ADVISORSHARES TRUST

AdvisorShares Dorsey Wright ADR ETF

NYSE Arca Ticker: AADR

Supplement dated June 4, 2018

to the Summary Prospectus, Prospectus, and Statement of Additional Information

dated November 1, 2017, as supplemented

This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”) for the AdvisorShares Dorsey Wright ADR ETF (the “Fund”) and should be read in conjunction with those documents.

Effective June 5, 2018, AdvisorShares Investments, LLC (the “Adviser”) has contractually agreed to reduce the Fund’s expense limitation from 0.98% to 0.88% of the Fund’s average daily net assets. As explained in the Fund’s Summary Prospectus, Prospectus, and SAI, the Adviser waives its fees and/or reimburses expenses to keep net expenses of the Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding an agreed upon amount of the Fund’s average daily net assets.

In light of the contractual reduction of the Fund’s expense limitation, the fees and expenses table and expense example in the Fund’s Summary Prospectus and Prospectus have been updated as follows:

SHAREHOLDER FEES (fees paid directly from your investment)	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
MANAGEMENT FEES	0.75%
DISTRIBUTION (12b-1) FEES	0.00%
OTHER EXPENSES	0.68%
ACQUIRED FUND FEES AND EXPENSES (a)	0.01%
TOTAL ANNUAL OPERATING EXPENSES	1.44%
FEE WAIVER/EXPENSE REIMBURSEMENT(b)	-0.55%
TOTAL ANNUAL OPERATING EXPENSES AFTER FEE WAIVER/ EXPENSE REIMBURSEMENT	0.89%

(a) Total Annual Operating Expenses and Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement in this fee table may not correlate to the expense ratios in the Fund’s financial highlights (and the Fund’s financial statements) because the financial highlights include only the Fund’s direct operating expenses and do not include Acquired Fund Fees and Expenses, which represent the Fund’s pro rata share of the fees and expenses of the exchange-traded funds in which it invests.

(b) The Adviser has contractually agreed to waive its fees and/or reimburse expenses to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.88% of the Fund’s average daily net assets for at least one year from the date of this Prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Adviser, for any reason, upon ninety (90) days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period.

EXAMPLE

This Example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other funds. This Example does not take into account creation or redemption transaction fees, or the brokerage commissions that you pay when purchasing or selling shares of the Fund. If these fees and commissions were included, your costs would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 YEAR	3 YEARS	5 YEARS	10 YEARS
AdvisorShares Dorsey Wright ADR ETF	$90	$401	$734	$1,676

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.