Monthly Distributions

November 2021

AdvisorShares November 2021 Distributions Announcement

November 24, 2021

AdvisorShares announced November 2021 income distributions for ETFs that pay monthly or quarterly distributions. Shareholders of record on November 24, 2021 will receive cash distributions paid on November 30, 2021 in the following amounts:

For Non-Resident Alien (“NRA”) shareholders who are normally subject to a 30% (or lower tax treaty rate depending on the country) NRA withholding tax on ETF dividend income and short-term capital gain dividends (unless such dividends are designated as exempt from NRA withholding tax), the following percentage of ETF distributions have been designated as exempt:

• AdvisorShares North Square McKee ESG Core Bond ETF* – 67.05.77%
• AdvisorShares Sage Core Reserves ETF (HOLD)** – 100%
• AdvisorShares Newfleet Multi-Sector Income ETF (MINC) – 100%

*The Fund’s objective and strategies changed effective November 1st, 2021. Fund performance prior to November 1st, 2021 reflects the investment objective and strategy of the Fund when it was the AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB). The primary changes to the Fund’s principal investment strategies were that (1) the Fund will no longer be a fund of funds, but instead will invest in fixed income securities directly, and (2) the Fund’s portfolio is now managed with a view to environmental, social, and corporate governance (ESG) factors.

**On November 1, 2021, the AdvisorShares Sage Core Reserves ETF (the “Predecessor Fund”) was renamed the AdvisorShares North Square McKee Core Reserves ETF. Performance prior to November 1, 2021 reflects the Fund’s performance prior to the change in manager and may not be indicative of the Fund’s performance under the new manager.