# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001829126-26-001854
**Filing Date:** 2026-3
**Character Count:** 350956
**Document Hash:** 9abb421bb4ba126300c808a2cfec580d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-001854.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001829126-26-001854

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 26711887

**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>December 31, 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.**

(a) The Report to Shareholders is attached herewith.

# AdvisorShares Dorsey Wright ADR ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Dorsey Wright ADR ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $58 | 1.10% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$46,797,482

* Total number of portfolio holdings38

* Period portfolio turnover rate58%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Banks | 14.7% |
| Mining | 14.6% |
| Internet | 11.6% |
| Money Market Fund | 8.6% |
| Pharmaceuticals | 8.3% |
| Aerospace/Defense | 7.8% |
| Telecommunications | 6.7% |
| Electric | 5.3% |
| Diversified Financial Services | 5.2% |
| Biotechnology | 4.0% |
| Auto Parts & Equipment | 3.3% |
| Airlines | 2.8% |
| Building Materials | 2.6% |
| Other | 12.8% |
| Assets Less Liabilities | (8.3)% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM All Cap World ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $49 | 0.95% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$84,072,843

* Total number of portfolio holdings7

* Period portfolio turnover rate130%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Equity Fund | 99.6% |
| Money Market Funds | 4.6% |
| Assets Less Liabilities | (4.2)% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Dorsey Wright FSM US Core ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $47 | 0.90% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$116,385,100

* Total number of portfolio holdings4

* Period portfolio turnover rate50%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| Equity Fund | 99.3% |
| Money Market Funds | 26.6% |
| Assets Less Liabilities | (25.9)% |
| 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 Dorsey Wright Short ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Dorsey Wright Short ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $197 | 4.06% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$11,500,185

* Total number of portfolio holdings100

* Period portfolio turnover rate121%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Chemicals | (11.6)% |
| Commercial Services | (9.9)% |
| Retail | (7.3)% |
| Healthcare - Services | (6.2)% |
| Healthcare - Products | (6.1)% |
| Software | (5.7)% |
| Food | (5.2)% |
| Building Materials | (4.5)% |
| Internet | (4.5)% |
| REITS | (4.3)% |
| Computers | (4.2)% |
| Distribution/Wholesale | (4.1)% |
| Other | (34.0)% |
| Money Market Fund | 74.0% |
| Assets Less Liabilities | 133.6% |
| 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 Focused Equity ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Focused Equity ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $33 | 0.65% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$179,231,334

* Total number of portfolio holdings26

* Period portfolio turnover rate25%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Healthcare - Products | 16.1% |
| Software | 15.8% |
| Pharmaceuticals | 12.0% |
| Commercial Services | 8.1% |
| Engineering & Construction | 7.9% |
| Auto Parts & Equipment | 4.0% |
| Water | 4.0% |
| Electronics | 4.0% |
| Media | 4.0% |
| Diversified Financial Services | 4.0% |
| Computers | 4.0% |
| Food | 4.0% |
| Retail | 3.9% |
| Other | 8.2% |
| Assets Less Liabilities | -% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Gerber Kawasaki ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $39 | 0.75% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$27,264,968

* Total number of portfolio holdings31

* Period portfolio turnover rate22%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Software | 11.4% |
| Computers | 8.2% |
| Pharmaceuticals | 7.2% |
| Banks | 4.5% |
| Machinery - Construction & Mining | 4.3% |
| Aerospace/Defense | 4.0% |
| Building Materials | 4.0% |
| Commodity Fund | 3.6% |
| Retail | 3.3% |
| Entertainment | 3.1% |
| Money Market Fund | 2.6% |
| Other | 13.9% |
| 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 Hotel ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Hotel ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $52 | 0.99% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$3,335,464

* Total number of portfolio holdings26

* Period portfolio turnover rate48%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Commercial Services | 2.9% |
| Entertainment | 3.8% |
| Leisure Time | 17.9% |
| Internet | 20.7% |
| Lodging | 24.5% |
| REITS | 26.4% |
| Money Market Fund | 4.2% |
| Assets Less Liabilities | (0.4)% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares HVAC and Industrials ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $53<sup>Footnote Reference(1)</sup> | 0.99% |

---

---

| | |
|:---|:---|
| 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. |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$4,336,780

* Total number of portfolio holdings27

* Period portfolio turnover rate57%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| REITS | 2.3% |
| Retail | 2.7% |
| Electric | 3.5% |
| Environmental Control | 4.7% |
| Miscellaneous Manufacturing | 5.4% |
| Commercial Services | 9.0% |
| Engineering & Construction | 9.5% |
| Machinery - Diversified | 9.6% |
| Machinery - Construction & Mining | 10.2% |
| Electrical Components & Equipment | 11.4% |
| Building Materials | 14.9% |
| Electronics | 16.4% |
| Money Market Fund | 1.0% |
| Assets Less Liabilities | (0.6)% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Insider Advantage ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $48 | 0.90% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$48,377,801

* Total number of portfolio holdings100

* Period portfolio turnover rate120%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Software | 7.9% |
| Internet | 7.0% |
| Retail | 6.9% |
| Semiconductors | 6.9% |
| Commercial Services | 6.9% |
| Oil & Gas | 5.0% |
| Healthcare - Services | 5.0% |
| Computers | 4.0% |
| Diversified Financial Services | 4.0% |
| Machinery - Diversified | 4.0% |
| Miscellaneous Manufacturing | 4.0% |
| Insurance | 3.9% |
| Banks | 3.0% |
| Other | 30.6% |
| Assets Less Liabilities | 0.9% |
| 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 MSOS Daily Leveraged ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares MSOS Daily Leveraged ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $62 | 0.95% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$48,892,588

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025. This does not represent the Fund's market exposure due to the exclusion of derivatives.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Equity Fund | 0.0%<sup>Footnote Reference\*\*</sup> |
| Money Market Fund | 1.7% |
| Assets Less Liabilities | 98.3% |
| 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 Psychedelics ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Psychedelics ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $59 | 0.99% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$18,478,737

* Total number of portfolio holdings30

* Period portfolio turnover rate48%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Healthcare - Services | 2.8% |
| Pharmaceuticals | 42.8% |
| Biotechnology | 50.4% |
| Money Market Funds | 21.9% |
| Assets Less Liabilities | (17.9)% |
| 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 Pure Cannabis ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Pure Cannabis ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $34 | 0.49% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$41,673,684

* Total number of portfolio holdings21

* Period portfolio turnover rate14%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Agriculture | 18.9% |
| Distributors | 9.1% |
| Equity Fund | 46.0% |
| Pharmaceuticals | 24.8% |
| REITS | 0.8% |
| Money Market Funds | 4.2% |
| Assets Less Liabilities | (3.8)% |
| 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 US Cannabis ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Pure US Cannabis ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $55 | 0.74% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$918,577,265

* Total number of portfolio holdings61

* Period portfolio turnover rate34%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025. This does not represent the Fund's market exposure due to the exclusion of derivatives.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Agriculture | 1.5% |
| Pharmaceuticals | 11.8% |
| Money Market Funds | 12.4% |
| Assets Less Liabilities | 74.3% |
| 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 Q Dynamic Growth ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Q Dynamic Growth ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $79 | 1.45% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$32,902,130

* Total number of portfolio holdings8

* Period portfolio turnover rate80%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Commodity Fund | 19.6% |
| Equity Fund | 78.4% |
| Money Market Funds | 5.6% |
| Assets Less Liabilities | (3.6)% |
| 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 Ranger Equity Bear ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Ranger Equity Bear ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $172 | 3.44% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$54,472,784

* Total number of portfolio holdings53

* Period portfolio turnover rate373%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Banks | (13.1)% |
| Internet | (9.6)% |
| Retail | (9.4)% |
| Software | (8.9)% |
| REITS | (7.8)% |
| Commercial Services | (6.5)% |
| Diversified Financial Services | (6.5)% |
| Entertainment | (3.4)% |
| Beverages | (3.4)% |
| Hand/Machine Tools | (3.4)% |
| Computers | (2.7)% |
| Lodging | (2.0)% |
| Other | (15.3)% |
| Money Market Fund | 75.3% |
| Assets Less Liabilities | 116.7% |
| 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

# AdvisorShares Restaurant ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Restaurant ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $46 | 0.99% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$2,861,239

* Total number of portfolio holdings24

* Period portfolio turnover rate54%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Food Service | 2.8% |
| Internet | 7.0% |
| Food | 11.1% |
| Retail | 76.3% |
| Money Market Funds | 8.3% |
| Assets Less Liabilities | (5.5)% |
| 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 STAR Global Buy-Write ETF
![Image](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares STAR Global Buy-Write ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $56 | 1.08% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$75,721,039

* Total number of portfolio holdings13

* Period portfolio turnover rate1%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Purchased Put Option | 0.0%<sup>Footnote Reference\*\*</sup> |
| Written Call Option | (0.0)%<sup>Footnote Reference\*\*</sup> |
| Commodity Fund | 2.4% |
| Debt Fund | 26.0% |
| Equity Fund | 70.5% |
| Money Market Funds | 16.3% |
| Assets Less Liabilities | (15.2)% |
| 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](i13eebc2786d9d0bcb3bab592.jpg)

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

## Semi-Annual Shareholder Report \| DECEMBER 31, 2025
This semi-annual shareholder report contains important information about AdvisorShares Vice ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 | $48 | 0.99% |

---

## Key Fund Statistics
The following table outlines key fund statistics as of 12/31/2025.

* Fund net assets$7,012,984

* Total number of portfolio holdings25

* Period portfolio turnover rate100%

## Portfolio Composition
The table below shows the investment makeup of the Fund as of 12/31/2025.

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Auto Manufacturers | 4.5% |
| Retail | 4.7% |
| REITS | 4.8% |
| Semiconductors | 5.6% |
| Energy - Alternate Sources | 6.0% |
| Internet | 7.1% |
| Entertainment | 9.1% |
| Lodging | 9.2% |
| Software | 9.3% |
| Beverages | 15.0% |
| Agriculture | 24.5% |
| Money Market Funds | 6.8% |
| Assets Less Liabilities | (6.6)% |
| 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

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for the semi-annual reporting period.

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

Not applicable for the semi-annual reporting period.

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

Not applicable for the semi-annual reporting period.

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

Not applicable for the semi-annual reporting period.

**Item 6. Investments.**

(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.

(b) Not applicable.

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

(a) The semi-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** **Semi-Annual Report**

**December 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#a_001) |  |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright ADR ETF (AADR)](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)](#a_003) | 4 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)](#a_004) | 6 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright Short ETF (DWSH)](#a_005) | 8 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Focused Equity ETF (CWS)](#a_006) | 12 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Gerber Kawasaki ETF (GK)](#a_007) | 14 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Hotel ETF (BEDZ)](#a_008) | 16 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares HVAC and Industrials ETF (HVAC)](#a_009) | 18 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Insider Advantage ETF (SURE)](#a_010) | 20 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares MSOS Daily Leveraged ETF (MSOX)](#a_011) | 24 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Psychedelics ETF (PSIL)](#a_012) | 26 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure Cannabis ETF (YOLO)](#a_013) | 28 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure US Cannabis ETF (MSOS)](#a_014) | 30 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Q Dynamic Growth ETF (QPX)](#a_015) | 34 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Ranger Equity Bear ETF (HDGE)](#a_016) | 36 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Restaurant ETF (EATZ)](#a_017) | 39 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares STAR Global Buy-Write ETF (VEGA)](#a_018) | 41 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Vice ETF (VICE)](#a_019) | 43 |
| [Statements of Assets and Liabilities](#a_020) | 45 |
| [Statements of Operations](#a_021) | 50 |
| [Statements of Changes in Net Assets](#a_022) | 55 |
| [Financial Highlights](#a_023) | 64 |
| [Notes to Financial Statements](#a_024) | 74 |
| [Board Review of Investment Sub-Advisory Agreement](#a_025) | 96 |
| [Supplemental Information](#a_026) | 98 |

---

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.7%** |  |  |
| **Aerospace/Defense — 7.8%** |  |  |
| Embraer SA (Brazil)<sup>(a)</sup> | 40046 | $2577761 |
| Rolls-Royce Holdings PLC (United Kingdom)<sup>(a)(b)</sup> | 68381 | 1074949 |
| Total Aerospace/Defense |  | 3652710 |
| **Agriculture — 2.2%** |  |  |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 18172 | 1028899 |
| **Airlines — 2.8%** |  |  |
| Ryanair Holdings PLC (Italy)<sup>(a)</sup> | 18145 | 1309888 |
| **Auto Parts & Equipment — 3.3%** |  |  |
| China Yuchai International Ltd. (China) | 43852 | 1556746 |
| **Banks — 14.7%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(a)</sup> | 93555 | 2180767 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 71629 | 1822958 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(a)(b)</sup> | 105737 | 1676989 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(a)</sup> | 61718 | 1193009 |
| Total Banks |  | 6873723 |
| **Biotechnology — 4.0%** |  |  |
| Argenx SE (Netherlands)<sup>(a)(c)</sup> | 1100 | 925045 |
| Genmab A/S (Denmark)<sup>(a)(c)</sup> | 30200 | 930160 |
| Total Biotechnology |  | 1855205 |
| **Building Materials — 2.6%** |  |  |
| Cemex SAB de CV (Mexico)<sup>(a)</sup> | 106776 | 1226856 |
| **Diversified Financial Services — 5.2%** |  |  |
| Futu Holdings Ltd. (Hong Kong)<sup>(a)(c)</sup> | 7030 | 1154396 |
| Up Fintech Holding Ltd. (China)<sup>(a)(c)</sup> | 131542 | 1257542 |
| Total Diversified Financial Services |  | 2411938 |
| **Electric — 5.3%** |  |  |
| E.ON SE (Germany)<sup>(a)(b)</sup> | 60683 | 1149336 |
| Korea Electric Power Corp. (South Korea)<sup>(a)</sup> | 80143 | 1322359 |
| Total Electric |  | 2471695 |
| **Home Furnishings — 2.1%** |  |  |
| Sony Group Corp. (Japan)<sup>(a)</sup> | 38302 | 980531 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Insurance — 1.8%** |  |  |
| Aegon Ltd. | 111128 | $856797 |
| **Internet — 11.6%** |  |  |
| Alibaba Group Holding Ltd. (China)<sup>(a)</sup> | 6054 | 887395 |
| Prosus NV (China)<sup>(a)</sup> | 79762 | 985858 |
| Sea Ltd. (Singapore)<sup>(a)(c)</sup> | 8642 | 1102460 |
| Tencent Holdings Ltd. (China)<sup>(a)(b)</sup> | 15647 | 1197778 |
| Vnet Group, Inc. (China)<sup>(a)(b)(c)</sup> | 149961 | 1268670 |
| Total Internet |  | 5442161 |
| **Mining — 14.6%** |  |  |
| Cia de Minas Buenaventura SAA (Peru)<sup>(a)</sup> | 54445 | 1515204 |
| Gold Fields Ltd. (South Africa)<sup>(a)</sup> | 42678 | 1863321 |
| Harmony Gold Mining Co. Ltd. (South Africa)<sup>(a)</sup> | 93854 | 1867695 |
| Sibanye Stillwater Ltd. (South Africa)<sup>(a)(c)</sup> | 112066 | 1596941 |
| Total Mining |  | 6843161 |
| **Miscellaneous Manufacturing — 2.3%** |  |  |
| Siemens AG (Germany)<sup>(a)(b)</sup> | 7701 | 1077755 |
| **Pharmaceuticals — 8.3%** |  |  |
| Abivax SA (France)<sup>(a)(c)</sup> | 11200 | 1510376 |
| Ascendis Pharma A/S (Denmark)<sup>(a)(c)</sup> | 5716 | 1218880 |
| Teva Pharmaceutical Industries Ltd. (Israel)<sup>(a)(c)</sup> | 36800 | 1148528 |
| Total Pharmaceuticals |  | 3877784 |
| **Semiconductors — 2.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)<sup>(a)</sup> | 3900 | 1185171 |
| **Telecommunications — 6.7%** |  |  |
| Singapore Telecommunications Ltd. (Singapore)<sup>(a)(b)</sup> | 33511 | 1186624 |
| Telefonica Brasil SA (Brazil)<sup>(a)</sup> | 83927 | 995374 |
| VEON Ltd. (Pakistan)<sup>(a)(c)</sup> | 17887 | 940320 |
| Total Telecommunications |  | 3122318 |
| **Toys/Games/Hobbies — 1.9%** |  |  |
| Nintendo Co. Ltd. (Japan)<sup>(a)(b)</sup> | 51703 | 871713 |
| **Total Common Stocks<br> (Cost $36,053,753)** |  | 46645051 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 8.6%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(d)(e)</sup> | 3883855 | $3883855 |
| Invesco Government & Agency Portfolio — Private Investment Class, 3.38%<sup>(d)</sup> | 146733 | 146733 |
| **Total Money Market Funds<br> (Cost $4,030,588)** |  | 4030588 |
| Total Investments — 108.3%<br> (Cost $40,084,341) |  | 50675639 |
| Liabilities in Excess of Other Assets — (8.3%) |  | (3878157) |
| **Net Assets — 100.0%** |  | $**46797482** |

---

PLC — Public Limited Company

(a) American
 Depositary Receipt.

(b) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $6,474,712; the aggregate market value of
 the collateral held by the fund is $6,638,429. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $2,754,574.

(c) Non-income
 producing security.

(d) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $46645051 | $— | $— | $46645051 |
| Money Market Funds | 4030588 |  |  | 4030588 |
| Total | $50675639 | $— | $— | $50675639 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 7.8% |
| Agriculture | 2.2 |
| Airlines | 2.8 |
| Auto Parts & Equipment | 3.3 |
| Banks | 14.7 |
| Biotechnology | 4.0 |
| Building Materials | 2.6 |
| Diversified Financial Services | 5.2 |
| Electric | 5.3 |
| Home Furnishings | 2.1 |
| Insurance | 1.8 |
| Internet | 11.6 |
| Mining | 14.6 |
| Miscellaneous Manufacturing | 2.3 |
| Pharmaceuticals | 8.3 |
| Semiconductors | 2.5 |
| Telecommunications | 6.7 |
| Toys/Games/Hobbies | 1.9 |
| Money Market Funds | 8.6 |
| Total Investments | 108.3 |
| Liabilities in Excess of Other Assets | (8.3) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

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

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.6%** |  |  |
| **Equity Fund — 99.6%** |  |  |
| Invesco Nasdaq 100 ETF | 64920 | $16419567 |
| iShares MSCI International Momentum Factor ETF | 350320 | 16804850 |
| iShares MSCI International Value Factor ETF<sup>(a)</sup> | 459468 | 17482757 |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 66354 | 16609070 |
| iShares Russell 1000 Growth ETF | 34636 | 16393219 |
| **Total Exchange Traded Funds<br> (Cost $80,405,841)** |  | 83709463 |
| **MONEY MARKET FUNDS — 4.6%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(b)</sup> | 454587 | 454587 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(b)(c)</sup> | 3402035 | 3402035 |
| **Total Money Market Funds<br> (Cost $3,856,622)** |  | 3856622 |
| Total Investments — 104.2%<br> (Cost $84,262,463) |  | 87566085 |
| Liabilities in Excess of Other Assets — (4.2%) |  | (3493242) |
| **Net Assets — 100.0%** |  | $**84072843** |

---

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $11,355,614; the aggregate market value of
 the collateral held by the fund is $11,707,237. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $8,305,202.

(b) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $83709463 | $— | $— | $83709463 |
| Money Market Funds | 3856622 |  |  | 3856622 |
| Total | $87566085 | $— | $— | $87566085 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 99.6% |
| Money Market Funds | 4.6 |
| Total Investments | 104.2 |
| Liabilities in Excess of Other Assets | (4.2) |
| Net Assets | 100.0% |

---

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2025** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of Shares at 12/31/2025** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| Invesco S&P International Developed Low Volatility ETF | $38800240 | $— | $(38781871) | $702162 | $(720531) |  | $— | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.3%** |  |  |
| **Equity Fund — 99.3%** |  |  |
| Invesco QQQ Trust Series 1 | 93375 | $57361196 |
| iShares MSCI USA Momentum Factor ETF<sup>(a)</sup> | 232792 | 58270166 |
| **Total Exchange Traded Funds<br> (Cost $100,589,559)** |  | 115631362 |
| **MONEY MARKET FUNDS — 26.6%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(b)</sup> | 873194 | 873194 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(b)(c)</sup> | 30044339 | 30044339 |
| **Total Money Market Funds<br> (Cost $30,917,533)** |  | 30917533 |
| Total Investments — 125.9%<br> (Cost $131,507,092) |  | 146548895 |
| Liabilities in Excess of Other Assets — (25.9%) |  | (30163795) |
| **Net Assets — 100.0%** |  | $**116385100** |

---

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $31,345,821; the aggregate market value of
 the collateral held by the fund is $32,338,443. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $2,294,104.

(b) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $115631362 | $— | $— | $115631362 |
| Money Market Funds | 30917533 |  |  | 30917533 |
| Total | $146548895 | $— | $— | $146548895 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 99.3% |
| Money Market Funds | 26.6 |
| Total Investments | 125.9 |
| Liabilities in Excess of Other Assets | (25.9) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 74.0%** |  |  |
| STIT — Government & Agency Portfolio, Institutional Class, 3.68%<sup>(a)(b)</sup> <br> (Cost $8,507,079) | 8507079 | $8507079 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $8,507,079) |  | 8507079 |
| **Securities Sold, Not Yet Purchased — (107.6)%** |  |  |
| **COMMON STOCKS — (107.6)%** |  |  |
| **Airlines — (1.2)%** |  |  |
| Alaska Air Group, Inc.<sup>(c)</sup> | (2800) | (140840) |
| **Apparel — (2.2)%** |  |  |
| Carter's, Inc. | (4070) | (131990) |
| Columbia Sportswear Co. | (2100) | (115689) |
| Total Apparel |  | (247679) |
| **Auto Parts & Equipment — (1.4)%** |  |  |
| Goodyear Tire & Rubber Co. (The)<sup>(c)</sup> | (17680) | (154877) |
| **Beverages — (3.2)%** |  |  |
| Brown-Forman Corp., Class B | (4669) | (121674) |
| Constellation Brands, Inc., Class A | (895) | (123474) |
| National Beverage Corp.<sup>(c)</sup> | (3860) | (123096) |
| Total Beverages |  | (368244) |
| **Biotechnology — (2.3)%** |  |  |
| BioMarin Pharmaceutical, Inc.<sup>(c)</sup> | (1755) | (104300) |
| Sarepta Therapeutics, Inc.<sup>(c)</sup> | (7240) | (155805) |
| Total Biotechnology |  | (260105) |
| **Building Materials — (4.5)%** |  |  |
| Carlisle Cos., Inc. | (400) | (127944) |
| Fortune Brands Innovations, Inc. | (2360) | (118047) |
| JELD-WEN Holding, Inc.<sup>(c)</sup> | (57450) | (141327) |
| Owens Corning | (1150) | (128697) |
| Total Building Materials |  | (516015) |
| **Chemicals — (11.6)%** |  |  |
| Ashland, Inc. | (2402) | (140925) |
| Cabot Corp. | (2000) | (132560) |
| Celanese Corp. | (2970) | (125572) |
| Chemours Co. (The) | (10800) | (127332) |
| Eastman Chemical Co. | (1950) | (124468) |
| FMC Corp. | (8833) | (122514) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Chemicals (continued)** |  |  |
| Huntsman Corp. | (11139) | $(111390) |
| International Flavors & Fragrances, Inc. | (1970) | (132758) |
| LyondellBasell Industries NV, Class A | (2410) | (104353) |
| Olin Corp. | (4767) | (99297) |
| Westlake Corp. | (1544) | (114163) |
| Total Chemicals |  | (1335332) |
| **Commercial Services — (9.9)%** |  |  |
| Booz Allen Hamilton Holding Corp. | (1530) | (129071) |
| Euronet Worldwide, Inc.<sup>(c)</sup> | (1700) | (129387) |
| Global Payments, Inc. | (1560) | (120744) |
| ManpowerGroup, Inc. | (4436) | (131882) |
| MarketAxess Holdings, Inc. | (740) | (134125) |
| Morningstar, Inc. | (560) | (121694) |
| Robert Half, Inc. | (4790) | (130097) |
| U-Haul Holding Co.<sup>(c)</sup> | (2230) | (112414) |
| Verisk Analytics, Inc. | (590) | (131977) |
| Total Commercial Services |  | (1141391) |
| **Computers — (4.2)%** |  |  |
| Accenture PLC, Class A | (490) | (131467) |
| ASGN, Inc.<sup>(c)</sup> | (2340) | (112718) |
| DXC Technology Co.<sup>(c)</sup> | (7680) | (112512) |
| Gartner, Inc.<sup>(c)</sup> | (520) | (131185) |
| Total Computers |  | (487882) |
| **Cosmetics/Personal Care — (2.0)%** |  |  |
| Coty, Inc., Class A<sup>(c)</sup> | (36740) | (113159) |
| Perrigo Co., PLC | (8700) | (121104) |
| Total Cosmetics/Personal Care |  | (234263) |
| **Distribution/Wholesale — (4.1)%** |  |  |
| Copart, Inc.<sup>(c)</sup> | (2660) | (104139) |
| LKQ Corp. | (3990) | (120498) |
| Pool Corp. | (550) | (125813) |
| Watsco, Inc. | (360) | (121302) |
| Total Distribution/Wholesale |  | (471752) |
| **Entertainment — (1.2)%** |  |  |
| Marriott Vacations Worldwide Corp. | (2340) | (134995) |
| **Food — (5.2)%** |  |  |
| Campbell's Co., (The) | (4070) | (113431) |
| Conagra Brands, Inc. | (6930) | (119958) |
| Flowers Foods, Inc. | (10620) | (115546) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Food (continued)** |  |  |
| General Mills, Inc. | (2550) | $(118575) |
| Hormel Foods Corp. | (5425) | (128572) |
| Total Food |  | (596082) |
| **Healthcare — Products — (6.1)%** |  |  |
| Align Technology, Inc.<sup>(c)</sup> | (886) | (138349) |
| Baxter International, Inc. | (5600) | (107016) |
| DENTSPLY SIRONA, Inc. | (9436) | (107853) |
| Enovis Corp.<sup>(c)</sup> | (3995) | (106427) |
| Integra LifeSciences Holdings Corp.<sup>(c)</sup> | (9778) | (121443) |
| Teleflex, Inc. | (1012) | (123504) |
| Total Healthcare — Products |  | (704592) |
| **Healthcare — Services — (6.2)%** |  |  |
| Centene Corp.<sup>(c)</sup> | (4740) | (195051) |
| Chemed Corp. | (288) | (123224) |
| Elevance Health, Inc. | (426) | (149334) |
| Molina Healthcare, Inc.<sup>(c)</sup> | (747) | (129634) |
| UnitedHealth Group, Inc. | (360) | (118840) |
| Total Healthcare — Services |  | (716083) |
| **Home Furnishings — (1.2)%** |  |  |
| Whirlpool Corp. | (1900) | (137066) |
| **Household Products/Wares — (2.1)%** |  |  |
| Clorox Co. (The) | (1050) | (105872) |
| Kimberly-Clark Corp. | (1300) | (131157) |
| Total Household Products/Wares |  | (237029) |
| **Insurance — (2.2)%** |  |  |
| Brown & Brown, Inc. | (1580) | (125926) |
| Erie Indemnity Co., Class A | (440) | (126126) |
| Total Insurance |  | (252052) |
| **Internet — (4.5)%** |  |  |
| CDW Corp. | (850) | (115770) |
| GoDaddy, Inc., Class A<sup>(c)</sup> | (970) | (120357) |
| Snap, Inc., Class A<sup>(c)</sup> | (18840) | (152039) |
| Ziff Davis, Inc.<sup>(c)</sup> | (3725) | (130934) |
| Total Internet |  | (519100) |
| **Lodging — (1.1)%** |  |  |
| Choice Hotels International, Inc. | (1290) | (122885) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Media — (4.1)%** |  |  |
| Cable One, Inc. | (1082) | $(122104) |
| Charter Communications, Inc., Class A<sup>(c)</sup> | (650) | (135687) |
| FactSet Research Systems, Inc. | (422) | (122460) |
| Sirius XM Holdings, Inc. | (4823) | (96436) |
| Total Media |  | (476687) |
| **Office/Business Equipment — (0.9)%** |  |  |
| Xerox Holdings Corp. | (41776) | (99009) |
| **Oil & Gas — (1.2)%** |  |  |
| Patterson-UTI Energy, Inc. | (22960) | (140286) |
| **Packaging & Containers — (2.0)%** |  |  |
| AptarGroup, Inc. | (1000) | (121960) |
| Graphic Packaging Holding Co. | (7390) | (111293) |
| Total Packaging & Containers |  | (233253) |
| **Pharmaceuticals — (2.3)%** |  |  |
| Dexcom, Inc.<sup>(c)</sup> | (2120) | (140705) |
| Zoetis, Inc. | (1020) | (128336) |
| Total Pharmaceuticals |  | (269041) |
| **Pipelines — (1.2)%** |  |  |
| ONEOK, Inc. | (1910) | (140385) |
| **REITS — (4.3)%** |  |  |
| Alexandria Real Estate Equities, Inc. | (2295) | (112317) |
| Douglas Emmett, Inc. | (11500) | (126385) |
| Service Properties Trust | (69005) | (126969) |
| Weyerhaeuser Co. | (5450) | (129111) |
| Total REITS |  | (494782) |
| **Retail — (7.3)%** |  |  |
| Bath & Body Works, Inc. | (6720) | (134938) |
| CarMax, Inc.<sup>(c)</sup> | (2960) | (114374) |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup> | (3250) | (120250) |
| Cracker Barrel Old Country Store, Inc. | (4240) | (107696) |
| Floor & Decor Holdings, Inc., Class A<sup>(c)</sup> | (1590) | (96815) |
| Target Corp. | (1440) | (140760) |
| Wendy's Co. (The) | (14430) | (120202) |
| Total Retail |  | (835035) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — (5.7)%** |  |  |
| Adobe, Inc.<sup>(c)</sup> | (360) | $(125996) |
| Fiserv, Inc.<sup>(c)</sup> | (1910) | (128295) |
| Paychex, Inc. | (1150) | (129007) |
| Paycom Software, Inc. | (800) | (127488) |
| Synopsys, Inc.<sup>(c)</sup> | (303) | (142325) |
| Total Software |  | (653111) |
| **Transportation — (2.2)%** |  |  |
| Landstar System, Inc. | (970) | (139389) |
| Old Dominion Freight Line, Inc. | (735) | (115248) |
| Total Transportation |  | (254637) |
| **Total Securities Sold, Not Yet Purchased [Proceeds Received $(14731973)]** |  | (12374490) |
| Total Investments — (33.6)%<br> (Cost $(6224894)) |  | (3867411) |
| Other Assets in Excess of Liabilities — 133.6% |  | 15367596 |
| **Net Assets — 100.0%** |  | $**11500185** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

(a) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $8507079 | $— | $— | $8507079 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(12374490) | $— | $— | $(12374490) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Airlines | (1.2)% |
| Apparel | (2.2) |
| Auto Parts & Equipment | (1.4) |
| Beverages | (3.2) |
| Biotechnology | (2.3) |
| Building Materials | (4.5) |
| Chemicals | (11.6) |
| Commercial Services | (9.9) |
| Computers | (4.2) |
| Cosmetics/Personal Care | (2.0) |
| Distribution/Wholesale | (4.1) |
| Entertainment | (1.2) |
| Food | (5.2) |
| Healthcare — Products | (6.1) |
| Healthcare — Services | (6.2) |

---

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

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Home Furnishings | (1.2)% |
| Household Products/Wares | (2.1) |
| Insurance | (2.2) |
| Internet | (4.5) |
| Lodging | (1.1) |
| Media | (4.1) |
| Office/Business Equipment | (0.9) |
| Oil & Gas | (1.2) |
| Packaging & Containers | (2.0) |
| Pharmaceuticals | (2.3) |
| Pipelines | (1.2) |
| REITS | (4.3) |
| Retail | (7.3) |
| Software | (5.7) |
| Transportation | (2.2) |
| Money Market Fund | 74.0 |
| Total Investments | (33.6) |
| Other Assets in Excess of Liabilities | 133.6 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Aerospace/Defense — 3.9%** |  |  |
| HEICO Corp. | 21797 | $7053291 |
| **Auto Parts & Equipment — 4.0%** |  |  |
| Allison Transmission Holdings, Inc. | 72312 | 7079345 |
| **Commercial Services — 8.1%** |  |  |
| Moody's Corp. | 14340 | 7325589 |
| Rollins, Inc. | 119318 | 7161466 |
| Total Commercial Services |  | 14487055 |
| **Computers — 4.0%** |  |  |
| Science Applications International Corp. | 70577 | 7104281 |
| **Diversified Financial Services — 4.0%** |  |  |
| Intercontinental Exchange, Inc. | 44270 | 7169969 |
| **Electronics — 4.0%** |  |  |
| Amphenol Corp., Class A | 52944 | 7154852 |
| **Engineering & Construction — 7.9%** |  |  |
| Comfort Systems USA, Inc. | 7640 | 7130336 |
| IES Holdings, Inc.<sup>(a)</sup> | 18068 | 7028813 |
| Total Engineering & Construction |  | 14159149 |
| **Food — 4.0%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 91004 | 7250289 |
| **Healthcare — Products — 16.1%** |  |  |
| Abbott Laboratories | 57855 | 7248653 |
| ResMed, Inc. | 29672 | 7147095 |
| Stryker Corp. | 20426 | 7179126 |
| Thermo Fisher Scientific, Inc. | 12455 | 7217050 |
| Total Healthcare — Products |  | 28791924 |
| **Media — 4.0%** |  |  |
| FactSet Research Systems, Inc. | 24823 | 7203386 |
| **Metal Fabricate/Hardware — 3.9%** |  |  |
| Mueller Industries, Inc. | 61444 | 7053771 |
| **Pharmaceuticals — 12.0%** |  |  |
| Cencora, Inc. | 21219 | 7166717 |
| Henry Schein, Inc.<sup>(a)</sup> | 94697 | 7157199 |
| McKesson Corp. | 8732 | 7162773 |
| Total Pharmaceuticals |  | 21486689 |
| **Retail — 3.9%** |  |  |
| Casey's General Stores, Inc. | 12804 | 7076899 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — 15.8%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 20490 | $7171295 |
| Broadridge Financial Solutions, Inc. | 31698 | 7074042 |
| Fair Isaac Corp.<sup>(a)</sup> | 4127 | 6977189 |
| Intuit, Inc. | 10685 | 7077958 |
| Total Software |  | 28300484 |
| **Water — 4.0%** |  |  |
| American Water Works Co., Inc. | 54811 | 7152836 |
| **Total Common Stocks<br> (Cost $156,017,777)** |  | 178524220 |
| **MONEY MARKET FUND — 0.4%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(b)</sup> (Cost $763,043) | 763043 | 763043 |
| Total Investments — 100.0%<br> (Cost $156,780,820) |  | 179287263 |
| Liabilities in Excess of Other Assets — (0.0%)\*\* |  | (55929) |
| **Net Assets — 100.0%** |  | $**179231334** |

---

\*\* Less than 0.05%.

(a) Non-income producing security.

(b) Rate shown reflects the 7-day yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $178524220 | $— | $— | $178524220 |
| Money Market Fund | 763043 |  |  | 763043 |
| Total | $179287263 | $— | $— | $179287263 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 3.9% |
| Auto Parts & Equipment | 4.0 |
| Commercial Services | 8.1 |
| Computers | 4.0 |
| Diversified Financial Services | 4.0 |
| Electronics | 4.0 |
| Engineering & Construction | 7.9 |
| Food | 4.0 |
| Healthcare — Products | 16.1 |
| Media | 4.0 |
| Metal Fabricate/Hardware | 3.9 |
| Pharmaceuticals | 12.0 |
| Retail | 3.9 |
| Software | 15.8 |
| Water | 4.0 |
| Money Market Fund | 0.4 |
| Total Investments | 100.0 |
| Liabilities in Excess of Other Assets | (0.0)\*\* |
| Net Assets | 100.0% |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 93.9%** |  |  |
| **Aerospace/Defense — 4.0%** |  |  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 14500 | $1100695 |
| **Banks — 4.5%** |  |  |
| JPMorgan Chase & Co. | 3769 | 1214447 |
| **Building Materials — 4.0%** |  |  |
| Trane Technologies PLC | 2800 | 1089760 |
| **Commercial Services — 2.6%** |  |  |
| Quanta Services, Inc. | 1650 | 696399 |
| **Computers — 8.2%** |  |  |
| Apple, Inc. | 3952 | 1074391 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1000 | 468760 |
| International Business Machines Corp. | 2350 | 696093 |
| Total Computers |  | 2239244 |
| **Diversified Financial Services — 2.4%** |  |  |
| LPL Financial Holdings, Inc. | 1850 | 660765 |
| **Electronics — 1.6%** |  |  |
| Amphenol Corp., Class A | 3300 | 445962 |
| **Entertainment — 3.1%** |  |  |
| TKO Group Holdings, Inc.<sup>(b)</sup> | 4104 | 857736 |
| **Healthcare — Products — 1.3%** |  |  |
| Stryker Corp. | 1000 | 351470 |
| **Internet — 16.5%** |  |  |
| Alphabet, Inc., Class C | 7074 | 2219821 |
| Amazon.com, Inc.<sup>(a)</sup> | 3500 | 807870 |
| Meta Platforms, Inc., Class A | 1100 | 726099 |
| Netflix, Inc.<sup>(a)</sup> | 8000 | 750080 |
| Total Internet |  | 4503870 |
| **Machinery — Construction & Mining — 4.3%** |  |  |
| GE Vernova, Inc. | 1776 | 1160740 |
| **Media — 1.3%** |  |  |
| Walt Disney Co. (The) | 3000 | 341310 |
| **Miscellaneous Manufacturing — 2.0%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 977 | 554868 |
| **Pharmaceuticals — 7.2%** |  |  |
| Eli Lilly & Co. | 1825 | 1961291 |
| **Retail — 3.3%** |  |  |
| Walmart, Inc. | 8000 | 891280 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Semiconductors — 14.5%** |  |  |
| Broadcom, Inc. | 5250 | $1817025 |
| NVIDIA Corp. | 11444 | 2134306 |
| Total Semiconductors |  | 3951331 |
| **Software — 11.4%** |  |  |
| Genius Sports Ltd. (United Kingdom)<sup>(a)</sup> | 65823 | 725369 |
| Microsoft Corp. | 2803 | 1355587 |
| Oracle Corp. | 3900 | 760149 |
| SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 26000 | 259220 |
| Total Software |  | 3100325 |
| **Venture Capital — 1.7%** |  |  |
| Blackstone, Inc. | 3000 | 462420 |
| **Total Common Stocks<br> (Cost $16,851,128)** |  | 25583913 |
| **EXCHANGE TRADED FUNDS — 4.6%** |  |  |
| **Commodity Fund — 3.6%** |  |  |
| iShares Gold Trust<sup>(a)</sup> | 12127 | 984348 |
| **Equity Fund — 1.0%** |  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 5538 | 274962 |
| **Total Exchange Traded Funds<br> (Cost $892,026)** |  | 1259310 |
| **MONEY MARKET FUNDS — 2.6%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(c)</sup> | 447694 | 447694 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(c)(d)</sup> | 261170 | 261170 |
| **Total Money Market Funds<br> (Cost $708,864)** |  | 708864 |
| Total Investments — 101.1%<br> (Cost $18,452,018) |  | 27552087 |
| Liabilities in Excess of Other Assets — (1.1%) |  | (287119) |
| **Net Assets — 100.0%** |  | $**27264968** |

---

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 $1,094,425; the aggregate market value of
 the collateral held by the fund is $1,139,786. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $878,616.

(c) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $25583913 | $— | $— | $25583913 |
| Exchange Traded Funds | 1259310 |  |  | 1259310 |
| Money Market Funds | 708864 |  |  | 708864 |
| Total | $27552087 | $— | $— | $27552087 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 4.0% |
| Banks | 4.5 |
| Building Materials | 4 |
| Commercial Services | 2.6 |
| Commodity Fund | 3.6 |
| Computers | 8.2 |
| Diversified Financial Services | 2.4 |
| Electronics | 1.6 |
| Entertainment | 3.1 |
| Equity Fund | 1 |
| Healthcare — Products | 1.3 |
| Internet | 16.5 |
| Machinery — Construction & Mining | 4.3 |
| Media | 1.3 |
| Miscellaneous Manufacturing | 2 |
| Pharmaceuticals | 7.2 |
| Retail | 3.3 |
| Semiconductors | 14.5 |
| Software | 11.4 |
| Venture Capital | 1.7 |
| Money Market Funds | 2.6 |
| Total Investments | 101.1 |
| Liabilities in Excess of Other Assets | (1.1) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 96.2%** |  |  |
| **Commercial Services — 2.9%** |  |  |
| Target Hospitality Corp.<sup>(a)</sup> | 11820 | $94678 |
| **Entertainment — 3.8%** |  |  |
| Monarch Casino & Resort, Inc. | 1317 | 126037 |
| **Internet — 20.7%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 587 | 79668 |
| Booking Holdings, Inc. | 15 | 80330 |
| Expedia Group, Inc. | 703 | 199167 |
| Travelzoo<sup>(a)(b)</sup> | 12350 | 87932 |
| Trip.com Group Ltd. (China)<sup>(c)</sup> | 2294 | 164961 |
| TripAdvisor, Inc.<sup>(a)</sup> | 5464 | 79556 |
| Total Internet |  | 691614 |
| **Leisure Time — 17.9%** |  |  |
| Carnival Corp.<sup>(a)</sup> | 5149 | 157251 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 6626 | 147892 |
| Royal Caribbean Cruises Ltd. | 482 | 134439 |
| Viking Holdings Ltd.<sup>(a)</sup> | 2213 | 158030 |
| Total Leisure Time |  | 597612 |
| **Lodging — 24.5%** |  |  |
| Atour Lifestyle Holdings Ltd. (China)<sup>(c)</sup> | 2865 | 112881 |
| Boyd Gaming Corp. | 1214 | 103481 |
| H World Group Ltd. (China)<sup>(c)</sup> | 3073 | 144585 |
| Hilton Worldwide Holdings, Inc. | 566 | 162584 |
| Marriott International, Inc., Class A | 560 | 173734 |
| Travel + Leisure Co. | 1687 | 118984 |
| Total Lodging |  | 816249 |
| **REITS — 26.4%** |  |  |
| Apple Hospitality REIT, Inc. | 10473 | 124105 |
| DiamondRock Hospitality Co. | 12371 | 110844 |
| Gaming and Leisure Properties, Inc. | 3298 | 147388 |
| Host Hotels & Resorts, Inc. | 9317 | 165190 |
| Pebblebrook Hotel Trust | 7455 | 84391 |
| VICI Properties, Inc. | 4670 | 131320 |
| Xenia Hotels & Resorts, Inc. | 8333 | 117829 |
| Total REITS |  | 881067 |
| **Total Common Stocks<br> (Cost $2,985,971)** |  | 3207257 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 4.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(d)</sup> (Cost $141,111) | 141111 | $141111 |
| Total Investments — 100.4%<br> (Cost $3,127,082) |  | 3348368 |
| Liabilities in Excess of Other Assets — (0.4%) |  | (12904) |
| **Net Assets — 100.0%** |  | $**3335464** |

---

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 $48,252; the aggregate market value of the
 collateral held by the fund is $50,649. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral
 having a value of $50,649.

(c) American
 Depositary Receipt.

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $3207257 | $— | $— | $3207257 |
| Money Market Fund | 141111 |  |  | 141111 |
| Total | $3348368 | $— | $— | $3348368 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commercial Services | 2.9% |
| Entertainment | 3.8 |
| Internet | 20.7 |
| Leisure Time | 17.9 |
| Lodging | 24.5 |
| REITS | 26.4 |
| Money Market Fund | 4.2 |
| Total Investments | 100.4 |
| Liabilities in Excess of Other Assets | (0.4) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES HVAC AND INDUSTRIALS ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Building Materials — 14.9%** |  |  |
| Carrier Global Corp. | 335 | $17701 |
| Johnson Controls International PLC | 1418 | 169805 |
| Lennox International, Inc. | 39 | 18938 |
| Modine Manufacturing Co.<sup>(a)</sup> | 667 | 89051 |
| SPX Technologies, Inc.<sup>(a)</sup> | 899 | 179854 |
| Trane Technologies PLC | 443 | 172416 |
| Total Building Materials |  | 647765 |
| **Commercial Services — 9.0%** |  |  |
| API Group Corp.<sup>(a)</sup> | 4944 | 189157 |
| Willdan Group, Inc.<sup>(a)</sup> | 1953 | 202448 |
| Total Commercial Services |  | 391605 |
| **Electric — 3.5%** |  |  |
| AES Corp. (The) | 10495 | 150498 |
| **Electrical Components & Equipment — 11.4%** |  |  |
| AMETEK, Inc. | 895 | 183752 |
| Eaton Corp. PLC | 319 | 101605 |
| Graham Corp.<sup>(a)</sup> | 3238 | 207977 |
| Total Electrical Components & Equipment |  | 493334 |
| **Electronics — 16.4%** |  |  |
| Amphenol Corp., Class A | 2907 | 392852 |
| Celestica, Inc. (Canada)<sup>(a)</sup> | 532 | 157265 |
| Hubbell, Inc. | 358 | 158991 |
| Total Electronics |  | 709108 |
| **Engineering & Construction — 9.5%** |  |  |
| Comfort Systems USA, Inc. | 443 | 413447 |
| **Environmental Control — 4.7%** |  |  |
| Veralto Corp. | 2056 | 205148 |
| **Machinery — Construction & Mining — 10.2%** |  |  |
| Bloom Energy Corp., Class A<sup>(a)</sup> | 1184 | 102878 |
| GE Vernova, Inc. | 106 | 69278 |
| Vertiv Holdings Co., Class A | 1677 | 271691 |
| Total Machinery — Construction & Mining |  | 443847 |
| **Machinery — Diversified — 9.6%** |  |  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 4664 | 100136 |
| Rockwell Automation, Inc. | 440 | 171191 |
| Xylem, Inc. | 1070 | 145713 |
| Total Machinery — Diversified |  | 417040 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Miscellaneous Manufacturing — 5.4%** |  |  |
| Parker-Hannifin Corp. | 265 | $232924 |
| **REITS — 2.3%** |  |  |
| Digital Realty Trust, Inc. | 643 | 99479 |
| **Retail — 2.7%** |  |  |
| Ferguson Enterprises, Inc. | 527 | 117326 |
| **Total Common Stocks<br> (Cost $3,949,340)** |  | 4321521 |
| **MONEY MARKET FUND — 1.0%** |  |  |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares, 3.65%<sup>(b)</sup> (Cost $42,559) | 42559 | 42559 |
| Total Investments — 100.6%<br> (Cost $3,991,899) |  | 4364080 |
| Liabilities in Excess of Other Assets — (0.6%) |  | (27300) |
| **Net Assets — 100.0%** |  | $**4336780** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

(a) Non-income
 producing security.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

**ADVISORSHARES HVAC AND INDUSTRIALS ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $4321521 | $— | $— | $4321521 |
| Money Market Fund | 42559 |  |  | 42559 |
| Total | $4364080 | $— | $— | $4364080 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Building Materials | 14.9% |
| Commercial Services | 9 |
| Electric | 3.5 |
| Electrical Components & Equipment | 11.4 |
| Electronics | 16.4 |
| Engineering & Construction | 9.5 |
| Environmental Control | 4.7 |
| Machinery — Construction & Mining | 10.2 |
| Machinery — Diversified | 9.6 |
| Miscellaneous Manufacturing | 5.4 |
| REITS | 2.3 |
| Retail | 2.7 |
| Money Market Fund | 1 |
| Total Investments | 100.6 |
| Liabilities in Excess of Other Assets | (0.6) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.1%** |  |  |
| **Advertising — 1.0%** |  |  |
| Stagwell, Inc.<sup>(a)(b)</sup> | 97700 | $477753 |
| **Aerospace/Defense — 1.0%** |  |  |
| Lockheed Martin Corp. | 1000 | 483670 |
| **Apparel — 2.9%** |  |  |
| Crocs, Inc.<sup>(b)</sup> | 5600 | 478912 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 10200 | 474096 |
| Tapestry, Inc. | 3750 | 479137 |
| Total Apparel |  | 1432145 |
| **Auto Parts & Equipment — 2.0%** |  |  |
| Allison Transmission Holdings, Inc. | 4875 | 477263 |
| Gentex Corp. | 20686 | 481363 |
| Total Auto Parts & Equipment |  | 958626 |
| **Banks — 3.0%** |  |  |
| First Citizens BancShares, Inc., Class A | 223 | 478598 |
| JPMorgan Chase & Co. | 1490 | 480108 |
| Wells Fargo & Co. | 5181 | 482869 |
| Total Banks |  | 1441575 |
| **Biotechnology — 1.0%** |  |  |
| Emergent BioSolutions, Inc.<sup>(b)</sup> | 39900 | 493164 |
| **Building Materials — 1.0%** |  |  |
| Carlisle Cos., Inc.<sup>(a)</sup> | 1500 | 479790 |
| **Commercial Services — 6.9%** |  |  |
| Kforce, Inc. | 15360 | 474931 |
| Legalzoom.com, Inc.<sup>(b)</sup> | 48200 | 478626 |
| Moody's Corp. | 940 | 480199 |
| Morningstar, Inc. | 2220 | 482428 |
| S&P Global, Inc. | 900 | 470331 |
| United Rentals, Inc. | 574 | 464550 |
| Verisk Analytics, Inc. | 2115 | 473104 |
| Total Commercial Services |  | 3324169 |
| **Computers — 4.0%** |  |  |
| Amdocs Ltd. | 6116 | 492399 |
| Apple, Inc. | 1763 | 479289 |
| Fortinet, Inc.<sup>(b)</sup> | 6000 | 476460 |
| KBR, Inc. | 12000 | 482400 |
| Total Computers |  | 1930548 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Distribution/Wholesale — 1.0%** |  |  |
| Pool Corp. | 2093 | $478774 |
| **Diversified Financial Services — 4.0%** |  |  |
| Encore Capital Group, Inc.<sup>(b)</sup> | 8750 | 475563 |
| Mastercard, Inc., Class A | 850 | 485248 |
| SEI Investments Co. | 5871 | 481539 |
| Synchrony Financial | 5760 | 480557 |
| Total Diversified Financial Services |  | 1922907 |
| **Electronics — 3.0%** |  |  |
| CTS Corp. | 11400 | 488718 |
| Honeywell International, Inc. | 2450 | 477970 |
| Vontier Corp. | 13155 | 489103 |
| Total Electronics |  | 1455791 |
| **Entertainment — 2.9%** |  |  |
| Churchill Downs, Inc. | 4180 | 475600 |
| Monarch Casino & Resort, Inc. | 4768 | 456298 |
| TKO Group Holdings, Inc.<sup>(a)</sup> | 2250 | 470250 |
| Total Entertainment |  | 1402148 |
| **Environmental Control — 0.9%** |  |  |
| Tetra Tech, Inc. | 13856 | 464730 |
| **Healthcare — Products — 1.0%** |  |  |
| Danaher Corp. | 2150 | 492178 |
| **Healthcare — Services — 5.0%** |  |  |
| DaVita, Inc.<sup>(a)(b)</sup> | 4270 | 485115 |
| Elevance Health, Inc. | 1400 | 490770 |
| HCA Healthcare, Inc. | 1022 | 477131 |
| Option Care Health, Inc.<sup>(a)(b)</sup> | 15100 | 481086 |
| Universal Health Services, Inc., Class B | 2150 | 468743 |
| Total Healthcare — Services |  | 2402845 |
| **Home Builders — 2.9%** |  |  |
| DR Horton, Inc. | 3336 | 480484 |
| PulteGroup, Inc. | 3972 | 465757 |
| Toll Brothers, Inc. | 3560 | 481383 |
| Total Home Builders |  | 1427624 |
| **Insurance — 3.9%** |  |  |
| Essent Group Ltd. | 7316 | 475613 |
| Hartford Insurance Group, Inc. (The) | 3397 | 468107 |
| MGIC Investment Corp. | 16456 | 480844 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1709 | 480503 |
| Total Insurance |  | 1905067 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Internet — 7.0%** |  |  |
| Airbnb, Inc., Class A<sup>(b)</sup> | 3550 | $481806 |
| Alphabet, Inc., Class C | 1536 | 481997 |
| Booking Holdings, Inc. | 89 | 476624 |
| Expedia Group, Inc. | 1700 | 481627 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 3800 | 471504 |
| Grindr, Inc. (Singapore)<sup>(a)(b)</sup> | 36200 | 490148 |
| Match Group, Inc. | 15100 | 487579 |
| Total Internet |  | 3371285 |
| **Lodging — 2.0%** |  |  |
| Hilton Worldwide Holdings, Inc. | 1658 | 476261 |
| Wyndham Hotels & Resorts, Inc.<sup>(a)</sup> | 6406 | 484037 |
| Total Lodging |  | 960298 |
| **Machinery — Construction & Mining — 1.0%** |  |  |
| Caterpillar, Inc. | 841 | 481784 |
| **Machinery — Diversified — 4.0%** |  |  |
| Albany International Corp., Class A | 9400 | 476580 |
| CSW Industrials, Inc.<sup>(a)</sup> | 1600 | 469648 |
| Flowserve Corp. | 6900 | 478722 |
| Toro Co. (The) | 6318 | 497353 |
| Total Machinery — Diversified |  | 1922303 |
| **Miscellaneous Manufacturing — 4.0%** |  |  |
| A.O. Smith Corp.<sup>(a)</sup> | 7138 | 477389 |
| Illinois Tool Works, Inc. | 1941 | 478068 |
| Parker-Hannifin Corp. | 556 | 488702 |
| Textron, Inc. | 5700 | 496869 |
| Total Miscellaneous Manufacturing |  | 1941028 |
| **Oil & Gas — 5.0%** |  |  |
| ConocoPhillips | 5185 | 485368 |
| Devon Energy Corp. | 13181 | 482820 |
| Exxon Mobil Corp. | 4138 | 497967 |
| Valaris Ltd.<sup>(b)</sup> | 9540 | 480816 |
| Valero Energy Corp. | 2960 | 481858 |
| Total Oil & Gas |  | 2428829 |
| **Oil & Gas Services — 1.0%** |  |  |
| TechnipFMC PLC (United Kingdom) | 10551 | 470153 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Pharmaceuticals — 3.0%** |  |  |
| Dexcom, Inc.<sup>(b)</sup> | 7240 | $480519 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 13300 | 497686 |
| McKesson Corp. | 570 | 467565 |
| Total Pharmaceuticals |  | 1445770 |
| **Retail — 6.9%** |  |  |
| CarMax, Inc.<sup>(b)</sup> | 12400 | 479136 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 13000 | 481000 |
| Domino's Pizza, Inc. | 1150 | 479343 |
| McDonald's Corp. | 1540 | 470670 |
| Murphy USA, Inc. | 1201 | 484628 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 5300 | 483413 |
| Yum! Brands, Inc. | 3204 | 484701 |
| Total Retail |  | 3362891 |
| **Semiconductors — 6.9%** |  |  |
| Applied Materials, Inc. | 1862 | 478515 |
| KLA Corp. | 386 | 469021 |
| Lam Research Corp. | 2763 | 472970 |
| Monolithic Power Systems, Inc. | 520 | 471307 |
| NVIDIA Corp. | 2598 | 484527 |
| ON Semiconductor Corp.<sup>(b)</sup> | 8900 | 481935 |
| QUALCOMM, Inc. | 2789 | 477059 |
| Total Semiconductors |  | 3335334 |
| **Software — 7.9%** |  |  |
| Adobe, Inc.<sup>(b)</sup> | 1400 | 489986 |
| Autodesk, Inc.<sup>(b)</sup> | 1550 | 458816 |
| Broadridge Financial Solutions, Inc. | 2152 | 480262 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1500 | 468870 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 17500 | 486500 |
| Microsoft Corp. | 984 | 475882 |
| MSCI, Inc. | 830 | 476196 |
| Salesforce, Inc. | 1830 | 484785 |
| Total Software |  | 3821297 |
| **Telecommunications — 1.0%** |  |  |
| Iridium Communications, Inc. | 28296 | 491784 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Transportation — 2.0%** |  |  |
| Expeditors International of Washington, Inc. | 3240 | $482793 |
| Old Dominion Freight Line, Inc. | 3038 | 476358 |
| Total Transportation |  | 959151 |
| **Total Common Stocks<br> (Cost $45,924,479)** |  | 47965411 |
| Total Investments — 99.1%<br> (Cost $45,924,479) |  | 47965411 |
| Other Assets in Excess of Liabilities — 0.9% |  | 412390 |
| **Net Assets — 100.0%** |  | $**48377801** |

---

PLC — Public Limited Company

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $4,224,632; the aggregate market value of
 the collateral held by the fund is $4,366,188. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $4,366,188.

(b) Non-income
 producing security.

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $47965411 | $— | $— | $47965411 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Advertising | 1.0% |
| Aerospace/Defense | 1 |
| Apparel | 2.9 |
| Auto Parts & Equipment | 2 |
| Banks | 3 |
| Biotechnology | 1 |
| Building Materials | 1 |
| Commercial Services | 6.9 |
| Computers | 4 |
| Distribution/Wholesale | 1 |
| Diversified Financial Services | 4 |
| Electronics | 3 |
| Entertainment | 2.9 |
| Environmental Control | 0.9 |
| Healthcare — Products | 1 |
| Healthcare — Services | 5 |
| Home Builders | 2.9 |
| Insurance | 3.9 |
| Internet | 7 |

---

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

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Lodging | 2.0% |
| Machinery — Construction & Mining | 1 |
| Machinery — Diversified | 4 |
| Miscellaneous Manufacturing | 4 |
| Oil & Gas | 5 |
| Oil & Gas Services | 1 |
| Pharmaceuticals | 3 |
| Retail | 6.9 |
| Semiconductors | 6.9 |
| Software | 7.9 |
| Telecommunications | 1 |
| Transportation | 2 |
| Total Investments | 99.1 |
| Other Assets in Excess of Liabilities | 0.9 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS DAILY LEVERAGED ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND — 0.0%\*\*** |  |  |
| **Equity Fund — 0.0%\*\*** |  |  |
| AdvisorShares Pure US Cannabis ETF<sup>†(a)</sup> (Cost $367) | 100 | $471 |
| **MONEY MARKET FUND — 1.7%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(b)</sup> (Cost $821,454) | 821454 | 821454 |
| Total Investments — 1.7%<br> (Cost $821,821) |  | 821925 |
| Other Assets in Excess of Liabilities — 98.3% |  | 48070663 |
| **Net Assets — 100.0%** |  | $**48892588** |

---

OBFR — Overnight Bank Funding Rate

---

| | |
|:---|:---|
| \*\* | Less than 0.05%. |
| † | Affiliated Company. |
| (a) | Non-income producing security. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2025. |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS DAILY LEVERAGED ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 Fund | $471 | $— | $— | $471 |
| Money Market Fund | 821454 |  |  | 821454 |
| Total | $821925 | $— | $— | $821925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swap<sup>†</sup> | $— | $(4953918) | $— | $(4953918) |

---

† 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** |  |
| Equity Fund | 0.0 | %\*\* |
| Money Market Fund | 1.7 |  |
| Total Investments | 1.7 |  |
| Other Assets in Excess of Liabilities | 98.3 |  |
| Net Assets | 100.0 | % |

---

\*\* Less than 0.05%.

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2025** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 12/31/2025** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| AdvisorShares Pure US Cannabis ETF | $— | $368 | $— | $— | $103 | 100 | $471 | $— |

---

**Total return swap contracts outstanding as of December 31, 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 + 4.00% | Monthly | 7/11/2026 | $37394145 | $32568000 | $(4826145) |
| AdvisorShares Pure US Cannabis ETF | OBFR + 2.00% | Monthly | 9/22/2026 | 55151595 | 55071313 | (80282) |
| AdvisorShares Pure US Cannabis ETF | OBFR + 3.00% | Monthly | 11/20/2026 | 9523514 | 9476023 | (47491) |
| **Net Unrealized Depreciation** |  |  |  |  |  | $(4953918) |

---

Clear Street, Marex Capital Markets Inc 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 December 31, 2025, cash in the amount of $47,904,048 has been segregated as collateral from the broker for swap contracts.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 96.0%** |  |  |
| **Biotechnology — 50.4%** |  |  |
| Alto Neuroscience, Inc.<sup>(a)</sup> | 44077 | $784571 |
| Atai Beckley NV (Germany)<sup>(a)</sup> | 548603 | 2243786 |
| Bright Minds Biosciences, Inc. (Canada)<sup>(a)</sup> | 9944 | 776030 |
| Clearmind Medicine, Inc. (Canada)<sup>(a)</sup> | 6632 | 12004 |
| Cybin, Inc. (Canada)<sup>(a)(b)</sup> | 98058 | 802115 |
| Enveric Biosciences, Inc.<sup>(a)(b)</sup> | 16974 | 61616 |
| GH Research PLC (Ireland)<sup>(a)(b)</sup> | 67112 | 852322 |
| Incannex Healthcare, Inc.<sup>(a)</sup> | 663727 | 237614 |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | 102838 | 1377001 |
| Neuphoria Therapeutics, Inc.<sup>(a)(b)</sup> | 134194 | 520673 |
| NRX Therapeutics, Inc.<sup>(a)(b)</sup> | 328004 | 888891 |
| Pasithea Therapeutics Corp.<sup>(a)</sup> | 304721 | 393090 |
| Sage Therapeutics, Inc.<sup>(a)</sup> | 89780 | 0 |
| Silo Pharma, Inc.<sup>(a)</sup> | 599507 | 203832 |
| Vistagen Therapeutics, Inc.<sup>(a)</sup> | 250188 | 165599 |
| Total Biotechnology |  | 9319144 |
| **Healthcare — Services — 2.8%** |  |  |
| Neuronetics, Inc.<sup>(a)(b)</sup> | 270916 | 373864 |
| Numinus Wellness, Inc. (Canada)<sup>(a)</sup> | 4839107 | 145173 |
| Total Healthcare — Services |  | 519037 |
| **Pharmaceuticals — 42.8%** |  |  |
| AbbVie, Inc. | 2943 | 672446 |
| Alkermes PLC<sup>(a)</sup> | 30580 | 855628 |
| Compass Pathways PLC (United Kingdom)<sup>(a)(b)(c)</sup> | 230910 | 1593279 |
| Johnson & Johnson | 3056 | 632439 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 5901 | 836939 |
| Quantum BioPharma Ltd. (Canada)<sup>(a)</sup> | 46617 | 0 |
| Quantum BioPharma Ltd., Class B (Canada)<sup>(a)(b)</sup> | 49633 | 362321 |
| Relmada Therapeutics, Inc.<sup>(a)</sup> | 319510 | 1543233 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 28394 | 1411182 |
| Unbuzzd Wellness, Inc. (Canada)<sup>(a)</sup> | 263236 | 0 |
| Total Pharmaceuticals |  | 7907467 |
| **Total Common Stocks <br> (Cost $15,370,890)** |  | 17745648 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 21.9%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(d)</sup> | 755900 | $755900 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(d)(e)</sup> | 3283430 | 3283430 |
| **Total Money Market Funds<br> (Cost $4,039,330)** |  | 4039330 |
| Total Investments — 117.9%<br> (Cost $19,410,220) |  | 21784978 |
| Liabilities in Excess of Other Assets — (17.9%) |  | (3306241) |
| **Net Assets — 100.0%** |  | $**18478737** |

---

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 $3,191,547; the aggregate market value of
 the collateral held by the fund is $3,283,430.

(c) American
 Depositary Receipt.

(d) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $17745648 | $— | $— | $17745648 |
| Money Market Funds | 4039330 |  |  | 4039330 |
| Total | $21784978 | $— | $— | $21784978 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Biotechnology | 50.4% |
| Healthcare — Services | 2.8 |
| Pharmaceuticals | 42.8 |
| Money Market Funds | 21.9 |
| Total Investments | 117.9 |
| Liabilities in Excess of Other Assets | (17.9) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 53.6%** |  |  |
| **Agriculture — 18.9%** |  |  |
| Village Farms International, Inc. (Canada)<sup>(a)</sup> | 2161206 | $7888402 |
| **Distributors — 9.1%** |  |  |
| High Tide, Inc. (Canada)<sup>(a)(b)</sup> | 1436300 | 3806195 |
| **Pharmaceuticals — 24.8%** |  |  |
| Aurora Cannabis, Inc. (Canada)<sup>(a)(b)</sup> | 185270 | 781839 |
| Cannara Biotech, Inc. (Canada)<sup>(a)</sup> | 215750 | 273868 |
| Canopy Growth Corp. (Canada)<sup>(a)(b)</sup> | 313482 | 357369 |
| Cardiol Therapeutics, Inc., Class A (Canada)<sup>(a)(b)</sup> | 597977 | 570350 |
| Charlottes Web Holdings, Inc.<sup>(a)(b)</sup> | 2284556 | 824990 |
| Cronos Group, Inc. (Canada)<sup>(a)</sup> | 575660 | 1513986 |
| Fluent Corp.<sup>(a)</sup> | 6194547 | 310347 |
| IM Cannabis Corp. (Canada)<sup>(a)</sup> | 102120 | 141947 |
| Intercure Ltd. (Israel)<sup>(a)</sup> | 105944 | 96409 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 4400 | 748000 |
| Organigram Global, Inc. (Canada)<sup>(a)</sup> | 1024159 | 1720587 |
| PharmaCielo Ltd. (Canada)<sup>(a)</sup> | 333622 | 11593 |
| Rubicon Organics, Inc. (Canada)<sup>(a)</sup> | 1515221 | 531540 |
| SNDL, Inc. (Canada)<sup>(a)</sup> | 1094092 | 1816193 |
| Tilray Brands, Inc. (Canada)<sup>(a)(b)</sup> | 69229 | 625138 |
| Total Pharmaceuticals |  | 10324156 |
| **REITS — 0.8%** |  |  |
| Chicago Atlantic Real Estate Finance, Inc. | 25533 | 313035 |
| **Total Common Stocks <br> (Cost $42,984,445)** |  | 22331788 |
| **EXCHANGE TRADED FUND — 46.0%** |  |  |
| **Equity Fund — 46.0%** |  |  |
| AdvisorShares Pure US Cannabis ETF<sup>†(a)</sup> <br> (Cost $41,192,394) | 4060451 | 19165329 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 4.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(c)</sup> | 221157 | $221157 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(c)(d)</sup> | 1520446 | 1520446 |
| **Total Money Market Funds<br> (Cost $1,741,603)** |  | 1741603 |
| Total Investments — 103.8%<br> (Cost $85,918,442) |  | 43238720 |
| Liabilities in Excess of Other Assets — (3.8%) |  | (1565036) |
| **Net Assets — 100.0%** |  | $**41673684** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

† 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 $1,799,047; the aggregate market value of
 the collateral held by the fund is $1,876,071. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $355,625.

(c) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $22331788 | $— | $— | $22331788 |
| Exchange Traded Fund | 19165329 |  |  | 19165329 |
| Money Market Funds | 1741603 |  |  | 1741603 |
| Total | $43238720 | $— | $— | $43238720 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of <br> Net Assets** |
| Agriculture | 18.9% |
| Distributors | 9.1 |
| Equity Fund | 46.0 |
| Pharmaceuticals | 24.8 |
| REITS | 0.8 |
| Money Market Funds | 4.2 |
| Total Investments | 103.8 |
| Liabilities in Excess of Other Assets | (3.8) |
| Net Assets | 100.0% |

---

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2025** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 12/31/2025** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| AdvisorShares Pure US Cannabis ETF | $7855378 | $4239710 | $(1324497) | $642932 | $7751806 | 4060451 | $19165329 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 13.3%** |  |  |
| **Agriculture — 1.5%** |  |  |
| Village Farms International, Inc. (Canada)<sup>(a)</sup> | 3755829 | $13708776 |
| **Pharmaceuticals — 11.8%** |  |  |
| Curaleaf Holdings, Inc.<sup>(a)</sup> | 29315784 | 73875776 |
| Fluent Corp.<sup>(a)</sup> | 5163788 | 258706 |
| Hempfusion Wellness, Inc. (Canada)<sup>(a)(b)</sup> | 2388103 | 0 |
| SNDL, Inc. (Canada)<sup>(a)(c)</sup> | 2543296 | 4221871 |
| TerrAscend Corp. (Canada)<sup>†(a)</sup> | 40219531 | 28958062 |
| Total Pharmaceuticals |  | 107314415 |
| **Total Common Stocks<br> (Cost $182,579,410)** |  | 121023191 |
| **MONEY MARKET FUNDS — 12.4%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.65%<sup>(d)</sup> | 114489344 | 114489344 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(d)(e)</sup> | 2275 | 2275 |
| **Total Money Market Funds <br> (Cost $114,491,619)** |  | 114491619 |
| Total Investments — 25.7% <br> (Cost $297,071,029) |  | 235514810 |
| Other Assets in Excess of Liabilities — 74.3% |  | 683062455 |
| **Net Assets — 100.0%** |  | $**918577265** |

---

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) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $2,158; the aggregate market value of the
 collateral held by the fund is $2,275.

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

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

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $121023191 | $— | $— \* | $121023191 |
| Money Market Funds | 114491619 |  |  | 114491619 |
| Swaps<sup>†</sup> |  | 108215391 |  | 108215391 |
| Total | $235514810 | $108215391 | $— \* | $343730201 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $— | $(10840255) | $— | $(10840255) |

---

---

| | |
|:---|:---|
| \* | 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** |
| Agriculture | 1.5% |
| Pharmaceuticals | 11.8 |
| Money Market Funds | 12.4 |
| Total Investments | 25.7 |
| Other Assets in Excess of Liabilities | 74.3 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Total return swap contracts outstanding as of December 31, 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)** |
| Ascend Well | OBFR + 2.00% | Monthly | 11/20/2026 | $4849745 | $4842682 | $(7063) |
| C21 Investments ORD | SOFR + 1.75% | Monthly | 8/25/2026 | 375306 | 385000 | 9694 |
| C21 Investments ORD | OBFR + 2.00% | Monthly | 8/25/2026 | 3725569 | 3721186 | (4383) |
| C21 Investments ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 848361 | 962500 | 114139 |
| C21 Investments ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 541592 | 1684375 | 1142783 |
| Cannabist Company Holdings | OBFR + 4.00% | Monthly | 9/02/2026 | 535715 | 727415 | 191700 |
| Cannabist Company Holdings | OBFR + 2.00% | Monthly | 9/02/2026 | 2161526 | 2157755 | (3771) |
| Cannabist Company Holdings | SOFR + 1.75% | Monthly | 9/02/2026 | 377202 | 294500 | (82702) |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 5934797 | 12177000 | 6242203 |
| Cresco Labs ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 2732045 | 4920000 | 2187955 |
| Cresco Labs ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 35494877 | 35442060 | (52817) |
| Cresco Labs ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 8004062 | 7589100 | (414962) |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 2579153 | 3889506 | 1310353 |
| Curaleaf Holdings SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 101468590 | 101297478 | (171112) |
| Curaleaf Holdings SUB VOT | OBFR + 3.00% | Monthly | 2/11/2026 | 6125505 | 7560000 | 1434495 |
| Curaleaf Holdings SUB VOT | OBFR + 4.00% | Monthly | 11/20/2026 | 2727966 | 7560000 | 4832034 |
| Curaleaf Holdings SUB VOT | SOFR + 1.75% | Monthly | 11/20/2026 | 14688916 | 10080000 | (4608916) |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 6207744 | 11947500 | 5739756 |
| Glass House Brands | OBFR + 3.00% | Monthly | 2/11/2026 | 2680220 | 4425000 | 1744780 |
| Glass House Brands | OBFR + 2.00% | Monthly | 11/20/2026 | 32475899 | 32427294 | (48605) |
| Glass House Brands | SOFR + 1.75% | Monthly | 11/20/2026 | 6749218 | 6637500 | (111718) |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 4528704 | 7301250 | 2772546 |
| Green Thumb Industries SUB VOT | SOFR + 1.75% | Monthly | 9/02/2026 | 25131818 | 24109119 | (1022699) |
| Green Thumb Industries SUB VOT | OBFR + 3.00% | Monthly | 2/11/2026 | 5713052 | 8036373 | 2323321 |
| Green Thumb Industries SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 139170136 | 138970949 | (199187) |
| Green Thumb Industries SUB VOT | OBFR + 4.00% | Monthly | 1/18/2027 | 15125238 | 23626937 | 8501699 |
| Grown Rogue International | OBFR + 2.00% | Monthly | 11/20/2026 | 246484 | 246232 | (252) |
| Grown Rogue International | OBFR + 4.00% | Monthly | 1/18/2027 | 1587957 | 1919148 | 331191 |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1980295 | 4838400 | 2858105 |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 5333585 | 7560000 | 2226415 |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 5820620 | 5812841 | (7779) |
| Jushi Holdings CL B SUB VOT ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 3824407 | 3307500 | (516907) |
| Marimed ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 665963 | 664859 | (1104) |
| Planet 13 Holdings ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 990089 | 753750 | (236339) |
| Planet 13 Holdings ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 153797 | 201000 | 47203 |
| Planet 13 Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 3321199 | 3315696 | (5503) |
| Planet 13 Holdings ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 238396 | 201000 | (37396) |
| Terrascend ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 1793405 | 1440000 | (353405) |
| Terrascend ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 9464788 | 9449613 | (15175) |
| Terrascend ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 709658 | 1260000 | 550342 |
| Terrascend ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1781062 | 3556152 | 1775090 |
| Trulieve Cannabis ORD | OBFR + 3.00% | Monthly | 2/11/2026 | 55526795 | 84727500 | 29200705 |
| Trulieve Cannabis ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 27751275 | 26070000 | (1681275) |
| Trulieve Cannabis ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 67200101 | 67200101 | (92879) |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 14259545 | 32587500 | 18327955 |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 11575954 | 18987650 | 7411696 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Vapen Mj Ventures ORD | OBFR + 2.00% | Monthly | 8/25/2026 | $958553 | $956889 | $(1664) |
| Verano Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 37414970 | 37366930 | (48040) |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 11/20/2026 | 904793 | 1225800 | 321007 |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 12/20/2026 | 4716195 | 11088000 | 6371805 |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 11/20/2026 | 2273582 | 2520000 | 246418 |
| Verano Holdings ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 8202642 | 7560000 | (642642) |
| Vireo Health International ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 4608648 | 4602891 | (5757) |
| **Net Unrealized Appreciation** |  |  |  |  |  | $97841338 |

---

CF Secured, Clear Street, Marex Capital Markets Inc, National Bank of Canada 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 December 31, 2025, cash in the amount of $614,838,170 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 period ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2025** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 12/31/2025** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| TerrAscend Corp. | $7338396 | $12837912 | $(835106) | $215385 | $9401475 | 40219531 | $28958062 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES Q DYNAMIC GROWTH ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 98.0%** |  |  |
| **Commodity Fund — 19.6%** |  |  |
| SPDR Gold Shares<sup>(a)</sup> | 16274 | $6449549 |
| **Equity Fund — 78.4%** |  |  |
| iShares U.S. Technology ETF<sup>(b)</sup> | 31917 | 6373187 |
| State Street Communication Services Select Sector SPDR ETF | 24476 | 2881315 |
| State Street Consumer Discretionary Select Sector SPDR ETF<sup>(b)</sup> | 36818 | 4396437 |
| State Street Industrial Select Sector SPDR ETF<sup>(b)</sup> | 35986 | 5582148 |
| State Street Technology Select Sector SPDR ETF<sup>(b)</sup> | 45472 | 6546604 |
| Total Equity Fund |  | 25779691 |
| **Total Exchange Traded Funds <br> (Cost $25,307,426)** |  | 32229240 |
| **MONEY MARKET FUNDS — 5.6%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(c)(d)</sup> | 845965 | 845965 |
| Fidelity Investments Money Market Government Portfolio — Class I, 3.67%<sup>(c)</sup> | 1010810 | 1010810 |
| **Total Money Market Funds<br> (Cost $1,856,775)** |  | 1856775 |
| Total Investments — 103.6%<br> (Cost $27,164,201) |  | 34086015 |
| Liabilities in Excess of Other Assets — (3.6%) |  | (1183885) |
| **Net Assets — 100.0%** |  | $**32902130** |

---

(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 $15,594,143; the aggregate market value of
 the collateral held by the fund is $16,058,231. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $15,212,266.

(c) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $32229240 | $— | $— | $32229240 |
| Money Market Funds | 1856775 |  |  | 1856775 |
| Total | $34086015 | $— | $— | $34086015 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of <br> Net Assets** |
| Commodity Fund | 19.6% |
| Equity Fund | 78.4 |
| Money Market Funds | 5.6 |
| Total Investments | 103.6 |
| Liabilities in Excess of Other Assets | (3.6) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 75.3%** |  |  |
| Fidelity Institutional Money Market Government Portfolio — Class III, 3.42%<sup>(a)</sup><br> (Cost $41,001,202) | 41001202 | $41001202 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $41,001,202) |  | 41001202 |
| **Securities Sold, Not Yet Purchased — (92.0)%<sup>(b)</sup>** |  |  |
| **COMMON STOCKS — (92.0)%** |  |  |
| **Apparel — (1.6)%** |  |  |
| Crocs, Inc.<sup>(c)</sup> | (10000) | (855200) |
| **Banks — (13.1)%** |  |  |
| Bank OZK | (45000) | (2070900) |
| Banner Corp. | (12000) | (751920) |
| Commerce Bancshares, Inc. | (21000) | (1099140) |
| Peapack-Gladstone Financial Corp. | (35000) | (974750) |
| PNC Financial Services Group, Inc. (The) | (3000) | (626190) |
| Western Alliance Bancorp | (12000) | (1008840) |
| Zions Bancorp NA | (10000) | (585400) |
| Total Banks |  | (7117140) |
| **Beverages — (3.4)%** |  |  |
| Constellation Brands, Inc., Class A | (7000) | (965720) |
| Diageo PLC (United Kingdom)<sup>(d)</sup> | (10000) | (862700) |
| Total Beverages |  | (1828420) |
| **Commercial Services — (6.5)%** |  |  |
| Adtalem Global Education, Inc.<sup>(c)</sup> | (3000) | (310410) |
| Avis Budget Group, Inc.<sup>(c)</sup> | (6000) | (769920) |
| Klarna Group PLC (United Kingdom)<sup>(c)</sup> | (20000) | (578200) |
| Paylocity Holding Corp.<sup>(c)</sup> | (4500) | (686250) |
| Strategic Education, Inc. | (15000) | (1203000) |
| Total Commercial Services |  | (3547780) |
| **Computers — (2.7)%** |  |  |
| ExlService Holdings, Inc.<sup>(c)</sup> | (35000) | (1485400) |
| **Diversified Financial Services — (6.5)%** |  |  |
| Blue Owl Capital, Inc. | (30000) | (448200) |
| Credit Acceptance Corp.<sup>(c)</sup> | (4500) | (1995570) |
| Jefferies Financial Group, Inc. | (18000) | (1115460) |
| Total Diversified Financial Services |  | (3559230) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Entertainment — (3.4)%** |  |  |
| Caesars Entertainment, Inc.<sup>(c)</sup> | (50000) | $(1169500) |
| DraftKings, Inc., Class A<sup>(c)</sup> | (20000) | (689200) |
| Total Entertainment |  | (1858700) |
| **Food — (1.5)%** |  |  |
| Post Holdings, Inc.<sup>(c)</sup> | (8000) | (792400) |
| **Hand/Machine Tools — (3.4)%** |  |  |
| Stanley Black & Decker, Inc. | (25000) | (1857000) |
| **Home Furnishings — (1.3)%** |  |  |
| Whirlpool Corp. | (10000) | (721400) |
| **Internet — (9.6)%** |  |  |
| CDW Corp. | (10000) | (1362000) |
| Cogent Communications Holdings, Inc. | (20000) | (431200) |
| DoorDash, Inc., Class A<sup>(c)</sup> | (4000) | (905920) |
| IAC, Inc.<sup>(c)</sup> | (30000) | (1173000) |
| Maplebear, Inc.<sup>(c)</sup> | (30000) | (1349400) |
| Total Internet |  | (5221520) |
| **Lodging — (2.0)%** |  |  |
| MGM Resorts International<sup>(c)</sup> | (30000) | (1094700) |
| **Media — (1.4)%** |  |  |
| Cable One, Inc. | (7000) | (789950) |
| **Office/Business Equipment — (1.8)%** |  |  |
| Zebra Technologies Corp., Class A<sup>(c)</sup> | (4000) | (971280) |
| **Oil & Gas — (1.5)%** |  |  |
| Occidental Petroleum Corp. | (20000) | (822400) |
| **Packaging & Containers — (1.4)%** |  |  |
| Smurfit WestRock PLC | (20000) | (773400) |
| **Real Estate — (1.6)%** |  |  |
| CoStar Group, Inc.<sup>(c)</sup> | (13000) | (874120) |
| **REITS — (7.8)%** |  |  |
| Digital Realty Trust, Inc. | (8000) | (1237680) |
| Equity Residential | (15000) | (945600) |
| Realty Income Corp. | (20000) | (1127400) |
| UDR, Inc. | (25000) | (917000) |
| Total REITS |  | (4227680) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Retail — (9.4)%** |  |  |
| Asbury Automotive Group, Inc.<sup>(c)</sup> | (4000) | $(930120) |
| Carvana Co.<sup>(c)</sup> | (2500) | (1055050) |
| Cava Group, Inc.<sup>(c)</sup> | (10000) | (586900) |
| Lithia Motors, Inc. | (3000) | (996990) |
| PC Connection, Inc. | (13000) | (750880) |
| Penske Automotive Group, Inc. | (5000) | (791450) |
| Total Retail |  | (5111390) |
| **Semiconductors — (1.7)%** |  |  |
| NVIDIA Corp. | (5000) | (932500) |
| **Software — (8.9)%** |  |  |
| Alkami Technology, Inc.<sup>(c)</sup> | (60000) | (1384200) |
| Atlassian Corp., Class A<sup>(c)</sup> | (5000) | (810700) |
| Dynatrace, Inc.<sup>(c)</sup> | (23000) | (996820) |
| nCino, Inc.<sup>(c)</sup> | (30000) | (769200) |
| Paychex, Inc. | (8000) | (897440) |
| Total Software |  | (4858360) |
| **Telecommunications — (1.5)%** |  |  |
| T-Mobile US, Inc. | (4000) | (812160) |
| **Total Common Stocks <br> (Cost $(48668069))** |  | (50112130) |
| **Total Securities Sold, Not Yet Purchased [Proceeds Received $(48668069)]** |  | (50112130) |
| Total Investments — (16.7)% <br> (Cost $(7666867)) |  | (9110928) |
| Other Assets in Excess of Liabilities — 116.7% |  | 63583712 |
| **Net Assets — 100.0%** |  | $**54472784** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

(a) Rate
 shown reflects the 7-day yield as of December 31, 2025.

(b) As
 of December 31, 2025 cash in the amount of $61,243,801 has been segregated as collateral from the broker for securities sold short.

(c) Non-income
 producing security.

(d) American
 Depositary Receipt.

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $41001202 | $— | $— | $41001202 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(50112130) | $— | $— | $(50112130) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of <br> Net Assets** |
| Apparel | (1.6)% |
| Banks | (13.1) |
| Beverages | (3.4) |
| Commercial Services | (6.5) |
| Computers | (2.7) |
| Diversified Financial Services | (6.5) |
| Entertainment | (3.4) |
| Food | (1.5) |
| Hand/Machine Tools | (3.4) |
| Home Furnishings | (1.3) |
| Internet | (9.6) |
| Lodging | (2.0) |
| Media | (1.4) |
| Office/Business Equipment | (1.8) |
| Oil & Gas | (1.5) |
| Packaging & Containers | (1.4) |
| Real Estate | (1.6) |
| REITS | (7.8) |
| Retail | (9.4) |
| Semiconductors | (1.7) |
| Software | (8.9) |
| Telecommunications | (1.5) |
| Money Market Fund | 75.3 |
| Total Investments | (16.7) |
| Other Assets in Excess of Liabilities | 116.7 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 97.2%** |  |  |
| **Food — 11.1%** |  |  |
| Nathan's Famous, Inc. | 1924 | $180028 |
| US Foods Holding Corp.<sup>(a)</sup> | 1837 | 138363 |
| Total Food |  | 318391 |
| **Food Service — 2.8%** |  |  |
| Aramark | 2195 | 80908 |
| **Internet — 7.0%** |  |  |
| DoorDash, Inc., Class A<sup>(a)</sup> | 414 | 93763 |
| Serve Robotics, Inc.<sup>(a)(b)</sup> | 10082 | 104651 |
| Total Internet |  | 198414 |
| **Retail — 76.3%** |  |  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 1832 | 72181 |
| Brinker International, Inc.<sup>(a)</sup> | 1439 | 206525 |
| Casey's General Stores, Inc. | 366 | 202292 |
| Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 2761 | 139375 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1954 | 72298 |
| Darden Restaurants, Inc. | 722 | 132863 |
| Dine Brands Global, Inc. | 3758 | 120782 |
| Domino's Pizza, Inc. | 318 | 132549 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 3164 | 193700 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 16077 | 168165 |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 7516 | 113341 |
| Red Robin Gourmet Burgers, Inc.<sup>(a)</sup> | 29146 | 118041 |
| Restaurant Brands International, Inc. (Canada) | 1900 | 129637 |
| Texas Roadhouse, Inc. | 307 | 50962 |
| Wingstop, Inc. | 233 | 55568 |
| Yum China Holdings, Inc. (China) | 2789 | 133147 |
| Yum! Brands, Inc. | 938 | 141901 |
| Total Retail |  | 2183327 |
| **Total Common Stocks <br> (Cost $2,777,921)** |  | 2781040 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 8.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(c)</sup> | 100145 | $100145 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(c)(d)</sup> | 138301 | 138301 |
| **Total Money Market Funds <br> (Cost $238,446)** |  | 238446 |
| Total Investments — 105.5%<br> (Cost $3,016,367) |  | 3019486 |
| Liabilities in Excess of Other Assets — (5.5%) |  | (158247) |
| **Net Assets — 100.0%** |  | $**2861239** |

---

(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 $239,103; the aggregate market value of the
 collateral held by the fund is $241,808. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $103,507.

(c) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $2781040 | $— | $— | $2781040 |
| Money Market Funds | 238446 |  |  | 238446 |
| Total | $3019486 | $— | $— | $3019486 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Food | 11.1% |
| Food Service | 2.8 |
| Internet | 7.0 |
| Retail | 76.3 |
| Money Market Funds | 8.3 |
| Total Investments | 105.5 |
| Liabilities in Excess of Other Assets | (5.5) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 98.9%** |  |  |
| **Commodity Fund — 2.4%** |  |  |
| iShares Gold Trust<sup>(a)(b)</sup> | 22467 | $1823646 |
| **Debt Fund — 26.0%** |  |  |
| iShares Core Universal USD Bond ETF<sup>(a)(c)</sup> | 274401 | 12770623 |
| iShares MBS ETF | 31670 | 3015617 |
| iShares U.S. Treasury Bond ETF | 169645 | 3906076 |
| Total Debt Fund |  | 19692316 |
| **Equity Fund — 70.5%** |  |  |
| iShares MSCI EAFE ETF | 82333 | 7906438 |
| iShares MSCI Emerging Markets ETF<sup>(a)</sup> | 70925 | 3880307 |
| iShares Russell Mid-Cap Growth ETF<sup>(a)</sup> | 25192 | 3449793 |
| iShares U.S. Equity Factor Rotation Active ETF<sup>(a)</sup> | 107183 | 6517798 |
| SPDR S&P 500 ETF Trust<sup>(c)</sup> | 46309 | 31579033 |
| Total Equity Fund |  | 53333369 |
| **Total Exchange Traded Funds<br> (Cost $57,695,665)** |  | 74849331 |
| **MONEY MARKET FUNDS — 16.3%** |  |  |
| BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 3.65%<sup>(d)</sup> | 889254 | 889254 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, Institutional Class, 3.71%<sup>(d)(e)</sup> | 11465834 | 11465834 |
| **Total Money Market Funds<br> (Cost $12,355,088)** |  | 12355088 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional<br> Amount** | **Contracts** | **Value** |
| **PURCHASED PUT OPTION — 0.0%\*\*** |  |  |  |
| SPDR S&P 500 ETF Trust, expiring 03/20/26, Strike Price $545.00<br> (Cost $31,477) | $10518500 | 193 | $26924 |
| **Total Investments Before Written Options — 115.2%** <br> (Cost $70,082,230) |  |  | 87231343 |
| **WRITTEN CALL OPTION — (0.0)%\*\*** |  |  |  |
| SPDR S&P 500 ETF Trust, expiring 01/16/26, Strike Price $708.00<br> [Premium Received $(22896)] | $(19540800) | (276) | (5382) |
| Total Investments — 115.2% <br> (Cost $70,059,334) |  |  | 87225961 |
| Liabilities in Excess of Other Assets — (15.2%) |  |  | (11504922) |
| **Net Assets — 100.0%** |  |  | $**75721039** |

---

\*\* Less than 0.05%.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $12,618,575; the aggregate market value of the collateral held by the fund is $12,959,711. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,493,877.

(b) Non-income producing security.

(c) All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,525,448 as of December 31, 2025.

(d) Rate shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $74849331 | $— | $— | $74849331 |
| Money Market Funds | 12355088 |  |  | 12355088 |
| Purchased Put Option | 26924 |  |  | 26924 |
| Total | $87231343 | $— | $— | $87231343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Option | $(5382) | $— | $— | $(5382) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commodity Fund | 2.4 |
| Debt Fund | 26.0 |
| Equity Fund | 70.5 |
| Purchased Put Option | 0.0 |
| Written Call Option | (0.0) |
| Money Market Funds | 16.3 |
| Total Investments | 115.2 |
| Liabilities in Excess of Other Assets | (15.2 |
| Net Assets | 100.0 |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **Agriculture — 24.5%** |  |  |
| Altria Group, Inc. | 3496 | $201579 |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 5725 | 324150 |
| Imperial Brands PLC (United Kingdom)<sup>(a)</sup> | 4698 | 197363 |
| Philip Morris International, Inc. | 2026 | 324970 |
| Turning Point Brands, Inc. | 3200 | 346880 |
| Universal Corp. | 6106 | 322092 |
| Total Agriculture |  | 1717034 |
| **Auto Manufacturers — 4.5%** |  |  |
| Ferrari NV (Italy)<sup>(b)</sup> | 857 | 316713 |
| **Beverages — 15.0%** |  |  |
| MGP Ingredients, Inc. | 13500 | 328050 |
| Monster Beverage Corp.<sup>(c)</sup> | 5000 | 383350 |
| Vita Coco Co., Inc. (The)<sup>(c)</sup> | 6400 | 339264 |
| Total Beverages |  | 1050664 |
| **Energy — Alternate Sources — 6.0%** |  |  |
| Alto Ingredients, Inc.<sup>(c)</sup> | 147000 | 423360 |
| **Entertainment — 9.1%** |  |  |
| Accel Entertainment, Inc.<sup>(c)</sup> | 28806 | 328676 |
| Monarch Casino & Resort, Inc. | 3264 | 312365 |
| Total Entertainment |  | 641041 |
| **Internet — 7.1%** |  |  |
| Bilibili, Inc. (China)<sup>(a)(b)(c)</sup> | 14018 | 344703 |
| Gambling.com Group Ltd. (Malta)<sup>(b)(c)</sup> | 27581 | 150592 |
| Total Internet |  | 495295 |
| **Lodging — 9.2%** |  |  |
| Boyd Gaming Corp. | 3883 | 330987 |
| Melco Resorts & Entertainment Ltd. (Hong Kong)<sup>(a)(c)</sup> | 41433 | 313648 |
| Total Lodging |  | 644635 |
| **REITS — 4.8%** |  |  |
| VICI Properties, Inc. | 11929 | 335443 |
| **Retail — 4.7%** |  |  |
| El Pollo Loco Holdings, Inc.<sup>(c)</sup> | 31288 | 327273 |
| **Semiconductors — 5.6%** |  |  |
| NVIDIA Corp. | 2100 | 391650 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — 9.3%** |  |  |
| GDEV, Inc. (Cyprus) | 13238 | $225443 |
| NetEase, Inc. (China)<sup>(a)</sup> | 2347 | 322994 |
| Sharplink Gaming, Inc.<sup>(c)</sup> | 11733 | 104893 |
| Total Software |  | 653330 |
| **Total Common Stocks <br> (Cost $6,684,701)** |  | 6996438 |
| **MONEY MARKET FUNDS — 6.8%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.62%<sup>(d)</sup> | 15917 | 15917 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(d)(e)</sup> | 464318 | 464318 |
| **Total Money Market Funds <br> (Cost $480,235)** |  | 480235 |
| Total Investments — 106.6% <br> (Cost $7,164,936) |  | 7476673 |
| Liabilities in Excess of Other Assets — (6.6%) |  | (463689) |
| **Net Assets — 100.0%** |  | $**7012984** |

---

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 $760,899; the aggregate market value of the
 collateral held by the fund is $780,539. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $316,221.

(c) Non-income
 producing security.

(d) Rate
 shown reflects the 7-day yield as of December 31, 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)**

December 31, 2025 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 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 | $6996438 | $— | $— | $6996438 |
| Money Market Funds | 480235 |  |  | 480235 |
| Total | $7476673 | $— | $— | $7476673 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 24.5% |
| Auto Manufacturers | 4.5 |
| Beverages | 15.0 |
| Energy — Alternate Sources | 6.0 |
| Entertainment | 9.1 |
| Internet | 7.1 |
| Lodging | 9.2 |
| REITS | 4.8 |
| Retail | 4.7 |
| Semiconductors | 5.6 |
| Software | 9.3 |
| Money Market Funds | 6.8 |
| Total Investments | 106.6 |
| Liabilities in Excess of Other Assets | (6.6) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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<br> Core ETF** | **AdvisorShares<br> Dorsey Wright<br> Short ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $40084341 | $84262463 | $131507092 | $8507079 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 40084341 | 84262463 | 131507092 | 8507079 |
| 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> | 50675639 | 87566085 | 146548895 | 8507079 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 50675639 | 87566085 | 146548895 | 8507079 |
| Cash | Cash | 1014 |  |  | 15355754 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 43441 | 14097 | 8745 | 79804 |
| Reclaim Receivable | Reclaim Receivable | 27087 |  |  |  |
| Prepaid Expenses | Prepaid Expenses | 4611 | 2274 | 2921 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 50751792 | 87582456 | 146560561 | 23943367 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 3883855 | 3402035 | 30044339 |  |
| Advisory Fees Payable | Advisory Fees Payable | 31228 | 53872 | 75726 | 3667 |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 19537 | 19997 | 20220 | 19578 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 9968 | 9486 | 9486 | 9257 |
| Trustee Fees Payable | Trustee Fees Payable | 1994 | 2289 | 2250 | 2176 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  |  | 12374490 |
| Custody Fees Payable | Custody Fees Payable | 3439 | 5877 | 5971 | 2549 |
| Legal Fees Payable | Legal Fees Payable |  | 1075 | 461 |  |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable | 117 | 117 | 917 | 917 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable |  |  | 548 |  |
| CCO Fees Payable | CCO Fees Payable | 449 | 1249 | 1709 | 234 |
| Dividend Payable on Securities Sold, Not Yet Purchased | Dividend Payable on Securities Sold, Not Yet Purchased |  |  |  | 29332 |
| Accrued Expenses | Accrued Expenses | 3723 | 13616 | 13834 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3954310 | 3509613 | 30175461 | 12443182 |
| **NET ASSETS** | **NET ASSETS** | $**46797482** | $**84072843** | $**116385100** | $**11500185** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $86356889 | $95192287 | $100679638 | $103347651 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (39559407) | (11119444) | 15705462 | (91847466) |
| **NET ASSETS** | **NET ASSETS** | $**46797482** | $**84072843** | $**116385100** | $**11500185** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 545000 | 1905000 | 2145000 | 1780000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $85.87 | $44.13 | $54.26 | $6.46 |
| <sup>(a)</sup> | Market value of securities on loan | $6474712 | $11355614 | $31345821 | $— |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $2754574 | $8305202 | $2294104 | $— |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $— | $— | $— | $14731973 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares<br> Focused<br> Equity 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 | $156780820 | $18452018 | $3127082 | $3991899 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 156780820 | 18452018 | 3127082 | 3991899 |
| 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> | 179287263 | 27552087 | 3348368 | 4364080 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 179287263 | 27552087 | 3348368 | 4364080 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 80536 | 7010 | 8840 | 2530 |
| Receivable from Securities Sold | Receivable from Securities Sold | 1367895 |  |  |  |
| Reclaim Receivable | Reclaim Receivable |  | 3365 |  |  |
| Due from Investment Advisor | Due from Investment Advisor |  |  | 7967 | 5096 |
| Prepaid Expenses | Prepaid Expenses | 5651 | 10323 | 257 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 180741345 | 27572785 | 3365432 | 4377169 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> |  | 261170 |  |  |
| Advisory Fees Payable | Advisory Fees Payable | 80343 | 6696 |  |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 24911 | 19802 | 17263 | 13947 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 9639 | 9257 | 9486 | 12333 |
| Trustee Fees Payable | Trustee Fees Payable | 2195 | 2353 | 2175 | 1935 |
| Capital Shares Payable | Capital Shares Payable | 1373396 |  |  |  |
| Custody Fees Payable | Custody Fees Payable | 7055 | 1853 | 483 | 1606 |
| Legal Fees Payable | Legal Fees Payable | 240 |  |  |  |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable | 2385 | 4185 | 85 | 5077 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable |  | 884 | 257 | 1541 |
| CCO Fees Payable | CCO Fees Payable | 2798 | 410 | 79 | 748 |
| Accrued Expenses | Accrued Expenses | 7049 | 1207 | 140 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1510011 | 307817 | 29968 | 40389 |
| **NET ASSETS** | **NET ASSETS** | $**179231334** | $**27264968** | $**3335464** | $**4336780** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $151215885 | $27817605 | $4082220 | $4076326 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | 28015449 | (552637) | (746756) | 260454 |
| **NET ASSETS** | **NET ASSETS** | $**179231334** | $**27264968** | $**3335464** | $**4336780** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 2610000 | 1065000 | 100000 | 140000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $68.67 | $25.60 | $33.35 | $30.98 |
| <sup>(a)</sup> | Market value of securities on loan | $— | $1094425 | $48252 | $— |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $— | $878616 | $50649 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares<br> Insider<br> Advantage ETF** | **AdvisorShares<br> MSOS Daily<br> Leveraged ETF** | **AdvisorShares <br> Psychedelics<br> ETF** | **AdvisorShares<br> Pure Cannabis<br> ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $45924479 | $821454 | $19410220 | $44726048 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) |  | 367 |  | 41192394 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 45924479 | 821821 | 19410220 | 85918442 |
| 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> | 47965411 | 821454 | 21784979 | 24073391 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) |  | 471 |  | 19165329 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 47965411 | 821925 | 21784979 | 43238720 |
| Cash | Cash | 449438 | 5471379 |  |  |
| Cash collateral held at brokers | Cash collateral held at brokers |  | 47904048 |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 29969 | 90207 | 8956 | 16362 |
| Reclaim Receivable | Reclaim Receivable | 691 |  |  |  |
| Due from Investment Advisor | Due from Investment Advisor |  |  |  | 4097 |
| Prepaid CCO Fees | Prepaid CCO Fees |  | 281 |  |  |
| Prepaid Expenses | Prepaid Expenses | 1598 | 3302 | 7969 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 48447107 | 54291142 | 21801904 | 43260158 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on Swaps Contracts | Unrealized Depreciation on Swaps Contracts |  | 4953918 |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> |  |  | 3283430 | 1520446 |
| Advisory Fees Payable | Advisory Fees Payable | 25324 | 24487 |  |  |
| Interest Payable on Swaps | Interest Payable on Swaps |  | 378001 |  |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 19763 | 21803 | 26198 | 19154 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 9968 | 9257 | 9486 | 9509 |
| Trustee Fees Payable | Trustee Fees Payable | 2270 | 2318 | 2080 | 2251 |
| Custody Fees Payable | Custody Fees Payable | 4179 | 1664 | 1024 | 935 |
| Legal Fees Payable | Legal Fees Payable | 758 |  |  | 156 |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable | 2786 | 1285 |  | 2385 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable |  | 3801 |  | 22271 |
| CCO Fees Payable | CCO Fees Payable | 816 |  | 12 | 229 |
| Due to Custodian | Due to Custodian |  |  |  | 7039 |
| Due to Custodian – Foreign Currency | Due to Custodian – Foreign Currency |  |  |  | 3 |
| Accrued Expenses | Accrued Expenses | 3442 | 2020 | 937 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 69306 | 5398554 | 3323167 | 1586474 |
| **NET ASSETS** | **NET ASSETS** | $**48377801** | $**48892588** | $**18478737** | $**41673684** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $59127614 | $180881126 | $29968325 | $308846592 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (10749813) | (131988538) | (11489588) | (267172908) |
| **NET ASSETS** | **NET ASSETS** | $**48377801** | $**48892588** | $**18478737** | $**41673684** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 380000 | 11038475 | 1069976 | 12665000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $127.31 | $4.43 | $17.27 | $3.29 |
| <sup>(a)</sup> | Market value of securities on loan | $4224632 | $— | $3191547 | $1799047 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $4366188 | $— | $— | $355625 |

---

(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**

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares<br> Pure US<br> Cannabis ETF** | **AdvisorShares<br> Q Dynamic<br> Growth ETF** | **AdvisorShares<br> Ranger Equity<br> Bear ETF** | **AdvisorShares<br> Restaurant ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $238675239 | $27164201 | $41001202 | $3016367 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) | 58395790 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 297071029 | 27164201 | 41001202 | 3016367 |
| 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> | 206556748 | 34086015 | 41001202 | 3019486 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) | 28958062 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 235514810 | 34086015 | 41001202 | 3019486 |
| Cash | Cash |  |  | 2770046 |  |
| Cash collateral held at brokers | Cash collateral held at brokers | 614838169 |  | 61243801 |  |
| Unrealized Appreciation on OTC Swap Contracts | Unrealized Appreciation on OTC Swap Contracts | 108215390 |  |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 1447458 | 4082 | 304452 | 1630 |
| Due from Investment Advisor | Due from Investment Advisor |  |  |  | 7429 |
| Prepaid Expenses | Prepaid Expenses | 18497 | 1360 | 1357 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 960034324 | 34091457 | 105320858 | 3028988 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on OTC Swap Contracts | Unrealized Depreciation on OTC Swap Contracts | 10374053 |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 2275 | 845965 |  | 138301 |
| Advisory Fees Payable | Advisory Fees Payable | 482797 | 29101 | 76752 |  |
| Interesst Payable on Swaps | Interesst Payable on Swaps | 1738208 |  |  |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 61738 | 19241 | 19661 | 17054 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 9509 | 9638 | 10017 | 9486 |
| Trustee Fees Payable | Trustee Fees Payable | 3790 | 2175 | 2542 | 2161 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  | 50112130 |  |
| Capital Shares Payable | Capital Shares Payable |  |  | 564460 |  |
| Custody Fees Payable | Custody Fees Payable | 21734 | 2795 | 4995 | 182 |
| Legal Fees Payable | Legal Fees Payable | 22827 |  | 3031 |  |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable | 670 | 2385 | 3085 | 285 |
| Reports to Shareholders Fees Payable | Reports to Shareholders Fees Payable | 36234 |  | 7227 |  |
| CCO Fees Payable | CCO Fees Payable | 874 | 379 | 617 | 64 |
| Due to Custodian | Due to Custodian | 27992631 |  |  |  |
| Due to Broker | Due to Broker | 680366 |  |  |  |
| Dividend Payable on Securities Sold, Not Yet Purchased | Dividend Payable on Securities Sold, Not Yet Purchased |  |  | 29200 |  |
| Accrued Expenses | Accrued Expenses | 29353 | 277648 | 14357 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 41457059 | 1189327 | 50848074 | 167749 |
| **NET ASSETS** | **NET ASSETS** | $**918577265** | $**32902130** | $**54472784** | $**2861239** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $2803790492 | $28379829 | $469677826 | $3567905 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (1885213227) | 4522301 | (415205042) | (706666) |
| **NET ASSETS** | **NET ASSETS** | $**918577265** | $**32902130** | $**54472784** | $**2861239** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 196470000 | 740000 | 3377500 | 110000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $4.68 | $44.46 | $16.13 | $26.01 |
| <sup>(a)</sup> | Market value of securities on loan | $2158 | $15594143 | $— | $239103 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $— | $15212266 | $— | $103507 |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $— | $— | $48668069 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **AdvisorShares<br> STAR Global<br> Buy-Write ETF** | **AdvisorShares<br> Vice ETF** |
| **ASSETS** | **ASSETS** |  |  |
| Investments, at Cost | Investments, at Cost | $70082230 | $7164936 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 70082230 | 7164936 |
| 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> | 87231343 | 7476673 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 87231343 | 7476673 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 102125 | 24211 |
| Reclaim Receivable | Reclaim Receivable |  | 1217 |
| Due from Investment Advisor | Due from Investment Advisor |  | 5118 |
| Prepaid Expenses | Prepaid Expenses | 2487 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 87335955 | 7508161 |
| **LIABILITIES** | **LIABILITIES** |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 11465834 | 464318 |
| Advisory Fees Payable | Advisory Fees Payable | 54648 |  |
| Accounting & Administration Fees Payable | Accounting & Administration Fees Payable | 21046 | 16789 |
| Audit & Tax Fees Payable | Audit & Tax Fees Payable | 10562 | 9486 |
| Trustee Fees Payable | Trustee Fees Payable | 2217 | 2167 |
| Options Written, at value<sup>(c)</sup> | Options Written, at value<sup>(c)</sup> | 5382 |  |
| Custody Fees Payable | Custody Fees Payable | 3159 | 956 |
| Legal Fees Payable | Legal Fees Payable | 145 |  |
| Exchange Listing Fees Payable | Exchange Listing Fees Payable | 2385 |  |
| CCO Fees Payable | CCO Fees Payable | 1072 | 109 |
| Due to Broker | Due to Broker | 45673 |  |
| Accrued Expenses | Accrued Expenses | 2793 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 11614916 | 495177 |
| **NET ASSETS** | **NET ASSETS** | $**75721039** | $**7012984** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $61644981 | $7567568 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | 14076058 | (554584) |
| **NET ASSETS** | **NET ASSETS** | $**75721039** | $**7012984** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 1540000 | 220000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $49.17 | $31.88 |
| <sup>(a)</sup> | Market value of securities on loan | $12618575 | $760899 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $1493877 | $316221 |
| <sup>(c)</sup> | Premiums received for options written | $22896 | $— |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 ETF** | **AdvisorShares<br> Dorsey Wright<br> Short ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $352866 | $776816 | $553794 | $467519 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 17456 | 23024 | 26242 |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (35838) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 334484 | 799840 | 580036 | 467519 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 170145 | 316303 | 451553 | 47968 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 37208 | 37618 | 37695 | 37462 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 10018 | 9837 | 9836 | 9907 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 3614 | 7576 | 10961 | 1313 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 2016 | 2017 | 2017 | 2016 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2012 | 3213 | 4552 | 74 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 2311 | 3070 | 3106 | 2018 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 4343 | 4976 | 5382 | 4070 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 1740 | 3814 | 5418 | 608 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  | 2963 | 2963 |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1702 | 3164 | 4516 | 480 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 600 | 1476 | 2089 | 244 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 1024 |  |  | 81 |
| &nbsp;&nbsp;&nbsp;Dividend Expense |  |  |  | 179919 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 2244 | 2616 | 2448 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 238977 | 398643 | 542536 | 286654 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | 10569 |  |  | (26787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 249546 | 398643 | 542536 | 259867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 84938 | 401197 | 37500 | 207652 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1685271 | 84842 | 784034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 1918312 | 5886086 | 1030877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates |  | 7214 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  |  | (513668) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 195560 | (1244111) | 6042326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  | (720531) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  |  | (671780) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 3799143 | 4013500 | 7857237 | (1185448) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3884081 | $4414697 | $7894737 | $(977796) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Focused<br> Equity ETF** | **AdvisorShares<br> Gerber<br> Kawasaki ETF** | **AdvisorShares<br> Hotel ETF** | **AdvisorShares<br> HVAC and<br> Industrials ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $900536 | $84987 | $26113 | $15332 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 531 | 486 | 25 |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax |  |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 901067 | 85473 | 26138 | 15317 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 615416 | 102570 | 8253 | 9663 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 45561 | 36769 | 37237 | 16429 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 9989 | 9907 | 9836 | 9060 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 16946 | 2162 | 331 | 8163 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4286 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 7272 | 1911 | 573 | 119 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 12036 | 2683 | 1381 | 1867 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 6175 | 4219 | 3950 | 2613 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 8665 | 1087 | 148 | (163) |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 7064 | 1026 | 103 | 121 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 3265 | 441 | 58 | (381) |
| &nbsp;&nbsp;&nbsp;Registration Fees | 1250 | 27 |  | 56 |
| &nbsp;&nbsp;&nbsp;Organizational Fees |  |  |  | 7563 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 3295 | 574 | 138 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 741219 | 167662 | 66293 | 59775 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (125803) | (65092) | (8252) | (9663) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  | (44424) | (34168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 615416 | 102570 | 13617 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 285651 | (17097) | 12521 | (627) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4463803 | 681784 | 60829 | (88857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 3431744 |  | 220471 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (11133062) | 1229576 | (146836) | 270275 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (3237515) | 1911360 | 134464 | 181418 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2951864) | $1894263 | $146985 | $180791 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Insider<br> Advantage ETF** | **AdvisorShares<br> MSOS Daily<br> Leveraged ETF** | **AdvisorShares<br> Psychedelics<br> ETF** | **AdvisorShares<br> Pure Cannabis<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $375068 | $672194 | $7497 | $28552 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 3602 |  | 45104 | 24155 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (408) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 378262 | 672194 | 52601 | 52707 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 168841 | 184433 | 48495 | 116279 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 36964 | 41155 | 37643 | 37070 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 10018 | 9907 | 9836 | 10159 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 4499 | 5870 | 3013 | 4354 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 3453 | 1835 | 1468 | 1824 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 2331 | 7481 | 6227 | 38526 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 4544 | 4394 | 4024 | 4371 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 2180 | 843 | 485 | 1326 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1809 | 1628 | 606 | 1454 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 877 | 988 | 207 | 771 |
| &nbsp;&nbsp;&nbsp;Registration Fees |  | 2345 | 118 | 18 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 1755 | 1038 | 479 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 241556 | 266202 | 116886 | 221480 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | (24475) | (60071) |  | (116279) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  | (36870) | (9323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 217081 | 206131 | 80016 | 95878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 161181 | 466063 | (27415) | (43171) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2969917 |  | 1042090 | (11314450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  | (776934) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 235551 |  |  | 836668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates |  |  |  | 642892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (1362141) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  |  |  | (30) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1025833 |  | 3424589 | 19843965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  | 103 | 349333 | 7751806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (5267356) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 4231301 | (6629394) | 4039078 | 17760891 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4392482 | $(6163331) | $4011663 | $17717720 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Pure US<br> Cannabis ETF** | **AdvisorShares<br> Q Dynamic<br> Growth ETF** | **AdvisorShares<br> Ranger Equity<br> Bear ETF** | **AdvisorShares<br> Restaurant ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $9133728 | $113387 | $1797388 | $25654 |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  | 119426 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 4697 | 4529 |  | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 9138425 | 117916 | 1916814 | 26125 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 2201625 | 158470 | 413928 | 9948 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 98772 | 36198 | 37508 | 37329 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 10159 | 9989 | 10267 | 9837 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 69574 | 2383 | 6433 | 304 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 2571 | 4285 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 27797 | 1308 | 1967 | 455 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 77276 | 4010 | 7657 | 1485 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 11895 | 4245 | 4614 | 3950 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 19956 | 1150 | 2247 | 169 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  |  | 2963 |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 27523 | 1117 | 2070 | 124 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 15265 | 473 | 1191 | 55 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 5329 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Expense |  |  | 325576 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 13067 | 1003 | 128816 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2580809 | 224631 | 949522 | 68052 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment | 134522 | (8752) |  | (9947) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  |  |  | (41691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 2715331 | 215879 | 949522 | 16414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 6423094 | (97963) | 967292 | 9711 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 484765 |  | (51805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 1854765 | 902587 |  | 181254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 153982332 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (3836896) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 20836145 | 2791718 |  | (662482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | 9401475 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | 1626954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 98235219 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 284309936 | 4179070 | (2209942) | (533033) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $290733030 | $4081107 | $(1242650) | $(523322) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **AdvisorShares<br> STAR Global<br> Buy-Write ETF** | **AdvisorShares<br> Vice ETF** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $876344 | $69247 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Net) (Note 2) | 12438 | 1238 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax |  | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 888782 | 70062 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 306819 | 22922 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 38877 | 37478 |
| &nbsp;&nbsp;&nbsp;Audit & Tax Fees | 10562 | 9836 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 6532 | 901 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2755 | 1034 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders Fees | 5335 | 2240 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 4778 | 4003 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 3034 | 347 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 2707 | 287 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 1217 | 221 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 1209 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 388110 | 84715 |
| &nbsp;&nbsp;&nbsp;Advisory Fees Waived/Recoupment |  | (22922) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement |  | (23972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 388110 | 37821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 500672 | 32241 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (98914) | 147527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions |  | 26687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 35249 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4950599 | (664753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 130890 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 5017824 | (490539) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5518496 | $(458298) |

---

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** |
|  | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $84938 | $283243 | $401197 | $420184 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3603583 | 3767908 | 5978142 | 6699324 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 195560 | 2924678 | (1964642) | (2263424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 3884081 | 6975829 | 4414697 | 4856084 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (111027) | (272179) | (641547) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (111027) | (272179) | (641547) |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1289955 | 20391935 | 68600313 | 2616868 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (5131495) | (5904927) | (70419218) | (5329764) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (3841540) | 14487008 | (1818905) | (2712896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (68486) | 21190658 | 1954245 | 2143188 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 46865968 | 25675310 | 82118598 | 79975410 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $46797482 | $46865968 | $84072843 | $82118598 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 595000 | 415000 | 1975000 | 2045000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 15000 | 270000 | 1550000 | 65000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (65000) | (90000) | (1620000) | (135000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 545000 | 595000 | 1905000 | 1975000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey<br> Wright FSM US Core ETF** | **AdvisorShares Dorsey<br> Wright FSM US Core ETF** | **AdvisorShares Dorsey<br> Wright Short ETF** | **AdvisorShares Dorsey<br> Wright Short ETF** |
|  | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $37500 | $365416 | $207652 | $533425 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1814911 | 26247254 | (513668) | 296905 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6042326 | (16255840) | (671780) | (138955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 7894737 | 10356830 | (977796) | 691375 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (34599) | (209381) | (770185) | (744087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (34599) | (209381) | (770185) | (744087) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 113890218 | 2718066 | 13521791 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (7842407) | (119610528) | (1983126) | (11944974) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (7842407) | (5720310) | 734940 | 1576817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 17731 | 4427139 | (1013041) | 1524105 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 116367369 | 111940230 | 12513226 | 10989121 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $116385100 | $116367369 | $11500185 | $12513226 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2290000 | 2390000 | 1690000 | 1465000 |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 2405000 | 385000 | 1805000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (145000) | (2505000) | (295000) | (1580000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2145000 | 2290000 | 1780000 | 1690000 |

---

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** |
|  | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $285651 | $833949 | $(17097) | $28375 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 7895547 | 1760335 | 681784 | 141424 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (11133062) | 17775171 | 1229576 | 2346080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (2951864) | 20369455 | 1894263 | 2515879 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (571580) | (1047338) | (23483) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (571580) | (1047338) | (23483) |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1701300 | 28490901 |  | 946161 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (11363770) | (9590748) |  | (560263) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (9662470) | 18900153 |  | 385898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (13185914) | 38222270 | 1870780 | 2901777 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 192417248 | 154194978 | 25394188 | 22492411 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $179231334 | $192417248 | $27264968 | $25394188 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2750000 | 2480000 | 1065000 | 1045000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 25000 | 415000 |  | 45000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (165000) | (145000) |  | (25000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2610000 | 2750000 | 1065000 | 1065000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST** **Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Hotel ETF** | **AdvisorShares Hotel ETF** | **AdvisorShares HVAC and Industrials ETF** | **AdvisorShares HVAC and Industrials ETF** |
|  | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> February 3, 2025<sup>\*</sup> to<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $12521 | $35191 | $(627) | $2001 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 281300 | 89631 | (88857) | (15410) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (146836) | 116376 | 270275 | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 146985 | 241198 | 180791 | 88497 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (42424) |  | (8834) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (42424) |  | (8834) |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1536028 |  | 3051716 | 1024610 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (985823) | (932272) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 550205 | (932272) | 3051716 | 1024610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 654766 | (691074) | 3223673 | 1113107 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 2680698 | 3371772 | 1113107 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $3335464 | $2680698 | $4336780 | $1113107 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 85000 | 120000 | 40000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 45000 |  | 100000 | 40000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (30000) | (35000) |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 100000 | 85000 | 140000 | 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)</sup>** | **AdvisorShares MSOS Daily Leveraged ETF<sup>(1)</sup>** |
|  | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $161181 | $360219 | $466063 | $1127253 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3205468 | 4432610 | (1362141) | (83983854) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1025833 | (2393644) | (5267253) | 334950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 4392482 | 2399185 | (6163331) | (82521651) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (489679) | (318213) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (489679) | (318213) |  |  |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  | 47172893 | 33744272 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (2480329) | (2244017) | (2446096) | (159051) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (2480329) | (2244017) | 44726797 | 33585221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 1422474 | (163045) | 38563466 | (48936430) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 46955327 | 47118372 | 10329122 | 59265552 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $48377801 | $46955327 | $48892588 | $10329122 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 400000 | 420000 | 3688475 | 21135000 |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  | 7805000 | 27193500 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (20000) | (20000) | (455000) | (44640025) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 380000 | 400000 | 11038475 | 3688475 |

---

(1) 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** |
|  | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(27415) | $203399 | $(43171) | $284868 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 265156 | (278774) | (9834880) | (25093453) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 3773922 | 3360328 | 27595771 | 6145704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 4011663 | 3284953 | 17717720 | (18662881) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1709408) | (225488) |  | (520020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1709408) | (225488) |  | (520020) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 5826594 | 6541703 | 2432974 | 361507 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed |  | (4869820) | (3126467) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 5826594 | 1671883 | (693493) | 361507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 8128849 | 4731348 | 17024227 | (18821394) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 10349888 | 5618540 | 24649457 | 43470851 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $18478737 | $10349888 | $41673684 | $24649457 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 749976 | 5800000 | 13015000 | 12840000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 320000 | 1085000 | 600000 | 175000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased |  | (6135024) | (950000) |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1069976 | 749976 | 12665000 | 13015000 |

---

(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** |
|  | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,**<br> **2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $6423094 | $19003384 | $(97963) | $(140039) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 155837097 | (617326479) | 1387352 | 2387520 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 128472839 | (50972985) | 2791718 | 1036242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 290733030 | (649296080) | 4081107 | 3283723 |
| **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 | 341631952 | 94491380 | 13379703 | 9930872 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (28590860) | (19058409) | (9925811) | (13572492) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 313041092 | 75432971 | 3453892 | (3641620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 603774122 | (573863109) | 7534999 | (357897) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 314803143 | 888666252 | 25367131 | 25725028 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $918577265 | $314803143 | $32902130 | $25367131 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 132125000 | 121495000 | 655000 | 760000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 72315000 | 16480000 | 325000 | 280000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (7970000) | (5850000) | (240000) | (385000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 196470000 | 132125000 | 740000 | 655000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Ranger Equity Bear ETF** | **AdvisorShares<br> Ranger Equity Bear ETF** | **AdvisorShares<br> Restaurant ETF** | **AdvisorShares<br> Restaurant ETF** |
|  | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $967292 | $2205222 | $9711 | $12144 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (3836896) | (8128552) | 129449 | 660615 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1626954 | (3635847) | (662482) | (10242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (1242650) | (9559177) | (523322) | 662517 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1991450) | (3798221) | (15367) | (5736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1991450) | (3798221) | (15367) | (5736) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 32317721 | 57396887 | 669377 | 1224985 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (20205561) | (66209883) | (925845) | (1293277) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 12112160 | (8812996) | (256468) | (68292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 8878060 | (22170394) | (795157) | 588489 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 45594724 | 67765118 | 3656396 | 3067907 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $54472784 | $45594724 | $2861239 | $3656396 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2697500 | 3282500 | 120000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1910000 | 3110000 | 25000 | 45000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1230000) | (3695000) | (35000) | (50000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 3377500 | 2697500 | 110000 | 120000 |

---

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** |
|  | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** | **Six months ended<br> December 31,<br> 2025 <br> (Unaudited)** | **Year ended<br> June 30,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $500672 | $835225 | $32241 | $54727 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (63665) | 1227218 | 174214 | 1015347 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 5081489 | 4673851 | (664753) | 280577 |
| &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 | 5518496 | 6736294 | (458298) | 1365973 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1004935) | (673294) | (55937) | (102755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (1004935) | (673294) | (55937) | (102755) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 5300696 | 3945976 | 349180 |  |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed |  | (5641525) | (173993) | (950067) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 5300696 | (1695549) | 175187 | (950067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 9814257 | 4367451 | (339048) | 313151 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 65906782 | 61539331 | 7352032 | 7038881 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $75721039 | $65906782 | $7012984 | $7352032 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 1430000 | 1470000 | 215000 | 245000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 110000 | 90000 | 10000 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased |  | (130000) | (5000) | (30000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1540000 | 1430000 | 220000 | 215000 |

---

(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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| <br>**AdvisorShares Dorsey Wright ADR ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $78.77 | $61.87 | $49.55 | $48.48 | $66.54 | $53.25 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.65 | 0.68 | 1.22 | 1.62 | 0.27 |
| Net Realized and Unrealized Gain (Loss) | 7.15 | 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> | 7.31 | 17.49 | 13.15 | 2.19 | (16.86) | 13.50 |
| Distributions from Net Investment Income | (0.21) | (0.59) | (0.83) | (1.12) | (1.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.21) | (0.59) | (0.83) | (1.12) | (1.20) | (0.21) |
| Net Asset Value, End of Year/Period | $85.87 | $78.77 | $61.87 | $49.55 | $48.48 | $66.54 |
| Market Value, End of Year/Period | $86.26 | $78.65 | $61.79 | $49.47 | $48.47 | $66.49 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 9.27% | 28.43% | 26.65% | 4.69% | (25.51)% | 25.39% |
| Total Investment Return Based on Market<sup>(3)</sup> | 9.95% | 28.40% | 26.69% | 4.55% | (25.45)% | 25.95% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $46797 | $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% | 1.10% | 0.99% | 1.10% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.05% | 1.15% | 1.24% | 1.15% | 1.00% | 0.96% |
| Net Investment Income<sup>(4)</sup> | 0.37% | 0.93% | 1.22% | 2.52% | 2.59% | 0.44% |
| Portfolio Turnover Rate<sup>(5)</sup> | 58% | 56% | 45% | 101% | 79% | 85% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright FSM All Cap World ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Dorsey Wright FSM All Cap World ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $41.58 | $39.11 | $31.57 | $30.33 | $36.63 | $28.07 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.21 | 0.21 | (0.10) | 0.58 | 0.01 | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 2.68 | 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> | 2.89 | 2.47 | 8.12 | 1.40 | (5.75) | 8.62 |
| Distributions from Net Investment Income | (0.34) |  | (0.58) | (0.16) |  |  |
| Distributions from Realized Capital Gains |  |  |  |  | (0.55) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.34) |  | (0.58) | (0.16) | (0.55) | (0.06) |
| Net Asset Value, End of Year/Period | $44.13 | $41.58 | $39.11 | $31.57 | $30.33 | $36.63 |
| Market Value, End of Year/Period | $44.15 | $41.56 | $39.09 | $31.60 | $30.34 | $36.67 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 6.95% | 6.32% | 25.97% | 4.63% | (15.98)% | 30.70% |
| Total Investment Return Based on Market<sup>(3)</sup> | 7.04% | 6.32% | 25.81% | 4.71% | (16.06)% | 30.85% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $84073 | $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% | 0.95% | 0.98% | 0.98% | 0.91% | 0.88% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.95% | 0.95% | 0.96% | 0.96% | 0.94% | 0.86% |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.95% | 0.52% | (0.29)% | 1.87% | 0.02% | (0.34)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 130% | 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) 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.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright FSM US Core ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Dorsey Wright FSM US Core ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $50.82 | $46.84 | $36.78 | $32.16 | $37.09 | $27.51 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.02 | 0.15 | (0.02) | 0.32 | 0.11 | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 3.44 | 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> | 3.46 | 4.07 | 10.18 | 4.92 | (4.79) | 9.65 |
| Distributions from Net Investment Income | (0.02) | (0.09) | (0.12) | (0.30) |  | (0.03) |
| Distributions from Realized Capital Gains |  |  |  |  | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.02) | (0.09) | (0.12) | (0.30) | (0.14) | (0.07) |
| Net Asset Value, End of Year/Period | $54.26 | $50.82 | $46.84 | $36.78 | $32.16 | $37.09 |
| Market Value, End of Year/Period | $54.19 | $50.85 | $46.83 | $36.76 | $32.08 | $37.16 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 6.81% | 8.69% | 27.72% | 15.38% | (12.97)% | 35.08% |
| Total Investment Return Based on Market<sup>(3)</sup> | 6.60% | 8.78% | 27.77% | 15.61% | (13.36)% | 35.59% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $116385 | $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> | 0.90% | 0.91% | 0.94% | 0.98% | 0.93% | 0.92% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.90% | 0.91% | 0.92% | 0.97% | 0.95% | 0.89% |
| Net Investment Income (Loss)<sup>(5)</sup> | 0.06% | 0.32% | (0.06)% | 0.95% | 0.28% | (0.22)% |
| Portfolio Turnover Rate<sup>(6)</sup> | 50% | 145% | 99% | 103% | 50% | 64% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright Short ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Dorsey Wright Short ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $7.40 | $7.50 | $8.78 | $10.49 | $8.59 | $19.33 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.11 | 0.33 | 0.47 | 0.36 | (0.21) | (0.46) |
| Net Realized and Unrealized Gain (Loss) | (0.64) |  | (1.03) | (2.07) | 2.11 | (10.28) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.53) | 0.33 | (0.56) | (1.71) | 1.90 | (10.74) |
| Distributions from Net Investment Income | (0.41) | (0.43) | (0.72) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.41) | (0.43) | (0.72) |  |  |  |
| Net Asset Value, End of Year/Period | $6.46 | $7.40 | $7.50 | $8.78 | $10.49 | $8.59 |
| Market Value, End of Year/Period | $6.44 | $7.41 | $7.49 | $8.75 | $10.45 | $8.56 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (7.20)% | 4.78% | (5.70)% | (16.31)% | 22.15% | (55.58)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (7.59)% | 5.01% | (5.60)% | (16.27)% | 22.08% | (55.79)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $11500 | $12513 | $10989 | $24093 | $46999 | $25164 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 4.06% | 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> | 4.48% | 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> | 3.25% | 4.45% | 5.70% | 3.77% | (2.35)% | (3.18)% |
| Portfolio Turnover Rate<sup>(6)</sup> | 121% | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| <br>**AdvisorShares Focused Equity ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $69.97 | $62.18 | $53.64 | $42.25 | $46.65 | $35.67 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.11 | 0.32 | 0.34 | 0.20 | 0.17 | 0.10 |
| Net Realized and Unrealized Gain (Loss) | (1.20) | 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> | (1.09) | 8.18 | 8.69 | 11.63 | (4.32) | 11.10 |
| Distributions from Net Investment Income | (0.21) | (0.39) | (0.15) | (0.24) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.21) | (0.39) | (0.15) | (0.24) | (0.08) | (0.12) |
| Net Asset Value, End of Year/Period | $68.67 | $69.97 | $62.18 | $53.64 | $42.25 | $46.65 |
| Market Value, End of Year/Period | $68.67 | $69.97 | $62.17 | $53.80 | $42.21 | $46.68 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (1.55)% | 13.20% | 16.20% | 27.59% | (9.28)% | 31.15% |
| Total Investment Return Based on Market<sup>(3)</sup> | (1.53)% | 13.22% | 15.84% | 28.10% | (9.44)% | 34.20% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $179231 | $192417 | $154195 | $70002 | $28098 | $28921 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.65% | 0.65% | 0.72% | 0.84% | 0.65% | 0.66% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.79% | 0.79% | 0.92% | 1.20% | 1.09% | 1.19% |
| Net Investment Income<sup>(4)</sup> | 0.30% | 0.47% | 0.58% | 0.42% | 0.36% | 0.24% |
| Portfolio Turnover Rate<sup>(5)</sup> | 25% | 24% | 18% | 18% | 24% | 25% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Gerber Kawasaki ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **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 | $23.84 | $21.52 | $17.94 | $16.34 | $25.03 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.02) | 0.03 | (0.00)<sup>(6)</sup> | 0.15 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 1.80 | 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> | 1.78 | 2.32 | 3.60 | 1.80 | (8.68) |
| Distributions from Net Investment Income | (0.02) |  | (0.02) | (0.20) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.02) |  | (0.02) | (0.20) | (0.01) |
| Net Asset Value, End of Year/Period | $25.60 | $23.84 | $21.52 | $17.94 | $16.34 |
| Market Value, End of Year/Period | $25.60 | $23.84 | $21.51 | $17.93 | $16.35 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 7.46% | 10.78% | 20.16% | 11.21% | (34.71)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 7.47% | 10.83% | 20.12% | 11.09% | (34.65)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $27265 | $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% | 0.75% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.23% | 1.29% | 1.62% | 1.33% | 1.37% |
| Net Investment Income (Loss)<sup>(4)</sup> | (0.13)% | 0.13% | 0.00%<sup>(6)</sup> | 0.91% | 0.31% |
| Portfolio Turnover Rate<sup>(5)</sup> | 22% | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Hotel ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **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 | $31.54 | $28.10 | $25.37 | $19.66 | $24.52 | $24.32 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.15 | 0.31 | 0.13 | 0.21 | (0.02) | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 2.43 | 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> | 2.58 | 3.44 | 3.19 | 5.76 | (4.77) | 0.20 |
| Distributions from Net Investment Income | (0.77) |  | (0.46) | (0.05) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.77) |  | (0.46) | (0.05) | (0.09) |  |
| Net Asset Value, End of Year/Period | $33.35 | $31.54 | $28.10 | $25.37 | $19.66 | $24.52 |
| Market Value, End of Year/Period | $33.35 | $31.54 | $28.09 | $25.34 | $19.61 | $24.56 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 8.14% | 12.24% | 12.61% | 29.33% | (19.54)% | 0.81% |
| Total Investment Return Based on Market<sup>(3)</sup> | 8.16% | 12.28% | 12.70% | 29.49% | (19.87)% | 0.99% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $3335 | $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% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 4.82% | 2.87% | 3.72% | 2.40% | 1.33% | 6.60% |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.91% | 1.02% | 0.49% | 0.92% | (0.07)% | 2.70% |
| Portfolio Turnover Rate<sup>(5)</sup> | 48% | 137% | 94% | 120% | 74% | 21% |

---

---

| | | |
|:---|:---|:---|
| **AdvisorShares HVAC and Industrials ETF** | **Six months ended<br> December 31,<br> 2025<br> (Unaudited)** | **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 | $27.83 | $25.00 |
| **Investment Operations** |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.01) | 0.08 |
| Net Realized and Unrealized Gain | 3.22 | 2.75 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 3.21 | 2.83 |
| Distributions from Net Investment Income | (0.06) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.06) |  |
| Net Asset Value, End of Year/Period | $30.98 | $27.83 |
| Market Value, End of Year/Period | $30.98 | $27.82 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 11.54% | 11.31% |
| Total Investment Return Based on Market<sup>(3)</sup> | 11.54% | 11.31% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $4337 | $1113 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 3.71% | 36.56% |
| Net Investment Income (Loss)<sup>(4)</sup> | (0.04)% | 0.79% |
| Portfolio Turnover Rate<sup>(5)</sup> | 57% | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| <br>**AdvisorShares Insider Advantage ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $117.39 | $112.19 | $95.24 | $85.89 | $95.53 | $66.37 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.41 | 0.89 | 0.86 | 1.34 | 1.10 | 0.95 |
| Net Realized and Unrealized Gain (Loss) | 10.80 | 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> | 11.21 | 5.99 | 18.11 | 10.83 | (8.58) | 30.18 |
| Distributions from Net Investment Income | (1.29) | (0.79) | (1.16) | (1.48) | (1.06) | (1.02) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.29) | (0.79) | (1.16) | (1.48) | (1.06) | (1.02) |
| Net Asset Value, End of Year/Period | $127.31 | $117.39 | $112.19 | $95.24 | $85.89 | $95.53 |
| Market Value, End of Year/Period | $127.34 | $117.48 | $112.03 | $95.24 | $85.78 | $95.41 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 9.53% | 5.34% | 19.10% | 12.78% | (9.12)% | 45.78% |
| Total Investment Return Based on Market<sup>(3)</sup> | 9.47% | 5.57% | 18.93% | 12.95% | (9.12)% | 45.79% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $48378 | $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% | 0.90% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.00% | 1.00% | 1.06% | 1.05% | 0.96% | 1.05% |
| Net Investment Income<sup>(4)</sup> | 0.67% | 0.77% | 0.83% | 1.51% | 1.15% | 1.18% |
| Portfolio Turnover Rate<sup>(5)</sup> | 120% | 231% | 246% | 278% | 32% | 40% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AdvisorShares MSOS Daily Leveraged ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | |
| **AdvisorShares MSOS Daily Leveraged ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025<sup>(6)</sup>** | **2024<sup>(6)</sup>** | **For the period<br> August 24,<br> 2022\* to<br> June 30,**<br>**2023<sup>(6)</sup>** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $2.80 | $56.08 | $64.02 | $500.00 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.06 | 0.09 | 3.58 | 3.05 |
| Net Realized and Unrealized Gain (Loss) | 1.57 | (53.37) | (11.52) | (439.03) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 1.63 | (53.28) | (7.94) | (435.98) |
| Net Asset Value, End of Year/Period | $4.43 | $2.80 | $56.08 | $64.02 |
| Market Value, End of Year/Period | $4.44 | $2.79 | $55.08 | $65.20 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 58.14% | (95.00)% | (13.31)% | (87.08)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 59.14% | (95.01)% | (14.42)% | (86.96)% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $48893 | $10329 | $59266 | $7032 |
| Ratio to Average Net Assets of: |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.95% | 0.95% | 0.95% | 0.95% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.23% | 1.40% | 1.13% | 4.54% |
| Net Investment Income<sup>(4)</sup> | 2.15% | 3.63% | 4.00% | 3.44% |
| Portfolio Turnover Rate<sup>(5)</sup> | 0% | 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) 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Psychedelics ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **For the 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 | $13.80 | $9.69 | $18.41 | $25.56 | $100.00 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(2)</sup> | (0.03) | 0.12 | 0.08 | 0.49 | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 5.20 | 4.33 | (8.80) | (7.59) | (74.27) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 5.17 | 4.45 | (8.72) | (7.10) | (74.44) |
| Distributions from Net Investment Income | (1.70) | (0.34) | (0.00)<sup>(4)</sup> | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.70) | (0.34) | (0.00)<sup>(4)</sup> | (0.05) |  |
| Net Asset Value, End of Year/Period | $17.27 | $13.80 | $9.69 | $18.41 | $25.56 |
| Market Value, End of Year/Period | $17.21 | $13.92 | $9.70 | $18.60 | $26.50 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | 37.29% | 47.29% | (47.29)% | (26.55)% | (74.44)% |
| Total Investment Return Based on Market<sup>(5)</sup> | 35.79% | 48.44% | (47.74)% | (28.45)% | (73.50)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $18479 | $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% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.45% | 1.83% | 2.95% | 3.01% | 3.10% |
| Net Investment Income (Loss)<sup>(6)</sup> | (0.34)% | 2.76% | 0.59% | 2.29% | (0.52)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 48% | 107% | 69% | 73% | 27% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| <br>**AdvisorShares Pure Cannabis ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $1.89 | $3.39 | $2.59 | $5.28 | $21.15 | $10.17 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(2)</sup> | (0.00)<sup>(4)</sup> | 0.02 | 0.06 | 0.04 | 0.01 | 0.04 |
| Net Realized and Unrealized Gain (Loss) | 1.40 | (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> | 1.40 | (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 | $3.29 | $1.89 | $3.39 | $2.59 | $5.28 | $21.15 |
| Market Value, End of Year/Period | $3.27 | $(1.88) | $3.39 | $2.59 | $5.28 | $21.12 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | 73.74% | (43.36)% | 33.14% | (50.63)% | (73.99)% | 109.96% |
| Total Investment Return Based on Market<sup>(5)</sup> | 73.94% | (43.85)% | 33.05% | (50.54)% | (73.93)% | 109.35% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $41674 | $24649 | $43471 | $34022 | $71817 | $354408 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 0.49% | 0.51% | 0.44% | 0.51% | 0.65% | 0.74% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.14% | 1.14% | 1.47% | 1.04% | 0.88% | 0.69% |
| Net Investment Income (Loss)<sup>(6)</sup> | (0.22)% | 0.86% | 1.92% | 0.88% | 0.11% | 0.21% |
| Portfolio Turnover Rate<sup>(7)</sup> | 14% | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Pure US Cannabis ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the 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 | $2.38 | $7.31 | $5.48 | $10.35 | $40.22 | $25.00 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.04 | 0.15 | 0.27 | 0.08 | (0.09) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | 2.26 | (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> | 2.30 | (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 | $4.68 | $2.38 | $7.31 | $5.48 | $10.35 | $40.22 |
| Market Value, End of Year/Period | $4.70 | $2.40 | $7.27 | $5.55 | $10.37 | $40.08 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 96.59% | (67.40)% | 33.39% | (47.04)% | (74.20)% | 60.86% |
| Total Investment Return Based on Market<sup>(3)</sup> | 95.83% | (66.99)% | 30.99% | (46.48)% | (74.06)% | 60.32% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $918577 | $314803 | $888666 | $343385 | $514691 | $950694 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.74% | 0.74% | 0.74% | 0.74% | 0.72% | 0.69% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.70% | 0.75% | 0.74% | 0.77% | 0.75% | 0.69% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.75% | 3.25% | 3.44% | 0.96% | (0.40)% | (0.49)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 34% | 0% | 4% | 13% | 48% | 68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Q Dynamic Growth ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the 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 | $38.73 | $33.85 | $28.49 | $22.02 | $28.12 | $25.00 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.14) | (0.20) | 0.08 | (0.10) | (0.15) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | 5.87 | 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> | 5.73 | 4.88 | 5.36 | 6.47 | (6.10) | 3.12 |
| Net Asset Value, End of Year/Period | $44.46 | $38.73 | $33.85 | $28.49 | $22.02 | $28.12 |
| Market Value, End of Year/Period | $44.49 | $38.69 | $33.85 | $28.49 | $22.01 | $28.13 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 14.80% | 14.42% | 18.81% | 29.37% | (21.70)% | 12.50% |
| Total Investment Return Based on Market<sup>(3)</sup> | 14.99% | 14.30% | 18.81% | 29.44% | (21.76)% | 12.52% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $32902 | $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% | 1.45% | 1.32% | 1.14% | 1.43% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.51% | 1.42% | 1.71% | 1.31% | 1.13% | 1.49% |
| Net Investment Income (Loss)<sup>(4)</sup> | (0.66)% | (0.56)% | 0.25% | (0.44)% | (0.52)% | (0.65)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 80% | 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.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Ranger Equity Bear ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Ranger Equity Bear ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $16.90 | $20.64 | $22.62 | $31.85 | $23.00 | $48.55 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.29 | 0.72 | 1.20 | 0.63 | (0.97) | (1.59) |
| Net Realized and Unrealized Gain (Loss) | (0.50) | (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> | (0.21) | (2.46) | (0.15) | (9.23) | 8.85 | (25.55) |
| Distributions from Net Investment Income | (0.56) | (1.28) | (1.83) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.56) | (1.28) | (1.83) |  |  |  |
| Net Asset Value, End of Year/Period | $16.13 | $16.90 | $20.64 | $22.62 | $31.85 | $23.00 |
| Market Value, End of Year/Period | $16.10 | $16.93 | $20.68 | $22.63 | $31.96 | $23.00 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | (1.16)% | (11.64)% | 0.08% | (28.99)% | 38.48% | (52.62)% |
| Total Investment Return Based on Market<sup>(4)</sup> | (1.53)% | (11.73)% | 0.13% | (29.19)% | 38.96% | (52.58)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $54473 | $45595 | $67765 | $122632 | $166185 | $50655 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 3.44%<sup>(6)</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> | 3.44%<sup>(6)</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> | 3.51% | 3.99% | 5.55% | 2.34% | (3.70)% | (4.49)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 373% | 624% | 912% | 1001% | 1462% | 669% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Restaurant ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **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 | $30.47 | $24.54 | $21.66 | $16.97 | $24.44 | $24.69 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.08 | 0.10 | 0.06 | 0.23 | 0.13 | (0.00)<sup>(2)</sup> |
| Net Realized and Unrealized Gain (Loss) | (4.41) | 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> | (4.33) | 5.98 | 2.99 | 5.12 | (7.43) | (0.25) |
| Distributions from Net Investment Income | (0.13) | (0.05) | (0.11) | (0.43) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | (0.05) | (0.11) | (0.43) | (0.04) |  |
| Net Asset Value, End of Year/Period | $26.01 | $30.47 | $24.54 | $21.66 | $16.97 | $24.44 |
| Market Value, End of Year/Period | $25.99 | $30.48 | $24.52 | $21.66 | $16.93 | $24.44 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | (14.21)% | 24.36% | 13.85% | 30.59% | (30.46)% | (1.01)% |
| Total Investment Return Based on Market<sup>(4)</sup> | (14.30)% | 24.52% | 13.76% | 30.95% | (30.62)% | (1.01)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $2861 | $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% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 4.10% | 2.96% | 4.95% | 3.97% | 2.11% | 7.93% |
| Net Investment Income (Loss)<sup>(5)</sup> | 0.59% | 0.37% | 0.28% | 1.20% | 0.57% | (0.03)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 54% | 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 1.64%, 1.55%, 1.86%, 1.69%, 2.47% and 3.14% for the periods ended December 31, 2025, 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** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares STAR Global Buy-Write ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $46.09 | $41.86 | $37.57 | $34.61 | $39.83 | $32.20 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.34 | 0.57 | 0.46 | 0.25 | 0.13 | (0.16) |
| Net Realized and Unrealized Gain (Loss) | 3.40 | 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> | 3.74 | 4.68 | 4.73 | 3.60 | (4.99) | 7.73 |
| Distributions from Net Investment Income | (0.66) | (0.45) | (0.44) | (0.08) |  | (0.10) |
| Distributions from Realized Capital Gains |  |  |  | (0.56) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.66) | (0.45) | (0.44) | (0.64) | (0.23) | (0.10) |
| Net Asset Value, End of Year/Period | $49.17 | $46.09 | $41.86 | $37.57 | $34.61 | $39.83 |
| Market Value, End of Year/Period | $49.10 | $46.08 | $41.83 | $37.56 | $34.62 | $39.83 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 8.10% | 11.22% | 12.69% | 10.60% | (12.64)% | 24.04% |
| Total Investment Return Based on Market<sup>(4)</sup> | 7.98% | 11.29% | 12.62% | 10.54% | (12.60)% | 23.86% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $75721 | $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> | 1.08% | 1.11% | 1.22% | 1.54% | 1.85% | 1.85% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 1.08% | 1.11% | 1.22% | 1.33% | 1.82% | 2.48% |
| Net Investment Income (Loss)<sup>(6)</sup> | 1.39% | 1.31% | 1.18% | 0.71% | 0.33% | (0.43)% |
| Portfolio Turnover Rate<sup>(7)</sup> | 1% | 15% | 24% | 23% | 41% | 55% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| <br>**AdvisorShares Vice ETF** | **Six months ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $34.20 | $28.73 | $28.77 | $25.20 | $36.07 | $22.81 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.15 | 0.24 | 0.42 | 0.45 | 0.18 | 0.19 |
| Net Realized and Unrealized Gain (Loss) | (2.22) | 5.69 |  | 3.38 | (10.73) | 13.44 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | (2.07) | 5.93 | 0.42 | 3.83 | (10.55) | 13.63 |
| Distributions from Net Investment Income | (0.25) | (0.46) | (0.46) | (0.26) | (0.14) | (0.37) |
| Distributions from Realized Capital Gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.25) | (0.46) | (0.46) | (0.26) | (0.32) | (0.37) |
| Net Asset Value, End of Year/Period | $31.88 | $34.20 | $28.73 | $28.77 | $25.20 | $36.07 |
| Market Value, End of Year/Period | $31.73 | $34.19 | $28.71 | $28.77 | $25.13 | $36.06 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | (6.04)% | 20.74%<sup>(8)</sup> | 1.55% | 15.24% | (29.45)% | 59.98% |
| Total Investment Return Based on Market<sup>(4)</sup> | (6.46)% | 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) | $7013 | $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% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 2.22% | 1.71% | 2.18% | 1.90% | 1.64% | 1.71% |
| Net Investment Income<sup>(6)</sup> | 0.84% | 0.76% | 1.51% | 1.65% | 0.59% | 0.63% |
| Portfolio Turnover Rate<sup>(7)</sup> | 100% | 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.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights (continued)**

(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**

**December 31, 2025 (Unaudited)**

**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 December 31, 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 Industrial 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 HVAC and Industrials ETF ("HVAC and Industrials ETF") seeks long-term capital appreciation.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**1. Organization – (continued)**

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.

For the period ended December 31, 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> December 31,<br> 2025** | **% of Fund<br> Net Assets<br> as of<br> December 31,<br> 2025** | **Reference location** |
| Dorsey Wright FSM US Core ETF | Invesco QQQ Trust Series I | 57361196 | 49.3 | https://www.invesco.com |
|  | iShares MSCI USA Momentum Factor ETF | 58270166 | 50.0 | https://www.ishares.com/us |
| STAR Global Buy-Write ETF | SPDR S&P 500 ETF Trust | 31579033 | 41.7 | https://us.spdrs.com |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**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.

***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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

***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.

***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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

***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 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 period ended December 31, 2025 was $(179,919) and $119,426, 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

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

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.

***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 December 31, 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)**

**December 31, 2025 (Unaudited)**

**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<br> 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 | $(3883855) | $— | $(3883855) | $3883855<sup>(1)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 3883855 |  | 3883855 | 3883855 |  |  |
| **Dorsey Wright FSM All Cap World ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (3402035) |  | (3402035) | 3402035<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 3402035 |  | 3402035 | 3402035 |  |  |
| **Dorsey Wright FSM US Core ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (30044339) |  | (30044339) | 30044339<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 30044339 |  | 30044339 | 30044339 |  |  |
| **Gerber Kawasaki ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (261170) |  | (261170) | 261170<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 261170 |  | 261170 | 261170 |  |  |
| **MSOS Daily Leveraged ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (4953918) |  | (4953918) |  |  | (4953918) |
| **Psychedelics ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (3283430) |  | (3283430) | 3283430<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 3283430 |  | 3283430 | 3283430 |  |  |
| **Pure Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (1520446) |  | (1520446) | 1520446<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 1520446 |  | 1520446 | 1520446 |  |  |
| **Pure US Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (2275) |  | (2275) | 2275 |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 2275 |  | 2275 | 2275 |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | 97841338 |  | 97841338 |  |  | 97841338 |
| **Q Dynamic Growth ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (845965) |  | (845965) | 845965<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 845965 |  | 845965 | 845965 |  |  |
| **Restaurant ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (138301) |  | (138301) | 138301<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 138301 |  | 138301 | 138301 |  |  |
| **STAR Global Buy-Write ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (11465834) |  | (11465834) | 11465834<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 11465834 |  | 11465834 | 11465834 |  |  |
| **Vice ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (464318) |  | (464318) | 464318<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | 464318 |  | 464318 | 464318 |  |  |

---

(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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

***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.

**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 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 Industrial 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

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

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 AdvisorShares Pure US Cannabis ETF.

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% |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

With respect to the AdvisorShares 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 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

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

period. The expense limits in effect for each Fund during the period ended December 31, 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 Industrial 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%.

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** |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expenses <br> Reimbursed** | **Recoupment<br> Balance** | **Recoupment<br> Expiration** |
| 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** |  |
| 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** |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expenses <br> Reimbursed** | **Recoupment<br> Balance** | **Recoupment<br> Expiration** |
| 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** |  |

---

***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.

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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**4. Creation and Redemption Transactions – (continued)**

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 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

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

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

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 December 31, 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 | $108215390 |
| STAR Global Buy-Write ETF | Investments, at Market Value<sup>(a)</sup> | 26924 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Liability Derivatives** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Unrealized Depreciation on OTC Swap Contracts | $4953918 |
| Pure US Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | 10374053 |
| STAR Global Buy-Write ETF | Options Written, at value | 5382 |

---

<sup>(a)</sup> Option purchased, at value are included in investments, at market value in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended December 31, 2025, were as follows:

Statements of Operations:

---

| | | |
|:---|:---|:---|
| **Fund** | **Realized Gain (Loss)** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Swaps | $(1362141) |
| Pure US Cannabis ETF | Swaps | 153982332 |
| STAR Global Buy-Write ETF | Investments<sup>(a)</sup> | (120065) |
| STAR Global Buy-Write ETF | Options Written | 35249 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Change in Unrealized Gain (Loss)** | **Equity Risk** |
| MSOS Daily Leveraged ETF | Swaps | $(5267356) |
| Pure US Cannabis ETF | Swaps | 98235219 |
| STAR Global Buy-Write ETF | Investments<sup>(a)</sup> | 21179 |
| STAR Global Buy-Write ETF | Options Written | 130890 |

---

<sup>(a)</sup> Options Purchased are included in net realized gain(loss) on investments and net change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

For the period ended December 31, 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 | $1680788 | $80680 | $— |
| Purchased Options Contracts |  |  | 189582 |
| Written Options Contracts |  |  | 30871 |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**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 December 31, 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.

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 |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**7. Federal Income Tax – (continued)**

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 |  | – |  |
| 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 |  | – |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**7. Federal Income Tax – (continued)**

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 |  |
| 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 |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**8. Investment Transactions**

Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 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 | $26132191 | $— | $1279831 | $26196486 | $— | $5069366 |
| Dorsey Wright FSM All Cap World ETF | 107621952 |  | 68323064 | 107589184 |  | 69512374 |
| Dorsey Wright FSM US Core ETF | 59812514 |  |  | 59967739 |  | 7798870 |
| Dorsey Wright Short ETF | 15765070 |  |  | 14892360 |  |  |
| Focused Equity ETF | 45903394 |  | 1696415 | 46541825 |  | 11335633 |
| Gerber Kawasaki ETF | 5835396 |  |  | 5731822 |  |  |
| Hotel ETF | 1466791 |  | 1467860 | 1352692 |  | 949461 |
| HVAC and Industrial ETF | 1819594 |  | 3023205 | 1770544 |  |  |
| Insider Advantage ETF | 57264161 |  |  | 57723362 |  | 2465168 |
| MSOS Daily Leveraged ETF | 369 |  |  |  |  |  |
| Psychedelics ETF | 7496555 |  | 5740238 | 8787070 |  |  |
| Pure Cannabis ETF | 5799708 |  | 2411503 | 5347262 |  | 3098311 |
| Pure US Cannabis ETF | 31475307 |  | 43019088 | 97856435 |  | 4320769 |
| Q Dynamic Growth ETF | 23055072 |  | 13108197 | 23245510 |  | 9683045 |
| Ranger Equity Bear ETF | 187111380 |  |  | 190124531 |  |  |
| Restaurant ETF | 1803997 |  | 630908 | 1650272 |  | 872585 |
| STAR Global Buy-Write ETF | 5473960 |  |  | 412778 |  |  |
| Vice ETF | 7644105 |  | 330153 | 7386880 |  | 172140 |

---

**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.

***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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

***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 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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

***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 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.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

***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 that require additional disclosure.

**BOARD REVIEW OF INVESTMENT SUB-ADVISORY AGREEMENT**

**Renewal of the Sub-Advisory Agreement for the AdvisorShares Ranger Equity Bear ETF**

At a meeting of the Board of Trustees (the "Board") of AdvisorShares Trust (the "Trust") held on September 11, 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 the sub-advisory agreement (the "Sub-Advisory Agreement") between AdvisorShares Investments, LLC (the "Advisor") and Ranger Alternative Management L.P. (the "Sub-Advisor"), on behalf of the AdvisorShares Ranger Equity Bear ETF (the "Fund"), pursuant to which the Sub-Advisor performs portfolio management and related services.

Pursuant to Section 15 of the 1940 Act, to continue after its initial two-year term, the Sub-Advisory Agreement must be approved annually (i) by the vote of the Board or by a vote of the shareholders of the Fund 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 Sub-Advisory Agreement for an additional one-year term. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Sub-Advisor. The Board uses this information, as well as other information that the Advisor, Sub-Advisor and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate the Sub-Advisor's fee and other aspects of the Sub-Advisory Agreement and decide whether to renew the Sub-Advisory Agreement for an additional year.

As discussed in further detail below, prior to and at the meeting, the Board, including the Independent Trustees, was presented with information to help it evaluate the Sub-Advisor's fee and other aspects of the Sub-Advisory Agreement. The Board reviewed written materials from the Advisor and Sub-Advisor regarding, among other things, (i) the nature, extent and quality of the services provided by the Sub-Advisor; (ii) the performance by the Sub-Advisor of its duties; (iii) the investment performance of the Fund; (iv) the costs of the services provided and profits realized by the Sub-Advisor; (v) the potential for economies of scale for the benefit of the Fund's shareholders; and (vi) any ancillary benefits to the Sub-Advisor. The Board received an overview of the Sub-Advisor's operations and management of the Fund, including comparative fee data and profitability analysis relating to the Fund, and also was provided with information with respect to compliance oversight. The Board reviewed the management of the Fund, including its strategy, the focus in the markets, the Fund's positioning in the market, and its attractive and unique offering. The Board reviewed the Sub-Advisor's overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of the Sub-Advisory Agreement in light of the written materials that it received before the meeting, information it received at the meeting, 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 Sub-Advisor and the renewal of the Sub-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 Sub-Advisor, the Board reviewed the portfolio management services provided to the Fund. The Board considered, among other things, the professional experience and qualifications of the Sub-Advisor's senior management and key professional personnel including those individuals responsible for portfolio management; the Sub-Advisor's operational capabilities and resources; and information concerning its compliance function. The Sub-Advisor's most recent Form ADV was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about its business, services, and financial condition. 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 Fund by the Sub-Advisor.

**BOARD REVIEW OF INVESTMENT SUB-ADVISORY AGREEMENT (Continued)**

***Performance of the Funds*.** The Board was provided with information regarding the Fund's performance for various periods as well as comparative performance information. The Sub-Advisor provided information regarding factors impacting the performance of the Fund, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that the Fund is actively managed and that it receives regular reports regarding the Fund's performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that the Sub-Advisor had been able to achieve for the Fund.

***Cost of Services and Profitability.*** In considering whether the sub-advisory fee payable with respect to the Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to the Sub-Advisor; the fees waived and/or expenses reimbursed by the Sub-Advisor over the period, as applicable; the costs and other expenses incurred by the Sub-Advisor in providing the services; and the profitability analysis with respect to the Fund. The Board also reviewed information comparing the Fund's aggregate advisory fee to the aggregate advisory fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded that the sub-advisory fee appeared to be reasonable in light of the services rendered.

***Economies of Scale.*** The Board considered whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Sub-Advisor. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for the Fund appropriately takes into account any economies of scale that may be realized as a result of any significant asset growth of the Fund.

***Ancillary Benefits.*** The Board noted the potential benefits to be received by the Sub-Advisor as a result of its relationship with the Fund (other than the sub-advisory fee) including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the 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 the Sub-Advisory Agreement are fair and reasonable and agreed to renew the Sub-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)

(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.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Not applicable.

**Item 16. Controls and Procedures.**

(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)).

(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.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable. <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 | March 3, 2026 |

---

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 | March 3, 2026 |
| By (Signature and Title)\* | /s/ Dan Ahrens |
|  | Dan Ahrens, Treasurer |
|  | (principal financial officer) |
| Date | March 3, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## 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: | March 3, 2026 | /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: | March 3, 2026 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906.CERT**

**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: | March 3, 2026 | /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: | March 3, 2026 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---