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