# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009699
**Filing Date:** 2025-11
**Character Count:** 17621
**Document Hash:** a335eb45d57dae4702cb88d1fe8993ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009699.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009699

**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:** 251513004

**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 Psychedelics ETF (Series ID: S000072085)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000227806 | AdvisorShares Psychedelics ETF | PSIL            |

## Nport-Ex

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 95.1%** |  |  |
| **Biotechnology – 58.3%** |  |  |
| ATAI Life Sciences NV (Germany)<sup>(a)(b)</sup> | 506311 | $2678385 |
| Bright Minds Biosciences, Inc. (Canada)<sup>(b)</sup> | 13709 | 831588 |
| Clearmind Medicine, Inc. (Canada)<sup>†(a)(b)</sup> | 224378 | 229987 |
| Cybin, Inc. (Canada)<sup>(a)(b)</sup> | 116102 | 683841 |
| Enveric Biosciences, Inc.<sup>†(b)</sup> | 203679 | 130232 |
| GH Research PLC (Ireland)<sup>(a)(b)</sup> | 53991 | 772071 |
| Incannex Healthcare, Inc.<sup>(b)</sup> | 471278 | 218814 |
| Mind Medicine MindMed, Inc.<sup>(a)(b)</sup> | 121664 | 1434419 |
| Neuphoria Therapeutics, Inc.<sup>(b)</sup> | 58563 | 690458 |
| NRX Pharmaceuticals, Inc.<sup>(b)</sup> | 342136 | 1129049 |
| Pasithea Therapeutics Corp.<sup>(b)</sup> | 257696 | 185567 |
| Psyence Biomedical Ltd. (Canada)<sup>†(b)</sup> | 5378 | 17210 |
| Sage Therapeutics, Inc.<sup>(b)</sup> | 89780 | 0 |
| Silo Pharma, Inc.<sup>(b)</sup> | 364878 | 251766 |
| Vistagen Therapeutics, Inc.<sup>(b)</sup> | 206998 | 734843 |
| Total Biotechnology |  | 9988230 |
| **Healthcare - Services – 3.9%** |  |  |
| Neuronetics, Inc.<sup>(a)(b)</sup> | 190115 | 519014 |
| Numinus Wellness, Inc. (Canada)<sup>(b)</sup> | 4092642 | 147335 |
| Total Healthcare - Services |  | 666349 |
| **Pharmaceuticals – 32.9%** |  |  |
| Alkermes PLC<sup>(b)</sup> | 25649 | 769470 |
| Compass Pathways PLC (United Kingdom)<sup>(a)(b)(c)</sup> | 232345 | 1331337 |
| Johnson & Johnson | 3600 | 667512 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 4972 | 697969 |
| Quantum BioPharma Ltd. (Canada)<sup>(b)</sup> | 37237 | 610687 |
| Relmada Therapeutics, Inc.<sup>(b)</sup> | 403488 | 811011 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 15525 | 741939 |
| Unbuzzd Wellness, Inc. (Canada)<sup>(b)</sup> | 263236 | 0 |
| Total Pharmaceuticals |  | 5629925 |
| **Total Common Stocks<br> (Cost $13,647,712)** |  | 16284504 |
| **MONEY MARKET FUNDS – 18.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(d)</sup> | 854625 | 854625 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(d)(e)</sup> | 2266150 | 2266150 |
| **Total Money Market Funds<br> (Cost $3,120,775)** |  | 3120775 |
| Total Investments – 113.3%<br> (Cost $16,768,487) |  | 19405279 |
| Liabilities in Excess of Other Assets – (13.3%) |  | (2283166) |
| **Net Assets – 100.0%** |  | $**17122113** |

---

PLC - Public Limited Company

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,178,351; the aggregate market value of the collateral held by the fund is $2,266,150.

(b) Non-income producing security.

(c) American Depositary Receipt.

(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 PSYCHEDELICS 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 | $16284504 | $– | $– | $16284504 |
| Money Market Funds | 3120775 |  |  | 3120775 |
| Total | $19405279 | $– | $– | $19405279 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Biotechnology | 58.3% |
| Healthcare - Services | 3.9 |
| Pharmaceuticals | 32.9 |
| Money Market Funds | 18.2 |
| Total Investments | 113.3 |
| Liabilities in Excess of Other Assets | (13.3) |
| Net Assets | 100.0% |

---

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** | **Realized<br> Gain (Loss)** | **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** |
| Clearmind Medicine, Inc. | $181839 | $41149 | $(22910) | $(11598) | $41507 | 224378 | $229987 | $– |
| Enveric Biosciences, Inc. | 125452 | 139150 |  |  | (134370) | 203679 | 130232 |  |
| Psyence Biomedical Ltd. | 23708 | 4613 |  |  | (11111) | 5378 | 17210 |  |
| Total | $330999 | $184912 | $(22910) | $(11598) | $(103974) | 433435 | $377429 | $– |

---

## 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 Psychedelics ETF

- **b. EDGAR series identifier (if any):** S000072085

- **c. LEI of Series:** 5493006JP686ZK0LV692

**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:** $19410164.40

**Total Liabilities:** $2288050.37

**Net Assets:** $17122114.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227806 | 18.45%               | 3.97%                | 11.47%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11598.01               | $1890065.93                                |
| Month 2  | $157323.93               | $372816.24                                 |
| Month 3  | $-99991.77               | $1773072.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alkermes PLC                 | Alkermes PLC                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     25649 | NS      | $769470.00    | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST     | BLACKROCK TREASURY TRUST     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    854625 | NS      | $854624.77    | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearmind Medicine Inc       | Clearmind Medicine Inc       | CUSIP: 185053402<br>LEI: 8945006FVE3FLKX9BN50 | Long             | EC               | CORP              | CA        |    224378 | NS      | $229987.45    | 1.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Relmada Therapeutics Inc     | Relmada Therapeutics Inc     | CUSIP: 75955J402<br>LEI: 549300217EASRZ9JSF81 | Long             | EC               | CORP              | US        |    403488 | NS      | $811010.88    | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ATAI Life Sciences NV        | ATAI Life Sciences NV        | CUSIP: 000000000<br>LEI: 391200Z8UWPJSNBNCA11 | Long             | EC               | CORP              | DE        |    506311 | NS      | $2678385.19   | 15.64%            |  |  |  | No            |                  1 | On Loan: —       |
| Cybin Inc                    | Cybin Inc                    | CUSIP: 23256X407<br>LEI: 549300NTYWN4CVYSCN32 | Long             | EC               | CORP              | CA        |    116102 | NS      | $683840.78    | 3.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Enveric Biosciences Inc      | Enveric Biosciences Inc      | CUSIP: 29405E406<br>LEI: 549300CATCWKUQ6G5854 | Long             | EC               | CORP              | US        |    203679 | NS      | $130232.35    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Pathways Plc         | Compass Pathways Plc         | CUSIP: 20451W101<br>LEI: 213800N7CUZIC6QSTZ31 | Long             | EC               | CORP              | GB        |    232345 | NS      | $1331336.85   | 7.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Pasithea Therapeutics Corp   | Pasithea Therapeutics Corp   | CUSIP: 70261F202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    257696 | NS      | $185566.89    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UNBUZZD WELLNESS INC         | UNBUZZD WELLNESS INC         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    263236 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Incannex Healthcare Inc      | Incannex Healthcare Inc      | CUSIP: 45333F109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    471278 | NS      | $218814.38    | 1.28%             |  |  |  | No            |                  1 | 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        |   2266150 | NS      | $2266150.35   | 13.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Numinus Wellness Inc         | Numinus Wellness Inc         | CUSIP: 67054W103<br>LEI: 894500HQ7NI16XOI3241 | Long             | EC               | CORP              | CA        |   4092642 | NS      | $147335.11    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Minds Biosciences Inc | Bright Minds Biosciences Inc | CUSIP: 10919W405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13709 | NS      | $831587.94    | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuronetics Inc              | Neuronetics Inc              | CUSIP: 64131A105<br>LEI: 549300T0911ILTTG7P06 | Long             | EC               | CORP              | US        |    190115 | NS      | $519013.95    | 3.03%             |  |  |  | No            |                  1 | On Loan: —       |
| SAGE THERAPEUTICS INC        | SAGE THERAPEUTICS INC        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89780 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Neurocrine Biosciences Inc   | Neurocrine Biosciences Inc   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      4972 | NS      | $697969.36    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuphoria Therapeutics Inc   | Neuphoria Therapeutics Inc   | CUSIP: 64136E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58563 | NS      | $690457.77    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quantum BioPharma Ltd        | Quantum BioPharma Ltd        | CUSIP: 74764Y205<br>LEI: 529900Z3CEEEN7U9B668 | Long             | EC               | CORP              | CA        |     37237 | NS      | $610686.80    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistagen Therapeutics Inc    | Vistagen Therapeutics Inc    | CUSIP: 92840H400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206998 | NS      | $734842.90    | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Silo Pharma Inc              | Silo Pharma Inc              | CUSIP: 82711P201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    364878 | NS      | $251765.82    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson            | Johnson & Johnson            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3600 | NS      | $667512.00    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NRX Pharmaceuticals Inc      | NRX Pharmaceuticals Inc      | CUSIP: 629444209<br>LEI: 5493003FN4CLS0670T77 | Long             | EC               | CORP              | US        |    342136 | NS      | $1129048.80   | 6.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GH Research PLC              | GH Research PLC              | CUSIP: 000000000<br>LEI: 875500HKJS7QQG6EWH62 | Long             | EC               | CORP              | IE        |     53991 | NS      | $772071.30    | 4.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Psyence Biomedical Ltd       | Psyence Biomedical Ltd       | CUSIP: 74449F308<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5378 | NS      | $17209.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc | Supernus Pharmaceuticals Inc | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     15525 | NS      | $741939.75    | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mind Medicine MindMed Inc    | Mind Medicine MindMed Inc    | CUSIP: 60255C885<br>LEI: 549300QY8KN1O6RPFJ13 | Long             | EC               | CORP              | US        |    121664 | NS      | $1434418.56   | 8.38%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer