ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
Aerospace/Defense – 0.4%
Park Aerospace Corp.	552	$	6,955
Apparel – 0.4%
Lakeland Industries, Inc.*	365		5,658
Auto Parts & Equipment – 1.5%
Miller Industries, Inc.	330		9,332
Spartan Motors, Inc.	555		7,165
XPEL, Inc.*	741		7,425
Total Auto Parts & Equipment			23,922
Banks – 5.1%
Bancorp, Inc. (The)*	920		5,584
Bank First Corp.	177		9,912
Bank of Marin Bancorp	202		6,060
Capital City Bank Group, Inc.	377		7,585
First United Corp.	480		6,859
Macatawa Bank Corp.	1,000		7,120
Nicolet Bankshares, Inc.*	144		7,860
Parke Bancorp, Inc.	435		5,868
Red River Bancshares, Inc.	212		7,891
South Plains Financial, Inc.	546		8,458
Stock Yards Bancorp, Inc.	273		7,898
Total Banks			81,095
Beverages – 0.5%
Celsius Holdings, Inc.*	1,934		8,142
Biotechnology – 12.6%
Adverum Biotechnologies, Inc.*	742		7,249
Arcturus Therapeutics Holdings, Inc.*	503		6,836
Ardelyx, Inc.*	1,703		9,681
Calithera Biosciences, Inc.*	1,527		6,780
Compugen Ltd. (Israel)*(a)	1,990		14,447
Cue Biopharma, Inc.*	635		9,011
IVERIC bio, Inc.*	1,559		5,363
Karyopharm Therapeutics, Inc.*(a)	921		17,692
Krystal Biotech, Inc.*(a)	390		16,864
Mersana Therapeutics, Inc.*	1,259		7,340
Molecular Templates, Inc.*	972		12,918
NantKwest, Inc.*	1,668		4,804
Syndax Pharmaceuticals, Inc.*	803		8,809
Twist Bioscience Corp.*	265		8,104
Urovant Sciences Ltd. (United Kingdom)*	790		7,284
Veracyte, Inc.*(a)	693		16,847
Veru, Inc.*	2,867		9,375
Xenon Pharmaceuticals, Inc. (Canada)*	674		7,643
XOMA Corp.*(a)	503		10,236
Zymeworks, Inc. (Canada)*	399		14,152
Total Biotechnology			201,435
Building Materials – 0.5%
Forterra, Inc.*	1,408		8,420
Commercial Services – 2.7%
CAI International, Inc.*	431		6,094
CRA International, Inc.	181		6,047
R1 RCM, Inc.*	1,279		11,626
Universal Technical Institute, Inc.*	1,340		7,973
Vectrus, Inc.*	279		11,554
Total Commercial Services			43,294
Computers – 2.8%
Agilysys, Inc.*	532		8,884
Icad, Inc.*	1,208		8,867
Kornit Digital Ltd. (Israel)*	381		9,483
PAR Technology Corp.*	673		8,655
Unisys Corp.*	664		8,200
Total Computers			44,089
Cosmetics / Personal Care – 0.3%
elf Beauty, Inc.*	566		5,569
Diversified Financial Services – 2.9%
America First Multifamily Investors LP	1,294		6,781
B. Riley Financial, Inc.	393		7,239
Freedom Holding Corp. NV (Kazakhstan)*(a)	538		7,640
Hamilton Lane, Inc., Class A	249		13,772
I3 Verticals, Inc., Class A*	311		5,937
Sculptor Capital Management, Inc.	386		5,226
Total Diversified Financial Services			46,595
Electric – 0.8%
Ameresco, Inc., Class A*	798		13,590
Electrical Components & Equipment – 1.9%
Novanta, Inc.*	281		22,446
Orion Energy Systems, Inc.*	2,309		8,544
Total Electrical Components & Equipment			30,990
Electronics – 2.8%
Camtek Ltd. (Israel)	1,152		9,700
CyberOptics Corp.*	480		8,213
Mesa Laboratories, Inc.(a)	58		13,113
RADA Electronic Industries Ltd. (Israel)*	1,561		5,464
Transcat, Inc.*	327		8,665
Total Electronics			45,155
Engineering & Construction – 1.9%
Construction Partners, Inc., Class A*(a)	736		12,431
Great Lakes Dredge & Dock Corp.*	1,223		10,151
IES Holdings, Inc.*	418		7,378
Total Engineering & Construction			29,960
Entertainment – 0.5%
Accel Entertainment, Inc.*(a)	993		7,447
Environmental Control – 3.9%
Casella Waste Systems, Inc., Class A*	924		36,092
Energy Recovery, Inc.*(a)	1,109		8,251
Heritage-Crystal Clean, Inc.*	380		6,171
Pure Cycle Corp.*	1,109		12,365
Total Environmental Control			62,879
Food – 1.3%
Ingles Markets, Inc., Class A	261		9,438
Seneca Foods Corp., Class A*	287		11,417
Total Food			20,855
Healthcare - Products – 3.4%
Alphatec Holdings, Inc.*	2,225		7,676
Apyx Medical Corp.*	1,536		5,514
Hanger, Inc.*	439		6,840
iRadimed Corp.*	414		8,839
OrthoPediatrics Corp.*(a)	188		7,452
Utah Medical Products, Inc.	101		9,499
Zynex, Inc.*	728		8,059
Total Healthcare - Products			53,879
Healthcare - Services – 1.8%
Addus HomeCare Corp.*	183		12,371
Catasys, Inc.*	526		8,011

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Services (continued)
RadNet, Inc.*		773	$	8,124
Total Healthcare - Services				28,506
Holding Companies - Diversified – 0.5%
Collier Creek Holdings, Class A*		784		8,020
Home Furnishings – 0.5%
Universal Electronics, Inc.*		207		7,943
Insurance – 2.4%
Goosehead Insurance, Inc., Class A*(a)		270		12,050
Kinsale Capital Group, Inc.(a)		245		25,610
Total Insurance				37,660
Internet – 3.7%
EverQuote, Inc., Class A*(a)		789		20,711
Limelight Networks, Inc.*		2,679		15,270
PC-Tel, Inc.*		1,039		6,910
Perion Network Ltd. (Israel)*		1,597		7,809
TechTarget, Inc.*		445		9,172
Total Internet				59,872
Investment Companies – 0.3%
Newtek Business Services Corp.(a)		396		5,231
Leisure Time – 0.6%
Clarus Corp.		988		9,682
Machinery - Diversified – 0.4%
Ichor Holdings Ltd.*		365		6,993
Metal Fabricate / Hardware – 2.7%
Hebron Technology Co., Ltd., Class A (China)*		1,194		9,194
Lawson Products, Inc.*		281		7,508
Northwest Pipe Co.*		397		8,833
Omega Flex, Inc.		115		9,706
Tredegar Corp.		498		7,784
Total Metal Fabricate / Hardware				43,025
Packaging & Containers – 0.6%
UFP Technologies, Inc.*		255		9,713
Pharmaceuticals – 9.8%
AC Immune SA (Switzerland)*		1,324		9,149
AdaptHealth Corp.*(a)		569		9,104
Arvinas, Inc.*		396		15,959
Collegium Pharmaceutical, Inc.*(a)		508		8,296
Cytokinetics, Inc.*		712		8,394
Heska Corp.*		113		6,249
Kadmon Holdings, Inc.*		2,421		10,144
Kala Pharmaceuticals, Inc.*		1,105		9,713
Kodiak Sciences, Inc.*(a)		913		43,550
Minerva Neurosciences, Inc.*		1,357		8,169
Neoleukin Therapeutics, Inc.*(a)		795		9,047
NeuBase Therapeutics, Inc.*		1,578		11,235
Ocular Therapeutix, Inc.*		1,646		8,148
Total Pharmaceuticals				157,157
Real Estate – 1.8%
Landmark Infrastructure Partners LP		652		6,885
Safehold, Inc.		342		21,625
Total Real Estate				28,510
REITS – 4.7%
Arbor Realty Trust, Inc.		784		3,842
Ares Commercial Real Estate Corp.		522		3,649
BRT Apartments Corp		629		6,447
City Office REIT, Inc.		795		5,748
Community Healthcare Trust, Inc.		277		10,604
Dynex Capital, Inc.		457		4,771
Gladstone Land Corp.		614		7,276
Global Medical REIT, Inc.		1,004		10,160
iStar, Inc.(a)		705		7,480
NexPoint Residential Trust, Inc.		327		8,244
UMH Properties, Inc.(a)		626		6,798
Total REITS				75,019
Retail – 3.5%
America’s Car-Mart, Inc.*		189		10,650
Aspen Aerogels, Inc.*		1,391		8,541
GrowGeneration Corp.*(a)		1,843		7,022
PetMed Express, Inc.(a)		311		8,950
Sportsman's Warehouse Holdings, Inc.*		1,556		9,585
Winmark Corp.		48		6,116
Zumiez, Inc.*		331		5,733
Total Retail				56,597
Semiconductors – 2.0%
ACM Research, Inc., Class A*(a)		271		8,024
Axcelis Technologies, Inc.*		396		7,251
DSP Group, Inc.*		663		8,884
Photronics, Inc.*		781		8,013
Total Semiconductors				32,172
Software – 10.1%
American Software, Inc., Class A		690		9,805
AppFolio, Inc., Class A*(a)		254		28,181
Avid Technology, Inc.*		1,082		7,282
Daily Journal Corp.*(a)		40		9,132
Digi International, Inc.*		555		5,295
Five9, Inc.*		730		55,816
Red Violet, Inc.*		624		11,232
Sapiens International Corp. NV (Israel)		671		12,762
Seachange International, Inc.*		2,667		9,921
Simulations Plus, Inc.		217		7,578
Verra Mobility Corp.*		785		5,605
Total Software				162,609
Telecommunications – 4.7%
Anterix, Inc.*		227		10,367
AudioCodes Ltd. (Israel)		1,190		28,429
Calix, Inc.*		1,140		8,071
Harmonic, Inc.*(a)		1,848		10,645
Inseego Corp.*(a)		1,256		7,825
Luna Innovations, Inc.*		1,593		9,797
Total Telecommunications				75,134
Transportation – 0.5%
CryoPort, Inc.*(a)		467		7,972
Water – 1.9%
Consolidated Water Co. Ltd. (Cayman Islands)		594		9,741
Middlesex Water Co.		198		11,904
York Water Co. (The)		211		9,170
Total Water				30,815
Total Common Stocks
(Cost $1,659,706)				1,582,559
MONEY MARKET FUND – 3.7%
STIT - Government & Agency Portfolio, Institutional Class, 0.43%(b) (Cost $59,280)		59,280		59,280

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Investments	Shares		Value
REPURCHASE AGREEMENT – 7.6%(c)
RBC Dominion Securities, Inc., dated 03/31/20, due 04/01/20, 0.01%, total to be received $121,980, (collateralized by various U.S. Government Agency Obligations, 2.50%-5.00%, 08/01/23-06/01/51, totaling $124,049)
(Cost $121,980)	$	121,980	$	121,980
Total Investments – 110.0%
(Cost $1,840,966)				1,763,819
Liabilities in Excess of Other Assets – (10.0%)				(160,392	)
Net Assets – 100.0%			$	1,603,427

LP - Limited Partnership

REITS - Real Estate Investment Trusts

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $340,613; the aggregate market value of the collateral held by the fund is $347,323.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $225,343.
(b)	Rate shown reflects the 7-day yield as of March 31, 2020.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF

Schedule of Investments (continued)

March 31, 2020 (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 March 31, 2020, 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	$	1,582,559	$	–	$	–	$	1,582,559
Money Market Fund		59,280		–		–		59,280
Repurchase Agreement		–		121,980		–		121,980
Total	$	1,641,839	$	121,980	$	–	$	1,763,819

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Aerospace/Defense		0.4	%
Apparel		0.4
Auto Parts & Equipment		1.5
Banks		5.1
Beverages		0.5
Biotechnology		12.6
Building Materials		0.5
Commercial Services		2.7
Computers		2.8
Cosmetics / Personal Care		0.3
Diversified Financial Services		2.9
Electric		0.8
Electrical Components & Equipment		1.9
Electronics		2.8
Engineering & Construction		1.9
Entertainment		0.5
Environmental Control		3.9
Food		1.3
Healthcare - Products		3.4
Healthcare - Services		1.8
Holding Companies - Diversified		0.5
Home Furnishings		0.5
Insurance		2.4
Internet		3.7
Investment Companies		0.3
Leisure Time		0.6
Machinery - Diversified		0.4
Metal Fabricate / Hardware		2.7
Packaging & Containers		0.6
Pharmaceuticals		9.8
Real Estate		1.8
REITS		4.7
Retail		3.5
Semiconductors		2.0
Software		10.1
Telecommunications		4.7
Transportation		0.5
Water		1.9
Money Market Fund		3.7
Repurchase Agreement		7.6
Total Investments		110.0
Liabilities in Excess of Other Assets		(10.0	)
Net Assets		100.0	%