ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments
March 31, 2023 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS – 6.2% | ||||||||
| Agriculture – 0.8% | ||||||||
| Village Farms International, Inc. (Canada)* | 30,200 | $ | 25,066 | |||||
| Pharmaceuticals – 5.4% | ||||||||
| Intercure Ltd. (Israel)* | 13,327 | 27,187 | ||||||
| Organigram Holdings, Inc. (Canada)* | 41,424 | 26,511 | ||||||
| SNDL, Inc. (Canada)* | 75,307 | 120,491 | ||||||
| Total Pharmaceuticals | 174,189 | |||||||
| Total Common Stocks | ||||||||
| (Cost $253,488) | 199,255 | |||||||
| MONEY MARKET FUND – 107.8% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.49%(a)(b) | ||||||||
| (Cost $3,478,220) | 3,478,220 | 3,478,220 | ||||||
| Total Investments – 114.0% | ||||||||
| (Cost $3,731,708) | 3,677,475 | |||||||
| Liabilities in Excess of Other Assets – (14.0%) | (450,412 | ) | ||||||
| Net Assets – 100.0% | $ | 3,227,063 | ||||||
SOFR - Secured Overnight Financing Rate
| * | Non-income producing security. |
| (a) | Amount includes $2,538,377 of segregated collateral for swaps. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2023. |
ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)
March 31, 2023 (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, 2023, 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 | $ | 199,255 | $ | - | $ | - | $ | 199,255 | ||||||||
| Money Market Fund | 3,478,220 | - | - | 3,478,220 | ||||||||||||
| Total | $ | 3,677,475 | $ | - | $ | - | $ | 3,677,475 | ||||||||
| Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Swaps† | $ | - | $ | (13,796 | ) | $ | - | $ | (13,796 | ) | ||||||
| † | Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument. |
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of | ||||
| Net Assets | ||||
| Agriculture | 0.8 | % | ||
| Pharmaceuticals | 5.4 | |||
| Money Market Fund | 107.8 | |||
| Total Investments | 114.0 | |||
| Liabilities in Excess of Other Assets | (14.0 | ) | ||
| Net Assets | 100.0 | % | ||
ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Total Return Swap contracts outstanding as of March 31, 2023:
| ||||||||||||||||||
| Reference Entity | Annual Financing Rate Paid | Payment Frequency | Termination Date | Notional Amounts | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| Ascend Well | SOFR + 1.00% | Monthly | 11/20/2023 | $ | 533,940 | $ | 531,063 | $ | (2,877 | ) | ||||||||
| Columbia Care | SOFR + 1.00% | Monthly | 11/20/2023 | 23,096 | 22,971 | (125 | ) | |||||||||||
| Cresco Labs | SOFR + 1.00% | Monthly | 11/20/2023 | 133,178 | 132,544 | (634 | ) | |||||||||||
| Curaleaf Holdings SUB VOT | SOFR + 1.00% | Monthly | 11/20/2023 | 530,948 | 528,080 | (2,868 | ) | |||||||||||
| Green Thumb Industries SUB VOT | SOFR + 1.00% | Monthly | 11/20/2023 | 1,052,575 | 1,047,764 | (4,811 | ) | |||||||||||
| Terrascend | SOFR + 1.00% | Monthly | 11/20/2023 | 72,472 | 72,179 | (293 | ) | |||||||||||
| Trulieve Cannabis | SOFR + 1.00% | Monthly | 11/20/2023 | 276,902 | 275,559 | (1,343 | ) | |||||||||||
| Verano Holdings | SOFR + 1.00% | Monthly | 11/20/2023 | 198,196 | 197,351 | (845 | ) | |||||||||||
| Net Unrealized Depreciation | $ | (13,796 | ) | |||||||||||||||
Cowen acts as the counterparty 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.