ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
Advertising – 0.6%
National CineMedia, Inc.		6,635	$	21,630
Aerospace/Defense – 0.4%
AeroVironment, Inc.*(a)		237		14,448
Agriculture – 0.5%
Phibro Animal Health Corp., Class A		690		16,677
Airlines – 0.9%
Hawaiian Holdings, Inc.(a)		566		5,909
SkyWest, Inc.		1,043		27,316
Total Airlines				33,225
Apparel – 0.6%
Crocs, Inc.*		729		12,386
Steven Madden Ltd.		398		9,245
Total Apparel				21,631
Auto Parts & Equipment – 0.3%
Modine Manufacturing Co.*		3,855		12,529
Banks – 6.0%
1st Source Corp.		341		11,059
Community Trust Bancorp, Inc.		436		13,860
Eagle Bancorp, Inc.		549		16,585
First BanCorp (Puerto Rico)		2,319		12,337
First Bancorp/Southern Pines NC		523		12,071
First Financial Corp.		406		13,690
First Mid Bancshares, Inc.		426		10,113
Flagstar Bancorp, Inc.		539		10,688
Great Southern Bancorp, Inc.		349		14,100
Mercantile Bank Corp.		496		10,500
Metropolitan Bank Holding Corp.*		448		12,065
National Bank Holdings Corp., Class A		477		11,400
Nicolet Bankshares, Inc.*		384		20,959
Stock Yards Bancorp, Inc.		469		13,568
TriState Capital Holdings, Inc.*		1,097		10,608
Trustmark Corp.		505		11,767
United Community Banks, Inc.		554		10,144
Total Banks				215,514
Biotechnology – 4.4%
Arena Pharmaceuticals, Inc.*(a)		486		20,412
Dicerna Pharmaceuticals, Inc.*		915		16,809
Innoviva, Inc.*		1,262		14,841
Ligand Pharmaceuticals, Inc.*(a)		122		8,872
Nektar Therapeutics*(a)		958		17,100
REGENXBIO, Inc.*(a)		473		15,316
Xencor, Inc.*(a)		496		14,820
Zymeworks, Inc. (Canada)*		1,434		50,864
Total Biotechnology				159,034
Building Materials – 1.0%
AAON, Inc.(a)		260		12,563
Gibraltar Industries, Inc.*		586		25,151
Total Building Materials				37,714
Chemicals – 0.4%
Innospec, Inc.		221		15,357
Commercial Services – 4.6%
Adtalem Global Education, Inc.*		280		7,501
American Public Education, Inc.*		647		15,483
Barrett Business Services, Inc.		210		8,324
Cardtronics PLC, Class A*(a)		549		11,485
CBIZ, Inc.*		728		15,230
Cimpress PLC (Ireland)*(a)		205		10,906
CRA International, Inc.		338		11,293
Heidrick & Struggles International, Inc.		472		10,620
Kelly Services, Inc., Class A		745		9,454
LiveRamp Holdings, Inc.*		450		14,814
Medifast, Inc.		95		5,937
Perdoceo Education Corp.*		1,550		16,725
Progyny, Inc.*(a)		590		12,502
Rent-A-Center, Inc.		1,053		14,889
Total Commercial Services				165,163
Computers – 3.8%
Agilysys, Inc.*		950		15,865
Endava PLC (United Kingdom)*(b)		399		14,029
ExlService Holdings, Inc.*		280		14,568
Insight Enterprises, Inc.*(a)		390		16,431
Qualys, Inc.*(a)		348		30,272
SecureWorks Corp., Class A*		1,533		17,645
Tenable Holdings, Inc.*		717		15,674
WNS Holdings Ltd. (India)*(b)		278		11,948
Total Computers				136,432
Cosmetics / Personal Care – 0.7%
elf Beauty, Inc.*		1,025		10,086
Inter Parfums, Inc.		358		16,593
Total Cosmetics / Personal Care				26,679
Distribution / Wholesale – 0.9%
Core-Mark Holding Co., Inc.		608		17,370
G-III Apparel Group Ltd.*		443		3,411
Triton International Ltd. (Bermuda)		488		12,625
Total Distribution / Wholesale				33,406
Diversified Financial Services – 2.0%
Columbia Financial, Inc.*		1,051		15,134
Encore Capital Group, Inc.*(a)		435		10,170
Mr Cooper Group, Inc.*(a)		1,362		9,984
Navient Corp.		1,519		11,514
Nelnet, Inc., Class A		307		13,941
Waddell & Reed Financial, Inc., Class A		1,065		12,120
Total Diversified Financial Services				72,863
Electrical Components & Equipment – 1.2%
Encore Wire Corp.		355		14,906
Insteel Industries, Inc.		1,135		15,039
Powell Industries, Inc.		494		12,681
Total Electrical Components & Equipment				42,626
Electronics – 2.2%
Advanced Energy Industries, Inc.*		268		12,995
Alarm.com Holdings, Inc.*(a)		507		19,727
Benchmark Electronics, Inc.		514		10,275
Brady Corp., Class A		437		19,722
Napco Security Technologies, Inc.*(a)		1,052		15,959
Total Electronics				78,678
Energy - Alternate Sources – 0.4%
Renewable Energy Group, Inc.*		720		14,782
Engineering & Construction – 2.2%
Arcosa, Inc.		708		28,136
Construction Partners, Inc., Class A*(a)		1,314		22,194
Great Lakes Dredge & Dock Corp.*		1,678		13,927
MYR Group, Inc.*		615		16,107
Total Engineering & Construction				80,364

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Entertainment – 0.8%
Everi Holdings, Inc.*(a)		1,648	$	5,439
IMAX Corp.*		787		7,122
Manchester United PLC, Class A (United Kingdom)		980		14,749
Total Entertainment				27,310
Environmental Control – 0.4%
Energy Recovery, Inc.*(a)		2,006		14,925
Food – 1.6%
Ingles Markets, Inc., Class A		494		17,863
John B Sanfilippo & Son, Inc.		235		21,009
Sprouts Farmers Market, Inc.*		700		13,013
United Natural Foods, Inc.*(a)		459		4,214
Total Food				56,099
Forest Products & Paper – 0.9%
Clearwater Paper Corp.*		915		19,956
Verso Corp., Class A*		950		10,716
Total Forest Products & Paper				30,672
Healthcare - Products – 4.3%
AngioDynamics, Inc.*		1,480		15,436
Castle Biosciences, Inc.*(a)		530		15,799
CONMED Corp.		310		17,754
Inmode Ltd.*		785		16,877
LeMaitre Vascular, Inc.(a)		675		16,821
Patterson Cos., Inc.		785		12,003
STAAR Surgical Co.*(a)		526		16,969
Surmodics, Inc.*		535		17,826
Tactile Systems Technology, Inc.*(a)		660		26,506
Total Healthcare - Products				155,991
Healthcare - Services – 2.9%
Ensign Group, Inc. (The)		438		16,473
Fulgent Genetics, Inc.*		1,510		16,248
LHC Group, Inc.*(a)		322		45,144
Medpace Holdings, Inc.*		200		14,676
Triple-S Management Corp., Class B (Puerto Rico)*		712		10,039
Total Healthcare - Services				102,580
Home Builders – 1.9%
Century Communities, Inc.*		473		6,863
LCI Industries		210		14,034
Meritage Homes Corp.*		274		10,004
Skyline Champion Corp.*		566		8,875
Taylor Morrison Home Corp.*		893		9,823
TRI Pointe Group, Inc.*		2,010		17,628
Total Home Builders				67,227
Home Furnishings – 0.9%
iRobot Corp.*(a)		175		7,157
Sonos, Inc.*		1,770		15,010
Universal Electronics, Inc.*		299		11,473
Total Home Furnishings				33,640
Household Products / Wares – 0.4%
Quanex Building Products Corp.		1,525		15,372
Insurance – 3.1%
Ambac Financial Group, Inc.*		910		11,229
American Equity Investment Life Holding Co.		608		11,430
Argo Group International Holdings Ltd.		329		12,193
eHealth, Inc.*(a)		122		17,180
Employers Holdings, Inc.		396		16,042
MBIA, Inc.*(a)		1,804		12,881
NMI Holdings, Inc., Class A*		1,070		12,423
White Mountains Insurance Group Ltd.		19		17,290
Total Insurance				110,668
Internet – 4.7%
1-800-Flowers.com, Inc., Class A*(a)		1,105		14,619
21Vianet Group, Inc. (China)*(b)		1,215		16,840
Boingo Wireless, Inc.*		1,538		16,318
ePlus, Inc.*		270		16,907
FireEye, Inc.*		1,325		14,019
HealthStream, Inc.*		600		14,370
Perficient, Inc.*		858		23,243
Rubicon Project, Inc. (The)*		3,061		16,989
Shutterstock, Inc.(a)		414		13,314
Stamps.com, Inc.*		112		14,569
Upwork, Inc.*(a)		1,119		7,218
Total Internet				168,406
Leisure Time – 1.8%
Fox Factory Holding Corp.*(a)		616		25,872
Malibu Boats, Inc., Class A*		438		12,610
Marine Products Corp.		1,280		10,343
YETI Holdings, Inc.*(a)		737		14,386
Total Leisure Time				63,211
Machinery - Diversified – 0.9%
Alamo Group, Inc.		221		19,620
Chart Industries, Inc.*(a)		458		13,273
Total Machinery - Diversified				32,893
Mining – 0.4%
Century Aluminum Co.*		3,595		13,014
Miscellaneous Manufacturing – 2.9%
ESCO Technologies, Inc.		335		25,430
Fabrinet (Thailand)*		367		20,023
Federal Signal Corp.		758		20,678
John Bean Technologies Corp.(a)		351		26,069
Trinity Industries, Inc.		765		12,294
Total Miscellaneous Manufacturing				104,494
Office Furnishings – 0.8%
Herman Miller, Inc.		489		10,856
Steelcase, Inc., Class A		1,690		16,680
Total Office Furnishings				27,536
Oil & Gas – 0.5%
Antero Resources Corp.*		11,865		8,459
CNX Resources Corp.*(a)		1,257		6,687
PDC Energy, Inc.*(a)		266		1,652
Total Oil & Gas				16,798
Oil & Gas Services – 0.5%
Archrock, Inc.		2,241		8,426
DMC Global, Inc.		260		5,983
Helix Energy Solutions Group, Inc.*		2,391		3,921
Total Oil & Gas Services				18,330
Packaging & Containers – 0.3%
Greif, Inc., Class A		388		12,063
Pharmaceuticals – 2.7%
Anika Therapeutics, Inc.*		305		8,817
Collegium Pharmaceutical, Inc.*		890		14,534
Covetrus, Inc.*(a)		1,183		9,630

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Enanta Pharmaceuticals, Inc.*		419	$	21,549
Pacira BioSciences, Inc.*		457		15,323
USANA Health Sciences, Inc.*		241		13,920
Vanda Pharmaceuticals, Inc.*		1,125		11,655
Total Pharmaceuticals				95,428
Private Equity – 0.3%
Kennedy-Wilson Holdings, Inc.		762		10,226
Real Estate – 0.9%
eXp World Holdings, Inc.*(a)		1,754		14,839
McGrath RentCorp		366		19,171
Total Real Estate				34,010
REITS – 8.0%
Acadia Realty Trust		612		7,583
Agree Realty Corp.		399		24,698
American Assets Trust, Inc.		401		10,025
Brandywine Realty Trust		1,355		14,254
DiamondRock Hospitality Co.		5,740		29,159
Easterly Government Properties, Inc.		520		12,813
iStar, Inc.(a)		1,277		13,549
Kite Realty Group Trust		1,475		13,968
Mack-Cali Realty Corp.		808		12,306
National Storage Affiliates Trust		540		15,984
Pebblebrook Hotel Trust		1,985		21,617
Physicians Realty Trust		1,065		14,846
Preferred Apartment Communities, Inc., Class A		1,185		8,508
Retail Opportunity Investments Corp.		947		7,851
Retail Properties of America, Inc., Class A		4,100		21,197
RPT Realty		2,127		12,826
Terreno Realty Corp.		545		28,204
Xenia Hotels & Resorts, Inc.		1,812		18,663
Total REITS				288,051
Retail – 4.7%
America’s Car-Mart, Inc.*		292		16,454
BJ’s Restaurants, Inc.		357		4,959
BMC Stock Holdings, Inc.*		675		11,968
Boot Barn Holdings, Inc.*		799		10,331
Chico's FAS, Inc.		8,230		10,617
Chuy’s Holdings, Inc.*		670		6,747
Hibbett Sports, Inc.*(a)		912		9,973
MarineMax, Inc.*		1,505		15,682
Noodles & Co.*		3,075		14,483
PC Connection, Inc.		591		24,355
Shake Shack, Inc., Class A*(a)		175		6,604
Shoe Carnival, Inc.(a)		522		10,842
Signet Jewelers Ltd.(a)		1,690		10,901
Zumiez, Inc.*		925		16,021
Total Retail				169,937
Semiconductors – 7.3%
Amkor Technology, Inc.*		1,338		10,423
CEVA, Inc.*		544		13,562
Cohu, Inc.		940		11,637
Diodes, Inc.*(a)		605		24,584
DSP Group, Inc.*		1,204		16,133
FormFactor, Inc.*		753		15,128
Inphi Corp.*		241		19,080
Kulicke & Soffa Industries, Inc. (Singapore)		610		12,731
MACOM Technology Solutions Holdings, Inc.*		745		14,103
MagnaChip Semiconductor Corp. (South Korea)*		1,638		18,100
Nova Measuring Instruments Ltd. (Israel)*		473		15,443
Onto Innovation, Inc.*		1,195		35,456
Power Integrations, Inc.		200		17,666
Synaptics, Inc.*		255		14,757
Ultra Clean Holdings, Inc.*		773		10,667
Veeco Instruments, Inc.*		1,175		11,245
Total Semiconductors				260,715
Software – 6.0%
American Software, Inc., Class A		1,076		15,290
Arco Platform Ltd., Class A (Brazil)*		315		13,312
Bandwidth, Inc., Class A*(a)		224		15,073
Box, Inc., Class A*		1,279		17,957
CommVault Systems, Inc.*(a)		356		14,411
Digital Turbine, Inc.*		2,825		12,176
DouYu International Holdings Ltd. (China)*(b)		1,595		10,224
Glu Mobile, Inc.*		3,237		20,361
ManTech International Corp., Class A		344		24,998
MicroStrategy, Inc., Class A*		124		14,644
Model N, Inc.*		765		16,991
Omnicell, Inc.*		266		17,444
SPS Commerce, Inc.*		464		21,581
Total Software				214,462
Telecommunications – 2.0%
ADTRAN, Inc.		2,395		18,394
ATN International, Inc.		316		18,552
NeoPhotonics Corp.*		2,097		15,203
Viavi Solutions, Inc.*		1,838		20,604
Total Telecommunications				72,753
Textiles – 0.5%
UniFirst Corp.		108		16,318
Transportation – 2.7%
Atlas Air Worldwide Holdings, Inc.*		630		16,172
Atlas Corp. (Canada)		1,583		12,173
Costamare, Inc. (Monaco)		2,137		9,659
Frontline Ltd. (Norway)		2,935		28,206
Golden Ocean Group Ltd (Norway)(a)		3,225		10,094
Werner Enterprises, Inc.(a)		556		20,161
Total Transportation				96,465
Trucking & Leasing – 0.5%
Fly Leasing Ltd. (Ireland)*(b)		1,104		7,772
GATX Corp.(a)		189		11,824
Total Trucking & Leasing				19,596
Total Common Stocks
(Cost $4,041,712)				3,547,942
MONEY MARKET FUND – 1.8%
STIT - Government & Agency Portfolio, Institutional Class, 0.43%(c) (Cost $66,492)		66,492		66,492

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENT – 2.2%(d)
Citigroup Global Markets, Inc., dated 03/31/20, due 04/01/20, 0.01%, total to be received $78,599, (collateralized by various U.S. Government Agency Obligations, 0.15%-8.50%, 04/15/21-09/20/69, totaling $79,924)
(Cost $78,599)	$	78,599	$	78,599
Total Investments – 102.7%
(Cost $4,186,803)				3,693,033
Liabilities in Excess of Other Assets – (2.7%)				(98,748	)
Net Assets – 100.0%			$	3,594,285

PLC - Public Limited Company

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 $702,674; the aggregate market value of the collateral held by the fund is $721,272.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $642,673.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of March 31, 2020.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES CORNERSTONE SMALL 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	$	3,547,942	$	–	$	–	$	3,547,942
Money Market Fund		66,492		–		–		66,492
Repurchase Agreement		–		78,599		–		78,599
Total	$	3,614,434	$	78,599	$	–	$	3,693,033

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Advertising		0.6	%
Aerospace/Defense		0.4
Agriculture		0.5
Airlines		0.9
Apparel		0.6
Auto Parts & Equipment		0.3
Banks		6.0
Biotechnology		4.4
Building Materials		1.0
Chemicals		0.4
Commercial Services		4.6
Computers		3.8
Cosmetics / Personal Care		0.7
Distribution / Wholesale		0.9
Diversified Financial Services		2.0
Electrical Components & Equipment		1.2
Electronics		2.2
Energy - Alternate Sources		0.4
Engineering & Construction		2.2
Entertainment		0.8
Environmental Control		0.4
Food		1.6
Forest Products & Paper		0.9
Healthcare - Products		4.3
Healthcare - Services		2.9
Home Builders		1.9
Home Furnishings		0.9
Household Products / Wares		0.4
Insurance		3.1
Internet		4.7
Leisure Time		1.8
Machinery - Diversified		0.9
Mining		0.4
Miscellaneous Manufacturing		2.9
Office Furnishings		0.8
Oil & Gas		0.5
Oil & Gas Services		0.5
Packaging & Containers		0.3
Pharmaceuticals		2.7
Private Equity		0.3
Real Estate		0.9
REITS		8.0
Retail		4.7
Semiconductors		7.3
Software		6.0
Telecommunications		2.0
Textiles		0.5
Transportation		2.7
Trucking & Leasing		0.5
Money Market Fund		1.8
Repurchase Agreement		2.2
Total Investments		102.7
Liabilities in Excess of Other Assets		(2.7	)
Net Assets		100.0	%