ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | | Shares | | | Value | |
| COMMON STOCKS – 8.4% | | | | | | | | |
| | | | | | | | | |
| Investment Company – 0.0%** | | | | | | | | |
| RIV Capital, Inc. (Canada)(a) | | | 4,294,850 | | | $ | 285,636 | |
| | | | | | | | | |
| Pharmaceuticals – 8.4% | | | | | | | | |
| Curaleaf Holdings, Inc.(a) | | | 9,352,610 | | | | 49,942,937 | |
| Hempfusion Wellness, Inc. (Canada)(a) | | | 7,964,631 | | | | 8 | |
| TerrAscend Corp. (Canada)†(a) | | | 21,662,855 | | | | 40,942,796 | |
| Total Pharmaceuticals | | | | | | | 90,885,741 | |
| | | | | | | | | |
Total Common Stocks
(Cost $101,984,111) | | | | | | | 91,171,377 | |
| | | | | | | | | |
| MONEY MARKET FUND – 14.1% | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 5.21%(b)
(Cost $153,684,454) | | | 153,684,454 | | | | 153,684,454 | |
| | | | | | | | | |
Total Investments – 22.5%
(Cost $255,668,565) | | | | | | | 244,855,831 | |
| Other Assets in Excess of Liabilities – 77.5% | | | | | | | 842,759,810 | |
| Net Assets – 100.0% | | | | | | $ | 1,087,615,641 | |
SOFR - Secured Overnight Financing Rate
| ** | Less than 0.05%. |
| † | Affiliated Company. |
| | |
| (a) | Non-income producing security. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2024. |
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 2024 (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, 2024, 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 | | $ | 91,171,377 | | | $ | - | | | $ | - | | | $ | 91,171,377 | |
| Money Market Fund | | | 153,684,454 | | | | - | | | | - | | | | 153,684,454 | |
| Swaps† | | | - | | | | 415,139 | | | | - | | | | 415,139 | |
| Total | | $ | 244,855,831 | | | $ | 415,139 | | | $ | - | | | $ | 245,270,970 | |
| Liabilities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Swaps† | | $ | - | | | $ | (3,531,243 | ) | | $ | - | | | $ | (3,531,243 | ) |
| † | 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 | | | 0.0 | %** |
| Pharmaceuticals | | | 8.4 | |
| Money Market Fund | | | 14.1 | |
| Total Investments | | | 22.5 | |
| Other Assets in Excess of Liabilities | | | 77.5 | |
| Net Assets | | | 100.0 | % |
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Total return swap contracts outstanding as of March 31, 2024:
| 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 | | $ | 3,489,408 | | | $ | 3,476,465 | | | $ | (12,943 | ) |
| 4Front Ventures ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 295,704 | | | | 299,052 | | | | 3,348 | |
| Acreage Holdings FX SUB VOT CL E ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 964,787 | | | | 962,156 | | | | (2,631 | ) |
| Acreage Holdings FX SUB VOT CL E ORD | | SOFR + 1.25% | | Monthly | | 9/02/2024 | | | 91,022 | | | | 90,850 | | | | (173 | ) |
| Ascend Well | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 2,457,142 | | | | 2,447,076 | | | | (10,066 | ) |
| AYR Rights Offering | | SOFR + 1.25% | | Monthly | | 3/01/2026 | | | 2,288,278 | | | | 2,282,404 | | | | (5,874 | ) |
| AYR Rights Offering | | SOFR + 1.25% | | Monthly | | 3/01/2026 | | | 1,770,714 | | | | 1,770,714 | | | | - | |
| AYR Wellness | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 15,637,393 | | | | 15,585,371 | | | | (52,022 | ) |
| AYR Wellness | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 12,396,608 | | | | 12,442,392 | | | | 45,784 | |
| C21 Investments ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 378,501 | | | | 382,787 | | | | 4,285 | |
| C21 Investments ORD | | SOFR + 1.25% | | Monthly | | 8/25/2026 | | | 3,595,531 | | | | 3,579,978 | | | | (15,553 | ) |
| Columbia Care ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 1,236,888 | | | | 1,262,664 | | | | 25,776 | |
| Columbia Care ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 12,263,135 | | | | 12,219,275 | | | | (43,860 | ) |
| Cresco Labs ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 6,436,671 | | | | 6,491,212 | | | | 54,542 | |
| Cresco Labs ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 55,921,360 | | | | 55,704,555 | | | | (216,805 | ) |
| Curaleaf Holdings SUB VOT | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 143,159,506 | | | | 142,615,076 | | | | (544,430 | ) |
| Curaleaf Holdings SUB VOT ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 19,413,961 | | | | 19,392,138 | | | | (21,822 | ) |
| Glass House Brands | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 25,672,796 | | | | 25,576,398 | | | | (96,398 | ) |
| Glass House Brands | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 6,583,500 | | | | 6,600,000 | | | | 16,500 | |
| Gold Flora Corp | | SOFR + 1.25% | | Monthly | | 9/22/2024 | | | 1,370,986 | | | | 1,365,845 | | | | (5,141 | ) |
| Goodness Growth Hold | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 1,998,748 | | | | 1,990,786 | | | | (7,962 | ) |
| Goodness Growth Hold | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 477,892 | | | | 514,517 | | | | 36,625 | |
| Green Thumb Industries SUB VOT | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 267,381,756 | | | | 266,361,414 | | | | (1,020,342 | ) |
| Green Thumb Industries SUB VOT ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 11,454,277 | | | | 11,353,638 | | | | (100,638 | ) |
| Grown Rogue International | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 80,937 | | | | 80,550 | | | | (387 | ) |
| Grown Rogue International | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 703,556 | | | | 736,628 | | | | 33,072 | |
| Jushi Holdings CL B SUB VOT ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 13,211,544 | | | | 13,158,028 | | | | (53,517 | ) |
| Jushi Holdings CL B SUB VOT ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 1,606,635 | | | | 1,613,699 | | | | 7,065 | |
| Lowell Farms ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 63,015 | | | | 62,681 | | | | (334 | ) |
| Marimed ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 487,362 | | | | 490,973 | | | | 3,611 | |
| Marimed ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 702,706 | | | | 699,759 | | | | (2,947 | ) |
| Planet 13 Holdings ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 7,088,584 | | | | 7,061,104 | | | | (27,480 | ) |
| Planet 13 Holdings ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 1,384,036 | | | | 1,366,705 | | | | (17,332 | ) |
| Schwazze (Medicine Man Technologies) | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 1,543,130 | | | | 1,673,975 | | | | 130,845 | |
| Terrascend ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 18,360,215 | | | | 18,289,351 | | | | (70,864 | ) |
| Terrascend ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 1,282,465 | | | | 1,292,432 | | | | 9,967 | |
| Trulieve Cannabis ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 184,576,660 | | | | 183,881,807 | | | | (694,853 | ) |
| Trulieve Cannabis ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 16,528,240 | | | | 16,541,120 | | | | 12,880 | |
| Vapen Mj Ventures ORD | | SOFR + 1.25% | | Monthly | | 8/25/2026 | | | 1,059,350 | | | | 1,055,187 | | | | (4,163 | ) |
| Verano Holdings ORD | | SOFR + 1.25% | | Monthly | | 11/20/2026 | | | 135,368,190 | | | | 134,865,484 | | | | (502,706 | ) |
| Verano Holdings ORD | | SOFR + 1.25% | | Monthly | | 9/02/2026 | | | 16,868,306 | | | | 16,898,653 | | | | 30,347 | |
| Vext Science ORD | | SOFR + 1.25% | | Monthly | | 11/01/2026 | | | 16,048 | | | | 16,540 | | | | 492 | |
| Net Unrealized Depreciation | | | | | | | | | | | | | | | | $ | (3,116,104 | ) |
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 March 31, 2024, cash in the amount of $703,040,161 has been segregated as collateral from the broker for swap contracts.
ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended March 31, 2024 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
3/31/2024 | | | Value at
3/31/2024 | | | Dividend
Income | |
| Power REIT* | | $ | 380,905 | | | $ | 72,568 | | | $ | (236,992 | ) | | $ | (8,386,176 | ) | | $ | 8,169,695 | | | | - | | | $ | - | | | $ | - | |
| TerrAscend Corp. | | | - | | | | 39,709,184 | | | | (494,310 | ) | | | (45,140 | ) | | | 1,773,062 | | | | 21,662,855 | | | | 40,942,796 | | | | - | |
| Urban-GRO, Inc.* | | | 684,337 | | | | 63,898 | | | | (739,398 | ) | | | (5,080,920 | ) | | | 5,072,083 | | | | - | | | | - | | | | - | |
| Total | | $ | 1,065,242 | | | $ | 39,845,650 | | | $ | (1,470,700 | ) | | $ | (13,512,236 | ) | | $ | 15,014,840 | | | | 21,662,855 | | | $ | 40,942,796 | | | $ | - | |
| * | Security is no longer an affiliated company at period end. |
