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      <invstOrSec>
        <name>Quantum BioPharma Ltd</name>
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      <invstOrSec>
        <name>Clearmind Medicine Inc</name>
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      <invstOrSec>
        <name>Compass Pathways Plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
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          <isin value="US4781601046"/>
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      <invstOrSec>
        <name>Mind Medicine MindMed Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DREY INST PREF GOV MM-M</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vistagen Therapeutics Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>QUANTUM BIOPHARMA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Neuronetics Inc</name>
        <lei>549300T0911ILTTG7P06</lei>
        <title>Neuronetics Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Relmada Therapeutics Inc</name>
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          <isin value="US75955J4022"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AbbVie Inc</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Alkermes PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Neuphoria Therapeutics Inc</name>
        <lei>N/A</lei>
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        <name>Atai Beckley NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pasithea Therapeutics Corp</name>
        <lei>N/A</lei>
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        <name>Incannex Healthcare Inc</name>
        <lei>N/A</lei>
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        <name>Supernus Pharmaceuticals Inc</name>
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        <name>BLACKROCK TREASURY TRUST</name>
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        <name>SAGE THERAPEUTICS INC</name>
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        <name>UNBUZZD WELLNESS INC</name>
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        <name>Cybin Inc</name>
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        <name>Neurocrine Biosciences Inc</name>
        <lei>549300FECER0XBN49756</lei>
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        <name>Bright Minds Biosciences Inc</name>
        <lei>N/A</lei>
        <title>Bright Minds Biosciences Inc</title>
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        <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>2026-02-21</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>
</edgarSubmission>
