Fund Description: AdvisorShares Dorsey Wright Alpha Equal Weight ETF 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 Alpha Equal Weight ETF seeks to provide long-term capital appreciation.. 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 Fund seeks to achieve its investment objective by investing in a concentrated portfolio of 50 US equity securities selected from a universe of the largest 1,000 US equity securities based on market capitalization. The Advisor allocates the Fund’s portfolio using research from a disciplined and quantitative proprietary model developed by Dorsey, Wright and Associates, LLC. The U.S. Equal Weight Model utilizes a two-factor approach to invest in the top-ranked 50 large-cap equity securities on an equal-weighted basis. In constructing the model, industry sectors are first measured and ranked based on their relative strength, and individual equity securities are then selected from the top three sectors. The individual securities selections are also based on relative strength, with securities demonstrating both a buy or bullish signal and rising price momentum ranked higher by the model. The Fund’s portfolio is rebalanced monthly. The Fund’s investment focus follows a core philosophy of relative strength. The Fund also may invest in repurchase agreements. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the investment advisor to the Fund.