist the Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust file with, or submit to, the SEC and in other public communications made by the Trust;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

The Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

The Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** The Trust's SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** The Trust's SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trust's SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trust.** The Trust's SFOs must at all times seek to provide information to the Trust's service providers (advisor, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** The Trust's SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** The Trust's SFOs must comply with the federal securities laws and other laws and rules applicable to the Trust, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** The Trust's SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. The Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** The Trust's SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** The Trust's SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** The Trust's SFOs should at all times proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** The Trust's SFOs must at all times endeavor to ensure that the Trust's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares the Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of the Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the Trust's shareholders to the extent required by SEC rules.

**VI.** **Affirmation of the Code** 

Upon adoption of the Code, the Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, the Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of the Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning. SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trust and its operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trust will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

## Ex-99.Cert

**EX-99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Noah Hamman, certify that:

1. I have reviewed this report on Form N-CSR of the AdvisorShares Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Noah Hamman |
| | | Noah Hamman, President |
| | | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Dan Ahrens, certify that:

1. I have reviewed this report on Form N-CSR of the AdvisorShares Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Noah Hamman, President of AdvisorShares Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Noah Hamman |
| | | Noah Hamman, President |
| | | (principal executive officer) |

---

I, Dan Ahrens, Treasurer of AdvisorShares Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---