# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009701
**Filing Date:** 2025-11
**Character Count:** 15036
**Document Hash:** 1ca299d10a06421c30c1dd074c378ee8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009701.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009701

**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:** 251513006

**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 Restaurant ETF (Series ID: S000071547)

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

## Nport-Ex

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 91.0%** |  |  |
| **Food – 11.5%** |  |  |
| Nathan's Famous, Inc. | 2100 | $232554 |
| US Foods Holding Corp.<sup>(a)</sup> | 1909 | 146268 |
| Total Food |  | 378822 |
| **Food Service – 4.5%** |  |  |
| Aramark | 3895 | 149568 |
| **Internet – 3.8%** |  |  |
| DoorDash, Inc., Class A<sup>(a)</sup> | 456 | 124028 |
| **Retail – 71.2%** |  |  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 6900 | 210657 |
| Brinker International, Inc.<sup>(a)</sup> | 1071 | 135674 |
| Casey's General Stores, Inc. | 300 | 169596 |
| Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 2735 | 149441 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 2132 | 83553 |
| Cracker Barrel Old Country Store, Inc. | 2000 | 88120 |
| Darden Restaurants, Inc. | 893 | 169992 |
| Dine Brands Global, Inc. | 3474 | 85877 |
| Domino's Pizza, Inc. | 348 | 150235 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 2952 | 154508 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 17539 | 170128 |
| Potbelly Corp.<sup>(a)</sup> | 12500 | 213000 |
| Red Robin Gourmet Burgers, Inc.<sup>(a)</sup> | 26400 | 181104 |
| Texas Roadhouse, Inc. | 335 | 55660 |
| Wingstop, Inc. | 255 | 64178 |
| Yum China Holdings, Inc. (China) | 3261 | 139962 |
| Yum! Brands, Inc. | 824 | 125248 |
| Total Retail |  | 2346933 |
| **Total Common Stocks<br> (Cost $2,669,873)** |  | 2999351 |
| **MONEY MARKET FUNDS – 13.9%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(c)</sup> | 306315 | 306315 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(c)(d)</sup> | 151822 | 151822 |
| **Total Money Market Funds<br> (Cost $458,138)** |  | 458137 |
| Total Investments – 104.9%<br> (Cost $3,128,011) |  | 3457488 |
| Liabilities in Excess of Other Assets – (4.9%) |  | (162682) |
| **Net Assets – 100.0%** |  | $**3294806** |

---

(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 $146,435; the aggregate market value of the collateral held by the fund is $151,822.

(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 RESTAURANT 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 | $2999351 | $– | $– | $2999351 |
| Money Market Funds | 458137 | – | – | 458137 |
| Total | $3457488 | $– | $– | $3457488 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Food | 11.5% |
| Food Service | 4.5 |
| Internet | 3.8 |
| Retail | 71.2 |
| Money Market Funds | 13.9 |
| Total Investments | 104.9 |
| Liabilities in Excess of Other Assets | (4.9) |
| 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 Restaurant ETF

- **b. EDGAR series identifier (if any):** S000071547

- **c. LEI of Series:** 549300F2N4QU1GXKGP60

**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:** $3460591.32

**Total Liabilities:** $165785.08

**Net Assets:** $3294806.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226856 | -5.84%               | -1.25%               | -3.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29484.25                | $-242398.09                                |
| Month 2  | $-50852.58               | $7446.11                                   |
| Month 3  | $-6631.54                | $-101171.99                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Casey's General Stores Inc     | Casey's General Stores Inc           | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       300 | NS      | $169596.00    | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto | Cracker Barrel Old Country Store Inc | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |      2000 | NS      | $88120.00     | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The     | Cheesecake Factory Inc/The           | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |      2735 | NS      | $149440.40    | 4.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum China Holdings Inc         | Yum China Holdings Inc               | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |      3261 | NS      | $139962.12    | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International Inc            | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      1071 | NS      | $135674.28    | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                        | Aramark                              | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      3895 | NS      | $149568.00    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza Inc                   | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       348 | NS      | $150235.08    | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc         | Dine Brands Global Inc               | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |      3474 | NS      | $85877.28     | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      1909 | NS      | $146267.58    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc               | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       893 | NS      | $169991.48    | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Potbelly Corp                  | Potbelly Corp                        | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |     12500 | NS      | $213000.00    | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                       | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2952 | NS      | $154507.68    | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Restaurants Inc           | BJ's Restaurants Inc                 | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |      6900 | NS      | $210657.00    | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc            | Nathan's Famous Inc                  | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      2100 | NS      | $232554.00    | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                         | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |       255 | NS      | $64178.40     | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc           | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2132 | NS      | $83553.08     | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST             | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    306315 | NS      | $306315.33    | 9.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                         | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       456 | NS      | $124027.44    | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Robin Gourmet Burgers Inc  | Red Robin Gourmet Burgers Inc        | CUSIP: 75689M101<br>LEI: 529900V6NUMBYX34LV46 | Long             | EC               | CORP              | US        |     26400 | NS      | $181104.00    | 5.50%             |  |  |  | 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        |    151822 | NS      | $151822.09    | 4.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                      | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       824 | NS      | $125248.00    | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                  | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       335 | NS      | $55660.25     | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc     | El Pollo Loco Holdings Inc           | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     17539 | NS      | $170128.30    | 5.16%             |  |  |  | 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