AdvisorShares Focused Equity ETF (Ticker: CWS) Earns 5-Star Morningstar Rating™

 FOR IMMEDIATE RELEASE

Investment strategy is based on the Crossing Wall Street “Buy List” published by Eddy Elfenbein

Bethesda, MD., November 22, 2022 — AdvisorShares announced that the AdvisorShares Focused Equity ETF (Ticker: CWS) has received a Five-Star Morningstar Rating™. CWS earned five stars for its overall (out of 535 funds), five stars for its three-year (out of 535 funds) and five stars for its five-year (out of 494 funds) risk-adjusted returns in Morningstar’s Mid-Cap Growth category, as of October 31, 2022.

The AdvisorShares Focused Equity ETF bases its investment strategy on Eddy Elfenbein’s popular Crossing Wall Street “Buy List.” Elfenbein’s Buy List has published annually since 2006 and carries a wide following. The ETF applies a buy-and-hold strategy: it invests in the stocks of well-run companies that have a history of marketplace dominance, rising sales and earnings, reasonable value, and a record of rising dividends.

Elfenbein believes that a disciplined buy-and-hold strategy is ideal for riding out market storms. CWS strives to buy the highest-quality stocks at the lowest possible prices. By focusing on value, CWS aims to reduce its risk to broad-based market drops. A commitment to value also aids long-term capital appreciation.

CWS also has an innovative fulcrum fee structure where the management fee is directly tied to the ETF’s performance.

Past performance is not indicative of future results. For standardized and month-end performance and more information about CWS, please visit advisorshares.com/etfs/cws.

About AdvisorShares
AdvisorShares is a leading provider of actively managed ETFs. For financial professionals and investors requesting more information, call 1-877-843-3831 or visit www.advisorshares.com. Follow @AdvisorShares on Twitter and Facebook, YouTube, LinkedIn and Twitch for more insights.

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Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual issuers, industries or the stock market as a whole. Shares of the Fund may trade above or below their net asset value (“NAV”). The trading price of the Fund’s shares may deviate significantly from their NAV during periods of market volatility. There can be no assurance that an active trading market for the Fund’s shares will develop or be maintained. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time. Other Fund risks include market risk, liquidity risk, large cap, mid cap, and small cap risk. Please see prospectus for details regarding risk.​