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        </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>119032.90000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119032.90000000</valUSD>
        <pctVal>0.520635595012</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>Cronos Group Inc</name>
        <lei>549300CWB04E8UOTWX71</lei>
        <title>Cronos Group Inc</title>
        <cusip>22717L101</cusip>
        <identifiers>
          <isin value="CA22717L1013"/>
          <ticker value="CRON"/>
        </identifiers>
        <balance>634528.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1148495.68000000</valUSD>
        <pctVal>5.023382037451</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>WM Technology Inc</name>
        <lei>549300APSNIYJ4PTIL34</lei>
        <title>WM Technology Inc</title>
        <cusip>92971A109</cusip>
        <identifiers>
          <isin value="US92971A1097"/>
          <ticker value="MAPS"/>
        </identifiers>
        <balance>301755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>340983.15000000</valUSD>
        <pctVal>1.491419306673</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>
      <invstOrSec>
        <name>Flora Growth Corp</name>
        <lei>98450048403E01089069</lei>
        <title>Flora Growth Corp</title>
        <cusip>339764201</cusip>
        <identifiers>
          <isin value="CA3397642016"/>
          <ticker value="FLGC"/>
        </identifiers>
        <balance>70420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42604.10000000</valUSD>
        <pctVal>0.186345211731</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>Canopy Growth Corp</name>
        <lei>529900CSD7NH1UBC9X07</lei>
        <title>Canopy Growth Corp</title>
        <cusip>138035704</cusip>
        <identifiers>
          <isin value="CA1380357048"/>
          <ticker value="CGC"/>
        </identifiers>
        <balance>91462.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83230.42000000</valUSD>
        <pctVal>0.364039851501</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="37765.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agrify Corp</name>
        <lei>N/A</lei>
        <title>Agrify Corp</title>
        <cusip>00853E404</cusip>
        <identifiers>
          <isin value="US00853E4044"/>
          <ticker value="AGFY"/>
        </identifiers>
        <balance>11060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194103.00000000</valUSD>
        <pctVal>0.848983187830</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>
      <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>1444650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2730388.50000000</valUSD>
        <pctVal>11.94239106425</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="344169.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intercure Ltd</name>
        <lei>549300KI5ESXF8F5GP06</lei>
        <title>Intercure Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0011063760"/>
          <ticker value="INCR"/>
        </identifiers>
        <balance>108044.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>151261.60000000</valUSD>
        <pctVal>0.661600054426</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>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>2023875.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43925000"/>
        <valUSD>182806.15000000</valUSD>
        <pctVal>0.799572123985</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="1887.78877887"/>
        </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>120000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43925000"/>
        <valUSD>110057.32000000</valUSD>
        <pctVal>0.481377487095</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>Jazz Pharmaceuticals PLC</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>Jazz Pharmaceuticals PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
          <ticker value="JAZZ"/>
        </identifiers>
        <balance>11760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1460004.00000000</valUSD>
        <pctVal>6.385881981033</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>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>340491.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43925000"/>
        <valUSD>15377.40000000</valUSD>
        <pctVal>0.067258898999</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>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>3034453.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7919922.33000000</valUSD>
        <pctVal>34.64078817478</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>Organigram Holdings Inc</name>
        <lei>529900J3EQ1VWW76L728</lei>
        <title>Organigram Holdings Inc</title>
        <cusip>68620P705</cusip>
        <identifiers>
          <isin value="CA68620P7056"/>
          <ticker value="OGI"/>
        </identifiers>
        <balance>845954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>854413.54000000</valUSD>
        <pctVal>3.737102110293</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>487735.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320685.76000000</valUSD>
        <pctVal>1.402640962872</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="314271.85000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fluent Corp</name>
        <lei>894500OFN8DA1XPGMT54</lei>
        <title>Fluent Corp</title>
        <cusip>34380L102</cusip>
        <identifiers>
          <isin value="CA34380L1022"/>
          <ticker value="CNTMF"/>
        </identifiers>
        <balance>6194547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356186.45000000</valUSD>
        <pctVal>1.557916713203</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>
      <invstOrSec>
        <name>Rubicon Organics Inc</name>
        <lei>549300A5MOH7L55YOE77</lei>
        <title>Rubicon Organics Inc</title>
        <cusip>78112W100</cusip>
        <identifiers>
          <isin value="CA78112W1005"/>
          <ticker value="ROMJF"/>
        </identifiers>
        <balance>1196135.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>448155.90000000</valUSD>
        <pctVal>1.960180031358</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>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>76811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1129121.70000000</valUSD>
        <pctVal>4.938642577982</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>
      <invstOrSec>
        <name>DREY INST PREF GOV MM-M</name>
        <lei>N/A</lei>
        <title>DREY INST PREF GOV MM-M</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="DSVXX"/>
          <other otherDesc="INTERNAL" value="BYM4CH2D2"/>
        </identifiers>
        <balance>299057.28000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299057.28000000</valUSD>
        <pctVal>1.308040591429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="299057.28000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ispire Technology Inc</name>
        <lei>N/A</lei>
        <title>Ispire Technology Inc</title>
        <cusip>46501C100</cusip>
        <identifiers>
          <isin value="US46501C1009"/>
          <ticker value="ISPR"/>
        </identifiers>
        <balance>15010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40977.30000000</valUSD>
        <pctVal>0.179229784097</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="40155.57000000"/>
        </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>2025-05-23</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>
