ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.9%
Banks – 3.0%
Eagle Bancorp, Inc.		17,408	$	525,896
Building Materials – 4.3%
Trex Co, Inc.*(a)		9,380		751,713
Chemicals – 12.0%
RPM International, Inc.		11,311		673,005
Sherwin-Williams Co. (The)		1,474		677,332
Stepan Co.		8,539		755,360
Total Chemicals				2,105,697
Commercial Services – 4.3%
Moody’s Corp.		3,586		758,439
Computers – 4.4%
Check Point Software Technologies Ltd. (Israel)*		7,651		769,231
Diversified Financial Services – 4.2%
Intercontinental Exchange, Inc.		9,232		745,484
Food – 9.4%
Hershey Co. (The)		5,860		776,450
Hormel Foods Corp.		18,926		882,709
Total Food				1,659,159
Healthcare - Products – 8.3%
Danaher Corp.		5,610		776,480
Stryker Corp.		4,087		680,445
Total Healthcare - Products				1,456,925
Household Products / Wares – 4.4%
Church & Dwight Co., Inc.		12,184		781,969
Insurance – 6.5%
Aflac, Inc.		16,293		557,873
Globe Life, Inc.		8,090		582,237
Total Insurance				1,140,110
Machinery - Diversified – 2.5%
Middleby Corp. (The)*(a)		7,743		440,422
Media – 8.0%
FactSet Research Systems, Inc.(a)		3,187		830,787
Walt Disney Co. (The)		5,884		568,394
Total Media				1,399,181
Packaging & Containers – 4.5%
Silgan Holdings, Inc.		27,523		798,717
Pharmaceuticals – 4.1%
Becton Dickinson and Co.		3,162		726,533
Retail – 3.7%
Ross Stores, Inc.		7,434		646,535
Software – 16.3%
ANSYS, Inc.*		3,318		771,335
Broadridge Financial Solutions, Inc.		6,991		662,957
Cerner Corp.		11,741		739,566
Fiserv, Inc.*		7,388		701,786
Total Software				2,875,644
Total Common Stocks
(Cost $16,990,298)				17,581,655
MONEY MARKET FUND – 0.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.56%(b) (Cost $34,270)		34,270		34,270
Total Investments – 100.1%
(Cost $17,024,568)				17,615,925
Liabilities in Excess of Other Assets – (0.1%)				(20,894	)
Net Assets – 100.0%			$	17,595,031

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,982,356; the aggregate market value of the collateral held by the fund is $2,098,138.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,098,138.
(b)	Rate shown reflects the 7-day yield as of March 31, 2020.

ADVISORSHARES FOCUSED EQUITY 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	$	17,581,655	$	–	$	–	$	17,581,655
Money Market Fund		34,270		–		–		34,270
Total	$	17,615,925	$	–	$	–	$	17,615,925

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Banks		3.0	%
Building Materials		4.3
Chemicals		12.0
Commercial Services		4.3
Computers		4.4
Diversified Financial Services		4.2
Food		9.4
Healthcare - Products		8.3
Household Products / Wares		4.4
Insurance		6.5
Machinery - Diversified		2.5
Media		8.0
Packaging & Containers		4.5
Pharmaceuticals		4.1
Retail		3.7
Software		16.3
Money Market Fund		0.2
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%