0001144204-12-063334.txt : 20121116 0001144204-12-063334.hdr.sgml : 20121116 20121115175945 ACCESSION NUMBER: 0001144204-12-063334 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121116 DATE AS OF CHANGE: 20121115 EFFECTIVENESS DATE: 20121116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AdvisorShares Trust CENTRAL INDEX KEY: 0001408970 IRS NUMBER: 260636087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-157876 FILM NUMBER: 121209728 BUSINESS ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: (202) 684-6383 MAIL ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AdvisorShares Trust CENTRAL INDEX KEY: 0001408970 IRS NUMBER: 260636087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22110 FILM NUMBER: 121209729 BUSINESS ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: (202) 684-6383 MAIL ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 0001408970 S000026954 WCM/BNY Mellon Focused Growth ADR ETF C000081186 WCM/BNY Mellon Focused Growth ADR ETF 0001408970 S000028107 Accuvest Global Long Short ETF C000085638 Accuvest Global Long Short ETF 0001408970 S000028889 Peritus High Yield ETF C000088572 Peritus High Yield ETF 0001408970 S000030071 Cambria Global Tactical ETF C000092238 Cambria Global Tactical ETF 0001408970 S000030090 Ranger Equity Bear ETF C000092409 Ranger Equity Bear ETF 0001408970 S000031214 Madrona Domestic ETF C000096916 Madrona Domestic ETF 0001408970 S000031215 Madrona International ETF C000096917 Madrona International ETF 0001408970 S000031216 Madrona Global Bond ETF C000096918 Madrona Global Bond ETF 0001408970 S000031642 Meidell Tactical Advantage ETF C000098432 Meidell Tactical Advantage ETF 0001408970 S000031813 TrimTabs Float Shrink ETF C000099071 TrimTabs Float Shrink ETF 0001408970 S000033138 Rockledge SectorSAM ETF C000102033 Rockledge SectorSAM ETF 0001408970 S000033346 Accuvest Global Opportunities ETF C000102436 Accuvest Global Opportunities ETF 485BPOS 1 v326959_485bpos.htm 485BPOS

 

As filed with the U.S. Securities and Exchange Commission on November 16, 2012

 

File Nos. 333-157876 and 811-22110

 

U.S. SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

  THE SECURITIES ACT OF 1933 x
  Pre-Effective Amendment No. ¨
  Post-Effective Amendment No. 54 x

and/or

REGISTRATION STATEMENT

UNDER

  THE INVESTMENT COMPANY ACT OF 1940 x
  Amendment No. 56 x

 

AdvisorShares Trust

(Exact Name of Registrant as Specified in Charter)

 

2 Bethesda Metro Center, Suite 1330, Bethesda, Maryland 20814

(Address of Principal Executive Offices, Zip Code)

 

(877) 843-3831

(Registrant’s Telephone Number, including Area Code)

 

Noah Hamman

AdvisorShares Investments, LLC

2 Bethesda Metro Center

Suite 1330

Bethesda, Maryland  20814

(Name and Address of Agent for Service)

 

Copy to:

W. John McGuire

Bingham McCutchen LLP

2020 K Street NW

Washington, DC 20006

 

It is proposed that this filing will become effective (check appropriate box):

xImmediately upon filing pursuant to paragraph (b) of Rule 485
¨On (date) pursuant to paragraph (b)(1)(v) of Rule 485
¨60 days after filing pursuant to paragraph (a)(1) of Rule 485
¨On (date) pursuant to paragraph (a)(1) 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

 

 
 

 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 54 relates to the Accuvest Global Long Short ETF, Accuvest Global Opportunities ETF, Cambria Global Tactical ETF, Madrona Domestic ETF, Madrona International ETF, Madrona Global Bond ETF, Meidell Tactical Advantage ETF, Peritus High Yield ETF, Ranger Equity Bear ETF (formerly, the Active Bear ETF), Rockledge SectorSAM ETF, TrimTabs Float Shrink ETF, and WCM/BNY Mellon Focused Growth ADR ETF.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 54 to Registration Statement No. 333-157876 to be signed on its behalf by the undersigned, duly authorized, in the City of Bethesda, State of Maryland on this 16th day of November, 2012.

 

   
    AdvisorShares Trust
     
    /s/ Noah Hamman
   

Noah Hamman

Chairman of the Board of Trustees,

Chief Executive Officer, Principal Financial Officer and President

 

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 54 to the Registration Statement has been signed below by the following persons in the capacity and on the date indicated.

 

Signature   Title   Date
         
/s/ Noah Hamman   Chairman of the Board of Trustees,   November 16, 2012
Noah Hamman   Chief Executive Officer,    
    Principal Financial Officer and    
    President    
         
         
*   Trustee   November 16, 2012
Elizabeth Piper/Bach        
         
         
*   Trustee   November 16, 2012
William G. McVay        
         
         
*   Secretary, Chief Compliance   November 16, 2012
Dan Ahrens   Officer and Treasurer    
         
         
/s/Noah Hamman        
* Noah Hamman, Power of Attorney        

 

 

EX-101.INS 3 ck0001408970-20120630.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-06-30 0001408970 2012-10-29 AdvisorShares Trust false 2012-10-29 2012-10-29 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />For the period from January 25, 2012, the Fund's commencement of operations,<br />through the most recent fiscal year ended June 30, 2012, the Fund's portfolio<br />turnover rate was 135% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000033346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Accuvest Global Opportunities ETF (the "Fund") seeks long-term capital<br />appreciation in excess of global equity benchmarks such as the MSCI All <br />Country World Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If<br />commissions were included, your costs would be higher.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund is a "fund of funds" that seeks to achieve its investment objective by<br />investing primarily in other exchange traded funds (the "Underlying ETFs").<br />Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's<br />investment objective by investing in Underlying ETFs that provide diversified<br />exposure to select economies around the world. The Sub-Advisor ranks countries<br />on a monthly basis using its proprietary country ranking model in order to<br />determine their relative attractiveness. The Sub-Advisor then endeavors to<br />invest in Underlying ETFs, which may be both affiliated and unaffiliated with<br />the Fund, that individually or in combination correspond generally to the price<br />and yield performance of the specific countries (or regions) identified as most<br />attractive by the model. The Sub-Advisor believes that attractive returns can<br />only be achieved by actively structuring portfolios distinct from simply<br />tracking market indices. As a result, the Fund's portfolio will be invested only<br />in countries with the highest rankings as identified by the Sub-Advisor's<br />proprietary country ranking process.</tt> ACCUVEST GLOBAL OPPORTUNITIES ETF The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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. EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 1.35 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br />&#xA0;&#xA0;<br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of the<br />Underlying ETFs and the allocation of assets among the Underlying ETFs will<br />cause the Fund to underperform other funds with a similar investment objective<br />that do not allocate their assets in the same manner or the market as a whole.<br />&#xA0;&#xA0;<br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br />&#xA0;&#xA0;<br />Investment Risk. As with all investments, an investment in the Fund is subject<br />to investment risk. Investors in the Fund could lose money, including the<br />possible loss of the entire principal amount of an investment, over short or<br />even long periods of time.<br />&#xA0;&#xA0;<br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br />&#xA0;&#xA0;<br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /> <br />Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment <br />accorded to "regulated investment companies," the Fund must derive at least 90% <br />of its gross income in each taxable year from certain categories of income <br />("qualifying income"). Certain of the Fund's investments may generate income <br />that is not qualifying income. If the Fund were to fail to meet the qualifying <br />income test and fail to qualify as a regulated investment company, it would be <br />taxed in the same manner as an ordinary corporation, and distributions to its <br />shareholders would not be deductible by the Fund in computing its taxable<br />income.<br />&#xA0;&#xA0;<br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br />&#xA0;&#xA0;<br />Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,<br />the Fund will be subject to the risks associated with the Underlying ETFs'<br />investments, including the possibility that the value of the securities held <br />by an Underlying ETF could decrease. These risks include any combination of <br />the risks described below. The Fund's exposure to a particular risk will be<br />proportionate to the Fund's overall allocation to the Underlying ETFs and the<br />Underlying ETFs' exposure to various security types, currencies, market sectors<br />and geographic regions.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Emerging Markets Risk. There is an increased risk of price volatility&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;associated with an Underlying ETF's investments in, or exposure to, emerging&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;market countries, which may be magnified by currency fluctuations relative to&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;the U.S. dollar.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Equity Risk. The prices of equity securities in which an Underlying ETF invests, <br />&#xA0;&#xA0;or is exposed to, rise and fall daily. These price movements may result from <br />&#xA0;&#xA0;factors affecting individual companies, industries or the securities market<br />&#xA0;&#xA0;as a whole.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's investments in fixed income securities&#xA0;&#xA0;<br />&#xA0;&#xA0;are subject to the risk that the securities may be paid off earlier or later&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;than expected. Either situation could cause the Underlying ETF to hold&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities paying lower-than-market rates of interest, which could hurt the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Fund's yield or share price.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Foreign Currency Risk. Currency movements may negatively impact the value of <br />&#xA0;&#xA0;an Underlying ETF security even when there is no change in the value of the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;security in the issuer's home country. Certain of the Underlying ETFs may not&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;hedge against the risk of currency exchange rate fluctuations, while other&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETFs may if there is volatility in currency exchange rates.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Foreign Securities Risk. An Underlying ETF's investments in, or exposure to,&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;foreign issuers involve certain risks including, but not limited to, risks of&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;adverse changes in foreign economic, political, regulatory and other conditions,<br />&#xA0;&#xA0;or changes in currency exchange rates or exchange control regulations (including<br />&#xA0;&#xA0;limitations on currency movements and exchanges). In certain countries, legal&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;remedies available to investors may be more limited than those available with&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;respect to investments in the United States. In addition, the securities of some<br />&#xA0;&#xA0;foreign companies may be less liquid and, at times, more volatile than&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities of comparable U.S. companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Geographic Investment Risk. Each Underlying ETF invests a significant portion of<br />&#xA0;&#xA0;its assets in the securities of issuers organized in one or more jurisdictions&#xA0;&#xA0;<br />&#xA0;&#xA0;around the world, or in securities or instruments that provide exposure to such <br />&#xA0;&#xA0;issuers. As such, each Underlying ETF is likely to be impacted by economic&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;conditions or events affecting the particular market or markets reflected by its<br />&#xA0;&#xA0;name. For example, political and economic conditions and changes in regulatory, <br />&#xA0;&#xA0;tax, or economic policy in a country could significantly affect the market in&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;that country and in surrounding or related countries and have a negative impact <br />&#xA0;&#xA0;on the Underlying ETF's performance. Initially the Fund is expected to have&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;significant exposure to the regions listed below. The Sub-Advisor anticipates,&#xA0;&#xA0;<br />&#xA0;&#xA0;however, that the Fund's exposure to particular regions and countries will vary <br />&#xA0;&#xA0;greatly and may change frequently.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;&#xA0;&#xA0;ASIA. To the extent an Underlying ETF's investments have significant investment<br />&#xA0;&#xA0;&#xA0;&#xA0;exposure to Asia, the Underlying ETF will be susceptible to loss due to adverse<br />&#xA0;&#xA0;&#xA0;&#xA0;market, political, regulatory, and geographic events affecting that region.<br />&#xA0;&#xA0;&#xA0;&#xA0;While certain Asian economies are exemplars of growth and development others<br />&#xA0;&#xA0;&#xA0;&#xA0;have been and continue to be subject, to some extent, to over-extension of<br />&#xA0;&#xA0;&#xA0;&#xA0;credit, currency devaluations and restrictions, high unemployment, high<br />&#xA0;&#xA0;&#xA0;&#xA0;inflation, decreased exports and economic recessions.<br /> <br />&#xA0;&#xA0;&#xA0;&#xA0;EASTERN EUROPE. An Underlying ETF's investments may have significant exposure <br />&#xA0;&#xA0;&#xA0;&#xA0;to companies located in Eastern Europe. Because of this, companies in the<br />&#xA0;&#xA0;&#xA0;&#xA0;Underlying ETF's portfolio may react similarly to political, social, and<br />&#xA0;&#xA0;&#xA0;&#xA0;economic developments in any of the Eastern European countries.<br /> <br />&#xA0;&#xA0;&#xA0;&#xA0;EUROPE. Developed and emerging market countries in Europe will be significantly<br />&#xA0;&#xA0;&#xA0;&#xA0;affected by the fiscal and monetary controls of the European Monetary Union.<br />&#xA0;&#xA0;&#xA0;&#xA0;Changes in regulations on trade, decreasing imports or exports, changes in the<br />&#xA0;&#xA0;&#xA0;&#xA0;exchange rate of the euro and recessions among European countries may have a<br />&#xA0;&#xA0;&#xA0;&#xA0;significant adverse effect on the economies of other European countries.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;PACIFIC REGION. Many of the Pacific region economies can be exposed to high<br />&#xA0;&#xA0;&#xA0;&#xA0;inflation rates, undeveloped financial services sectors, and heavy reliance on<br />&#xA0;&#xA0;&#xA0;&#xA0;international trade. The region's economies are also dependent on the economies<br />&#xA0;&#xA0;&#xA0;&#xA0;of Asia, Europe and the United States and, in particular, on the price and<br />&#xA0;&#xA0;&#xA0;&#xA0;demand for agricultural products and natural resources.<br /> <br />&#xA0;&#xA0;&#xA0;&#xA0;NORTH AMERICA. The United States is Canada's largest trading and investment<br />&#xA0;&#xA0;&#xA0;&#xA0;partner and the Canadian economy is significantly affected by developments in<br />&#xA0;&#xA0;&#xA0;&#xA0;the U.S. economy. The United States is also a significant trading partner of<br />&#xA0;&#xA0;&#xA0;&#xA0;many emerging markets in which the Underlying ETFs invest. Decreasing U.S.<br />&#xA0;&#xA0;&#xA0;&#xA0;imports, new trade regulations, changes in the U.S. dollar exchange rates or <br />&#xA0;&#xA0;&#xA0;&#xA0;a recession in the United States may have an adverse impact on these markets.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Investment Risk. Similar to an investment in the Fund, an investment in an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF is not a bank deposit and is not insured or guaranteed by the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Federal Deposit Insurance Corporation or any other government agency. The Fund&#xA0;&#xA0;<br />&#xA0;&#xA0;may experience losses with respect to its investment in an Underlying ETF.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Further, there is no guarantee that an Underlying ETF will achieve its&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;investment objective.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization<br />&#xA0;&#xA0;companies. Returns on investments in stocks of large U.S. companies could trail <br />&#xA0;&#xA0;the returns on investments in stocks of small- and mid-capitalization companies <br />&#xA0;&#xA0;or the market as a whole.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies. Mid-cap companies may be more volatile and more likely than large-cap<br />&#xA0;&#xA0;companies to have limited product lines, markets or financial resources, or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;depend on a few key employees. Returns on investments in stocks of mid-cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies could trail the returns on investments in stocks of large- or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;small-cap companies or the market as a whole.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization<br />&#xA0;&#xA0;companies. Small-cap companies may be more vulnerable than larger, more&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;established organizations to adverse business or economic developments. In&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;particular, small-cap companies may have limited product lines, markets, and&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;financial resources and may be dependent upon a relatively small management&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;group. These securities may be listed on an exchange or trade over-the-counter, <br />&#xA0;&#xA0;and may or may not pay dividends. During a period when the performance of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;small-cap stocks falls behind that of other types of investments, such as&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;large-cap stocks, the Underlying ETF's performance could be adversely affected. <br /> <br />&#xA0;&#xA0;Tracking Error Risk. Tracking error can arise due to factors such as the effect <br />&#xA0;&#xA0;of transaction fees and expenses incurred by the Underlying ETF, changes in&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;composition of the benchmark, and the ability of the ETF manager or sponsor to&#xA0;&#xA0;<br />&#xA0;&#xA0;successfully implement his or her investment strategy.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history <br />for a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br />&#xA0;&#xA0;<br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000033346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. Similar to an investment in the Fund, an investment in an Underlying ETF is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. ACCU 180 769 -0.0102 3045 1384 0.0132 0.0095 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 0.0000 0.0177 0.0279 0.0052 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />For the period from January 11, 2012, the Fund's commencement of operations,<br />through the most recent fiscal year ended June 30, 2012, the Fund's portfolio<br />turnover rate was 391% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000033138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Rockledge SectorSAM ETF (the "Fund") seeks to generate stable and consistent<br />annual returns under all market conditions.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund is a "fund of funds" that seeks to achieve its investment objective by<br />investing primarily in both long and short positions in other exchange traded<br />funds (the "Underlying ETFs") that offer diversified exposure to U.S. large<br />capitalization sectors. Rockledge Advisors LLC, (the "Sub-Advisor") uses "Sector<br />Scoring and Allocation Methodology" ("SectorSAM"), which is a proprietary<br />quantitative analysis, to forecast each sector's excess return within a specific<br />time horizon. The Sub-Advisor seeks to achieve the Fund's investment objective<br />by buying (taking long positions in) Underlying ETFs intended to capture the<br />performance of the most promising sectors and selling (establishing short<br />positions in) Underlying ETFs with the intent of profiting from the least<br />promising sectors of U.S. large capitalization broad market securities. The<br />strategy is designed to generate higher returns in a higher interest rate<br />environment, which is often associated with increased inflation.<br /><br />Under normal circumstances, the Fund strives to invest equal dollar amounts to<br />obtain both long and short exposure in the market at each major rebalancing<br />point (on at least a monthly basis). When fully invested, the Fund will<br />typically be both 100% long and 100% short of total portfolio value. The<br />Sub-Advisor, in its discretion, may choose an additional long or short bias of<br />up to 50% exposure, or may choose to hold amounts in cash or cash equivalents<br />depending on its view of market conditions.</tt> ROCKLEDGE SectorSAM ETF The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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. EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 3.91 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of<br />Underlying ETFs and the allocation of assets among such Underlying ETFs will<br />cause the Fund to underperform other funds with a similar investment objective<br />that do not allocate their assets in the same manner or the market as a whole.<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Investment Risk. As with all investments, an investment in the Fund is subject<br />to investment risk. Investors in the Fund could lose money, including the<br />possible loss of the entire principal amount of an investment, over short or<br />even long periods of time.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br />&#xA0;&#xA0;<br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Portfolio Turnover Risk. The Fund's investment strategy may result in relatively<br />high portfolio turnover, which may result in increased transaction costs and may<br />lower Fund performance.<br /><br />Short Sales Risk. Short sales are transactions in which the Fund sells a security <br />it does not own. To complete the transaction, the Fund must borrow the security <br />to make delivery to the buyer. The Fund is then obligated to replace the security <br />borrowed by purchasing the security at the market price at the time of replacement. <br />The price at such time may be higher or lower than the price at which the security <br />was sold by the Fund. If the underlying security goes down in price between the <br />time the Fund sells the security and buys it back, the Fund will realize a gain on <br />the transaction. Conversely, if the underlying security goes up in price during the <br />period, the Fund will realize a loss on the transaction. Any such loss is increased <br />by the amount of premium or interest the Fund must pay to the lender of the security. <br />Likewise, any gain will be decreased by the amount of premium or interest the Fund <br />must pay to the lender of the security. Because a short position loses value as the <br />security's price increases, the loss on a short sale is theoretically unlimited. <br />Short sales involve leverage because the Fund borrows securities and then sells <br />them, effectively leveraging its assets. The use of leverage may magnify gains or<br />losses for the Fund.<br /><br />Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment <br />accorded to "regulated investment companies," the Fund must derive at least 90% <br />of its gross income in each taxable year from certain categories of income <br />("qualifying income"). Certain of the Fund's investments may generate income that <br />is not qualifying income. If the Fund were to fail to meet the qualifying income <br />test and fail to qualify as a regulated investment company, it would be taxed in <br />the same manner as an ordinary corporation, and distributions to its shareholders <br />would not be deductible by the Fund in computing its taxable income.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,<br />the Fund will be subject to the risks associated with such investment vehicles'<br />investments, including the possibility that the value of the securities held by<br />an Underlying ETF could decrease. These risks include any combination of the<br />risks described below. The Fund's exposure to a particular risk will be<br />proportionate to the Fund's overall allocation to the Underlying ETFs and their<br />exposure to various security types and geographic regions.<br /><br />&#xA0;&#xA0;Concentration Risk. An Underlying ETF may, at various times, concentrate in the<br />&#xA0;&#xA0;securities of a particular industry, group of industries, or sector, and when a <br />&#xA0;&#xA0;fund is overweighted in an industry, group of industries, or sector, it may be&#xA0;&#xA0;<br />&#xA0;&#xA0;more sensitive to any single economic, business, political, or regulatory&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;occurrence than a fund that is not overweighted in an industry, group of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;industries, or sector. <br /><br />&#xA0;&#xA0;Equity Risk. The prices of equity securities in which an Underlying ETF invests <br />&#xA0;&#xA0;rise and fall daily. These price movements may result from factors affecting&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;individual companies, industries or the securities market as a whole. <br /><br />&#xA0;&#xA0;"Growth" Investing Risk. An Underlying ETF may pursue a "growth style" of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;investing. Growth stocks can be volatile for several reasons. Since those&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies usually invest a high portion of earnings in their businesses, they&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;may lack the dividends of value stocks that can cushion stock prices in a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;falling market. The prices of growth stocks are based largely on projections of <br />&#xA0;&#xA0;the issuer's future earnings and revenues. If a company's earnings or revenues&#xA0;&#xA0;<br />&#xA0;&#xA0;fall short of expectations, its stock price may fall dramatically. <br /><br />&#xA0;&#xA0;Investment Risk. Similar to an investment in the Fund, an investment in an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF is not a bank deposit and is not insured or guaranteed by the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Federal Deposit Insurance Corporation or any other government agency. The Fund&#xA0;&#xA0;<br />&#xA0;&#xA0;may experience losses with respect to its investment in an Underlying ETF.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Further, there is no guarantee that an Underlying ETF will be able to achieve&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;its objective. <br /><br />&#xA0;&#xA0;Large-Capitalization Risk. An Underlying ETF may invest in large-cap companies.<br />&#xA0;&#xA0;Returns on investments in stocks of large U.S. companies could trail the returns<br />&#xA0;&#xA0;on investments in stocks of smaller and mid-sized companies or the market as a&#xA0;&#xA0;<br />&#xA0;&#xA0;whole. <br /><br />&#xA0;&#xA0;Mid-Capitalization Risk. An Underlying ETF may invest in mid-cap companies.&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Mid-sized companies may be more volatile and more likely than large-capitalization <br />&#xA0;&#xA0;companies to have limited product lines, markets or financial resources, or depend <br />&#xA0;&#xA0;on a few key employees. Returns on investments in stocks of mid-size companies <br />&#xA0;&#xA0;could trail the returns on investments in stocks of larger or smaller companies or <br />&#xA0;&#xA0;the market as a whole. <br /><br />&#xA0;&#xA0;Small-Capitalization Risk. An Underlying ETF may invest in small-cap companies.<br />&#xA0;&#xA0;Small-cap companies may be more vulnerable than larger, more established&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;organizations to adverse business or economic developments. In particular,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;small-cap companies may have limited product lines, markets, and financial&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;resources and may be dependent upon a relatively small management group. These&#xA0;&#xA0;<br />&#xA0;&#xA0;securities may be listed on an exchange or trade over-the-counter, and may or&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;may not pay dividends. During a period when small-cap stocks fall behind other&#xA0;&#xA0;<br />&#xA0;&#xA0;types of investments -- large-cap stocks, for instance -- the Underlying ETF's&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;performance could be adversely affected. <br /><br />&#xA0;&#xA0;Tracking Error Risk. An Underlying ETF's manager may not be able to cause the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Fund's performance to correspond to that of the Underlying ETF's benchmark,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;either on a daily or aggregate basis. Tracking error may cause the Underlying&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;ETF's performance to be less than expected. <br /><br />&#xA0;&#xA0;"Value" Investing Risk. Because Underlying ETFs may invest in value stocks,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETFs could suffer losses or produce poor results relative to other&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;funds, even in a rising market, if the Underlying ETF manager's assessment of a <br />&#xA0;&#xA0;company's value or prospects for exceeding earnings expectations or market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;conditions is wrong. <br /><br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history <br />for a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future. <br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000033138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. Similar to an investment in the Fund, an investment in an Underlying ETF is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. SSAM 0.0160 314 2430 -0.0793 8066 4298 0.0978 0.0125 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 0.0818 0.0000 0.0311 0.1104 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />For the period from October 5, 2011, the Fund's commencement of operations,<br />through the most recent fiscal year ended, the Fund's portfolio turnover rate<br />was 201% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000031813Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>TrimTabs Float Shrink ETF (the "Fund") seeks to generate long-term returns in<br />excess of the total return of the Russell 3000&#xAE; Index (the "Index"), with less<br />volatility than the Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund is an actively managed exchange-traded fund that seeks to achieve its<br />investment objective by primarily investing in the broad U.S. equity market, as<br />represented by the Index. The Fund seeks to achieve this goal by investing in<br />stocks with liquidity and fundamental characteristics that are historically<br />associated with superior long-term performance. Based on extensive historical<br />research, Trim Tabs Asset Management, LLC (the "Sub-Advisor") designed the<br />following quantitative stock selection rules to make allocation decisions and to<br />protect against dramatic over or under weighting of individual securities in the<br />Fund's portfolio.<br /><br />Decile Ranking of Russell 3000&#xAE; IndexStocks. The Sub-Advisor ranks stocks in the<br />Index by decile based on the following criteria:<br /><br />&#xA0;&#xA0;&#xA0;(i) the decrease in their outstanding shares over approximately the past 120<br />&#xA0;&#xA0;&#xA0;days ("float shrink");<br /><br />&#xA0;&#xA0;&#xA0;(ii) the increase in free cash flow (the money available to the company that is<br />&#xA0;&#xA0;&#xA0;not used to pay for its daily operations) over approximately the past 120 days;<br />&#xA0;&#xA0;&#xA0;and<br /><br />&#xA0;&#xA0;&#xA0;(iii) the decrease in leverage over approximately the past 120 days. Leverage is<br />&#xA0;&#xA0;&#xA0;measured as the ratio of total liabilities to total assets. The Sub-Advisor uses<br />&#xA0;&#xA0;&#xA0;the relative decrease in leverage rather than amount of leverage itself as a<br />&#xA0;&#xA0;&#xA0;criterion because the degree of leverage varies across industries.<br /><br />The top decile of each respective ranking consists of the stocks of the companies <br />with (1) the strongest reduction in shares outstanding, (2) the strongest growth <br />in free cash flow, and (3) the largest decrease in leverage, respectively.<br /><br />Stock Selection Algorithm. The Sub-Advisor uses an algorithm to give a relative<br />weight to the three decile rankings, combining them in a single ranking (combined <br />ranking). The algorithm places a higher weight on the float shrink ranking, <br />followed by the free cash flow ranking, followed by the leverage ranking. The Fund <br />under normal circumstances invests in 80 to 120 stocks from among the tenth <br />percentile of stocks with the highest combined ranking.</tt> TRIMTABS FLOAT SHRINK ETF EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 2.01 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of <br />the Fund on that day.<br /><br />Equity Risk. The prices of equity securities rise and fall daily. These price<br />movements may result from factors affecting individual issuers, industries or<br />the stock market as a whole. In addition, equity markets tend to move in cycles<br />which may cause stock prices to fall over short or extended periods of time.<br />&#xA0;&#xA0;<br />Large-Capitalization Securities Risk. The Fund may invest in large-capitalization <br />companies. Large- capitalization securities tend to go in and out of favor based <br />on market and economic conditions. During a period when the demand for <br />large-capitalization securities is less than for other types of investments -- <br />small- capitalization securities, for instance -- the Fund's performance could <br />be reduced.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,<br />purchases and sales with a view to achieving the Fund's investment objective.<br />However, the achievement of the stated investment objective cannot be guaranteed. <br />The Sub-Advisor's judgments about the markets, the economy, or companies may not <br />anticipate actual market movements, economic conditions or company performance, <br />and these judgments may affect the return on your investment.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Mid-Capitalization Securities Risk. The Fund may invest in mid-capitalization<br />companies. Mid-size companies may be more volatile and more likely than<br />large-capitalization companies to have limited product lines, markets or<br />financial resources, or depend on a few key employees. Returns on investments in<br />stocks of mid-size companies could trail the returns on investments in stocks of<br />larger or smaller companies.<br /><br />Small-Capitalization Securities Risk. The Fund may invest in small-capitalization <br />companies. Security prices of small capitalization companies may be more volatile <br />than those of larger companies and therefore the Fund's share price may be more <br />volatile than those of funds that invest a larger percentage of their assets in <br />securities issued by larger-capitalization companies.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history <br />for a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000031813Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. TTFS 101 601 -0.0135 2574 1128 0.0135 0.0099 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 0.0000 0.0099 0.0234 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 817%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000031642Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Meidell Tactical Advantage ETF (the "Fund") seeks to provide long-term<br />capital appreciation</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund is considered a "fund of funds" that seeks to achieve its investment<br />objective by primarily investing in other exchange traded funds (the "Underlying<br />ETFs") that offer diversified exposure to global regions, countries, styles<br />(market capitalization, value, growth, etc.) or sectors, and other exchange-traded <br />products ("ETPs"), including, but not limited to, exchange-traded notes ("ETNs"), <br />exchange-traded currency trusts, and closed-end funds. The Fund primarily invests <br />in U.S.-listed domestic and foreign equity, fixed income, and commodity ETFs and <br />ETPs.<br /><br />American Wealth Management (the "Sub-Advisor") seeks to achieve the Fund's<br />investment objective by managing a tactical strategy that has the ability to<br />dynamically rebalance the Fund's portfolio from as much as 100% equity assets to<br />100% fixed income assets or cash and cash equivalents depending on market<br />trends. This is a long-only tactical strategy that seeks to minimize portfolio<br />losses by rotating out of higher volatility assets and into lower volatility<br />assets when the Sub-Advisor believes there are significant risks in the equity<br />markets. Risk management is an integral part of the Sub-Advisor's investment<br />strategy. The Fund will not invest in leveraged or inverse exchange-traded<br />funds.<br /><br />The Sub-Advisor uses a quantitative tactical methodology to identify the Underlying <br />ETFs and ETPs believed to be participating in long-term "durable trends" within the <br />market. This model enables the Sub- Advisor to evaluate, rank and select the <br />appropriate mix of investments in Underlying ETFs and ETPs given market conditions.</tt> MEIDELL TACTICAL ADVANTAGE ETF <tt>with a secondary emphasis on capital preservation.</tt> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds. EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 8.17 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br />&#xA0;&#xA0;<br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of<br />Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs<br />and ETPs will cause the Fund to underperform other funds with a similar<br />investment objective that do not allocate their assets in the same manner or the<br />market as a whole.<br />&#xA0;&#xA0;<br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. may<br />result in a shareholder's inability to buy or sell shares of the Fund on that<br />day.<br />&#xA0;&#xA0;<br />ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by <br />an underwriting bank that are designed to provide returns that are linked to a<br />particular benchmark less investor fees. ETNs have a maturity date and<br />generally, are backed only by the creditworthiness of the issuer. As a result,<br />the value of an ETN may be influenced by time to maturity, level of supply and<br />demand for the ETN, volatility and lack of liquidity in the underlying market<br />(e.g., the commodities market), changes in the applicable interest rates, and<br />changes in the issuer's credit rating and economic, legal, political or<br />geographic events that affect the referenced market. ETNs also may be subject <br />to commodities market risk and credit risk.<br />&#xA0;&#xA0;<br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings. <br /> <br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /> <br />Portfolio Turnover Risk. The Fund's investment strategy may result in relatively<br />high portfolio turnover, which may result in increased transaction costs and may<br />lower Fund performance.<br /> <br />Tax Risk. In order to qualify for the favorable U.S. federal income tax<br />treatment accorded to "regulated investment companies," the Fund must derive <br />at least 90% of its gross income in each taxable year from certain categories of<br />income ("qualifying income"). Certain of the Fund's investments may generate<br />income that is not qualifying income. If the Fund were to fail to meet the<br />qualifying income test and fail to qualify as a regulated investment company, it<br />would be taxed in the same manner as an ordinary corporation, and distributions<br />to its shareholders would not be deductible by the Fund in computing its taxable<br />income.<br /> <br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /> <br />Underlying Fund Investment Risk. Through its investments in the Underlying ETFs<br />or ETPs, the Fund will be subject to the risks associated with the Underlying<br />ETFs' or ETPs' investments, including the possibility that the value of the<br />securities held by an Underlying ETF or ETP could decrease. These risks include<br />any combination of the risks described below, although the Fund's exposure to a<br />particular risk will be proportionate to the Fund's overall allocation and<br />Underlying ETF or ETP's asset allocation.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Commodities Risk. The commodities industries can be significantly affected by&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;the level and volatility of commodity prices; world events including&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;international monetary and political developments; import controls and worldwide<br />&#xA0;&#xA0;competition; exploration and production spending; and tax and other government&#xA0;&#xA0;<br />&#xA0;&#xA0;regulations and economic conditions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate <br />&#xA0;&#xA0;in the securities of a particular industry, group of industries, or sector, and <br />&#xA0;&#xA0;when a fund is overweighted in an industry, group of industries, or sector, it&#xA0;&#xA0;<br />&#xA0;&#xA0;may be more sensitive to any single economic, business, political, or regulatory<br />&#xA0;&#xA0;occurrence than a fund that is not overweighted in an industry, group of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;industries, or sector.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;that a decline in the credit quality of a portfolio investment could cause the&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;could lose money if the issuer or guarantor of a portfolio investment or the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;counterparty to a derivatives contract fails to make timely principal or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest payments or otherwise honor its obligations.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Emerging Markets Risk. There is an increased risk of price volatility associated<br />&#xA0;&#xA0;with an Underlying ETF's or ETP's investments in emerging market countries,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;which may be magnified by currency fluctuations relative to the U.S. dollar.&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Equity Risk. The prices of equity securities in which an Underlying ETF invests <br />&#xA0;&#xA0;rise and fall daily. These price movements may result from factors affecting&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;individual companies, industries or the securities market as a whole.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities are subject to the risk that the securities may be paid off earlier&#xA0;&#xA0;<br />&#xA0;&#xA0;or later than expected. Either situation could cause the Underlying ETF or ETP&#xA0;&#xA0;<br />&#xA0;&#xA0;to hold securities paying lower- than-market rates of interest, which could hurt<br />&#xA0;&#xA0;the Fund's yield or share price.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Foreign Currency Risk. Currency movements may negatively impact the value of an <br />&#xA0;&#xA0;Underlying ETF or ETP security even when there is no change in the value of the <br />&#xA0;&#xA0;security in the issuer's home country. Under normal circumstances, the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETFs and ETPs do not intend to hedge against the risk of currency&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;exchange rate fluctuations, but some Underlying ETFs and ETPs may reserve the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;right to do so if there is extreme volatility in currency exchange rates.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Foreign Securities Risk. An Underlying ETF's or ETP's investments in securities<br />&#xA0;&#xA0;of foreign issuers involve certain risks including, but not limited to, risks of<br />&#xA0;&#xA0;adverse changes in foreign economic, political, regulatory and other conditions,<br />&#xA0;&#xA0;or changes in currency exchange rates or exchange control regulations (including<br />&#xA0;&#xA0;limitations on currency movements and exchanges). In certain countries, legal&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;remedies available to investors may be more limited than those available with&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;respect to investments in the United States. In addition, the securities of some<br />&#xA0;&#xA0;foreign companies may be less liquid and, at time, more volatile than securities<br />&#xA0;&#xA0;of comparable U.S. companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;"Growth" Investing Risk. An Underlying ETF or ETP may pursue a "growth style" <br />&#xA0;&#xA0;of&#xA0;&#xA0;investing. Growth stocks can be volatile for several reasons. Since those&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies usually invest a high portion of earnings in their businesses, they&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;may lack the dividends of value stocks that can cushion stock prices in a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;falling market. The prices of growth stocks are based largely on projections of <br />&#xA0;&#xA0;the issuer's future earnings and revenues. If a company's earnings or revenues&#xA0;&#xA0;<br />&#xA0;&#xA0;fall short of expectations, its stock price may fall dramatically.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities&#xA0;&#xA0;<br />&#xA0;&#xA0;and unrated securities of similar credit quality (commonly known as "junk&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;bonds"). High-yield securities generally pay higher yields (greater income) than<br />&#xA0;&#xA0;investment in higher quality securities; however, high-yield securities and junk<br />&#xA0;&#xA0;bonds may be subject to greater levels of interest rate, credit and liquidity&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;risk than funds that do not invest in such securities, and are considered&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;predominantly speculative with respect to an issuer's continuing ability to make<br />&#xA0;&#xA0;principal and interest payments.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Income Risk. An Underlying ETF or ETP may derive dividend and interest income&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;from certain of its investments. This income can vary widely over the short- and<br />&#xA0;&#xA0;long-term. If prevailing market interest rates drop, distribution rates of an&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's income producing investments may decline which then&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;may adversely affect the Fund's value.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities are subject to the risk that interest rates rise and fall over time. <br />&#xA0;&#xA0;As with any investment whose yield reflects current interest rates, an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's yield will change over time. During periods when&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest rates are low, an Underlying ETF's or ETP's yield (and total return)&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;also may be low. To the extent that the investment adviser (or sub-adviser) of&#xA0;&#xA0;<br />&#xA0;&#xA0;an Underlying ETF or ETP anticipates interest rate trends imprecisely, the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF or ETP could miss yield opportunities or its share price could&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit<br />&#xA0;&#xA0;and is not insured or guaranteed by the Federal Deposit Insurance Corporation or<br />&#xA0;&#xA0;any other government agency. The Fund may experience losses with respect to its <br />&#xA0;&#xA0;investment in an Underlying ETF or ETP. Further, there is no guarantee that an&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF or ETP will be able to achieve its objective.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Large-Capitalization Risk. An Underlying ETF or ETP may invest in large-cap&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies. Returns on investments in stocks of large U.S. companies could trail <br />&#xA0;&#xA0;the returns on investments in stocks of smaller and mid-sized companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Mid-Capitalization Risk. An Underlying ETF or ETP may invest in mid-cap&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies. Mid-sized companies may be more volatile and more likely than&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;large-capitalization companies to have limited product lines, markets or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;financial resources, or depend on a few key employees. Returns on investments <br />&#xA0;&#xA0;in stocks of mid-size companies could trail the returns on investments in stocks of<br />&#xA0;&#xA0;larger or smaller companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Small-Capitalization Risk. An Underlying ETF or ETP may invest in small-cap&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;companies. Small- capitalization companies may be more vulnerable than larger,&#xA0;&#xA0;<br />&#xA0;&#xA0;more established organizations to adverse business or economic developments. <br />&#xA0;&#xA0;In particular, small- capitalization companies may have limited product lines,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;markets, and financial resources and may be dependent upon a relatively small&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;management group. These securities may be listed on an exchange or trade&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;over-the-counter, and may or may not pay dividends. During a period when&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;small-cap stocks fall behind other types of investments - large-cap stocks, for <br />&#xA0;&#xA0;instance - the Underlying ETF's or ETP's performance could be reduced.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;"Value" Investing Risk. Because it may invest in value stocks, the Fund could&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;suffer losses or produce poor results relative to other funds, even in a rising <br />&#xA0;&#xA0;market, if the Sub-Advisor's assessment of a company's value or prospects for&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;exceeding earnings expectations or market conditions is wrong.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history for<br />a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br />&#xA0;&#xA0;<br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000031642Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. An investment in an Underlying ETF or ETP is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. MATH 160 979 -0.0234 3988 1815 0.0249 0.0120 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 0.00 0.0158 0.0392 0.0023 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect Fund performance. <br />This rate excludes the value of portfolio securities received or delivered as <br />a result of in-kind creations or redemptions of the Fund's shares. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 12% of the <br />average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000031216Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Madrona Global Bond ETF (the "Fund") seeks investment results that exceed<br />the price and yield performance of its benchmark, the Barclays Capital Aggregate<br />Bond Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment<br />objective by selecting a portfolio of fixed income (bond) exchange traded funds<br />(the "Underlying ETFs") and other exchange traded products ("ETPs"), including,<br />but not limited to, exchange traded notes ("ETNs"), exchange traded currency<br />trusts, and exchange-traded commodity pools. The Fund invests in ETFs that<br />provide exposure to at least 12 distinct bond classes, including, but not<br />limited to, short-term treasury bonds, municipal bonds, and high-yield U.S.<br />corporate bonds (sometimes referred to as "junk bonds"). The Sub-Advisor will<br />construct the Fund's portfolio using a weighted allocation system based on yield<br />curve analysis of each bond category. The investment committee meets on a<br />bi-weekly basis to monitor the Fund's portfolio and make allocation decisions.<br />The investment committee uses third-party analyst research and a proprietary<br />fundamental process to make allocation decisions. Each major bond category will<br />have a three percent minimum percentage inclusion in the Fund's portfolio.</tt> MADRONA GLOBAL BOND ETF The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursements 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds. EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 0.12 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of <br />the Fund on that day.<br /><br />ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an<br />underwriting bank that are designed to provide returns that are linked to a<br />particular benchmark less investor fees. ETNs have a maturity date and generally, <br />are backed only by the creditworthiness of the issuer. As a result, the value of <br />an ETN may be influenced by time to maturity, level of supply and demand for the <br />ETN, volatility and lack of liquidity in the underlying market (e.g., the <br />commodities market), changes in the applicable interest rates, and changes in the <br />issuer's credit rating and economic, legal, political or geographic events that <br />affect the referenced market. ETNs also may be subject to commodities market <br />risk and credit risk.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br />&#xA0;&#xA0;<br />Tax Risk. In order to qualify for the favorable U.S. federal income tax<br />treatment accorded to "regulated investment companies," the Fund must derive <br />at least 90% of its gross income in each taxable year from certain categories <br />of income ("qualifying income"). Certain of the Fund's investments may generate<br />income that is not qualifying income. If the Fund were to fail to meet the<br />qualifying income test and fail to qualify as a regulated investment company, it<br />would be taxed in the same manner as an ordinary corporation, and distributions<br />to its shareholders would not be deductible by the Fund in computing its taxable<br />income.<br /><br />Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares<br />will fluctuate with changes in the market value of the Fund's holdings. In<br />addition, although the Fund's shares are currently listed on the Exchange, there<br />can be no assurance that an active trading market for shares will develop or be<br />maintained.<br /><br />Underlying ETF and ETP Investment Risk. Through its investments in the Underlying <br />ETFs or ETPs, the Fund will be subject to the risks associated with the Underlying <br />ETFs' or ETP's investments, including the possibility that the value of the <br />securities or assets held by an Underlying ETF or ETP could decrease. These risks <br />include any combination of the risks described below, although the Fund's exposure <br />to a particular risk will be proportionate to the Fund's overall allocation and <br />each Underlying ETF's or ETP's asset allocation.<br /><br />&#xA0;&#xA0;Commodities Risk. The commodities industries can be significantly affected by the <br />&#xA0;&#xA0;level and volatility of commodity prices; world events including international <br />&#xA0;&#xA0;monetary and political developments; import controls and worldwide competition; <br />&#xA0;&#xA0;exploration and production spending; and tax and other government regulations and <br />&#xA0;&#xA0;economic conditions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate <br />&#xA0;&#xA0;in the securities of a particular industry, group of industries, or sector, and <br />&#xA0;&#xA0;when a fund is overweighted in an industry, group of industries, or sector, it&#xA0;&#xA0;<br />&#xA0;&#xA0;may be more sensitive to any single economic, business, political, or regulatory<br />&#xA0;&#xA0;occurrence than a fund that is not overweighted in an industry, group of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;industries, or sector.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Credit Risk. Certain of the Underlying ETFs or ETPs are subject to the risk that<br />&#xA0;&#xA0;a decline in the credit quality of a portfolio investment could cause the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;could lose money if the issuer or guarantor of a portfolio investment or the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;counterparty to a derivatives contract fails to make timely principal or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest payments or otherwise honor its obligations.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities are subject to the risk that the securities may be paid off earlier&#xA0;&#xA0;<br />&#xA0;&#xA0;or later than expected. Either situation could cause the Underlying ETF or ETP&#xA0;&#xA0;<br />&#xA0;&#xA0;to hold securities paying lower- than-market rates of interest, which could hurt<br />&#xA0;&#xA0;the Fund's yield or share price.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities&#xA0;&#xA0;<br />&#xA0;&#xA0;and unrated securities of similar credit quality (commonly known as "junk bonds"). <br />&#xA0;&#xA0;High-yield securities generally pay higher yields (greater income) than investment <br />&#xA0;&#xA0;in higher quality securities; however, high-yield securities and junk bonds may be <br />&#xA0;&#xA0;subject to greater levels of interest rate, credit and liquidity risk than funds <br />&#xA0;&#xA0;that do not invest in such securities, and are considered predominantly speculative <br />&#xA0;&#xA0;with respect to an issuer's continuing ability to make principal and interest payments. <br /><br />&#xA0;&#xA0;Income Risk. An Underlying ETF or ETP may derive dividend and interest income&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;from certain of its investments. This income can vary widely over the short- and<br />&#xA0;&#xA0;long-term. If prevailing market interest rates drop, distribution rates of an&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's income producing investments may decline which then&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;may adversely affect the Fund's value. <br /><br />&#xA0;&#xA0;Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities are subject to the risk that interest rates rise and fall over time.&#xA0;&#xA0;<br />&#xA0;&#xA0;As with any investment whose yield reflects current interest rates, an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF's or ETP's yield will change over time. During periods when&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest rates are low, an Underlying ETF's or ETP's yield (and total return)&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;also may be low. To the extent that the investment adviser (or sub-adviser) of&#xA0;&#xA0;<br />&#xA0;&#xA0;an Underlying ETF or ETP anticipates interest rate trends imprecisely, the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF or ETP could miss yield opportunities or its share price could&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fall. <br /><br />&#xA0;&#xA0;Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit<br />&#xA0;&#xA0;and is not insured or guaranteed by the Federal Deposit Insurance Corporation or<br />&#xA0;&#xA0;any other government agency. The Fund may experience losses with respect to its <br />&#xA0;&#xA0;investment in an Underlying ETF or ETP. Further, there is no guarantee that an&#xA0;&#xA0;<br />&#xA0;&#xA0;Underlying ETF or ETP will be able to achieve its objective. <br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history for<br />a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000031216Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund which are not reflected in the table below. An investment in an Underlying ETF or ETP is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. FWDB 128 407 -0.0004 1559 707 0.0049 0.0050 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board. 0.0000 0.0126 0.0130 0.0031 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect Fund performance. <br />This rate excludes the value of portfolio securities received or delivered as <br />a result of in-kind creations or redemptions of the Fund's shares. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 110% of the <br />average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000031215Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Madrona International ETF (the "Fund") seeks to provide long-term capital<br />appreciation above the capital appreciation of its international benchmarks,<br />such as the MSCI EAFE Index, the Fund's primary benchmark, and the BNY Mellon<br />Classic ADR Index, the Fund's secondary benchmark.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment<br />objective by selecting a portfolio primarily composed of American Depository<br />Receipts ("ADRs") from among the largest issuers of Europe, Australasia and the<br />Far East ("EAFE") and Canada. The Fund's portfolio may also include U.S.-traded<br />securities of large-capitalization non-U.S. issuers that provide exposure to<br />certain markets deemed to be emerging markets. Securities are selected, weighted<br />and sold based upon the Sub-Advisor's proprietary investment process. The<br />Sub-Advisor's investment committee meets on a bi-weekly basis to monitor the<br />portfolio and make allocation decisions. The investment committee uses third-party <br />analyst research and a proprietary fundamental process to make allocation decisions.</tt> MADRONA INTERNATIONAL ETF EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 1.10 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic<br />risks as the underlying non-U.S. shares they represent. They are affected by the<br />risks associated with non-U.S. securities, such as changes in political or<br />economic conditions of other countries and changes in the exchange rates of<br />foreign currencies. In addition, investments in ADRs may be less liquid than the<br />underlying securities in their primary trading market.<br /><br />Currency Risk. As a result of the Fund's investments in securities receiving<br />revenues in, foreign currencies, the Fund will be subject to currency risk. This<br />is the risk that currencies to which the Fund is exposed will decline in value<br />relative to the U.S. dollar, which may cause the dollar value of an investment<br />in the Fund to be adversely affected.<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's<br />portfolio to the risks of investing in emerging markets. Emerging markets, which<br />consist of countries or markets with low to middle income economies as classified <br />by the World Bank and other countries or markets with similar characteristics as <br />determined by the Advisor, can be subject to greater social, economic, regulatory, <br />and political uncertainties and can be extremely volatile.<br /><br />Equity Risk. The prices of equity securities rise and fall daily. These price<br />movements may result from factors affecting individual issuers, industries or<br />the stock market as a whole. In addition, equity markets tend to move in cycles<br />which may cause stock prices to fall over short or extended periods of time.<br /><br />Foreign Investment Risk. The Fund's investments in securities of foreign issuers, <br />including ADRs, may involve certain risks that are greater than those associated <br />with investments in securities of U.S. issuers. These include risks of adverse <br />changes in foreign economic, political, regulatory and other conditions; changes <br />in currency exchange rates or exchange control regulations (including limitations <br />on currency movements and exchanges); differing accounting, auditing, financial <br />reporting and legal standards and practices; differing securities market <br />structures; and higher transaction costs.<br /><br />Geographic Concentration Risk. To the extent that the Fund's investments are<br />concentrated in a particular country or region, the Fund will be susceptible to<br />loss due to adverse market, political, regulatory, and geographic events affecting <br />that country or region. The Fund has concentrated investment exposure to the <br />countries and regions listed below.<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;Asia. While certain Asian economies are exemplars of growth and development<br />&#xA0;&#xA0;&#xA0;&#xA0;others have been and continue to be subject, to some extent, to over-extension<br />&#xA0;&#xA0;&#xA0;&#xA0;of credit, currency devaluations and restrictions, high unemployment, high<br />&#xA0;&#xA0;&#xA0;&#xA0;inflation, decreased exports and economic recessions.<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;Canada. The Canadian economy is susceptible to adverse changes in certain<br />&#xA0;&#xA0;&#xA0;&#xA0;commodities markets, including those related to the agricultural and mining<br />&#xA0;&#xA0;&#xA0;&#xA0;industries. It is also heavily dependent on trading with key partners. Any<br />&#xA0;&#xA0;&#xA0;&#xA0;reduction in this trading may adversely affect the Canadian economy.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;Europe. The European economy is diverse and includes both large, competitive<br />&#xA0;&#xA0;&#xA0;&#xA0;economies and small, struggling economies. The European economy is vulnerable to<br />&#xA0;&#xA0;&#xA0;&#xA0;decreasing imports or exports, changes in governmental regulations on trade,<br />&#xA0;&#xA0;&#xA0;&#xA0;changes in the exchange rate of the euro and recessions in EU economies.<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;United States. The United States is a significant trading partner of many<br />&#xA0;&#xA0;&#xA0;&#xA0;emerging markets in which the Fund invests. The United States economy has<br />&#xA0;&#xA0;&#xA0;&#xA0;traditionally been considered to be one of the most stable and productive<br />&#xA0;&#xA0;&#xA0;&#xA0;economies in the world. However, the recent financial crisis, declining U.S.<br />&#xA0;&#xA0;&#xA0;&#xA0;imports, new trade regulations, changes in exchange rates, and increasing public<br />&#xA0;&#xA0;&#xA0;&#xA0;debt pose concerns for many of the United States' trading partners that depend<br />&#xA0;&#xA0;&#xA0;&#xA0;on its historically high levels of consumer spending and foreign investment.<br /><br />Large-Cap Risk. Large-cap stocks tend to go in and out of favor based on market<br />and economic conditions. During a period when the demand for large-cap stocks is<br />less than for other types of investments -- small-cap stocks, for instance -- the<br />Fund's performance could be reduced.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares<br />will fluctuate with changes in the market value of the Fund's holdings. The<br />trading prices of shares will fluctuate in accordance with changes in NAV as<br />well as market supply and demand.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history for<br />a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000031215Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund which are not reflected in the table below. FWDI 128 459 -0.0029 1812 813 0.0074 0.0080 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board. 0.0000 0.0125 0.0154 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect Fund performance. <br />This rate excludes the value of portfolio securities received or delivered as <br />a result of in-kind creations or redemptions of the Fund's shares. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 40% of the <br />average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000031214Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Madrona Domestic ETF (the "Fund") seeks to provide long-term capital<br />appreciation above the capital appreciation of its benchmark, the S&amp;P 500 <br />Index.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment objective <br />by selecting a portfolio of up to 500 of the largest U.S.-traded equity securities. The <br />Sub-Advisor selects the securities for the Fund's portfolio using a weighted allocation <br />system based on consensus analyst estimates of the present value of future expected <br />earnings relative to the share price of each security. The Sub-Advisor's investment <br />committee meets on a bi-weekly basis to monitor the portfolio and make allocation <br />decisions. The investment committee uses third-party analyst research and a proprietary<br />fundamental process to make allocation decisions and employs guidelines to protect against <br />dramatic over or under weighting of individual securities in the Fund's portfolio. The <br />investment committee relies heavily on a stock's price and market capitalization relative <br />to its future expected earnings in its analysis of individual securities.</tt> MADRONA DOMESTIC ETF EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 0.40 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Early Closing Risk.&#xA0;&#xA0;An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Equity Risk. The prices of equity securities rise and fall daily. These price<br />movements may result from factors affecting individual issuers, industries or<br />the stock market as a whole. In addition, equity markets tend to move in cycles<br />which may cause stock prices to fall over short or extended periods of time.<br /><br />Large-Capitalization Securities Risk. The Fund may invest in large-capitalization <br />companies. Large-capitalization securities tend to go in and out of favor based <br />on market and economic conditions. During a period when the demand for <br />large-capitalization securities is less than for other types of investments -- <br />small-capitalization securities, for instance -- the Fund's performance could be <br />reduced.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Trading Risk. Shares may trade below their net asset value ("NAV"). The NAV of<br />shares will fluctuate with changes in the market value of the Fund's holdings.<br />In addition, although the Fund's shares are currently listed on the Exchange,<br />there can be no assurance that an active trading market for shares will develop<br />or be maintained.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history for<br />a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000031214Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. FWDD 127 441 -0.0021 1729 778 0.0066 0.0080 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 0.0000 0.0125 0.0146 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal year ended June 30, 2012, the Fund's portfolio<br />turnover rate was 756% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000030090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Ranger Equity Bear ETF (the "Fund") seeks capital appreciation through short<br />sales of domestically traded equity securities.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>Ranger Alternative Management, L.P. (the "Sub-Advisor") seeks to achieve the<br />Fund's investment objective by short selling a portfolio of liquid mid- and<br />large-cap U.S. exchange-traded equity securities, exchange-traded funds ("ETFs")<br />registered pursuant to the 1940 Act, exchange-traded notes ("ETNs") and other<br />exchange-traded products ("ETPs"). The Sub-Advisor implements a bottom-up,<br />fundamental, research driven security selection process that seeks to identify<br />securities with low earnings quality or aggressive accounting that may tend to<br />mask operational deterioration and bolster the reported earnings per share over<br />a short time period. In addition to these issues, the Sub-Advisor seeks to<br />identify earnings driven events that may act as a catalyst to the price decline<br />of a security, such as downwards earnings revisions or reduced forward earnings<br />outlook. On a day-to-day basis, the Fund may hold U.S. government securities,<br />short-term high quality fixed income securities, money market instruments,<br />overnight and fixed-term repurchase agreements, cash and cash equivalents with<br />maturities of one year or less for investment purposes and to cover its short<br />positions.<br /><br />In addition to extensive quantitative analysis, careful consideration is given<br />to qualitative analysis. The assessment of the management team, accounting<br />practices, corporate governance and the company's competitive advantage are all<br />key items. Once these quantitative and qualitative characteristics are thoroughly <br />analyzed, the Sub-Advisor then determines if there is sufficient return to the <br />stock price to warrant an investment. Once a position is included in the Fund's <br />portfolio, it is subject to regular fundamental and technical risk management <br />review. This continual review process seeks to identify problem positions early <br />and enhances performance by removing them before they become significant issues <br />for the portfolio.</tt> RANGER EQUITY BEAR ETF The Total Annual Fund Operating Expenses 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. EXAMPLE A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None 7.56 FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of <br />the Fund on that day.<br /><br />Equity Risk. The prices of equity securities in which the Fund holds short<br />positions may rise and fall daily. These price movements may result from factors<br />affecting individual issuers, industries or the stock market as a whole.<br /><br />Exchange-Traded Vehicle Risk. The Fund may invest in (or short) ETFs, ETNs and<br />ETPs. Through its positions in ETFs, ETNs and ETPs, the Fund will be subject to<br />the risks associated with such vehicles, investments, or reference assets in the<br />case of ETNs, including the possibility that the value of the securities or<br />instruments held by an ETF, ETN or ETP could decrease (or increase in the case<br />of short positions). Lack of liquidity in an ETP, ETN, or ETF can result in its<br />value being more volatile than the underlying portfolio investment. In addition,<br />certain of the ETPs, ETFs, or ETNs may hold common portfolio positions, thereby<br />reducing any diversification benefits.<br /><br />Fixed Income Risk. The Fund may be exposed to fixed income risk through its<br />short positions in ETFs and ETPs that primarily invest in, or have exposure to,<br />fixed income securities. The value of an ETF's or ETP's portfolio of fixed<br />income securities will change in response to interest rate changes and other<br />factors, such as the perception of the issuers' creditworthiness. During periods<br />of falling interest rates, the value of outstanding fixed income securities<br />generally rise. Conversely, during periods of rising interest rates, the value<br />of fixed income securities generally decline.<br />&#xA0;&#xA0;<br />Issuer Risk. From time to time the Fund may have exposure via its short<br />positions to a limited number of issuers. During such times, the Fund is more<br />susceptible to the risk that an issuer's securities may appreciate in value.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Mid-Capitalization and Large-Capitalization Risk. The Fund is subject to the<br />risk that medium and large-cap stocks may outperform other segments of the<br />equity market or the equity market as a whole.<br /><br />Portfolio Turnover Risk. The Fund's investment strategy may result in relatively<br />high portfolio turnover, which may result in increased transaction costs and may<br />lower Fund performance.<br /><br />Short Sales Risk. Short sales are transactions in which the Fund sells a security <br />it does not own. To complete the transaction, the Fund must borrow the security to <br />make delivery to the buyer. The Fund is then obligated to replace the security <br />borrowed by purchasing the security at the market price at the time of replacement. <br />The price at such time may be higher or lower than the price at which the security <br />was sold by the Fund. If the underlying security goes down in price between the <br />time the Fund sells the security and buys it back, the Fund will realize a gain <br />on the transaction. Conversely, if the underlying security goes up in price during <br />the period, the Fund will realize a loss on the transaction. Any such loss is <br />increased by the amount of premium or interest the Fund must pay to the lender of <br />the security. Likewise, any gain will be decreased by the amount of premium or <br />interest the Fund must pay to the lender of the security. Because a short position <br />loses value as the security's price increases, the loss on a short sale is <br />theoretically unlimited. Short sales involve leverage because the Fund borrows <br />securities and then sells them, effectively leveraging its assets. The use of <br />leverage may magnify gains or losses for the Fund.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history for<br />a full calendar year. Of course, once the Fund has performance, this past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000030090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. HDGE 0.0137 333 1016 3596 1722 0.0156 0.0150 0.0019 0.0000 0.0330 0.0024 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal period, the Fund's portfolio turnover rate was<br />475% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/BarChartData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital<br />from investments in the U.S. and foreign equity, fixed income, commodity and<br />currency markets, independent of market direction.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> Reflects no deduction for fees, expenses, or taxes <tt>The Fund is considered a "fund of funds" that seeks to achieve its investment<br />objective by primarily investing in other exchange-traded funds (the "Underlying<br />ETFs") that offer diversified exposure, including inverse exposure, to global<br />regions, countries, styles (market capitalization, value, growth, etc.) or<br />sectors, and other exchange traded products ("ETPs") including, but not limited<br />to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and<br />closed-end funds.<br /><br />The Fund seeks to preserve and grow capital by producing absolute returns with<br />reduced volatility and manageable risk and drawdowns. The Fund's investment<br />strategies are inherently designed as risk-management and capital preservation<br />approaches. The Fund will invest in Underlying ETFs and ETPs spanning all the<br />major world asset classes including equities, bonds, real estate, commodities,<br />and currencies. Cambria Investment Management, L.P. (the "Sub-Advisor") will<br />utilize a quantitative approach with strict risk management controls to actively<br />manage the Fund's portfolio in an attempt to control downside losses and protect<br />capital. The wide diversification coupled with prudent portfolio management<br />should allow for the Fund to perform in any economic environment.</tt> CAMBRIA GLOBAL TACTICAL ETF The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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. EXAMPLE After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 4.75 Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FUND PERFORMANCE The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. <tt>The Fund's year-to-date total return as of September 30, 2012 was 4.86%.<br /><br />Best and Worst Quarter Returns (for the period reflected in the bar chart above)<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Quarter/Year <br />Highest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2.59%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1Q/2011 <br />Lowest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;-7.79%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3Q/2011</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of<br />Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs<br />and ETPs will cause the Fund to underperform other funds with a similar investment <br />objective that do not allocate their assets in the same manner or the market as <br />a whole.<br /><br />Closed-End Fund Risk. Secondary market trading prices of closed-end funds should<br />be expected to fluctuate and such prices may be higher or lower than the net<br />asset value ("NAV") of a closed-end fund's portfolio holdings. There can be no<br />guarantee that shares of a closed-end held by the Fund will not trade at a<br />persistent and ongoing discount. Nor can there be any guarantee that an active<br />market in shares of closed- end funds held by the Fund will exist. The Fund may<br />not be able to sell closed-end fund shares at a price equal to the NAV of the<br />closed-end fund.<br />&#xA0;&#xA0;<br />Early Closing Risk. An unanticipated early closing of NYSE Arca, Inc. (the <br />"Exchange") may result in a shareholder's inability to buy or sell shares of the <br />Fund on that day.<br /> <br />ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an<br />underwriting bank that are designed to provide returns that are linked to a<br />particular benchmark less investor fees. ETNs have a maturity date and generally, <br />are backed only by the creditworthiness of the issuer. As a result, the value of <br />an ETN may be influenced by time to maturity, level of supply and demand for the <br />ETN, volatility and lack of liquidity in the underlying market (e.g., the <br />commodities market), changes in the applicable interest rates, and changes in the <br />issuer's credit rating and economic, legal, political or geographic events that <br />affect the referenced market. ETNs also may be subject to commodities market risk <br />and credit risk.<br /><br />Equity Risk. The prices of equity securities rise and fall daily. These price<br />movements may result from factors affecting individual issuers, industries or<br />the stock market as a whole. In addition, equity markets tend to move in cycles<br />which may cause stock prices to fall over short or extended periods of time.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br /> <br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. This volatility may cause the value of your<br />investment in the Fund to decrease.<br /><br />Portfolio Turnover Risk. The Fund's investment strategy may result in relatively<br />high portfolio turnover, which may result in increased transaction costs and may<br />lower Fund performance.<br /><br />Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment <br />accorded to "regulated investment companies," the Fund must derive at least 90% <br />of its gross income in each taxable year from certain categories of income <br />("qualifying income"). Certain of the Fund's investments may generate income that <br />is not qualifying income. If the Fund were to fail to meet the qualifying income <br />test and fail to qualify as a regulated investment company, it would be taxed in <br />the same manner as an ordinary corporation, and distributions to its shareholders <br />would not be deductible by the Fund in computing its taxable income.<br /><br />Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares<br />will fluctuate with changes in the market value of the Fund's holdings. In<br />addition, although the Fund's shares are currently listed on the Exchange, there<br />can be no assurance that an active trading market for shares will develop or be<br />maintained.<br /><br />Underlying ETF and ETP Investment Risk. Through its investments in the Underlying <br />ETFs and ETPs, the Fund will be subject to the risks associated with such vehicles' <br />investments, or reference assets in the case of ETNs, including the possibility <br />that the value of the securities or instruments held by an Underlying ETF or ETP <br />could decrease. These risks include any combination of the risks described below. <br />The Fund's exposure to a particular risk will be proportionate to the Fund's overall <br />allocation to the Underlying ETFs or ETPs and their exposure to various security <br />types and geographic regions.<br /><br />&#xA0;&#xA0;Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;significant portion of their assets exposed directly or indirectly to commodities <br />&#xA0;&#xA0;or commodity-linked securities, developments affecting commodities may have a <br />&#xA0;&#xA0;disproportionate impact on such Underlying ETF and ETPs. An ETF's or ETP's <br />&#xA0;&#xA0;investment in commodities or commodity-linked derivative instruments may subject <br />&#xA0;&#xA0;the ETF or ETP (and indirectly the Fund) to greater volatility than investments <br />&#xA0;&#xA0;in traditional securities, particularly if the instruments involve leverage. The <br />&#xA0;&#xA0;value of commodities and commodity- linked derivative instruments may be affected <br />&#xA0;&#xA0;by changes in overall market movements, commodity index volatility, changes in <br />&#xA0;&#xA0;interest rates, or factors affecting a particular industry or commodity, such as <br />&#xA0;&#xA0;drought, floods, weather, livestock disease, embargoes, tariffs and international <br />&#xA0;&#xA0;economic, political and regulatory developments.<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;that a decline in the credit quality of a portfolio investment or a counterparty<br />&#xA0;&#xA0;to a portfolio investment could cause the Underlying ETF's or ETP's share price <br />&#xA0;&#xA0;to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor <br />&#xA0;&#xA0;of a portfolio investment or the counterparty to a derivatives contract fails to <br />&#xA0;&#xA0;make timely principal or interest payments or otherwise honor its obligations.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Emerging Markets Risk. There is an increased risk of price volatility associated<br />&#xA0;&#xA0;with an Underlying ETF's or ETP's investments in, or an ETN's exposure to, emerging <br />&#xA0;&#xA0;market countries, which may be magnified by currency fluctuations relative to the <br />&#xA0;&#xA0;U.S. dollar.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's investments in fixed income securities&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;are subject to the risk that the securities may be paid off earlier or later&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;than expected. Either situation could cause the Underlying ETF to hold&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities paying lower-than-market rates of interest, which could hurt the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Fund's yield or share price.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Foreign Currency Risk. Currency movements may negatively impact the value of an <br />&#xA0;&#xA0;Underlying ETF or ETP portfolio security even when there is no change in the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of the security in the issuer's home country. Certain of the Underlying&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;ETFs and ETPs may not hedge against the risk of currency exchange rate&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations, while other Underlying ETFs or ETPs may if there is volatility in <br />&#xA0;&#xA0;currency exchange rates.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Foreign Securities Risk. An Underlying ETF's investments in, or ETP's exposure&#xA0;&#xA0;<br />&#xA0;&#xA0;to, foreign issuers involve certain risks including, but not limited to, risks&#xA0;&#xA0;<br />&#xA0;&#xA0;of adverse changes in foreign economic, political, regulatory and other conditions, <br />&#xA0;&#xA0;or changes in currency exchange rates or exchange control regulations (including <br />&#xA0;&#xA0;limitations on currency movements and exchanges). In certain countries, legal <br />&#xA0;&#xA0;remedies available to investors may be more limited than those available with <br />&#xA0;&#xA0;respect to investments in the United States. In addition, the securities of <br />&#xA0;&#xA0;some foreign companies may be less liquid and, at times, more volatile than <br />&#xA0;&#xA0;securities of comparable U.S. companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Interest Rate Risk. An Underlying ETF's investments in or ETP's exposure to,&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fixed income securities are subject to the risk that interest rates rise and&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fall over time. As with any investment whose yield reflects current interest&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;rates, an Underlying ETF's or ETP's yield will change over time. During periods <br />&#xA0;&#xA0;when interest rates are low, an Underlying ETF's or ETP's yield (and total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;return) also may be low. To the extent that the investment adviser (or <br />&#xA0;&#xA0;sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate <br />&#xA0;&#xA0;trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or <br />&#xA0;&#xA0;its share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xA0;&#xA0;Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;invest in REITs. An Underlying ETF's investments in REITs will be subject to the<br />&#xA0;&#xA0;risks associated with the direct ownership of real estate. Risks commonly&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;associated with the direct ownership of real estate include fluctuations in the <br />&#xA0;&#xA0;value of underlying properties, defaults by borrowers or tenants, changes in&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest rates and risks related to general or local economic conditions. REITs <br />&#xA0;&#xA0;are more dependent upon specialized management skills, have limited diversification <br />&#xA0;&#xA0;and are, therefore, generally dependent on their ability to generate cash flow to <br />&#xA0;&#xA0;make distributions to shareholders. In addition, REITs have their own expenses, <br />&#xA0;&#xA0;and the Underlying ETF will bear a proportionate share of those expenses.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>The bar chart and table that follow show how the Fund has performed on a<br />calendar year basis and provide an indication of the risks of investing in the<br />Fund. The table also shows how the Fund's performance compares to the S&amp;P 500<br />Index, which is a broad-based, unmanaged measurement of changes in stock market<br />conditions based on the average of 500 widely held common stocks. Both the bar<br />chart and the table assume the reinvestment of all dividends and distributions.<br />Past performance (before and after taxes) does not necessarily indicate how the<br />Fund will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. S&P 500 Index (Reflects no deduction for fees, expenses, or taxes) 0.0211 0.0735 2010-10-25 Return After Taxes on Distributions and Sale of Fund Shares -0.0462 -0.0370 2010-10-25 Return After Taxes on Distributions -0.0746 -0.0454 2010-10-25 GTAA Lowest Return Highest Return 2012-09-30 Return Before Taxes Based on NAV 134 2011-03-31 436 -0.0779 -0.0009 1678 760 0.0259 -0.0734 0.0018 0.0090 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 2011-09-30 year-to-date total return -0.0734 0.0000 0.0132 0.0141 -0.0421 2010-10-25 0.0486 0.0033 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal year ended June 30, 2012, the Fund's portfolio<br />turnover rate was 80% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000028889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/BarChartData_S000028889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Peritus High Yield ETF (the "Fund") seeks high current income with a<br />secondary goal of capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> Reflects no deduction for fees, expenses, or taxes <tt>Peritus I Asset Management, LLC (the "Sub-Advisor") seeks to achieve the Fund's<br />investment objective by selecting a focused portfolio of high-yield debt securities <br />(commonly referred to as "junk bonds"), which include senior and subordinated <br />corporate debt obligations (such as bonds, debentures, notes and commercial paper). <br />The Fund does not have any portfolio maturity limitation and may invest its assets <br />in instruments with short-term, medium-term or long-term maturities. The Fund also <br />may invest to a lesser extent in equity securities that the Sub-Advisor believes <br />will yield high dividends or are otherwise consistent with the Fund's investment <br />objective.<br /><br />In selecting securities for the Fund's portfolio, the Sub-Advisor, subject to the <br />oversight of the Advisor and the Board of Trustees (the "Board"), performs an <br />independent investment analysis of each issuer to determine its creditworthiness. <br />The Sub-Advisor takes a deep value contrarian approach to the credit markets, <br />foregoing relative value and new issue participation in favor of absolute returns. <br />The Sub-Advisor focuses on the secondary market, predominantly investing in assets <br />at a discount to par ($100), allowing for a potential opportunity to generate <br />capital gains in addition to current yield. The Sub-Advisor believes that structural <br />and technical inefficiencies exist in the secondary credit markets, which create <br />tremendous investment opportunities, and that, by holding a diversified but limited <br />number of securities, the portfolio will be constructed of securities that provide <br />exposure to industries believed to offer the most value to the Fund.</tt> PERITUS HIGH YIELD ETF EXAMPLE After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.80 Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FUND PERFORMANCE The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. <tt>The Fund's year-to-date total return as of September 30, 2012 was 12.40%.<br /><br />Best and Worst Quarter Returns (for the period reflected in the bar chart above)<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Quarter/Year<br />Highest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4.71%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1Q/2011<br />Lowest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;-7.05%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3Q/2011</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Credit Risk. The Fund is subject to the risk that an issuer of a fixed income<br />security, such as a corporate bond, may be unable or unwilling to make interest<br />and principal payments when due. The Fund is also subject to the related risk<br />that the value of a fixed income security may decline because of concerns about<br />the issuer's creditworthiness. Credit risk is heightened to the extent the Fund<br />invests in high yield securities or junk bonds.<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Fixed Income Risk. The market value of fixed income investments in which the<br />Fund may invest may change in response to interest rate changes and other<br />factors. During periods of falling interest rates, the value of outstanding<br />fixed income securities generally rise. Conversely, during periods of rising<br />interest rates, the value of fixed income securities generally decline.<br /><br />High-Yield Risk. The Fund's investments in high yield securities and unrated<br />securities of similar credit quality (commonly known as "junk bonds") may be<br />subject to greater levels of interest rate, credit and liquidity risk than funds<br />that do not invest in such securities. These securities are considered<br />predominately speculative with respect to the issuer's continuing ability to<br />make principal and interest payments.<br /><br />Issuer Risk. The value of a security may increase for a number of reasons which <br />directly relate to the issuer, such as management performance, improved financial <br />condition and increased demand of the issuer's goods or services. An increase in <br />the value of the securities of an issuer or guarantor of a debt instrument may <br />cause the value of your investment in the Fund to decrease.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,<br />purchases and sales with a view to achieving the Fund's investment objective.<br />However, the achievement of the stated investment objective cannot be<br />guaranteed. The Sub-Advisor's judgments about the markets, the economy, or<br />companies may not anticipate actual market movements, economic conditions or<br />company performance, and these judgments may affect the return on your<br />investment.<br /><br />Market Risk. Due to market conditions, the value of the Fund's investments may<br />fluctuate significantly from day to day. This volatility may cause the value of<br />your investment in the Fund to decrease.<br />&#xA0;&#xA0;<br />Prepayment Risk. The Fund may invest in mortgage related securities, which may<br />be paid off early if the borrower on the underlying mortgagee prepays the<br />mortgage or refinances the mortgage prior to the maturity date. If interest<br />rates are falling the Fund may have to reinvest the unanticipated proceeds at<br />lower interest rates, resulting in a decline in the Fund's income.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>The bar chart and table that follow show how the Fund has performed on a<br />calendar year basis and provide an indication of the risks of investing in the<br />Fund. The table also shows how the Fund's performance compares to the Barclays<br />U.S. High Yield Index, which is an unmanaged index considered representative of<br />the universe of U.S. fixed rate, non-investment grade debt. Both the bar chart<br />and the table assume the reinvestment of all dividends and distributions. Past<br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000028889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000028889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. Barclays U.S. High Yield Index (Reflects no deduction for fees, expenses, or taxes) 0.0498 0.0633 2010-11-30 Return After Taxes on Distributions and Sale of Fund Shares 0.0126 0.0089 2010-11-30 Return After Taxes on Distributions -0.0104 0.0004 2010-11-30 HYLD Lowest Return Highest Return 2012-09-30 Return Before Taxes Based on NAV 138 2011-03-31 429 -0.0705 1629 742 0.0471 0.0192 0.0025 0.0110 2011-09-30 year-to-date total return 0.0192 0.0000 0.0135 0.0294 2010-11-30 0.1240 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 365%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000028107Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/BarChartData_S000028107Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Accuvest Global Long Short ETF (the "Fund") seeks to provide average annual<br />returns in excess of the total return of the MSCI World Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> Reflects no deduction for fees, expenses, or taxes <tt>The Fund is considered a "fund of funds" that seeks to achieve its investment<br />objective by primarily investing in both long and short positions in other<br />exchange traded funds (the "Underlying ETFs") that offer diversified exposure to<br />global regions, countries, styles (market capitalization, value, growth, etc.)<br />or sectors, and other exchange-traded products ("ETPs"), including, but not<br />limited to, exchange-traded notes ("ETNs") and exchange-traded currency trusts.<br /><br />Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's investment <br />objective by taking long positions in the Underlying ETFs that invest in what it <br />believes to be the most relatively attractive global regions and countries within <br />those regions and by taking short positions, by entering into short sales, in the <br />Underlying ETFs that invest in what it believes to be the most relatively <br />unattractive global regions and countries within those regions. In establishing <br />such positions, the Fund seeks to profit from the relative performance between the <br />long and short positions in global regions, countries, styles or sectors. From time <br />to time, the Fund may have directional exposure to seek to profit by being net long <br />when stock markets are rising and net short when markets are falling.</tt> ACCUVEST GLOBAL LONG SHORT ETF The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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. EXAMPLE After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 3.65 Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FUND PERFORMANCE The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. <tt>The Fund's year-to-date total return as of September 30, 2012 was 4.77%. <br /><br />Best and Worst Quarter Returns (for the period reflected in the bar chart above)<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Quarter/Year<br />Highest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.94%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4Q/2011<br />Lowest Return&#xA0;&#xA0;&#xA0;&#xA0;-11.61%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1Q/2011</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of<br />Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs<br />and ETPs will cause the Fund to underperform other funds with a similar investment <br />objective that do not allocate their assets in the same manner or the market as <br />a whole.<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an<br />underwriting bank that are designed to provide returns that are linked to a<br />particular benchmark less investor fees. ETNs have a maturity date and generally, <br />are backed only by the creditworthiness of the issuer. As a result, the value of <br />an ETN may be influenced by time to maturity, level of supply and demand for the <br />ETN, volatility and lack of liquidity in the underlying market (e.g., the <br />commodities market), changes in the applicable interest rates, and changes in the <br />issuer's credit rating and economic, legal, political or geographic events that <br />affect the referenced market. ETNs also may be subject to commodities market risk <br />and credit risk.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable. In addition, trading in listed securities is subject to<br />trading halts caused by extraordinary market volatility pursuant to "circuit<br />breaker" rules. The Fund's investments in ETNs and certain other ETPs may be<br />subject to restrictions on the amount and timing of any redemptions, which may<br />adversely affect the value of the Fund's portfolio holdings.<br />&#xA0;&#xA0;<br />Portfolio Turnover Risk. The Fund's investment strategy may result in relatively<br />high portfolio turnover, which may result in increased transaction costs and may<br />lower Fund performance.<br /><br />Short Sales Risk. Short sales are transactions in which the Fund sells a security <br />it does not own. To complete the transaction, the Fund must borrow the security <br />to make delivery to the buyer. The Fund is then obligated to replace the security <br />borrowed by purchasing the security at the market price at the time of replacement. <br />The price at such time may be higher or lower than the price at which the security <br />was sold by the Fund. If the underlying security goes down in price between the <br />time the Fund sells the security and buys it back, the Fund will realize a gain on <br />the transaction. Conversely, if the underlying security goes up in price during the <br />period, the Fund will realize a loss on the transaction. Any such loss is increased <br />by the amount of premium or interest the Fund must pay to the lender of the security. <br />Likewise, any gain will be decreased by the amount of premium or interest the Fund <br />must pay to the lender of the security. Because a short position loses value as the <br />security's price increases, the loss on a short sale is theoretically unlimited. <br />Short sales involve leverage because the Fund borrows securities and then sells them,<br />effectively leveraging its assets. The use of leverage may magnify gains or losses <br />for the Fund.<br /><br />Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment <br />accorded to "regulated investment companies," the Fund must derive at least 90% <br />of its gross income in each taxable year from certain categories of income ("qualifying <br />income"). Certain of the Fund's investments may generate income that is not qualifying <br />income. If the Fund were to fail to meet the qualifying income test and fail to <br />qualify as a regulated investment company, it would be taxed in the same manner as an <br />ordinary corporation, and distributions to its shareholders would not be deductible by <br />the Fund in computing its taxable income.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />Underlying ETF and ETP Investment Risk. Through its investments in the<br />Underlying ETFs and ETPs, the Fund will be subject to the risks associated with<br />such investment vehicles' investments, or reference assets in the case of ETNs,<br />including the possibility that the value of the securities or instruments held<br />or tracked by an Underlying ETF or ETP could decrease. These risks include any<br />combination of the risks described below. The Fund's exposure to a particular<br />risk will be proportionate to the Fund's overall allocation to the Underlying<br />ETFs or ETPs and their exposure to various security types, currencies, market<br />sectors and geographic regions.<br /> <br />&#xA0;&#xA0;Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a<br />&#xA0;&#xA0;significant portion of their assets exposed directly or indirectly to<br />&#xA0;&#xA0;commodities or commodity-linked securities, developments affecting commodities<br />&#xA0;&#xA0;may have a disproportionate impact on such Underlying ETF and ETPs. An Underlying <br />&#xA0;&#xA0;ETF's or ETP's investment in commodities or commodity-linked derivative <br />&#xA0;&#xA0;instruments may subject the Underlying ETF or ETP (and indirectly the Fund) to <br />&#xA0;&#xA0;greater volatility than investments in traditional securities, particularly if <br />&#xA0;&#xA0;the instruments involve leverage. The value of commodities and commodity-linked <br />&#xA0;&#xA0;derivative instruments may be affected by changes in overall market movements, <br />&#xA0;&#xA0;commodity index volatility, changes in interest rates, or factors affecting a <br />&#xA0;&#xA0;particular industry or commodity, such as drought, floods, weather, livestock <br />&#xA0;&#xA0;disease, embargoes, tariffs and international economic, political and regulatory <br />&#xA0;&#xA0;developments.<br /><br />&#xA0;&#xA0;Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk<br />&#xA0;&#xA0;that a decline in the credit quality of a portfolio investment or a counterparty<br />&#xA0;&#xA0;to a portfolio investment could cause the Underlying ETF's or ETP's share price<br />&#xA0;&#xA0;to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor <br />&#xA0;&#xA0;of a portfolio investment or the counterparty to a derivatives contract fails to&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;make timely principal or interest payments or otherwise honor its obligations.<br />&#xA0;&#xA0;<br />&#xA0;&#xA0;Emerging Markets Risk. There is an increased risk of price volatility<br />&#xA0;&#xA0;associated with an Underlying ETF's or ETP's investments in, or an ETN's<br />&#xA0;&#xA0;exposure to, emerging market countries, which may be magnified by currency<br />&#xA0;&#xA0;fluctuations relative to the U.S. dollar.<br /><br />&#xA0;&#xA0;Equity Risk. The prices of equity securities in which an Underlying ETF invests,<br />&#xA0;&#xA0;or an ETP is exposed to, rise and fall daily. These price movements may result<br />&#xA0;&#xA0;from factors affecting individual companies, industries or the securities market<br />&#xA0;&#xA0;as a whole.<br /><br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's investments in, or an ETP's exposure to,<br />&#xA0;&#xA0;fixed income securities are subject to the risk that the securities may be paid<br />&#xA0;&#xA0;off earlier or later than expected. Either situation could cause the Underlying<br />&#xA0;&#xA0;ETF or ETP to hold securities paying lower-than-market rates of interest, which<br />&#xA0;&#xA0;could hurt the Fund's yield or share price.<br /><br />&#xA0;&#xA0;Foreign Currency Risk. Currency movements may negatively impact the value of an<br />&#xA0;&#xA0;Underlying ETF or ETP portfolio security even when there is no change in the<br />&#xA0;&#xA0;value of the security in the issuer's home country. Certain of the Underlying<br />&#xA0;&#xA0;ETFs and ETPs may not hedge against the risk of currency exchange rate<br />&#xA0;&#xA0;fluctuations, while other Underlying ETFs or ETPs may if there is volatility in<br />&#xA0;&#xA0;currency exchange rates.<br /><br />&#xA0;&#xA0;Foreign Securities Risk. An Underlying ETF's investments in, or an ETP's<br />&#xA0;&#xA0;exposure to, foreign issuers involve certain risks including, but not limited<br />&#xA0;&#xA0;to, risks of adverse changes in foreign economic, political, regulatory and<br />&#xA0;&#xA0;other conditions, or changes in currency exchange rates or exchange control<br />&#xA0;&#xA0;regulations (including limitations on currency movements and exchanges). In<br />&#xA0;&#xA0;certain countries, legal remedies available to investors may be more limited<br />&#xA0;&#xA0;than those available with respect to investments in the United States. In<br />&#xA0;&#xA0;addition, the securities of some foreign companies may be less liquid and, at<br />&#xA0;&#xA0;times, more volatile than securities of comparable U.S. companies.<br /><br />&#xA0;&#xA0;Investment Risk. The Fund may experience losses with respect to its investment<br />&#xA0;&#xA0;in an Underlying ETF or ETP. Further, there is no guarantee that an ETP will&#xA0;&#xA0;<br />&#xA0;&#xA0;achieve its objective.<br /><br />&#xA0;&#xA0;Interest Rate Risk. An Underlying ETF's investments in, or an ETP's exposure to,<br />&#xA0;&#xA0;fixed income securities are subject to the risk that interest rates rise and <br />&#xA0;&#xA0;fall over time. As with any investment whose yield reflects current interest<br />&#xA0;&#xA0;rates, an Underlying ETF's or ETP's yield will change over time. During periods<br />&#xA0;&#xA0;when interest rates are low, an Underlying ETF's or ETP's yield (and total <br />&#xA0;&#xA0;return) also may be low. To the extent that the investment adviser (or&#xA0;&#xA0;<br />&#xA0;&#xA0;sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate<br />&#xA0;&#xA0;trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or<br />&#xA0;&#xA0;its share price could fall.<br /><br />&#xA0;&#xA0;Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization&#xA0;&#xA0;<br />&#xA0;&#xA0;companies. Returns on investments in stocks of large U.S. companies could trail<br />&#xA0;&#xA0;the returns on investments in stocks of small- and mid-capitalization companies&#xA0;&#xA0;<br />&#xA0;&#xA0;or the market as a whole.<br /><br />&#xA0;&#xA0;Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization<br />&#xA0;&#xA0;companies. Mid-cap companies may be more volatile and more likely than large-cap <br />&#xA0;&#xA0;companies to have limited product lines, markets or financial resources, or<br />&#xA0;&#xA0;depend on a few key employees. Returns on investments in stocks of mid-cap<br />&#xA0;&#xA0;companies could trail the returns on investments in stocks of large- or<br />&#xA0;&#xA0;small-cap companies or the market as a whole.<br /><br />&#xA0;&#xA0;Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs<br />&#xA0;&#xA0;invest in REITs. An Underlying ETF's investments in REITs will be subject to the<br />&#xA0;&#xA0;risks associated with the direct ownership of real estate. Risks commonly<br />&#xA0;&#xA0;associated with the direct ownership of real estate include fluctuations in the<br />&#xA0;&#xA0;value of underlying properties, defaults by borrowers or tenants, changes in<br />&#xA0;&#xA0;interest rates and risks related to general or local economic conditions. REITs<br />&#xA0;&#xA0;are more dependent upon specialized management skills, have limited diversification&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;and are, therefore, generally dependent on their ability to generate cash flow to <br />&#xA0;&#xA0;make distributions to shareholders. In addition, REITs have their own expenses, <br />&#xA0;&#xA0;and the Underlying Fund will bear a proportionate share of those expenses.<br /><br />&#xA0;&#xA0;Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization<br />&#xA0;&#xA0;companies. Small-cap companies may be more vulnerable than larger, more established <br />&#xA0;&#xA0;organizations to adverse business or economic developments. In particular, small-cap <br />&#xA0;&#xA0;companies may have limited product lines, markets, and financial resources and may <br />&#xA0;&#xA0;be dependent upon a relatively small management group. These securities may be <br />&#xA0;&#xA0;listed on an exchange or trade over-the-counter, and may or may not pay dividends. <br />&#xA0;&#xA0;During a period when the performance of small-cap stocks falls behind that of other <br />&#xA0;&#xA0;types of investments, such as large-cap stocks, the Underlying ETF's performance&#xA0;&#xA0;<br />&#xA0;&#xA0;could be adversely affected.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>The bar chart and table that follow show how the Fund has performed on a calendar <br />year basis and provide an indication of the risks of investing in the Fund. The <br />table also shows how the Fund's performance compares to the MSCI World Index, <br />which is a free float-adjusted market capitalization weighted index designed to <br />measure the equity market performance of developed markets. Both the bar chart <br />and the table assume the reinvestment of all dividends and distributions. Past <br />performance (before and after taxes) does not necessarily indicate how the Fund <br />will perform in the future.<br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com. <br /><br />The Fund's name and investment sub-adviser changed effective December 1, 2011.<br />Prior to December 1, 2011, the Fund was named "Mars Hill Global Relative Value<br />ETF" and sub-advised by Mars Hill Partners, LLC. While the Fund's investment<br />objective and principal investment strategies remain substantially the same, the<br />performance prior to December 1, 2011 may not be indicative of the Fund's<br />performance under the new Sub-Advisor.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000028107Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000028107Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. MSCI World Index (Reflects no deduction for fees, expenses, or taxes) -0.0554 0.0817 2010-07-08 Return After Taxes on Distributions and Sale of Fund Shares -0.1157 -0.0985 2010-07-08 Return After Taxes on Distributions -0.1825 -0.1175 2010-07-08 AGLS Lowest Return Highest Return 2012-09-30 Return Before Taxes Based on NAV 0.0427 583 2011-12-31 2165 -0.1161 -0.0238 6946 3645 0.0194 -0.1789 0.0680 0.0135 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 2011-03-31 year-to-date total return 0.0253 -0.1789 0.0000 0.0586 0.0824 -0.1148 2010-07-08 0.0477 0.0009 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 16%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000026954Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/BarChartData_S000026954Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The WCM/BNY Mellon Focused Growth ADR ETF (the "Fund") seeks long-term capital<br />appreciation above international benchmarks such as the BNY Mellon Classic ADR<br />Index, the Fund's primary benchmark, and the MSCI EAFE Index, the Fund's<br />secondary benchmark.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If<br />commissions were included, your costs would be higher.<br />&#xA0;&#xA0;<br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then sell all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> Reflects no deduction for fees, expenses, or taxes <tt>WCM Investment Management (the "Sub-Advisor"), the sub-adviser to the Fund,<br />seeks to achieve the Fund's investment objective by selecting primarily a<br />portfolio of U.S.-traded securities of non-U.S. organizations, most often<br />American Depositary Receipts ("ADRs"), included in the BNY Mellon Classic <br />ADR Index. The Fund's investment focus follows the Sub-Advisor's core <br />philosophy of investing in industry-leading non-U.S. organizations led by <br />visionary management teams with sound business strategies. The Sub-Advisor <br />believes that these companies often dominate their industry and are likely <br />to continue that domination well into the future. The Sub-Advisor establishes <br />guidelines for sector and industry emphasis and develops the portfolio of <br />the Fund. The Sub-Advisor analyzes the major trends in the global economy <br />in order to identify those economic sectors and industries that are most <br />likely to benefit. Typical themes incorporated in their investment process <br />include demographics, global commerce, outsourcing, the growing global <br />middle class and the proliferation of technology. A portfolio strategy is <br />then implemented that will best capitalize on these investment themes and <br />subsequent expected growth of the underlying assets.</tt> WCM / BNY MELLON FOCUSED GROWTH ADR ETF EXAMPLE After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.16 Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FUND PERFORMANCE <tt>Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. <tt>The Fund's year-to-date total return as of September 30, 2012 was 7.23%. <br /><br />Best and Worst Quarter Returns (for the period reflected in the bar chart above)<br /><br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Quarter/Year<br />Highest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;8.42%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4Q/2011<br />Lowest Return&#xA0;&#xA0;&#xA0;&#xA0;-17.90%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3Q/2011</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /><br />American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic<br />risks as the underlying non-U.S. shares they represent. They are affected by the<br />risks associated with non-U.S. securities, such as changes in political or<br />economic conditions of other countries and changes in the exchange rates of<br />foreign currencies. In addition, investments in ADRs may be less liquid than the<br />underlying securities in their primary trading market.<br /><br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's<br />portfolio to the risks of investing in emerging markets. Emerging markets, which<br />consist of countries or markets with low to middle income economies as classified <br />by the World Bank and other countries or markets with similar characteristics as <br />determined by the Advisor, can be subject to greater social, economic, regulatory, <br />and political uncertainties and can be extremely volatile.<br /><br />Equity Risk. The prices of equity securities rise and fall daily. These price<br />movements may result from factors affecting individual issuers, industries or<br />the stock market as a whole. In addition, equity markets tend to move in cycles<br />which may cause stock prices to fall over short or extended periods of time.<br /><br />Foreign Currency Risk. The Fund's exposure to foreign currencies subjects the<br />Fund to the risk that those currencies will decline in value relative to the<br />U.S. dollar.<br /><br />Foreign Investment Risk. The Fund's investments in securities of foreign issuers, <br />including ADRs, may involve certain risks that are greater than those associated <br />with investments in securities of U.S. issuers. These include risks of adverse <br />changes in foreign economic, political, regulatory and other conditions; changes <br />in currency exchange rates or exchange control regulations (including limitations <br />on currency movements and exchanges); differing accounting, auditing, financial <br />reporting and legal standards and practices; differing securities market structures; <br />and higher transaction costs.<br />&#xA0;&#xA0;<br />Investment Risk. As with all investments, an investment in the Fund is subject<br />to investment risk. Investors in the Fund could lose money, including the<br />possible loss of the entire principal amount of an investment, over short or<br />even long periods of time.<br /><br />Large-Capitalization Risk. The Fund may invest in large-capitalization companies. <br />Large-capitalization securities tend to go in and out of favor based on market and <br />economic conditions. During a period when the demand for large-capitalization <br />securities is less than for other types of investments -- small-capitalization <br />securities, for instance -- the Fund's performance could be reduced.<br /><br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Market Risk. Due to market conditions, the value of the Fund's investments may<br />fluctuate significantly from day to day. This volatility may cause the value of<br />your investment in the Fund to decrease.<br /><br />Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").<br />The NAV of shares will fluctuate with changes in the market value of the Fund's<br />holdings. In addition, although the Fund's shares are currently listed on the<br />Exchange, there can be no assurance that an active trading market for shares<br />will develop or be maintained.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>The bar chart and table that follow show how the Fund has performed on a calendar <br />year basis and provide an indication of the risks of investing in&#xA0;&#xA0;the Fund. The <br />table also shows how the Fund's performance compares to the&#xA0;&#xA0;MSCI EAFE Index, <br />which is an unmanaged free float-adjusted market capitalization index that is <br />designed to measure the equity market performance of developed markets, excluding <br />the U.S. &amp; Canada. Both the bar chart and the table assume the reinvestment of all <br />dividends and distributions. Past performance (before and after taxes) does not <br />necessarily indicate how the Fund will perform in the future. <br /><br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000026954Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000026954Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. MSCI EAFE Index (Reflects no deduction for fees, expenses, or taxes) -0.1214 0.0267 2010-07-20 Return After Taxes on Distributions and Sale of Fund Shares -0.0353 0.0721 2010-07-20 Return After Taxes on Distributions -0.0581 0.0833 2010-07-20 AADR Lowest Return Highest Return 2012-09-30 Return Before Taxes Based on NAV 128 2011-12-31 1001 -0.1790 -0.0292 4174 1889 0.0842 -0.0581 0.0342 0.0075 a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). 2011-09-30 year-to-date total return -0.0581 0.0000 0.0125 0.0417 0.0837 2010-07-20 0.0723 0001408970 ck0001408970:SummaryS000026954Memberck0001408970:S000026954Memberck0001408970:C000081186Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000026954Memberck0001408970:S000026954Memberrr:AfterTaxesOnDistributionsMemberck0001408970:C000081186Member 2012-10-29 2012-10-29 0001408970 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ck0001408970:SummaryS000033138Memberck0001408970:S000033138Memberck0001408970:C000102033Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000033138Memberck0001408970:S000033138Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000033346Memberck0001408970:S000033346Memberck0001408970:C000102436Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000033346Memberck0001408970:S000033346Member 2012-10-29 2012-10-29 0001408970 2012-10-29 2012-10-29 pure iso4217:USD AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"). The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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. AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The AdvisorShares Investment, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. As a shareholder in certain ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including ETNs and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"). The Total Annual Fund Operating Expenses 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. AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board . The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursements 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds. AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.95% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board. The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"). The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds. AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.35% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). This agreement is limited to the Fund's direct operating expenses and, therefore, does not apply to "Acquired Fund Fees and Expenses." The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.99% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940 , as amended (the "1940 Act"). The AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange traded products that are not investment companies in which the Fund invests, including exchange traded notes and exchange traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"). AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading PERITUS HIGH YIELD ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Peritus High Yield ETF (the "Fund") seeks high current income with a
secondary goal of capital appreciation.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 80% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 80.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Peritus I Asset Management, LLC (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by selecting a focused portfolio of high-yield debt securities
(commonly referred to as "junk bonds"), which include senior and subordinated
corporate debt obligations (such as bonds, debentures, notes and commercial paper).
The Fund does not have any portfolio maturity limitation and may invest its assets
in instruments with short-term, medium-term or long-term maturities. The Fund also
may invest to a lesser extent in equity securities that the Sub-Advisor believes
will yield high dividends or are otherwise consistent with the Fund's investment
objective.

In selecting securities for the Fund's portfolio, the Sub-Advisor, subject to the
oversight of the Advisor and the Board of Trustees (the "Board"), performs an
independent investment analysis of each issuer to determine its creditworthiness.
The Sub-Advisor takes a deep value contrarian approach to the credit markets,
foregoing relative value and new issue participation in favor of absolute returns.
The Sub-Advisor focuses on the secondary market, predominantly investing in assets
at a discount to par ($100), allowing for a potential opportunity to generate
capital gains in addition to current yield. The Sub-Advisor believes that structural
and technical inefficiencies exist in the secondary credit markets, which create
tremendous investment opportunities, and that, by holding a diversified but limited
number of securities, the portfolio will be constructed of securities that provide
exposure to industries believed to offer the most value to the Fund.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Credit Risk. The Fund is subject to the risk that an issuer of a fixed income
security, such as a corporate bond, may be unable or unwilling to make interest
and principal payments when due. The Fund is also subject to the related risk
that the value of a fixed income security may decline because of concerns about
the issuer's creditworthiness. Credit risk is heightened to the extent the Fund
invests in high yield securities or junk bonds.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Fixed Income Risk. The market value of fixed income investments in which the
Fund may invest may change in response to interest rate changes and other
factors. During periods of falling interest rates, the value of outstanding
fixed income securities generally rise. Conversely, during periods of rising
interest rates, the value of fixed income securities generally decline.

High-Yield Risk. The Fund's investments in high yield securities and unrated
securities of similar credit quality (commonly known as "junk bonds") may be
subject to greater levels of interest rate, credit and liquidity risk than funds
that do not invest in such securities. These securities are considered
predominately speculative with respect to the issuer's continuing ability to
make principal and interest payments.

Issuer Risk. The value of a security may increase for a number of reasons which
directly relate to the issuer, such as management performance, improved financial
condition and increased demand of the issuer's goods or services. An increase in
the value of the securities of an issuer or guarantor of a debt instrument may
cause the value of your investment in the Fund to decrease.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the stated investment objective cannot be
guaranteed. The Sub-Advisor's judgments about the markets, the economy, or
companies may not anticipate actual market movements, economic conditions or
company performance, and these judgments may affect the return on your
investment.

Market Risk. Due to market conditions, the value of the Fund's investments may
fluctuate significantly from day to day. This volatility may cause the value of
your investment in the Fund to decrease.
  
Prepayment Risk. The Fund may invest in mortgage related securities, which may
be paid off early if the borrower on the underlying mortgagee prepays the
mortgage or refinances the mortgage prior to the maturity date. If interest
rates are falling the Fund may have to reinvest the unanticipated proceeds at
lower interest rates, resulting in a decline in the Fund's income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow show how the Fund has performed on a
calendar year basis and provide an indication of the risks of investing in the
Fund. The table also shows how the Fund's performance compares to the Barclays
U.S. High Yield Index, which is an unmanaged index considered representative of
the universe of U.S. fixed rate, non-investment grade debt. Both the bar chart
and the table assume the reinvestment of all dividends and distributions. Past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The Fund's year-to-date total return as of September 30, 2012 was 12.40%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     4.71%         1Q/2011
Lowest Return     -7.05%         3Q/2011
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses, or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF | Barclays U.S. High Yield Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Barclays U.S. High Yield Index (Reflects no deduction for fees, expenses, or taxes)
1 Year rr_AverageAnnualReturnYear01 4.98%
Since Inception rr_AverageAnnualReturnSinceInception 6.33%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2010
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF | Peritus High Yield ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.10%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.25%
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.35%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 138
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 429
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 742
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,629
Annual Return 2011 rr_AnnualReturn2011 1.92%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 12.40%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.71%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.05%)
Label rr_AverageAnnualReturnLabel Return Before Taxes Based on NAV
1 Year rr_AverageAnnualReturnYear01 1.92%
Since Inception rr_AverageAnnualReturnSinceInception 2.94%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2010
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF | Peritus High Yield ETF | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [1]
1 Year rr_AverageAnnualReturnYear01 (1.04%)
Since Inception rr_AverageAnnualReturnSinceInception 0.04%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2010
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF | Peritus High Yield ETF | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [1]
1 Year rr_AverageAnnualReturnYear01 1.26%
Since Inception rr_AverageAnnualReturnSinceInception 0.89%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 10 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
TrimTabs Float Shrink ETF (Prospectus Summary) | TrimTabs Float Shrink ETF
TRIMTABS FLOAT SHRINK ETF
INVESTMENT OBJECTIVE
TrimTabs Float Shrink ETF (the "Fund") seeks to generate long-term returns in
excess of the total return of the Russell 3000® Index (the "Index"), with less
volatility than the Index.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
TrimTabs Float Shrink ETF
MANAGEMENT FEES 0.99%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 1.35%
TOTAL ANNUAL FUND OPERATING EXPENSES 2.34%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [1] 1.35%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 0.99%
[1] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.99% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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
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 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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
TrimTabs Float Shrink ETF
101 601 1,128 2,574
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from October 5, 2011, the Fund's commencement of operations,
through the most recent fiscal year ended, the Fund's portfolio turnover rate
was 201% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is an actively managed exchange-traded fund that seeks to achieve its
investment objective by primarily investing in the broad U.S. equity market, as
represented by the Index. The Fund seeks to achieve this goal by investing in
stocks with liquidity and fundamental characteristics that are historically
associated with superior long-term performance. Based on extensive historical
research, Trim Tabs Asset Management, LLC (the "Sub-Advisor") designed the
following quantitative stock selection rules to make allocation decisions and to
protect against dramatic over or under weighting of individual securities in the
Fund's portfolio.

Decile Ranking of Russell 3000® IndexStocks. The Sub-Advisor ranks stocks in the
Index by decile based on the following criteria:

   (i) the decrease in their outstanding shares over approximately the past 120
   days ("float shrink");

   (ii) the increase in free cash flow (the money available to the company that is
   not used to pay for its daily operations) over approximately the past 120 days;
   and

   (iii) the decrease in leverage over approximately the past 120 days. Leverage is
   measured as the ratio of total liabilities to total assets. The Sub-Advisor uses
   the relative decrease in leverage rather than amount of leverage itself as a
   criterion because the degree of leverage varies across industries.

The top decile of each respective ranking consists of the stocks of the companies
with (1) the strongest reduction in shares outstanding, (2) the strongest growth
in free cash flow, and (3) the largest decrease in leverage, respectively.

Stock Selection Algorithm. The Sub-Advisor uses an algorithm to give a relative
weight to the three decile rankings, combining them in a single ranking (combined
ranking). The algorithm places a higher weight on the float shrink ranking,
followed by the free cash flow ranking, followed by the leverage ranking. The Fund
under normal circumstances invests in 80 to 120 stocks from among the tenth
percentile of stocks with the highest combined ranking.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.
  
Large-Capitalization Securities Risk. The Fund may invest in large-capitalization
companies. Large- capitalization securities tend to go in and out of favor based
on market and economic conditions. During a period when the demand for
large-capitalization securities is less than for other types of investments --
small- capitalization securities, for instance -- the Fund's performance could
be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the stated investment objective cannot be guaranteed.
The Sub-Advisor's judgments about the markets, the economy, or companies may not
anticipate actual market movements, economic conditions or company performance,
and these judgments may affect the return on your investment.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Mid-Capitalization Securities Risk. The Fund may invest in mid-capitalization
companies. Mid-size companies may be more volatile and more likely than
large-capitalization companies to have limited product lines, markets or
financial resources, or depend on a few key employees. Returns on investments in
stocks of mid-size companies could trail the returns on investments in stocks of
larger or smaller companies.

Small-Capitalization Securities Risk. The Fund may invest in small-capitalization
companies. Security prices of small capitalization companies may be more volatile
than those of larger companies and therefore the Fund's share price may be more
volatile than those of funds that invest a larger percentage of their assets in
securities issued by larger-capitalization companies.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
XML 11 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Meidell Tactical Advantage ETF (Prospectus Summary) | Meidell Tactical Advantage ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading MEIDELL TACTICAL ADVANTAGE ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Meidell Tactical Advantage ETF (the "Fund") seeks to provide long-term
capital appreciation
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock with a secondary emphasis on capital preservation.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 817%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 817.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange traded funds (the "Underlying
ETFs") that offer diversified exposure to global regions, countries, styles
(market capitalization, value, growth, etc.) or sectors, and other exchange-traded
products ("ETPs"), including, but not limited to, exchange-traded notes ("ETNs"),
exchange-traded currency trusts, and closed-end funds. The Fund primarily invests
in U.S.-listed domestic and foreign equity, fixed income, and commodity ETFs and
ETPs.

American Wealth Management (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by managing a tactical strategy that has the ability to
dynamically rebalance the Fund's portfolio from as much as 100% equity assets to
100% fixed income assets or cash and cash equivalents depending on market
trends. This is a long-only tactical strategy that seeks to minimize portfolio
losses by rotating out of higher volatility assets and into lower volatility
assets when the Sub-Advisor believes there are significant risks in the equity
markets. Risk management is an integral part of the Sub-Advisor's investment
strategy. The Fund will not invest in leveraged or inverse exchange-traded
funds.

The Sub-Advisor uses a quantitative tactical methodology to identify the Underlying
ETFs and ETPs believed to be participating in long-term "durable trends" within the
market. This model enables the Sub- Advisor to evaluate, rank and select the
appropriate mix of investments in Underlying ETFs and ETPs given market conditions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:
  
Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar
investment objective that do not allocate their assets in the same manner or the
market as a whole.
  
Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. may
result in a shareholder's inability to buy or sell shares of the Fund on that
day.
  
ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by
an underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and
generally, are backed only by the creditworthiness of the issuer. As a result,
the value of an ETN may be influenced by time to maturity, level of supply and
demand for the ETN, volatility and lack of liquidity in the underlying market
(e.g., the commodities market), changes in the applicable interest rates, and
changes in the issuer's credit rating and economic, legal, political or
geographic events that affect the referenced market. ETNs also may be subject
to commodities market risk and credit risk.
  
Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Tax Risk. In order to qualify for the favorable U.S. federal income tax
treatment accorded to "regulated investment companies," the Fund must derive
at least 90% of its gross income in each taxable year from certain categories of
income ("qualifying income"). Certain of the Fund's investments may generate
income that is not qualifying income. If the Fund were to fail to meet the
qualifying income test and fail to qualify as a regulated investment company, it
would be taxed in the same manner as an ordinary corporation, and distributions
to its shareholders would not be deductible by the Fund in computing its taxable
income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying Fund Investment Risk. Through its investments in the Underlying ETFs
or ETPs, the Fund will be subject to the risks associated with the Underlying
ETFs' or ETPs' investments, including the possibility that the value of the
securities held by an Underlying ETF or ETP could decrease. These risks include
any combination of the risks described below, although the Fund's exposure to a
particular risk will be proportionate to the Fund's overall allocation and
Underlying ETF or ETP's asset allocation.
  
  Commodities Risk. The commodities industries can be significantly affected by   
  the level and volatility of commodity prices; world events including            
  international monetary and political developments; import controls and worldwide
  competition; exploration and production spending; and tax and other government  
  regulations and economic conditions.                                            

  Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate
  in the securities of a particular industry, group of industries, or sector, and
  when a fund is overweighted in an industry, group of industries, or sector, it  
  may be more sensitive to any single economic, business, political, or regulatory
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.                                                          

  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk    
  that a decline in the credit quality of a portfolio investment could cause the  
  Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs     
  could lose money if the issuer or guarantor of a portfolio investment or the    
  counterparty to a derivatives contract fails to make timely principal or         
  interest payments or otherwise honor its obligations.                           

  Emerging Markets Risk. There is an increased risk of price volatility associated
  with an Underlying ETF's or ETP's investments in emerging market countries,     
  which may be magnified by currency fluctuations relative to the U.S. dollar.    

  Equity Risk. The prices of equity securities in which an Underlying ETF invests
  rise and fall daily. These price movements may result from factors affecting    
  individual companies, industries or the securities market as a whole.           

  Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income     
  securities are subject to the risk that the securities may be paid off earlier  
  or later than expected. Either situation could cause the Underlying ETF or ETP  
  to hold securities paying lower- than-market rates of interest, which could hurt
  the Fund's yield or share price.                                                

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP security even when there is no change in the value of the
  security in the issuer's home country. Under normal circumstances, the          
  Underlying ETFs and ETPs do not intend to hedge against the risk of currency    
  exchange rate fluctuations, but some Underlying ETFs and ETPs may reserve the   
  right to do so if there is extreme volatility in currency exchange rates.       

  Foreign Securities Risk. An Underlying ETF's or ETP's investments in securities
  of foreign issuers involve certain risks including, but not limited to, risks of
  adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal   
  remedies available to investors may be more limited than those available with   
  respect to investments in the United States. In addition, the securities of some
  foreign companies may be less liquid and, at time, more volatile than securities
  of comparable U.S. companies.                                                   

  "Growth" Investing Risk. An Underlying ETF or ETP may pursue a "growth style"
  of  investing. Growth stocks can be volatile for several reasons. Since those       
  companies usually invest a high portion of earnings in their businesses, they   
  may lack the dividends of value stocks that can cushion stock prices in a       
  falling market. The prices of growth stocks are based largely on projections of
  the issuer's future earnings and revenues. If a company's earnings or revenues  
  fall short of expectations, its stock price may fall dramatically.              

  High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities  
  and unrated securities of similar credit quality (commonly known as "junk       
  bonds"). High-yield securities generally pay higher yields (greater income) than
  investment in higher quality securities; however, high-yield securities and junk
  bonds may be subject to greater levels of interest rate, credit and liquidity   
  risk than funds that do not invest in such securities, and are considered       
  predominantly speculative with respect to an issuer's continuing ability to make
  principal and interest payments.                                                

  Income Risk. An Underlying ETF or ETP may derive dividend and interest income   
  from certain of its investments. This income can vary widely over the short- and
  long-term. If prevailing market interest rates drop, distribution rates of an   
  Underlying ETF's or ETP's income producing investments may decline which then   
  may adversely affect the Fund's value.                                          

  Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income    
  securities are subject to the risk that interest rates rise and fall over time.
  As with any investment whose yield reflects current interest rates, an          
  Underlying ETF's or ETP's yield will change over time. During periods when      
  interest rates are low, an Underlying ETF's or ETP's yield (and total return)   
  also may be low. To the extent that the investment adviser (or sub-adviser) of  
  an Underlying ETF or ETP anticipates interest rate trends imprecisely, the      
  Underlying ETF or ETP could miss yield opportunities or its share price could   
  fall.                                                                           
  
  Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit
  and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
  any other government agency. The Fund may experience losses with respect to its
  investment in an Underlying ETF or ETP. Further, there is no guarantee that an  
  Underlying ETF or ETP will be able to achieve its objective.                    

  Large-Capitalization Risk. An Underlying ETF or ETP may invest in large-cap    
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of smaller and mid-sized companies.        

  Mid-Capitalization Risk. An Underlying ETF or ETP may invest in mid-cap        
  companies. Mid-sized companies may be more volatile and more likely than        
  large-capitalization companies to have limited product lines, markets or        
  financial resources, or depend on a few key employees. Returns on investments
  in stocks of mid-size companies could trail the returns on investments in stocks of
  larger or smaller companies.                                                    

  Small-Capitalization Risk. An Underlying ETF or ETP may invest in small-cap    
  companies. Small- capitalization companies may be more vulnerable than larger,  
  more established organizations to adverse business or economic developments.
  In particular, small- capitalization companies may have limited product lines,     
  markets, and financial resources and may be dependent upon a relatively small   
  management group. These securities may be listed on an exchange or trade        
  over-the-counter, and may or may not pay dividends. During a period when        
  small-cap stocks fall behind other types of investments - large-cap stocks, for
  instance - the Underlying ETF's or ETP's performance could be reduced.          

  "Value" Investing Risk. Because it may invest in value stocks, the Fund could   
  suffer losses or produce poor results relative to other funds, even in a rising
  market, if the Sub-Advisor's assessment of a company's value or prospects for   
  exceeding earnings expectations or market conditions is wrong.                  

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in an Underlying ETF or ETP is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.
  
Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Meidell Tactical Advantage ETF (Prospectus Summary) | Meidell Tactical Advantage ETF | Meidell Tactical Advantage ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.20%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 2.49%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.23% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 3.92% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (2.34%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.58% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 160
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 979
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,815
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,988
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.35% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). This agreement is limited to the Fund's direct operating expenses and, therefore, does not apply to "Acquired Fund Fees and Expenses." The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WCM / BNY MELLON FOCUSED GROWTH ADR ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The WCM/BNY Mellon Focused Growth ADR ETF (the "Fund") seeks long-term capital
appreciation above international benchmarks such as the BNY Mellon Classic ADR
Index, the Fund's primary benchmark, and the MSCI EAFE Index, the Fund's
secondary benchmark.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock WCM Investment Management (the "Sub-Advisor"), the sub-adviser to the Fund,
seeks to achieve the Fund's investment objective by selecting primarily a
portfolio of U.S.-traded securities of non-U.S. organizations, most often
American Depositary Receipts ("ADRs"), included in the BNY Mellon Classic
ADR Index. The Fund's investment focus follows the Sub-Advisor's core
philosophy of investing in industry-leading non-U.S. organizations led by
visionary management teams with sound business strategies. The Sub-Advisor
believes that these companies often dominate their industry and are likely
to continue that domination well into the future. The Sub-Advisor establishes
guidelines for sector and industry emphasis and develops the portfolio of
the Fund. The Sub-Advisor analyzes the major trends in the global economy
in order to identify those economic sectors and industries that are most
likely to benefit. Typical themes incorporated in their investment process
include demographics, global commerce, outsourcing, the growing global
middle class and the proliferation of technology. A portfolio strategy is
then implemented that will best capitalize on these investment themes and
subsequent expected growth of the underlying assets.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic
risks as the underlying non-U.S. shares they represent. They are affected by the
risks associated with non-U.S. securities, such as changes in political or
economic conditions of other countries and changes in the exchange rates of
foreign currencies. In addition, investments in ADRs may be less liquid than the
underlying securities in their primary trading market.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Foreign Currency Risk. The Fund's exposure to foreign currencies subjects the
Fund to the risk that those currencies will decline in value relative to the
U.S. dollar.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers,
including ADRs, may involve certain risks that are greater than those associated
with investments in securities of U.S. issuers. These include risks of adverse
changes in foreign economic, political, regulatory and other conditions; changes
in currency exchange rates or exchange control regulations (including limitations
on currency movements and exchanges); differing accounting, auditing, financial
reporting and legal standards and practices; differing securities market structures;
and higher transaction costs.
  
Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.

Large-Capitalization Risk. The Fund may invest in large-capitalization companies.
Large-capitalization securities tend to go in and out of favor based on market and
economic conditions. During a period when the demand for large-capitalization
securities is less than for other types of investments -- small-capitalization
securities, for instance -- the Fund's performance could be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the value of the Fund's investments may
fluctuate significantly from day to day. This volatility may cause the value of
your investment in the Fund to decrease.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
Risk Lose Money [Text] rr_RiskLoseMoney Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in  the Fund. The
table also shows how the Fund's performance compares to the  MSCI EAFE Index,
which is an unmanaged free float-adjusted market capitalization index that is
designed to measure the equity market performance of developed markets, excluding
the U.S. & Canada. Both the bar chart and the table assume the reinvestment of all
dividends and distributions. Past performance (before and after taxes) does not
necessarily indicate how the Fund will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The Fund's year-to-date total return as of September 30, 2012 was 7.23%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     8.42%         4Q/2011
Lowest Return    -17.90%         3Q/2011
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses, or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock Updated performance information is available on the Fund's website at
www.advisorshares.com.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF | MSCI EAFE Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI EAFE Index (Reflects no deduction for fees, expenses, or taxes)
1 Year rr_AverageAnnualReturnYear01 (12.14%)
Since Inception rr_AverageAnnualReturnSinceInception 2.67%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF | WCM/BNY Mellon Focused Growth ADR ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.75%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 3.42%
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 4.17%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (2.92%) [1]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.25%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,001
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,889
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,174
Annual Return 2011 rr_AnnualReturn2011 (5.81%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.23%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.42%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.90%)
Label rr_AverageAnnualReturnLabel Return Before Taxes Based on NAV
1 Year rr_AverageAnnualReturnYear01 (5.81%)
Since Inception rr_AverageAnnualReturnSinceInception 8.37%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF | WCM/BNY Mellon Focused Growth ADR ETF | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [2]
1 Year rr_AverageAnnualReturnYear01 (5.81%)
Since Inception rr_AverageAnnualReturnSinceInception 8.33%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF | WCM/BNY Mellon Focused Growth ADR ETF | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [2]
1 Year rr_AverageAnnualReturnYear01 (3.53%)
Since Inception rr_AverageAnnualReturnSinceInception 7.21%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 20, 2010
[1] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
[2] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 14 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Madrona International ETF (Prospectus Summary) | Madrona International ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading MADRONA INTERNATIONAL ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Madrona International ETF (the "Fund") seeks to provide long-term capital
appreciation above the capital appreciation of its international benchmarks,
such as the MSCI EAFE Index, the Fund's primary benchmark, and the BNY Mellon
Classic ADR Index, the Fund's secondary benchmark.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 110% of the
average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 110.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund which are not reflected in the table below.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by selecting a portfolio primarily composed of American Depository
Receipts ("ADRs") from among the largest issuers of Europe, Australasia and the
Far East ("EAFE") and Canada. The Fund's portfolio may also include U.S.-traded
securities of large-capitalization non-U.S. issuers that provide exposure to
certain markets deemed to be emerging markets. Securities are selected, weighted
and sold based upon the Sub-Advisor's proprietary investment process. The
Sub-Advisor's investment committee meets on a bi-weekly basis to monitor the
portfolio and make allocation decisions. The investment committee uses third-party
analyst research and a proprietary fundamental process to make allocation decisions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic
risks as the underlying non-U.S. shares they represent. They are affected by the
risks associated with non-U.S. securities, such as changes in political or
economic conditions of other countries and changes in the exchange rates of
foreign currencies. In addition, investments in ADRs may be less liquid than the
underlying securities in their primary trading market.

Currency Risk. As a result of the Fund's investments in securities receiving
revenues in, foreign currencies, the Fund will be subject to currency risk. This
is the risk that currencies to which the Fund is exposed will decline in value
relative to the U.S. dollar, which may cause the dollar value of an investment
in the Fund to be adversely affected.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers,
including ADRs, may involve certain risks that are greater than those associated
with investments in securities of U.S. issuers. These include risks of adverse
changes in foreign economic, political, regulatory and other conditions; changes
in currency exchange rates or exchange control regulations (including limitations
on currency movements and exchanges); differing accounting, auditing, financial
reporting and legal standards and practices; differing securities market
structures; and higher transaction costs.

Geographic Concentration Risk. To the extent that the Fund's investments are
concentrated in a particular country or region, the Fund will be susceptible to
loss due to adverse market, political, regulatory, and geographic events affecting
that country or region. The Fund has concentrated investment exposure to the
countries and regions listed below.

    Asia. While certain Asian economies are exemplars of growth and development
    others have been and continue to be subject, to some extent, to over-extension
    of credit, currency devaluations and restrictions, high unemployment, high
    inflation, decreased exports and economic recessions.

    Canada. The Canadian economy is susceptible to adverse changes in certain
    commodities markets, including those related to the agricultural and mining
    industries. It is also heavily dependent on trading with key partners. Any
    reduction in this trading may adversely affect the Canadian economy.
  
    Europe. The European economy is diverse and includes both large, competitive
    economies and small, struggling economies. The European economy is vulnerable to
    decreasing imports or exports, changes in governmental regulations on trade,
    changes in the exchange rate of the euro and recessions in EU economies.

    United States. The United States is a significant trading partner of many
    emerging markets in which the Fund invests. The United States economy has
    traditionally been considered to be one of the most stable and productive
    economies in the world. However, the recent financial crisis, declining U.S.
    imports, new trade regulations, changes in exchange rates, and increasing public
    debt pose concerns for many of the United States' trading partners that depend
    on its historically high levels of consumer spending and foreign investment.

Large-Cap Risk. Large-cap stocks tend to go in and out of favor based on market
and economic conditions. During a period when the demand for large-cap stocks is
less than for other types of investments -- small-cap stocks, for instance -- the
Fund's performance could be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. The
trading prices of shares will fluctuate in accordance with changes in NAV as
well as market supply and demand.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Madrona International ETF (Prospectus Summary) | Madrona International ETF | Madrona International ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.80%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.74%
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.54%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (0.29%) [1]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.25%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 459
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 813
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,812
[1] AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board . The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 15 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF
WCM / BNY MELLON FOCUSED GROWTH ADR ETF
INVESTMENT OBJECTIVE
The WCM/BNY Mellon Focused Growth ADR ETF (the "Fund") seeks long-term capital
appreciation above international benchmarks such as the BNY Mellon Classic ADR
Index, the Fund's primary benchmark, and the MSCI EAFE Index, the Fund's
secondary benchmark.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
WCM/BNY Mellon Focused Growth ADR ETF
MANAGEMENT FEES 0.75%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 3.42%
TOTAL ANNUAL FUND OPERATING EXPENSES 4.17%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [1] 2.92%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 1.25%
[1] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
WCM/BNY Mellon Focused Growth ADR ETF
128 1,001 1,889 4,174
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
WCM Investment Management (the "Sub-Advisor"), the sub-adviser to the Fund,
seeks to achieve the Fund's investment objective by selecting primarily a
portfolio of U.S.-traded securities of non-U.S. organizations, most often
American Depositary Receipts ("ADRs"), included in the BNY Mellon Classic
ADR Index. The Fund's investment focus follows the Sub-Advisor's core
philosophy of investing in industry-leading non-U.S. organizations led by
visionary management teams with sound business strategies. The Sub-Advisor
believes that these companies often dominate their industry and are likely
to continue that domination well into the future. The Sub-Advisor establishes
guidelines for sector and industry emphasis and develops the portfolio of
the Fund. The Sub-Advisor analyzes the major trends in the global economy
in order to identify those economic sectors and industries that are most
likely to benefit. Typical themes incorporated in their investment process
include demographics, global commerce, outsourcing, the growing global
middle class and the proliferation of technology. A portfolio strategy is
then implemented that will best capitalize on these investment themes and
subsequent expected growth of the underlying assets.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic
risks as the underlying non-U.S. shares they represent. They are affected by the
risks associated with non-U.S. securities, such as changes in political or
economic conditions of other countries and changes in the exchange rates of
foreign currencies. In addition, investments in ADRs may be less liquid than the
underlying securities in their primary trading market.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Foreign Currency Risk. The Fund's exposure to foreign currencies subjects the
Fund to the risk that those currencies will decline in value relative to the
U.S. dollar.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers,
including ADRs, may involve certain risks that are greater than those associated
with investments in securities of U.S. issuers. These include risks of adverse
changes in foreign economic, political, regulatory and other conditions; changes
in currency exchange rates or exchange control regulations (including limitations
on currency movements and exchanges); differing accounting, auditing, financial
reporting and legal standards and practices; differing securities market structures;
and higher transaction costs.
  
Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.

Large-Capitalization Risk. The Fund may invest in large-capitalization companies.
Large-capitalization securities tend to go in and out of favor based on market and
economic conditions. During a period when the demand for large-capitalization
securities is less than for other types of investments -- small-capitalization
securities, for instance -- the Fund's performance could be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the value of the Fund's investments may
fluctuate significantly from day to day. This volatility may cause the value of
your investment in the Fund to decrease.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
FUND PERFORMANCE
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in  the Fund. The
table also shows how the Fund's performance compares to the  MSCI EAFE Index,
which is an unmanaged free float-adjusted market capitalization index that is
designed to measure the equity market performance of developed markets, excluding
the U.S. & Canada. Both the bar chart and the table assume the reinvestment of all
dividends and distributions. Past performance (before and after taxes) does not
necessarily indicate how the Fund will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Bar Chart
The Fund's year-to-date total return as of September 30, 2012 was 7.23%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     8.42%         4Q/2011
Lowest Return    -17.90%         3Q/2011
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
WCM/BNY Mellon Focused Growth ADR ETF
Return Before Taxes Based on NAV (5.81%) 8.37% Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF After Taxes on Distributions
Return After Taxes on Distributions [1] (5.81%) 8.33% Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares [1] (3.53%) 7.21% Jul. 20, 2010
WCM/BNY Mellon Focused Growth ADR ETF MSCI EAFE Index
MSCI EAFE Index (Reflects no deduction for fees, expenses, or taxes) (12.14%) 2.67% Jul. 20, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Updated performance information is available on the Fund's website at
www.advisorshares.com.
XML 16 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Rockledge SectorSAM ETF (Prospectus Summary) | Rockledge SectorSAM ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading ROCKLEDGE SectorSAM ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Rockledge SectorSAM ETF (the "Fund") seeks to generate stable and consistent
annual returns under all market conditions.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from January 11, 2012, the Fund's commencement of operations,
through the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 391% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 391.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is a "fund of funds" that seeks to achieve its investment objective by
investing primarily in both long and short positions in other exchange traded
funds (the "Underlying ETFs") that offer diversified exposure to U.S. large
capitalization sectors. Rockledge Advisors LLC, (the "Sub-Advisor") uses "Sector
Scoring and Allocation Methodology" ("SectorSAM"), which is a proprietary
quantitative analysis, to forecast each sector's excess return within a specific
time horizon. The Sub-Advisor seeks to achieve the Fund's investment objective
by buying (taking long positions in) Underlying ETFs intended to capture the
performance of the most promising sectors and selling (establishing short
positions in) Underlying ETFs with the intent of profiting from the least
promising sectors of U.S. large capitalization broad market securities. The
strategy is designed to generate higher returns in a higher interest rate
environment, which is often associated with increased inflation.

Under normal circumstances, the Fund strives to invest equal dollar amounts to
obtain both long and short exposure in the market at each major rebalancing
point (on at least a monthly basis). When fully invested, the Fund will
typically be both 100% long and 100% short of total portfolio value. The
Sub-Advisor, in its discretion, may choose an additional long or short bias of
up to 50% exposure, or may choose to hold amounts in cash or cash equivalents
depending on its view of market conditions.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and the allocation of assets among such Underlying ETFs will
cause the Fund to underperform other funds with a similar investment objective
that do not allocate their assets in the same manner or the market as a whole.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security
to make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain on
the transaction. Conversely, if the underlying security goes up in price during the
period, the Fund will realize a loss on the transaction. Any such loss is increased
by the amount of premium or interest the Fund must pay to the lender of the security.
Likewise, any gain will be decreased by the amount of premium or interest the Fund
must pay to the lender of the security. Because a short position loses value as the
security's price increases, the loss on a short sale is theoretically unlimited.
Short sales involve leverage because the Fund borrows securities and then sells
them, effectively leveraging its assets. The use of leverage may magnify gains or
losses for the Fund.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income that
is not qualifying income. If the Fund were to fail to meet the qualifying income
test and fail to qualify as a regulated investment company, it would be taxed in
the same manner as an ordinary corporation, and distributions to its shareholders
would not be deductible by the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,
the Fund will be subject to the risks associated with such investment vehicles'
investments, including the possibility that the value of the securities held by
an Underlying ETF could decrease. These risks include any combination of the
risks described below. The Fund's exposure to a particular risk will be
proportionate to the Fund's overall allocation to the Underlying ETFs and their
exposure to various security types and geographic regions.

  Concentration Risk. An Underlying ETF may, at various times, concentrate in the
  securities of a particular industry, group of industries, or sector, and when a
  fund is overweighted in an industry, group of industries, or sector, it may be  
  more sensitive to any single economic, business, political, or regulatory       
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.

  Equity Risk. The prices of equity securities in which an Underlying ETF invests
  rise and fall daily. These price movements may result from factors affecting    
  individual companies, industries or the securities market as a whole.

  "Growth" Investing Risk. An Underlying ETF may pursue a "growth style" of        
  investing. Growth stocks can be volatile for several reasons. Since those       
  companies usually invest a high portion of earnings in their businesses, they   
  may lack the dividends of value stocks that can cushion stock prices in a       
  falling market. The prices of growth stocks are based largely on projections of
  the issuer's future earnings and revenues. If a company's earnings or revenues  
  fall short of expectations, its stock price may fall dramatically.

  Investment Risk. Similar to an investment in the Fund, an investment in an       
  Underlying ETF is not a bank deposit and is not insured or guaranteed by the    
  Federal Deposit Insurance Corporation or any other government agency. The Fund  
  may experience losses with respect to its investment in an Underlying ETF.      
  Further, there is no guarantee that an Underlying ETF will be able to achieve   
  its objective.

  Large-Capitalization Risk. An Underlying ETF may invest in large-cap companies.
  Returns on investments in stocks of large U.S. companies could trail the returns
  on investments in stocks of smaller and mid-sized companies or the market as a  
  whole.

  Mid-Capitalization Risk. An Underlying ETF may invest in mid-cap companies.    
  Mid-sized companies may be more volatile and more likely than large-capitalization
  companies to have limited product lines, markets or financial resources, or depend
  on a few key employees. Returns on investments in stocks of mid-size companies
  could trail the returns on investments in stocks of larger or smaller companies or
  the market as a whole.

  Small-Capitalization Risk. An Underlying ETF may invest in small-cap companies.
  Small-cap companies may be more vulnerable than larger, more established        
  organizations to adverse business or economic developments. In particular,      
  small-cap companies may have limited product lines, markets, and financial      
  resources and may be dependent upon a relatively small management group. These  
  securities may be listed on an exchange or trade over-the-counter, and may or   
  may not pay dividends. During a period when small-cap stocks fall behind other  
  types of investments -- large-cap stocks, for instance -- the Underlying ETF's    
  performance could be adversely affected.

  Tracking Error Risk. An Underlying ETF's manager may not be able to cause the   
  Fund's performance to correspond to that of the Underlying ETF's benchmark,     
  either on a daily or aggregate basis. Tracking error may cause the Underlying   
  ETF's performance to be less than expected.

  "Value" Investing Risk. Because Underlying ETFs may invest in value stocks,     
  Underlying ETFs could suffer losses or produce poor results relative to other   
  funds, even in a rising market, if the Underlying ETF manager's assessment of a
  company's value or prospects for exceeding earnings expectations or market      
  conditions is wrong.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
Risk Lose Money [Text] rr_RiskLoseMoney Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Similar to an investment in the Fund, an investment in an Underlying ETF is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Rockledge SectorSAM ETF (Prospectus Summary) | Rockledge SectorSAM ETF | Rockledge SectorSAM ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.25%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
Short Interest Expense rr_Component1OtherExpensesOverAssets 1.60%
Other Expenses rr_Component2OtherExpensesOverAssets 8.18%
TOTAL OTHER EXPENSES rr_OtherExpensesOverAssets 9.78%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 11.04% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (7.93%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 3.11% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 314
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,430
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,298
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 8,066
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940 , as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] The AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Ranger Equity Bear ETF (Prospectus Summary) | Ranger Equity Bear ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading RANGER EQUITY BEAR ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Ranger Equity Bear ETF (the "Fund") seeks capital appreciation through short
sales of domestically traded equity securities.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 756% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 756.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Ranger Alternative Management, L.P. (the "Sub-Advisor") seeks to achieve the
Fund's investment objective by short selling a portfolio of liquid mid- and
large-cap U.S. exchange-traded equity securities, exchange-traded funds ("ETFs")
registered pursuant to the 1940 Act, exchange-traded notes ("ETNs") and other
exchange-traded products ("ETPs"). The Sub-Advisor implements a bottom-up,
fundamental, research driven security selection process that seeks to identify
securities with low earnings quality or aggressive accounting that may tend to
mask operational deterioration and bolster the reported earnings per share over
a short time period. In addition to these issues, the Sub-Advisor seeks to
identify earnings driven events that may act as a catalyst to the price decline
of a security, such as downwards earnings revisions or reduced forward earnings
outlook. On a day-to-day basis, the Fund may hold U.S. government securities,
short-term high quality fixed income securities, money market instruments,
overnight and fixed-term repurchase agreements, cash and cash equivalents with
maturities of one year or less for investment purposes and to cover its short
positions.

In addition to extensive quantitative analysis, careful consideration is given
to qualitative analysis. The assessment of the management team, accounting
practices, corporate governance and the company's competitive advantage are all
key items. Once these quantitative and qualitative characteristics are thoroughly
analyzed, the Sub-Advisor then determines if there is sufficient return to the
stock price to warrant an investment. Once a position is included in the Fund's
portfolio, it is subject to regular fundamental and technical risk management
review. This continual review process seeks to identify problem positions early
and enhances performance by removing them before they become significant issues
for the portfolio.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

Equity Risk. The prices of equity securities in which the Fund holds short
positions may rise and fall daily. These price movements may result from factors
affecting individual issuers, industries or the stock market as a whole.

Exchange-Traded Vehicle Risk. The Fund may invest in (or short) ETFs, ETNs and
ETPs. Through its positions in ETFs, ETNs and ETPs, the Fund will be subject to
the risks associated with such vehicles, investments, or reference assets in the
case of ETNs, including the possibility that the value of the securities or
instruments held by an ETF, ETN or ETP could decrease (or increase in the case
of short positions). Lack of liquidity in an ETP, ETN, or ETF can result in its
value being more volatile than the underlying portfolio investment. In addition,
certain of the ETPs, ETFs, or ETNs may hold common portfolio positions, thereby
reducing any diversification benefits.

Fixed Income Risk. The Fund may be exposed to fixed income risk through its
short positions in ETFs and ETPs that primarily invest in, or have exposure to,
fixed income securities. The value of an ETF's or ETP's portfolio of fixed
income securities will change in response to interest rate changes and other
factors, such as the perception of the issuers' creditworthiness. During periods
of falling interest rates, the value of outstanding fixed income securities
generally rise. Conversely, during periods of rising interest rates, the value
of fixed income securities generally decline.
  
Issuer Risk. From time to time the Fund may have exposure via its short
positions to a limited number of issuers. During such times, the Fund is more
susceptible to the risk that an issuer's securities may appreciate in value.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Mid-Capitalization and Large-Capitalization Risk. The Fund is subject to the
risk that medium and large-cap stocks may outperform other segments of the
equity market or the equity market as a whole.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security to
make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain
on the transaction. Conversely, if the underlying security goes up in price during
the period, the Fund will realize a loss on the transaction. Any such loss is
increased by the amount of premium or interest the Fund must pay to the lender of
the security. Likewise, any gain will be decreased by the amount of premium or
interest the Fund must pay to the lender of the security. Because a short position
loses value as the security's price increases, the loss on a short sale is
theoretically unlimited. Short sales involve leverage because the Fund borrows
securities and then sells them, effectively leveraging its assets. The use of
leverage may magnify gains or losses for the Fund.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Ranger Equity Bear ETF (Prospectus Summary) | Ranger Equity Bear ETF | Ranger Equity Bear ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.50%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
Short Interest Expense rr_Component1OtherExpensesOverAssets 1.37%
Other Expenses rr_Component2OtherExpensesOverAssets 0.19%
TOTAL OTHER EXPENSES rr_OtherExpensesOverAssets 1.56%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.24% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 3.30% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 333
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,016
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,722
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,596
[1] As a shareholder in certain ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including ETNs and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses 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.

XML 19 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Madrona Global Bond ETF (Prospectus Summary) | Madrona Global Bond ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading MADRONA GLOBAL BOND ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Madrona Global Bond ETF (the "Fund") seeks investment results that exceed
the price and yield performance of its benchmark, the Barclays Capital Aggregate
Bond Index.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 12% of the
average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 12.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursements 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by selecting a portfolio of fixed income (bond) exchange traded funds
(the "Underlying ETFs") and other exchange traded products ("ETPs"), including,
but not limited to, exchange traded notes ("ETNs"), exchange traded currency
trusts, and exchange-traded commodity pools. The Fund invests in ETFs that
provide exposure to at least 12 distinct bond classes, including, but not
limited to, short-term treasury bonds, municipal bonds, and high-yield U.S.
corporate bonds (sometimes referred to as "junk bonds"). The Sub-Advisor will
construct the Fund's portfolio using a weighted allocation system based on yield
curve analysis of each bond category. The investment committee meets on a
bi-weekly basis to monitor the Fund's portfolio and make allocation decisions.
The investment committee uses third-party analyst research and a proprietary
fundamental process to make allocation decisions. Each major bond category will
have a three percent minimum percentage inclusion in the Fund's portfolio.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market
risk and credit risk.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.
  
Tax Risk. In order to qualify for the favorable U.S. federal income tax
treatment accorded to "regulated investment companies," the Fund must derive
at least 90% of its gross income in each taxable year from certain categories
of income ("qualifying income"). Certain of the Fund's investments may generate
income that is not qualifying income. If the Fund were to fail to meet the
qualifying income test and fail to qualify as a regulated investment company, it
would be taxed in the same manner as an ordinary corporation, and distributions
to its shareholders would not be deductible by the Fund in computing its taxable
income.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the Underlying
ETFs or ETPs, the Fund will be subject to the risks associated with the Underlying
ETFs' or ETP's investments, including the possibility that the value of the
securities or assets held by an Underlying ETF or ETP could decrease. These risks
include any combination of the risks described below, although the Fund's exposure
to a particular risk will be proportionate to the Fund's overall allocation and
each Underlying ETF's or ETP's asset allocation.

  Commodities Risk. The commodities industries can be significantly affected by the
  level and volatility of commodity prices; world events including international
  monetary and political developments; import controls and worldwide competition;
  exploration and production spending; and tax and other government regulations and
  economic conditions.                                            

  Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate
  in the securities of a particular industry, group of industries, or sector, and
  when a fund is overweighted in an industry, group of industries, or sector, it  
  may be more sensitive to any single economic, business, political, or regulatory
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.                                                          

  Credit Risk. Certain of the Underlying ETFs or ETPs are subject to the risk that
  a decline in the credit quality of a portfolio investment could cause the       
  Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs     
  could lose money if the issuer or guarantor of a portfolio investment or the    
  counterparty to a derivatives contract fails to make timely principal or        
  interest payments or otherwise honor its obligations.                           

  Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income     
  securities are subject to the risk that the securities may be paid off earlier  
  or later than expected. Either situation could cause the Underlying ETF or ETP  
  to hold securities paying lower- than-market rates of interest, which could hurt
  the Fund's yield or share price.                                                

  High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities  
  and unrated securities of similar credit quality (commonly known as "junk bonds").
  High-yield securities generally pay higher yields (greater income) than investment
  in higher quality securities; however, high-yield securities and junk bonds may be
  subject to greater levels of interest rate, credit and liquidity risk than funds
  that do not invest in such securities, and are considered predominantly speculative
  with respect to an issuer's continuing ability to make principal and interest payments.

  Income Risk. An Underlying ETF or ETP may derive dividend and interest income   
  from certain of its investments. This income can vary widely over the short- and
  long-term. If prevailing market interest rates drop, distribution rates of an   
  Underlying ETF's or ETP's income producing investments may decline which then   
  may adversely affect the Fund's value.

  Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income    
  securities are subject to the risk that interest rates rise and fall over time.  
  As with any investment whose yield reflects current interest rates, an          
  Underlying ETF's or ETP's yield will change over time. During periods when      
  interest rates are low, an Underlying ETF's or ETP's yield (and total return)   
  also may be low. To the extent that the investment adviser (or sub-adviser) of  
  an Underlying ETF or ETP anticipates interest rate trends imprecisely, the      
  Underlying ETF or ETP could miss yield opportunities or its share price could   
  fall.

  Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit
  and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
  any other government agency. The Fund may experience losses with respect to its
  investment in an Underlying ETF or ETP. Further, there is no guarantee that an  
  Underlying ETF or ETP will be able to achieve its objective.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in an Underlying ETF or ETP is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Madrona Global Bond ETF (Prospectus Summary) | Madrona Global Bond ETF | Madrona Global Bond ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.50%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.49%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.31% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.30% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (0.04%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR REIMBURSEMENTS rr_NetExpensesOverAssets 1.26% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 407
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 707
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,559
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursements 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.95% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board. The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 20 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Rockledge SectorSAM ETF (Prospectus Summary) | Rockledge SectorSAM ETF
ROCKLEDGE SectorSAM ETF
INVESTMENT OBJECTIVE
The Rockledge SectorSAM ETF (the "Fund") seeks to generate stable and consistent
annual returns under all market conditions.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Rockledge SectorSAM ETF
MANAGEMENT FEES 1.25%
DISTRIBUTION (12b-1) FEES none
Short Interest Expense 1.60%
Other Expenses 8.18%
TOTAL OTHER EXPENSES 9.78%
ACQUIRED FUND FEES AND EXPENSES [1] 0.01%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 11.04%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 7.93%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 3.11%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940 , as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] The AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Rockledge SectorSAM ETF
314 2,430 4,298 8,066
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from January 11, 2012, the Fund's commencement of operations,
through the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 391% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is a "fund of funds" that seeks to achieve its investment objective by
investing primarily in both long and short positions in other exchange traded
funds (the "Underlying ETFs") that offer diversified exposure to U.S. large
capitalization sectors. Rockledge Advisors LLC, (the "Sub-Advisor") uses "Sector
Scoring and Allocation Methodology" ("SectorSAM"), which is a proprietary
quantitative analysis, to forecast each sector's excess return within a specific
time horizon. The Sub-Advisor seeks to achieve the Fund's investment objective
by buying (taking long positions in) Underlying ETFs intended to capture the
performance of the most promising sectors and selling (establishing short
positions in) Underlying ETFs with the intent of profiting from the least
promising sectors of U.S. large capitalization broad market securities. The
strategy is designed to generate higher returns in a higher interest rate
environment, which is often associated with increased inflation.

Under normal circumstances, the Fund strives to invest equal dollar amounts to
obtain both long and short exposure in the market at each major rebalancing
point (on at least a monthly basis). When fully invested, the Fund will
typically be both 100% long and 100% short of total portfolio value. The
Sub-Advisor, in its discretion, may choose an additional long or short bias of
up to 50% exposure, or may choose to hold amounts in cash or cash equivalents
depending on its view of market conditions.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and the allocation of assets among such Underlying ETFs will
cause the Fund to underperform other funds with a similar investment objective
that do not allocate their assets in the same manner or the market as a whole.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security
to make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain on
the transaction. Conversely, if the underlying security goes up in price during the
period, the Fund will realize a loss on the transaction. Any such loss is increased
by the amount of premium or interest the Fund must pay to the lender of the security.
Likewise, any gain will be decreased by the amount of premium or interest the Fund
must pay to the lender of the security. Because a short position loses value as the
security's price increases, the loss on a short sale is theoretically unlimited.
Short sales involve leverage because the Fund borrows securities and then sells
them, effectively leveraging its assets. The use of leverage may magnify gains or
losses for the Fund.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income that
is not qualifying income. If the Fund were to fail to meet the qualifying income
test and fail to qualify as a regulated investment company, it would be taxed in
the same manner as an ordinary corporation, and distributions to its shareholders
would not be deductible by the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,
the Fund will be subject to the risks associated with such investment vehicles'
investments, including the possibility that the value of the securities held by
an Underlying ETF could decrease. These risks include any combination of the
risks described below. The Fund's exposure to a particular risk will be
proportionate to the Fund's overall allocation to the Underlying ETFs and their
exposure to various security types and geographic regions.

  Concentration Risk. An Underlying ETF may, at various times, concentrate in the
  securities of a particular industry, group of industries, or sector, and when a
  fund is overweighted in an industry, group of industries, or sector, it may be  
  more sensitive to any single economic, business, political, or regulatory       
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.

  Equity Risk. The prices of equity securities in which an Underlying ETF invests
  rise and fall daily. These price movements may result from factors affecting    
  individual companies, industries or the securities market as a whole.

  "Growth" Investing Risk. An Underlying ETF may pursue a "growth style" of        
  investing. Growth stocks can be volatile for several reasons. Since those       
  companies usually invest a high portion of earnings in their businesses, they   
  may lack the dividends of value stocks that can cushion stock prices in a       
  falling market. The prices of growth stocks are based largely on projections of
  the issuer's future earnings and revenues. If a company's earnings or revenues  
  fall short of expectations, its stock price may fall dramatically.

  Investment Risk. Similar to an investment in the Fund, an investment in an       
  Underlying ETF is not a bank deposit and is not insured or guaranteed by the    
  Federal Deposit Insurance Corporation or any other government agency. The Fund  
  may experience losses with respect to its investment in an Underlying ETF.      
  Further, there is no guarantee that an Underlying ETF will be able to achieve   
  its objective.

  Large-Capitalization Risk. An Underlying ETF may invest in large-cap companies.
  Returns on investments in stocks of large U.S. companies could trail the returns
  on investments in stocks of smaller and mid-sized companies or the market as a  
  whole.

  Mid-Capitalization Risk. An Underlying ETF may invest in mid-cap companies.    
  Mid-sized companies may be more volatile and more likely than large-capitalization
  companies to have limited product lines, markets or financial resources, or depend
  on a few key employees. Returns on investments in stocks of mid-size companies
  could trail the returns on investments in stocks of larger or smaller companies or
  the market as a whole.

  Small-Capitalization Risk. An Underlying ETF may invest in small-cap companies.
  Small-cap companies may be more vulnerable than larger, more established        
  organizations to adverse business or economic developments. In particular,      
  small-cap companies may have limited product lines, markets, and financial      
  resources and may be dependent upon a relatively small management group. These  
  securities may be listed on an exchange or trade over-the-counter, and may or   
  may not pay dividends. During a period when small-cap stocks fall behind other  
  types of investments -- large-cap stocks, for instance -- the Underlying ETF's    
  performance could be adversely affected.

  Tracking Error Risk. An Underlying ETF's manager may not be able to cause the   
  Fund's performance to correspond to that of the Underlying ETF's benchmark,     
  either on a daily or aggregate basis. Tracking error may cause the Underlying   
  ETF's performance to be less than expected.

  "Value" Investing Risk. Because Underlying ETFs may invest in value stocks,     
  Underlying ETFs could suffer losses or produce poor results relative to other   
  funds, even in a rising market, if the Underlying ETF manager's assessment of a
  company's value or prospects for exceeding earnings expectations or market      
  conditions is wrong.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
XML 21 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Meidell Tactical Advantage ETF (Prospectus Summary) | Meidell Tactical Advantage ETF
MEIDELL TACTICAL ADVANTAGE ETF
INVESTMENT OBJECTIVE
The Meidell Tactical Advantage ETF (the "Fund") seeks to provide long-term
capital appreciation
with a secondary emphasis on capital preservation.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Meidell Tactical Advantage ETF
MANAGEMENT FEES 1.20%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 2.49%
ACQUIRED FUND FEES AND EXPENSES [1] 0.23%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 3.92%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 2.34%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 1.58%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the fund invests that are not investment companies, including exchange-traded notes and certain exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.35% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). This agreement is limited to the Fund's direct operating expenses and, therefore, does not apply to "Acquired Fund Fees and Expenses." The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Meidell Tactical Advantage ETF
160 979 1,815 3,988
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 817%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange traded funds (the "Underlying
ETFs") that offer diversified exposure to global regions, countries, styles
(market capitalization, value, growth, etc.) or sectors, and other exchange-traded
products ("ETPs"), including, but not limited to, exchange-traded notes ("ETNs"),
exchange-traded currency trusts, and closed-end funds. The Fund primarily invests
in U.S.-listed domestic and foreign equity, fixed income, and commodity ETFs and
ETPs.

American Wealth Management (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by managing a tactical strategy that has the ability to
dynamically rebalance the Fund's portfolio from as much as 100% equity assets to
100% fixed income assets or cash and cash equivalents depending on market
trends. This is a long-only tactical strategy that seeks to minimize portfolio
losses by rotating out of higher volatility assets and into lower volatility
assets when the Sub-Advisor believes there are significant risks in the equity
markets. Risk management is an integral part of the Sub-Advisor's investment
strategy. The Fund will not invest in leveraged or inverse exchange-traded
funds.

The Sub-Advisor uses a quantitative tactical methodology to identify the Underlying
ETFs and ETPs believed to be participating in long-term "durable trends" within the
market. This model enables the Sub- Advisor to evaluate, rank and select the
appropriate mix of investments in Underlying ETFs and ETPs given market conditions.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:
  
Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar
investment objective that do not allocate their assets in the same manner or the
market as a whole.
  
Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. may
result in a shareholder's inability to buy or sell shares of the Fund on that
day.
  
ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by
an underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and
generally, are backed only by the creditworthiness of the issuer. As a result,
the value of an ETN may be influenced by time to maturity, level of supply and
demand for the ETN, volatility and lack of liquidity in the underlying market
(e.g., the commodities market), changes in the applicable interest rates, and
changes in the issuer's credit rating and economic, legal, political or
geographic events that affect the referenced market. ETNs also may be subject
to commodities market risk and credit risk.
  
Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Tax Risk. In order to qualify for the favorable U.S. federal income tax
treatment accorded to "regulated investment companies," the Fund must derive
at least 90% of its gross income in each taxable year from certain categories of
income ("qualifying income"). Certain of the Fund's investments may generate
income that is not qualifying income. If the Fund were to fail to meet the
qualifying income test and fail to qualify as a regulated investment company, it
would be taxed in the same manner as an ordinary corporation, and distributions
to its shareholders would not be deductible by the Fund in computing its taxable
income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying Fund Investment Risk. Through its investments in the Underlying ETFs
or ETPs, the Fund will be subject to the risks associated with the Underlying
ETFs' or ETPs' investments, including the possibility that the value of the
securities held by an Underlying ETF or ETP could decrease. These risks include
any combination of the risks described below, although the Fund's exposure to a
particular risk will be proportionate to the Fund's overall allocation and
Underlying ETF or ETP's asset allocation.
  
  Commodities Risk. The commodities industries can be significantly affected by   
  the level and volatility of commodity prices; world events including            
  international monetary and political developments; import controls and worldwide
  competition; exploration and production spending; and tax and other government  
  regulations and economic conditions.                                            

  Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate
  in the securities of a particular industry, group of industries, or sector, and
  when a fund is overweighted in an industry, group of industries, or sector, it  
  may be more sensitive to any single economic, business, political, or regulatory
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.                                                          

  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk    
  that a decline in the credit quality of a portfolio investment could cause the  
  Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs     
  could lose money if the issuer or guarantor of a portfolio investment or the    
  counterparty to a derivatives contract fails to make timely principal or         
  interest payments or otherwise honor its obligations.                           

  Emerging Markets Risk. There is an increased risk of price volatility associated
  with an Underlying ETF's or ETP's investments in emerging market countries,     
  which may be magnified by currency fluctuations relative to the U.S. dollar.    

  Equity Risk. The prices of equity securities in which an Underlying ETF invests
  rise and fall daily. These price movements may result from factors affecting    
  individual companies, industries or the securities market as a whole.           

  Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income     
  securities are subject to the risk that the securities may be paid off earlier  
  or later than expected. Either situation could cause the Underlying ETF or ETP  
  to hold securities paying lower- than-market rates of interest, which could hurt
  the Fund's yield or share price.                                                

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP security even when there is no change in the value of the
  security in the issuer's home country. Under normal circumstances, the          
  Underlying ETFs and ETPs do not intend to hedge against the risk of currency    
  exchange rate fluctuations, but some Underlying ETFs and ETPs may reserve the   
  right to do so if there is extreme volatility in currency exchange rates.       

  Foreign Securities Risk. An Underlying ETF's or ETP's investments in securities
  of foreign issuers involve certain risks including, but not limited to, risks of
  adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal   
  remedies available to investors may be more limited than those available with   
  respect to investments in the United States. In addition, the securities of some
  foreign companies may be less liquid and, at time, more volatile than securities
  of comparable U.S. companies.                                                   

  "Growth" Investing Risk. An Underlying ETF or ETP may pursue a "growth style"
  of  investing. Growth stocks can be volatile for several reasons. Since those       
  companies usually invest a high portion of earnings in their businesses, they   
  may lack the dividends of value stocks that can cushion stock prices in a       
  falling market. The prices of growth stocks are based largely on projections of
  the issuer's future earnings and revenues. If a company's earnings or revenues  
  fall short of expectations, its stock price may fall dramatically.              

  High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities  
  and unrated securities of similar credit quality (commonly known as "junk       
  bonds"). High-yield securities generally pay higher yields (greater income) than
  investment in higher quality securities; however, high-yield securities and junk
  bonds may be subject to greater levels of interest rate, credit and liquidity   
  risk than funds that do not invest in such securities, and are considered       
  predominantly speculative with respect to an issuer's continuing ability to make
  principal and interest payments.                                                

  Income Risk. An Underlying ETF or ETP may derive dividend and interest income   
  from certain of its investments. This income can vary widely over the short- and
  long-term. If prevailing market interest rates drop, distribution rates of an   
  Underlying ETF's or ETP's income producing investments may decline which then   
  may adversely affect the Fund's value.                                          

  Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income    
  securities are subject to the risk that interest rates rise and fall over time.
  As with any investment whose yield reflects current interest rates, an          
  Underlying ETF's or ETP's yield will change over time. During periods when      
  interest rates are low, an Underlying ETF's or ETP's yield (and total return)   
  also may be low. To the extent that the investment adviser (or sub-adviser) of  
  an Underlying ETF or ETP anticipates interest rate trends imprecisely, the      
  Underlying ETF or ETP could miss yield opportunities or its share price could   
  fall.                                                                           
  
  Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit
  and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
  any other government agency. The Fund may experience losses with respect to its
  investment in an Underlying ETF or ETP. Further, there is no guarantee that an  
  Underlying ETF or ETP will be able to achieve its objective.                    

  Large-Capitalization Risk. An Underlying ETF or ETP may invest in large-cap    
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of smaller and mid-sized companies.        

  Mid-Capitalization Risk. An Underlying ETF or ETP may invest in mid-cap        
  companies. Mid-sized companies may be more volatile and more likely than        
  large-capitalization companies to have limited product lines, markets or        
  financial resources, or depend on a few key employees. Returns on investments
  in stocks of mid-size companies could trail the returns on investments in stocks of
  larger or smaller companies.                                                    

  Small-Capitalization Risk. An Underlying ETF or ETP may invest in small-cap    
  companies. Small- capitalization companies may be more vulnerable than larger,  
  more established organizations to adverse business or economic developments.
  In particular, small- capitalization companies may have limited product lines,     
  markets, and financial resources and may be dependent upon a relatively small   
  management group. These securities may be listed on an exchange or trade        
  over-the-counter, and may or may not pay dividends. During a period when        
  small-cap stocks fall behind other types of investments - large-cap stocks, for
  instance - the Underlying ETF's or ETP's performance could be reduced.          

  "Value" Investing Risk. Because it may invest in value stocks, the Fund could   
  suffer losses or produce poor results relative to other funds, even in a rising
  market, if the Sub-Advisor's assessment of a company's value or prospects for   
  exceeding earnings expectations or market conditions is wrong.                  

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.
  
Updated performance information is available on the Fund's website at
www.advisorshares.com.
XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accuvest Global Opportunities ETF (Prospectus Summary) | Accuvest Global Opportunities ETF
ACCUVEST GLOBAL OPPORTUNITIES ETF
INVESTMENT OBJECTIVE
The Accuvest Global Opportunities ETF (the "Fund") seeks long-term capital
appreciation in excess of global equity benchmarks such as the MSCI All
Country World Index.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Accuvest Global Opportunities ETF
MANAGEMENT FEES 0.95%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 1.32%
ACQUIRED FUND FEES AND EXPENSES [1] 0.52%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 2.79%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 1.02%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 1.77%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange traded products that are not investment companies in which the Fund invests, including exchange traded notes and exchange traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Accuvest Global Opportunities ETF
180 769 1,384 3,045
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from January 25, 2012, the Fund's commencement of operations,
through the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 135% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is a "fund of funds" that seeks to achieve its investment objective by
investing primarily in other exchange traded funds (the "Underlying ETFs").
Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by investing in Underlying ETFs that provide diversified
exposure to select economies around the world. The Sub-Advisor ranks countries
on a monthly basis using its proprietary country ranking model in order to
determine their relative attractiveness. The Sub-Advisor then endeavors to
invest in Underlying ETFs, which may be both affiliated and unaffiliated with
the Fund, that individually or in combination correspond generally to the price
and yield performance of the specific countries (or regions) identified as most
attractive by the model. The Sub-Advisor believes that attractive returns can
only be achieved by actively structuring portfolios distinct from simply
tracking market indices. As a result, the Fund's portfolio will be invested only
in countries with the highest rankings as identified by the Sub-Advisor's
proprietary country ranking process.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:
  
Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of the
Underlying ETFs and the allocation of assets among the Underlying ETFs will
cause the Fund to underperform other funds with a similar investment objective
that do not allocate their assets in the same manner or the market as a whole.
  
Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.
  
Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.
  
Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income
that is not qualifying income. If the Fund were to fail to meet the qualifying
income test and fail to qualify as a regulated investment company, it would be
taxed in the same manner as an ordinary corporation, and distributions to its
shareholders would not be deductible by the Fund in computing its taxable
income.
  
Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.
  
Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,
the Fund will be subject to the risks associated with the Underlying ETFs'
investments, including the possibility that the value of the securities held
by an Underlying ETF could decrease. These risks include any combination of
the risks described below. The Fund's exposure to a particular risk will be
proportionate to the Fund's overall allocation to the Underlying ETFs and the
Underlying ETFs' exposure to various security types, currencies, market sectors
and geographic regions.
  
  Emerging Markets Risk. There is an increased risk of price volatility          
  associated with an Underlying ETF's investments in, or exposure to, emerging    
  market countries, which may be magnified by currency fluctuations relative to   
  the U.S. dollar.                                                                

  Equity Risk. The prices of equity securities in which an Underlying ETF invests,
  or is exposed to, rise and fall daily. These price movements may result from
  factors affecting individual companies, industries or the securities market
  as a whole.                                                                     

  Fixed Income Risk. An Underlying ETF's investments in fixed income securities  
  are subject to the risk that the securities may be paid off earlier or later    
  than expected. Either situation could cause the Underlying ETF to hold          
  securities paying lower-than-market rates of interest, which could hurt the     
  Fund's yield or share price.                                                    

  Foreign Currency Risk. Currency movements may negatively impact the value of
  an Underlying ETF security even when there is no change in the value of the        
  security in the issuer's home country. Certain of the Underlying ETFs may not   
  hedge against the risk of currency exchange rate fluctuations, while other      
  Underlying ETFs may if there is volatility in currency exchange rates.          

  Foreign Securities Risk. An Underlying ETF's investments in, or exposure to,   
  foreign issuers involve certain risks including, but not limited to, risks of   
  adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal   
  remedies available to investors may be more limited than those available with   
  respect to investments in the United States. In addition, the securities of some
  foreign companies may be less liquid and, at times, more volatile than          
  securities of comparable U.S. companies.                                        

  Geographic Investment Risk. Each Underlying ETF invests a significant portion of
  its assets in the securities of issuers organized in one or more jurisdictions  
  around the world, or in securities or instruments that provide exposure to such
  issuers. As such, each Underlying ETF is likely to be impacted by economic      
  conditions or events affecting the particular market or markets reflected by its
  name. For example, political and economic conditions and changes in regulatory,
  tax, or economic policy in a country could significantly affect the market in   
  that country and in surrounding or related countries and have a negative impact
  on the Underlying ETF's performance. Initially the Fund is expected to have     
  significant exposure to the regions listed below. The Sub-Advisor anticipates,  
  however, that the Fund's exposure to particular regions and countries will vary
  greatly and may change frequently.                                              

    ASIA. To the extent an Underlying ETF's investments have significant investment
    exposure to Asia, the Underlying ETF will be susceptible to loss due to adverse
    market, political, regulatory, and geographic events affecting that region.
    While certain Asian economies are exemplars of growth and development others
    have been and continue to be subject, to some extent, to over-extension of
    credit, currency devaluations and restrictions, high unemployment, high
    inflation, decreased exports and economic recessions.

    EASTERN EUROPE. An Underlying ETF's investments may have significant exposure
    to companies located in Eastern Europe. Because of this, companies in the
    Underlying ETF's portfolio may react similarly to political, social, and
    economic developments in any of the Eastern European countries.

    EUROPE. Developed and emerging market countries in Europe will be significantly
    affected by the fiscal and monetary controls of the European Monetary Union.
    Changes in regulations on trade, decreasing imports or exports, changes in the
    exchange rate of the euro and recessions among European countries may have a
    significant adverse effect on the economies of other European countries.
  
    PACIFIC REGION. Many of the Pacific region economies can be exposed to high
    inflation rates, undeveloped financial services sectors, and heavy reliance on
    international trade. The region's economies are also dependent on the economies
    of Asia, Europe and the United States and, in particular, on the price and
    demand for agricultural products and natural resources.

    NORTH AMERICA. The United States is Canada's largest trading and investment
    partner and the Canadian economy is significantly affected by developments in
    the U.S. economy. The United States is also a significant trading partner of
    many emerging markets in which the Underlying ETFs invest. Decreasing U.S.
    imports, new trade regulations, changes in the U.S. dollar exchange rates or
    a recession in the United States may have an adverse impact on these markets.
  
  Investment Risk. Similar to an investment in the Fund, an investment in an      
  Underlying ETF is not a bank deposit and is not insured or guaranteed by the    
  Federal Deposit Insurance Corporation or any other government agency. The Fund  
  may experience losses with respect to its investment in an Underlying ETF.      
  Further, there is no guarantee that an Underlying ETF will achieve its          
  investment objective.                                                           
  
  Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of small- and mid-capitalization companies
  or the market as a whole.                                                       
  
  Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization    
  companies. Mid-cap companies may be more volatile and more likely than large-cap
  companies to have limited product lines, markets or financial resources, or     
  depend on a few key employees. Returns on investments in stocks of mid-cap      
  companies could trail the returns on investments in stocks of large- or         
  small-cap companies or the market as a whole.                                   
  
  Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization
  companies. Small-cap companies may be more vulnerable than larger, more         
  established organizations to adverse business or economic developments. In      
  particular, small-cap companies may have limited product lines, markets, and    
  financial resources and may be dependent upon a relatively small management     
  group. These securities may be listed on an exchange or trade over-the-counter,
  and may or may not pay dividends. During a period when the performance of       
  small-cap stocks falls behind that of other types of investments, such as       
  large-cap stocks, the Underlying ETF's performance could be adversely affected.

  Tracking Error Risk. Tracking error can arise due to factors such as the effect
  of transaction fees and expenses incurred by the Underlying ETF, changes in     
  composition of the benchmark, and the ability of the ETF manager or sponsor to  
  successfully implement his or her investment strategy.                          

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.
  
Updated performance information is available on the Fund's website at
www.advisorshares.com.
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Ranger Equity Bear ETF (Prospectus Summary) | Ranger Equity Bear ETF
RANGER EQUITY BEAR ETF
INVESTMENT OBJECTIVE
The Ranger Equity Bear ETF (the "Fund") seeks capital appreciation through short
sales of domestically traded equity securities.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Ranger Equity Bear ETF
MANAGEMENT FEES 1.50%
DISTRIBUTION (12b-1) FEES none
Short Interest Expense 1.37%
Other Expenses 0.19%
TOTAL OTHER EXPENSES 1.56%
ACQUIRED FUND FEES AND EXPENSES [1] 0.24%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 3.30%
[1] As a shareholder in certain ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including ETNs and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses 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.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Ranger Equity Bear ETF
333 1,016 1,722 3,596
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 756% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Ranger Alternative Management, L.P. (the "Sub-Advisor") seeks to achieve the
Fund's investment objective by short selling a portfolio of liquid mid- and
large-cap U.S. exchange-traded equity securities, exchange-traded funds ("ETFs")
registered pursuant to the 1940 Act, exchange-traded notes ("ETNs") and other
exchange-traded products ("ETPs"). The Sub-Advisor implements a bottom-up,
fundamental, research driven security selection process that seeks to identify
securities with low earnings quality or aggressive accounting that may tend to
mask operational deterioration and bolster the reported earnings per share over
a short time period. In addition to these issues, the Sub-Advisor seeks to
identify earnings driven events that may act as a catalyst to the price decline
of a security, such as downwards earnings revisions or reduced forward earnings
outlook. On a day-to-day basis, the Fund may hold U.S. government securities,
short-term high quality fixed income securities, money market instruments,
overnight and fixed-term repurchase agreements, cash and cash equivalents with
maturities of one year or less for investment purposes and to cover its short
positions.

In addition to extensive quantitative analysis, careful consideration is given
to qualitative analysis. The assessment of the management team, accounting
practices, corporate governance and the company's competitive advantage are all
key items. Once these quantitative and qualitative characteristics are thoroughly
analyzed, the Sub-Advisor then determines if there is sufficient return to the
stock price to warrant an investment. Once a position is included in the Fund's
portfolio, it is subject to regular fundamental and technical risk management
review. This continual review process seeks to identify problem positions early
and enhances performance by removing them before they become significant issues
for the portfolio.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

Equity Risk. The prices of equity securities in which the Fund holds short
positions may rise and fall daily. These price movements may result from factors
affecting individual issuers, industries or the stock market as a whole.

Exchange-Traded Vehicle Risk. The Fund may invest in (or short) ETFs, ETNs and
ETPs. Through its positions in ETFs, ETNs and ETPs, the Fund will be subject to
the risks associated with such vehicles, investments, or reference assets in the
case of ETNs, including the possibility that the value of the securities or
instruments held by an ETF, ETN or ETP could decrease (or increase in the case
of short positions). Lack of liquidity in an ETP, ETN, or ETF can result in its
value being more volatile than the underlying portfolio investment. In addition,
certain of the ETPs, ETFs, or ETNs may hold common portfolio positions, thereby
reducing any diversification benefits.

Fixed Income Risk. The Fund may be exposed to fixed income risk through its
short positions in ETFs and ETPs that primarily invest in, or have exposure to,
fixed income securities. The value of an ETF's or ETP's portfolio of fixed
income securities will change in response to interest rate changes and other
factors, such as the perception of the issuers' creditworthiness. During periods
of falling interest rates, the value of outstanding fixed income securities
generally rise. Conversely, during periods of rising interest rates, the value
of fixed income securities generally decline.
  
Issuer Risk. From time to time the Fund may have exposure via its short
positions to a limited number of issuers. During such times, the Fund is more
susceptible to the risk that an issuer's securities may appreciate in value.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Mid-Capitalization and Large-Capitalization Risk. The Fund is subject to the
risk that medium and large-cap stocks may outperform other segments of the
equity market or the equity market as a whole.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security to
make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain
on the transaction. Conversely, if the underlying security goes up in price during
the period, the Fund will realize a loss on the transaction. Any such loss is
increased by the amount of premium or interest the Fund must pay to the lender of
the security. Likewise, any gain will be decreased by the amount of premium or
interest the Fund must pay to the lender of the security. Because a short position
loses value as the security's price increases, the loss on a short sale is
theoretically unlimited. Short sales involve leverage because the Fund borrows
securities and then sells them, effectively leveraging its assets. The use of
leverage may magnify gains or losses for the Fund.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.

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Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF
ACCUVEST GLOBAL LONG SHORT ETF
INVESTMENT OBJECTIVE
The Accuvest Global Long Short ETF (the "Fund") seeks to provide average annual
returns in excess of the total return of the MSCI World Index (the "Index").
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Accuvest Global Long Short ETF
MANAGEMENT FEES 1.35%
DISTRIBUTION (12b-1) FEES none
Short Interest Expense 4.27%
Other Expenses 2.53%
TOTAL OTHER EXPENSES 6.80%
ACQUIRED FUND FEES AND EXPENSES [1] 0.09%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 8.24%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 2.38%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 5.86%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Accuvest Global Long Short ETF
583 2,165 3,645 6,946
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 365%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in both long and short positions in other
exchange traded funds (the "Underlying ETFs") that offer diversified exposure to
global regions, countries, styles (market capitalization, value, growth, etc.)
or sectors, and other exchange-traded products ("ETPs"), including, but not
limited to, exchange-traded notes ("ETNs") and exchange-traded currency trusts.

Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by taking long positions in the Underlying ETFs that invest in what it
believes to be the most relatively attractive global regions and countries within
those regions and by taking short positions, by entering into short sales, in the
Underlying ETFs that invest in what it believes to be the most relatively
unattractive global regions and countries within those regions. In establishing
such positions, the Fund seeks to profit from the relative performance between the
long and short positions in global regions, countries, styles or sectors. From time
to time, the Fund may have directional exposure to seek to profit by being net long
when stock markets are rising and net short when markets are falling.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar investment
objective that do not allocate their assets in the same manner or the market as
a whole.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market risk
and credit risk.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security
to make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain on
the transaction. Conversely, if the underlying security goes up in price during the
period, the Fund will realize a loss on the transaction. Any such loss is increased
by the amount of premium or interest the Fund must pay to the lender of the security.
Likewise, any gain will be decreased by the amount of premium or interest the Fund
must pay to the lender of the security. Because a short position loses value as the
security's price increases, the loss on a short sale is theoretically unlimited.
Short sales involve leverage because the Fund borrows securities and then sells them,
effectively leveraging its assets. The use of leverage may magnify gains or losses
for the Fund.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income ("qualifying
income"). Certain of the Fund's investments may generate income that is not qualifying
income. If the Fund were to fail to meet the qualifying income test and fail to
qualify as a regulated investment company, it would be taxed in the same manner as an
ordinary corporation, and distributions to its shareholders would not be deductible by
the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the
Underlying ETFs and ETPs, the Fund will be subject to the risks associated with
such investment vehicles' investments, or reference assets in the case of ETNs,
including the possibility that the value of the securities or instruments held
or tracked by an Underlying ETF or ETP could decrease. These risks include any
combination of the risks described below. The Fund's exposure to a particular
risk will be proportionate to the Fund's overall allocation to the Underlying
ETFs or ETPs and their exposure to various security types, currencies, market
sectors and geographic regions.

  Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a
  significant portion of their assets exposed directly or indirectly to
  commodities or commodity-linked securities, developments affecting commodities
  may have a disproportionate impact on such Underlying ETF and ETPs. An Underlying
  ETF's or ETP's investment in commodities or commodity-linked derivative
  instruments may subject the Underlying ETF or ETP (and indirectly the Fund) to
  greater volatility than investments in traditional securities, particularly if
  the instruments involve leverage. The value of commodities and commodity-linked
  derivative instruments may be affected by changes in overall market movements,
  commodity index volatility, changes in interest rates, or factors affecting a
  particular industry or commodity, such as drought, floods, weather, livestock
  disease, embargoes, tariffs and international economic, political and regulatory
  developments.

  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk
  that a decline in the credit quality of a portfolio investment or a counterparty
  to a portfolio investment could cause the Underlying ETF's or ETP's share price
  to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor
  of a portfolio investment or the counterparty to a derivatives contract fails to   
  make timely principal or interest payments or otherwise honor its obligations.
  
  Emerging Markets Risk. There is an increased risk of price volatility
  associated with an Underlying ETF's or ETP's investments in, or an ETN's
  exposure to, emerging market countries, which may be magnified by currency
  fluctuations relative to the U.S. dollar.

  Equity Risk. The prices of equity securities in which an Underlying ETF invests,
  or an ETP is exposed to, rise and fall daily. These price movements may result
  from factors affecting individual companies, industries or the securities market
  as a whole.

  Fixed Income Risk. An Underlying ETF's investments in, or an ETP's exposure to,
  fixed income securities are subject to the risk that the securities may be paid
  off earlier or later than expected. Either situation could cause the Underlying
  ETF or ETP to hold securities paying lower-than-market rates of interest, which
  could hurt the Fund's yield or share price.

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP portfolio security even when there is no change in the
  value of the security in the issuer's home country. Certain of the Underlying
  ETFs and ETPs may not hedge against the risk of currency exchange rate
  fluctuations, while other Underlying ETFs or ETPs may if there is volatility in
  currency exchange rates.

  Foreign Securities Risk. An Underlying ETF's investments in, or an ETP's
  exposure to, foreign issuers involve certain risks including, but not limited
  to, risks of adverse changes in foreign economic, political, regulatory and
  other conditions, or changes in currency exchange rates or exchange control
  regulations (including limitations on currency movements and exchanges). In
  certain countries, legal remedies available to investors may be more limited
  than those available with respect to investments in the United States. In
  addition, the securities of some foreign companies may be less liquid and, at
  times, more volatile than securities of comparable U.S. companies.

  Investment Risk. The Fund may experience losses with respect to its investment
  in an Underlying ETF or ETP. Further, there is no guarantee that an ETP will  
  achieve its objective.

  Interest Rate Risk. An Underlying ETF's investments in, or an ETP's exposure to,
  fixed income securities are subject to the risk that interest rates rise and
  fall over time. As with any investment whose yield reflects current interest
  rates, an Underlying ETF's or ETP's yield will change over time. During periods
  when interest rates are low, an Underlying ETF's or ETP's yield (and total
  return) also may be low. To the extent that the investment adviser (or  
  sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate
  trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or
  its share price could fall.

  Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization  
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of small- and mid-capitalization companies  
  or the market as a whole.

  Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization
  companies. Mid-cap companies may be more volatile and more likely than large-cap
  companies to have limited product lines, markets or financial resources, or
  depend on a few key employees. Returns on investments in stocks of mid-cap
  companies could trail the returns on investments in stocks of large- or
  small-cap companies or the market as a whole.

  Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs
  invest in REITs. An Underlying ETF's investments in REITs will be subject to the
  risks associated with the direct ownership of real estate. Risks commonly
  associated with the direct ownership of real estate include fluctuations in the
  value of underlying properties, defaults by borrowers or tenants, changes in
  interest rates and risks related to general or local economic conditions. REITs
  are more dependent upon specialized management skills, have limited diversification   
  and are, therefore, generally dependent on their ability to generate cash flow to
  make distributions to shareholders. In addition, REITs have their own expenses,
  and the Underlying Fund will bear a proportionate share of those expenses.

  Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization
  companies. Small-cap companies may be more vulnerable than larger, more established
  organizations to adverse business or economic developments. In particular, small-cap
  companies may have limited product lines, markets, and financial resources and may
  be dependent upon a relatively small management group. These securities may be
  listed on an exchange or trade over-the-counter, and may or may not pay dividends.
  During a period when the performance of small-cap stocks falls behind that of other
  types of investments, such as large-cap stocks, the Underlying ETF's performance  
  could be adversely affected.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in the Fund. The
table also shows how the Fund's performance compares to the MSCI World Index,
which is a free float-adjusted market capitalization weighted index designed to
measure the equity market performance of developed markets. Both the bar chart
and the table assume the reinvestment of all dividends and distributions. Past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.

The Fund's name and investment sub-adviser changed effective December 1, 2011.
Prior to December 1, 2011, the Fund was named "Mars Hill Global Relative Value
ETF" and sub-advised by Mars Hill Partners, LLC. While the Fund's investment
objective and principal investment strategies remain substantially the same, the
performance prior to December 1, 2011 may not be indicative of the Fund's
performance under the new Sub-Advisor.
Bar Chart
The Fund's year-to-date total return as of September 30, 2012 was 4.77%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)
                   
                   Return      Quarter/Year
Highest Return     1.94%         4Q/2011
Lowest Return    -11.61%         1Q/2011
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
Accuvest Global Long Short ETF
Return Before Taxes Based on NAV (17.89%) (11.48%) Jul. 08, 2010
Accuvest Global Long Short ETF After Taxes on Distributions
Return After Taxes on Distributions [1] (18.25%) (11.75%) Jul. 08, 2010
Accuvest Global Long Short ETF After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares [1] (11.57%) (9.85%) Jul. 08, 2010
Accuvest Global Long Short ETF MSCI World Index
MSCI World Index (Reflects no deduction for fees, expenses, or taxes) (5.54%) 8.17% Jul. 08, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
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Madrona International ETF (Prospectus Summary) | Madrona International ETF
MADRONA INTERNATIONAL ETF
INVESTMENT OBJECTIVE
The Madrona International ETF (the "Fund") seeks to provide long-term capital
appreciation above the capital appreciation of its international benchmarks,
such as the MSCI EAFE Index, the Fund's primary benchmark, and the BNY Mellon
Classic ADR Index, the Fund's secondary benchmark.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Madrona International ETF
MANAGEMENT FEES 0.80%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.74%
TOTAL ANNUAL FUND OPERATING EXPENSES 1.54%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [1] 0.29%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 1.25%
[1] AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board . The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Madrona International ETF
128 459 813 1,812
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 110% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by selecting a portfolio primarily composed of American Depository
Receipts ("ADRs") from among the largest issuers of Europe, Australasia and the
Far East ("EAFE") and Canada. The Fund's portfolio may also include U.S.-traded
securities of large-capitalization non-U.S. issuers that provide exposure to
certain markets deemed to be emerging markets. Securities are selected, weighted
and sold based upon the Sub-Advisor's proprietary investment process. The
Sub-Advisor's investment committee meets on a bi-weekly basis to monitor the
portfolio and make allocation decisions. The investment committee uses third-party
analyst research and a proprietary fundamental process to make allocation decisions.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

American Depositary Receipt (ADR) Risk. ADRs have the same currency and economic
risks as the underlying non-U.S. shares they represent. They are affected by the
risks associated with non-U.S. securities, such as changes in political or
economic conditions of other countries and changes in the exchange rates of
foreign currencies. In addition, investments in ADRs may be less liquid than the
underlying securities in their primary trading market.

Currency Risk. As a result of the Fund's investments in securities receiving
revenues in, foreign currencies, the Fund will be subject to currency risk. This
is the risk that currencies to which the Fund is exposed will decline in value
relative to the U.S. dollar, which may cause the dollar value of an investment
in the Fund to be adversely affected.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers,
including ADRs, may involve certain risks that are greater than those associated
with investments in securities of U.S. issuers. These include risks of adverse
changes in foreign economic, political, regulatory and other conditions; changes
in currency exchange rates or exchange control regulations (including limitations
on currency movements and exchanges); differing accounting, auditing, financial
reporting and legal standards and practices; differing securities market
structures; and higher transaction costs.

Geographic Concentration Risk. To the extent that the Fund's investments are
concentrated in a particular country or region, the Fund will be susceptible to
loss due to adverse market, political, regulatory, and geographic events affecting
that country or region. The Fund has concentrated investment exposure to the
countries and regions listed below.

    Asia. While certain Asian economies are exemplars of growth and development
    others have been and continue to be subject, to some extent, to over-extension
    of credit, currency devaluations and restrictions, high unemployment, high
    inflation, decreased exports and economic recessions.

    Canada. The Canadian economy is susceptible to adverse changes in certain
    commodities markets, including those related to the agricultural and mining
    industries. It is also heavily dependent on trading with key partners. Any
    reduction in this trading may adversely affect the Canadian economy.
  
    Europe. The European economy is diverse and includes both large, competitive
    economies and small, struggling economies. The European economy is vulnerable to
    decreasing imports or exports, changes in governmental regulations on trade,
    changes in the exchange rate of the euro and recessions in EU economies.

    United States. The United States is a significant trading partner of many
    emerging markets in which the Fund invests. The United States economy has
    traditionally been considered to be one of the most stable and productive
    economies in the world. However, the recent financial crisis, declining U.S.
    imports, new trade regulations, changes in exchange rates, and increasing public
    debt pose concerns for many of the United States' trading partners that depend
    on its historically high levels of consumer spending and foreign investment.

Large-Cap Risk. Large-cap stocks tend to go in and out of favor based on market
and economic conditions. During a period when the demand for large-cap stocks is
less than for other types of investments -- small-cap stocks, for instance -- the
Fund's performance could be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. The
trading prices of shares will fluctuate in accordance with changes in NAV as
well as market supply and demand.

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
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XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading ACCUVEST GLOBAL LONG SHORT ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Accuvest Global Long Short ETF (the "Fund") seeks to provide average annual
returns in excess of the total return of the MSCI World Index (the "Index").
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year, the Fund's portfolio turnover rate was 365%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 365.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in both long and short positions in other
exchange traded funds (the "Underlying ETFs") that offer diversified exposure to
global regions, countries, styles (market capitalization, value, growth, etc.)
or sectors, and other exchange-traded products ("ETPs"), including, but not
limited to, exchange-traded notes ("ETNs") and exchange-traded currency trusts.

Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by taking long positions in the Underlying ETFs that invest in what it
believes to be the most relatively attractive global regions and countries within
those regions and by taking short positions, by entering into short sales, in the
Underlying ETFs that invest in what it believes to be the most relatively
unattractive global regions and countries within those regions. In establishing
such positions, the Fund seeks to profit from the relative performance between the
long and short positions in global regions, countries, styles or sectors. From time
to time, the Fund may have directional exposure to seek to profit by being net long
when stock markets are rising and net short when markets are falling.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar investment
objective that do not allocate their assets in the same manner or the market as
a whole.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market risk
and credit risk.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Short Sales Risk. Short sales are transactions in which the Fund sells a security
it does not own. To complete the transaction, the Fund must borrow the security
to make delivery to the buyer. The Fund is then obligated to replace the security
borrowed by purchasing the security at the market price at the time of replacement.
The price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain on
the transaction. Conversely, if the underlying security goes up in price during the
period, the Fund will realize a loss on the transaction. Any such loss is increased
by the amount of premium or interest the Fund must pay to the lender of the security.
Likewise, any gain will be decreased by the amount of premium or interest the Fund
must pay to the lender of the security. Because a short position loses value as the
security's price increases, the loss on a short sale is theoretically unlimited.
Short sales involve leverage because the Fund borrows securities and then sells them,
effectively leveraging its assets. The use of leverage may magnify gains or losses
for the Fund.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income ("qualifying
income"). Certain of the Fund's investments may generate income that is not qualifying
income. If the Fund were to fail to meet the qualifying income test and fail to
qualify as a regulated investment company, it would be taxed in the same manner as an
ordinary corporation, and distributions to its shareholders would not be deductible by
the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the
Underlying ETFs and ETPs, the Fund will be subject to the risks associated with
such investment vehicles' investments, or reference assets in the case of ETNs,
including the possibility that the value of the securities or instruments held
or tracked by an Underlying ETF or ETP could decrease. These risks include any
combination of the risks described below. The Fund's exposure to a particular
risk will be proportionate to the Fund's overall allocation to the Underlying
ETFs or ETPs and their exposure to various security types, currencies, market
sectors and geographic regions.

  Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a
  significant portion of their assets exposed directly or indirectly to
  commodities or commodity-linked securities, developments affecting commodities
  may have a disproportionate impact on such Underlying ETF and ETPs. An Underlying
  ETF's or ETP's investment in commodities or commodity-linked derivative
  instruments may subject the Underlying ETF or ETP (and indirectly the Fund) to
  greater volatility than investments in traditional securities, particularly if
  the instruments involve leverage. The value of commodities and commodity-linked
  derivative instruments may be affected by changes in overall market movements,
  commodity index volatility, changes in interest rates, or factors affecting a
  particular industry or commodity, such as drought, floods, weather, livestock
  disease, embargoes, tariffs and international economic, political and regulatory
  developments.

  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk
  that a decline in the credit quality of a portfolio investment or a counterparty
  to a portfolio investment could cause the Underlying ETF's or ETP's share price
  to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor
  of a portfolio investment or the counterparty to a derivatives contract fails to   
  make timely principal or interest payments or otherwise honor its obligations.
  
  Emerging Markets Risk. There is an increased risk of price volatility
  associated with an Underlying ETF's or ETP's investments in, or an ETN's
  exposure to, emerging market countries, which may be magnified by currency
  fluctuations relative to the U.S. dollar.

  Equity Risk. The prices of equity securities in which an Underlying ETF invests,
  or an ETP is exposed to, rise and fall daily. These price movements may result
  from factors affecting individual companies, industries or the securities market
  as a whole.

  Fixed Income Risk. An Underlying ETF's investments in, or an ETP's exposure to,
  fixed income securities are subject to the risk that the securities may be paid
  off earlier or later than expected. Either situation could cause the Underlying
  ETF or ETP to hold securities paying lower-than-market rates of interest, which
  could hurt the Fund's yield or share price.

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP portfolio security even when there is no change in the
  value of the security in the issuer's home country. Certain of the Underlying
  ETFs and ETPs may not hedge against the risk of currency exchange rate
  fluctuations, while other Underlying ETFs or ETPs may if there is volatility in
  currency exchange rates.

  Foreign Securities Risk. An Underlying ETF's investments in, or an ETP's
  exposure to, foreign issuers involve certain risks including, but not limited
  to, risks of adverse changes in foreign economic, political, regulatory and
  other conditions, or changes in currency exchange rates or exchange control
  regulations (including limitations on currency movements and exchanges). In
  certain countries, legal remedies available to investors may be more limited
  than those available with respect to investments in the United States. In
  addition, the securities of some foreign companies may be less liquid and, at
  times, more volatile than securities of comparable U.S. companies.

  Investment Risk. The Fund may experience losses with respect to its investment
  in an Underlying ETF or ETP. Further, there is no guarantee that an ETP will  
  achieve its objective.

  Interest Rate Risk. An Underlying ETF's investments in, or an ETP's exposure to,
  fixed income securities are subject to the risk that interest rates rise and
  fall over time. As with any investment whose yield reflects current interest
  rates, an Underlying ETF's or ETP's yield will change over time. During periods
  when interest rates are low, an Underlying ETF's or ETP's yield (and total
  return) also may be low. To the extent that the investment adviser (or  
  sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate
  trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or
  its share price could fall.

  Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization  
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of small- and mid-capitalization companies  
  or the market as a whole.

  Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization
  companies. Mid-cap companies may be more volatile and more likely than large-cap
  companies to have limited product lines, markets or financial resources, or
  depend on a few key employees. Returns on investments in stocks of mid-cap
  companies could trail the returns on investments in stocks of large- or
  small-cap companies or the market as a whole.

  Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs
  invest in REITs. An Underlying ETF's investments in REITs will be subject to the
  risks associated with the direct ownership of real estate. Risks commonly
  associated with the direct ownership of real estate include fluctuations in the
  value of underlying properties, defaults by borrowers or tenants, changes in
  interest rates and risks related to general or local economic conditions. REITs
  are more dependent upon specialized management skills, have limited diversification   
  and are, therefore, generally dependent on their ability to generate cash flow to
  make distributions to shareholders. In addition, REITs have their own expenses,
  and the Underlying Fund will bear a proportionate share of those expenses.

  Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization
  companies. Small-cap companies may be more vulnerable than larger, more established
  organizations to adverse business or economic developments. In particular, small-cap
  companies may have limited product lines, markets, and financial resources and may
  be dependent upon a relatively small management group. These securities may be
  listed on an exchange or trade over-the-counter, and may or may not pay dividends.
  During a period when the performance of small-cap stocks falls behind that of other
  types of investments, such as large-cap stocks, the Underlying ETF's performance  
  could be adversely affected.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in the Fund. The
table also shows how the Fund's performance compares to the MSCI World Index,
which is a free float-adjusted market capitalization weighted index designed to
measure the equity market performance of developed markets. Both the bar chart
and the table assume the reinvestment of all dividends and distributions. Past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.

The Fund's name and investment sub-adviser changed effective December 1, 2011.
Prior to December 1, 2011, the Fund was named "Mars Hill Global Relative Value
ETF" and sub-advised by Mars Hill Partners, LLC. While the Fund's investment
objective and principal investment strategies remain substantially the same, the
performance prior to December 1, 2011 may not be indicative of the Fund's
performance under the new Sub-Advisor.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The Fund's year-to-date total return as of September 30, 2012 was 4.77%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)
                   
                   Return      Quarter/Year
Highest Return     1.94%         4Q/2011
Lowest Return    -11.61%         1Q/2011
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses, or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF | MSCI World Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI World Index (Reflects no deduction for fees, expenses, or taxes)
1 Year rr_AverageAnnualReturnYear01 (5.54%)
Since Inception rr_AverageAnnualReturnSinceInception 8.17%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF | Accuvest Global Long Short ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.35%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
Short Interest Expense rr_Component1OtherExpensesOverAssets 4.27%
Other Expenses rr_Component2OtherExpensesOverAssets 2.53%
TOTAL OTHER EXPENSES rr_OtherExpensesOverAssets 6.80%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.09% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 8.24% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (2.38%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 5.86% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 583
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,165
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,645
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 6,946
Annual Return 2011 rr_AnnualReturn2011 (17.89%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.77%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.94%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.61%)
Label rr_AverageAnnualReturnLabel Return Before Taxes Based on NAV
1 Year rr_AverageAnnualReturnYear01 (17.89%)
Since Inception rr_AverageAnnualReturnSinceInception (11.48%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF | Accuvest Global Long Short ETF | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [4]
1 Year rr_AverageAnnualReturnYear01 (18.25%)
Since Inception rr_AverageAnnualReturnSinceInception (11.75%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF | Accuvest Global Long Short ETF | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [4]
1 Year rr_AverageAnnualReturnYear01 (11.57%)
Since Inception rr_AverageAnnualReturnSinceInception (9.85%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.50% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
[4] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 29 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading CAMBRIA GLOBAL TACTICAL ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital
from investments in the U.S. and foreign equity, fixed income, commodity and
currency markets, independent of market direction.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal period, the Fund's portfolio turnover rate was
475% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 475.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange-traded funds (the "Underlying
ETFs") that offer diversified exposure, including inverse exposure, to global
regions, countries, styles (market capitalization, value, growth, etc.) or
sectors, and other exchange traded products ("ETPs") including, but not limited
to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and
closed-end funds.

The Fund seeks to preserve and grow capital by producing absolute returns with
reduced volatility and manageable risk and drawdowns. The Fund's investment
strategies are inherently designed as risk-management and capital preservation
approaches. The Fund will invest in Underlying ETFs and ETPs spanning all the
major world asset classes including equities, bonds, real estate, commodities,
and currencies. Cambria Investment Management, L.P. (the "Sub-Advisor") will
utilize a quantitative approach with strict risk management controls to actively
manage the Fund's portfolio in an attempt to control downside losses and protect
capital. The wide diversification coupled with prudent portfolio management
should allow for the Fund to perform in any economic environment.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar investment
objective that do not allocate their assets in the same manner or the market as
a whole.

Closed-End Fund Risk. Secondary market trading prices of closed-end funds should
be expected to fluctuate and such prices may be higher or lower than the net
asset value ("NAV") of a closed-end fund's portfolio holdings. There can be no
guarantee that shares of a closed-end held by the Fund will not trade at a
persistent and ongoing discount. Nor can there be any guarantee that an active
market in shares of closed- end funds held by the Fund will exist. The Fund may
not be able to sell closed-end fund shares at a price equal to the NAV of the
closed-end fund.
  
Early Closing Risk. An unanticipated early closing of NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market risk
and credit risk.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income that
is not qualifying income. If the Fund were to fail to meet the qualifying income
test and fail to qualify as a regulated investment company, it would be taxed in
the same manner as an ordinary corporation, and distributions to its shareholders
would not be deductible by the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the Underlying
ETFs and ETPs, the Fund will be subject to the risks associated with such vehicles'
investments, or reference assets in the case of ETNs, including the possibility
that the value of the securities or instruments held by an Underlying ETF or ETP
could decrease. These risks include any combination of the risks described below.
The Fund's exposure to a particular risk will be proportionate to the Fund's overall
allocation to the Underlying ETFs or ETPs and their exposure to various security
types and geographic regions.

  Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a      
  significant portion of their assets exposed directly or indirectly to commodities
  or commodity-linked securities, developments affecting commodities may have a
  disproportionate impact on such Underlying ETF and ETPs. An ETF's or ETP's
  investment in commodities or commodity-linked derivative instruments may subject
  the ETF or ETP (and indirectly the Fund) to greater volatility than investments
  in traditional securities, particularly if the instruments involve leverage. The
  value of commodities and commodity- linked derivative instruments may be affected
  by changes in overall market movements, commodity index volatility, changes in
  interest rates, or factors affecting a particular industry or commodity, such as
  drought, floods, weather, livestock disease, embargoes, tariffs and international
  economic, political and regulatory developments.
                                                        
  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk    
  that a decline in the credit quality of a portfolio investment or a counterparty
  to a portfolio investment could cause the Underlying ETF's or ETP's share price
  to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor
  of a portfolio investment or the counterparty to a derivatives contract fails to
  make timely principal or interest payments or otherwise honor its obligations.                                                                

  Emerging Markets Risk. There is an increased risk of price volatility associated
  with an Underlying ETF's or ETP's investments in, or an ETN's exposure to, emerging
  market countries, which may be magnified by currency fluctuations relative to the
  U.S. dollar.                                                    

  Fixed Income Risk. An Underlying ETF's investments in fixed income securities   
  are subject to the risk that the securities may be paid off earlier or later    
  than expected. Either situation could cause the Underlying ETF to hold          
  securities paying lower-than-market rates of interest, which could hurt the     
  Fund's yield or share price.                                                    

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP portfolio security even when there is no change in the    
  value of the security in the issuer's home country. Certain of the Underlying   
  ETFs and ETPs may not hedge against the risk of currency exchange rate          
  fluctuations, while other Underlying ETFs or ETPs may if there is volatility in
  currency exchange rates.                                                        

  Foreign Securities Risk. An Underlying ETF's investments in, or ETP's exposure  
  to, foreign issuers involve certain risks including, but not limited to, risks  
  of adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal
  remedies available to investors may be more limited than those available with
  respect to investments in the United States. In addition, the securities of
  some foreign companies may be less liquid and, at times, more volatile than
  securities of comparable U.S. companies.              

  Interest Rate Risk. An Underlying ETF's investments in or ETP's exposure to,    
  fixed income securities are subject to the risk that interest rates rise and    
  fall over time. As with any investment whose yield reflects current interest    
  rates, an Underlying ETF's or ETP's yield will change over time. During periods
  when interest rates are low, an Underlying ETF's or ETP's yield (and total      
  return) also may be low. To the extent that the investment adviser (or
  sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate
  trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or
  its share price could fall.                                                     

  Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs     
  invest in REITs. An Underlying ETF's investments in REITs will be subject to the
  risks associated with the direct ownership of real estate. Risks commonly       
  associated with the direct ownership of real estate include fluctuations in the
  value of underlying properties, defaults by borrowers or tenants, changes in    
  interest rates and risks related to general or local economic conditions. REITs
  are more dependent upon specialized management skills, have limited diversification
  and are, therefore, generally dependent on their ability to generate cash flow to
  make distributions to shareholders. In addition, REITs have their own expenses,
  and the Underlying ETF will bear a proportionate share of those expenses.                                                              

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow show how the Fund has performed on a
calendar year basis and provide an indication of the risks of investing in the
Fund. The table also shows how the Fund's performance compares to the S&P 500
Index, which is a broad-based, unmanaged measurement of changes in stock market
conditions based on the average of 500 widely held common stocks. Both the bar
chart and the table assume the reinvestment of all dividends and distributions.
Past performance (before and after taxes) does not necessarily indicate how the
Fund will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The Fund's year-to-date total return as of September 30, 2012 was 4.86%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     2.59%         1Q/2011
Lowest Return     -7.79%         3Q/2011
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses, or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | S&P 500 Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses, or taxes)
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 7.35%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.90%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.18%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.33% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.41% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (0.09%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.32% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 134
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 436
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 760
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,678
Annual Return 2011 rr_AnnualReturn2011 (7.34%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.79%)
Label rr_AverageAnnualReturnLabel Return Before Taxes Based on NAV
1 Year rr_AverageAnnualReturnYear01 (7.34%)
Since Inception rr_AverageAnnualReturnSinceInception (4.21%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [4]
1 Year rr_AverageAnnualReturnYear01 (7.46%)
Since Inception rr_AverageAnnualReturnSinceInception (4.54%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [4]
1 Year rr_AverageAnnualReturnYear01 (4.62%)
Since Inception rr_AverageAnnualReturnSinceInception (3.70%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] The AdvisorShares Investment, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
[4] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 30 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2012
Registrant Name dei_EntityRegistrantName AdvisorShares Trust
Central Index Key dei_EntityCentralIndexKey 0001408970
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 29, 2012
Document Effective Date dei_DocumentEffectiveDate Oct. 29, 2012
Accuvest Global Long Short ETF (Prospectus Summary) | Accuvest Global Long Short ETF | Accuvest Global Long Short ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AGLS
Accuvest Global Opportunities ETF (Prospectus Summary) | Accuvest Global Opportunities ETF | Accuvest Global Opportunities ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ACCU
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol GTAA
Madrona Domestic ETF (Prospectus Summary) | Madrona Domestic ETF | Madrona Domestic ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FWDD
Madrona International ETF (Prospectus Summary) | Madrona International ETF | Madrona International ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FWDI
Madrona Global Bond ETF (Prospectus Summary) | Madrona Global Bond ETF | Madrona Global Bond ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FWDB
Meidell Tactical Advantage ETF (Prospectus Summary) | Meidell Tactical Advantage ETF | Meidell Tactical Advantage ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MATH
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF | Peritus High Yield ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol HYLD
Ranger Equity Bear ETF (Prospectus Summary) | Ranger Equity Bear ETF | Ranger Equity Bear ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol HDGE
Rockledge SectorSAM ETF (Prospectus Summary) | Rockledge SectorSAM ETF | Rockledge SectorSAM ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SSAM
TrimTabs Float Shrink ETF (Prospectus Summary) | TrimTabs Float Shrink ETF | TrimTabs Float Shrink ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol TTFS
WCM/BNY Mellon Focused Growth ADR ETF (Prospectus Summary) | WCM/BNY Mellon Focused Growth ADR ETF | WCM/BNY Mellon Focused Growth ADR ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AADR
XML 31 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Madrona Domestic ETF (Prospectus Summary) | Madrona Domestic ETF
MADRONA DOMESTIC ETF
INVESTMENT OBJECTIVE
The Madrona Domestic ETF (the "Fund") seeks to provide long-term capital
appreciation above the capital appreciation of its benchmark, the S&P 500
Index.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Madrona Domestic ETF
MANAGEMENT FEES 0.80%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.66%
TOTAL ANNUAL FUND OPERATING EXPENSES 1.46%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [1] 0.21%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 1.25%
[1] AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Madrona Domestic ETF
127 441 778 1,729
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 40% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment objective
by selecting a portfolio of up to 500 of the largest U.S.-traded equity securities. The
Sub-Advisor selects the securities for the Fund's portfolio using a weighted allocation
system based on consensus analyst estimates of the present value of future expected
earnings relative to the share price of each security. The Sub-Advisor's investment
committee meets on a bi-weekly basis to monitor the portfolio and make allocation
decisions. The investment committee uses third-party analyst research and a proprietary
fundamental process to make allocation decisions and employs guidelines to protect against
dramatic over or under weighting of individual securities in the Fund's portfolio. The
investment committee relies heavily on a stock's price and market capitalization relative
to its future expected earnings in its analysis of individual securities.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk.  An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Large-Capitalization Securities Risk. The Fund may invest in large-capitalization
companies. Large-capitalization securities tend to go in and out of favor based
on market and economic conditions. During a period when the demand for
large-capitalization securities is less than for other types of investments --
small-capitalization securities, for instance -- the Fund's performance could be
reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Trading Risk. Shares may trade below their net asset value ("NAV"). The NAV of
shares will fluctuate with changes in the market value of the Fund's holdings.
In addition, although the Fund's shares are currently listed on the Exchange,
there can be no assurance that an active trading market for shares will develop
or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
XML 32 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF
CAMBRIA GLOBAL TACTICAL ETF
INVESTMENT OBJECTIVE
The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital
from investments in the U.S. and foreign equity, fixed income, commodity and
currency markets, independent of market direction.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Cambria Global Tactical ETF
MANAGEMENT FEES 0.90%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.18%
ACQUIRED FUND FEES AND EXPENSES [1] 0.33%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 1.41%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 0.09%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 1.32%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] The AdvisorShares Investment, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Cambria Global Tactical ETF
134 436 760 1,678
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal period, the Fund's portfolio turnover rate was
475% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange-traded funds (the "Underlying
ETFs") that offer diversified exposure, including inverse exposure, to global
regions, countries, styles (market capitalization, value, growth, etc.) or
sectors, and other exchange traded products ("ETPs") including, but not limited
to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and
closed-end funds.

The Fund seeks to preserve and grow capital by producing absolute returns with
reduced volatility and manageable risk and drawdowns. The Fund's investment
strategies are inherently designed as risk-management and capital preservation
approaches. The Fund will invest in Underlying ETFs and ETPs spanning all the
major world asset classes including equities, bonds, real estate, commodities,
and currencies. Cambria Investment Management, L.P. (the "Sub-Advisor") will
utilize a quantitative approach with strict risk management controls to actively
manage the Fund's portfolio in an attempt to control downside losses and protect
capital. The wide diversification coupled with prudent portfolio management
should allow for the Fund to perform in any economic environment.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of
Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs
and ETPs will cause the Fund to underperform other funds with a similar investment
objective that do not allocate their assets in the same manner or the market as
a whole.

Closed-End Fund Risk. Secondary market trading prices of closed-end funds should
be expected to fluctuate and such prices may be higher or lower than the net
asset value ("NAV") of a closed-end fund's portfolio holdings. There can be no
guarantee that shares of a closed-end held by the Fund will not trade at a
persistent and ongoing discount. Nor can there be any guarantee that an active
market in shares of closed- end funds held by the Fund will exist. The Fund may
not be able to sell closed-end fund shares at a price equal to the NAV of the
closed-end fund.
  
Early Closing Risk. An unanticipated early closing of NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market risk
and credit risk.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Portfolio Turnover Risk. The Fund's investment strategy may result in relatively
high portfolio turnover, which may result in increased transaction costs and may
lower Fund performance.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income that
is not qualifying income. If the Fund were to fail to meet the qualifying income
test and fail to qualify as a regulated investment company, it would be taxed in
the same manner as an ordinary corporation, and distributions to its shareholders
would not be deductible by the Fund in computing its taxable income.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the Underlying
ETFs and ETPs, the Fund will be subject to the risks associated with such vehicles'
investments, or reference assets in the case of ETNs, including the possibility
that the value of the securities or instruments held by an Underlying ETF or ETP
could decrease. These risks include any combination of the risks described below.
The Fund's exposure to a particular risk will be proportionate to the Fund's overall
allocation to the Underlying ETFs or ETPs and their exposure to various security
types and geographic regions.

  Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a      
  significant portion of their assets exposed directly or indirectly to commodities
  or commodity-linked securities, developments affecting commodities may have a
  disproportionate impact on such Underlying ETF and ETPs. An ETF's or ETP's
  investment in commodities or commodity-linked derivative instruments may subject
  the ETF or ETP (and indirectly the Fund) to greater volatility than investments
  in traditional securities, particularly if the instruments involve leverage. The
  value of commodities and commodity- linked derivative instruments may be affected
  by changes in overall market movements, commodity index volatility, changes in
  interest rates, or factors affecting a particular industry or commodity, such as
  drought, floods, weather, livestock disease, embargoes, tariffs and international
  economic, political and regulatory developments.
                                                        
  Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk    
  that a decline in the credit quality of a portfolio investment or a counterparty
  to a portfolio investment could cause the Underlying ETF's or ETP's share price
  to fall. The Underlying ETFs and ETPs could lose money if the issuer or guarantor
  of a portfolio investment or the counterparty to a derivatives contract fails to
  make timely principal or interest payments or otherwise honor its obligations.                                                                

  Emerging Markets Risk. There is an increased risk of price volatility associated
  with an Underlying ETF's or ETP's investments in, or an ETN's exposure to, emerging
  market countries, which may be magnified by currency fluctuations relative to the
  U.S. dollar.                                                    

  Fixed Income Risk. An Underlying ETF's investments in fixed income securities   
  are subject to the risk that the securities may be paid off earlier or later    
  than expected. Either situation could cause the Underlying ETF to hold          
  securities paying lower-than-market rates of interest, which could hurt the     
  Fund's yield or share price.                                                    

  Foreign Currency Risk. Currency movements may negatively impact the value of an
  Underlying ETF or ETP portfolio security even when there is no change in the    
  value of the security in the issuer's home country. Certain of the Underlying   
  ETFs and ETPs may not hedge against the risk of currency exchange rate          
  fluctuations, while other Underlying ETFs or ETPs may if there is volatility in
  currency exchange rates.                                                        

  Foreign Securities Risk. An Underlying ETF's investments in, or ETP's exposure  
  to, foreign issuers involve certain risks including, but not limited to, risks  
  of adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal
  remedies available to investors may be more limited than those available with
  respect to investments in the United States. In addition, the securities of
  some foreign companies may be less liquid and, at times, more volatile than
  securities of comparable U.S. companies.              

  Interest Rate Risk. An Underlying ETF's investments in or ETP's exposure to,    
  fixed income securities are subject to the risk that interest rates rise and    
  fall over time. As with any investment whose yield reflects current interest    
  rates, an Underlying ETF's or ETP's yield will change over time. During periods
  when interest rates are low, an Underlying ETF's or ETP's yield (and total      
  return) also may be low. To the extent that the investment adviser (or
  sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate
  trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or
  its share price could fall.                                                     

  Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs     
  invest in REITs. An Underlying ETF's investments in REITs will be subject to the
  risks associated with the direct ownership of real estate. Risks commonly       
  associated with the direct ownership of real estate include fluctuations in the
  value of underlying properties, defaults by borrowers or tenants, changes in    
  interest rates and risks related to general or local economic conditions. REITs
  are more dependent upon specialized management skills, have limited diversification
  and are, therefore, generally dependent on their ability to generate cash flow to
  make distributions to shareholders. In addition, REITs have their own expenses,
  and the Underlying ETF will bear a proportionate share of those expenses.                                                              

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
The bar chart and table that follow show how the Fund has performed on a
calendar year basis and provide an indication of the risks of investing in the
Fund. The table also shows how the Fund's performance compares to the S&P 500
Index, which is a broad-based, unmanaged measurement of changes in stock market
conditions based on the average of 500 widely held common stocks. Both the bar
chart and the table assume the reinvestment of all dividends and distributions.
Past performance (before and after taxes) does not necessarily indicate how the
Fund will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Bar Chart
The Fund's year-to-date total return as of September 30, 2012 was 4.86%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     2.59%         1Q/2011
Lowest Return     -7.79%         3Q/2011
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
Cambria Global Tactical ETF
Return Before Taxes Based on NAV (7.34%) (4.21%) Oct. 25, 2010
Cambria Global Tactical ETF After Taxes on Distributions
Return After Taxes on Distributions [1] (7.46%) (4.54%) Oct. 25, 2010
Cambria Global Tactical ETF After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares [1] (4.62%) (3.70%) Oct. 25, 2010
Cambria Global Tactical ETF S&P 500 Index
S&P 500 Index (Reflects no deduction for fees, expenses, or taxes) 2.11% 7.35% Oct. 25, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 33 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Accuvest Global Opportunities ETF (Prospectus Summary) | Accuvest Global Opportunities ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading ACCUVEST GLOBAL OPPORTUNITIES ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Accuvest Global Opportunities ETF (the "Fund") seeks long-term capital
appreciation in excess of global equity benchmarks such as the MSCI All
Country World Index.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from January 25, 2012, the Fund's commencement of operations,
through the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 135% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 135.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is a "fund of funds" that seeks to achieve its investment objective by
investing primarily in other exchange traded funds (the "Underlying ETFs").
Accuvest Global Advisors (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by investing in Underlying ETFs that provide diversified
exposure to select economies around the world. The Sub-Advisor ranks countries
on a monthly basis using its proprietary country ranking model in order to
determine their relative attractiveness. The Sub-Advisor then endeavors to
invest in Underlying ETFs, which may be both affiliated and unaffiliated with
the Fund, that individually or in combination correspond generally to the price
and yield performance of the specific countries (or regions) identified as most
attractive by the model. The Sub-Advisor believes that attractive returns can
only be achieved by actively structuring portfolios distinct from simply
tracking market indices. As a result, the Fund's portfolio will be invested only
in countries with the highest rankings as identified by the Sub-Advisor's
proprietary country ranking process.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:
  
Allocation Risk. The Fund's particular allocations may have a significant effect
on the Fund's performance. Allocation risk is the risk that the selection of the
Underlying ETFs and the allocation of assets among the Underlying ETFs will
cause the Fund to underperform other funds with a similar investment objective
that do not allocate their assets in the same manner or the market as a whole.
  
Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.
  
Investment Risk. As with all investments, an investment in the Fund is subject
to investment risk. Investors in the Fund could lose money, including the
possible loss of the entire principal amount of an investment, over short or
even long periods of time.
  
Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.
  
Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment
accorded to "regulated investment companies," the Fund must derive at least 90%
of its gross income in each taxable year from certain categories of income
("qualifying income"). Certain of the Fund's investments may generate income
that is not qualifying income. If the Fund were to fail to meet the qualifying
income test and fail to qualify as a regulated investment company, it would be
taxed in the same manner as an ordinary corporation, and distributions to its
shareholders would not be deductible by the Fund in computing its taxable
income.
  
Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.
  
Underlying ETF Investment Risk. Through its investments in the Underlying ETFs,
the Fund will be subject to the risks associated with the Underlying ETFs'
investments, including the possibility that the value of the securities held
by an Underlying ETF could decrease. These risks include any combination of
the risks described below. The Fund's exposure to a particular risk will be
proportionate to the Fund's overall allocation to the Underlying ETFs and the
Underlying ETFs' exposure to various security types, currencies, market sectors
and geographic regions.
  
  Emerging Markets Risk. There is an increased risk of price volatility          
  associated with an Underlying ETF's investments in, or exposure to, emerging    
  market countries, which may be magnified by currency fluctuations relative to   
  the U.S. dollar.                                                                

  Equity Risk. The prices of equity securities in which an Underlying ETF invests,
  or is exposed to, rise and fall daily. These price movements may result from
  factors affecting individual companies, industries or the securities market
  as a whole.                                                                     

  Fixed Income Risk. An Underlying ETF's investments in fixed income securities  
  are subject to the risk that the securities may be paid off earlier or later    
  than expected. Either situation could cause the Underlying ETF to hold          
  securities paying lower-than-market rates of interest, which could hurt the     
  Fund's yield or share price.                                                    

  Foreign Currency Risk. Currency movements may negatively impact the value of
  an Underlying ETF security even when there is no change in the value of the        
  security in the issuer's home country. Certain of the Underlying ETFs may not   
  hedge against the risk of currency exchange rate fluctuations, while other      
  Underlying ETFs may if there is volatility in currency exchange rates.          

  Foreign Securities Risk. An Underlying ETF's investments in, or exposure to,   
  foreign issuers involve certain risks including, but not limited to, risks of   
  adverse changes in foreign economic, political, regulatory and other conditions,
  or changes in currency exchange rates or exchange control regulations (including
  limitations on currency movements and exchanges). In certain countries, legal   
  remedies available to investors may be more limited than those available with   
  respect to investments in the United States. In addition, the securities of some
  foreign companies may be less liquid and, at times, more volatile than          
  securities of comparable U.S. companies.                                        

  Geographic Investment Risk. Each Underlying ETF invests a significant portion of
  its assets in the securities of issuers organized in one or more jurisdictions  
  around the world, or in securities or instruments that provide exposure to such
  issuers. As such, each Underlying ETF is likely to be impacted by economic      
  conditions or events affecting the particular market or markets reflected by its
  name. For example, political and economic conditions and changes in regulatory,
  tax, or economic policy in a country could significantly affect the market in   
  that country and in surrounding or related countries and have a negative impact
  on the Underlying ETF's performance. Initially the Fund is expected to have     
  significant exposure to the regions listed below. The Sub-Advisor anticipates,  
  however, that the Fund's exposure to particular regions and countries will vary
  greatly and may change frequently.                                              

    ASIA. To the extent an Underlying ETF's investments have significant investment
    exposure to Asia, the Underlying ETF will be susceptible to loss due to adverse
    market, political, regulatory, and geographic events affecting that region.
    While certain Asian economies are exemplars of growth and development others
    have been and continue to be subject, to some extent, to over-extension of
    credit, currency devaluations and restrictions, high unemployment, high
    inflation, decreased exports and economic recessions.

    EASTERN EUROPE. An Underlying ETF's investments may have significant exposure
    to companies located in Eastern Europe. Because of this, companies in the
    Underlying ETF's portfolio may react similarly to political, social, and
    economic developments in any of the Eastern European countries.

    EUROPE. Developed and emerging market countries in Europe will be significantly
    affected by the fiscal and monetary controls of the European Monetary Union.
    Changes in regulations on trade, decreasing imports or exports, changes in the
    exchange rate of the euro and recessions among European countries may have a
    significant adverse effect on the economies of other European countries.
  
    PACIFIC REGION. Many of the Pacific region economies can be exposed to high
    inflation rates, undeveloped financial services sectors, and heavy reliance on
    international trade. The region's economies are also dependent on the economies
    of Asia, Europe and the United States and, in particular, on the price and
    demand for agricultural products and natural resources.

    NORTH AMERICA. The United States is Canada's largest trading and investment
    partner and the Canadian economy is significantly affected by developments in
    the U.S. economy. The United States is also a significant trading partner of
    many emerging markets in which the Underlying ETFs invest. Decreasing U.S.
    imports, new trade regulations, changes in the U.S. dollar exchange rates or
    a recession in the United States may have an adverse impact on these markets.
  
  Investment Risk. Similar to an investment in the Fund, an investment in an      
  Underlying ETF is not a bank deposit and is not insured or guaranteed by the    
  Federal Deposit Insurance Corporation or any other government agency. The Fund  
  may experience losses with respect to its investment in an Underlying ETF.      
  Further, there is no guarantee that an Underlying ETF will achieve its          
  investment objective.                                                           
  
  Large-Capitalization Risk. An Underlying ETF may invest in large-capitalization
  companies. Returns on investments in stocks of large U.S. companies could trail
  the returns on investments in stocks of small- and mid-capitalization companies
  or the market as a whole.                                                       
  
  Mid-Capitalization Risk. An Underlying ETF may invest in mid-capitalization    
  companies. Mid-cap companies may be more volatile and more likely than large-cap
  companies to have limited product lines, markets or financial resources, or     
  depend on a few key employees. Returns on investments in stocks of mid-cap      
  companies could trail the returns on investments in stocks of large- or         
  small-cap companies or the market as a whole.                                   
  
  Small-Capitalization Risk. An Underlying ETF may invest in small-capitalization
  companies. Small-cap companies may be more vulnerable than larger, more         
  established organizations to adverse business or economic developments. In      
  particular, small-cap companies may have limited product lines, markets, and    
  financial resources and may be dependent upon a relatively small management     
  group. These securities may be listed on an exchange or trade over-the-counter,
  and may or may not pay dividends. During a period when the performance of       
  small-cap stocks falls behind that of other types of investments, such as       
  large-cap stocks, the Underlying ETF's performance could be adversely affected.

  Tracking Error Risk. Tracking error can arise due to factors such as the effect
  of transaction fees and expenses incurred by the Underlying ETF, changes in     
  composition of the benchmark, and the ability of the ETF manager or sponsor to  
  successfully implement his or her investment strategy.                          

As with any fund, there is no guarantee that the Fund will achieve its
investment objective.
Risk Lose Money [Text] rr_RiskLoseMoney Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Similar to an investment in the Fund, an investment in an Underlying ETF is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.
  
Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Accuvest Global Opportunities ETF (Prospectus Summary) | Accuvest Global Opportunities ETF | Accuvest Global Opportunities ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.95%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 1.32%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.52% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 2.79% [2]
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (1.02%) [3]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.77% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 180
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 769
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,384
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,045
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange traded products that are not investment companies in which the Fund invests, including exchange traded notes and exchange traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or 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.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF
PERITUS HIGH YIELD ETF
INVESTMENT OBJECTIVE
The Peritus High Yield ETF (the "Fund") seeks high current income with a
secondary goal of capital appreciation.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Peritus High Yield ETF
MANAGEMENT FEES 1.10%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.25%
TOTAL ANNUAL FUND OPERATING EXPENSES 1.35%
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
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Peritus High Yield ETF
138 429 742 1,629
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal year ended June 30, 2012, the Fund's portfolio
turnover rate was 80% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Peritus I Asset Management, LLC (the "Sub-Advisor") seeks to achieve the Fund's
investment objective by selecting a focused portfolio of high-yield debt securities
(commonly referred to as "junk bonds"), which include senior and subordinated
corporate debt obligations (such as bonds, debentures, notes and commercial paper).
The Fund does not have any portfolio maturity limitation and may invest its assets
in instruments with short-term, medium-term or long-term maturities. The Fund also
may invest to a lesser extent in equity securities that the Sub-Advisor believes
will yield high dividends or are otherwise consistent with the Fund's investment
objective.

In selecting securities for the Fund's portfolio, the Sub-Advisor, subject to the
oversight of the Advisor and the Board of Trustees (the "Board"), performs an
independent investment analysis of each issuer to determine its creditworthiness.
The Sub-Advisor takes a deep value contrarian approach to the credit markets,
foregoing relative value and new issue participation in favor of absolute returns.
The Sub-Advisor focuses on the secondary market, predominantly investing in assets
at a discount to par ($100), allowing for a potential opportunity to generate
capital gains in addition to current yield. The Sub-Advisor believes that structural
and technical inefficiencies exist in the secondary credit markets, which create
tremendous investment opportunities, and that, by holding a diversified but limited
number of securities, the portfolio will be constructed of securities that provide
exposure to industries believed to offer the most value to the Fund.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Credit Risk. The Fund is subject to the risk that an issuer of a fixed income
security, such as a corporate bond, may be unable or unwilling to make interest
and principal payments when due. The Fund is also subject to the related risk
that the value of a fixed income security may decline because of concerns about
the issuer's creditworthiness. Credit risk is heightened to the extent the Fund
invests in high yield securities or junk bonds.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Fixed Income Risk. The market value of fixed income investments in which the
Fund may invest may change in response to interest rate changes and other
factors. During periods of falling interest rates, the value of outstanding
fixed income securities generally rise. Conversely, during periods of rising
interest rates, the value of fixed income securities generally decline.

High-Yield Risk. The Fund's investments in high yield securities and unrated
securities of similar credit quality (commonly known as "junk bonds") may be
subject to greater levels of interest rate, credit and liquidity risk than funds
that do not invest in such securities. These securities are considered
predominately speculative with respect to the issuer's continuing ability to
make principal and interest payments.

Issuer Risk. The value of a security may increase for a number of reasons which
directly relate to the issuer, such as management performance, improved financial
condition and increased demand of the issuer's goods or services. An increase in
the value of the securities of an issuer or guarantor of a debt instrument may
cause the value of your investment in the Fund to decrease.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the stated investment objective cannot be
guaranteed. The Sub-Advisor's judgments about the markets, the economy, or
companies may not anticipate actual market movements, economic conditions or
company performance, and these judgments may affect the return on your
investment.

Market Risk. Due to market conditions, the value of the Fund's investments may
fluctuate significantly from day to day. This volatility may cause the value of
your investment in the Fund to decrease.
  
Prepayment Risk. The Fund may invest in mortgage related securities, which may
be paid off early if the borrower on the underlying mortgagee prepays the
mortgage or refinances the mortgage prior to the maturity date. If interest
rates are falling the Fund may have to reinvest the unanticipated proceeds at
lower interest rates, resulting in a decline in the Fund's income.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
The bar chart and table that follow show how the Fund has performed on a
calendar year basis and provide an indication of the risks of investing in the
Fund. The table also shows how the Fund's performance compares to the Barclays
U.S. High Yield Index, which is an unmanaged index considered representative of
the universe of U.S. fixed rate, non-investment grade debt. Both the bar chart
and the table assume the reinvestment of all dividends and distributions. Past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Bar Chart
The Fund's year-to-date total return as of September 30, 2012 was 12.40%.

Best and Worst Quarter Returns (for the period reflected in the bar chart above)

                 Return      Quarter/Year
Highest Return     4.71%         1Q/2011
Lowest Return     -7.05%         3Q/2011
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
Peritus High Yield ETF
Return Before Taxes Based on NAV 1.92% 2.94% Nov. 30, 2010
Peritus High Yield ETF After Taxes on Distributions
Return After Taxes on Distributions [1] (1.04%) 0.04% Nov. 30, 2010
Peritus High Yield ETF After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares [1] 1.26% 0.89% Nov. 30, 2010
Peritus High Yield ETF Barclays U.S. High Yield Index
Barclays U.S. High Yield Index (Reflects no deduction for fees, expenses, or taxes) 4.98% 6.33% Nov. 30, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 36 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
TrimTabs Float Shrink ETF (Prospectus Summary) | TrimTabs Float Shrink ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading TRIMTABS FLOAT SHRINK ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock TrimTabs Float Shrink ETF (the "Fund") seeks to generate long-term returns in
excess of the total return of the Russell 3000® Index (the "Index"), with less
volatility than the Index.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
For the period from October 5, 2011, the Fund's commencement of operations,
through the most recent fiscal year ended, the Fund's portfolio turnover rate
was 201% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 201.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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
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 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is an actively managed exchange-traded fund that seeks to achieve its
investment objective by primarily investing in the broad U.S. equity market, as
represented by the Index. The Fund seeks to achieve this goal by investing in
stocks with liquidity and fundamental characteristics that are historically
associated with superior long-term performance. Based on extensive historical
research, Trim Tabs Asset Management, LLC (the "Sub-Advisor") designed the
following quantitative stock selection rules to make allocation decisions and to
protect against dramatic over or under weighting of individual securities in the
Fund's portfolio.

Decile Ranking of Russell 3000® IndexStocks. The Sub-Advisor ranks stocks in the
Index by decile based on the following criteria:

   (i) the decrease in their outstanding shares over approximately the past 120
   days ("float shrink");

   (ii) the increase in free cash flow (the money available to the company that is
   not used to pay for its daily operations) over approximately the past 120 days;
   and

   (iii) the decrease in leverage over approximately the past 120 days. Leverage is
   measured as the ratio of total liabilities to total assets. The Sub-Advisor uses
   the relative decrease in leverage rather than amount of leverage itself as a
   criterion because the degree of leverage varies across industries.

The top decile of each respective ranking consists of the stocks of the companies
with (1) the strongest reduction in shares outstanding, (2) the strongest growth
in free cash flow, and (3) the largest decrease in leverage, respectively.

Stock Selection Algorithm. The Sub-Advisor uses an algorithm to give a relative
weight to the three decile rankings, combining them in a single ranking (combined
ranking). The algorithm places a higher weight on the float shrink ranking,
followed by the free cash flow ranking, followed by the leverage ranking. The Fund
under normal circumstances invests in 80 to 120 stocks from among the tenth
percentile of stocks with the highest combined ranking.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.
  
Large-Capitalization Securities Risk. The Fund may invest in large-capitalization
companies. Large- capitalization securities tend to go in and out of favor based
on market and economic conditions. During a period when the demand for
large-capitalization securities is less than for other types of investments --
small- capitalization securities, for instance -- the Fund's performance could
be reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the stated investment objective cannot be guaranteed.
The Sub-Advisor's judgments about the markets, the economy, or companies may not
anticipate actual market movements, economic conditions or company performance,
and these judgments may affect the return on your investment.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Mid-Capitalization Securities Risk. The Fund may invest in mid-capitalization
companies. Mid-size companies may be more volatile and more likely than
large-capitalization companies to have limited product lines, markets or
financial resources, or depend on a few key employees. Returns on investments in
stocks of mid-size companies could trail the returns on investments in stocks of
larger or smaller companies.

Small-Capitalization Securities Risk. The Fund may invest in small-capitalization
companies. Security prices of small capitalization companies may be more volatile
than those of larger companies and therefore the Fund's share price may be more
volatile than those of funds that invest a larger percentage of their assets in
securities issued by larger-capitalization companies.

Trading Risk. Shares of the Fund may trade below their net asset value ("NAV").
The NAV of shares will fluctuate with changes in the market value of the Fund's
holdings. In addition, although the Fund's shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares
will develop or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
TrimTabs Float Shrink ETF (Prospectus Summary) | TrimTabs Float Shrink ETF | TrimTabs Float Shrink ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.99%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 1.35%
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 2.34%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (1.35%) [1]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 0.99%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 601
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,128
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,574
[1] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.99% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 37 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Madrona Domestic ETF (Prospectus Summary) | Madrona Domestic ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading MADRONA DOMESTIC ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Madrona Domestic ETF (the "Fund") seeks to provide long-term capital
appreciation above the capital appreciation of its benchmark, the S&P 500
Index.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 40% of the
average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 40.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 the
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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment objective
by selecting a portfolio of up to 500 of the largest U.S.-traded equity securities. The
Sub-Advisor selects the securities for the Fund's portfolio using a weighted allocation
system based on consensus analyst estimates of the present value of future expected
earnings relative to the share price of each security. The Sub-Advisor's investment
committee meets on a bi-weekly basis to monitor the portfolio and make allocation
decisions. The investment committee uses third-party analyst research and a proprietary
fundamental process to make allocation decisions and employs guidelines to protect against
dramatic over or under weighting of individual securities in the Fund's portfolio. The
investment committee relies heavily on a stock's price and market capitalization relative
to its future expected earnings in its analysis of individual securities.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Early Closing Risk.  An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Equity Risk. The prices of equity securities rise and fall daily. These price
movements may result from factors affecting individual issuers, industries or
the stock market as a whole. In addition, equity markets tend to move in cycles
which may cause stock prices to fall over short or extended periods of time.

Large-Capitalization Securities Risk. The Fund may invest in large-capitalization
companies. Large-capitalization securities tend to go in and out of favor based
on market and economic conditions. During a period when the demand for
large-capitalization securities is less than for other types of investments --
small-capitalization securities, for instance -- the Fund's performance could be
reduced.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.

Trading Risk. Shares may trade below their net asset value ("NAV"). The NAV of
shares will fluctuate with changes in the market value of the Fund's holdings.
In addition, although the Fund's shares are currently listed on the Exchange,
there can be no assurance that an active trading market for shares will develop
or be maintained.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Madrona Domestic ETF (Prospectus Summary) | Madrona Domestic ETF | Madrona Domestic ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.80%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.66%
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.46%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (0.21%) [1]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.25%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board").
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 441
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 778
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,729
[1] AdvisorShares Investments, LLC ("the Advisor") has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the "Board"). The expense limitation agreement (i) may be terminated at any time by the Board, and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 38 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Madrona Global Bond ETF (Prospectus Summary) | Madrona Global Bond ETF
MADRONA GLOBAL BOND ETF
INVESTMENT OBJECTIVE
The Madrona Global Bond ETF (the "Fund") seeks investment results that exceed
the price and yield performance of its benchmark, the Barclays Capital Aggregate
Bond Index.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund which are not reflected in the table
below.
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)
Annual Fund Operating Expenses
Madrona Global Bond ETF
MANAGEMENT FEES 0.50%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.49%
ACQUIRED FUND FEES AND EXPENSES [1] 0.31%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 1.30%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [3] 0.04%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR REIMBURSEMENTS [2] 1.26%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursements 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 are fees and expenses incurred indirectly by the Fund through its investments in the Acquired Funds.
[3] AdvisorShares Investments, LLC (the "Advisor") has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.95% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the Board. The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
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 the
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:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Madrona Global Bond ETF
128 407 707 1,559
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the example, affect Fund performance.
This rate excludes the value of portfolio securities received or delivered as
a result of in-kind creations or redemptions of the Fund's shares. During the
most recent fiscal year, the Fund's portfolio turnover rate was 12% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Madrona Funds, LLC (the "Sub-Advisor") seeks to achieve the Fund's investment
objective by selecting a portfolio of fixed income (bond) exchange traded funds
(the "Underlying ETFs") and other exchange traded products ("ETPs"), including,
but not limited to, exchange traded notes ("ETNs"), exchange traded currency
trusts, and exchange-traded commodity pools. The Fund invests in ETFs that
provide exposure to at least 12 distinct bond classes, including, but not
limited to, short-term treasury bonds, municipal bonds, and high-yield U.S.
corporate bonds (sometimes referred to as "junk bonds"). The Sub-Advisor will
construct the Fund's portfolio using a weighted allocation system based on yield
curve analysis of each bond category. The investment committee meets on a
bi-weekly basis to monitor the Fund's portfolio and make allocation decisions.
The investment committee uses third-party analyst research and a proprietary
fundamental process to make allocation decisions. Each major bond category will
have a three percent minimum percentage inclusion in the Fund's portfolio.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of
the Fund on that day.

ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date and generally,
are backed only by the creditworthiness of the issuer. As a result, the value of
an ETN may be influenced by time to maturity, level of supply and demand for the
ETN, volatility and lack of liquidity in the underlying market (e.g., the
commodities market), changes in the applicable interest rates, and changes in the
issuer's credit rating and economic, legal, political or geographic events that
affect the referenced market. ETNs also may be subject to commodities market
risk and credit risk.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in listed securities is subject to
trading halts caused by extraordinary market volatility pursuant to "circuit
breaker" rules. The Fund's investments in ETNs and certain other ETPs may be
subject to restrictions on the amount and timing of any redemptions, which may
adversely affect the value of the Fund's portfolio holdings.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. This volatility may cause the value of your
investment in the Fund to decrease.
  
Tax Risk. In order to qualify for the favorable U.S. federal income tax
treatment accorded to "regulated investment companies," the Fund must derive
at least 90% of its gross income in each taxable year from certain categories
of income ("qualifying income"). Certain of the Fund's investments may generate
income that is not qualifying income. If the Fund were to fail to meet the
qualifying income test and fail to qualify as a regulated investment company, it
would be taxed in the same manner as an ordinary corporation, and distributions
to its shareholders would not be deductible by the Fund in computing its taxable
income.

Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

Underlying ETF and ETP Investment Risk. Through its investments in the Underlying
ETFs or ETPs, the Fund will be subject to the risks associated with the Underlying
ETFs' or ETP's investments, including the possibility that the value of the
securities or assets held by an Underlying ETF or ETP could decrease. These risks
include any combination of the risks described below, although the Fund's exposure
to a particular risk will be proportionate to the Fund's overall allocation and
each Underlying ETF's or ETP's asset allocation.

  Commodities Risk. The commodities industries can be significantly affected by the
  level and volatility of commodity prices; world events including international
  monetary and political developments; import controls and worldwide competition;
  exploration and production spending; and tax and other government regulations and
  economic conditions.                                            

  Concentration Risk. An Underlying ETF or ETP may, at various times, concentrate
  in the securities of a particular industry, group of industries, or sector, and
  when a fund is overweighted in an industry, group of industries, or sector, it  
  may be more sensitive to any single economic, business, political, or regulatory
  occurrence than a fund that is not overweighted in an industry, group of        
  industries, or sector.                                                          

  Credit Risk. Certain of the Underlying ETFs or ETPs are subject to the risk that
  a decline in the credit quality of a portfolio investment could cause the       
  Underlying ETF's or ETP's share price to fall. The Underlying ETFs and ETPs     
  could lose money if the issuer or guarantor of a portfolio investment or the    
  counterparty to a derivatives contract fails to make timely principal or        
  interest payments or otherwise honor its obligations.                           

  Fixed Income Risk. An Underlying ETF's or ETP's investments in fixed income     
  securities are subject to the risk that the securities may be paid off earlier  
  or later than expected. Either situation could cause the Underlying ETF or ETP  
  to hold securities paying lower- than-market rates of interest, which could hurt
  the Fund's yield or share price.                                                

  High-Yield Risk. An Underlying ETF or ETP may invest in high-yield securities  
  and unrated securities of similar credit quality (commonly known as "junk bonds").
  High-yield securities generally pay higher yields (greater income) than investment
  in higher quality securities; however, high-yield securities and junk bonds may be
  subject to greater levels of interest rate, credit and liquidity risk than funds
  that do not invest in such securities, and are considered predominantly speculative
  with respect to an issuer's continuing ability to make principal and interest payments.

  Income Risk. An Underlying ETF or ETP may derive dividend and interest income   
  from certain of its investments. This income can vary widely over the short- and
  long-term. If prevailing market interest rates drop, distribution rates of an   
  Underlying ETF's or ETP's income producing investments may decline which then   
  may adversely affect the Fund's value.

  Interest Rate Risk. An Underlying ETF's or ETP's investments in fixed income    
  securities are subject to the risk that interest rates rise and fall over time.  
  As with any investment whose yield reflects current interest rates, an          
  Underlying ETF's or ETP's yield will change over time. During periods when      
  interest rates are low, an Underlying ETF's or ETP's yield (and total return)   
  also may be low. To the extent that the investment adviser (or sub-adviser) of  
  an Underlying ETF or ETP anticipates interest rate trends imprecisely, the      
  Underlying ETF or ETP could miss yield opportunities or its share price could   
  fall.

  Investment Risk. An investment in an Underlying ETF or ETP is not a bank deposit
  and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
  any other government agency. The Fund may experience losses with respect to its
  investment in an Underlying ETF or ETP. Further, there is no guarantee that an  
  Underlying ETF or ETP will be able to achieve its objective.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information is available on the Fund's website at
www.advisorshares.com.
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