ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments
September 30, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 97.1% | ||||||||
| Auto Manufacturers – 0.9% | ||||||||
| General Motors Co. | 3,322 | $ | 109,526 | |||||
| Auto Parts & Equipment – 0.9% | ||||||||
| Aptiv PLC* | 1,096 | 108,055 | ||||||
| Banks – 3.9% | ||||||||
| Customers Bancorp, Inc.* | 3,380 | 116,441 | ||||||
| JPMorgan Chase & Co. | 778 | 112,826 | ||||||
| OFG Bancorp (Puerto Rico) | 3,805 | 113,617 | ||||||
| Preferred Bank/Los Angeles CA | 1,759 | 109,498 | ||||||
| Total Banks | 452,382 | |||||||
| Biotechnology – 10.6% | ||||||||
| ANI Pharmaceuticals, Inc.* | 1,856 | 107,759 | ||||||
| Arcus Biosciences, Inc.* | 5,709 | 102,477 | ||||||
| Bicycle Therapeutics PLC (United Kingdom)*(a)(b) | 5,344 | 107,361 | ||||||
| Dynavax Technologies Corp.* | 7,846 | 115,885 | ||||||
| Guardant Health, Inc.* | 3,781 | 112,069 | ||||||
| ImmunoGen, Inc.* | 7,445 | 118,152 | ||||||
| Legend Biotech Corp.*(b) | 1,725 | 115,868 | ||||||
| Mirati Therapeutics, Inc.*(a) | 2,507 | 109,205 | ||||||
| NeoGenomics, Inc.*(a) | 8,880 | 109,224 | ||||||
| Regeneron Pharmaceuticals, Inc.* | 139 | 114,392 | ||||||
| Xencor, Inc.* | 5,461 | 110,039 | ||||||
| Total Biotechnology | 1,222,431 | |||||||
| Building Materials – 7.5% | ||||||||
| AZEK Co., Inc. (The)* | 3,556 | 105,756 | ||||||
| Builders FirstSource, Inc.* | 890 | 110,796 | ||||||
| Carrier Global Corp.(a) | 2,022 | 111,614 | ||||||
| Eagle Materials, Inc. | 680 | 113,234 | ||||||
| Fortune Brands Innovations, Inc. | 1,726 | 107,288 | ||||||
| Owens Corning | 791 | 107,900 | ||||||
| Summit Materials, Inc., Class A* | 3,586 | 111,668 | ||||||
| Trex Co., Inc.* | 1,665 | 102,614 | ||||||
| Total Building Materials | 870,870 | |||||||
| Chemicals – 0.9% | ||||||||
| Sherwin-Williams Co. (The) | 428 | 109,161 | ||||||
| Commercial Services – 1.9% | ||||||||
| PROG Holdings, Inc.* | 3,475 | 115,405 | ||||||
| Toast, Inc., Class A*(a) | 5,854 | 109,645 | ||||||
| Total Commercial Services | 225,050 | |||||||
| Computers – 1.1% | ||||||||
| Zscaler, Inc.* | 847 | 131,785 | ||||||
| Cosmetics/Personal Care – 2.0% | ||||||||
| Coty, Inc., Class A* | 10,886 | 119,419 | ||||||
| elf Beauty, Inc.* | 1,007 | 110,599 | ||||||
| Total Cosmetics/Personal Care | 230,018 | |||||||
| Electronics – 1.9% | ||||||||
| Camtek Ltd. (Israel)* | 1,784 | 111,072 | ||||||
| Woodward, Inc. | 877 | 108,976 | ||||||
| Total Electronics | 220,048 | |||||||
| Engineering & Construction – 0.9% | ||||||||
| TopBuild Corp.* | 435 | 109,446 | ||||||
| Healthcare - Products – 5.8% | ||||||||
| Alphatec Holdings, Inc.* | 8,821 | 114,408 | ||||||
| Castle Biosciences, Inc.* | 6,613 | 111,694 | ||||||
| Exact Sciences Corp.* | 1,652 | 112,699 | ||||||
| Insulet Corp.* | 700 | 111,643 | ||||||
| LeMaitre Vascular, Inc. | 1,983 | 108,034 | ||||||
| RxSight, Inc.* | 4,008 | 111,783 | ||||||
| Total Healthcare - Products | 670,261 | |||||||
| Healthcare - Services – 1.9% | ||||||||
| Accolade, Inc.* | 10,151 | 107,397 | ||||||
| Addus HomeCare Corp.* | 1,278 | 108,873 | ||||||
| Total Healthcare - Services | 216,270 | |||||||
| Home Builders – 2.9% | ||||||||
| Beazer Homes USA, Inc.* | 4,361 | 108,632 | ||||||
| D.R. Horton, Inc. | 993 | 106,718 | ||||||
| Lennar Corp., Class A | 1,118 | 125,473 | ||||||
| Total Home Builders | 340,823 | |||||||
| Insurance – 1.0% | ||||||||
| Trupanion, Inc.*(a) | 4,075 | 114,915 | ||||||
| Internet – 8.6% | ||||||||
| Alphabet, Inc., Class A* | 838 | 109,661 | ||||||
| Amazon.com, Inc.* | 832 | 105,764 | ||||||
| Lyft, Inc., Class A* | 11,092 | 116,910 | ||||||
| Meta Platforms, Inc., Class A* | 352 | 105,674 | ||||||
| Okta, Inc.* | 1,362 | 111,017 | ||||||
| Shopify, Inc., Class A (Canada)* | 2,027 | 110,613 | ||||||
| Sprinklr, Inc., Class A* | 7,706 | 106,651 | ||||||
| Wayfair, Inc., Class A* | 1,837 | 111,267 | ||||||
| Wix.com Ltd. (Israel)* | 1,222 | 112,179 | ||||||
| Total Internet | 989,736 | |||||||
| Investment Companies – 1.0% | ||||||||
| Sixth Street Specialty Lending, Inc. | 5,381 | 109,988 | ||||||
| Leisure Time – 0.9% | ||||||||
| OneSpaWorld Holdings Ltd. (Bahamas)* | 9,767 | 109,586 | ||||||
| Machinery - Construction & Mining – 1.9% | ||||||||
| Caterpillar, Inc. | 394 | 107,562 | ||||||
| Oshkosh Corp. | 1,138 | 108,599 | ||||||
| Total Machinery - Construction & Mining | 216,161 | |||||||
| Machinery - Diversified – 1.9% | ||||||||
| AGCO Corp. | 948 | 112,129 | ||||||
| Rockwell Automation, Inc. | 377 | 107,773 | ||||||
| Total Machinery - Diversified | 219,902 | |||||||
| Miscellaneous Manufacturing – 0.9% | ||||||||
| Eaton Corp. PLC | 495 | 105,574 | ||||||
| Oil & Gas – 9.0% | ||||||||
| CNX Resources Corp.* | 4,981 | 112,471 | ||||||
| Delek US Holdings, Inc. | 3,716 | 105,572 | ||||||
| Diamondback Energy, Inc. | 724 | 112,133 | ||||||
| Marathon Petroleum Corp. | 813 | 123,039 | ||||||
| Phillips 66 | 1,039 | 124,836 | ||||||
| Pioneer Natural Resources Co. | 548 | 125,793 | ||||||
| SM Energy Co. | 2,838 | 112,527 | ||||||
| Valero Energy Corp. | 749 | 106,141 | ||||||
| Vital Energy, Inc.* | 2,045 | 113,334 | ||||||
| Total Oil & Gas | 1,035,846 | |||||||
| Pharmaceuticals – 5.6% | ||||||||
| Arvinas, Inc.* | 5,050 | 99,182 | ||||||
| Eli Lilly & Co. | 196 | 105,277 | ||||||
| Marinus Pharmaceuticals, Inc.* | 13,793 | 111,034 | ||||||
| Merus NV (Netherlands)* | 4,941 | 116,509 | ||||||
| Neurocrine Biosciences, Inc.* | 962 | 108,225 | ||||||
| uniQure NV (Netherlands)* | 15,964 | 107,118 | ||||||
| Total Pharmaceuticals | 647,345 | |||||||
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Retail – 3.0% | ||||||||
| Carrols Restaurant Group, Inc.* | 16,351 | $ | 107,753 | |||||
| Home Depot, Inc. (The) | 424 | 128,116 | ||||||
| Walmart, Inc. | 686 | 109,712 | ||||||
| Total Retail | 345,581 | |||||||
| Semiconductors – 4.8% | ||||||||
| Applied Materials, Inc. | 794 | 109,929 | ||||||
| Intel Corp. | 3,200 | 113,760 | ||||||
| NVIDIA Corp. | 273 | 118,752 | ||||||
| ON Semiconductor Corp.* | 1,159 | 107,729 | ||||||
| Qorvo, Inc.* | 1,135 | 108,359 | ||||||
| Total Semiconductors | 558,529 | |||||||
| Software – 12.5% | ||||||||
| Amplitude, Inc., Class A* | 9,100 | 105,287 | ||||||
| AppLovin Corp., Class A* | 2,819 | 112,647 | ||||||
| Braze, Inc., Class A* | 2,437 | 113,881 | ||||||
| Clear Secure, Inc., Class A(a) | 5,774 | 109,937 | ||||||
| Docusign, Inc.* | 2,629 | 110,418 | ||||||
| HubSpot, Inc.* | 231 | 113,768 | ||||||
| Monday.com Ltd.* | 694 | 110,499 | ||||||
| MongoDB, Inc.* | 332 | 114,826 | ||||||
| Nutanix, Inc., Class A* | 3,257 | 113,604 | ||||||
| Olo, Inc., Class A* | 17,908 | 108,522 | ||||||
| Procore Technologies, Inc.* | 1,685 | 110,064 | ||||||
| ServiceNow, Inc.* | 197 | 110,115 | ||||||
| Unity Software, Inc.* | 3,478 | 109,174 | ||||||
| Total Software | 1,442,742 | |||||||
| Telecommunications – 1.0% | ||||||||
| Arista Networks, Inc.* | 599 | 110,174 | ||||||
| Transportation – 1.0% | ||||||||
| Teekay Tankers Ltd., Class A (Canada) | 2,677 | 111,444 | ||||||
| Trucking & Leasing – 0.9% | ||||||||
| Greenbrier Cos., Inc. (The) | 2,652 | 106,080 | ||||||
| Total Common Stocks | ||||||||
| (Cost $11,567,748) | 11,239,729 | |||||||
| MONEY MARKET FUNDS – 4.8% | ||||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.30%(c)(d) | 203,641 | 203,641 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I, 5.23%(c) | 357,114 | 357,114 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $560,755) | 560,755 | |||||||
| Notional Amount | Contracts | Value | ||||||||||
| PURCHASED PUT OPTIONS – 2.0% | ||||||||||||
| SPDR S&P 500 ETF Trust, expiring 01/19/24, Strike Price $167.00 (Cost $155,687) | $ | 7,531,700 | 451 | $ | 163,262 | |||||||
| Shares Russell 2000 ETF, expiring 11/17/23, Strike Price $429.00 (Cost $48,497) | 3,432,000 | 80 | 72,520 | |||||||||
| Total Purchased Put Options | ||||||||||||
| (Cost $204,184) | 235,782 | |||||||||||
| Total Investments – 103.9% | ||||||||||||
| (Cost $12,332,687) | 12,036,266 | |||||||||||
| Liabilities in Excess of Other Assets – (3.9%) | (461,188 | ) | ||||||||||
| Net Assets – 100.0% | $ | 11,575,078 | ||||||||||
ETF - Exchange Traded Fund
PLC - Public Limited Company
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $642,046; the aggregate market value of the collateral held by the fund is $658,431. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $454,790. |
| (b) | American Depositary Receipt. |
| (c) | Rate shown reflects the 7-day yield as of September 30, 2023. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF
Schedule of Investments (continued)
September 30, 2023 (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, 2023, 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 | $ | 11,239,729 | $ | - | $ | - | $ | 11,239,729 | ||||||||
| Money Market Funds | 560,755 | - | - | 560,755 | ||||||||||||
| Purchased Put Options | 235,782 | - | - | 235,782 | ||||||||||||
| Total | $ | 12,036,266 | $ | - | $ | - | $ | 12,036,266 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of | ||||
| Net Assets | ||||
| Auto Manufacturers | 0.9 | % | ||
| Auto Parts & Equipment | 0.9 | |||
| Banks | 3.9 | |||
| Biotechnology | 10.6 | |||
| Building Materials | 7.5 | |||
| Chemicals | 0.9 | |||
| Commercial Services | 1.9 | |||
| Computers | 1.1 | |||
| Cosmetics/Personal Care | 2.0 | |||
| Electronics | 1.9 | |||
| Engineering & Construction | 0.9 | |||
| Healthcare - Products | 5.8 | |||
| Healthcare - Services | 1.9 | |||
| Home Builders | 2.9 | |||
| Insurance | 1.0 | |||
| Internet | 8.6 | |||
| Investment Companies | 1.0 | |||
| Leisure Time | 0.9 | |||
| Machinery - Construction & Mining | 1.9 | |||
| Machinery - Diversified | 1.9 | |||
| Miscellaneous Manufacturing | 0.9 | |||
| Oil & Gas | 9.0 | |||
| Pharmaceuticals | 5.6 | |||
| Purchased Put Option | 2.0 | |||
| Retail | 3.0 | |||
| Semiconductors | 4.8 | |||
| Software | 12.5 | |||
| Telecommunications | 1.0 | |||
| Transportation | 1.0 | |||
| Trucking & Leasing | 0.9 | |||
| Money Market Funds | 4.8 | |||
| Total Investments | 103.9 | |||
| Liabilities in Excess of Other Assets | (3.9 | ) | ||
| Net Assets | 100.0 | % | ||