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):
x | Immediately 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 |
Label | Element | Value | ||
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
ProspectusDate | rr_ProspectusDate | Oct. 29, 2012 | ||
Peritus High Yield ETF (Prospectus Summary) | Peritus High Yield ETF
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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. |
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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. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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 |
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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
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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
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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
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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
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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 | ||
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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. |
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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. |
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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) | |||||||||||||||||||||||
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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: |
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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. |
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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. |
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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. |
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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. |
Label | Element | Value | ||||||
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||||||
ProspectusDate | rr_ProspectusDate | Oct. 29, 2012 | ||||||
Meidell Tactical Advantage ETF (Prospectus Summary) | Meidell Tactical Advantage ETF
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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 |
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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. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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
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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 | ||||||
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Label | Element | Value | ||||
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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
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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. |
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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. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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 |
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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. |
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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
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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
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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
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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
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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 | ||||
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Label | Element | Value | ||
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
ProspectusDate | rr_ProspectusDate | Oct. 29, 2012 | ||
Madrona International ETF (Prospectus Summary) | Madrona International ETF
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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. |
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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. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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
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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 | ||
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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. |
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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. |
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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) | ||||||||||||||||||||||||||||||||
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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: |
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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. |
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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. |
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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. |
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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. |
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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 |
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AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||
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Updated performance information is available on the Fund's website at www.advisorshares.com. |
Label | Element | Value | ||||||
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||||||
ProspectusDate | rr_ProspectusDate | Oct. 29, 2012 | ||||||
Rockledge SectorSAM ETF (Prospectus Summary) | Rockledge SectorSAM ETF
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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. |
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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. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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
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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 | ||||||
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