# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001829126-23-002162
**Filing Date:** 2023-3
**Character Count:** 4000
**Document Hash:** 5fdd7633608622648fb3d32d0fa6d3ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-002162.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001829126-23-002162

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**EFFECTIVENESS DATE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970
- **IRS NUMBER:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-157876
- **FILM NUMBER:** 23749448

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (877) 843-3831

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## Series and Classes Contracts Data

### AdvisorShares North Square McKee Core Reserves ETF (Series ID: S000039806)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| AdvisorShares North Square McKee Core Reserves ETF | HOLD          | C000123404 |

---

## Series and Classes Contracts Data

### AdvisorShares North Square McKee Core Reserves ETF (Series ID: S000039806)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000123404 | AdvisorShares North Square McKee Core Reserves ETF | HOLD            |

**ADVISORSHARES TRUST**

**AdvisorShares North Square McKee Core Reserves ETF** 

**NYSE Arca Ticker: HOLD**

**Supplement dated March 21, 2023 to the** 

**Summary Prospectus, Prospectus, and Statement of Additional Information**

**dated November 1, 2022**

**This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and Statement of Additional Information for the AdvisorShares North Square McKee Core Reserves ETF (the "Fund") and should be read in conjunction with those documents.**

At the recommendation of AdvisorShares Investments, LLC, the investment adviser to the series of AdvisorShares Trust (the "Trust"), the Trust's Board of Trustees approved the liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about April 10, 2023 (the "Liquidation Date").

The last day of trading of Fund shares on the NYSE Arca, Inc. is expected to be March 31, 2023. Between the last day of trading and the Liquidation Date, shareholders will not be able to purchase or sell shares in the secondary market. Prior to the last day of trading, shareholders may continue to purchase and sell shares through a broker in the standard manner. Customary brokerage charges may apply to such transactions. Between the last day of trading and the Liquidation Date, the Fund will deviate from its stated investment objective and strategies as it winds up its business and affairs.

On or promptly after the Liquidation Date, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the net asset value of the shareholders' shares as of the close of business on the Liquidation Date. This amount includes any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The net asset value of the Fund on the Liquidation Date will reflect the costs of closing the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of Fund shares may be treated as a taxable event. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.**