Fund Description: AdvisorShares Dorsey Wright FSM US Core 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 FSM US Core ETF seeks to provide long-term capital appreciation with capital preservation as a secondary objective. The Advisor seeks to achieve the Fund’s investment objective by investing in ETFs that invest primarily in domestic large capitalization equity securities. 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. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in US investments. The Advisor allocates the Fund’s portfolio investments using research obtained from the FSM Core Solution US Core Model (the FSM US Core Model), a proprietary model developed by Dorsey, Wright and Associates, LLC. The FSM US Core Model applies a proprietary ranking system based on certain technical indicators to a pre-determined universe of US large-cap ETFs, selected by DWA. Each ETF within the universe that ranks in a top tier is included in the model. If an ETF in the portfolio 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 Advisor uses the FSM US Core Model to measure the relative ranking of the Fund’s core portfolio. The Fund also may invest in repurchase agreements. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the investment advisor to the Fund.