# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009698
**Filing Date:** 2025-11
**Character Count:** 19982
**Document Hash:** d9cb4cdfea965ec4c7387ee4eb1267f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009698.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009698

**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:** 251513003

**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 Gerber Kawasaki ETF (Series ID: S000072084)

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

## Nport-Ex

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 92.7%** |  |  |
| **Aerospace/Defense – 5.7%** |  |  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 17500 | $1598975 |
| **Banks – 4.0%** |  |  |
| JPMorgan Chase & Co. | 3569 | 1125770 |
| **Building Materials – 4.4%** |  |  |
| Trane Technologies PLC | 2872 | 1211869 |
| **Computers – 5.6%** |  |  |
| Apple, Inc. | 3702 | 942640 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 700 | 343266 |
| International Business Machines Corp. | 1000 | 282160 |
| Total Computers |  | 1568066 |
| **Diversified Financial Services – 2.4%** |  |  |
| LPL Financial Holdings, Inc. | 2000 | 665380 |
| **Entertainment – 4.8%** |  |  |
| Flutter Entertainment PLC (United Kingdom)<sup>(a)</sup> | 2697 | 685038 |
| TKO Group Holdings, Inc. | 3254 | 657178 |
| Total Entertainment |  | 1342216 |
| **Healthcare - Products – 2.3%** |  |  |
| Stryker Corp. | 1700 | 628439 |
| **Internet – 17.2%** |  |  |
| Alphabet, Inc., Class C | 6324 | 1540210 |
| Amazon.com, Inc.<sup>(a)</sup> | 4000 | 878280 |
| Meta Platforms, Inc., Class A | 1296 | 951757 |
| Netflix, Inc.<sup>(a)</sup> | 1200 | 1438704 |
| Total Internet |  | 4808951 |
| **Machinery - Construction & Mining – 3.9%** |  |  |
| GE Vernova, Inc. | 1776 | 1092062 |
| **Media – 1.6%** |  |  |
| Walt Disney Co. (The) | 4000 | 458000 |
| **Miscellaneous Manufacturing – 2.3%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 877 | 629370 |
| **Pharmaceuticals – 3.7%** |  |  |
| Eli Lilly & Co. | 1350 | 1030050 |
| **Retail – 4.5%** |  |  |
| Home Depot, Inc. (The) | 1000 | 405190 |
| Walmart, Inc. | 8300 | 855398 |
| Total Retail |  | 1260588 |
| **Semiconductors – 14.1%** |  |  |
| Broadcom, Inc. | 5537 | 1826712 |
| NVIDIA Corp. | 11244 | 2097905 |
| Total Semiconductors |  | 3924617 |
| **Software – 13.0%** |  |  |
| Genius Sports Ltd. (United Kingdom)<sup>(a)</sup> | 62823 | 777749 |
| Microsoft Corp. | 2703 | 1400019 |
| Oracle Corp. | 4000 | 1124960 |
| SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 20000 | 321600 |
| Total Software |  | 3624328 |
| **Venture Capital – 3.2%** |  |  |
| Blackstone, Inc. | 5250 | 896963 |
| **Total Common Stocks<br> (Cost $16,176,681)** |  | 25865644 |
| **EXCHANGE TRADED FUNDS – 5.2%** |  |  |
| **Commodity Fund – 3.1%** |  |  |
| iShares Gold Trust<sup>(a)</sup> | 12127 | 882482 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (continued)** |  |  |
| **Equity Fund – 2.1%** |  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 5038 | $327470 |
| iShares Ethereum Trust ETF<sup>(a)</sup> | 8000 | 252080 |
| Total Equity Fund |  | 579550 |
| **Total Exchange Traded Funds<br> (Cost $1,128,696)** |  | 1462032 |
| **MONEY MARKET FUNDS – 3.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(c)</sup> | 596748 | 596748 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(c)(d)</sup> | 282240 | 282240 |
| **Total Money Market Funds<br> (Cost $878,988)** |  | 878988 |
| Total Investments – 101.1%<br> (Cost $18,184,365) |  | 28206664 |
| Liabilities in Excess of Other Assets – (1.1%) |  | (313026) |
| **Net Assets – 100.0%** |  | $**27893638** |

---

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 $315,168; the aggregate market value of the collateral held by the fund is $314,097. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $31,857.

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

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

**ADVISORSHARES GERBER KAWASAKI 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 | $25865644 | $– | $– | $25865644 |
| Exchange Traded Funds | 1462032 |  |  | 1462032 |
| Money Market Funds | 878988 | – | – | 878988 |
| Total | $28206664 | $– | $– | $28206664 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 5.7% |
| Banks | 4.0 |
| Building Materials | 4.4 |
| Commodity Fund | 3.1 |
| Computers | 5.6 |
| Diversified Financial Services | 2.4 |
| Entertainment | 4.8 |
| Equity Fund | 2.1 |
| Healthcare - Products | 2.3 |
| Internet | 17.2 |
| Machinery - Construction & Mining | 3.9 |
| Media | 1.6 |
| Miscellaneous Manufacturing | 2.3 |
| Pharmaceuticals | 3.7 |
| Retail | 4.5 |
| Semiconductors | 14.1 |
| Software | 13.0 |
| Venture Capital | 3.2 |
| Money Market Funds | 3.2 |
| Total Investments | 101.1 |
| Liabilities in Excess of Other Assets | (1.1) |
| Net Assets | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

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

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

- **a. Name of Series:** AdvisorShares Gerber Kawasaki ETF

- **b. EDGAR series identifier (if any):** S000072084

- **c. LEI of Series:** 54930039NN1Q9HOW3F65

**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:** $28214287.85

**Total Liabilities:** $320649.26

**Net Assets:** $27893638.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227805 | 4.41%                | 0.29%                | 4.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $137974.02               | $988837.14                                 |
| Month 2  | $102011.09               | $-24090.24                                 |
| Month 3  | $117764.25               | $1187059.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Trane Technologies PLC         | Trane Technologies PLC                  | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      2872 | NS      | $1211869.12   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DREY INST PREF GOV MM-M        | DREY INST PREF GOV MM-M                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    282240 | NS      | $282239.93    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1200 | NS      | $1438704.00   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1000 | NS      | $405190.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3702 | NS      | $942640.26    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      5250 | NS      | $896962.50    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc              | SoundHound AI Inc                       | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $321600.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Eli Lilly & Co                 | Eli Lilly & Co                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1350 | NS      | $1030050.00   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF               | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |      5038 | NS      | $327470.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1700 | NS      | $628439.00    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1000 | NS      | $282160.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc         | TKO Group Holdings Inc                  | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3254 | NS      | $657177.84    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1296 | NS      | $951756.48    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      8300 | NS      | $855398.00    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      5537 | NS      | $1826711.67   | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                          | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1776 | NS      | $1092062.40   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      4000 | NS      | $1124960.00   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2703 | NS      | $1400018.85   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     62823 | NS      | $777748.74    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     11244 | NS      | $2097905.52   | 7.52%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust             | iShares Gold Trust                      | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |     12127 | NS      | $882481.79    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6324 | NS      | $1540210.20   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      4000 | NS      | $458000.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       700 | NS      | $343266.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3569 | NS      | $1125769.67   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4000 | NS      | $878280.00    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                     | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       877 | NS      | $629370.28    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC      | Flutter Entertainment PLC               | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |      2697 | NS      | $685038.00    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    596748 | NS      | $596748.42    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     17500 | NS      | $1598975.00   | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Ethereum Trust ETF     | iShares Ethereum Trust ETF              | CUSIP: 46438R105<br>LEI: 529900M7AJ6IYSU9SP67 | Long             | EC               | RF                | US        |      8000 | NS      | $252080.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2000 | NS      | $665380.00    | 2.39%             |  |  |  | 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