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          <ticker value="DRUG"/>
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        <balance>14481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378098.91000000</valUSD>
        <pctVal>3.653768812369</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>Clearmind Medicine Inc</name>
        <lei>8945006FVE3FLKX9BN50</lei>
        <title>Clearmind Medicine Inc</title>
        <cusip>185053402</cusip>
        <identifiers>
          <isin value="CA1850534027"/>
          <ticker value="CMND"/>
        </identifiers>
        <balance>205933.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181838.84000000</valUSD>
        <pctVal>1.757204437509</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="8830.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mind Medicine MindMed Inc</name>
        <lei>549300QY8KN1O6RPFJ13</lei>
        <title>Mind Medicine MindMed Inc</title>
        <cusip>60255C885</cusip>
        <identifiers>
          <isin value="CA60255C8850"/>
          <ticker value="MNMD"/>
        </identifiers>
        <balance>109593.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711258.57000000</valUSD>
        <pctVal>6.873265994331</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="482985.80000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neurocrine Biosciences Inc</name>
        <lei>549300FECER0XBN49756</lei>
        <title>Neurocrine Biosciences Inc</title>
        <cusip>64125C109</cusip>
        <identifiers>
          <isin value="US64125C1099"/>
          <ticker value="NBIX"/>
        </identifiers>
        <balance>3666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>460779.54000000</valUSD>
        <pctVal>4.452755266155</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>1343448.11000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1343448.11000000</valUSD>
        <pctVal>12.98244632695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1343448.11000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enveric Biosciences Inc</name>
        <lei>549300CATCWKUQ6G5854</lei>
        <title>Enveric Biosciences Inc</title>
        <cusip>29405E406</cusip>
        <identifiers>
          <isin value="US29405E4061"/>
          <ticker value="ENVB"/>
        </identifiers>
        <balance>103679.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125451.59000000</valUSD>
        <pctVal>1.212304756456</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="121.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRX Pharmaceuticals Inc</name>
        <lei>5493003FN4CLS0670T77</lei>
        <title>NRX Pharmaceuticals Inc</title>
        <cusip>629444209</cusip>
        <identifiers>
          <isin value="US6294442099"/>
          <ticker value="NRXP"/>
        </identifiers>
        <balance>263797.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859978.22000000</valUSD>
        <pctVal>8.310422263722</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="18256.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alkermes PLC</name>
        <lei>N/A</lei>
        <title>Alkermes PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B56GVS15"/>
          <ticker value="ALKS"/>
        </identifiers>
        <balance>16675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477071.75000000</valUSD>
        <pctVal>4.610195468198</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>Cybin Inc</name>
        <lei>549300NTYWN4CVYSCN32</lei>
        <title>Cybin Inc</title>
        <cusip>23256X407</cusip>
        <identifiers>
          <isin value="CA23256X4075"/>
          <ticker value="CYBN"/>
        </identifiers>
        <balance>88383.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741533.37000000</valUSD>
        <pctVal>7.165827324488</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>Numinus Wellness Inc</name>
        <lei>894500HQ7NI16XOI3241</lei>
        <title>Numinus Wellness Inc</title>
        <cusip>67054W103</cusip>
        <identifiers>
          <isin value="CA67054W1032"/>
          <ticker value="NUMIF"/>
        </identifiers>
        <balance>3391317.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68843.74000000</valUSD>
        <pctVal>0.665273301472</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>Pasithea Therapeutics Corp</name>
        <lei>N/A</lei>
        <title>Pasithea Therapeutics Corp</title>
        <cusip>70261F202</cusip>
        <identifiers>
          <isin value="US70261F2020"/>
          <ticker value="KTTA"/>
        </identifiers>
        <balance>193547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>139605.45000000</valUSD>
        <pctVal>1.349080956744</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>Compass Pathways Plc</name>
        <lei>213800N7CUZIC6QSTZ31</lei>
        <title>Compass Pathways Plc</title>
        <cusip>20451W101</cusip>
        <identifiers>
          <isin value="US20451W1018"/>
          <ticker value="CMPS"/>
        </identifiers>
        <balance>173541.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485914.80000000</valUSD>
        <pctVal>4.695650515651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="175000.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Relmada Therapeutics Inc</name>
        <lei>549300217EASRZ9JSF81</lei>
        <title>Relmada Therapeutics Inc</title>
        <cusip>75955J402</cusip>
        <identifiers>
          <isin value="US75955J4022"/>
          <ticker value="RLMD"/>
        </identifiers>
        <balance>396514.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>238027.35000000</valUSD>
        <pctVal>2.300183589318</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>Quantum BioPharma Ltd</name>
        <lei>529900Z3CEEEN7U9B668</lei>
        <title>Quantum BioPharma Ltd</title>
        <cusip>74764Y205</cusip>
        <identifiers>
          <isin value="CA74764Y2050"/>
          <ticker value="QNTM"/>
        </identifiers>
        <balance>36990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749047.50000000</valUSD>
        <pctVal>7.238440318390</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="200475.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistagen Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Vistagen Therapeutics Inc</title>
        <cusip>92840H400</cusip>
        <identifiers>
          <isin value="US92840H4002"/>
          <ticker value="VTGN"/>
        </identifiers>
        <balance>203114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>406228.00000000</valUSD>
        <pctVal>3.925595017217</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>Silo Pharma Inc</name>
        <lei>N/A</lei>
        <title>Silo Pharma Inc</title>
        <cusip>82711P201</cusip>
        <identifiers>
          <isin value="US82711P2011"/>
          <ticker value="SILO"/>
        </identifiers>
        <balance>184236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116068.68000000</valUSD>
        <pctVal>1.121632757621</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>Psyence Biomedical Ltd</name>
        <lei>N/A</lei>
        <title>Psyence Biomedical Ltd</title>
        <cusip>74449F308</cusip>
        <identifiers>
          <isin value="CA74449F3088"/>
          <ticker value="PBM"/>
        </identifiers>
        <balance>4448.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23707.84000000</valUSD>
        <pctVal>0.229101338590</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>GH Research PLC</name>
        <lei>875500HKJS7QQG6EWH62</lei>
        <title>GH Research PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE000GID8VI0"/>
          <ticker value="GHRS"/>
        </identifiers>
        <balance>38256.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>466340.64000000</valUSD>
        <pctVal>4.506495103021</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>BLACKROCK TREASURY TRUST</name>
        <lei>N/A</lei>
        <title>BLACKROCK TREASURY TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="X9USDBLYT"/>
        </identifiers>
        <balance>1103247.41000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1103247.41000000</valUSD>
        <pctVal>10.66126051245</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>Neuronetics Inc</name>
        <lei>549300T0911ILTTG7P06</lei>
        <title>Neuronetics Inc</title>
        <cusip>64131A105</cusip>
        <identifiers>
          <isin value="US64131A1051"/>
          <ticker value="STIM"/>
        </identifiers>
        <balance>130534.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455563.66000000</valUSD>
        <pctVal>4.402351471886</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="259533.85000000"/>
        </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>2025-08-25</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>
