ADVISORSHARES HOTEL ETF

Schedule of Investments

September 30, 2025 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Commercial Services – 3.0%
Target Hospitality Corp.(a)		10,022	$	84,987
Entertainment – 10.0%
Monarch Casino & Resort, Inc.		1,420		150,293
Soho House & Co., Inc. (United Kingdom)(a)		15,400		136,290
Total Entertainment				286,583
Internet – 24.6%
Airbnb, Inc., Class A(a)		500		60,710
Booking Holdings, Inc.		28		151,180
Expedia Group, Inc.		594		126,968
Travelzoo(a)		12,068		118,628
Trip.com Group Ltd. (China)(b)		1,947		146,414
TripAdvisor, Inc.(a)		6,232		101,332
Total Internet				705,232
Leisure Time – 18.5%
Carnival Corp.(a)		5,120		148,019
Norwegian Cruise Line Holdings Ltd.(a)		5,377		132,436
Royal Caribbean Cruises Ltd.		404		130,726
Viking Holdings Ltd.(a)		1,878		116,737
Total Leisure Time				527,918
Lodging – 21.1%
Boyd Gaming Corp.		1,730		149,558
Hilton Worldwide Holdings, Inc.		482		125,050
Hyatt Hotels Corp., Class A		405		57,481
Marriott International, Inc., Class A		318		82,820
Travel + Leisure Co.		2,134		126,952
Wyndham Hotels & Resorts, Inc.		763		60,964
Total Lodging				602,825
REITS – 22.2%
Apple Hospitality REIT, Inc.		10,877		130,633
DiamondRock Hospitality Co.		14,578		116,041
Host Hotels & Resorts, Inc.		5,200		88,504
Pebblebrook Hotel Trust		7,621		86,803
VICI Properties, Inc.		2,965		96,688
Xenia Hotels & Resorts, Inc.		8,500		116,620
Total REITS				635,289
Total Common Stocks (Cost $2,323,023)				2,842,834
MONEY MARKET FUND – 0.9%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%(c) (Cost $26,845)		26,845		26,845
Total Investments – 100.3% (Cost $2,349,868)				2,869,679
Liabilities in Excess of Other Assets – (0.3%)				(7,326	)
Net Assets – 100.0%			$	2,862,353

REITS - Real Estate Investment Trusts

(a)	Non-income producing security.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of September 30, 2025.

ADVISORSHARES HOTEL 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	$	2,842,834	$	–	$	–	$	2,842,834
Money Market Fund		26,845		–		–		26,845
Total	$	2,869,679	$	–	$	–	$	2,869,679

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commercial Services		3.0	%
Entertainment		10.0
Internet		24.6
Leisure Time		18.5
Lodging		21.1
REITS		22.2
Money Market Fund		0.9
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%