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 3 ck0001408970-20120630.xml XBRL INSTANCE DOCUMENT Other 2012-06-30 0001408970 2012-11-07 AdvisorShares Trust false 2012-11-06 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 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 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 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 />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Quarter/Year<br />Highest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2.59%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1Q/2011<br />Lowest Return&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;-7.79%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3Q/2011</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011 PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /> <br />Allocation Risk. The Fund's particular allocations may have a significant effect<br />on the Fund's performance. Allocation risk is the risk that the selection of<br />Underlying ETFs and ETPs and the allocation of assets among such Underlying ETFs<br />and ETPs will cause the Fund to underperform other funds with a similar<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 />&#xA0;&#xA0;Commodity Risk. Because certain of the Underlying ETFs and ETPs may have a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;significant portion of their assets exposed directly or indirectly to&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;commodities or commodity-linked securities, developments affecting commodities&#xA0;&#xA0;<br />&#xA0;&#xA0;may have a disproportionate impact on such Underlying ETF and ETPs. An ETF's or <br />&#xA0;&#xA0;ETP's investment in commodities or commodity-linked derivative instruments may&#xA0;&#xA0;<br />&#xA0;&#xA0;subject the ETF or ETP (and indirectly the Fund) to greater volatility than&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;investments in traditional securities, particularly if the instruments involve&#xA0;&#xA0;<br />&#xA0;&#xA0;leverage. The value of commodities and commodity- linked derivative instruments <br />&#xA0;&#xA0;may be affected by changes in overall market movements, commodity index&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;volatility, changes in interest rates, or factors affecting a particular&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;industry or commodity, such as drought, floods, weather, livestock disease,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;embargoes, tariffs and international economic, political and regulatory&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;developments. <br /><br />&#xA0;&#xA0;Credit Risk. Certain of the Underlying ETFs and ETPs are subject to the risk&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;that a decline in the credit quality of a portfolio investment or a counterparty<br />&#xA0;&#xA0;to a portfolio investment could cause the Underlying ETF's or ETP's share price <br />&#xA0;&#xA0;to fall. The Underlying ETFs and ETPs could lose money if the issuer or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;guarantor of a portfolio investment or the counterparty to a derivatives&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;contract fails to make timely principal or interest payments or otherwise honor <br />&#xA0;&#xA0;its obligations.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Emerging Markets Risk. There is an increased risk of price volatility associated<br />&#xA0;&#xA0;with an Underlying ETF's or ETP's investments in, or an ETN's exposure to,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;emerging market countries, which may be magnified by currency fluctuations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;relative to the U.S. dollar.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Fixed Income Risk. An Underlying ETF's investments in fixed income securities&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;are subject to the risk that the securities may be paid off earlier or later&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;than expected. Either situation could cause the Underlying ETF to hold&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities paying lower-than-market rates of interest, which could hurt the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Fund's yield or share price.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Foreign Currency Risk. Currency movements may negatively impact the value of an <br />&#xA0;&#xA0;Underlying ETF or ETP portfolio security even when there is no change in the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of the security in the issuer's home country. Certain of the Underlying&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;ETFs and ETPs may not hedge against the risk of currency exchange rate&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations, while other Underlying ETFs or ETPs may if there is volatility in <br />&#xA0;&#xA0;currency exchange rates.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Foreign Securities Risk. An Underlying ETF's investments in, or ETP's exposure&#xA0;&#xA0;<br />&#xA0;&#xA0;to, foreign issuers involve certain risks including, but not limited to, risks&#xA0;&#xA0;<br />&#xA0;&#xA0;of adverse changes in foreign economic, political, regulatory and other&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;conditions, or changes in currency exchange rates or exchange control&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;regulations (including limitations on currency movements and exchanges). In&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;certain countries, legal remedies available to investors may be more limited&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;than those available with respect to investments in the United States. In&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;addition, the securities of some foreign companies may be less liquid and, at&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;times, more volatile than securities of comparable U.S. companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Interest Rate Risk. An Underlying ETF's investments in or ETP's exposure to,&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fixed income securities are subject to the risk that interest rates rise and&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fall over time. As with any investment whose yield reflects current interest&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;rates, an Underlying ETF's or ETP's yield will change over time. During periods <br />&#xA0;&#xA0;when interest rates are low, an Underlying ETF's or ETP's yield (and total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;return) also may be low. To the extent that the investment adviser (or&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;sub-adviser) of an Underlying ETF or issuer of an ETP anticipates interest rate <br />&#xA0;&#xA0;trends imprecisely, the Underlying ETF or ETP could miss yield opportunities or <br />&#xA0;&#xA0;its share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xA0;&#xA0;Real Estate Investment Trusts (REITs) Risk. Certain of the Underlying ETFs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;invest in REITs. An Underlying ETF's investments in REITs will be subject to the<br />&#xA0;&#xA0;risks associated with the direct ownership of real estate. Risks commonly&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;associated with the direct ownership of real estate include fluctuations in the <br />&#xA0;&#xA0;value of underlying properties, defaults by borrowers or tenants, changes in&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;interest rates and risks related to general or local economic conditions. REITs <br />&#xA0;&#xA0;are more dependent upon specialized management skills, have limited&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;diversification and are, therefore, generally dependent on their ability to&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;generate cash flow to make distributions to shareholders. In addition, REITs&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;have their own expenses, and the Underlying ETF will bear a proportionate share <br />&#xA0;&#xA0;of those expenses.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />As with any fund, there is no guarantee that the Fund will achieve its<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<br />calendar year basis and provide an indication of the risks of investing in the<br />Fund. The table also shows how the Fund's performance compares to the S&amp;P 500<br />Index, which is a broad-based, unmanaged measurement of changes in stock market<br />conditions based on the average of 500 widely held common stocks. Both the bar<br />chart and the table assume the reinvestment of all dividends and distributions.<br />Past performance (before and after taxes) does not necessarily indicate how the<br />Fund will perform in the future.<br /> <br />Updated performance information is available on the Fund's website at<br />www.advisorshares.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.advisorshares.com/role/PerformanceTableData_S000030071Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. S&P 500 Index (Reflects no deduction for fees, expenses, or taxes) 0.0211 0.0735 2010-10-25 Return After Taxes on Distributions and Sale of Fund Shares -0.0462 -0.0370 2010-10-25 Return After Taxes on Distributions -0.0746 -0.0454 2010-10-25 GTAA Lowest Return Highest Return 2012-09-30 Return Before Taxes Based on NAV 143 2011-03-31 445 -0.0779 1686 769 0.0259 -0.0734 0.0018 0.0090 2011-09-30 year-to-date total return -0.0734 0.0000 0.0141 -0.0421 2010-10-25 0.0486 0.0033 0001408970 ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberck0001408970:C000092238Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberrr:AfterTaxesOnDistributionsMemberck0001408970:C000092238Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001408970:C000092238Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000030071Memberck0001408970:S000030071Memberck0001408970:RRINDEX00001Member 2012-10-29 2012-10-29 0001408970 ck0001408970:SummaryS000030071Memberck0001408970:S000030071Member 2012-10-29 2012-10-29 0001408970 2012-10-29 2012-10-29 pure iso4217:USD 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 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. 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Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF
CAMBRIA GLOBAL TACTICAL ETF
INVESTMENT OBJECTIVE
The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital
from investments in the U.S. and foreign equity, fixed income, commodity and
currency markets, independent of market direction.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
SHAREHOLDER FEES (fees paid directly from your investment) None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Cambria Global Tactical ETF
MANAGEMENT FEES 0.90%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES 0.18%
ACQUIRED FUND FEES AND EXPENSES [1] 0.33%
TOTAL ANNUAL FUND OPERATING EXPENSES [2] 1.41%
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights (and the Fund's financial statements) because the financial highlights include only the Fund's direct operating expenses and do not include Acquired Fund Fees and Expenses.
EXAMPLE
This Example is intended to help you compare the cost of investing in the shares
of the Fund with the cost of investing in other funds. This Example does not
take into account creation or redemption transaction fees, or the brokerage
commissions that you pay when purchasing or selling shares of the Fund. If the
commissions were included, your costs would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then sell all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Cambria Global Tactical ETF
143 445 769 1,686
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal period, the Fund's portfolio turnover rate was
475% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange-traded funds (the "Underlying
ETFs") that offer diversified exposure, including inverse exposure, to global
regions, countries, styles (market capitalization, value, growth, etc.) or
sectors, and other exchange traded products ("ETPs") including, but not limited
to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and
closed-end funds.

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

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

Closed-End Fund Risk. Secondary market trading prices of closed-end funds should
be expected to fluctuate and such prices may be higher or lower than the net
asset value ("NAV") of a closed-end fund's portfolio holdings. There can be no
guarantee that shares of a closed-end held by the Fund will not trade at a
persistent and ongoing discount. Nor can there be any guarantee that an active
market in shares of closed- end funds held by the Fund will exist. The Fund may
not be able to sell closed-end fund shares at a price equal to the NAV of the
closed-end fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Best and Worst Quarter Returns (for the period reflected in the bar chart above)
                                         
                 Return      Quarter/Year
Highest Return     2.59%         1Q/2011
Lowest Return     -7.79%         3Q/2011
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
Cambria Global Tactical ETF
Return Before Taxes Based on NAV (7.34%) (4.21%) Oct. 25, 2010
Cambria Global Tactical ETF After Taxes on Distributions
Return After Taxes on Distributions [1] (7.46%) (4.54%) Oct. 25, 2010
Cambria Global Tactical ETF After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares [1] (4.62%) (3.70%) Oct. 25, 2010
Cambria Global Tactical ETF S&P 500 Index
S&P 500 Index (Reflects no deduction for fees, expenses, or taxes) 2.11% 7.35% Oct. 25, 2010
[1] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
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XML 13 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 29, 2012
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading CAMBRIA GLOBAL TACTICAL ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Cambria Global Tactical ETF (the "Fund") seeks to preserve and grow capital
from investments in the U.S. and foreign equity, fixed income, commodity and
currency markets, independent of market direction.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
During the most recent fiscal period, the Fund's portfolio turnover rate was
475% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 475.00%
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights (and the Fund's financial statements) because the financial highlights include only the Fund's direct operating expenses and do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the shares
of the Fund with the cost of investing in other funds. This Example does not
take into account creation or redemption transaction fees, or the brokerage
commissions that you pay when purchasing or selling shares of the Fund. If the
commissions were included, your costs would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then sell all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund is considered a "fund of funds" that seeks to achieve its investment
objective by primarily investing in other exchange-traded funds (the "Underlying
ETFs") that offer diversified exposure, including inverse exposure, to global
regions, countries, styles (market capitalization, value, growth, etc.) or
sectors, and other exchange traded products ("ETPs") including, but not limited
to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and
closed-end funds.

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

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

Closed-End Fund Risk. Secondary market trading prices of closed-end funds should
be expected to fluctuate and such prices may be higher or lower than the net
asset value ("NAV") of a closed-end fund's portfolio holdings. There can be no
guarantee that shares of a closed-end held by the Fund will not trade at a
persistent and ongoing discount. Nor can there be any guarantee that an active
market in shares of closed- end funds held by the Fund will exist. The Fund may
not be able to sell closed-end fund shares at a price equal to the NAV of the
closed-end fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Best and Worst Quarter Returns (for the period reflected in the bar chart above)
                                         
                 Return      Quarter/Year
Highest Return     2.59%         1Q/2011
Lowest Return     -7.79%         3Q/2011
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes Reflects no deduction for fees, expenses, or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING DECEMBER 31, 2011
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | S&P 500 Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (Reflects no deduction for fees, expenses, or taxes)
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 7.35%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.90%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.18%
ACQUIRED FUND FEES AND EXPENSES rr_AcquiredFundFeesAndExpensesOverAssets 0.33% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.41% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 143
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 445
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 769
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,686
Annual Return 2011 rr_AnnualReturn2011 (7.34%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.79%)
Label rr_AverageAnnualReturnLabel Return Before Taxes Based on NAV
1 Year rr_AverageAnnualReturnYear01 (7.34%)
Since Inception rr_AverageAnnualReturnSinceInception (4.21%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [3]
1 Year rr_AverageAnnualReturnYear01 (7.46%)
Since Inception rr_AverageAnnualReturnSinceInception (4.54%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [3]
1 Year rr_AverageAnnualReturnYear01 (4.62%)
Since Inception rr_AverageAnnualReturnSinceInception (3.70%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 25, 2010
[1] As a shareholder in certain Underlying ETFs (the "Acquired Funds"), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. "Acquired Fund Fees and Expenses" do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange-traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the "1940 Act").
[2] The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights (and the Fund's financial statements) because the financial highlights include only the Fund's direct operating expenses and do not include Acquired Fund Fees and Expenses.
[3] After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2012
Registrant Name dei_EntityRegistrantName AdvisorShares Trust
Central Index Key dei_EntityCentralIndexKey 0001408970
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Nov. 06, 2012
Document Effective Date dei_DocumentEffectiveDate Nov. 07, 2012
Cambria Global Tactical ETF (Prospectus Summary) | Cambria Global Tactical ETF | Cambria Global Tactical ETF
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol GTAA
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