ADVISORSHARES VICE ETF

Schedule of Investments

March 31, 2025 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.0%
Agriculture – 19.3%
Altria Group, Inc.		5,542	$	332,631
British American Tobacco PLC (United Kingdom)(a)(b)		7,948		328,809
Philip Morris International, Inc.		2,294		364,127
Turning Point Brands, Inc.		4,749		282,280
Total Agriculture				1,307,847
Beverages – 5.3%
Molson Coors Beverage Co., Class B		5,904		359,377
Computers – 4.8%
PlayAGS, Inc.(c)		27,000		326,970
Entertainment – 20.3%
Accel Entertainment, Inc.(c)		29,942		297,025
Everi Holdings, Inc.(c)		22,500		307,575
Flutter Entertainment PLC (United Kingdom)(c)		1,042		230,855
Monarch Casino & Resort, Inc.		3,078		239,314
RCI Hospitality Holdings, Inc.		7,000		300,580
Total Entertainment				1,375,349
Internet – 8.6%
Gambling.com Group Ltd. (Malta)(c)		23,620		298,085
Sea Ltd. (Singapore)(b)(c)		2,180		284,468
Total Internet				582,553
Lodging – 4.0%
Boyd Gaming Corp.		4,088		269,113
REITS – 9.2%
Gaming and Leisure Properties, Inc.		6,035		307,181
VICI Properties, Inc.		9,698		316,349
Total REITS				623,530
Retail – 9.4%
El Pollo Loco Holdings, Inc.(c)		31,606		325,542
Texas Roadhouse, Inc.		1,838		306,266
Total Retail				631,808
Semiconductors – 4.4%
NVIDIA Corp.		2,748		297,828
Software – 11.7%
HUYA, Inc. (China)(b)		67,740		217,445
Inspired Entertainment, Inc.(c)		36,666		313,128
NetEase, Inc. (China)(b)		2,558		263,269
Total Software				793,842
Total Common Stocks (Cost $5,962,274)				6,568,217
MONEY MARKET FUNDS – 7.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.18%(d)		198,447		198,447
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.21%(d)(e)		273,900		273,900
Total Money Market Funds (Cost $472,347)				472,347
Total Investments – 104.0% (Cost $6,434,621)				7,040,564
Liabilities in Excess of Other Assets – (4.0%)				(269,908	)
Net Assets – 100.0%			$	6,770,656

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $273,042; the aggregate market value of the collateral held by the fund is $273,900.
(b)	American Depositary Receipt.
(c)	Non-income producing security.
(d)	Rate shown reflects the 7-day yield as of March 31, 2025.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES VICE 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	$	6,568,217	$	–	$	–	$	6,568,217
Money Market Funds		472,347		–		–		472,347
Total	$	7,040,564	$	–	$	–	$	7,040,564

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		19.3	%
Beverages		5.3
Computers		4.8
Entertainment		20.3
Internet		8.6
Lodging		4.0
REITS		9.2
Retail		9.4
Semiconductors		4.4
Software		11.7
Money Market Funds		7.0
Total Investments		104.0
Liabilities in Excess of Other Assets		(4.0	)
Net Assets		100.0	%