ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments

March 31, 2025 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 7.2%
Pharmaceuticals – 7.2%
Curaleaf Holdings, Inc.(a)(b)		13,202,800	$	12,014,548
Fluent Corp.(b)		5,241,788		301,402
Hempfusion Wellness, Inc. (Canada)(b)(c)		2,388,103		0
TerrAscend Corp. (Canada)†(b)		26,709,924		12,794,054
Total Pharmaceuticals				25,110,004
Total Common Stocks (Cost $110,831,916)				25,110,004
MONEY MARKET FUNDS – 13.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.18%(d)		46,027,047		46,027,047
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.29%(d)(e)		52,500		52,500
Total Money Market Funds (Cost $46,079,547)				46,079,547
Total Investments – 20.3% (Cost $156,911,463)				71,189,551
Other Assets in Excess of Liabilities – 79.7%				279,553,319
Net Assets – 100.0%			$	350,742,870

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 $38,220; the aggregate market value of the collateral held by the fund is $52,500.
(b)	Non-income producing security.
(c)	Fair valued using significant unobservable inputs.
(d)	Rate shown reflects the 7-day yield as of March 31, 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)

March 31, 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 March 31, 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	$	25,110,004	$	–	$	–	*	$	25,110,004
Money Market Funds		46,079,547		–		–			46,079,547
Swaps†		–		329,681		–			329,681
Total	$	71,189,551	$	329,681	$	–	*	$	71,519,232

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	–	$	(9,589,390	)	$	–	$	(9,589,390	)

*	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
	Net Assets
Pharmaceuticals		7.2	%
Money Market Funds		13.1
Total Investments		20.3
Other Assets in Excess of Liabilities		79.7
Net Assets		100.0	%

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Total return swap contracts outstanding as of March 31, 2025:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
4Front Ventures ORD	OBFR + 2.00%	Monthly	11/20/2026	$	509,693	$	505,459	$	(4,234	)
Ascend Well	OBFR + 2.00%	Monthly	11/20/2026		812,217		807,637		(4,580	)
AYR Rights Offering	OBFR + 2.00%	Monthly	3/01/2026		27,142		26,687		(455	)
AYR Rights Offering	OBFR + 4.00%	Monthly	3/01/2026		108,967		20,704		(88,263	)
AYR Wellness	OBFR + 4.00%	Monthly	11/20/2026		491,977		441,485		(50,492	)
AYR Wellness	OBFR + 2.00%	Monthly	11/20/2026		930,342		921,313		(9,029	)
AYR Wellness	OBFR + 4.00%	Monthly	11/20/2026		1,497,091		951,025		(546,066	)
C21 Investments ORD	OBFR + 4.00%	Monthly	9/02/2026		175,697		222,000		46,303
C21 Investments ORD	OBFR + 2.00%	Monthly	8/25/2026		1,205,796		1,200,587		(5,209	)
C21 Investments ORD	OBFR + 4.00%	Monthly	9/02/2026		625,955		809,375		183,420
Columbia Care ORD	OBFR + 4.00%	Monthly	9/02/2026		608,386		592,800		(15,586	)
Columbia Care ORD	OBFR + 2.00%	Monthly	9/02/2026		1,392,088		1,383,538		(8,550	)
Columbia Care ORD	OBFR + 4.00%	Monthly	9/02/2026		184,901		182,400		(2,501	)
Cresco Labs ORD	OBFR + 2.00%	Monthly	11/20/2026		19,006,027		18,893,232		(112,795	)
Cresco Labs ORD	OBFR + 4.00%	Monthly	9/02/2026		2,308,000		2,292,595		(15,405	)
Cresco Labs ORD	OBFR + 4.00%	Monthly	9/02/2026		5,364,204		5,002,500		(361,704	)
Curaleaf Holdings SUB VOT	OBFR + 4.00%	Monthly	11/20/2026		865,100		910,000		44,900
Curaleaf Holdings SUB VOT	OBFR + 2.00%	Monthly	11/20/2026		35,450,398		35,190,684		(259,714	)
Glass House Brands	OBFR + 2.00%	Monthly	11/20/2026		13,990,072		13,910,727		(79,345	)
Glass House Brands	OBFR + 4.00%	Monthly	9/02/2026		5,152,942		5,208,000		55,058
Glass House Brands	OBFR + 4.00%	Monthly	9/02/2026		4,258,691		4,092,000		(166,691	)
Gold Flora Corp	OBFR + 2.00%	Monthly	9/22/2026		175,351		174,755		(596	)
Green Thumb Industries SUB VOT	OBFR + 4.00%	Monthly	1/18/2027		14,071,679		12,433,400		(1,638,279	)
Green Thumb Industries SUB VOT	OBFR + 2.00%	Monthly	11/20/2026		97,805,779		97,209,155		(596,624	)
Green Thumb Industries SUB VOT ORD	OBFR + 4.00%	Monthly	9/02/2026		6,047,345		5,179,208		(868,137	)
Grown Rogue International	OBFR + 4.00%	Monthly	1/18/2027		1,056,241		889,240		(167,001	)
Grown Rogue International	OBFR + 2.00%	Monthly	11/20/2026		1,217,945		1,210,969		(6,976	)
Jushi Holdings CL B SUB VOT ORD	OBFR + 4.00%	Monthly	1/18/2027		2,315,998		2,304,000		(11,998	)
Jushi Holdings CL B SUB VOT ORD	OBFR + 2.00%	Monthly	11/20/2026		4,642,142		4,617,462		(24,680	)
Lowell Farms ORD	OBFR + 2.00%	Monthly	11/20/2026		5,852		5,817		(35	)
Marimed ORD	OBFR + 2.00%	Monthly	11/20/2026		468,078		465,209		(2,869	)
Planet 13 Holdings ORD	OBFR + 4.00%	Monthly	9/02/2026		698,536		565,258		(133,278	)
Planet 13 Holdings ORD	OBFR + 2.00%	Monthly	11/20/2026		3,091,842		3,070,972		(20,870	)
Planet 13 Holdings ORD	OBFR + 4.00%	Monthly	9/02/2026		563,629		424,550		(139,079	)
Terrascend ORD	OBFR + 4.00%	Monthly	1/18/2027		1,435,997		1,407,829		(28,168	)
Terrascend ORD	OBFR + 2.00%	Monthly	11/20/2026		5,533,607		5,506,134		(27,473	)
Trulieve Cannabis ORD	OBFR + 4.00%	Monthly	9/02/2026		9,341,488		8,685,000		(656,488	)
Trulieve Cannabis ORD	OBFR + 2.00%	Monthly	11/20/2026		55,267,049		54,956,379		(310,670	)
Trulieve Cannabis ORD	OBFR + 4.00%	Monthly	9/02/2026		9,186,147		8,434,100		(752,047	)
Vapen Mj Ventures ORD	OBFR + 2.00%	Monthly	8/25/2026		632,293		629,532		(2,761	)
Verano Holdings ORD	OBFR + 4.00%	Monthly	12/20/2025		8,071,859		5,718,240		(2,353,619	)
Verano Holdings ORD	OBFR + 2.00%	Monthly	11/20/2026		13,946,664		13,852,993		(93,671	)
Verano Holdings ORD	OBFR + 4.00%	Monthly	9/02/2026		1,022,391		1,013,688		(8,703	)
Vireo Health International ORD	OBFR + 2.00%	Monthly	11/20/2026		3,224,029		3,209,280		(14,749	)
Net Unrealized Depreciation								$	(9,259,709	)

Clear Street, CF Secured 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 March 31, 2025, cash in the amount of $343,759,808 has been segregated as collateral from the broker for swap contracts.

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Affiliated holdings are investments or an affiliate of the Trust. Transactions with affiliated companies during the period ended March 31, 2025 were as follows:

Affiliated Holding Name	Value at 6/30/2024		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 3/31/2025		Value at 3/31/2025		Dividend Income
TerrAscend Corp.	$	32,548,937	$	3,369,718	$	(509,397	)	$	(137,995	)	$	(22,477,209	)		26,709,924	$	12,794,054	$	–