# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009708
**Filing Date:** 2025-11
**Character Count:** 15924
**Document Hash:** c198e097a38607a8bb96b19a7a38a273
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009708.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009708

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 251513013

**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 Hotel ETF (Series ID: S000071546)

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

## Nport-Ex

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.4%** |  |  |
| **Commercial Services – 3.0%** |  |  |
| Target Hospitality Corp.<sup>(a)</sup> | 10022 | $84987 |
| **Entertainment – 10.0%** |  |  |
| Monarch Casino & Resort, Inc. | 1420 | 150293 |
| Soho House & Co., Inc. (United Kingdom)<sup>(a)</sup> | 15400 | 136290 |
| Total Entertainment |  | 286583 |
| **Internet – 24.6%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 500 | 60710 |
| Booking Holdings, Inc. | 28 | 151180 |
| Expedia Group, Inc. | 594 | 126968 |
| Travelzoo<sup>(a)</sup> | 12068 | 118628 |
| Trip.com Group Ltd. (China)<sup>(b)</sup> | 1947 | 146414 |
| TripAdvisor, Inc.<sup>(a)</sup> | 6232 | 101332 |
| Total Internet |  | 705232 |
| **Leisure Time – 18.5%** |  |  |
| Carnival Corp.<sup>(a)</sup> | 5120 | 148019 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 5377 | 132436 |
| Royal Caribbean Cruises Ltd. | 404 | 130726 |
| Viking Holdings Ltd.<sup>(a)</sup> | 1878 | 116737 |
| Total Leisure Time |  | 527918 |
| **Lodging – 21.1%** |  |  |
| Boyd Gaming Corp. | 1730 | 149558 |
| Hilton Worldwide Holdings, Inc. | 482 | 125050 |
| Hyatt Hotels Corp., Class A | 405 | 57481 |
| Marriott International, Inc., Class A | 318 | 82820 |
| Travel + Leisure Co. | 2134 | 126952 |
| Wyndham Hotels & Resorts, Inc. | 763 | 60964 |
| Total Lodging |  | 602825 |
| **REITS – 22.2%** |  |  |
| Apple Hospitality REIT, Inc. | 10877 | 130633 |
| DiamondRock Hospitality Co. | 14578 | 116041 |
| Host Hotels & Resorts, Inc. | 5200 | 88504 |
| Pebblebrook Hotel Trust | 7621 | 86803 |
| VICI Properties, Inc. | 2965 | 96688 |
| Xenia Hotels & Resorts, Inc. | 8500 | 116620 |
| Total REITS |  | 635289 |
| **Total Common Stocks<br> (Cost $2,323,023)** |  | 2842834 |
| **MONEY MARKET FUND – 0.9%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(c)</sup><br> (Cost $26,845) | 26845 | 26845 |
| Total Investments – 100.3%<br> (Cost $2,349,868) |  | 2869679 |
| Liabilities in Excess of Other Assets – (0.3%) |  | (7326) |
| **Net Assets – 100.0%** |  | $**2862353** |

---

REITS - Real Estate Investment Trusts

(a) Non-income producing security.

(b) American Depositary Receipt.

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

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

**Fair Value Measurements**

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $2842834 | $– | $– | $2842834 |
| Money Market Fund | 26845 | – | – | 26845 |
| Total | $2869679 | $– | $– | $2869679 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commercial Services | 3.0% |
| Entertainment | 10.0 |
| Internet | 24.6 |
| Leisure Time | 18.5 |
| Lodging | 21.1 |
| REITS | 22.2 |
| Money Market Fund | 0.9 |
| Total Investments | 100.3 |
| Liabilities in Excess of Other Assets | (0.3) |
| Net Assets | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

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

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

- **a. Name of Series:** AdvisorShares Hotel ETF

- **b. EDGAR series identifier (if any):** S000071546

- **c. LEI of Series:** 54930052HGMWX3OY3M33

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2876387.97

**Total Liabilities:** $14034.56

**Net Assets:** $2862353.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226855 | 4.15%                | 6.09%                | -3.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26973.81                | $85057.08                                  |
| Month 2  | $-6526.87                | $176807.58                                 |
| Month 3  | $4610.35                 | $-110175.21                                |

### Schedule of Portfolio Investments

| Name                           | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Soho House & Co Inc            | Soho House & Co Inc                | CUSIP: 586001109<br>LEI: 213800XNSPPBRF2E5A41 | Long             | EC               | CORP              | GB        |     15400 | NS      | $136290.00    | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                 | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |      1947 | NS      | $146414.40    | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TripAdvisor Inc                | TripAdvisor Inc                    | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |      6232 | NS      | $101332.32    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                   | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      1730 | NS      | $149558.50    | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT Inc         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     10877 | NS      | $130632.77    | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc     | Xenia Hotels & Resorts Inc         | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |      8500 | NS      | $116620.00    | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts Inc          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      5200 | NS      | $88504.00     | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelzoo                      | Travelzoo                          | CUSIP: 89421Q205<br>LEI: 5493003SM75HBCOOU310 | Long             | EC               | CORP              | US        |     12068 | NS      | $118628.44    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp        | Target Hospitality Corp            | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10022 | NS      | $84986.56     | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co         | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     14578 | NS      | $116040.88    | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5377 | NS      | $132435.51    | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD      | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       318 | NS      | $82819.92     | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co            | Travel + Leisure Co                | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      2134 | NS      | $126951.66    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                  | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       594 | NS      | $126967.50    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd            | Viking Holdings Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      1878 | NS      | $116736.48    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       500 | NS      | $60710.00     | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                      | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      5120 | NS      | $148019.20    | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd        | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |       404 | NS      | $130726.32    | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc       | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       763 | NS      | $60963.70     | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp                  | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |       405 | NS      | $57481.65     | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc        | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      1420 | NS      | $150292.80    | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      2965 | NS      | $96688.65     | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       482 | NS      | $125050.08    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        28 | NS      | $151179.56    | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust            | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |      7621 | NS      | $86803.19     | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     26845 | NS      | $26844.64     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer