0001144204-12-063338.txt : 20121116
0001144204-12-063338.hdr.sgml : 20121116
20121115180551
ACCESSION NUMBER: 0001144204-12-063338
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 7
FILED AS OF DATE: 20121116
DATE AS OF CHANGE: 20121115
EFFECTIVENESS DATE: 20121116
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AdvisorShares Trust
CENTRAL INDEX KEY: 0001408970
IRS NUMBER: 260636087
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-157876
FILM NUMBER: 121209744
BUSINESS ADDRESS:
STREET 1: 2 BETHESDA METRO CENTER
STREET 2: SUITE 1330
CITY: BETHESDA
STATE: MD
ZIP: 20814
BUSINESS PHONE: (202) 684-6383
MAIL ADDRESS:
STREET 1: 2 BETHESDA METRO CENTER
STREET 2: SUITE 1330
CITY: BETHESDA
STATE: MD
ZIP: 20814
0001408970
S000030071
Cambria Global Tactical ETF
C000092238
Cambria Global Tactical ETF
497
1
v777250_497.htm
497
EXPLANATORY
NOTE
The sole purpose of this filing is
to file revised risk/return summary information for the Cambria Global Tactical ETF, in interactive data format.
EX-101.INS
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Other2012-06-3000014089702012-11-07AdvisorShares Trustfalse2012-11-062012-10-29<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 in<br />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.<br />During the most recent fiscal period, the Fund's portfolio turnover rate was<br />475% of the average value of its portfolio.</tt><div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display:none">~ http://www.advisorshares.com/role/BarChartData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><tt>The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital<br />from investments in the U.S. and foreign equity, fixed income, commodity and<br />currency markets, independent of market direction.</tt><tt>This Example is intended to help you compare the cost of investing in the shares<br />of the Fund with the cost of investing in other funds. This Example does not<br />take into account creation or redemption transaction fees, or the brokerage<br />commissions that you pay when purchasing or selling shares of the Fund. If the<br />commissions were included, your costs would be higher.<br /> <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 ETFThe 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.EXAMPLEAfter-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 OBJECTIVEPast 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 FUNDSHAREHOLDER FEES (fees paid directly from your investment) NoneIn 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.4.75Actual 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 PERFORMANCEThe 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, 2011PORTFOLIO 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 />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<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 to<br />commodities market risk 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<br />treatment accorded to "regulated investment companies," the Fund must derive at<br />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 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<br />Underlying ETFs and ETPs, the Fund will be subject to the risks associated with<br />such vehicles' investments, or reference assets in the case of ETNs, including<br />the possibility that the value of the securities or instruments held by an<br />Underlying ETF or ETP 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 or ETPs<br />and their exposure to various security 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           <br />  commodities or commodity-linked securities, developments affecting commodities  <br />  may have a disproportionate impact on such Underlying ETF and ETPs. An ETF's or <br />  ETP's investment in commodities or commodity-linked derivative instruments may  <br />  subject the ETF or ETP (and indirectly the Fund) to greater volatility than     <br />  investments in traditional securities, particularly if the instruments involve  <br />  leverage. The value of commodities and commodity- linked derivative instruments <br />  may be affected by changes in overall market movements, commodity index         <br />  volatility, changes in interest rates, or factors affecting a particular        <br />  industry or commodity, such as drought, floods, weather, livestock disease,     <br />  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         <br />  guarantor of a portfolio investment or the counterparty to a derivatives        <br />  contract fails to make timely principal or interest payments or otherwise honor <br />  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,      <br />  emerging market countries, which may be magnified by currency fluctuations      <br />  relative to the 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         <br />  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 />  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             <br />  diversification and are, therefore, generally dependent on their ability to     <br />  generate cash flow to make distributions to shareholders. In addition, REITs    <br />  have their own expenses, and the Underlying ETF will bear a proportionate share <br />  of those expenses.                                                              <br /> <br />As with any fund, there is no guarantee that the Fund will achieve its<br />investment objective.</tt>FUND FEES AND EXPENSESPRINCIPAL INVESTMENT STRATEGIESwww.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><div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div>Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.S&P 500 Index (Reflects no deduction for fees, expenses, or taxes)0.02110.07352010-10-25Return After Taxes on Distributions and Sale of Fund Shares-0.0462-0.03702010-10-25Return After Taxes on Distributions-0.0746-0.04542010-10-25GTAALowest ReturnHighest Return2012-09-30Return Before Taxes Based on NAV1432011-03-31445-0.077916867690.0259-0.07340.00180.00902011-09-30year-to-date total return-0.07340.00000.0141-0.04212010-10-250.04860.00330001408970ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberck0001408970:C000092238Member2012-10-292012-10-290001408970ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberrr:AfterTaxesOnDistributionsMemberck0001408970:C000092238Member2012-10-292012-10-290001408970ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001408970:C000092238Member2012-10-292012-10-290001408970ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberck0001408970:RRINDEX00001Member2012-10-292012-10-290001408970ck0001408970:SummaryS000030071Memberck0001408970:S000030071Member2012-10-292012-10-2900014089702012-10-292012-10-29pureiso4217:USDAs 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 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.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.EX-101.SCH
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