FIRST AMENDMENT TO ETF DISTRIBUTION AGREEMENT

Exhibit (e)(20)

FIRST AMENDMENT TO
ETF DISTRIBUTION AGREEMENT

This first amendment (the “Amendment”) to the ETF Distribution Agreement dated as of September 30, 2021 as Novated (the “Agreement”), is entered by and between AdvisorShares Trust (the “Trust”) and Foreside Fund Services, LLC (together with the Trust, the “Parties”), and made effective as of October 27, 2021.

WHEREAS, the Parties desire to amend Exhibit A of the Agreement.

WHEREAS, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by all Parties.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

2. Exhibit A to the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

3. Except as expressly amended hereby, all of the provisions of the Agreement are restated and in full force and effect to the same extent as if fully set forth herein.

4. This Amendment shall be governed by and the provisions of this Amendment shall be construed and interpreted under and in accordance with the laws of the State of Delaware.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

ADVISORSHARES TRUST			FORESIDE FUND SERVICES, LLC
By:	/s/ Xxx Xxxxxx		By:	/s/ Xxxx Xxxxxxxxx
Name:	Xxx Xxxxxx		Name:	Xxxx Xxxxxxxxx
Title:	Secretary and Treasurer		Title:	Vice President
Date:	October 27, 2021		Date:	October 28, 2021

ETF DISTRIBUTION AGREEMENT EXHIBIT A

Effective as of October 27, 2021

FUNDS

AdvisorShares North Square XxXxx ESG Core Bond ETF

AdvisorShares Newfleet Multi-Sector Income ETF

AdvisorShares Ranger Equity Bear ETF

AdvisorShares North Square XxXxx Core Reserves ETF

AdvisorShares STAR Global Buy-Write ETF

AdvisorShares DoubleLine Value Equity ETF

AdvisorShares Xxxxxx Xxxxxx ADR ETF

AdvisorShares Focused Equity ETF

AdvisorShares Vice ETF

AdvisorShares Xxxxxx Xxxxxx Micro-Cap ETF

AdvisorShares Xxxxxx Xxxxxx Short ETF

AdvisorShares Pure Cannabis ETF

AdvisorShares Xxxxxx Xxxxxx Alpha Equal Weight ETF

AdvisorShares Xxxxxx Xxxxxx FSM All Cap World ETF

AdvisorShares Xxxxxx Xxxxxx FSM US Core ETF

AdvisorShares Pure US Cannabis ETF

AdvisorShares Q Portfolio Blended Allocation ETF

AdvisorShares Q Dynamic Growth ETF

AdvisorShares Alpha DNA Equity Sentiment ETF

AdvisorShares Hotel ETF

AdvisorShares Restaurant ETF

AdvisorShares Gerber Kawasaki ETF

AdvisorShares Psychedelics ETF

AdvisorShares Poseidon Dynamic Cannabis ETF

A-1