ADVISORSHARES HVAC AND INDUSTRIALS ETF

Schedule of Investments

March 31, 2025 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.3%
Building Materials – 24.3%
AZEK Co., Inc. (The)(a)		300	$	14,667
Carrier Global Corp.		215		13,631
Daikin Industries Ltd. (Japan)(b)		965		10,518
Johnson Controls International PLC		155		12,417
Lennox International, Inc.		50		28,042
Modine Manufacturing Co.(a)		115		8,826
SPX Technologies, Inc.(a)		85		10,946
Trane Technologies PLC		105		35,377
Total Building Materials				134,424
Commercial Services – 5.8%
Willdan Group, Inc.(a)		785		31,965
Distribution/Wholesale – 6.0%
Watsco, Inc.		65		33,039
Electric – 4.5%
AES Corp. (The)		2,000		24,840
Electrical Components & Equipment – 11.0%
AMETEK, Inc.		70		12,050
Eaton Corp. PLC		35		9,514
Generac Holdings, Inc.(a)		190		24,063
Graham Corp.(a)		530		15,275
Total Electrical Components & Equipment				60,902
Electronics – 6.1%
Amphenol Corp., Class A		515		33,779
Engineering & Construction – 9.8%
Comfort Systems USA, Inc.		75		24,175
Limbach Holdings, Inc.(a)		405		30,160
Total Engineering & Construction				54,335
Machinery - Construction & Mining – 8.4%
GE Vernova, Inc.		90		27,475
Vertiv Holdings Co., Class A		265		19,133
Total Machinery - Construction & Mining				46,608
Machinery - Diversified – 7.6%
Dover Corp.		100		17,568
Middleby Corp. (The)(a)		160		24,317
Total Machinery - Diversified				41,885
Miscellaneous Manufacturing – 8.6%
Carlisle Cos., Inc.		50		17,025
Illinois Tool Works, Inc.		75		18,601
Parker-Hannifin Corp.		20		12,157
Total Miscellaneous Manufacturing				47,783
REITS – 5.2%
Digital Realty Trust, Inc.		200		28,658
Total Common Stocks (Cost $595,331)				538,218
MONEY MARKET FUND – 5.5%
Dreyfus Treasury Obligations Cash Management, Institutional Shares, 4.21%(c)

Investments	Shares		Value
MONEY MARKET FUND (continued)
(Cost $30,468)		30,468	$	30,468
Total Investments – 102.8% (Cost $625,799)				568,686
Liabilities in Excess of Other Assets – (2.8%)				(15,742	)
Net Assets – 100.0%			$	552,944

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

(a)	Non-income producing security.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of March 31, 2025.

ADVISORSHARES HVAC AND INDUSTRIALS ETF

Schedule of Investments (continued)

March 31, 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 March 31, 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	$	538,218	$	–	$	–	$	538,218
Money Market Fund		30,468		–		–		30,468
Total	$	568,686	$	–	$	–	$	568,686

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Building Materials		24.3	%
Commercial Services		5.8
Distribution/Wholesale		6.0
Electric		4.5
Electrical Components & Equipment		11.0
Electronics		6.1
Engineering & Construction		9.8
Machinery - Construction & Mining		8.4
Machinery - Diversified		7.6
Miscellaneous Manufacturing		8.6
REITS		5.2
Money Market Fund		5.5
Total Investments		102.8
Liabilities in Excess of Other Assets		(2.8	)
Net Assets		100.0	%