0001144204-13-050452.txt : 20130912 0001144204-13-050452.hdr.sgml : 20130912 20130912150228 ACCESSION NUMBER: 0001144204-13-050452 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130912 DATE AS OF CHANGE: 20130912 EFFECTIVENESS DATE: 20130912 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: 131093974 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 S000028889 AdvisorShares Peritus High Yield ETF

C000088572 AdvisorShares Peritus High Yield ETF

497 1 v353936_497.htm 497

EXPLANATORY NOTE

The sole purpose of this filing is to file as an exhibit to the Trust’s registration statement, supplemental risk/return information in interactive data format for the AdvisorShares Peritus High Yield ETF, a separate series of AdvisorShares Trust.

EX-101.INS 2 ck0001408970-20130828.xml XBRL INSTANCE DOCUMENT 0001408970 2012-10-29 2012-10-29 0001408970 ck0001408970:S000028889SummaryMember ck0001408970:S000028889Member ck0001408970:C000088572Member 2012-10-29 2012-10-29 0001408970 ck0001408970:S000028889SummaryMember ck0001408970:S000028889Member 2012-10-29 2012-10-29 Other 2013-08-28 AdvisorShares Trust 0001408970 false 2013-08-28 2013-08-28 2012-10-29 HYLD Peritus High Yield ETF ADVISORSHARES TRUST   Peritus High Yield ETF NYSE Arca Ticker: HYLD   Supplement dated August 28, 2013   to the currently effective summary and statutory prospectuses dated October 29, 2012   This Supplement provides new and additional information beyond that contained in the currently effective summary and statutory prospectuses (together, the “Prospectuses”) for the Peritus High Yield ETF (the “Fund”) and should be read in conjunction with the Prospectuses.    The Prospectuses are revised, effective September 4, 2013, as described below:   The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary:   Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper).   The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”:   Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.   The following text is added to the section of the Fund's statutory prospectus titled “More Information about the Principal Risks of Investing in the Fund”:   Loan Participation Risk. A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of borrower's principal and interest payments. The principal credit risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity. Principal Investment Strategies The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary:   Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper). Principal Risks of Investing in the Fund  The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”:   Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.  PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. 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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Entity Registrant Name	dei_EntityRegistrantName	AdvisorShares Trust
Entity Central Index Key	dei_EntityCentralIndexKey	0001408970
Document Creation Date	dei_DocumentCreationDate	Aug. 28, 2013
Document Effective Date	dei_DocumentEffectiveDate	Aug. 28, 2013
Prospectus Date	rr_ProspectusDate	Oct. 29, 2012

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AdvisorShares Peritus High Yield ETF (Prospectus Summary) \| AdvisorShares Peritus High Yield ETF
Risk/Return:	rr_RiskReturnAbstract
Risk/Return [Heading]	rr_RiskReturnHeading	Peritus High Yield ETF
Supplement [Text Block]	ck0001408970_SupplementTextBlock	ADVISORSHARES TRUST Peritus High Yield ETF NYSE Arca Ticker: HYLD Supplement dated August 28, 2013 to the currently effective summary and statutory prospectuses dated October 29, 2012 This Supplement provides new and additional information beyond that contained in the currently effective summary and statutory prospectuses (together, the “Prospectuses”) for the Peritus High Yield ETF (the “Fund”) and should be read in conjunction with the Prospectuses. The Prospectuses are revised, effective September 4, 2013, as described below: The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary: Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper). The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”: Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower. The following text is added to the section of the Fund's statutory prospectus titled “More Information about the Principal Risks of Investing in the Fund”: Loan Participation Risk. A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of borrower's principal and interest payments. The principal credit risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity.
Strategy [Heading]	rr_StrategyHeading	Principal Investment Strategies
Strategy Narrative [Text Block]	rr_StrategyNarrativeTextBlock	The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary: Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper).
Risk [Heading]	rr_RiskHeading	Principal Risks of Investing in the Fund
Risk Narrative [Text Block]	rr_RiskNarrativeTextBlock	The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”: Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
Supplement Closing [Text Block]	ck0001408970_SupplementClosingTextBlock	PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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AdvisorShares Peritus High Yield ETF (Prospectus Summary) \| AdvisorShares Peritus High Yield ETF
Peritus High Yield ETF
ADVISORSHARES TRUST Peritus High Yield ETF NYSE Arca Ticker: HYLD Supplement dated August 28, 2013 to the currently effective summary and statutory prospectuses dated October 29, 2012 This Supplement provides new and additional information beyond that contained in the currently effective summary and statutory prospectuses (together, the “Prospectuses”) for the Peritus High Yield ETF (the “Fund”) and should be read in conjunction with the Prospectuses. The Prospectuses are revised, effective September 4, 2013, as described below: The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary: Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper). The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”: Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower. The following text is added to the section of the Fund's statutory prospectus titled “More Information about the Principal Risks of Investing in the Fund”: Loan Participation Risk. A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of borrower's principal and interest payments. The principal credit risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity.
Principal Investment Strategies
The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary: Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper).
Principal Risks of Investing in the Fund
The following text is added to the section of the Prospectuses titled “Principal Risks of Investing in the Fund”: Loan Participation Risk. The Fund may not have a readily available market for loan participation interests and, in some cases, the Fund may have to dispose of such securities at a substantial discount from face value. Loan participations also involve the credit risk associated with the underlying corporate borrower.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false0Strategy [Heading]8false 3rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00The following supplements the section titled “Principal Investment Strategies” in the Prospectuses and the section titled “More Information About the Fund's Principal Investment Strategies” in the Fund's statutory prospectus, and replaces any information to the contrary:   Peritus I Asset Management, LLC (the “Sub-Advisor”) seeks to achieve the Fund's investment objective by selecting a focused portfolio of high-yield debt securities (commonly referred to as “junk bonds”), which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper).falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. 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Risk/Return: rr_RiskReturnAbstract

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Entity Registrant Name dei_EntityRegistrantName AdvisorShares Trust

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Amendment Flag dei_AmendmentFlag false

Document Creation Date dei_DocumentCreationDate Aug. 28, 2013

Document Effective Date dei_DocumentEffectiveDate Aug. 28, 2013

Prospectus Date rr_ProspectusDate Oct. 29, 2012

AdvisorShares Peritus High Yield ETF (Prospectus Summary) | AdvisorShares Peritus High Yield ETF | AdvisorShares Peritus High Yield ETF

Risk/Return: rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol HYLD

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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	Other
Document Period End Date	dei_DocumentPeriodEndDate	Aug. 28, 2013
Entity Registrant Name	dei_EntityRegistrantName	AdvisorShares Trust
Entity Central Index Key	dei_EntityCentralIndexKey	0001408970
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Aug. 28, 2013
Document Effective Date	dei_DocumentEffectiveDate	Aug. 28, 2013
Prospectus Date	rr_ProspectusDate	Oct. 29, 2012
AdvisorShares Peritus High Yield ETF (Prospectus Summary) \| AdvisorShares Peritus High Yield ETF \| AdvisorShares Peritus High Yield ETF
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	HYLD