Fund Description: AdvisorShares Dorsey Wright ADR ETF, formerly AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF, is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the AdvisorShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The AdvisorShares Dorsey Wright ADR ETF seeks Long-term capital appreciation above international benchmarks such as the BNY Mellon Classic ADR Index, the Fund’s primary benchmark, and the MSCI EAFE Index, the Fund’s secondary benchmark. The Fund is an actively managed exchange-traded fund (ETF) and thus does not seek to replicate the performance of a specified Index, however, may have an index-based benchmark. An actively managed ETF uses an active investment strategy to meet its investment objective. Accordingly, Dorsey, Wright & Associates, LLC, the Sub-Advisor, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: Dorsey, Wright & Associates, LLC, the sub-advisor, seeks to achieve the Fund’s investment objective by selecting primarily a portfolio of U.S.-traded securities of non-U.S. organizations, most often American Depositary Receipts (ADRs). Under normal circumstances, the Fund will invest at least 80% of its total assets in ADRs and in securities that have economic characteristics similar to ADRs. The Fund invests in developed and emerging markets and may invest in securities of any market capitalization. The Fund provides a high-quality, large-cap growth portfolio for the non-U.S. universe. The portfolio is purposely very different from international benchmarks and other international funds. The Fund achieves this differentiation by concentration 20/30 holdings and a focus on traditional growth sectors such as technology, healthcare and consumer staples/discretionary. The Fund’s investment focus follows WCM’s core philosophy of investing in industry-leading non-U.S. organizations, led by visionary management teams with sound business strategies. The sub-advisor believes that these companies often dominate their industry and are likely to continue that domination well into the future. The sub-advisor establishes guidelines for sector and industry emphasis and develops the portfolio of the Fund. The sub-advisor analyzes the major trends in the global economy in order to identify those economic sectors and industries that are most likely to benefit. Typical themes incorporated in their investment process include demographics, global commerce, outsourcing, the growing global middle class and the proliferation of technology. A portfolio strategy is then implemented that will best capitalize on these investment themes and subsequent expected growth of the assets. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as Advisor to the Fund and Dorsey, Wright & Associates, LLC serves as Sub-Advisor to the Fund.