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        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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        <name>Innovative Industrial Properti</name>
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        <name>COWEN INC.</name>
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        <name>Hydrofarm Holdings Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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        <name>Hempfusion Wellness Inc</name>
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        <name>COWEN INC.</name>
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        <name>COWEN INC.</name>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="AYR STRATEGIES" floatingRtSpread="0.00000000" pmntAmt="-47043110.39000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1920911.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3394232.02000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS JUSHI HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="JUSHFFFS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9325372.97000000</valUSD>
        <pctVal>1.067973128036</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Jushi Holdings Inc</issuerName>
                <issueTitle>JUSHI HOLDINGS INC-B SUB VOT</issueTitle>
                <identifiers>
                  <cusip value="48213Y107"/>
                  <isin value="CA48213Y1079"/>
                  <ticker value="JUSH"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="JUSHI HOLDINGS INC" floatingRtSpread="0.00000000" pmntAmt="-2.19630000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-08-25</terminationDt>
            <upfrontPmnt>16534275.74000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2196273.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7208902.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS AYR STRATEGIES INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="AYRWFFFS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>27065937.27000000</valUSD>
        <pctVal>3.099682316456</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AYR Strategies Inc</issuerName>
                <issueTitle>AYR STRATEGIES INC</issueTitle>
                <identifiers>
                  <cusip value="00249NAA8"/>
                  <isin value="CA00249NAA87"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="AYR STRATEGIES INC" floatingRtSpread="0.00000000" pmntAmt="-1.03000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-08-25</terminationDt>
            <upfrontPmnt>29241142.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1030000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2175204.73000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GLASS HOUSE BRANDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GLASFFFS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2755499.45000000</valUSD>
        <pctVal>0.315569079798</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GLASS HOUSE BRANDS INC</issuerName>
                <issueTitle>GLASS HOUSE BRANDS INC</issueTitle>
                <identifiers>
                  <cusip value="377130406"/>
                  <isin value="CA3771304068"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GLASS HOUSE BRANDS" floatingRtSpread="0.00000000" pmntAmt="-0.55000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-08-25</terminationDt>
            <upfrontPmnt>4789135.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>550000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2033635.55000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS TPCO HOLDING CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GRAMFTRS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-881005.06000000</valUSD>
        <pctVal>-0.10089566741</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TPCO Holding Corp</issuerName>
                <issueTitle>TPCO HOLDING CORP</issueTitle>
                <identifiers>
                  <cusip value="87270T106"/>
                  <isin value="CA87270T1066"/>
                  <ticker value="GRAM/U"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="TPCO HOLDING CORP" floatingRtSpread="0.00000000" pmntAmt="-9575097.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2727948.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-881005.06000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Power REIT</name>
        <lei>549300GLI9IPZRYGFI71</lei>
        <title>Power REIT</title>
        <cusip>73933H101</cusip>
        <identifiers>
          <isin value="US73933H1014"/>
          <ticker value="PW"/>
        </identifiers>
        <balance>211362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10560702.33000000</valUSD>
        <pctVal>1.209447207946</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>2021-11-17</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>
