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Form N-PX · fund registrantSEC filer no. 1408970

AdvisorShares Trust

fund voting report

Vote records reported
3,870year to 30 June 2026
Against management
9.2%353 of 3,827 marked votes
Say-on-pay support
87.1%for, of for + against + abstain
Shareholder-proposal support
39.5%for, of for + against + abstain
88.6% for7.7% against3.7% other9.2% against management3,870 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

In its Form N-PX for the year to 30 June 2026, AdvisorShares Trust listed 3,870 vote records. Votes against management made up 9.2% of those marked either way (353 of 3,827); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 19.5%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 87.1% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 39.5% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (35.0% of 20), COMPENSATION (32.6% of 172) and CAPITAL STRUCTURE (21.5% of 149).

It reported 16.2 million shares out on loan at record dates, 1.65% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share9.2%6.2%10.6%
Say-on-pay support rate87.1%91.6%86.0%
Shareholder-proposal support rate39.5%27.5%33.9%
Shares on loan, share of shares held1.65%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS2,5532,380656.0%
SECTION 14A SAY-ON-PAY VOTES2662183212.9%
AUDIT-RELATED33833230.6%
INVESTMENT COMPANY MATTERS96333.3%
SHAREHOLDER RIGHTS AND DEFENSES20101035.0%
EXTRAORDINARY TRANSACTIONS2521416.0%
CAPITAL STRUCTURE1491193021.5%
COMPENSATION1731145732.6%
CORPORATE GOVERNANCE3202663717.3%
ENVIRONMENT OR CLIMATE2872117.9%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE179841.2%
DIVERSITY, EQUITY, AND INCLUSION142120.0%
OTHER SOCIAL ISSUES54163816.7%
OTHER15190.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,7909.3%88.9%49.8%
year to 30 June 20253,9328.3%84.9%39.1%
year to 30 June 20263,8709.2%87.1%39.5%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, AdvisorShares Trust voted against management on 26 of the 215 it marked either way (12.1%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 123 proposals from security holders that could be told apart in the filings and on which it cast a vote, AdvisorShares Trust voted for 56 (45.5%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a report on charitable partnerships
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a mandatory independent board chair policy
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a report on impact of climate commitments
Amazon.com, Inc.20 May 2026Shareholder proposal requesting additional reporting on impact of data centers on climate commitments
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting reporting on greenhouse gas emissions from the...
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
JPMorgan Chase & Co.19 May 2026Independent board chairman
JPMorgan Chase & Co.19 May 2026Report on congruence of security, resiliency, and climate initiatives
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Eli Lilly and Company4 May 2026Shareholder proposal to prepare an annual lobbying report.
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
Walmart Inc.4 Jun 2026Report on Workplace Health and Safety Governance
Walmart Inc.4 Jun 2026Human rights or human capital/workforce
Walmart Inc.4 Jun 2026Report on Immigration Policy & Enforcement
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
International Business Machines Corporation28 Apr 2026Amend Stock Ownership Guidelines for Outside Directors
CATERPILLAR INC.10 Jun 2026Shareholder Proposal - Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
S&P Global Inc.20 May 2026Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Lam Research Corporation4 Nov 2025Stockholder proposal titled "Realistic Shareholder Ability to Call for a Special Shareholder Meeting,"
Booking Holdings Inc.2 Jun 2026Non-binding stockholder vote on a proposal to avoid brand damage due to corporate political spending.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026Shareholder Proposal Regarding Data Protection Impact Assessment
Meta Platforms, Inc.27 May 2026Shareholder proposal: OTHER SOCIAL ISSUES
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on climate change-related commitments.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on human rights due diligence.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on integrating child safety improvements into the executive...
O'Reilly Automotive, Inc.14 May 2026Shareholder proposal entitled "Avoid Brand Damage due to Corporate Political Spending."
Marvell Technology, Inc.25 Jun 2026To consider and act on one stockholder proposal, entitled "Independent Board Chairman"
Yum! Brands, Inc.14 May 2026Shareholder Proposal to Reduce the Percentage of Shares Required to Call a Special Meeting.
Autodesk, Inc.17 Jun 2026Stockholder proposal requesting amendment to stockholder special meeting right.
HCA Healthcare, Inc.23 Apr 2026Stockholder proposal, if properly presented at the meeting, regarding stockholders' right to act by...

Shares on loan

AdvisorShares Trust reported 16.2 million shares on loan at record dates against 966.9 million shares voted: 1.65% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

12 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
AdvisorShares Insider Advantage ETF1,2466.3%95.0%37.8%
AdvisorShares Dorsey Wright ADR ETF47712.2%40.0%0.0%
AdvisorShares Gerber Kawasaki ETF37518.1%13.0%51.0%
AdvisorShares HVAC and Industrials ETF2943.1%100.0%not reported
AdvisorShares Psychedelics ETF28316.1%100.0%not reported
AdvisorShares Focused Equity ETF2742.9%90.9%14.3%
AdvisorShares Vice ETF2729.4%100.0%37.5%
AdvisorShares Restaurant ETF2499.0%94.7%66.7%
AdvisorShares Hotel ETF2127.1%100.0%42.9%
AdvisorShares Pure Cannabis ETF13413.4%83.3%not reported
AdvisorShares Pure US Cannabis ETF4323.3%not reportednot reported
AdvisorShares Dorsey Wright FSM US Core ETF110.0%not reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did AdvisorShares Trust vote on executive pay?

In the year to 30 June 2026 AdvisorShares Trust reported 249 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 217 were for (87.1%), 32 against and 0 abstentions. Counting one item per company meeting, it voted against management on 26 of the 215 say-on-pay items it marked either way.

How often does AdvisorShares Trust vote against management?

9.2% of the time in the year to 30 June 2026: 353 of the 3,827 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did AdvisorShares Trust support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 26 votes on proposals from security holders in the year to 30 June 2026 and voted for 5 of them (19.2%). Across every category it voted for 39.5% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by AdvisorShares Trust (filer no. 1408970), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.