Fund Description: AdvisorShares Dorsey Wright FSM All Cap World is an 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 FSM All Cap World seeks to provide long-term capital appreciation with capital preservation as a secondary objective. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Advisor seeks to achieve the Fund’s investment objective by investing in ETFs that invest primarily in domestic and foreign equity securities of any capitalization, including in emerging markets. During periods in which the Advisor believes the market indicates broad equity weakness and cash strength, the Fund invests in fixed income ETFs with a short or ultra-short duration, money market funds, cash and cash equivalents (Defensive Investments). The Fund may invest in affiliated and unaffiliated ETFs. The Advisor allocates the Fund’s portfolio investments using research obtained from the FSM Core Solution All Cap World Core Model, a proprietary model developed by Dorsey, Wright and Associates, LLC. The FSM All Cap World Model applies a proprietary ranking system based on certain technical indicators to a pre-determined universe of domestic and foreign equity ETFs, selected by DWA. Each ETF within the universe that ranks in a top tier is identified for inclusion in the model. If an ETF no longer ranks in a top tier at the time of rebalancing, then that ETF is removed and the position is allocated to a Defensive Investment. The Fund also may invest in repurchase agreements. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the investment advisor to the Fund.