ADVISORSHARES WILSHIRE BUYBACK ETF (TTFS) Exchange: NYSE ARCA

DELISTED - The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by primarily investing in the broad U.S. equity market. The Fund invests in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance. Based on extensive historical research, Wilshire Associates Incorporated (the “Sub-Advisor”) designed a quantitative stock selection process to make allocation decisions in the Fund’s portfolio. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities with ongoing share repurchases.   The Sub-Advisor selects stocks based on multiple factors, including the following metrics:   (i) reduction in outstanding shares; (ii) free cash flow generation; and (iii) a company’s use of leverage.   The Sub-Advisor’s portfolio construction process weights each security using a proprietary methodology, which incorporates the company’s “buyback strength signal,” a value between 0-1 that is calculated based on a normalized measure of the reduction rate of outstanding shares relative to all securities in the portfolio. The process is not market capitalization weighted and may overweight small- and mid-cap stocks relative to traditional market cap weighted indices. Trading costs may vary based on the turnover resulting from the Sub-Advisor’s stock selection algorithm. The Fund may sell stocks that no longer meet the investment criteria. The Fund’s strategy may frequently involve buying and selling securities, which may lead to relatively high portfolio turnover.