A storage device and method for dynamic content tracing are provided. In one embodiment, a storage device stores content having a plurality of sequences of data, each sequence of data having original data and at least one variation of the original data. The storage device receives an identifier of a host device and, for each sequence of data, selects either the original data or one of the at least one variation of the original data based on the identifier of the host device. The storage device then assembles a version of the content from the selections and provides the assembled version of the content to the host device. The assembled version of the content is unique to the host device and therefore can be used to trace the assembled version of the content back to the host device.