# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009717
**Filing Date:** 2025-11
**Character Count:** 47335
**Document Hash:** 8b3f9bc49dbef8ef8ac8306b10c06c7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009717.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009717

**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:** 251513024

**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 Short ETF (Series ID: S000062084)

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

## Nport-Ex

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND – 225.4%** |  |  |
| STIT - Government & Agency Portfolio, Institutional Class, 4.05%<sup>(a)(b)</sup><br> (Cost $29,194,379) | 29194379 | $29194379 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $29,194,379) |  | 29194379 |
| **Securities Sold, Not Yet Purchased – (93.7)%** |  |  |
| **COMMON STOCKS – (93.7)%** |  |  |
| **Apparel – (3.8)%** |  |  |
| Carter's, Inc. | (3940) | (111187) |
| Columbia Sportswear Co. | (1970) | (103031) |
| PVH Corp. | (1715) | (143666) |
| VF Corp. | (9180) | (132467) |
| Total Apparel |  | (490351) |
| **Beverages – (1.9)%** |  |  |
| Brown-Forman Corp., Class B | (4589) | (124270) |
| Constellation Brands, Inc., Class A | (895) | (120530) |
| Total Beverages |  | (244800) |
| **Biotechnology – (4.0)%** |  |  |
| BioMarin Pharmaceutical, Inc.<sup>(c)</sup> | (2105) | (114007) |
| Illumina, Inc.<sup>(c)</sup> | (1370) | (130109) |
| Regeneron Pharmaceuticals, Inc. | (228) | (128198) |
| Sarepta Therapeutics, Inc.<sup>(c)</sup> | (7450) | (143561) |
| Total Biotechnology |  | (515875) |
| **Building Materials – (2.1)%** |  |  |
| Fortune Brands Innovations, Inc. | (2270) | (121195) |
| JELD-WEN Holding, Inc.<sup>(c)</sup> | (31350) | (153929) |
| Total Building Materials |  | (275124) |
| **Chemicals – (9.7)%** |  |  |
| Albemarle Corp. | (1451) | (117647) |
| Ashland, Inc. | (2382) | (114122) |
| Celanese Corp. | (2990) | (125819) |
| Chemours Co. (The) | (7515) | (119038) |
| Eastman Chemical Co. | (1900) | (119795) |
| FMC Corp. | (2743) | (92247) |
| Huntsman Corp. | (10569) | (94910) |
| International Flavors & Fragrances, Inc. | (1960) | (120618) |
| LyondellBasell Industries NV, Class A | (2400) | (117696) |
| Olin Corp. | (4587) | (114629) |
| Westlake Corp. | (1484) | (114357) |
| Total Chemicals |  | (1250878) |
| **Commercial Services – (4.6)%** |  |  |
| Booz Allen Hamilton Holding Corp. | (1170) | (116942) |
| Global Payments, Inc. | (1480) | (122958) |
| ManpowerGroup, Inc. | (3126) | (118475) |
| Robert Half, Inc. | (3470) | (117911) |
| U-Haul Holding Co.<sup>(c)</sup> | (2200) | (125554) |
| Total Commercial Services |  | (601840) |
| **Computers – (4.6)%** |  |  |
| Accenture PLC, Class A (Ireland) | (500) | (123300) |
| ASGN, Inc.<sup>(c)</sup> | (2390) | (113167) |
| DXC Technology Co.<sup>(c)</sup> | (7450) | (101544) |
| EPAM Systems, Inc.<sup>(c)</sup> | (770) | (116108) |
| Gartner, Inc.<sup>(c)</sup> | (520) | (136692) |
| Total Computers |  | (590811) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Cosmetics/Personal Care – (0.7)%** |  |  |
| Coty, Inc., Class A<sup>(c)</sup> | (23990) | $(96919) |
| **Distribution/Wholesale – (1.8)%** |  |  |
| Copart, Inc.<sup>(c)</sup> | (2600) | (116922) |
| LKQ Corp. | (4000) | (122160) |
| Total Distribution/Wholesale |  | (239082) |
| **Diversified Financial Services – (1.0)%** |  |  |
| Western Union Co. (The) | (15600) | (124644) |
| **Electric – (1.9)%** |  |  |
| Edison International | (2090) | (115535) |
| PG&E Corp. | (8660) | (130593) |
| Total Electric |  | (246128) |
| **Entertainment – (0.8)%** |  |  |
| Churchill Downs, Inc. | (1140) | (110591) |
| **Food – (4.7)%** |  |  |
| Campbell's Co.,(The) | (3970) | (125373) |
| Conagra Brands, Inc. | (6850) | (125423) |
| Flowers Foods, Inc. | (7990) | (104269) |
| General Mills, Inc. | (2530) | (127563) |
| Lamb Weston Holdings, Inc. | (2172) | (126150) |
| Total Food |  | (608778) |
| **Hand/Machine Tools – (1.0)%** |  |  |
| Stanley Black & Decker, Inc. | (1730) | (128591) |
| **Healthcare - Products – (12.5)%** |  |  |
| Align Technology, Inc.<sup>(c)</sup> | (871) | (109067) |
| Baxter International, Inc. | (5500) | (125235) |
| Bio-Techne Corp. | (2070) | (115154) |
| Bruker Corp. | (4240) | (137758) |
| Cooper Cos., Inc. (The)<sup>(c)</sup> | (1620) | (111067) |
| DENTSPLY SIRONA, Inc. | (9106) | (115555) |
| Enovis Corp.<sup>(c)</sup> | (3785) | (114837) |
| Integra LifeSciences Holdings Corp.<sup>(c)</sup> | (9428) | (135103) |
| Revvity, Inc. | (1500) | (131475) |
| Teleflex, Inc. | (982) | (120158) |
| Thermo Fisher Scientific, Inc. | (292) | (141626) |
| Waters Corp.<sup>(c)</sup> | (430) | (128918) |
| West Pharmaceutical Services, Inc. | (495) | (129853) |
| Total Healthcare - Products |  | (1615806) |
| **Healthcare - Services – (5.3)%** |  |  |
| Centene Corp.<sup>(c)</sup> | (4370) | (155922) |
| Chemed Corp. | (278) | (124472) |
| Elevance Health, Inc. | (430) | (138941) |
| Molina Healthcare, Inc.<sup>(c)</sup> | (700) | (133952) |
| UnitedHealth Group, Inc. | (370) | (127761) |
| Total Healthcare - Services |  | (681048) |
| **Home Furnishings – (0.9)%** |  |  |
| Leggett & Platt, Inc. | (12528) | (111248) |
| **Household Products/Wares – (1.0)%** |  |  |
| Clorox Co. (The) | (1040) | (128232) |

---

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Internet – (2.1)%** |  |  |
| Snap, Inc., Class A<sup>(c)</sup> | (18420) | $(142018) |
| Ziff Davis, Inc.<sup>(c)</sup> | (3555) | (135446) |
| Total Internet |  | (277464) |
| **Media – (1.8)%** |  |  |
| Cable One, Inc. | (712) | (126060) |
| Sirius XM Holdings, Inc. | (4873) | (113419) |
| Total Media |  | (239479) |
| **Office/Business Equipment – (0.8)%** |  |  |
| Xerox Holdings Corp. | (29276) | (110078) |
| **Oil & Gas – (7.5)%** |  |  |
| Devon Energy Corp. | (3365) | (117977) |
| Helmerich & Payne, Inc. | (7450) | (164570) |
| Murphy Oil Corp. | (5144) | (146141) |
| Occidental Petroleum Corp. | (2496) | (117936) |
| Patterson-UTI Energy, Inc. | (22710) | (117638) |
| Transocean Ltd.<sup>(c)</sup> | (42813) | (133577) |
| Weatherford International PLC | (2558) | (175044) |
| Total Oil & Gas |  | (972883) |
| **Oil & Gas Services – (1.9)%** |  |  |
| Halliburton Co. | (5791) | (142459) |
| NOV, Inc. | (7534) | (99825) |
| Total Oil & Gas Services |  | (242284) |
| **Packaging & Containers – (0.8)%** |  |  |
| Graphic Packaging Holding Co. | (5500) | (107635) |
| **Pharmaceuticals – (2.0)%** |  |  |
| Becton Dickinson and Co. | (700) | (131019) |
| Merck & Co., Inc. | (1470) | (123377) |
| Total Pharmaceuticals |  | (254396) |
| **REITS – (1.9)%** |  |  |
| Alexandria Real Estate Equities, Inc. | (1315) | (109592) |
| Service Properties Trust | (49205) | (133346) |
| Total REITS |  | (242938) |
| **Retail – (3.3)%** |  |  |
| CarMax, Inc.<sup>(c)</sup> | (2150) | (96470) |
| Floor & Decor Holdings, Inc., Class A<sup>(c)</sup> | (1540) | (113498) |
| Target Corp. | (1410) | (126477) |
| Wendy's Co. (The) | (10230) | (93707) |
| Total Retail |  | (430152) |
| **Semiconductors – (1.9)%** |  |  |
| Entegris, Inc. | (1460) | (134992) |
| Skyworks Solutions, Inc. | (1422) | (109465) |
| Total Semiconductors |  | (244457) |
| **Software – (4.7)%** |  |  |
| Adobe, Inc.<sup>(c)</sup> | (360) | (126990) |
| Akamai Technologies, Inc.<sup>(c)</sup> | (1650) | (125004) |
| Fair Isaac Corp.<sup>(c)</sup> | (82) | (122715) |
| Fiserv, Inc.<sup>(c)</sup> | (950) | (122484) |
| Teradata Corp.<sup>(c)</sup> | (4957) | (106625) |
| Total Software |  | (603818) |
| **Transportation – (2.7)%** |  |  |
| Landstar System, Inc. | (1000) | (122560) |
| Old Dominion Freight Line, Inc. | (735) | (103473) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Transportation (continued)** |  |  |
| United Parcel Service, Inc., Class B | (1551) | $(129555) |
| Total Transportation |  | (355588) |
| **Total Securities Sold, Not Yet Purchased<br> [Proceeds Received $(14296839)]** |  | $(12141918) |
| Total Investments – 131.7%<br> (Cost $14,897,540) |  | 17052461 |
| Liabilities in Excess of Other Assets – (31.7%) |  | (4102013) |
| **Net Assets – 100.0%** |  | $**12950448** |

---

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

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

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

(c) Non-income producing security.

**ADVISORSHARES DORSEY WRIGHT SHORT 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** |
| Money Market Fund | $29194379 | $– | $– | $29194379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(12141918) | $– | $– | $(12141918) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Apparel | (3.8)% |
| Beverages | (1.9) |
| Biotechnology | (4.0) |
| Building Materials | (2.1) |
| Chemicals | (9.7) |
| Commercial Services | (4.6) |
| Computers | (4.6) |
| Cosmetics/Personal Care | (0.7) |
| Distribution/Wholesale | (1.8) |
| Diversified Financial Services | (1.0) |
| Electric | (1.9) |
| Entertainment | (0.8) |
| Food | (4.7) |
| Hand/Machine Tools | (1.0) |
| Healthcare - Products | (12.5) |
| Healthcare - Services | (5.3) |
| Home Furnishings | (0.9) |
| Household Products/Wares | (1.0) |
| Internet | (2.1) |
| Media | (1.8) |
| Office/Business Equipment | (0.8) |
| Oil & Gas | (7.5) |
| Oil & Gas Services | (1.9) |
| Packaging & Containers | (0.8) |
| Pharmaceuticals | (2.0) |
| REITS | (1.9) |
| Retail | (3.3) |
| Semiconductors | (1.9) |
| Software | (4.7) |
| Transportation | (2.7) |
| Money Market Fund | 225.4 |
| Total Investments | 131.7 |
| Liabilities in Excess of Other Assets | (31.7) |

---

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

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Net Assets | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

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

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

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

- **b. EDGAR series identifier (if any):** S000062084

- **c. LEI of Series:** 549300LTRG88VTGUGS49

**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:** $29252585.06

**Total Liabilities:** $16302134.71

**Net Assets:** $12950450.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201033 | -3.69%               | -6.52%               | 3.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-403984.31              | $-119116.90                                |
| Month 2  | $346844.43               | $-1231590.00                               |
| Month 3  | $-106443.79              | $476364.70                                 |

**Designated Index Information**

- **Index Name:** S&P 500 (Price)

- **Index Identifier:** 500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Transocean Ltd                        | Transocean Ltd                         | CUSIP: 000000000<br>LEI: 529900QO4W5DQGBGEF32 | Short            | EC               | CORP              | CH        |    -42813 | NS      | $-133576.56   | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                         | Teradata Corp                          | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Short            | EC               | CORP              | US        |     -4957 | NS      | $-106625.07   | -0.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                           | Chemed Corp                            | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Short            | EC               | CORP              | US        |      -278 | NS      | $-124471.72   | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                   | Landstar System Inc                    | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-122560.00   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                           | Bruker Corp                            | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |     -4240 | NS      | $-137757.60   | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                           | Revvity Inc                            | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-131475.00   | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc        | Fortune Brands Innovations Inc         | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Short            | EC               | CORP              | US        |     -2270 | NS      | $-121195.30   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                         | Huntsman Corp                          | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Short            | EC               | CORP              | US        |    -10569 | NS      | $-94909.62    | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                        | Wendy's Co/The                         | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Short            | EC               | CORP              | US        |    -10230 | NS      | $-93706.80    | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                       | Murphy Oil Corp                        | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Short            | EC               | CORP              | US        |     -5144 | NS      | $-146141.04   | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC                          | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Short            | EC               | CORP              | IE        |      -500 | NS      | $-123300.00   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co                     | DXC Technology Co                      | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Short            | EC               | CORP              | US        |     -7450 | NS      | $-101543.50   | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                | Skyworks Solutions Inc                 | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Short            | EC               | CORP              | US        |     -1422 | NS      | $-109465.56   | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                           | Gartner Inc                            | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Short            | EC               | CORP              | US        |      -520 | NS      | $-136692.40   | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                           | Waters Corp                            | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Short            | EC               | CORP              | US        |      -430 | NS      | $-128918.30   | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings         | Integra LifeSciences Holdings Corp     | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Short            | EC               | CORP              | US        |     -9428 | NS      | $-135103.24   | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                 | Molina Healthcare Inc                  | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Short            | EC               | CORP              | US        |      -700 | NS      | $-133952.00   | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                     | ManpowerGroup Inc                      | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Short            | EC               | CORP              | US        |     -3126 | NS      | $-118475.40   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I        | West Pharmaceutical Services Inc       | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Short            | EC               | CORP              | US        |      -495 | NS      | $-129853.35   | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                | UnitedHealth Group Inc                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Short            | EC               | CORP              | US        |      -370 | NS      | $-127761.00   | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc            | Stanley Black & Decker Inc             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |     -1730 | NS      | $-128590.90   | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc              | Sarepta Therapeutics Inc               | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Short            | EC               | CORP              | US        |     -7450 | NS      | $-143561.50   | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                              | PVH Corp                               | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Short            | EC               | CORP              | US        |     -1715 | NS      | $-143665.55   | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                   | Global Payments Inc                    | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Short            | EC               | CORP              | US        |     -1480 | NS      | $-122958.40   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc                   | Leggett & Platt Inc                    | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Short            | EC               | CORP              | US        |    -12528 | NS      | $-111248.64   | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                | Sirius XM Holdings Inc                 | CUSIP: 829933100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4873 | NS      | $-113419.08   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co        | Booz Allen Hamilton Holding Corp       | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Short            | EC               | CORP              | US        |     -1170 | NS      | $-116941.50   | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                    | Cooper Cos Inc/The                     | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |     -1620 | NS      | $-111067.20   | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                   | DENTSPLY SIRONA Inc                    | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Short            | EC               | CORP              | US        |     -9106 | NS      | $-115555.14   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc             | United Parcel Service Inc              | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Short            | EC               | CORP              | US        |     -1551 | NS      | $-129555.03   | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie        | Alexandria Real Estate Equities Inc    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Short            | EC               | CORP              | US        |     -1315 | NS      | $-109592.10   | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                  | Edison International                   | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Short            | EC               | CORP              | US        |     -2090 | NS      | $-115535.20   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                            | CarMax Inc                             | CUSIP: 143130102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2150 | NS      | $-96470.50    | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                             | PG&E Corp                              | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Short            | EC               | CORP              | US        |     -8660 | NS      | $-130592.80   | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                            | Fiserv Inc                             | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Short            | EC               | CORP              | US        |      -950 | NS      | $-122483.50   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                              | FMC Corp                               | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Short            | EC               | CORP              | US        |     -2743 | NS      | $-92247.09    | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc              | Patterson-UTI Energy Inc               | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Short            | EC               | CORP              | US        |    -22710 | NS      | $-117637.80   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV          | LyondellBasell Industries NV           | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Short            | EC               | CORP              | US        |     -2400 | NS      | $-117696.00   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                  | Western Union Co/The                   | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Short            | EC               | CORP              | US        |    -15600 | NS      | $-124644.00   | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc              | Lamb Weston Holdings Inc               | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Short            | EC               | CORP              | US        |     -2172 | NS      | $-126149.76   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                          | Centene Corp                           | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Short            | EC               | CORP              | US        |     -4370 | NS      | $-155921.60   | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                          | Teleflex Inc                           | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Short            | EC               | CORP              | US        |      -982 | NS      | $-120157.52   | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                | Campbell's Company/The                 | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Short            | EC               | CORP              | US        |     -3970 | NS      | $-125372.60   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                         | Cable One Inc                          | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Short            | EC               | CORP              | US        |      -712 | NS      | $-126059.60   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                       | Robert Half Inc                        | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Short            | EC               | CORP              | US        |     -3470 | NS      | $-117910.60   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                        | Albemarle Corp                         | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Short            | EC               | CORP              | US        |     -1451 | NS      | $-117647.08   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                      | EPAM Systems Inc                       | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Short            | EC               | CORP              | US        |      -770 | NS      | $-116108.30   | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                          | Illumina Inc                           | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |     -1370 | NS      | $-130108.90   | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust              | Service Properties Trust               | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Short            | EC               | CORP              | US        |    -49205 | NS      | $-133345.55   | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc              | Constellation Brands Inc               | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Short            | EC               | CORP              | US        |      -895 | NS      | $-120529.65   | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co                | Columbia Sportswear Co                 | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Short            | EC               | CORP              | US        |     -1970 | NS      | $-103031.00   | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp             | Occidental Petroleum Corp              | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Short            | EC               | CORP              | US        |     -2496 | NS      | $-117936.00   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                  | Align Technology Inc                   | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Short            | EC               | CORP              | US        |      -871 | NS      | $-109066.62   | -0.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc         | Old Dominion Freight Line Inc          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |      -735 | NS      | $-103473.30   | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                           | Ashland Inc                            | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Short            | EC               | CORP              | US        |     -2382 | NS      | $-114121.62   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                 | Becton Dickinson & Co                  | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Short            | EC               | CORP              | US        |      -700 | NS      | $-131019.00   | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                    | Conagra Brands Inc                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Short            | EC               | CORP              | US        |     -6850 | NS      | $-125423.50   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                     | Brown-Forman Corp                      | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |     -4589 | NS      | $-124270.12   | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                              | LKQ Corp                               | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Short            | EC               | CORP              | US        |     -4000 | NS      | $-122160.00   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                     | Devon Energy Corp                      | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Short            | EC               | CORP              | US        |     -3365 | NS      | $-117976.90   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                         | Westlake Corp                          | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Short            | EC               | CORP              | US        |     -1484 | NS      | $-114357.04   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                               | VF Corp                                | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Short            | EC               | CORP              | US        |     -9180 | NS      | $-132467.40   | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                        | Merck & Co Inc                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Short            | EC               | CORP              | US        |     -1470 | NS      | $-123377.10   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                           | Target Corp                            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Short            | EC               | CORP              | US        |     -1410 | NS      | $-126477.00   | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                        | Halliburton Co                         | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Short            | EC               | CORP              | US        |     -5791 | NS      | $-142458.60   | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc          | Thermo Fisher Scientific Inc           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Short            | EC               | CORP              | US        |      -292 | NS      | $-141625.84   | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                   | Xerox Holdings Corp                    | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Short            | EC               | CORP              | US        |    -29276 | NS      | $-110077.76   | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                   | Eastman Chemical Co                    | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Short            | EC               | CORP              | US        |     -1900 | NS      | $-119795.00   | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC         | Weatherford International PLC          | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Short            | EC               | CORP              | US        |     -2558 | NS      | $-175043.94   | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                         | Clorox Co/The                          | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -1040 | NS      | $-128232.00   | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc                              | Coty Inc                               | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Short            | EC               | CORP              | US        |    -23990 | NS      | $-96919.60    | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                       | Bio-Techne Corp                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Short            | EC               | CORP              | US        |     -2070 | NS      | $-115154.10   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc              | Baxter International Inc               | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Short            | EC               | CORP              | US        |     -5500 | NS      | $-125235.00   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                     | Flowers Foods Inc                      | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Short            | EC               | CORP              | US        |     -7990 | NS      | $-104269.50   | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                   | Churchill Downs Inc                    | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Short            | EC               | CORP              | US        |     -1140 | NS      | $-110591.40   | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                 | Helmerich & Payne Inc                  | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Short            | EC               | CORP              | US        |     -7450 | NS      | $-164570.50   | -1.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                          | Entegris Inc                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Short            | EC               | CORP              | US        |     -1460 | NS      | $-134991.60   | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                            | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Short            | EC               | CORP              | US        |     -2600 | NS      | $-116922.00   | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                              | ASGN Inc                               | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Short            | EC               | CORP              | US        |     -2390 | NS      | $-113166.50   | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                       | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Short            | EC               | CORP              | US        |       -82 | NS      | $-122715.46   | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                     | General Mills Inc                      | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Short            | EC               | CORP              | US        |     -2530 | NS      | $-127562.60   | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                             | Adobe Inc                              | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Short            | EC               | CORP              | US        |      -360 | NS      | $-126990.00   | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc                  | JELD-WEN Holding Inc                   | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Short            | EC               | CORP              | US        |    -31350 | NS      | $-153928.50   | -1.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co          | Graphic Packaging Holding Co           | CUSIP: 388689101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5500 | NS      | $-107635.00   | -0.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                        | Ziff Davis Inc                         | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Short            | EC               | CORP              | US        |     -3555 | NS      | $-135445.50   | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                   | International Flavors & Fragrances Inc | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |     -1960 | NS      | $-120618.40   | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc            | Floor & Decor Holdings Inc             | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |     -1540 | NS      | $-113498.00   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                         | Celanese Corp                          | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Short            | EC               | CORP              | US        |     -2990 | NS      | $-125819.20   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc         | Regeneron Pharmaceuticals Inc          | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Short            | EC               | CORP              | US        |      -228 | NS      | $-128197.56   | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                       | Chemours Co/The                        | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Short            | EC               | CORP              | US        |     -7515 | NS      | $-119037.60   | -0.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                   | Elevance Health Inc                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Short            | EC               | CORP              | US        |      -430 | NS      | $-138941.60   | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                             | Olin Corp                              | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Short            | EC               | CORP              | US        |     -4587 | NS      | $-114629.13   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc           | BioMarin Pharmaceutical Inc            | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Short            | EC               | CORP              | US        |     -2105 | NS      | $-114006.80   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio  | CUSIP: 000000000<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |  29194379 | NS      | $29194378.53  | 225.43%           |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                          | Carter's Inc                           | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Short            | EC               | CORP              | US        |     -3940 | NS      | $-111186.80   | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc               | Akamai Technologies Inc                | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               | CORP              | US        |     -1650 | NS      | $-125004.00   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                              | Snap Inc                               | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Short            | EC               | CORP              | US        |    -18420 | NS      | $-142018.20   | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                     | U-Haul Holding Co                      | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Short            | EC               | CORP              | US        |     -2200 | NS      | $-125554.00   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                           | Enovis Corp                            | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Short            | EC               | CORP              | US        |     -3785 | NS      | $-114836.90   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                               | NOV Inc                                | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Short            | EC               | CORP              | US        |     -7534 | NS      | $-99825.50    | -0.77%            |  |  |  | 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