ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments
September 30, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 5.3% | ||||||||
| Investment Company – 0.1% | ||||||||
| RIV Capital, Inc. (Canada)* | 4,294,850 | $ | 571,800 | |||||
| Pharmaceuticals – 5.0% | ||||||||
| Hempfusion Wellness, Inc. (Canada)* | 7,964,631 | 796 | ||||||
| Terrascend Corp. (Canada)* | 14,307,445 | 29,330,262 | ||||||
| Total Pharmaceuticals | 29,331,058 | |||||||
| REITS – 0.2% | ||||||||
| Innovative Industrial Properties, Inc. | 9,085 | 687,371 | ||||||
| Power REIT*† | 244,456 | 283,569 | ||||||
| Total REITS | 970,940 | |||||||
| Total Common Stocks | ||||||||
| (Cost $50,237,271) | 30,873,798 | |||||||
| MONEY MARKET FUND – 17.0% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.23%(a) | ||||||||
| (Cost $100,085,187) | 100,085,187 | 100,085,187 | ||||||
| Total Investments – 22.3% | ||||||||
| (Cost $150,322,458) | 130,958,985 | |||||||
| Other Assets in Excess of Liabilities – 77.7% | 456,750,916 | |||||||
| Net Assets – 100.0% | $ | 587,709,901 | ||||||
REITS - Real Estate Investment Trusts
SOFR - Secured Overnight Financing Rate
| * | Non-income producing security. |
| † | Affiliated Company. |
| (a) | Rate shown reflects the 7-day yield as of September 30, 2023. |
ADVISORSHARES PURE US CANNABIS 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 | $ | 30,873,798 | $ | - | $ | - | $ | 30,873,798 | ||||||||
| Money Market Fund | 100,085,187 | - | - | 100,085,187 | ||||||||||||
| Swaps† | - | 206,695 | - | 206,695 | ||||||||||||
| Total | $ | 130,958,985 | $ | 206,695 | $ | - | $ | 131,165,680 | ||||||||
| Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Swaps† | $ | - | $ | (42,194 | ) | $ | - | $ | (42,194 | ) | ||||||
| † | 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 | % | ||
| Pharmaceuticals | 5.0 | |||
| REITS | 0.2 | |||
| Money Market Fund | 17.0 | |||
| Total Investments | 22.3 | |||
| Other Assets in Excess of Liabilities | 77.7 | |||
| Net Assets | 100.0 | % | ||
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Total Return Swap contracts outstanding as of September 30, 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 | 11/20/2026 | $ | (6,302,958 | ) | $ | 6,302,958 | $ | - | ||||||||
| 4Front Ventures ORD | SOFR + 0.90% | Monthly | 11/20/2026 | (381,034 | ) | 375,000 | (6,034 | ) | ||||||||||
| Acreage Holdings FX SUB VOT CL E ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (788,972 | ) | 788,972 | - | |||||||||||
| Acreage Holdings FX SUB VOT CL E ORD | SOFR + 0.90% | Monthly | 9/2/2024 | (21,700 | ) | 22,820 | 1,120 | |||||||||||
| AYR Wellness | SOFR + 1.25% | Monthly | 11/20/2026 | (13,877,768 | ) | 13,877,768 | - | |||||||||||
| AYR Wellness | SOFR + 0.90% | Monthly | 11/20/2026 | (5,021,566 | ) | 5,039,980 | 18,414 | |||||||||||
| C21 Investments ORD | SOFR + 1.25% | Monthly | 8/25/2026 | (2,699,839 | ) | 2,699,839 | - | |||||||||||
| C21 Investments ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (179,362 | ) | 182,560 | 3,198 | |||||||||||
| Columbia Care ORD | SOFR + 1.25% | Monthly | 9/2/2026 | (22,198,028 | ) | 22,198,028 | - | |||||||||||
| Columbia Care ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (815,084 | ) | 810,000 | (5,084 | ) | ||||||||||
| Cresco Labs ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (37,214,147 | ) | 37,214,147 | - | |||||||||||
| Cresco Labs ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (3,529,221 | ) | 3,577,266 | 48,045 | |||||||||||
| Curaleaf Holdings SUB VOT | SOFR + 1.25% | Monthly | 11/20/2026 | (107,934,115 | ) | 107,934,115 | - | |||||||||||
| Curaleaf Holdings SUB VOT ORD | SOFR + 0.90% | Monthly | 11/20/2026 | (9,282,902 | ) | 9,266,000 | (16,902 | ) | ||||||||||
| Glass House Brands | SOFR + 0.90% | Monthly | 9/2/2026 | (3,048,500 | ) | 3,082,000 | 33,500 | |||||||||||
| Glass House Brands | SOFR + 1.25% | Monthly | 11/20/2026 | (12,279,548 | ) | 12,279,548 | - | |||||||||||
| Gold Flora Corp | SOFR + 1.25% | Monthly | 9/22/2024 | (682,321 | ) | 682,321 | - | |||||||||||
| Goodness Growth Hold | SOFR + 1.25% | Monthly | 11/20/2026 | (755,119 | ) | 755,119 | - | |||||||||||
| Green Thumb Industries SUB VOT | SOFR + 1.25% | Monthly | 11/20/2026 | (138,928,209 | ) | 138,928,209 | - | |||||||||||
| Green Thumb Industries SUB VOT ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (5,798,363 | ) | 5,838,000 | 39,637 | |||||||||||
| Grown Rogue International | SOFR + 1.25% | Monthly | 11/20/2026 | (22,500 | ) | 22,500 | - | |||||||||||
| Grown Rogue International | SOFR + 0.90% | Monthly | 11/20/2026 | (247,397 | ) | 236,250 | (11,147 | ) | ||||||||||
| Jushi Holdings CL B SUB VOT ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (12,792,487 | ) | 12,792,487 | - | |||||||||||
| Jushi Holdings CL B SUB VOT ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (808,163 | ) | 823,102 | 14,939 | |||||||||||
| Lowell Farms ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (130,377 | ) | 130,377 | - | |||||||||||
| Marimed ORD | SOFR + 0.90% | Monthly | 11/20/2026 | (444,409 | ) | 445,568 | 1,159 | |||||||||||
| Marimed ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (979,988 | ) | 979,988 | - | |||||||||||
| Planet 13 Holdings ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (7,103,744 | ) | 7,103,744 | - | |||||||||||
| Planet 13 Holdings ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (973,462 | ) | 973,382 | (80 | ) | ||||||||||
| Terrascend ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (12,856,987 | ) | 12,856,987 | - | |||||||||||
| Terrascend ORD | SOFR + 0.90% | Monthly | 11/20/2026 | (1,415,602 | ) | 1,412,655 | (2,947 | ) | ||||||||||
| Trulieve Cannabis ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (62,449,960 | ) | 62,449,960 | - | |||||||||||
| Trulieve Cannabis ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (5,072,187 | ) | 5,085,150 | 12,963 | |||||||||||
| Vapen Mj Ventures ORD | SOFR + 1.25% | Monthly | 8/25/2026 | (1,266,323 | ) | 1,266,323 | - | |||||||||||
| Verano Holdings ORD | SOFR + 1.25% | Monthly | 11/20/2026 | (68,944,512 | ) | 68,944,512 | - | |||||||||||
| Verano Holdings ORD | SOFR + 0.90% | Monthly | 9/2/2026 | (7,018,780 | ) | 7,052,500 | 33,720 | |||||||||||
| Net Unrealized Appreciation | $ | 164,501 | ||||||||||||||||
Clear Street and Nomura act as the counterparties 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 September 30, 2023, cash in the amount of $372,340,000 has been segregated as collateral from the broker for Swap contracts.
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
September 30, 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 September 30, 2023 were as follows:
| Affiliated Holding Name | Value at 6/30/2023 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 9/30/2023 | Value at 9/30/2023 | Dividend Income | ||||||||||||||||||||||||
| Power REIT | $ | 380,905 | $ | 51,418 | $ | (41,267 | ) | $ | (1,348,868 | ) | $ | 1,241,381 | 244,456 | $ | 283,569 | $ | - | |||||||||||||||
| Urban-GRO, Inc.* | 684,337 | 63,898 | (739,398 | ) | (5,080,920 | ) | 5,072,083 | - | - | - | ||||||||||||||||||||||
| Total | $ | 1,065,242 | $ | 115,316 | $ | (780,665 | ) | $ | (6,429,788 | ) | $ | 6,313,464 | 244,456 | $ | 283,569 | $ | - | |||||||||||||||
| * | Security is no longer an affiliated company at period end. |