THE SECURITIES ACT OF 1933 | ☒ | |
Pre-Effective Amendment No. | ☐ | |
Post-Effective Amendment No. 192 | ☒ |
THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |
Amendment No. 194 | ☒ |
☒ | Immediately upon filing pursuant to paragraph (b) of Rule 485 |
☐ | On (date) pursuant to paragraph (b) of Rule 485 |
☐ | 60 days after filing pursuant to paragraph (a) of Rule 485 |
☐ | On (date) pursuant to paragraph (a) of Rule 485 |
☐ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485 |
☐ | On (date) pursuant to paragraph (a)(2) of Rule 485 |
SHAREHOLDER FEES (fees paid directly from your investment) | |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | |
MANAGEMENT FEES | |
DISTRIBUTION (12b-1) FEES | |
OTHER EXPENSES* | |
TOTAL ANNUAL OPERATING EXPENSES |
1 YEAR | 3 YEARS | |
AdvisorShares Psychedelics ETF | $ | $ |
Name | Title |
AdvisorShares Investments, LLC | Advisor |
Name and Title | Length of Service with Advisor |
Dan S. Ahrens, Managing Director, Chief Operating Officer & Portfolio Manager | since November 2008 |
● | the Fund makes distributions; |
● | you sell Fund shares; and |
● | you purchase or redeem Creation Units (institutional investors only). |
● | The Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains income. |
● | The Fund’s distributions from income and net short-term capital gains will generally be taxed to you as ordinary income. For non-corporate shareholders, dividends reported by the Fund as qualified dividend income are generally eligible for reduced tax rates applicable to long-term capital gains, provided holding period and other requirements are met. Qualified dividend income generally is income derived from dividends paid by U.S. corporations or certain foreign corporations. Certain of the Fund’s trading strategies may limit its ability to distribute dividends eligible to be reported as qualified dividend income. |
● | Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain of the Fund’s trading strategies may limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. |
● | Any distributions of net capital gain (the excess of the Fund’s net long-term capital gains over its net short-term capital losses) that you receive from the Fund generally are taxable as long-term capital gains regardless of how long you have owned your shares. Long-term capital gains are taxed to non-corporate shareholders at reduced tax rates. |
● | Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional shares. |
● | Distributions paid in January but declared by the Fund in October, November or December of the previous year may be taxable to you in the previous year. |
● | Shortly after the close of each calendar year, the Fund (or your broker) will inform you of the amount of your ordinary income dividends, qualified dividend income, foreign tax credits and net capital gain distributions received from the Fund. |
● | You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment. |
Advisor |
AdvisorShares Investments, LLC 4800 Montgomery Lane, Suite 150 Bethesda, Maryland 20814 |
Distributor |
Foreside Fund Services, LLC Three Canal Plaza, Suite 100 Portland, Maine 04101 |
Legal Counsel |
Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 |
Administrator, Custodian & Transfer Agent |
The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 |
● |
U.S. Regulation of Marijuana. Although the medical use of marijuana is legal in more than half of the states as well as the District of Columbia and non-medical use of marijuana is legal in an increasing number of states and the District of Columbia, the possession and use of marijuana remains illegal under U.S. federal law. Actions by federal regulatory agencies, such as increased enforcement of federal marijuana laws and the prosecution of nonviolent federal drug crimes by the Department of Justice (“DOJ”), could produce a chilling effect on the industry’s growth and discourage banks from expanding their services to cannabis-related companies. This conflict between the regulation of marijuana under federal and state law creates volatility and risk for all cannabis-related companies. Because marijuana is currently classified as a Schedule I controlled substance, no drug product containing cannabis or cannabis extracts has been approved for use by the Food and Drug Administration (“FDA”) or obtained registrations for commercial production from the Drug Enforcement Agency (“DEA”). A Schedule I controlled substance is defined as a drug with no currently accepted medical use and a high potential for abuse. There is no guarantee that such products will ever be legally produced or sold in the U.S. and, even if a drug product containing cannabis or cannabis extracts were to receive the required government approvals for use in commercial production, the drug product may be subject to significant government regulation regarding manufacture, importation, exportation, domestic distribution, storage, sale, and legitimate use. Cannabis Companies in the U.S. that engage in medical or pharmaceutical research or the production and distribution of controlled substances such as marijuana must be registered with the DEA to perform such activities and have the security, control, recordkeeping, reporting and inventory mechanisms required by the DEA to prevent drug loss and diversion. With respect to Cannabis Companies and vendors servicing such companies, the Fund will not invest directly in the securities of companies that grow, sell, distribute, transport, or handle cannabis unless they are registered with the DEA or otherwise in compliance with U.S. federal regulations, thus allowing them to legally handle the product. Compliance failures related to these regulatory requirements may substantially harm a Cannabis Company’s ability to conduct marijuana research. In addition, because cannabis is a Schedule I controlled substance, Section 280E of the Internal Revenue Code of 1986 (the “Internal Revenue Code”) applies by its terms to the purchase and sale of medical-use cannabis products and provides that no deduction or credit is allowed for expenses incurred during a taxable year “in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of Schedules I and II of the Controlled Substances Act) which is prohibited by federal law or the law of any state in which such trade or business is conducted.” The disallowance of such tax deductions will likely affect the value of Cannabis Companies. |
● |
Non-U.S. Regulation of Marijuana. Laws and regulations related to the possession, use (medical or recreational), sale, transport and cultivation of marijuana vary throughout the world, and the Fund will only invest in non-U.S. Cannabis Companies if such companies are operating legally in the relevant jurisdiction. These laws and regulations are subject to change and may have a significant impact on the operations of a Cannabis Company. Such operations may be legal under current law, but may be illegal in the future if the applicable law changes to prohibit marijuana-related activities vital to the company’s business. |
● |
U.S. Regulation of Hemp. Hemp, as defined in the Agriculture Improvement Act of 2018 (the “Farm Bill”), refers to cannabis plants with a tetrahydrocannabinol (“THC”) concentration of not more than 0.3% on a dry weight basis. The Farm Bill effectively removes hemp, its extracts, derivatives, and cannabinoids (including CBD) from the Controlled Substances Act’s (“CSA”) list of controlled substances and allows states to regulate its production, commerce, and research with approval from the USDA. Certain portfolio holdings may sell dietary supplements and/or foods containing CBD within the United States. |
● |
Common Stock. Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. |
● |
Preferred Stock. Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. |
● |
Warrants. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments. |
● |
Convertible Securities. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party. |
● |
Small and Medium Capitalization Companies. Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general. |
● |
Large Capitalization Companies. Investments in large capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies. |
● |
Master Limited Partnerships (“MLPs”). MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the U.S. Securities and Exchange Commission (the “SEC”) and are freely traded on a securities exchange or in the over-the-counter market. MLPs often own several properties or businesses (or own interests) that are related to real estate development and oil and gas industries, but they also may finance motion pictures, research and development and other projects. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners are not involved in the day-to-day management of the partnership. |
● |
Rights. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. An investment in rights may entail greater risks than certain other types of investments. Generally, rights do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. |
● |
Investments in Foreign Equity Securities. The Fund may invest in the equity securities of foreign issuers, including the securities of foreign issuers in emerging countries. Emerging or developing markets exist in countries that are considered to be in the initial stages of industrialization. The risks of investing in these markets are similar to the risks of international investing in general, although the risks are greater in emerging and developing markets. Countries with emerging or developing securities markets tend to have economic structures that are less stable than countries with developed securities markets. This is because their economies may be based on only a few industries and their securities markets may trade a small number of securities. Prices on these exchanges tend to be volatile, and securities in these countries historically have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. |
1. |
Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. The 1940 Act presently allows a fund to (1) borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets, (2) borrow money for temporary purposes in an amount not exceeding 5% of the value of the fund’s total assets at the time of the loan, and (3) enter into reverse repurchase agreements. |
2. |
Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. |
3. |
Make loans, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
4. |
Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate and (b) invest in securities or other instruments issued by issuers that invest in real estate. |
5. |
Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
6. |
Underwrite securities issued by others, except to the extent that the Fund may be considered an underwriter within the meaning of the Securities Act of 1933 (the “Securities Act”) in the disposition of restricted securities or in connection with investments in other investment companies. |
7. |
Invest more than 25% of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries except that the Fund will concentrate ( i.e., invest more than 25% of its total assets) in the securities of issuers in the Pharmaceuticals, Biotechnology & Life Sciences Industry Group. (The limitation against industry concentration does not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or to shares of investment companies; however, the Fund will not invest more than 25% of its net assets in any investment company that so concentrates.)* |
1. |
Without providing 60 days notice to shareholders, change its investment strategy to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in (i)
securities of companies that derive at least 50% of their net revenue from or devote 50% of their assets to psychedelic drugs and (ii) derivatives that have economic characteristics similar to such securities. |
● |
ordinary brokerage transactions through brokers or dealers (who may act as agents or principals) or directly to one or more purchasers; |
● |
privately negotiated transactions; |
● |
through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise; and |
● |
any other method permitted pursuant to applicable law. |
Name, Address and Date of Birth of Trustee/Officer |
Position(s) Held with the Trust, Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During Past 5 Years |
Interested Trustee |
||||
Noah Hamman* 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1968) |
Trustee (no set term); served since 2009 |
Chief Executive Officer, President, and Founder of AdvisorShares Investments, LLC (2006-present). |
23 |
None |
Independent Trustees |
||||
Elizabeth (“Betsy”) Piper/Bach 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1952) |
Trustee (no set term); served since 2009 |
President of ASAE Business Services, Inc.(2017-present), ASAE Insurance Company (2020-present), ASAE Investments, LLC (2018-present), ASAE Real Estate (2017-present) (ASAE (American Society of Association Executives) is a membership organization serving the association and non-profit community); President of P/B Wealth Consulting (2017-present); Vice-President/Chief Operating Officer of NADA Retirement Administrators, Inc.(National Automobile Dealers Association) (2009-2017). |
23 |
None |
William G. McVay 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1954) |
Trustee (no set term); served since 2011 |
Principal of Red Tortoise LLC (a boutique investment counseling firm) (May 2017-present); Founder of RDK Strategies, LLC (a firm providing investment management research and consulting solutions) (2007-present). |
23 |
None |
Name, Address and Date of Birth of Trustee/Officer |
Position(s) Held with the Trust, Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During Past 5 Years |
Officers |
||||
Noah Hamman 4800 Montgomery Lane Suite 150 Bethesda, MD 20814 (1968) |
President (no set term); served since 2009 |
Chief Executive Officer, President, and Founder of AdvisorShares Investments, LLC (2006-present). |
N/A |
N/A |
Julio Lugo 51 Stonehedge Drive East Windsor, NJ 08520 (1963) |
Vice President (no set term); served since 2021 | Head of Fund Operations of AdvisorShares Investments, LLC (2021-present); Vice President of the Trust (2021-present); President/Founder of ETP Consultants LLC (2020-2021); Principal of BNY Mellon Depositary Receipts (2004-2020) | N/A | N/A |
Dan Ahrens 2030 Modern Place Dallas, TX 75214 (1966) |
Secretary and Treasurer (no set terms); served since 2009 |
Managing Director of AdvisorShares Investments, LLC (2013-present); Chief Compliance Officer of the Trust (2009-2013); Executive Vice President of AdvisorShares Investments, LLC (2008-2013). |
N/A |
N/A |
Stefanie Little 11 Gina Marie Lane Elkton, MD 21921 (1967) |
Chief Compliance Officer (no set term); served since 2013 |
Founder of Chenery Compliance Group, LLC (2015 - present); Chief Compliance Officer of AdvisorShares Investments, LLC and the Trust (2013-present); Managing Member of SEC Compliance Alliance, LLC (2012-present); President of Little Consulting Group, Inc. (2011-present). |
N/A |
N/A |
* |
Mr. Hamman is an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his ownership and controlling interest in the Advisor. |
Trustee Name |
Fund Name |
Dollar Range of Fund Shares |
Aggregate Dollar Range of Shares in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
Interested Trustee |
|||
Noah Hamman |
AdvisorShares Psychedelics ETF |
None |
over $100,000 |
Independent Trustees |
|||
Elizabeth Piper/Bach |
AdvisorShares Psychedelics ETF |
None |
$1-$10,000 |
William G. McVay |
AdvisorShares Psychedelics ETF |
None |
$10,001-$50,000 |
Name of Trustee |
Aggregate Compensation From Trust |
Pension or Retirement Benefits Accrued as Part of Trust’s Expenses |
Estimated Annual Benefits Upon Retirement |
Total Compensation from Fund Complex* |
Interested Trustee |
||||
Noah Hamman |
$0 |
N/A |
N/A |
$0 |
Independent Trustees |
||||
Elizabeth Piper/Bach |
$48,750 |
N/A |
N/A |
$48,750 |
William G. McVay |
$45,000 |
N/A |
N/A |
$45,000 |
Fund |
Annual Advisory Fee as a % of Average Daily Net Assets |
Maximum Annual Operating Expense Limit |
AdvisorShares Psychedelics ETF |
0.60% |
0.99% |
Name |
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
|||
Number of Accounts |
Total Assets(in billions) |
Number of Accounts |
Total Assets (in millions) |
Number of Accounts |
Total Assets (in billions) |
|
Dan S. Ahrens |
10 |
$1.70 |
0 |
$0 |
0 |
$0 |
Fund |
Creation Transaction Fee* |
AdvisorShares Psychedelics ETF |
$500 |
Fund |
Redemption Transaction Fee* |
AdvisorShares Psychedelics ETF |
$500 |
● |
Adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients. Such policies must include how an adviser addresses material conflicts that may arise between an adviser’s interests and those of its client(s); |
● |
Disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; |
● |
Describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and |
● |
Maintain certain records relating to the Adviser’s proxy voting activities. |
● |
Maintain a copy of the current proxy voting procedures and any iterations thereof for the proper retention period. |
● |
Ensure proxy voting performed by the Adviser on behalf of clients is pursuant to the proper written legal authority as provided for in the advisory agreement or other legally binding agreement. |
● |
Review these proxy voting procedures no less frequently than annually to ensure they remain adequate and current. |
● |
Maintain appropriate documentation with respect to proxies received including a copy of the proxy statement; |
● |
Where it has responsibility to vote proxies on behalf of a particular client, the Adviser endeavors to vote such proxies without conflict and in the best interests of its clients. In the event of an Adviser conflict, Adviser will document the conflict, engage an impartial independent third party to fulfill the Adviser’s obligation, and document any third-party response along with any supporting documentation. |
● |
Maintain a record of each vote cast and any documents supporting and memorializing the Adviser’s decision on how votes were cast. |
● |
Retain a copy of any written request for information on how the advisor voted proxies on behalf of the client along with any written response to any request (whether written or oral) on how the adviser voted proxies on behalf of the requesting client. |
● |
Obtain an undertaking from the third party that the third party can provide all required documentation promptly upon request; |
● |
Rule 30b1-4 under the Investment Company Act requires registered investment companies to file their complete proxy voting records on “Form N-PX” for the 12-month period ended June 30 by August 31 of each year. Adviser will provide the necessary data to the appropriate Service Provider to allow for the timely filings of all such reports on Form N-PX. |
● |
Ensure that voting guidelines for each Fund are adhered to; and |
● |
Monitor the voting activities of the Voting Agent as described below. |
● |
sampling of votes cast by the Voting Agent to confirm that the proxy guidelines selected by the Client are being followed; |
● |
performing periodic due diligence on the Voting Agent to determine if the Voting Agent continues to have capacity and competency to carry out its proxy obligations; |
● |
reviewing the Voting Agent’s policies and procedures, with a particular focus on those relating to identifying and addressing conflicts of interest and ensuring that current and accurate information is used in creating recommendations; |
● |
inquiring as to the Voting Agent’s compliance with relevant regulatory regimes; |
● |
requesting that the Voting Agent notify Adviser if there is material change to its policies and procedures, particularly with respect to conflicts, or material business practices ( e.g. , entering or exiting new lines of business), and reviewing any such change; or |
● |
participating in the Voting Agent’s policy formulation processes. |
Item 28 . |
Exhibits |
(a)(1) |
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(a)(2) |
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(b) |
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(c) |
Not applicable. |
(d)(1) |
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(d)(2) |
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(d)(3) |
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(d)(4) |
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(d)(5) |
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(d)(6) |
(d)(7) |
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(d)(8) |
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(d)(9) |
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(d)(10) |
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(d)(11) |
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(d)(12) |
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(d)(13) |
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(d)(14) |
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(d)(15) |
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(d)(16) |
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(d)(17) |
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(d)(18) |
Amendment to the Advisory Agreement, reflecting the addition of the AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(d)(19) |
(d)(20) |
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(d)(21) |
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(d)(22) |
(d)(23) |
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(d)(24) |
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(d)(25) |
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(d)(26) |
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(d)(27) |
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(d)(28) |
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(d)(29) |
Investment Sub-Advisory Agreement between AdvisorShares Investments, LLC and Poseidon Investment Management, LLC to be filed by amendment. |
(d)(30) |
Investment Sub-Advisory Agreement between AdvisorShares Investments, LLC and Morgan Creek Capital Management, LLC to be filed by amendment. |
(d)(31) |
Investment Sub-Advisory Agreement between AdvisorShares Investments, LLC and CSM Advisors, LLC to be filed by amendment. |
(e)(1) |
(e)(2) |
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(e)(3) |
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(e)(4) |
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(e)(5) |
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(e)(6) |
(e)(7) |
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(e)(8) |
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(e)(9) |
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(e)(10) |
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(e)(11) |
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(e)(12) |
(e)(13) |
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(e)(14) |
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(e)(15) |
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(e)(16) |
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(e)(17) |
|
(e)(18) |
Amendment to the Distribution Agreement, reflecting the addition of the AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(e)(19) |
|
(e)(20) |
|
(f) |
Not applicable. |
(g)(1) |
|
(g)(2) |
|
(g)(3) |
|
(g)(4) |
(g)(5) |
Amendment and revised Schedule II to the Custody Agreement, reflecting the addition of the AdvisorShares Psychedelics ETF, AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(g)(6) |
(h)(1) |
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(h)(2) |
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(h)(3) |
|
(h)(4) |
|
(h)(5) |
Amendment and revised Exhibit A to the Administration and Accounting Agreement, reflecting the addition of the AdvisorShares Psychedelics ETF, AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(h)(6) |
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(h)(7) |
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(h)(8) |
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(h)(9) |
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(h)(10) |
Amendment and revised Schedule I to the Transfer Agency Agreement, reflecting the addition of the AdvisorShares Psychedelics ETF, AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(h)(11) |
(h)(12) |
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(h)(13) |
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(h)(14) |
Revised Schedule A to the AdvisorShares Investments Expense Limitation Agreement, reflecting the addition of the AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(h)(15) |
(h)(16) |
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(h)(17) |
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(h)(18) |
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(h)(19) |
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(h)(20) |
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(h)(21) |
Sub-Adviser Expense Limitation Agreement between AdvisorShares Investments, LLC and Poseidon Investment Management, LLC to be filed by amendment. |
(h)(22) |
Sub-Adviser Expense Limitation Agreement between AdvisorShares Investments, LLC and Morgan Creek Capital Management, LLC to be filed by amendment. |
(h)(23) |
Sub-Adviser Expense Limitation Agreement between AdvisorShares Investments, LLC and CSM Advisors, LLC to be filed by amendment. |
(h)(24) |
Investment Advisory Agreement between [AdvisorShares Managed Bitcoin CFC] and AdvisorShares Investments, LLC to be filed by amendment. |
(i)(1) |
(i)(2) |
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(i)(3) |
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(i)(4) |
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(i)(5) |
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(i)(6) |
(i)(7) |
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(i)(8) |
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(i)(9) |
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(i)(10) |
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(i)(11) |
(i)(12) |
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(i)(13) |
Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, relating to the AdvisorShares Poseidon Dynamic Cannabis ETF, to be filed by amendment. |
(i)(14) |
Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, relating to the AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(j) |
Not applicable. |
(k) |
Not applicable. |
(l) |
Not applicable. |
(m)(1) |
|
(m)(2) |
|
(m)(3) | Revised Schedule A to the Distribution Plan, reflecting the addition of the AdvisorShares Poseidon Dynamic Cannabis ETF and AdvisorShares Managed Bitcoin ETF, to be filed by amendment. |
(n) |
Not applicable. |
(o) |
Not applicable. |
(p)(1) |
|
(p)(2) |
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(p)(3) |
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(p)(4) |
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(p)(5) |
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(p)(6) |
(p)(7) |
(p)(8) |
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(p)(9) |
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(p)(10) |
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(p)(11) |
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(p)(12) |
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(p)(13) |
Code of Ethics of Poseidon Investment Management, LLC to be filed by amendment. |
(p)(14) |
Code of Ethics of Morgan Creek Capital Management, LLC to be filed by amendment. |
(p)(15) |
Code of Ethics of CSM Advisors, LLC to be filed by amendment. |
(q)(1) |
|
(q)(2) |
|
(q)(3) |
|
(q)(4) |
EX-101.INS |
XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
Item 29. |
Persons Controlled by or under Common Control with the Fund |
Item 30. |
Indemnification |
(a) |
Subject to the exceptions and limitations contained in paragraph (b) below: |
(b) |
No indemnification shall be provided hereunder to a Covered Person: |
(c) |
The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors, and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law. |
(d) |
To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit, or proceeding of the character described in paragraph (a) of Section 9.02 of the Declaration of Trust may be paid by the Trust or Series from time to time prior to final disposition thereof upon receipt of any undertaking by or on behalf of such Covered Person that such amount will be paid over by him to the Trust or Series if it ultimately is determined that he is not entitled to indemnification under Section 9.02 of the Declaration of Trust; provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust is insured against losses arising out of any such advance payments, or (c) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily-available facts (as opposed to a full trial-type inquiry or investigation), that there is a reason to believe that such Covered Person will be found entitled to indemnification under Section 9.02 of the Declaration of Trust. |
Item 31 . |
Business and Other Connections of the Investment Adviser |
Name and Position with Alpha DNA |
Name of Other Company |
Connection with Other Company |
Wayne Ferbert, Managing Director |
ZEGA Financial |
Investment Advisor Representative |
Name and Position with ChangePath |
Name of Other Company |
Connection with Other Company |
Ken Hyman, Sr. VP of Business Development |
Partnervest Advisory Services, LLC |
President/CEO |
Name and Position with DoubleLine |
Name of Other Company |
Connection with Other Company |
Jeffrey Gundlach, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Henry Chase, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Earl Lariscy, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Ronald Redell, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Cris Santa Ana III, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Barbara Van Every, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Casey Moore, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Jeffrey Sherman, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Youse Guia, Chief Compliance Officer, Executive Committee |
DoubleLine Capital LP |
Chief Compliance Officer, Executive Committee |
Leticia Acosta, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Patrick Townzen, Executive Committee |
DoubleLine Capital LP |
Executive Committee |
Name and Position with Gerber Kawasaki |
Name of Other Company |
Connection with Other Company |
Ross Gerber, President, Chief Executive Officer & Chief Investment Officer |
Cocoon Malibu LLC |
Managing Member |
Name and Position with Ranger |
Name of Other Company |
Connection with Other Company |
John Del Vecchio, Portfolio Manager |
Parabolix Research Incorporated |
President |
Index Deletion Strategies, LLC |
Managing Member |
|
17 Middle Pines, LLC |
Member |
|
Brad Lamensdorf, Portfolio Manager, Trading and Market Strategist |
BHL Advisors, LLC |
Managing Member & Portfolio Manager |
LMTR, LLC |
Principal |
|
Active Alts, Inc. |
CEO & Portfolio Manager |
Name and Position with ThinkBetter |
Name of Other Company |
Connection with Other Company |
Renaud (Ron) Piccinini, Member |
The Q Consulting Group, LLC |
President |
ThinkBetter Holdings, LLC |
Managing Member |
|
Peach Financial Consulting |
Owner / Chief Executive Officer |
|
Edward C. Bertelsen, Chief Executive Officer |
ThinkBetter Holdings, LLC |
Chief Executive Officer |
The Q Consulting Group, LLC |
Chief Executive Officer |
|
Aviance Capital Management, LLC |
Chief Executive Officer |
|
Teresa A. Koncick, Member |
ThinkBetter Holdings, LLC |
Member |
The Q Consulting Group, LLC |
General Counsel |
|
Aviance Capital Management, LLC |
General Counsel and Chief Compliance Officer |
|
SunCoast Blood Centers Board |
Member |
|
Christian C. Bertelsen, Member |
ThinkBetter Holdings, LLC |
Member |
Aviance Capital Management, LLC |
President and Chief Investment Officer |
Item 32. |
Foreside Fund Services, LLC |
(a) |
Foreside Fund Services, LLC (the “Distributor”) serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |
1. | ABS Long/Short Strategies Fund |
2. | Absolute Shares Trust |
3. | AdvisorShares Trust |
4. | AFA Multi-Manager Credit Fund |
5. | AGF Investments Trust (f/k/a FQF Trust) |
6. | AIM ETF Products Trust |
7. | Alexis Practical Tactical ETF, Series of Listed Funds Trust |
8. | AlphaCentric Prime Meridian Income Fund |
9. | American Century ETF Trust |
10. | American Customer Satisfaction ETF, Series of ETF Series Solutions |
11. | Amplify ETF Trust |
12. | ARK ETF Trust |
13. | ASYMmetric ETFs Trust |
14. | Bluestone Community Development Fund (f/k/a The 504 Fund) |
15. | Braddock Multi-Strategy Income Fund, Series of Investment Managers Series Trust |
16. | Bridgeway Funds, Inc. |
17. | Brinker Capital Destinations Trust |
18. | Brookfield Real Assets Income Fund Inc. |
19. | Cabot Equity Growth ETF, Series of Listed Funds Trust |
20. | Calamos Convertible and High Income Fund |
21. | Calamos Convertible Opportunities and Income Fund |
22. | Calamos Dynamic Convertible and Income Fund |
23. | Calamos Global Total Return Fund |
24. | Calamos Strategic Total Return Fund |
25. | Carlyle Tactical Private Credit Fund |
26. | Center Coast Brookfield MLP & Energy Infrastructure Fund |
27. | Changebridge Capital Long/Short ETF, Series of Listed Funds Trust |
28. | Changebridge Capital Sustainable Equity ETF, Series of Listed Funds Trust |
29. | Cliffwater Corporate Lending Fund |
30. | Cliffwater Enhanced Lending Fund |
31. | CornerCap Group of Funds |
32. | Davis Fundamental ETF Trust |
33. | Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions |
34. | Defiance Nasdaq Junior Biotechnology ETF, Series of ETF Series Solutions |
35. | Defiance Next Gen Altered Experience ETF, Series of ETF Series Solutions |
36. | Defiance Next Gen Big Data ETF, Series of ETF Series Solutions |
37. | Defiance Next Gen Connectivity ETF, Series of ETF Series Solutions |
38. | Defiance Next Gen H2 ETF, Series of ETF Series Solutions |
39. | Defiance Next Gen SPAC Derived ETF, Series of ETF Series Solutions |
40. | Defiance Quantum ETF, Series of ETF Series Solutions |
41. | Direxion Shares ETF Trust |
42. | DoubleLine Opportunistic Credit Fund |
43. | Eaton Vance NextShares Trust |
44. | Eaton Vance NextShares Trust II |
45. | EIP Investment Trust |
46. | Ellington Income Opportunities Fund |
47. | EntrepreneurShares Series Trust |
48. | Esoterica Thematic ETF Trust |
49. | ETF Opportunities Trust |
50. | Evanston Alternative Opportunities Fund |
51. | Exchange Listed Funds Trust (f/k/a Exchange Traded Concepts Trust II) |
52. | Fat Tail Risk ETF, Series of Collaborative Investment Series Trust |
53. | Fiera Capital Series Trust |
54. | FlexShares Trust |
55. | FOMO ETF, Series of Collaborative Investment Series Trust |
56. | Forum Funds |
57. | Forum Funds II |
58. | Friess Small Cap Growth Fund, Series of Managed Portfolio Series |
59. | Guinness Atkinson Funds |
60. | Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust |
61. | Infinity Core Alternative Fund |
62. | Innovator ETFs Trust |
63. | Innovator ETFs Trust II (f/k/a Elkhorn ETF Trust) |
64. | Ironwood Institutional Multi-Strategy Fund LLC |
65. | Ironwood Multi-Strategy Fund LLC |
66. | John Hancock Exchange-Traded Fund Trust |
67. | Mairs & Power Funds Trust |
68. | Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers |
69. | Manor Investment Funds |
70. | Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV |
71. | Morgan Creek - Exos SPAC Originated ETF, Series of Listed Funds Trust |
72. | Morningstar Funds Trust |
73. | OSI ETF Trust |
74. | Overlay Shares Core Bond ETF, Series of Listed Funds Trust |
75. | Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust |
76. | Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust |
77. | Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust |
78. | Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust |
79. | Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust |
80. | Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust |
81. | Pacific Global ETF Trust |
82. | Palmer Square Opportunistic Income Fund |
83. | Partners Group Private Income Opportunities, LLC |
84. | PENN Capital Funds Trust |
85. | Performance Trust Mutual Funds, Series of Trust for Professional Managers |
86. | Plan Investment Fund, Inc. |
87. | PMC Funds, Series of Trust for Professional Managers |
88. | Point Bridge GOP Stock Tracker ETF, Series of ETF Series Solutions |
89. | Putnam ETF Trust |
90. | Quaker Investment Trust |
91. | Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust |
92. | Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust |
93. | Renaissance Capital Greenwich Funds |
94. | Reverse Cap Weighted U.S. Large Cap ETF, Series of ETF Series Solutions |
95. | RMB Investors Trust (f/k/a Burnham Investors Trust) |
96. | Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust |
97. | Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust |
98. | Roundhill BITKRAFT Esports & Digital Entertainment ETF, Series of Listed Funds Trust |
99. | Roundhill MVP ETF, Series of Listed Funds Trust |
100. | Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust |
101. | Roundhill Streaming Services & Technology ETF, Series of Listed Funds Trust |
102. | Salient MF Trust |
103. | Securian AM Balanced Stabilization Fund, Series of Investment Managers Series Trust |
104. | Securian AM Equity Stabilization Fund, Series of Investment Managers Series Trust |
105. | Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust |
106. | SHP ETF Trust |
107. | Six Circles Trust |
108. | Sound Shore Fund, Inc. |
109. | Spear Alpha ETF, Series of Listed Funds Trust |
110. | Strategy Shares |
111. | Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust |
112. | Syntax ETF Trust |
113. | The Active Dividend Stock ETF, Series of Collaborative Investment Series Trust |
114. | The Chartwell Funds |
115. | The Community Development Fund |
116. | The De-SPAC ETF, Series of Collaborative Investment Series Trust |
117. | The Private Shares Fund (f/k/a SharesPost 100 Fund) |
118. | The Relative Value Fund |
119. | The Short De-SPAC ETF, Series of Collaborative Investment Series Trust |
120. | The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust |
121. | Third Avenue Trust |
122. | Third Avenue Variable Series Trust |
123. | Tidal ETF Trust |
124. | TIFF Investment Program |
125. | Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan |
126. | Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan |
127. | Timothy Plan International ETF, Series of The Timothy Plan |
128. | Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan |
129. | Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan |
130. | Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan |
131. | Transamerica ETF Trust |
132. | Trend Aggregation Aggressive Growth ETF, Series of Collaborative Investment Series Trust |
133. | Trend Aggregation Conservative ETF, Series of Collaborative Investment Series Trust |
134. | Trend Aggregation ESG ETF, Series of Collaborative Investment Series Trust |
135. | Trend Aggregation US ETF, Series of Collaborative Investment Series Trust |
136. | TrueShares AI & Deep Learning ETF, Series of Listed Funds Trust |
137. | TrueShares ESG Active Opportunities ETF, Series of Listed Funds Trust |
138. | TrueShares Low Volatility Equity Income ETF, Series of Listed Funds Trust |
139. | TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust |
140. | TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust |
141. | TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust |
142. | TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust |
143. | TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust |
144. | TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust |
145. | TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust |
146. | TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust |
147. | TrueShares Structured Outcome (May) ETF, Listed Funds Trust |
148. | TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust |
149. | TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust |
150. | TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust |
151. | U.S. Global Investors Funds |
152. | Variant Alternative Income Fund |
153. | VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II |
154. | VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II |
155. | VictoryShares Emerging Market High Div Volatility Wtd ETF, Series of Victory Portfolios II |
156. | VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II |
157. | VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II |
158. | VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II |
159. | VictoryShares Protect America ETF, Series of Victory Portfolios II |
160. | VictoryShares Top Veteran Employers ETF, Series of Victory Portfolios II |
161. | VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II |
162. | VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II |
163. | VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II |
164. | VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II |
165. | VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II |
166. | VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II |
167. | VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II |
168. | VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II |
169. | VictoryShares USAA Core Intermediate-Term Bond ETF, Series of Victory Portfolios II |
170. | VictoryShares USAA Core Short-Term Bond ETF, Series of Victory Portfolios II |
171. | VictoryShares USAA MSCI Emerging Markets Value Momentum ETF, Series of Victory Portfolios II |
172. | VictoryShares USAA MSCI International Value Momentum ETF, Series of Victory Portfolios II |
173. | VictoryShares USAA MSCI USA Small Cap Value Momentum ETF, Series of Victory Portfolios II |
174. | VictoryShares USAA MSCI USA Value Momentum ETF, Series of Victory Portfolios II |
175. | West Loop Realty Fund, Series of Investment Managers Series Trust (f/k/a Chilton Realty Income & Growth Fund) |
176. | WisdomTree Trust |
177. | WST Investment Trust |
178. | XAI Octagon Floating Rate & Alternative Income Term Trust |
Name |
Address |
Position with Underwriter |
Position with Registrant |
Richard J. Berthy |
Three Canal Plaza, Suite 100, Portland, ME 04101 |
President, Treasurer and Manager |
None |
Mark A. Fairbanks |
Three Canal Plaza, Suite 100, Portland, ME 04101 |
Vice President |
None |
Teresa Cowan |
111 E. Kilbourn Avenue, Suite 2200, Milwaukee, WI 53202 |
Vice President |
None |
Jennifer K. DiValerio |
899 Cassatt Road, 400 Berwyn Park, Suite 110, Berwyn, PA 19312 |
Vice President |
None |
Nanette K. Chern |
Three Canal Plaza, Suite 100, Portland, ME 04101 |
Vice President and Chief Compliance Officer |
None |
Jennifer E. Hoopes |
Three Canal Plaza, Suite 100, Portland, ME 04101 |
Secretary |
None |
Item 32(c) | Not applicable. |
Item 33 . |
Location of Accounts and Records |
(a) |
Registrant: |
c/o AdvisorShares Investments, LLC |
|
4800 Montgomery Lane, Suite 150 |
|
Bethesda, Maryland 20814 |
(b) |
Adviser: |
AdvisorShares Investments, LLC |
|
4800 Montgomery Lane, Suite 150 |
|
Bethesda, Maryland 20814 |
(c) |
Sub-Advisers: |
Alpha DNA Investment Management, LLC 8860 Columbia 100 Parkway Columbia, Maryland 21045 |
|
ChangePath, LLC |
|
111460 Tomahawk Creek Parkway |
|
Leawood, Kansas 66211 |
Dorsey, Wright & Associates, LLC |
|
1001 Boulder Springs Drive, Suite 150 |
|
Richmond, Virginia 23225 |
DoubleLine Equity LP |
|
333 South Grand Avenue, Suite 1800 |
|
Los Angeles, California 90071 |
|
Gerber Kawasaki, Inc. |
|
2716 Ocean Park Boulevard |
|
Santa Monica, California 90405 |
|
Newfleet Asset Management, LLC |
|
One Financial Plaza |
|
Hartford, Connecticut 06106 |
|
Ranger Alternative Management L.P. |
|
2828 N. Harwood Street, Suite 1900 |
|
Dallas, Texas 75201 |
|
Sage Advisory Services, Ltd. Co. |
|
5900 Southwest Parkway, Building I |
|
Austin, Texas 78735 |
|
ThinkBetter, LLC 1549 Ringling Boulevard, Suite 510 Sarasota, Florida 34236 |
|
(d) |
Principal Underwriter: |
Foreside Fund Services, LLC |
|
Three Canal Plaza, Suite 100 |
|
Portland, Maine 04101 |
(e) |
Custodian and Administrator: |
The Bank of New York Mellon |
|
240 Greenwich Street |
|
New York, New York 10286 |
Item 34 . |
Management Services |
Item 35 . |
Undertakings |
AdvisorShares Trust |
||
/s/ Noah Hamman |
||
Noah Hamman |
||
President |
Signature |
Title |
Date |
||
/s/ Noah Hamman |
Trustee and President |
September 10, 2021 |
||
Noah Hamman |
||||
* |
Trustee |
September 10, 2021 |
||
Elizabeth Piper/Bach |
||||
* |
Trustee |
September 10, 2021 |
||
William G. McVay |
||||
* |
Treasurer |
September 10, 2021 |
||
Dan Ahrens |
||||
/s/ Noah Hamman |
||||
* Noah Hamman, Power of Attorney |
Exhibit No. |
Exhibit |
EX-99.D17 |
|
EX-99.E17 |
|
EX-99.G4 |
Amendment and revised Schedule II, dated May 24, 2021, to the Custody Agreement |
EX-99.H4 |
Amendment and revised Exhibit A, dated May 24, 2021, to the Administration and Accounting Agreement |
EX-99.H9 |
Amendment and revised Schedule I, dated May 24, 2021, to the Transfer Agency Agreement |
EX-99.H13 |
|
EX-99.I12 |
Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, relating to the AdvisorShares Psychedelics ETF |
EX-99.M2 |
|
EX-99.Q4 |