(AADR) DORSEY WRIGHT ADR ETF

NAV as of 12/8/2023

$54.29

1 Day NAV Change as of 12/8/2023

$0.44

Manager Commentary

Fact Sheet

Social Conversation

AADR

Overview

The AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) is an actively managed strategy that seeks long-term capital appreciation using a technical, systematically-driven investment approach that seeks to outperform international benchmarks such as the MSCI EAFE Index and the BNY Mellon Classic ADR Index. AADR is managed by Dorsey, Wright & Associates, LLC, a firm renowned for their core philosophy of relative strength investing, which AADR’s investment focus follows. Relative strength investing involves buying securities that have appreciated in price more than the other securities in their investment universe and holding those securities until they exhibit sell signals. AADR’s investment process is purely systematic and removes any human emotion from the day-to-day decision making.

In implementing AADR’s strategy, Dorsey Wright measures relative strength across both macroeconomic sector and international equity models and then takes an unconstrained approach to selecting securities for its international portfolio. The investment strategy does not give consideration to the allocation between developed and emerging markets, and will allocate between the two depending on global price trends.

Symbol	Exchange	Inception Date	CUSIP	NAV
AADR	Nasdaq	7/20/2010	00768Y206	AADR.NV

Why Invest in AADR?

AADR can serve as an alpha-seeking complement to a broad-based market cap weighted position, such as a fund that tracks the MSCI EAFE Index, as well as a standalone investment solution for international equity exposure.

5 Key Attributes

Concentrated Portfolio of Highest-Ranked – AADR typically has a portfolio of less than 40 equities that demonstrate favorable relative strength characteristics according to Dorsey Wright’s proprietary macroeconomic sector ranking and individual stock rotation methodology.
Unconstrained International Equity Portfolio – AADR is uniquely positioned from an investment opportunity perspective because it is not limited by style (value or growth), investment capitalization (small, mid or large), or even classification of international market (emerging or developed).
Systematic Approach – AADR’s investment process is entirely systematic and is designed to remove human emotion from the decision process. This approach allows the portfolio manager the ability to continually execute their proven investment process through all types of different markets. The process also allows the portfolio manager the ability to analyze a large number of markets that may become very different over time.
Relative Strength Analysis – AADR uses relative strength which compares price performance within a universe of stocks. Relative strength investing provides a repeatable process to identify and select the leaders while avoiding the laggards. It is important to be equally good at identifying both long-term winners and losers.
Disciplined Sell Process – Securities are automatically sold from the portfolio when they fall below a predetermined rank threshold. The sell rank is determined when the security is purchased and is not adjusted for different market scenarios. The sell process is entirely based on technical, systematic ranks and does not allow for any portfolio manager discretion or overrides.

About American Depositary Receipts

An American depositary receipt (ADR) is a negotiable U.S. security that generally represents a company’s publicly traded equity or debt. Depositary receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank such as BNY Mellon, to issue depositary receipts.

About the Portfolio Manager

John G. Lewis, Senior Vice President & Senior Portfolio Manager
Mr. Lewis joined Dorsey Wright Money Management in 2002. As Senior Portfolio Manager, he is responsible for investment strategy across DWA’s funds, ETFs, UITs and SMA accounts. He has worked in the investment industry since 1994. Mr. Lewis has conducted extensive research on relative strength and has authored several original research papers on the subject and works closely with the investment team on new product development. He holds a Bachelor of Business Administration from the University of San Diego and an MBA from the University of Southern California.

Manager Commentary

Fund

Price History

Fund Data

12/8/2023

NAV	$54.29
Change	$0.44
Shares Outstanding	470,000
Assets Under Management	$25,517,682.96

Market Data

12/7/2023

Closing Price	$53.7
Close Change	$0.45
Volume	452

Regulatory Data

12/7/2023

Premium Discount	$-0.03
30-Day Median bid-ask Spread	0.005022

Quarter End Date	Days	< -0.2%	≥ -0.2% and < 0.0%	> 0.0% and ≤ 0.2%	> 0.2%
09/30/2023	63	0	56	7	0
06/30/2023	62	0	59	2	1
03/31/2023	63	0	50	10	2
12/31/2022	63	0	60	3	0
09/30/2022	64	2	55	1	6
06/30/2022	62	7	49	6	0
03/31/2022	62	1	53	8	0
12/31/2021	64	18	38	7	1
09/30/2021	64	0	62	2	0
06/30/2021	63	0	49	14	0
03/31/2021	61	13	16	24	8

Date	NAV
12/07/2023	53.85
12/06/2023	53.54
12/05/2023	53.83
12/04/2023	54.03
12/01/2023	54.56
11/30/2023	54.35
11/29/2023	54.09
11/28/2023	53.89
11/27/2023	54.09
11/24/2023	53.75
11/22/2023	52.71
11/21/2023	52.45
11/20/2023	52.92
11/17/2023	51.33
11/16/2023	50.80
11/15/2023	50.80
11/14/2023	51.06
11/13/2023	49.82
11/10/2023	49.77
11/09/2023	49.16
11/08/2023	49.39
11/07/2023	49.54
11/06/2023	49.83
11/03/2023	49.87
11/02/2023	49.06
11/01/2023	48.31
10/31/2023	47.47
10/30/2023	47.54
10/27/2023	47.34
10/26/2023	47.67
10/25/2023	47.63
10/24/2023	48.01
10/23/2023	47.52
10/20/2023	47.52
10/19/2023	48.27
10/18/2023	49.11
10/17/2023	50.10
10/16/2023	49.83
10/13/2023	49.35
10/12/2023	49.73
10/11/2023	50.21
10/10/2023	49.32
10/09/2023	48.70
10/06/2023	48.53
10/05/2023	47.84
10/04/2023	47.78
10/03/2023	47.60
10/02/2023	48.70
09/29/2023	49.01
09/28/2023	49.26
09/27/2023	48.67
09/26/2023	48.34
09/25/2023	49.05
09/22/2023	49.52
09/21/2023	49.56
09/20/2023	50.36
09/19/2023	50.53
09/18/2023	50.70
09/15/2023	50.47
09/14/2023	50.88
09/13/2023	50.42
09/12/2023	50.49
09/11/2023	50.83
09/08/2023	50.65
09/07/2023	50.99
09/06/2023	51.57
09/05/2023	51.86
09/01/2023	52.42
08/31/2023	52.29
08/30/2023	52.73
08/29/2023	52.78
08/28/2023	52.16
08/25/2023	51.55
08/24/2023	51.26
08/23/2023	51.76
08/22/2023	51.07
08/21/2023	50.82
08/18/2023	50.33
08/17/2023	50.50
08/16/2023	50.83
08/15/2023	51.12
08/14/2023	51.55
08/11/2023	51.59
08/10/2023	52.18
08/09/2023	52.04
08/08/2023	52.00
08/07/2023	51.80
08/04/2023	51.47
08/03/2023	51.52
08/02/2023	51.48
08/01/2023	52.68
07/31/2023	53.16
07/28/2023	52.93
07/27/2023	51.72
07/26/2023	52.18
07/25/2023	52.34
07/24/2023	51.87
07/21/2023	51.58
07/20/2023	51.14
07/19/2023	51.33
07/18/2023	51.53
07/17/2023	51.46
07/14/2023	50.65
07/13/2023	50.93
07/12/2023	50.11
07/11/2023	49.16
07/10/2023	48.85
07/07/2023	48.70
07/06/2023	48.23
07/05/2023	49.38
07/03/2023	49.62
06/30/2023	49.54
06/29/2023	49.05
06/28/2023	48.98
06/27/2023	49.20
06/26/2023	48.66
06/23/2023	48.73
06/22/2023	49.38
06/21/2023	49.76
06/20/2023	49.73
06/16/2023	50.61
06/15/2023	50.56
06/14/2023	50.04
06/13/2023	49.53
06/12/2023	49.14
06/09/2023	49.14
06/08/2023	49.12
06/07/2023	48.53
06/06/2023	48.71
06/05/2023	47.90
06/02/2023	47.97
06/01/2023	47.13
05/31/2023	46.08
05/30/2023	46.57
05/26/2023	47.21
05/25/2023	46.60
05/24/2023	46.60
05/23/2023	47.01
05/22/2023	47.80
05/19/2023	47.80
05/18/2023	47.88
05/17/2023	48.07
05/16/2023	47.52
05/15/2023	48.03
05/12/2023	47.46
05/11/2023	47.69
05/10/2023	47.23
05/09/2023	47.06
05/08/2023	47.36
05/05/2023	47.35
05/04/2023	46.51
05/03/2023	47.04
05/02/2023	47.22
05/01/2023	47.84
04/28/2023	48.08
04/27/2023	47.72
04/26/2023	47.40
04/25/2023	47.39
04/24/2023	48.26
04/21/2023	48.37
04/20/2023	48.65
04/19/2023	48.99
04/18/2023	49.44
04/17/2023	49.37
04/14/2023	49.05
04/13/2023	48.88
04/12/2023	48.36
04/11/2023	48.32
04/10/2023	47.98
04/06/2023	47.76
04/05/2023	47.57
04/04/2023	47.99
04/03/2023	48.52
03/31/2023	48.39
03/30/2023	48.21
03/29/2023	47.75
03/28/2023	47.12
03/27/2023	46.48
03/24/2023	45.99
03/23/2023	46.26
03/22/2023	46.24
03/21/2023	46.57
03/20/2023	45.63
03/17/2023	45.14
03/16/2023	46.06
03/15/2023	45.54
03/14/2023	47.28
03/13/2023	46.74
03/10/2023	47.24
03/09/2023	47.90
03/08/2023	49.06
03/07/2023	48.82
03/06/2023	49.77
03/03/2023	49.97
03/02/2023	49.30
03/01/2023	49.20
02/28/2023	48.50
02/27/2023	48.74
02/24/2023	48.14
02/23/2023	48.82
02/22/2023	48.42
02/21/2023	48.64
02/17/2023	49.34
02/16/2023	49.80
02/15/2023	49.67
02/14/2023	49.79
02/13/2023	49.68
02/10/2023	48.82
02/09/2023	48.88
02/08/2023	48.83
02/07/2023	48.81
02/06/2023	48.62
02/03/2023	48.86
02/02/2023	49.41
02/01/2023	50.28
01/31/2023	50.26
01/30/2023	49.51
01/27/2023	49.98
01/26/2023	50.47
01/25/2023	50.25
01/24/2023	50.24
01/23/2023	50.29
01/20/2023	50.27
01/19/2023	49.80
01/18/2023	49.80
01/17/2023	50.20
01/13/2023	49.99
01/12/2023	49.58
01/11/2023	48.95
01/10/2023	48.77
01/09/2023	48.36
01/06/2023	48.26
01/05/2023	47.47
01/04/2023	47.48
01/03/2023	47.09
12/30/2022	47.68
12/29/2022	47.86
12/28/2022	47.51
12/27/2022	47.84
12/23/2022	48.14
12/22/2022	48.72
12/21/2022	48.74
12/20/2022	48.30
12/19/2022	47.63
12/16/2022	47.49
12/15/2022	47.74
12/14/2022	48.48
12/13/2022	48.81
12/12/2022	48.65
12/09/2022	48.53
12/08/2022	48.62
12/07/2022	48.58
12/06/2022	48.71
12/05/2022	49.02
12/02/2022	50.02
12/01/2022	50.06
11/30/2022	50.39
11/29/2022	49.11
11/28/2022	48.63
11/25/2022	49.30
11/23/2022	49.29
11/22/2022	49.00
11/21/2022	48.54
11/18/2022	48.15
11/17/2022	48.16
11/16/2022	48.43
11/15/2022	49.13
11/14/2022	48.68
11/11/2022	49.03
11/10/2022	48.63
11/09/2022	47.72
11/08/2022	48.60
11/07/2022	48.39
11/04/2022	48.30
11/03/2022	46.89
11/02/2022	46.72
11/01/2022	47.54
10/31/2022	47.11
10/28/2022	47.25
10/27/2022	46.83
10/26/2022	46.87
10/25/2022	46.69
10/24/2022	46.09
10/21/2022	46.13
10/20/2022	45.11
10/19/2022	45.40
10/18/2022	45.75
10/17/2022	45.31
10/14/2022	44.15
10/13/2022	45.20
10/12/2022	44.14
10/11/2022	44.40
10/10/2022	44.95
10/07/2022	45.44
10/06/2022	46.02
10/05/2022	46.50
10/04/2022	46.89
10/03/2022	45.42
09/30/2022	43.98
09/29/2022	43.96
09/28/2022	44.84
09/27/2022	44.18
09/26/2022	43.90
09/23/2022	45.43
09/22/2022	47.16
09/21/2022	47.34
09/20/2022	47.94
09/19/2022	48.16
09/16/2022	48.00
09/15/2022	48.62
09/14/2022	49.28
09/13/2022	49.01
09/12/2022	50.57
09/09/2022	50.11
09/08/2022	49.26
09/07/2022	48.90
09/06/2022	48.82
09/02/2022	49.18
09/01/2022	49.13
08/31/2022	49.55
08/30/2022	50.07
08/29/2022	50.78
08/26/2022	50.74
08/25/2022	51.82
08/24/2022	51.26
08/23/2022	51.09
08/22/2022	50.74
08/19/2022	51.08
08/18/2022	51.97
08/17/2022	51.88
08/16/2022	52.42
08/15/2022	52.34
08/12/2022	52.86
08/11/2022	52.46
08/10/2022	52.46
08/09/2022	51.45
08/08/2022	51.37
08/05/2022	51.04
08/04/2022	50.71
08/03/2022	50.61
08/02/2022	50.58
08/01/2022	51.18
07/29/2022	51.14
07/28/2022	50.48
07/27/2022	49.84
07/26/2022	48.89
07/25/2022	49.30
07/22/2022	48.55
07/21/2022	48.99
07/20/2022	48.63
07/19/2022	48.90
07/18/2022	47.64
07/15/2022	47.19
07/14/2022	46.30
07/13/2022	47.38
07/12/2022	47.33
07/11/2022	47.65
07/08/2022	48.13
07/07/2022	48.07
07/06/2022	46.85
07/05/2022	47.24
07/01/2022	48.35
06/30/2022	48.49
06/29/2022	49.04
06/28/2022	49.31
06/27/2022	49.79
06/24/2022	49.44
06/23/2022	48.24
06/22/2022	48.80
06/21/2022	50.64
06/20/2022	49.57
06/17/2022	49.57
06/16/2022	49.68
06/15/2022	51.47
06/14/2022	50.58
06/13/2022	50.48
06/10/2022	52.58
06/09/2022	53.91
06/08/2022	55.48
06/07/2022	56.78
06/06/2022	56.61
06/03/2022	56.54
06/02/2022	57.12
06/01/2022	56.24
05/31/2022	56.58
05/27/2022	57.38
05/26/2022	56.70
05/25/2022	55.70
05/24/2022	55.66
05/23/2022	55.55
05/20/2022	54.25
05/19/2022	53.73
05/18/2022	53.09
05/17/2022	54.80
05/16/2022	53.53
05/13/2022	53.20
05/12/2022	51.55
05/11/2022	51.79
05/10/2022	51.86
05/09/2022	51.23
05/06/2022	53.60
05/05/2022	54.22
05/04/2022	56.36
05/03/2022	55.37
05/02/2022	54.37
04/29/2022	54.54
04/28/2022	55.32
04/27/2022	54.81
04/26/2022	54.23
04/25/2022	55.69
04/22/2022	56.65
04/21/2022	58.03
04/20/2022	59.09
04/19/2022	58.95
04/18/2022	58.60
04/15/2022	58.42
04/14/2022	58.42
04/13/2022	58.59
04/12/2022	57.54
04/11/2022	57.93
04/08/2022	59.44
04/07/2022	58.77
04/06/2022	58.59
04/05/2022	59.18
04/04/2022	60.61
04/01/2022	60.55
03/31/2022	59.74
03/30/2022	60.49
03/17/2022	58.71
03/16/2022	58.00
03/15/2022	55.63
03/14/2022	54.81

| |

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.

FUND

Performance

As of 11/30/2023

	NAV	Market Price Return	MSCI EAFE Index
1 Month	14.50	14.14	9.28
3 Months	4.21	3.76	1.27
YTD	14.57	13.93	12.27
1 Year	9.64	9.20	12.36
3 Years	-0.44	-0.54	3.80
5 Years	5.39	5.37	5.99
10 Years	4.87	4.82	3.89
Since Inception (7/20/2010, Annualized)	6.85	6.80	5.93

As of 9/30/2023

	NAV	Market Price Return	MSCI EAFE Index
1 Month	-6.05	-6.08	-3.42
3 Months	-0.83	-0.92	-4.11
YTD	3.30	3.13	7.08
1 Year	13.27	13.26	25.65
3 Years	-2.41	-2.45	5.75
5 Years	-0.68	-0.71	3.24
10 Years	4.27	4.24	3.82
Since Inception (7/20/2010, Annualized)	6.11	6.09	5.63

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The performance for periods before 09/01/16 is for the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (the “Predecessor Fund”) which was renamed the AdvisorShares Dorsey Wright ADR ETF on 09/01/16. The Predecessor Fund had different portfolio managers and investment strategy than the Dorsey Wright ADR ETF. Performance prior to 09/01/16 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since 09/01/16 reflects actual Dorsey Wright ADR ETF performance.

The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. One cannot invest directly in an index.

The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world’s premier companies. One cannot invest directly in an index.

Fund

Holdings

As of

Excel CSV

Date	Account Symbol	Stock Ticker	Security ID	Security Description	Shares	Share Price	Market Value	Portfolio Weight	Asset Group
12/08/2023	AADR	NVO	670100205	NOVO-NORDISK A/S-SPONS ADR	15,350.00	96.64	1,483,424.00	5.81%	FS
		YPF	984245100	YPF S.A.-SPONSORED ADR	64,302.00	17.14	1,102,136.28	4.32%	FS
		EDU	647581206	NEW ORIENTAL EDUCATIO-SP ADR	13,298.00	80.39	1,069,026.22	4.19%	FS
		UBS	H42097107	UBS GROUP AG-REG	36,243.00	28.51	1,033,287.93	4.05%	FS
		MUFG	606822104	MITSUBISHI UFJ FINL-SPON ADR	102,622.00	8.78	901,021.16	3.53%	FS
		ABBNY	000375204	ABB LTD-SPON ADR	21,384.00	40.91	874,819.44	3.43%	FS
		PKX	693483109	POSCO HOLDINGS INC -SPON ADR	9,494.00	89.85	853,035.90	3.34%	FS
		RELX	759530108	RELX PLC - SPON ADR	21,062.00	38.96	820,575.52	3.22%	FS
		PAM	697660207	PAMPA ENERGIA SA-SPON ADR	17,098.00	47.37	809,932.26	3.17%	FS
		BBVA	05946K101	BANCO BILBAO VIZCAYA-SP ADR	88,463.00	9.14	808,551.82	3.17%	FS
		FMX	344419106	FOMENTO ECONOMICO MEX-SP ADR	6,115.00	128.21	784,004.15	3.07%	FS
		CRH1N	G25508105	CRH PLC	11,280.00	64.95	732,636.00	2.87%	FS
		MELI	58733R102	MERCADOLIBRE INC	456	1,577.98	719,558.88	2.82%	FS
		CX	151290889	CEMEX SAB-SPONS ADR PART CER	99,342.00	7.09	704,334.78	2.76%	FS
		KOF	191241108	COCA-COLA FEMSA SAB-SP ADR	7,718.00	88.59	683,737.62	2.68%	FS
		ERJ	29082A107	EMBRAER SA-SPON ADR	36,042.00	18.66	672,543.72	2.64%	FS
		BAESY	05523R107	BAE SYSTEMS PLC -SPON ADR	12,627.00	52.85	667,336.95	2.62%	FS
		SAP	803054204	SAP SE-SPONSORED ADR	4,164.00	160.16	666,906.24	2.61%	FS
		LOGI	H50430232	LOGITECH INTERNATIONAL-REG	7,332.00	89.11	653,354.52	2.56%	FS
		ASX	00215W100	ASE TECHNOLOGY HOLDING -ADR	73,584.00	8.77	645,331.68	2.53%	FS
		ARGX	04016X101	ARGENX SE - ADR	1,334.00	453.48	604,942.32	2.37%	FS
		LKNCY	54951L109	LUCKIN COFFEE INC - ADR	20,368.00	29	590,672.00	2.31%	FS
		NXPI	N6596X109	NXP SEMICONDUCTORS NV	2,696.00	215.55	581,122.80	2.28%	FS
		ING	456837103	ING GROEP N.V.-SPONSORED ADR	39,774.00	14.59	580,302.66	2.27%	FS
		TNP	G9108L173	TSAKOS ENERGY NAVIGATION LTD	29,250.00	19.69	575,932.50	2.26%	FS
		VIPS	92763W103	VIPSHOP HOLDINGS LTD - ADR	36,477.00	15.27	557,003.79	2.18%	FS
		VIV	87936R205	TELEFONICA BRASIL-ADR	51,057.00	10.77	549,883.89	2.16%	FS
		GGAL	399909100	GRUPO FINANCIERO GALICIA-ADR	31,224.00	17.5	546,420.00	2.14%	FS
		SMFG	86562M209	SUMITOMO MITSUI-SPONS ADR	53,580.00	10.06	539,014.80	2.11%	FS
		TOELY	889110102	TOKYO ELECTRON LTD-UNSP ADR	6,832.00	77.62	530,299.84	2.08%	FS
		CMPGY	20449X401	COMPASS GROUP PLC-SPON ADR	20,426.00	25.93	529,646.18	2.08%	FS
		E	26874R108	ENI SPA-SPONSORED ADR	15,931.00	32.3	514,571.30	2.02%	FS
		TCOM	89677Q107	TRIP.COM GROUP LTD-ADR	14,007.00	32.9	460,830.30	1.81%	FS
		HESAY	42751Q105	HERMES INTL-UNSPONSORED ADR	2,080.00	213.7	444,496.00	1.74%	FS
		TX	880890108	TERNIUM SA-SPONSORED ADR	10,999.00	39.12	430,280.88	1.69%	FS
		EH	26853E102	EHANG HOLDINGS LTD-SPS ADR	24,136.00	16.47	397,519.92	1.56%	FS
		ELP	20441B605	CIA PARANAENSE ENER-SP ADR	32,653.00	9.6	313,468.80	1.23%	FS
			X9USDAIMP	INVESCO GOVT AGENCY PRIV 1903	102,180.84	1	102,180.84	0.40%	MM
				CASH	-18,292.62	100	-18,292.62	-0.07%	CA

Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.

FUND

Characteristics

As of 11/30/2023

AADR Emerging vs Developed

AADR Country Allocation

FUND

Documents

AADR Investor Presentation Deck

AADR Investment Process

AADR Investment Case

FUND

Fees & Expenses

Management Fee	0.75%
Total Annual Operating Expenses	1.15%
Fee Waiver/Expense Reimbursement^(a)	-0.05%
Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement	1.10%

^(a) The Advisor has contractually agreed to keep net expenses from exceeding 1.10% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full prospectus.

Last Ten

Fund Distributions

Ex-Date	Record Date	Pay Date	Cash Div	ST Cap Gain	LT Cap Gain	Return of Capital	Total Distribution (per share)
12/26/2023	12/27/2023	12/29/2023	-	-	-	-	-
09/25/2023	09/26/2023	09/29/2023	$0.13	$0.00	$0.00	$0.00	$0.13
06/22/2023	06/23/2023	06/30/2023	$0.13	$0.00	$0.00	$0.00	$0.13
03/21/2023	03/22/2023	03/30/2023	$0.00	$0.00	$0.00	$0.00	$0.00
12/23/2022	12/27/2022	12/30/2022	$0.54	$0.00	$0.00	$0.00	$0.54
09/26/2022	09/27/2022	09/30/2022	$0.45	$0.00	$0.00	$0.00	$0.45
06/22/2022	06/23/2022	06/30/2022	$0.75	$0.00	$0.00	$0.00	$0.75
03/22/2022	03/23/2022	03/31/2022	$0.00	$0.00	$0.00	$0.00	$0.00
12/23/2021	12/27/2021	12/31/2021	$0.24	$0.00	$0.00	$0.00	$0.24
09/24/2021	09/27/2021	09/30/2021	$0.21	$0.00	$0.00	$0.00	$0.21
06/24/2021	06/25/2021	06/30/2021	$0.14	$0.00	$0.00	$0.00	$0.14
03/26/2021	03/29/2021	03/31/2021	$0.00	$0.00	$0.00	$0.00	$0.00
12/24/2020	12/28/2020	12/31/2020	$0.00	$0.00	$0.00	$0.00	$0.00
09/24/2020	09/25/2020	09/30/2020	$0.07	$0.00	$0.00	$0.00	$0.07
06/24/2020	06/25/2020	06/30/2020	$0.00	$0.00	$0.00	$0.00	$0.00
03/26/2020	03/27/2020	03/31/2020	$0.00	$0.00	$0.00	$0.00	$0.00
12/27/2019	12/30/2019	12/31/2019	$0.00	$0.00	$0.00	$0.00	$0.00
09/25/2019	09/26/2019	09/30/2019	$0.01	$0.00	$0.00	$0.00	$0.01
06/25/2019	06/26/2019	06/28/2019	$0.31	$0.00	$0.00	$0.00	$0.31
03/26/2019	03/27/2019	03/29/2019	$0.00	$0.00	$0.00	$0.00	$0.00
12/27/2018	12/28/2018	12/31/2018	$0.00	$0.00	$0.00	$0.00	$0.00
09/26/2018	09/27/2018	09/28/2018	$0.00	$0.00	$0.00	$0.00	$0.00
06/25/2018	06/26/2018	06/29/2018	$0.28	$0.00	$0.00	$0.00	$0.28
03/26/2018	03/27/2018	03/29/2018	$0.01	$0.00	$0.00	$0.00	$0.01
12/27/2017	12/28/2017	12/29/2017	$0.13	$0.00	$0.00	$0.00	$0.13
09/26/2017	09/27/2017	09/29/2017	$0.00	$0.00	$0.00	$0.00	$0.00
06/23/2017	06/28/2017	06/30/2017	$0.30	$0.00	$0.00	$0.00	$0.30
03/24/2017	03/28/2017	03/31/2017	$0.00	$0.00	$0.00	$0.00	$0.00
12/23/2016	12/28/2016	12/30/2016	$0.03	$0.00	$0.00	$0.00	$0.03
09/26/2016	09/28/2016	09/30/2016	$0.12	$0.00	$0.00	$0.00	$0.12
06/24/2016	06/28/2016	06/30/2016	$0.06	$0.00	$0.00	$0.00	$0.06
03/24/2016	03/29/2016	03/31/2016	$0.02	$0.00	$0.00	$0.00	$0.02
12/24/2015	12/29/2015	12/31/2015	$0.01	$0.00	$0.00	$0.00	$0.01
09/24/2015	09/28/2015	09/30/2015	$0.11	$0.00	$0.00	$0.00	$0.11
06/24/2015	06/26/2015	06/30/2015	$0.08	$0.00	$0.00	$0.00	$0.08
03/25/2015	03/27/2015	03/31/2015	$0.12	$0.00	$0.00	$0.00	$0.12
12/24/2014	12/29/2014	12/31/2014	$0.01	$0.00	$0.00	$0.00	$0.01
09/24/2014	09/26/2014	09/30/2014	$0.02	$0.00	$0.00	$0.00	$0.02
06/24/2014	06/26/2014	06/30/2014	$0.12	$0.00	$0.00	$0.00	$0.12
03/25/2014	03/27/2014	03/31/2014	$0.04	$0.00	$0.00	$0.00	$0.04
12/24/2013	12/27/2013	12/31/2013	$0.01	$0.00	$0.00	$0.00	$0.01
09/24/2013	09/26/2013	09/30/2013	$0.01	$0.00	$0.00	$0.00	$0.01
06/24/2013	06/26/2013	06/28/2013	$0.10	$0.00	$0.00	$0.00	$0.10
03/22/2013	03/26/2013	03/28/2013	$0.00	$0.00	$0.00	$0.00	$0.00
12/24/2012	12/27/2012	12/31/2012	$0.06	$0.00	$0.00	$0.00	$0.06
09/24/2012	09/26/2012	09/28/2012	$0.01	$0.00	$0.00	$0.00	$0.01
06/25/2012	06/27/2012	06/29/2012	$0.04	$0.00	$0.00	$0.00	$0.04
03/26/2012	03/28/2012	03/30/2012	$0.00	$0.00	$0.00	$0.00	$0.00
12/23/2011	12/28/2011	12/30/2011	$0.07	$0.12	$0.00	$0.00	$0.20
09/26/2011	09/28/2011	09/30/2011	$0.00	$0.00	$0.00	$0.00	$0.00
06/24/2011	06/28/2011	06/30/2011	$0.02	$0.00	$0.00	$0.00	$0.02
03/25/2011	03/29/2011	03/31/2011	$0.00	$0.00	$0.00	$0.00	$0.00
12/23/2010	12/28/2010	12/31/2010	$0.07	$0.00	$0.00	$0.00	$0.07



Contact Info

info@advisorshares.com
1.877.843.3831



Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814



ETF Symbols

AADR, BEDZ, CWS, DWAW , DWSH, DWUS, EATZ, GK, HDGE , MSOS, MSOX, PSIL, QPX, SURE , VEGA , VICE , YOLO

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.

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. Emerging Markets, which consist of countries or markets with low to middle income economics can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. Other Fund risks include concentration risk, foreign securities and currency risk, ADRs which may be less liquid, large-cap risk, early closing risk, counterparty risk and trading risk, which can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the same risks associated with the underlying ETFs, which can result in higher volatility.

This Fund may not be suitable for all investors.
See prospectus for detail regarding risk.

Definitions

Alpha: Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.

ADR: An American Depositary Receipt (ADR) is a negotiable U.S. Security that generally represents a company’s publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank to issue Depositary Receipts

(AADR) DORSEY WRIGHT ADR ETF

AADR

<strong>Why Invest in AADR?</strong>

<strong>5 Key Attributes</strong>

<strong>About American Depositary Receipts</strong>

<strong>About the Portfolio Manager</strong>

Fund

Fund Data

Market Data

Regulatory Data

FUND

Fund