ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments
March 31, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 1.2% | ||||||||
| Investment Company – 0.1% | ||||||||
| RIV Capital, Inc. (Canada)* | 4,294,850 | $ | 380,819 | |||||
| Machinery – 0.4% | ||||||||
| Urban-GRO, Inc.*† | 552,347 | 1,491,337 | ||||||
| Pharmaceuticals – 0.1% | ||||||||
| Hempfusion Wellness, Inc. (Canada)* | 7,964,631 | 238,143 | ||||||
| REITS – 0.6% | ||||||||
| AFC Gamma, Inc. | 19,460 | 236,634 | ||||||
| Innovative Industrial Properties, Inc. | 11,585 | 880,344 | ||||||
| Power REIT*† | 226,459 | 845,915 | ||||||
| Total REITS | 1,962,893 | |||||||
| Specialty Retail – 0.0%** | ||||||||
| GrowGeneration Corp.*(a) | 16,078 | 54,987 | ||||||
| Total Common Stocks | ||||||||
| (Cost $33,262,062) | 4,128,179 | |||||||
| MONEY MARKET FUNDS – 36.8% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.49%(b) | 126,337,372 | 126,337,372 | ||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.79%(b)(c) | 3,130 | 3,130 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $126,340,503) | 126,340,502 | |||||||
| Total Investments – 38.0% | ||||||||
| (Cost $159,602,565) | 130,468,681 | |||||||
| Other Assets in Excess of Liabilities – 62.0% | 212,530,967 | |||||||
| Net Assets – 100.0% | $ | 342,999,648 | ||||||
REITS - Real Estate Investment Trusts
SOFR - Secured Overnight Financing Rate
| * | Non-income producing security. |
| ** | Less than 0.05%. |
| † | Affiliated Company. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $958; the aggregate market value of the collateral held by the fund is $3,130. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2023. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 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 March 31, 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 | $ | 4,128,179 | $ | - | $ | - | $ | 4,128,179 | ||||||||
| Money Market Funds | 126,340,502 | - | - | 126,340,502 | ||||||||||||
| Swaps† | - | 673 | - | 673 | ||||||||||||
| Total | $ | 130,468,681 | $ | 673 | $ | - | $ | 130,469,354 | ||||||||
| † | Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument. |
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of | ||||
| Net Assets | ||||
| Investment Company | 0.1 | % | ||
| Machinery | 0.4 | |||
| Pharmaceuticals | 0.1 | |||
| REITS | 0.6 | |||
| Specialty Retail | 0.0 | ** | ||
| Money Market Funds | 36.8 | |||
| Total Investments | 38.0 | |||
| Other Assets in Excess of Liabilities | 62.0 | |||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Total Return Swap contracts outstanding as of March 31, 2023:
| Reference Entity | Annual Financing Rate Paid | Payment Frequency | Termination Date | Notional Amounts | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| 4Front Ventures ORD | SOFR + 1.25% | Monthly | 9/05/2023 | $ | 4,390,402 | $ | 4,390,402 | $ | - | |||||||||
| Acreage Holdings FX SUB VOT CL E ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 1,258,484 | 1,258,484 | - | ||||||||||||
| AYR Wellness | SOFR + 1.25% | Monthly | 9/05/2023 | 3,763,050 | 3,763,050 | - | ||||||||||||
| C21 Investments ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 1,886,408 | 1,886,408 | - | ||||||||||||
| Columbia Care ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 11,746,786 | 11,746,786 | - | ||||||||||||
| Cresco Labs ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 26,296,987 | 26,296,987 | - | ||||||||||||
| Curaleaf Holdings SUB VOT ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 62,371,196 | 62,371,196 | - | ||||||||||||
| Glass House Brands | SOFR + 1.25% | Monthly | 9/05/2023 | 6,363,152 | 6,363,152 | - | ||||||||||||
| Goodness Growth Hold | SOFR + 1.25% | Monthly | 9/05/2023 | 526,827 | 526,827 | - | ||||||||||||
| Gramf Tpco ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 693,693 | 693,693 | - | ||||||||||||
| Green Thumb Industries SUB VOT ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 89,742,942 | 89,743,036 | 94 | ||||||||||||
| Jushi Holdings CL B SUB VOT ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 7,493,859 | 7,494,438 | 579 | ||||||||||||
| Lowell Farms ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 176,009 | 176,009 | - | ||||||||||||
| Marimed ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 510,250 | 510,250 | - | ||||||||||||
| Planet 13 Holdings ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 5,981,289 | 5,981,289 | - | ||||||||||||
| Terrascend ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 25,907,383 | 25,907,383 | - | ||||||||||||
| Trulieve Cannabis ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 52,155,007 | 52,155,007 | - | ||||||||||||
| Vapen Mj Ventures ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 963,992 | 963,992 | - | ||||||||||||
| Verano Holdings ORD | SOFR + 1.25% | Monthly | 9/05/2023 | 39,849,777 | 39,849,777 | - | ||||||||||||
| Net Unrealized Appreciation | $ | 673 | ||||||||||||||||
Nomura acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of March 31, 2023, cash in the amount of $264,780,000 has been segregated as collateral from the broker for Swap contracts.
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended March 31, 2023 were as follows:
| Affiliated Holding Name | Value at 6/30/2022 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 3/31/2023 | Value at 3/31/2023 | Dividend Income | ||||||||||||||||||||||||
| GrowGeneration Corp.* | $ | 12,977,764 | $ | 1,933,350 | $ | (17,026,219 | ) | $ | (53,861,594 | ) | $ | 56,031,686 | 16,078 | $ | 54,987 | $ | - | |||||||||||||||
| Power REIT | 3,673,522 | 14,584 | (356,612 | ) | (3,161,121 | ) | 675,542 | 226,459 | 845,915 | - | ||||||||||||||||||||||
| Urban-GRO, Inc. | 2,976,915 | 573,842 | (598,725 | ) | (1,164,227 | ) | (296,468 | ) | 552,347 | 1,491,337 | - | |||||||||||||||||||||
| Total | $ | 19,628,201 | $ | 2,521,776 | $ | (17,981,556 | ) | $ | (58,186,942 | ) | $ | 56,410,760 | 794,884 | $ | 2,392,239 | $ | - | |||||||||||||||
| * | Security is no longer an affiliated company at period end. |