ADVISORSHARES TR

Ticker: DWSH CUSIP: 00768Y529 Class: DORSY SHRT E

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

OLD MISSION CAPITAL LLC

Value ($000) $94 Shares 14,657

ENVESTNET ASSET MANAGEMENT INC

Value ($000) $66 Shares 10,198

Institution	Shares	Value ($000)
OLD MISSION CAPITAL LLC	14,657	$94
ENVESTNET ASSET MANAGEMENT INC	10,198	$66

Increased Positions (1)

OSAIC HOLDINGS, INC.

Value ($000) $2,387 (-2.1%) Shares 370,688 (+1.4%)

Institution	Prev Shares	Curr Shares	Change
OSAIC HOLDINGS, INC.	365,746	370,688	+4,942 (+1.4%)

Decreased Positions (4)

HANOVER ADVISORS INC

Value ($000) $93 (-36.8%) Shares 14,443 (-32.6%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $73 (-72.0%) Shares 11,349 (-70.1%)

ROYAL BANK OF CANADA

Value ($000) $59 (-64.5%) Shares 9,174 (-62.0%)

MAI Capital Management

Value ($000) $48 (-8.0%) Shares 7,420 (-1.9%)

Institution	Prev Shares	Curr Shares	Change
HANOVER ADVISORS INC	21,417	14,443	-6,974 (-32.6%)
RAYMOND JAMES FINANCIAL INC	37,982	11,349	-26,633 (-70.1%)
ROYAL BANK OF CANADA	24,132	9,174	-14,958 (-62.0%)
MAI Capital Management	7,560	7,420	-140 (-1.9%)

Exited Positions (2)

CIBC WORLD MARKET INC.

Value ($000) $189 Shares 27,500

Value ($000) $0 Shares 1

Institution	Prev Shares	Prev Value ($000)
CIBC WORLD MARKET INC.	27,500	$189
MORGAN STANLEY	1	$0