Fund Description: AdvisorShares Vice ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the AdvisorShares Trust, a diversified open-end investment management company. INVESTMENT OBJECTIVE: The AdvisorShares Vice ETF seeks long-term capital appreciation. The Fund is an actively managed ETF and does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. The Adviser has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that derive at least 50% of their net revenue from tobacco and alcoholic beverages and companies that derive at least 50% of their net revenue from the marijuana and hemp industry or have at least 50% of their company assets dedicated to lawful research and development of cannabis or cannabinoid-related products. The Fund will invest primarily in U.S. exchange listed equity securities, including common and preferred stock and American Depositary Receipts (ADRs). ADRs are securities traded on a local stock exchange that represent interests in securities issued by a foreign publicly listed company. The investment strategy typically identifies a wide variety of large- and mid-capitalization stocks, as well as numerous small- and micro-cap stocks. The Fund will concentrate at least 25% of its investments in the food, beverage & tobacco industry within the consumer staples sector. Cannabis stocks may be categorized among a wide variety of industries including agriculture, biotechnology, pharmaceutical, real estate, retail, and finance. The types of companies that may engage in cannabis-related business include companies that conduct medical research, produce drug products, manufacture hemp products, or engage in agricultural activities, real estate activities, or financial services activities. Hemp refers to the industrial/commercial use of the cannabis stalk and seed for textiles, foods, papers, body care products, detergents, plastics and building materials. Cannabinoids are the chemical compounds secreted by cannabis plants. The Advisor will utilize numerous outside analyst ratings and stock selection rating tools. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the Advisor to the Fund.