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        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="DSVXX"/>
          <other otherDesc="INTERNAL" value="BYM4CH2D2"/>
        </identifiers>
        <balance>2223113.66000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2223113.66000000</valUSD>
        <pctVal>4.900013281068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2223113.66000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cardiol Therapeutics Inc</name>
        <lei>549300EXSOITGMUJOK20</lei>
        <title>Cardiol Therapeutics Inc</title>
        <cusip>14161Y200</cusip>
        <identifiers>
          <isin value="CA14161Y2006"/>
          <ticker value="CRDL"/>
        </identifiers>
        <balance>557388.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>596405.16000000</valUSD>
        <pctVal>1.314549614569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="262257.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Organigram Global Inc</name>
        <lei>529900J3EQ1VWW76L728</lei>
        <title>Organigram Global Inc</title>
        <cusip>68617J100</cusip>
        <identifiers>
          <isin value="CA68617J1003"/>
          <ticker value="OGI"/>
        </identifiers>
        <balance>1052394.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2136359.82000000</valUSD>
        <pctVal>4.708797251122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>High Tide Inc</name>
        <lei>529900J22WX18I890H12</lei>
        <title>High Tide Inc</title>
        <cusip>42981E401</cusip>
        <identifiers>
          <isin value="CA42981E4013"/>
          <ticker value="HITI"/>
        </identifiers>
        <balance>1475990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5357843.70000000</valUSD>
        <pctVal>11.80934009819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cronos Group Inc</name>
        <lei>549300CWB04E8UOTWX71</lei>
        <title>Cronos Group Inc</title>
        <cusip>22717L101</cusip>
        <identifiers>
          <isin value="CA22717L1013"/>
          <ticker value="CRON"/>
        </identifiers>
        <balance>816068.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2268669.04000000</valUSD>
        <pctVal>5.000422887216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aurora Cannabis Inc</name>
        <lei>549300F6VHCLKCUWDT34</lei>
        <title>Aurora Cannabis Inc</title>
        <cusip>05156X850</cusip>
        <identifiers>
          <isin value="CA05156X8504"/>
          <ticker value="ACB"/>
        </identifiers>
        <balance>190380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1134664.80000000</valUSD>
        <pctVal>2.500939420956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1053132.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cannara Biotech Inc</name>
        <lei>875500MHKAAYHYVYZ941</lei>
        <title>Cannara Biotech Inc</title>
        <cusip>13765U200</cusip>
        <identifiers>
          <isin value="CA13765U2002"/>
          <ticker value="LOVE"/>
          <other otherDesc="SEDOL" value="BMZMHL4"/>
        </identifiers>
        <balance>221700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39140000"/>
        <valUSD>283617.94000000</valUSD>
        <pctVal>0.625128484321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tilray Brands Inc</name>
        <lei>549300Y4V60733TO1478</lei>
        <title>Tilray Brands Inc</title>
        <cusip>88688T100</cusip>
        <identifiers>
          <isin value="US88688T1007"/>
          <ticker value="TLRY"/>
        </identifiers>
        <balance>711535.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1230955.55000000</valUSD>
        <pctVal>2.713175962134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="846907.66000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charlottes Web Holdings Inc</name>
        <lei>5493008O89WUQELR8M88</lei>
        <title>Charlottes Web Holdings Inc</title>
        <cusip>16106R109</cusip>
        <identifiers>
          <isin value="CA16106R1091"/>
          <ticker value="CWEB"/>
          <other otherDesc="SEDOL" value="BGHY2B1"/>
        </identifiers>
        <balance>2039555.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39140000"/>
        <valUSD>344469.91000000</valUSD>
        <pctVal>0.759253637948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3529.89794451"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jazz Pharmaceuticals PLC</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>Jazz Pharmaceuticals PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
          <ticker value="JAZZ"/>
        </identifiers>
        <balance>5140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>677452.00000000</valUSD>
        <pctVal>1.493186721405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IM Cannabis Corp</name>
        <lei>N/A</lei>
        <title>IM Cannabis Corp</title>
        <cusip>44969Q406</cusip>
        <identifiers>
          <isin value="CA44969Q4060"/>
          <ticker value="IMCC"/>
        </identifiers>
        <balance>104875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201360.00000000</valUSD>
        <pctVal>0.443821965574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canopy Growth Corp</name>
        <lei>529900CSD7NH1UBC9X07</lei>
        <title>Canopy Growth Corp</title>
        <cusip>138035704</cusip>
        <identifiers>
          <isin value="CA1380357048"/>
          <ticker value="CGC"/>
        </identifiers>
        <balance>322162.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470356.52000000</valUSD>
        <pctVal>1.036723059331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PharmaCielo Ltd</name>
        <lei>N/A</lei>
        <title>PharmaCielo Ltd</title>
        <cusip>71716K101</cusip>
        <identifiers>
          <isin value="CA71716K1012"/>
          <ticker value="PCLO"/>
          <other otherDesc="SEDOL" value="BH4KPJ8"/>
        </identifiers>
        <balance>343171.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39140000"/>
        <valUSD>11098.68000000</valUSD>
        <pctVal>0.024462842535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK TREASURY TRUST</name>
        <lei>N/A</lei>
        <title>BLACKROCK TREASURY TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="X9USDBLYT"/>
        </identifiers>
        <balance>128147.43000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128147.43000000</valUSD>
        <pctVal>0.282452544029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AdvisorShares Pure US Cannabis ETF</name>
        <lei>549300U1LLTOEUUI7S22</lei>
        <title>AdvisorShares Pure US Cannabis ETF</title>
        <cusip>00768Y453</cusip>
        <identifiers>
          <isin value="US00768Y4531"/>
          <ticker value="MSOS"/>
        </identifiers>
        <balance>3759493.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18007971.47000000</valUSD>
        <pctVal>39.69176248419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Atlantic Real Estate F</name>
        <lei>N/A</lei>
        <title>Chicago Atlantic Real Estate Finance Inc</title>
        <cusip>167239102</cusip>
        <identifiers>
          <isin value="US1672391026"/>
          <ticker value="REFI"/>
        </identifiers>
        <balance>26233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>335520.07000000</valUSD>
        <pctVal>0.739527100501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-24</ncom:dateSigned>
      <ncom:nameOfApplicant>AdvisorShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Dan Ahrens</ncom:signature>
      <ncom:signerName>Dan Ahrens</ncom:signerName>
      <ncom:title>Secretary and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
