# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009720
**Filing Date:** 2025-11
**Character Count:** 29410
**Document Hash:** 0cd04e7cd1456fb47af6478ad4790352
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009720.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009720

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970

**ORGANIZATION NAME:**
- **EIN:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 251513027

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (877) 843-3831

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## Series and Classes Contracts Data

### AdvisorShares Pure US Cannabis ETF (Series ID: S000066948)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000215439 | AdvisorShares Pure US Cannabis ETF | MSOS            |

## Nport-Ex

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 14.0%** |  |  |
| **Agriculture – 1.2%** |  |  |
| Village Farms International, Inc. (Canada)<sup>(a)(b)</sup> | 3395154 | $10626832 |
| **Pharmaceuticals – 12.8%** |  |  |
| Curaleaf Holdings, Inc.<sup>(a)(b)</sup> | 27265030 | 76069434 |
| Fluent Corp.<sup>(b)</sup> | 5163788 | 254575 |
| Hempfusion Wellness, Inc. (Canada)<sup>(b)(c)</sup> | 2388103 | 0 |
| SNDL, Inc. (Canada)<sup>(b)</sup> | 2168160 | 5810668 |
| TerrAscend Corp. (Canada)<sup>†(b)</sup> | 37211304 | 30513269 |
| Total Pharmaceuticals |  | 112647946 |
| **Total Common Stocks<br> (Cost $165,233,041)** |  | 123274778 |
| **MONEY MARKET FUNDS – 10.6%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(d)</sup> | 93122007 | 93122007 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(d)(e)</sup> | 366649 | 366649 |
| **Total Money Market Funds<br> (Cost $93,488,656)** |  | 93488656 |
| Total Investments – 24.6%<br> (Cost $258,721,697) |  | 216763434 |
| Other Assets in Excess of Liabilities – 75.4% |  | 663794768 |
| **Net Assets – 100.0%** |  | $**880558202** |

---

OBFR - Overnight Bank Funding Rate

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $309,955; the aggregate market value of the collateral held by the fund is $366,649.

(b) Non-income producing security.

(c) Fair valued using significant unobservable inputs.

(d) Rate shown reflects the 7-day yield as of September 30, 2025.

(e) Collateral received from brokers for securities lending was invested in these short-term investments.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

September 30, 2025 (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, 2025, 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 | $123274778 | $– | $– \* | $123274778 |
| Money Market Funds | 93488656 |  |  | 93488656 |
| Swaps<sup>†</sup> | – | 73859177 | – | 73859177 |
| Total | $216763434 | $73859177 | $– \* | $290622611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $– | $(2845309) | $– | $(2845309) |

---

---

| | |
|:---|:---|
| \* | Less than $1 |
| † | Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument. |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 1.2% |
| Pharmaceuticals | 12.8 |
| Money Market Funds | 10.6 |
| Total Investments | 24.6 |
| Other Assets in Excess of Liabilities | 75.4 |
| Net Assets | 100.0% |

---

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

**Total return swap contracts outstanding as of September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual<br> Financing Rate<br> Paid** | **Payment Frequency** | **Termination<br> Date** | **Notional<br> Amounts** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Ascend Well | OBFR + 2.00% | Monthly | 11/20/2026 | $3005363 | $2987744 | $(17619) |
| C21 Investments ORD | SOFR + 1.75% | Monthly | 8/25/2026 | 291266 | 371219 | 79953 |
| C21 Investments ORD | OBFR + 2.00% | Monthly | 8/25/2026 | 3838208 | 3817333 | (20875) |
| C21 Investments ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 541697 | 1624083 | 1082386 |
| Columbia Care ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 535818 | 1420250 | 884432 |
| Columbia Care ORD | OBFR + 2.00% | Monthly | 9/02/2026 | 3948262 | 3926114 | (22148) |
| Columbia Care ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 543817 | 575000 | 31183 |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 5935942 | 13107600 | 7171658 |
| Cresco Labs ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 38466247 | 38269856 | (196391) |
| Cresco Labs ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 5976219 | 8169080 | 2192861 |
| Cresco Labs ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 3160063 | 4186753 | 1026690 |
| Curaleaf Holdings SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 111971209 | 111354299 | (616910) |
| Curaleaf Holdings SUB VOT | OBFR + 4.00% | Monthly | 11/20/2026 | 2728492 | 8370000 | 5641508 |
| Curaleaf Holdings SUB VOT | SOFR + 1.75% | Monthly | 11/20/2026 | 9419510 | 11160000 | 1740490 |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 6208942 | 10138500 | 3929558 |
| Glass House Brands | OBFR + 2.00% | Monthly | 11/20/2026 | 26889556 | 26754172 | (135384) |
| Glass House Brands | SOFR + 1.75% | Monthly | 11/20/2026 | 5148800 | 5632500 | 483700 |
| Glass House Brands | OBFR + 4.00% | Monthly | 9/02/2026 | 5957426 | 6195750 | 238324 |
| Green Thumb Industries SUB VOT | SOFR + 1.75% | Monthly | 9/02/2026 | 21163963 | 23970000 | 2806037 |
| Green Thumb Industries SUB VOT | OBFR + 4.00% | Monthly | 1/18/2027 | 15128155 | 23490600 | 8362445 |
| Green Thumb Industries SUB VOT | OBFR + 2.00% | Monthly | 11/20/2026 | 135738421 | 135045694 | (692727) |
| Grown Rogue International | OBFR + 4.00% | Monthly | 1/18/2027 | 1588263 | 1543949 | (44314) |
| Grown Rogue International | OBFR + 2.00% | Monthly | 11/20/2026 | 199128 | 198099 | (1029) |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1980677 | 5516160 | 3535483 |
| Jushi Holdings CL B SUB VOT ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 14093251 | 14023956 | (69295) |
| Jushi Holdings CL B SUB VOT ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 2374834 | 2873000 | 498166 |
| Marimed ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 875598 | 871506 | (4092) |
| Planet 13 Holdings ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 239479 | 246000 | 6521 |
| Planet 13 Holdings ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 990280 | 922500 | (67780) |
| Planet 13 Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 3934398 | 3912815 | (21583) |
| Terrascend ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 1526679 | 1640000 | 113321 |
| Terrascend ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 10649348 | 10580524 | (68824) |
| Terrascend ORD | OBFR + 4.00% | Monthly | 1/18/2027 | 1781406 | 4050062 | 2268656 |
| Trulieve Cannabis ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 125015218 | 124385406 | (629812) |
| Trulieve Cannabis ORD | SOFR + 1.75% | Monthly | 9/02/2026 | 20176111 | 24180300 | 4004189 |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 14262296 | 30225375 | 15963079 |
| Trulieve Cannabis ORD | OBFR + 4.00% | Monthly | 9/02/2026 | 15428105 | 17611319 | 2183214 |
| Vapen Mj Ventures ORD | OBFR + 2.00% | Monthly | 8/25/2026 | 1314335 | 1309427 | (4908) |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 12/20/2025 | 4717105 | 12179200 | 7462095 |
| Verano Holdings ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 37804086 | 37592295 | (211791) |
| Verano Holdings ORD | OBFR + 4.00% | Monthly | 11/20/2026 | 904967 | 1280000 | 375033 |
| Verano Holdings ORD | SOFR + 1.75% | Monthly | 11/20/2026 | 6525805 | 8304000 | 1778195 |
| Vireo Health International ORD | OBFR + 2.00% | Monthly | 11/20/2026 | 4275850 | 4256023 | (19827) |
| **Net Unrealized Appreciation** |  |  |  |  |  | $71013868 |

---

CF Secured, Clear Street, National Bank of Canada, 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, 2025, cash in the amount of $654,058,559 has been segregated as collateral from the broker for swap contracts.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at<br> 6/30/2025** | **Purchases/<br> Additions** | **Sales/<br> Reductions** | **Change in<br> Unrealized<br> Gain (Loss)** | **Number of<br> Shares at<br> 9/30/2025** | **Value at<br> 9/30/2025** | **Dividend<br> Income** |
| TerrAscend Corp. | $7338396 | $8241077 | $– $– $| 14933796 | 37211304 | $30513269 | $– |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AdvisorShares Trust

- **b. Investment Company Act file number:** 811-22110

- **c. CIK number of Registrant:** 0001408970

- **d. LEI of Registrant:** 549300K5KGUMX2I7WM68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4800 Montgomery Lane

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 877-843-3831

**Item A.2. Information about the Series.**

- **a. Name of Series:** AdvisorShares Pure US Cannabis ETF

- **b. EDGAR series identifier (if any):** S000066948

- **c. LEI of Series:** 549300U1LLTOEUUI7S22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $951157796.12

**Total Liabilities:** $70593408.41

**Net Assets:** $880564387.71

**Cash Not Reported:** $654058558.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000215439 | 17.41%               | 96.56%               | -12.36%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $10172953.96                               |
| Month 2  | $0.00                    | $64857873.64                               |
| Month 3  | $0.00                    | $-25195252.10                              |

**Designated Index Information**

- **Index Name:** North American Marijuana Index

- **Index Identifier:** NAMMAR Index

### Schedule of Portfolio Investments

| Name                           | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NOMURA INTERNATIONAL PLC       | TRS VIREO GROWTH INC              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $16055.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Village Farms International In | Village Farms International Inc   | CUSIP: 92707Y108<br>LEI: 529900TR69X5FFZ6K955 | Long             | EC               | CORP              | CA        |   3395154 | NS      | $10626832.02  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| NOMURA INTERNATIONAL PLC       | TRS TERRASCEND CORP               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-4145161.91  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS VERANO HOLDINGS CORP          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $1778195.43   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS GLASS HOUSE BRANDS INC        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $483700.07    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS VEXT SCIENCE INC              | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $292230.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS C21 INVESTMENTS INC           | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-581879.43   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS GROWN ROGUE INTERNATIONAL INC | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-15329.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS TRULIEVE CANNABIS CORP        | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $15963079.41  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS TRULIEVE CANNABIS CORP        | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11470057.94 | -1.30%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS CRESCO LABS INC               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $2192860.93   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS CURALEAF HOLDINGS INC         | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-20426067.99 | -2.32%            |  |  |  | No            |                  2 | On Loan: No      |
| DREY INST PREF GOV MM-M        | DREY INST PREF GOV MM-M           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    366649 | NS      | $366648.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS PLANET 13 HOLDINGS INC        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-626546.23   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Curaleaf Holdings Inc          | Curaleaf Holdings Inc             | CUSIP: 23126M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  27265030 | NS      | $76069433.70  | 8.64%             |  |  |  | No            |                  1 | On Loan: —       |
| CANTOR FITZGERALD & CO.        | TRS VIREO GROWTH INC              | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $375032.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SNDL Inc                       | SNDL Inc                          | CUSIP: 83307B101<br>LEI: 984500EBVC4BEACF6F53 | Long             | EC               | CORP              | CA        |   2168160 | NS      | $5810668.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS GLASS HOUSE BRANDS INC        | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $3929558.36   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS JUSHI HOLDINGS INC            | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $3535483.28   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  93122007 | NS      | $93122006.93  | 10.58%            |  |  |  | No            |                  1 | On Loan: No      |
| COWEN INC.                     | TRS CRESCO LABS INC               | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4873844.74  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS VERANO HOLDINGS CORP          | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8253690.60  | -0.94%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA        | TRS CANNABIST CO HOLDINGS INC/THE | CUSIP: 000000000<br>LEI: BSGEFEIOM18Y80CKCV46 | N/A              | DE               | CORP              | CA        |         1 | NC      | $31182.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS CRESCO LABS INC               | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $7171657.97   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS TERRASCEND CORP               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $113320.95    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS CRESCO LABS INC               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $1026690.30   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS GREEN THUMB INDUSTRIES INC    | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12060492.04 | -1.37%            |  |  |  | No            |                  2 | On Loan: No      |
| TerrAscend Corp                | TerrAscend Corp                   | CUSIP: 88105E108<br>LEI: 529900Z66HBZ5381EO49 | Long             | EC               | CORP              | CA        |  37211304 | NS      | $30513269.28  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS C21 INVESTMENTS INC           | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $1082386.27   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS TRULIEVE CANNABIS CORP        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $4004188.63   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS ASCEND WELLNESS HOLDINGS INC  | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-702213.94   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS GREEN THUMB INDUSTRIES INC    | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $8362445.07   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| COWEN INC.                     | TRS TRULIEVE CANNABIS CORP        | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $2183213.98   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS CURALEAF HOLDINGS INC         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $1740490.04   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS GROWN ROGUE INTERNATIONAL INC | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $-44314.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS COLUMBIA CARE INC             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-805316.75   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS CURALEAF HOLDINGS INC         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $5641508.27   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS GREEN THUMB INDUSTRIES INC    | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $2806037.48   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS C21 INVESTMENTS INC           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $79952.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS PLANET 13 HOLDINGS INC        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $6520.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS TRANSCEND THERAPEUTICS INC    | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $2268656.00   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS JUSHI HOLDINGS INC            | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $498165.92    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluent Corp                    | Fluent Corp                       | CUSIP: 34380L102<br>LEI: 894500OFN8DA1XPGMT54 | Long             | EC               | CORP              | US        |   5163788 | NS      | $254574.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COWEN INC.                     | TRS JUSHI HOLDINGS INC            | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-821347.89   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS VERANO HOLDINGS CORP          | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $7462095.45   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS CANNABIST CO HOLDINGS INC/THE | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $884431.86    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS GLASS HOUSE BRANDS INC        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $238324.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hempfusion Wellness Inc        | Hempfusion Wellness Inc           | CUSIP: 423821107<br>LEI: 549300IKC8T8NTH4GY17 | Long             | EC               | CORP              | CA        |   2388103 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COWEN INC.                     | TRS GLASS HOUSE BRANDS INC        | CUSIP: 000000000<br>LEI: 5493008QI0EFC5WBED75 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2631193.88  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA INTERNATIONAL PLC       | TRS MARIMED INC                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-35876.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.        | TRS PLANET 13 HOLDINGS INC        | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |         1 | NC      | $-67779.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer