0001144204-13-050474.txt : 20130912 0001144204-13-050474.hdr.sgml : 20130912 20130912160358 ACCESSION NUMBER: 0001144204-13-050474 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-157876 FILM NUMBER: 131094257 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22110 FILM NUMBER: 131094258 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 S000041986 AdvisorShares Treesdale Rising Rates ETF C000130389 AdvisorShares Treesdale Rising Rates ETF 485BPOS 1 v354389_485bpos.htm 485BPOS


As filed with the U.S. Securities and Exchange Commission on September 12, 2013

 

File Nos. 333-157876 and 811-22110

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

     
  THE SECURITIES ACT OF 1933 x
  Pre-Effective Amendment No. ¨
  Post-Effective Amendment No. 82 x

and/or

REGISTRATION STATEMENT

UNDER

     
  THE INVESTMENT COMPANY ACT OF 1940 x
  Amendment No. 84 x

 

AdvisorShares Trust

(Exact Name of Registrant as Specified in Charter)

 

2 Bethesda Metro Center, Suite 1330, Bethesda, Maryland 20814

(Address of Principal Executive Offices, Zip Code)

 

(877) 843-3831

(Registrant’s Telephone Number, including Area Code)

 

Noah Hamman

AdvisorShares Investments, LLC

2 Bethesda Metro Center

Suite 1330

Bethesda, Maryland  20814

(Name and Address of Agent for Service)

 

Copy to:

W. John McGuire

Bingham McCutchen LLP

2020 K Street NW

Washington, DC 20006

 

It is proposed that this filing will become effective (check appropriate box):

 

xImmediately upon filing pursuant to paragraph (b) of Rule 485
¨On (date) pursuant to paragraph (b)(1)(v) of Rule 485
¨60 days after filing pursuant to paragraph (a)(1) of Rule 485
¨On (date) pursuant to paragraph (a)(1) of Rule 485
¨75 days after filing pursuant to paragraph (a)(2) of Rule 485
¨On (date) pursuant to paragraph (a)(2) of Rule 485
 
 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 82 relates to the AdvisorShares Treesdale Rising Rates ETF (the “Fund”), a separate series of AdvisorShares Trust (the “Trust”). The sole purpose of this filing is to file as an exhibit to the Trust’s registration statement, risk/return information in interactive data format for the Fund.

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 82 to Registration Statement No. 333-157876 to be signed on its behalf by the undersigned, duly authorized, in the City of Bethesda, State of Maryland on this 12th day of September, 2013.

 

 

AdvisorShares Trust

 

 

/s/Noah Hamman ___

Noah Hamman

Chairman of the Board of Trustees,

Chief Executive Officer, Principal Financial Officer and President

 

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 82 to the Registration Statement has been signed below by the following persons in the capacity and on the date indicated.

 

 

Signature Title Date
     
/s/Noah Hamman                Chairman of the Board of Trustees, September 12, 2013
Noah Hamman Chief Executive Officer,  
  Principal Financial Officer and  
  President  
     
     
 * Trustee September 12, 2013
Elizabeth Piper/Bach    
     
     
* Trustee September 12, 2013
William G. McVay    
     
     
  * Secretary, Chief Compliance September 12, 2013
Dan Ahrens Officer and Treasurer  
     
     
/s/Noah Hamman    
* Noah Hamman, Power of Attorney    

 

 

 

 

 

 
 

 

Exhibit Index

 

 

Exhibit Number Description
   
EX-101.INS XBRL Instance Document
   
EX-101.SCH XBRL Taxonomy Extension Schema Document
   
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

 
 

 

EX-101.INS 2 ck0001408970-20130904.xml XBRL INSTANCE DOCUMENT 0001408970 2013-09-04 2013-09-04 0001408970 ck0001408970:S000041986SummaryMember ck0001408970:S000041986Member ck0001408970:C000130389Member 2013-09-04 2013-09-04 0001408970 ck0001408970:S000041986SummaryMember ck0001408970:S000041986Member 2013-09-04 2013-09-04 xbrli:pure iso4217:USD 485BPOS 2013-09-04 AdvisorShares Trust 0001408970 false 2013-09-04 2013-09-04 2013-09-04 HDGB <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">ADVISORSHARES TREESDALE RISING RATES ETF (NYSE Arca Ticker: HDGB)</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">INVESTMENT OBJECTIVES</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The AdvisorShares Treesdale Rising Rates ETF seeks to generate current income while providing protection in a rising interest rate environment.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND FEES AND EXPENSES</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">SHAREHOLDER FEES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(fees paid directly from your investment)<font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> None</font></i></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> ANNUAL FUND OPERATING EXPENSES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(expenses that you pay each year as a percentage of the value of your investment) </font></i></p> <div style="display:none">~ http://www.advisorshares.com/role/RRSchedule3 ~</div> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">EXAMPLE</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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&#39;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><font color="#292526" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <div style="display:none">~ http://www.advisorshares.com/role/RRSchedule4 ~</div> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PORTFOLIO TURNOVER</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#39;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&#39;s shares. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL INVESTMENT STRATEGIES</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund&#39;s strategy, Treesdale Partners, LLC (the &#8220;Sub-Advisor&#8221;) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund&#39;s fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security&#39;s price to changes in interest rates. The longer a security&#39;s duration, the more sensitive it will be to changes in interest rates.&#160;&#160;A portfolio with negative duration generally incurs a loss when interest rates and yields fall.&#160;&#160;To counter the impact of such potential losses, the Fund&#39;s negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In determining the Fund&#39;s investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund&#39;s portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund is subject to a number of risks that may affect the value of its shares, including:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Counterparty Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund&#39;s use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Credit Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#39;s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Early Closing Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;An unanticipated early closing of the NYSE Arca, Inc. (the &#8220;Exchange&#8221;) may result in a shareholder&#39;s inability to buy or sell shares of the Fund on that day.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fixed Income Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The income from the Fund&#39;s investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio&#39;s current earnings rate.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Interest Rate Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund&#39;s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer&#39;s creditworthiness.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Issuer Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer&#39;s goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Liquidity Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Management Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Sub-Advisor continuously evaluates the Fund&#39;s holdings, purchases and sales with a view to achieving the Fund&#39;s investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor&#39;s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Market Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Due to market conditions, the value of the Fund&#39;s investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Mortgage-Backed and Asset-Backed Securities Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Options Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund&#39;s positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund&#39;s assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Prepayment Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security&#39;s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#39;s income.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Trading Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Shares of the Fund may trade below their net asset value (&#8220;NAV&#8221;). The NAV of shares will fluctuate with changes in the market value of the Fund&#39;s holdings. In addition, although the Fund&#39;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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">U.S. Government Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As with any fund, there is no guarantee that the Fund will achieve its investment objectives.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND PERFORMANCE</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A comparison of the Fund&#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Updated performance information is available on the Fund&#39;s website at www.advisorshares.com.</font></p> 0.0115 0.0000 0.0045 0.0160 -0.0035 0.0125 127 470 As with any fund, there is no guarantee that the Fund will achieve its investment objectives. <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A comparison of the Fund&#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund;however, the Fund is new and, therefore, does not have a performance history for a full calendar year. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year. </font></p> Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.advisorshares.com Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year. AdvisorShares Investments, LLC (the 'Advisor') has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the 'Board'). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. EX-101.SCH 3 ck0001408970-20130904.xsd XBRL TAXONOMY EXTENSION SCHEMA 01001 - Document - Document and Entity Information {Elements} link:presentationLink link:calculationLink link:definitionLink 01002 - Document - Risk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 01003 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 01004 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 01005 - Disclosure - Risk/Return Detail Data {Elements} link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ck0001408970-20130904_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ck0001408970-20130904_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ck0001408970-20130904_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE C 000130389 [Member] AdvisorShares Treesdale Rising Rates ETF AdvisorShares Treesdale Rising Rates ETF S 000041986 [Member] AdvisorShares Treesdale Rising Rates ETF AdvisorShares Treesdale Rising Rates ETF S 000041986 Summary [Member] AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) AdvisorShares Treesdale Rising Rates ETF(Prospectus Summary) Amendment Description Amendment Flag Document Creation Date Document [Domain] Document [Domain] Document Effective Date Document Information, Document [Axis] Document Information, Document [Axis] Document Period End Date Document Type Entity Central Index Key Entity [Domain] Entity [Domain] Entity Registrant Name Legal Entity [Axis] Legal Entity [Axis] Trading Symbol Annual Fund Operating Expenses [Table] Annual Fund Operating Expenses [Table] Bar Chart and Performance Table [Heading] Bar Chart and Performance Table [Heading] Component1 Other Expenses OTHER EXPENSES Distribution and Service (12b-1) Fees DISTRIBUTION (12b-1) FEES Expense Example [Heading] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example Narrative [Text Block] Expense Example, With Redemption [Table] Expense Example, With Redemption [Table] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 3 Years Expense Exchange Traded Fund Commissions [Text] Expense Exchange Traded Fund Commissions [Text] Expense [Heading] Expense [Heading] Expense Narrative [Text Block] Expense Narrative [Text Block] Expenses (as a percentage of Assets) TOTAL ANNUAL FUND OPERATING EXPENSES Fee Waiver or Reimbursement FEE WAIVER AND/OR EXPENSE REIMBURSEMENT Management Fees (as a percentage of Assets) MANAGEMENT FEES Net Expenses (as a percentage of Assets) TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT Objective [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Primary [Text Block] Operating Expenses: ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Operating Expenses Caption [Text] Operating Expenses Caption [Text] Other Expenses, New Fund, Based on Estimates [Text] Other Expenses, New Fund, Based on Estimates [Text] Performance Availability Website Address [Text] Performance Availability Website Address [Text] Performance Narrative [Text Block] Performance Narrative [Text Block] Performance One Year or Less [Text] Performance One Year or Less [Text] Performance Past Does Not Indicate Future [Text] Performance Past Does Not Indicate Future [Text] Portfolio Turnover [Heading] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover [Text Block] Prospectus Date Share Class [Axis] Share Class [Axis] Prospectus: Risk [Heading] Risk [Heading] Risk Lose Money [Text] Risk Lose Money [Text] Risk Narrative [Text Block] Risk Narrative [Text Block] Risk/Return: Risk/Return [Heading] Risk/Return [Heading] Share Classes Share Classes Shareholder Fees Caption [Text] Shareholder Fees Caption [Text] Strategy [Heading] Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] EX-101.PRE 7 ck0001408970-20130904_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 R6.xml IDEA: Risk/Return Detail Data 2.4.0.8040000 - Disclosure - Risk/Return Detail Data {Elements}truetruefalse1false falsefalseContext1http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:001true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2dei_EntityRegistrantNamedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00AdvisorShares Trustfalsefalsefalsexbrli:normalizedStringItemTypenormalizedstringThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false03false 2dei_EntityCentralIndexKeydei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse000001408970falsefalsefalsedei:centralIndexKeyItemTypenaA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false04false 2dei_DocumentCreationDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.No definition available.false05false 2dei_DocumentEffectiveDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.No definition available.false06false 2rr_ProspectusDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date of the prospectus.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 1 -Subsection a -Paragraph 3 false0falseRisk/Return Detail DataUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://xbrl.sec.gov/rr/role/RiskReturnDetailData16 XML 9 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 10 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
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 Sep. 04, 2013
Document Effective Date dei_DocumentEffectiveDate Sep. 04, 2013
Prospectus Date rr_ProspectusDate Sep. 04, 2013
XML 11 R2.xml IDEA: Risk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) 2.4.0.801002 - Document - Risk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) {Unlabeled}falsefalsetrue1false falsefalseContext3http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:001false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) | AdvisorShares Treesdale Rising Rates ETFfalsefalsefalse1false truefalseContext3http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:00falsefalseck0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseck0001408970_S000041986Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMembernanafalse02false 3rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">ADVISORSHARES TREESDALE RISING RATES ETF (NYSE Arca Ticker: HDGB)</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false03false 3rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">INVESTMENT OBJECTIVES</font></b></p>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 3rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The AdvisorShares Treesdale Rising Rates ETF seeks to generate current income while providing protection in a rising interest rate environment.</font></p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 3rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND FEES AND EXPENSES</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 3rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 3rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">SHAREHOLDER FEES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(fees paid directly from your investment)<font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> None</font></i></p>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false08false 3rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> ANNUAL FUND OPERATING EXPENSES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(expenses that you pay each year as a percentage of the value of your investment) </font></i></p>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false09false 3rr_AnnualFundOperatingExpensesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div style="display:none">~ http://www.advisorshares.com/role/RRSchedule3 ~</div>falsefalse<div style="display:none">~ http://www.advisorshares.com/role/RRSchedule3 ~</div>falsehttp://www.advisorshares.com/role/RRSchedule301003 - Schedule - Annual Fund Operating Expensestruefalsefalse1falseColumnperiodPeriod*Columndei_DocumentInformationDocumentAxisAxis*Columndei_LegalEntityAxisAxis*Columnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-09-04T00:00:002013-09-04T00:00:00falsefalsedei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_C000130389Memberrr_ProspectusShareClassAxisexplicitMemberAdvisorShares Treesdale Rising Rates ETFAdvisorShares Treesdale Rising Rates ETFUnit3Standardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-09-04T00:00:002013-09-04T00:00:00$1falseRowprimaryElement*3false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false0 0rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.01150.0115falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false02falseRowprimaryElement*4false 3rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false0 0rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false03falseRowprimaryElement*5false 3rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false0 0rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel[1]1truetruetrue0.00450.0045falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false04falseRowprimaryElement*6false 3rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true0 0rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01600.0160falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true05falseRowprimaryElement*7false 3rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabelrr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel[2]1truetruetrue0.00350.0035falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false06falseRowprimaryElement*8false 3rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true0 0rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01250.0125falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true01 Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.2AdvisorShares Investments, LLC (the 'Advisor') has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the 'Board'). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. falseAnnual Fund Operating Expenses UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet160516011ColumnperiodPeriod*Columndei_DocumentInformationDocumentAxisAxis*Columndei_LegalEntityAxisAxis*Columnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.No definition available.false010false 3rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">EXAMPLE</font></b></p>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false011false 3rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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&#39;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><font color="#292526" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false012false 3rr_ExpenseExampleWithRedemptionTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div style="display:none">~ http://www.advisorshares.com/role/RRSchedule4 ~</div>falsefalse<div style="display:none">~ http://www.advisorshares.com/role/RRSchedule4 ~</div>truehttp://www.advisorshares.com/role/RRSchedule401004 - Schedule - Expense Example {Transposed}truefalsefalse1falseColumnprimaryElement*3false 3rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false2 USDfalsefalse$2falseColumnprimaryElement*4false 3rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2 USDfalsefalse$1falseRowperiodPeriod*Rowdei_DocumentInformationDocumentAxisAxis*Rowdei_LegalEntityAxisAxis*Rowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2013-09-04T00:00:002013-09-04T00:00:00falsefalsedei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_C000130389Memberrr_ProspectusShareClassAxisexplicitMemberAdvisorShares Treesdale Rising Rates ETFAdvisorShares Treesdale Rising Rates ETFUnit261Standardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue127127falsefalsefalse2truefalsetrue470470falsefalsefalsenanafalse0falseExpense Example (USD $)UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet211021012ColumnprimaryElement*RowperiodPeriod*Rowdei_DocumentInformationDocumentAxisAxis*Rowdei_LegalEntityAxisAxis*Rowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExample.No definition available.false013false 3rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PORTFOLIO TURNOVER</font></b></p>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false014false 3rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#39;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&#39;s shares. </font></p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false015false 3rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL INVESTMENT STRATEGIES</font></b></p>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. 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 false016false 3rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund&#39;s strategy, Treesdale Partners, LLC (the &#8220;Sub-Advisor&#8221;) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund&#39;s fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security&#39;s price to changes in interest rates. The longer a security&#39;s duration, the more sensitive it will be to changes in interest rates.&#160;&#160;A portfolio with negative duration generally incurs a loss when interest rates and yields fall.&#160;&#160;To counter the impact of such potential losses, the Fund&#39;s negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In determining the Fund&#39;s investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund&#39;s portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.</font></p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. 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 false017false 3rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></b></p>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false018false 3rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund is subject to a number of risks that may affect the value of its shares, including:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Counterparty Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund&#39;s use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Credit Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#39;s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Early Closing Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;An unanticipated early closing of the NYSE Arca, Inc. (the &#8220;Exchange&#8221;) may result in a shareholder&#39;s inability to buy or sell shares of the Fund on that day.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fixed Income Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The income from the Fund&#39;s investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio&#39;s current earnings rate.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Interest Rate Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund&#39;s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer&#39;s creditworthiness.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Issuer Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer&#39;s goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Liquidity Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Management Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Sub-Advisor continuously evaluates the Fund&#39;s holdings, purchases and sales with a view to achieving the Fund&#39;s investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor&#39;s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Market Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Due to market conditions, the value of the Fund&#39;s investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Mortgage-Backed and Asset-Backed Securities Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Options Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund&#39;s positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund&#39;s assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Prepayment Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security&#39;s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#39;s income.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Trading Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Shares of the Fund may trade below their net asset value (&#8220;NAV&#8221;). The NAV of shares will fluctuate with changes in the market value of the Fund&#39;s holdings. In addition, although the Fund&#39;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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">U.S. Government Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As with any fund, there is no guarantee that the Fund will achieve its investment objectives.</font></p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false019false 3rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND PERFORMANCE</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false020false 3rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A comparison of the Fund&#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Updated performance information is available on the Fund&#39;s website at www.advisorshares.com.</font></p>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false0falseRisk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) (AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary), AdvisorShares Treesdale Rising Rates ETF)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.advisorshares.com/role/RRSummary2120 XML 12 R5.xml IDEA: Risk/Return Detail Data 2.4.0.801005 - Disclosure - Risk/Return Detail Data {Elements}truetruefalse1false falsefalseContext1http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:001true 2rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 3dei_EntityCentralIndexKeydei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse000001408970falsefalsefalsedei:centralIndexKeyItemTypenaA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false03false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2false truefalseContext3http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:00falsefalseAdvisorShares Treesdale Rising Rates ETF (Prospectus Summary)dei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMembernanafalse04true 2rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse05false 3rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">ADVISORSHARES TREESDALE RISING RATES ETF (NYSE Arca Ticker: HDGB)</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false06false 3rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">INVESTMENT OBJECTIVES</font></b></p>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false07false 3rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The AdvisorShares Treesdale Rising Rates ETF seeks to generate current income while providing protection in a rising interest rate environment.</font></p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false08false 3rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND FEES AND EXPENSES</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false09false 3rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false010false 3rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">SHAREHOLDER FEES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(fees paid directly from your investment)<font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> None</font></i></p>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false011false 3rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> ANNUAL FUND OPERATING EXPENSES </font></b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(expenses that you pay each year as a percentage of the value of your investment) </font></i></p>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false012false 3rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PORTFOLIO TURNOVER</font></b></p>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false013false 3rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#39;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&#39;s shares. </font></p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false014false 3rr_ExpenseExchangeTradedFundCommissionsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.</font></p>falsefalsefalsexbrli:stringItemTypestringModify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph e -Clause i false015false 3rr_OtherExpensesNewFundBasedOnEstimatesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year. </font></p>falsefalsefalsexbrli:stringItemTypestringThis element represents the disclosure for new funds that "Other Expenses" are based on estimated amounts for the current fiscal year.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 6 -Subparagraph a false016false 3rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">EXAMPLE</font></b></p>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false017false 3rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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&#39;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><font color="#292526" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false018false 3rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL INVESTMENT STRATEGIES</font></b></p>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. 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 false019false 3rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund&#39;s strategy, Treesdale Partners, LLC (the &#8220;Sub-Advisor&#8221;) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund&#39;s fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security&#39;s price to changes in interest rates. The longer a security&#39;s duration, the more sensitive it will be to changes in interest rates.&#160;&#160;A portfolio with negative duration generally incurs a loss when interest rates and yields fall.&#160;&#160;To counter the impact of such potential losses, the Fund&#39;s negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In determining the Fund&#39;s investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund&#39;s portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.</font></p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. 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 false020false 3rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></b></p>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false021false 3rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund is subject to a number of risks that may affect the value of its shares, including:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Counterparty Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund&#39;s use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Credit Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#39;s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Early Closing Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;An unanticipated early closing of the NYSE Arca, Inc. (the &#8220;Exchange&#8221;) may result in a shareholder&#39;s inability to buy or sell shares of the Fund on that day.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fixed Income Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The income from the Fund&#39;s investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio&#39;s current earnings rate.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Interest Rate Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund&#39;s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer&#39;s creditworthiness.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Issuer Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer&#39;s goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Liquidity Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Management Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Sub-Advisor continuously evaluates the Fund&#39;s holdings, purchases and sales with a view to achieving the Fund&#39;s investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor&#39;s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Market Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Due to market conditions, the value of the Fund&#39;s investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Mortgage-Backed and Asset-Backed Securities Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Options Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund&#39;s positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund&#39;s assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Prepayment Risk.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security&#39;s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#39;s income.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Trading Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Shares of the Fund may trade below their net asset value (&#8220;NAV&#8221;). The NAV of shares will fluctuate with changes in the market value of the Fund&#39;s holdings. In addition, although the Fund&#39;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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">U.S. Government Securities Risk. </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As with any fund, there is no guarantee that the Fund will achieve its investment objectives.</font></p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false022false 3rr_RiskLoseMoneyrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00As with any fund, there is no guarantee that the Fund will achieve its investment objectives.falsefalsefalsexbrli:stringItemTypestringSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i false023false 3rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">FUND PERFORMANCE</font></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false024false 3rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A comparison of the Fund&#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Updated performance information is available on the Fund&#39;s website at www.advisorshares.com.</font></p>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false025false 3rr_PerformanceOneYearOrLessrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A comparison of the Fund&#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund;however, the Fund is new and, therefore, does not have a performance history for a full calendar year. </font></p>falsefalsefalsexbrli:stringItemTypestringFor a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 1 -Exhibit b false026false 3rr_PerformanceAvailabilityWebSiteAddressrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00www.advisorshares.comfalsefalsefalsexbrli:stringItemTypestringIf applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false027false 3rr_PerformancePastDoesNotIndicateFuturerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.falsefalsefalsexbrli:stringItemTypestringInclude the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false028false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse3false USDtruefalse$Context2http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:00falsefalseAdvisorShares Treesdale Rising Rates ETF (Prospectus Summary)dei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_C000130389Memberrr_ProspectusShareClassAxisexplicitMemberUnit3Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit261Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse029true 2rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse030false 3rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.01150.0115falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false031false 3rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false032false 3rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.00450.0045[1]falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false033false 3rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01600.0160falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true034false 3rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.00350.0035[2]falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false035false 3rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01250.0125falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true036false 3rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue127127USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false237false 3rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue470470USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false21 Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.2AdvisorShares Investments, LLC (the 'Advisor') has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the 'Board'). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. falseRisk/Return Detail Data (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.advisorshares.com/role/RRDetailData5137 EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]E9#,Y,#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I% M>&-E;%=O#I.86UE/E)I#I%>&-E;%=O M#I! M8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I%>&-E M;%=O7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA5)E9VES=')A;G1.86UE/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y!9'9I"!+97D\+W1D/@T*("`@("`@("`\=&0@ M8VQA'0^4V5P(#0L#0H)"3(P,3,\'0^4V5P(#0L#0H)"3(P,3,\'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]E9#,Y,#'0O:'1M;#L@8VAA M6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF M;VYT(&QA;F<],T1%3BU54R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'0^/'`@6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^24Y615-4345.5"!/0DI%0U1)5D53/"]F;VYT/CPO8CX\+W`^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/"$M+41/0U19 M4$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X M:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^(#QP('-T>6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQF;VYT(&QA;F<],T1%3BU5 M4R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^(#QP M('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X M="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@2!I9B!Y;W4@8G5Y(&%N9"!H;VQD('-H M87)E3L^/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^4TA! M4D5(3TQ$15(@1D5%4R`\+V9O;G0^/"]B/CQI/CQF;VYT(&QA;F<],T1%3BU5 M4R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE3L^/&(^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^($%.3E5!3"!&54Y$($]0 M15)!5$E.1R!%6%!%3E-%4R`\+V9O;G0^/"]B/CQI/CQF;VYT(&QA;F<],T1% M3BU54R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6]U M2!A9W)E960@=&\@6%B;&4@<'5R'!E;G-E2!N970@87-S971S(&9O'!E;G-E(&QI;6ET M871I;VX@86=R965M96YT("AI*2!M87D@8F4@=&5R;6EN871E9"!A="!A;GD@ M=&EM92!B>2!T:&4@0F]A6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ M=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T M9"(@+2T^/'`@6]U M('!A>2!W:&5N('!U'0M86QI9VXZ M:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)B,Q-C`[/"]F;VYT/CPO<#X@/'`@6]U6]U6]U'!E;G-E($5X86UP;&4L('=I=&@@4F5D M96UP=&EO;BP@,2!996%R/&)R/CPO=&@^#0H@("`@("`@("`@("`@(#QT:"!C M;&%S7,@=')A;G-A8W1I;VX@8V]S=',L('-U8V@@87,@8V]M;6ES&%B;&4@86-C;W5N M="X@5&AE'!E;G-E'0^/'`@6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^4%))3D-)4$%,($E.5D535$U%3E0@4U12051%1TE%4SPO9F]N M=#X\+V(^/"]P/CQS<&%N/CPO&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/B`\<"!S='EL M93TS1&UA'0M86QI M9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T M.R<^5&AE($9U;F0@2!T86MI;F<@<&]S:71I;VYS(&EN(&UO M2!I;G1E2!P;W-I=&EV92!C=7)R96YT('EI96QD(&)Y(&EN=F5S M=&EN9R!I;B!5+E,N(%1R96%S=7)Y(&]B;&EG871I;VYS(&%N9"!O=&AE'!O2!O9F9S970@=VET:"!L;VYG('!O3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N M="!L86YG/3-$14XM55,@2!A;F0@ M9&5R:79A=&EV97,@;6%R:V5T&5D M(&EN8V]M92!M87)K971S+B!57-I2!A M;F0@2!R96)A;&%N8V5D+CPO9F]N=#X\+W`^(#QP('-T>6QE/3-$;6%R M9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T M:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS M1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&\@;6ET:6=A=&4@:61I;W-Y;F-R M871I8R!P2!T:&4@1G5N9"8C,SD[6QE/3-$;6%R9VEN.C!I M;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF;VYT(&QA;F<],T1%3BU5 M4R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T M.R<^5&AE($9U;F0@:7,@2!A9F9E8W0@=&AE('9A;'5E(&]F(&ET'0M86QI9VXZ:G5S=&EF>3L^ M/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^0V]U;G1E M6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^5&AE($9U;F0@;6%Y(&EN=F5S="!I;B!F:6YA;F-I M86P@:6YS=')U;65N=',@:6YV;VQV:6YG(&-O=6YT97)P87)T:65S('1H870@ M871T96UP="!T;R!G86EN(&5X<&]S=7)E('1O(&$@<&%R=&EC=6QA"!O6UE;G0@;V)L:6=A=&EO M;G,@=&\@=&AE($9U;F0L('1H:7,@9&5F875L="!W:6QL(&-A=7-E('1H92!V M86QU92!O9B!Y;W5R(&EN=F5S=&UE;G0@:6X@=&AE($9U;F0@=&\@9&5C6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X M="UA;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF M>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[ M/"]F;VYT/CPO<#X@/'`@6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M1&5R:79A=&EV97,@;6%Y(&)E(')I7!E7!E7-I8V%L(&%S"DN M($UA;GD@9&5R:79A=&EV97,@8W)E871E(&QE=F5R86=E('1H97)E8GD@8V%U M'!O6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&(^ M/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^16%R;'D@0VQO M6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^)B,Q-C`[)B,Q-C`[06X@=6YA;G1I8VEP871E9"!E87)L M>2!C;&]S:6YG(&]F('1H92!.65-%($%R8V$L($EN8RX@*'1H92`F(S@R,C`[ M17AC:&%N9V4F(S@R,C$[*2!M87D@2!O2X\+V9O;G0^/"]P/B`\<"!S='EL93TS1&UA3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[ M/"]F;VYT/CPO<#X@/'`@6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^5&AE(&UA'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO M<#X@/'`@3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M M86QI9VXZ:G5S=&EF>3L^/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^27-S=65R(%)I6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&AE('9A;'5E(&]F(&$@3I4:6UE6QE/3-$;6%R M9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T M:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ M:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M)B,Q-C`[/"]F;VYT/CPO<#X@/'`@6-L M97,N(%1H92!3=6(M061V:7-O'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N M9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@ M/'`@3I4:6UE2!F;'5C='5A=&4@2!F2!T;R!D M87DN(%!R:6-E(&9L=6-T=6%T:6]N2!L87-T(&9O'1E;F1E9"!P97)I;V1S+B!4:&ES('9O;&%T:6QI='D@ M;6%Y(&-A=7-E('1H92!V86QU92!O9B!Y;W5R(&EN=F5S=&UE;G0@:6X@=&AE M($9U;F0@=&\@9&5C3I4:6UE3I4:6UE6QE/3-$;6%R9VEN.C!I M;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\ M8CX\9F]N="!L86YG/3-$14XM55,@F5D(&%C=&EV:71I97,@86YD M(&5N=&%I;"!G2!O9B!T:&4@1G5N9"!T;R!M965T(&]T:&5R(&-U6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q M<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@ M28C M,SD[2X@268@:6YT97)E2!H879E('1O(')E:6YV97-T('1H92!U;F%N=&EC:7!A M=&5D('!R;V-E961S(&%T(&QO=V5R(&EN=&5R97-T(')A=&5S+"!R97-U;'1I M;F<@:6X@82!D96-L:6YE(&EN('1H92!&=6YD)B,S.3MS(&EN8V]M92X\+V9O M;G0^/"]P/B`\<"!S='EL93TS1&UA'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553 M('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF M;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@'0M86QI9VXZ:G5S=&EF>3L^/&9O M;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT M/CPO<#X@/'`@6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^5&AE($9U;F0@;6%Y(&EN=F5S="!I;B!5+E,N(&=O=F5R;FUE M;G0@2!O6QE/3-$;6%R9VEN.C!I;CMM87)G M:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L M86YG/3-$14XM55,@2!F=6YD M+"!T:&5R92!I6QE/3-$ M;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[/CQB/CQF;VYT(&QA M;F<],T1%3BU54R!S='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'0M M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^02!C;VUP87)I2!G:79E('-O;64@:6YD:6-A=&EO;B!O9B!T:&4@2!F;W(@82!F=6QL(&-A;&5N9&%R('EE87(N M($]F(&-O=7)S92P@;VYC92!T:&4@1G5N9"!H87,@<&5R9F]R;6%N8V4L('1H M:7,@<&%S="!P97)F;W)M86YC92`H8F5F;W)E(&%N9"!A9G1E6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^57!D871E9"!P97)F;W)M M86YC92!I;F9O'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!#96YT3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S2D@?"!!9'9I'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@ M6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^041625-/4E-( M05)%4R!44D5%4T1!3$4@4DE324Y'(%)!5$53($541B`H3EE312!!2!;5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^5&AE($%D=FES;W)3:&%R97,@5')E97-D86QE(%)I'!E;G-E2&5A9&EN9SPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'`@6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^1E5.1"!&1453($%.1"!%6%!%3E-%4SPO9F]N=#X\ M+V(^/"]P/CQS<&%N/CPO'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&@^'1";&]C:SPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/"$M+41/0U194$4@:'1M;"!054), M24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I M=&EO;F%L+F1T9"(@+2T^(#QP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG M/3-$14XM55,@2!I9B!Y M;W4@8G5Y(&%N9"!H;VQD('-H87)E3L^ M/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I M;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^4TA!4D5( M3TQ$15(@1D5%4R`\+V9O;G0^/"]B/CQI/CQF;VYT(&QA;F<],T1%3BU54R!S M='EL93TS1"=F;VYT+69A;6EL>3I4:6UE'!E;G-E'0^/'`@ M3I4:6UE65A'1";&]C:SPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/"$M+41/0U194$4@:'1M;"!054), M24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I M=&EO;F%L+F1T9"(@+2T^(#QP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG M/3-$14XM55,@7,@86YD('-E;&QS('-E8W5R:71I97,@*&]R("8C.#(R,#MT=7)N2!I;F1I8V%T92!H:6=H97(@=')A;G-A8W1I;VX@8V]S=',@ M86YD(&UA>2!R97-U;'0@:6X@:&EG:&5R('1A>&5S('=H96X@1G5N9"!S:&%R M97,@87)E(&AE;&0@:6X@82!T87AA8FQE(&%C8V]U;G0N(%1H97-E(&-O&-H86YG92!4'!E;G-E17AC:&%N M9V54&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM M/CQP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0^/"$M+41/0U19 M4$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X M:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^/'`@65A'!E;G-E17AA;7!L94AE861I;F<\+W1D M/@T*("`@("`@("`\=&0@8VQA6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y M.SX\8CX\9F]N="!L86YG/3-$14XM55,@'!E;G-E($5X86UP;&4@3F%R&%M<&QE M3F%R'0M M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^5&AI&%M<&QE(&ES(&EN=&5N9&5D('1O(&AE;'`@>6]U(&-O M;7!A6QE/3-$;6%R9VEN.C!I M;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\ M9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553 M('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF M;VYT+7-I>F4Z,3`N,'!T.R<^5&AE($5X86UP;&4@87-S=6UE6]U65A6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^(#PO9F]N=#X\+W`^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S4AE861I;F<\+W1D/@T*("`@("`@("`\=&0@ M8VQA6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T M=&]M.BXP,#`Q<'0[/CQB/CQF;VYT(&QA;F<],T1%3BU54R!S='EL93TS1"=F M;VYT+69A;6EL>3I4:6UE'0^/"$M+41/0U194$4@:'1M;"!0 M54),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A M;G-I=&EO;F%L+F1T9"(@+2T^(#QP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G M:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L M86YG/3-$14XM55,@2P@ M5')E97-D86QE(%!A2!I;G9E6EE;&0@8GD@:6YV97-T:6YG(&EN(%4N4RX@5')E87-U M2!B96YE9FET(&9R;VT@2!O9B!A('-E8W5R:71Y)B,S.3MS('!R:6-E M('1O(&-H86YG97,@:6X@:6YT97)E28C,SD[2!I;F-U'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO M<#X@/'`@3I4:6UE7-I2!O8FQI9V%T:6]N2P@=&AE(&-O6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@6UE;G0@6QE/3-$)V9O;G0M9F%M M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^ M5&AE($9U;F0@:7,@2!A9F9E8W0@=&AE('9A;'5E(&]F(&ET'0M86QI9VXZ:G5S=&EF>3L^/&(^ M/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^0V]U;G1E6QE M/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I M>F4Z,3`N,'!T.R<^5&AE($9U;F0@;6%Y(&EN=F5S="!I;B!F:6YA;F-I86P@ M:6YS=')U;65N=',@:6YV;VQV:6YG(&-O=6YT97)P87)T:65S('1H870@871T M96UP="!T;R!G86EN(&5X<&]S=7)E('1O(&$@<&%R=&EC=6QA"!O6UE;G0@;V)L:6=A=&EO;G,@ M=&\@=&AE($9U;F0L('1H:7,@9&5F875L="!W:6QL(&-A=7-E('1H92!V86QU M92!O9B!Y;W5R(&EN=F5S=&UE;G0@:6X@=&AE($9U;F0@=&\@9&5C6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA M;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^ M/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F M;VYT/CPO<#X@/'`@6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^1&5R M:79A=&EV97,@;6%Y(&)E(')I7!E7!E7-I8V%L(&%S"DN($UA M;GD@9&5R:79A=&EV97,@8W)E871E(&QE=F5R86=E('1H97)E8GD@8V%U'!O6QE M/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG M;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S=&EF>3L^/&(^/&9O M;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE M=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^16%R;'D@0VQO6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^)B,Q-C`[)B,Q-C`[06X@=6YA;G1I8VEP871E9"!E87)L>2!C M;&]S:6YG(&]F('1H92!.65-%($%R8V$L($EN8RX@*'1H92`F(S@R,C`[17AC M:&%N9V4F(S@R,C$[*2!M87D@2!O2X\+V9O;G0^/"]P/B`\<"!S='EL93TS1&UA3L^ M/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S M($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F M;VYT/CPO<#X@/'`@6QE/3-$ M)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z M,3`N,'!T.R<^5&AE(&UA'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N M9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA M;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@ M/'`@3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X M="UA;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M86QI M9VXZ:G5S=&EF>3L^/&(^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^27-S=65R(%)I6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I M9CMF;VYT+7-I>F4Z,3`N,'!T.R<^5&AE('9A;'5E(&]F(&$@3I4:6UE6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y M.SX\8CX\9F]N="!L86YG/3-$14XM55,@'0M86QI9VXZ:G5S M=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY M.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q M-C`[/"]F;VYT/CPO<#X@/'`@6-L97,N M(%1H92!3=6(M061V:7-O'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS M1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS M97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@ M3I4:6UE2!F;'5C='5A=&4@2!F2!T;R!D87DN M(%!R:6-E(&9L=6-T=6%T:6]N2!L M87-T(&9O'1E;F1E9"!P97)I;V1S+B!4:&ES('9O;&%T:6QI='D@;6%Y M(&-A=7-E('1H92!V86QU92!O9B!Y;W5R(&EN=F5S=&UE;G0@:6X@=&AE($9U M;F0@=&\@9&5C3I4:6UE3I4:6UE6QE/3-$;6%R9VEN.C!I;CMM M87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\8CX\ M9F]N="!L86YG/3-$14XM55,@F5D(&%C=&EV:71I97,@86YD(&5N M=&%I;"!G2!O9B!T:&4@1G5N9"!T;R!M965T(&]T:&5R(&-U6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\8CX\9F]N="!L86YG/3-$14XM55,@28C,SD[ M2X@268@:6YT97)E2!H879E('1O(')E:6YV97-T('1H92!U;F%N=&EC:7!A=&5D M('!R;V-E961S(&%T(&QO=V5R(&EN=&5R97-T(')A=&5S+"!R97-U;'1I;F<@ M:6X@82!D96-L:6YE(&EN('1H92!&=6YD)B,S.3MS(&EN8V]M92X\+V9O;G0^ M/"]P/B`\<"!S='EL93TS1&UA'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@;&%N9STS1$5.+553('-T M>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT M+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO<#X@/'`@'0M86QI9VXZ:G5S=&EF>3L^/&9O;G0@ M;&%N9STS1$5.+553('-T>6QE/3-$)V9O;G0M9F%M:6QY.E1I;65S($YE=R!2 M;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N,'!T.R<^)B,Q-C`[/"]F;VYT/CPO M<#X@/'`@6QE/3-$)V9O M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;BQS97)I9CMF;VYT+7-I>F4Z,3`N M,'!T.R<^5&AE($9U;F0@;6%Y(&EN=F5S="!I;B!5+E,N(&=O=F5R;FUE;G0@ M2!O6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM M8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG M/3-$14XM55,@2!F=6YD+"!T M:&5R92!I'0@0FQO8VM=/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&@^&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/CQP('-T>6QE/3-$;6%R9VEN M.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y M.SX\9F]N="!L86YG/3-$14XM55,@65A&5S*2!D;V5S(&YO="!N96-E M2!I;F1I8V%T92!H;W<@=&AE($9U;F0@=VEL;"!P97)F;W)M(&EN M('1H92!F=71U6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP M,#`Q<'0[=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@ M&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM M/CQP('-T>6QE/3-$;6%R9VEN.C!I;CMM87)G:6XM8F]T=&]M.BXP,#`Q<'0[ M=&5X="UA;&EG;CIJ=7-T:69Y.SX\9F]N="!L86YG/3-$14XM55,@5=E8E-I=&5!9&1R97-S/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&5X=#YW=W'0^3V8@8V]U M&5S*2!D;V5S(&YO M="!N96-E2!I;F1I8V%T92!H;W<@=&AE($9U;F0@=VEL;"!P97)F M;W)M(&EN('1H92!F=71U'!E;G-E'!E;G-E'!E;G-E17AA;7!L M95EE87(P,3PO=&0^#0H@("`@("`@(#QT9"!C;&%S&%M<&QE M+"!W:71H(%)E9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L95EE87(P,SPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S&-L M=61I;F<@86UO=6YT2!P;&%N(&%D M;W!T960@:6X@86-C;W)D86YC92!W:71H(%)U;&4@,3)B+3$L(&EN=&5R97-T M(&5X<&5N&5S+"!B2!A8V-E<'1E9"!A8V-O=6YT:6YG('!R:6YC:7!L97,L(&%N9"!E M>'1R86]R9&EN87)Y(&5X<&5N2!T:&4@061V:7-O'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA2!296=I2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^4V5P(#0L#0H)"3(P,3,\'1087)T7V5D,SDP-S0X7S-C8F-?-&(Y.5]A.3AF7S%B83$V +.35D83%D9"TM#0H` ` end XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.8 HtmlAndXml 3 42 1 true 3 0 false 2 false false R1.htm 01001 - Document - Document and Entity Information {Elements} Sheet http://www.advisorshares.com/role/DocumentAndEntityInformation1 Document and Entity Information R1.xml false true R2.htm 01002 - Document - Risk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) {Unlabeled} Sheet http://www.advisorshares.com/role/RRSummary2 Risk/Return Summary (AdvisorShares Treesdale Rising Rates ETF) R2.xml false false R5.htm 01005 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://www.advisorshares.com/role/RRDetailData5 Risk/Return Detail Data R5.xml false false R6.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data R6.xml true false All Reports Book All Reports ck0001408970-20130904.xml ck0001408970-20130904.xsd ck0001408970-20130904_cal.xml ck0001408970-20130904_def.xml ck0001408970-20130904_lab.xml ck0001408970-20130904_pre.xml true true XML 15 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0001408970
AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) | AdvisorShares Treesdale Rising Rates ETF
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ADVISORSHARES TREESDALE RISING RATES ETF (NYSE Arca Ticker: HDGB)

Objective [Heading] rr_ObjectiveHeading

INVESTMENT OBJECTIVES

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The AdvisorShares Treesdale Rising Rates ETF seeks to generate current income while providing protection in a rising interest rate environment.

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.

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.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year.

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 seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund's strategy, Treesdale Partners, LLC (the “Sub-Advisor”) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund's fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.  A portfolio with negative duration generally incurs a loss when interest rates and yields fall.  To counter the impact of such potential losses, the Fund's negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products.

 

In determining the Fund's investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.

 

To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund's portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.

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:

 

Counterparty Risk. The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund's use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.

 

Credit Risk. The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.

 

Derivatives Risk. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk.

 

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

 

Fixed Income Securities Risk. The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.

 

Income Risk. The income from the Fund's investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio's current earnings rate.

 

Interest Rate Risk. The Fund's investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer's creditworthiness.

 

Issuer Risk. The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer's goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.

 

Liquidity Risk. Trading in shares of the Fund may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section.

 

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings, purchases and sales with a view to achieving the Fund's investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.

 

Market Risk. Due to market conditions, the value of the Fund's investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.

  

Mortgage-Backed and Asset-Backed Securities Risk. The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.

 

Options Risk. Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund's assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.

 

Prepayment Risk. The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security's maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

 

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

 

U.S. Government Securities Risk. The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.

 

As with any fund, there is no guarantee that the Fund will achieve its investment objectives.

Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objectives.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

FUND PERFORMANCE

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

 

Updated performance information is available on the Fund's website at www.advisorshares.com.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund;however, the Fund is new and, therefore, does not have a performance history for a full calendar year.

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) | AdvisorShares Treesdale Rising Rates ETF | AdvisorShares Treesdale Rising Rates ETF
 
Risk/Return: rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 1.15%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_Component1OtherExpensesOverAssets 0.45% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 1.60%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets 0.35% [2]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 470
[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.
[2] AdvisorShares Investments, LLC (the 'Advisor') has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the 'Board'). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) | AdvisorShares Treesdale Rising Rates ETF

ADVISORSHARES TREESDALE RISING RATES ETF (NYSE Arca Ticker: HDGB)

INVESTMENT OBJECTIVES

The AdvisorShares Treesdale Rising Rates ETF seeks to generate current income while providing protection in a rising interest rate environment.

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
AdvisorShares Treesdale Rising Rates ETF
MANAGEMENT FEES 1.15%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES [1] 0.45%
TOTAL ANNUAL FUND OPERATING EXPENSES 1.60%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 0.35%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 1.25%
[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.
[2] AdvisorShares Investments, LLC (the 'Advisor') has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.25% of the Fund's average daily net assets for a year from the date of this Prospectus and for an indefinite period thereafter subject to annual approval by the AdvisorShares Trust Board of Trustees (the 'Board'). The expense limitation agreement (i) may be terminated at any time by the Board and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.

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
AdvisorShares Treesdale Rising Rates ETF
127 470

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.

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund's strategy, Treesdale Partners, LLC (the “Sub-Advisor”) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund's fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.  A portfolio with negative duration generally incurs a loss when interest rates and yields fall.  To counter the impact of such potential losses, the Fund's negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products.

 

In determining the Fund's investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.

 

To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund's portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.

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:

 

Counterparty Risk. The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund's use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.

 

Credit Risk. The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.

 

Derivatives Risk. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk.

 

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

 

Fixed Income Securities Risk. The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.

 

Income Risk. The income from the Fund's investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio's current earnings rate.

 

Interest Rate Risk. The Fund's investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer's creditworthiness.

 

Issuer Risk. The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer's goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.

 

Liquidity Risk. Trading in shares of the Fund may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section.

 

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings, purchases and sales with a view to achieving the Fund's investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.

 

Market Risk. Due to market conditions, the value of the Fund's investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.

  

Mortgage-Backed and Asset-Backed Securities Risk. The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.

 

Options Risk. Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund's positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund's assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.

 

Prepayment Risk. The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security's maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

 

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

 

U.S. Government Securities Risk. The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.

 

As with any fund, there is no guarantee that the Fund will achieve its investment objectives.

FUND PERFORMANCE

A comparison of the Fund's performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

 

Updated performance information is available on the Fund's website at www.advisorshares.com.

ZIP 17 0001144204-13-050474-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-13-050474-xbrl.zip M4$L#!!0````(`(2`+$-^0=8[81P``"B@```9`!P`8VLP,#`Q-#`X.3,E)U>`L``00E#@``!#D!``#L/6MSVSB2 MWZ_J_@/.>SN55.GI/#9Q'EN.+2>^<6R7I,S,?MJ"2$C"F"(T`&E;^V%_^W4W M`!*42-F9G4ULK[OL_[3;[*%*A>29BEAMHP$8+KK-?/@Q/V&3%/AR>9XE,+[8TQ\\3;HKFUQOMKYY1Z_[KUZ^[]-4WC2YZO5[_>>_5Z[_T*CUX M?"F-TF;.M3"=2"U@JOZSWNO><]\5/C_?[?]EVS)L"]\A-^T9Y\NBPY2;"35V M'VB&=J_??M8O5@+CR:]`%'Z-RPYAXY==^[%H:F0=BJ!EO_O+YY-1-!<+WEZ? M(!9KHQL1=6;JL@L?$/[=*ORP,JT286K73%]J%@V?LM6RH1-]:>:;:EV_!*W#%0"Q,O86:67/$"Z&8LJ(=O80AG<[1BZ6"2*&WLVUF+[;"QN]V7!L'!WP4:2:SE?L+ M_I8QOIE*H1G!)RJ[Z==TU2:*GB_ MMTA_W>X]?]LMWQ8-11IO-//O_%3!X&^[;KF-:]_]MZ\=ER=F"WA;O(!7ED_V MQ/4RD9',/HO%!":*);2S8A%H?>]013EV/$ZG2B\X[J-_M7\MS<[[D!3V1O#< M>]Y__>KE*%^`E%S90=]V:^?Z:F!.Q(PG`T+2ULG_N%FUWCO7RBR!@G,S0B%Y MD'!C:F8_P.=GO6>O7M]N=J"MRI;<7?I\]DB?WX4^[RB%H&3_DLHUL4ZOP1R* M,\VC"U/(^AQ;(C%AEY*2%H*;7(OWI/CWEO#XMNO?V3FQ8\T0NR_[&X,X^V/O MR^BP>12$;Y`(Q&<-Y(,3^^4X9K"1?_VNM[]AKG/"^,#N0^VDU1;ULX=[VMBW`1)+N4,QDP9V,CCVK5U)(M.PLHMZB$()U-BW`9)] M^"/&%T<)GU4@J'ZIGWG*$R/LI)7F-Q#$@196GC710Z7!UY%#V/4&,`;3*;++ MI6B$H]KBZP"I]*V!1.N_EPJX`D%%-=]RYHT^#6L?:XZNX&BUF*BDLN;JEYH9 MP9K[=/CQ@UUEI77]ZH;27`Q%ENOTDZ#&X0(W/];,"%+UAR1[LV0F6R7BW0^_ MY2I[`\IM)M.]GDS=8WNBLDPM]CK(!\OLC6WVPPS^0>>)?YC"F"SAX`;;!H/3 M]I>1?:R,C^W:4[Z0R6IO#%K0L%-QQ89JP=.6`5DSM2V,_(?8Z_W+ZM]&`[>N(L[&, M+H3>8XC+!727^$1;O8&]^ATXF_QJ2;!F`S:^/0C\'Y_^-!B- M/P].Q^SLP_\-#L;'\/?M<+J.D!M0>JXEFEEC0-.'1$47M;C=:-2,9)CJ\.Q@ M_+?S`9MGBX2=?_EP[/SPZZWMW>J![.)AH*.QX MTNT.3ATR[7\V`P/C8?<:A^[C,.ZQG05C=.(L=F.TVX@7]B_O_C?9]/%2(8<`H2]Q`DHB'&,T*`$93!5QF@,D5Y*K5(DE,XFN=40V3IEU%/;X'H)5G@=^ZY] M>1#,>_3E])`=@AE/D/S:[&0!KUA:#H7*8Z/7*T(4O>02;'.I@3B2%9MJM4`:UHX\<6>? M?C.(V*E*Q29^9`U9UE-1@]6T1%4+?.)HN8XJ&]L\5+H$+7?Z9?^$D=H[.Q^` M,@UAFL'T1[#C*2R<%+WF2TQ_KY%RSM#H* M:Z*(>AK;3].<)RAY-_J-4=+6:OO;=VJFPEA>.ESOQ-(L$[[:2X&+=G`=_V1; M,Y*80.L.AYBJB_-$/&/_)!3`B`42;@WA5IMG<,TQU]5L2*XU>*@\-_AE__/Y MR>"K;,HJ:FZ#YEM9F,UM[Y>A>;_M3+<+#![1HTMCL,_`.9R+9$F"#KATB18< MRK,(C4809U:262>0/FP:?V!19O/F3@J^:#:%AJ;#*G#$"@9"%DS"YS'"#:7,UAMDXE[?_V4'V#'WORI_[+W MYL$M#2,JGB*Y,?DBU/V6DMG_]GLM`-KS`%']U)%>!A,RFVA#OHIE1$5&Z))E M2')(9(S#/V\<.&J#&;`[L*$E/&6*89!/`J`2HS8@"VT,-B>CY,6?@54P3AI: M*P2%FPK!MAOY[/4;('>O8TL?4XL%]WS.%Z+#]A,`+)_-[93`>:"?'I2 MZ!J;K;'-@P@#GI\-QT=G)\=G;/QE>'KVTV!X.W.M"2NWQ',MP6UI=;^LM/NM MBTBY@,%B*M8.2]E>O&29HPP2_E[7^68;X!(LV!)$ M2IY@#+)HRJ^%"R_2QRD!+66?2 MCE^XD\S[DZBPG*9SXJO%.&6QZU0E=*?"I#02SH:UF9!KL@5--0)0HBO8`2TB M`9HBQGECD<"C1B,!];;##MG-[0O`:F']FJKY6[%0`^BWS8QLX:9[9C=[CAO:?4HC+^Q M,"[2J&!62W$I2%(&YK?RB4Z#M7-+RG;"C.C64E)56>1@'[8`/IR!G]K6(B$_ M8:E5G$=H$:,7[3.M;97"`!$WII1B(D42M:B6(H[96D$T^YSI+A091>W)RP)Y@KT"%C/))V^6A`QWR MM";E+-(YRLW8.2>$!9Z&6604:W699D)G&4L`Q*:17((KM:(Q8(9HM8:Q`KT3 M'EV(.)#`K;66YHHOK8:*A,YX$:C8V*`8Z.226)#A^0)-!4]6`=&.P+#P#P'D M+!4SV[+4`<5.T29QAQ=<@Z6+RS(IOY*H^RIK!K"^=$8=W!8LB%P!K0%;..6` MP%N@W=X3O@,@K1^YL:*@!4Y@-6GAU]K)K3(.PT2V2@`<0V!+.07-#Q`7ZRU6 M":ZDPLI-`HY2C>6")_`T!3N%TCZU&VX!1O6$#G,Q:+W:F\IK6@Q5,I3LZ#*< M()-FPD[5?H'PM_LOR">&20[]P!+UKZLU9;FQ"XT%@+20J0V$&4&R[5)F*X2# M>Y):A>:!EI'`KM$<9R6LUBTL4?!5UX_A%]NB66'/RJE1X-A%36Z8)0C3%$_[ M`3$2#6YN6KE%E!=&I"3*.`-MC25Q7XE080.@2^V4(&O(9!,V0B(72S`+$7MD MOBY5AB708)OA),B9-9N[":1'P!+D4H)[,34B,N3E9%KPFR3H#-`'U`P#E("@/Q=C&3R"0Q/51M.!'I9 MOJ;,<(Q23V%L3E\()\.+>!SZ7NT$[)<$OD=:42_2"0B6=5\\[`P;F#49ZT;M ML"_&X=0(MPK`6X!$7`1ZAZ`OT`4K.1/A6?`X``HVB8,>C=?F[[`3J]*V:[]: M7@Y$.8^1!`ES@1.K"I7?M"DP_\^DWK%G%01"FI\-O-48);&735I,>&*MG1B6 MM6JY'((.=BZ4QK97(A#36OR6`S$FJV"4QT3"/5H::+T%T/F,C+!8*K-*(Z2J M"%2(6/(5B1JTUT-]4YP](A:?**0N:+(IA@K#.I9TXGE::\@7Q$4&/U$G&,H< M+3YJ3NX"F3$)$CI#,7;%=0SD2?;MFK;?!`/#.920<)DT$'`^-K%IC6R)1S3[ MM\T%]@VE]0\T#C$\'OTX8F='+B"!Y3+'IVS\:4!%-+>OG=\:C,`&VP,1#2T> M?A#B>T8<0`&#[O^5HI$*_U_C-KXMJQ_8%TF]&]66,M_4>=Q?%N0"H*T\7[*A8.2F,H4S!/TX*JA MA$N57%I)7*Q$^IPUSS(,8U-H"$VO(E!`!$Y-HQR4$IMIE2_)6:S$;F)QC=%P M;M#KB_#X-OE^*L]<6AHC*F5UA\VG!P%X%6;,7>%(H2$+$]7:[&M*-3>B<%YK MEQ[PF34+^4P+8;%"/@(T!!@QXI^JS*X'<85Y@9*?T7"-)3`T!8,H9"7"]KST82Q:4VBH@$YZK1R_'?. M7O1ZC.Y#>-IAGWFZJL0'J<```T^7MF@6-T),5J2\PW`I[JG?:#!8H#?%Q#B5 MFQ1%KQ)]#C;G9-TX3-M*C&#.#@NICT((9`**RF05:X2"%4^*L$51QQCL7J4] MV1\(PC1/IG3*+3/%AF(@,A"I3VUII$)4H/[2#0SZ*&?OO)P=<`TRX`#$`YU^ MQHW\WH*V-@^7HI60@IL#%@'RAR"X(P>W"_`75R6T@'NCSD;>?7!M96PEZ5ZM ML>+6^[?'U2H)#SZ1":8JD*OSE:^`KROII_)=8+>8KQZ-C_O(%$>4N#FVB9M1 MZ1W>#4.$RA*L&BL49F,Z?],4#Z(1^&@Y`ML!&2]!N`N;@`IS0]XR*2/O4TZ9 M-:H&H/(25\*/H'!KV-<%PPMX59[A;9/D]%=@#WSQ,K$.^D5T\"Y%#-X+S`S% M&]/6ED2LS7KS3.!.`_"/WO2]9%O'L'>'2QVEN6C4EB2Z]2@<\17N0L!,A=FZ M7A<#=C38\5Z!4N)-@]&'!;:0-+6N8&I[0 MT,8$=58/0QE]H_L)RLF+\%JP8%^K!#^%&<->\P4V7?H;.E+&:'2VT_+ M5;AL2+%:6W1:YJVF6"U]Z[@UV<./*9C_*,ZUI7+R[F2-[7V92&0UH05_;I@G M&`0)#,7-*#&:='0"RO(UVFFM@E\D`.3&]4&1ELN^;,P/+(SU2YBCP?!OD&T. M>,(!ABE8_$BIZK+*R<9*6OY<=V4M9?:'XBF8%J+BQ?`$WC1,Q/KZP[5D\5.T M48';`5A.M\NHW-CSY=#9%IFCR`M.H<3"2#1V;5DGH*.:5B_FL9?Z/08X[R5_ M?RY5U!UA\+6B0(RQRS0':L5D#"H=YU=M&+,8E$2WJ55PEJN00!_.'Y$AUBZ. M6]UO^JP3^H*DQHV:N(XQ9\Q(LV:N2,P=:>WP`W%]`%PM-.RF%6B\ZYF M#M9MV]YRD,[:6%A>R*M5E/@#'ANGH@C47_-XYM):$ZQ7R8KHEXONV%S9BGQ8 MNH0EE2Y#A^"4,6-_`8.;&6LV71:YR+95I:<=;%6U;)P$`Z%6`K962^;ND0!+ M9\UP>#00[J<`(7JY&\+C,'=U$FO:OK5I!M\0;)HF6%5%M?B5=#"%@6).>0Y, M8+!S4IV^.3&'T]Q8DZ8TUE*YVN:$@W]L=;4[^A;57&'&(K`E.5MHL*RRE8%IQN M\Z#3JT$V%^S[O+B3NP(1C>>'?U3-]Y%GSMSIF;O!#S\C=R)18_:C+*;&/(I[ MEQ7G?>BR%CF;)^[H(^#T'\CT$1V6EO[Z:CP=G[`9%1SY,C-?OQQH2:J#MD;T M-A.@@ M*XW18K@!81TW,(H&+$L"MP*;7L'$8&D4BRE]$(,7>E\5QQ!M`ZPZ"S+/+5@& M'1_48IGPR%>(&PD$P)T<],RQ9[V;HW0*>1OBB$ZNH$[-2L.'7OCXEM MWG>[MB_%JK`DS#D2E?N$PC@KQZL4$4'61?15*6&0"`U$+(2UB0F?='LLB;WG MTNZ\/`AY-P1>PP&7XK"NOS(C/(M"Z8462^2%\(!8D&-9VZ4J\B MM>VC^44`O\AOV$0X7E=J,]Z^?AR>;*%X[=T1E/(F^74\W;BO`7C=I>!;U<#E MG-NB72W$FFM9V`C/$R MSD#*=."-">YRU<8[W8A[G?8#`9)(*JQ6_MXZG_6P M&AUEQP2OPZ,[5S4&^UQI2VJMLC(SXF!&JR5<:(Q9!+5$,V=27FWT>`W!_>18 MNK?B(]J9J?^]S+M7!5JC?`GN60GWANXEK@C.1R\WPWO:5;R MA+U`C(YE^?PY)TLT/`:)_DIA=E(\WKGU$ZNCISE*"$Z9"WMU(QXG<'(`?^L4 MXQ[9MOL0'KGH#BYMWV>CTA7=71^X32!@B_10]7)M*T5OO"5PZ\48]? M\('K`Q#?V7X:GY<9'KIYN>:NC%NT?A!7:-!OS)P/AD=GP\_[IP>W_`&,F['3 M<+=RV7C[11K;&]ZO^S3N+UN['[F0IO%:P2!7ZG_9@F?65YMHQ>/BOL"R9"7L M@KILAK:6L><8Z([DH'K2QI1<55=MEN@-V(M!$MM?"((%S[P01#`?&'[%+VB0 M+\"+2F&NZ!['#SC"FG6L#`REK++K9\/<$*BEC.N:_ MQ-18.,.3"8%A;S";9OY>YZ,J7'XJ+-2RX3JI-2M<&!*S$!>2,PU%#[@P1;M>96X5HON,NJ M&OQ)MS/@MWT;Q`QD=F.;VI^,9O@[]?0*[;YG.Q@-D0N>F'<[SW?>`\KZ_1<$ M;=.P]8`>XF^LRTF.B`3M-+)5I/W=2;\9\%OW^7T+@?_10FX[3?W"#D`4JQ3^ M[I^A3/-7L]>OZ.;&7[\4)N-W.T?@&_?MJI[;[;EQJJT_\]$`_Q\",!'1RU[X MXQLW@@4[\3/'.^/.]%#(Q00%/GZN!_,6K?\%/._N_'][5]NB-A"$_TI(Z:F@ MIXEM#XZ>H&V%`WL>;:'T4U&STG#1I#%2[]_?O"79A(VQEMHK^"TON[.SDYW) MOLS,,^B@H/LLZ/K&S%VZ4\E^89L+'"EOEYDUTCP$\.4;_&Q[3C6TB[P_@#OW MC:/SU[,'CGME0&)AB@?SUJ_AK7\<;Z^N>E6\]:NST4W"C?I(*5M*2>CR%^:Y M\E]=L65+LXR+VM7`=$U]G<83/)\S+P2*9R<[L*W_6B-,<@_Z'$.%[!TX%,K,^FP/Q8*411G!-UQ]` M]BLZ+]51F@\I?QZBIQFBHSP!E6X/V]8%'^;1Q\K@G2X$TZJ0`%W)1_.LV0KS M!FTR#,?4P63I;S#W4KUM/&1HU,X0[F>;Y#V8[[LPN97-D3%M?53,%JK+FP?A M,]_?*?]D*KM7*\@A;RV0&]%7-?_L)VKH>7'UO&M/!;,HC3L2Y0Y44V4>L`_C M,$PP!RB>QA50X<%L/EPOY>T$;JP=/4(8QAM;T_W=/`Y(^UU81S%*(Q:TI3RF M4[NQ4^]UFXB7R1>*`G\P2!;*_HT&4T)09Q5 MS`-[4*W$C:+Z-OY$<=]V"YU]'A)P60(2'"3N"[=Z0MH,9:DAA1HM4E0M@1DB M/6"PH,=N.]YVP6L6A$).4TS&Z4(Z1W7UR>52D?_0@U(1.45D;YN,8D/DO^M(5*CCOO.!K,BC349N/1 M-L\CVM9P\7-+H8PT+L;2HVQ$M,75BJAY/IJ%C3:C6,PB/Q$/5`-C>78<>*.( M?4$5U("E*(L(^:SN0."9DVHJJ!;'E7"N0:SF7+JO7^I3G`9NVGMLP%!N"BH/\&6A'&JN#]B-/TO>%NPI,SXC!39ZAY)TC60 M=$TD4]:'<9'T+%ZD)."RQE1)B2YF]NAH)HM;@'%88$":"&UL550)``,W'C)2-QXR4G5X"P`! M!"4.```$.0$``-5676O;,!1]'^P_:.ZS_)7"FA"OM-T'@Y1"LD'?BBS?V**R M9"0Y;"TF)::WNE3>IXCW!)-AIO8IP*]S#L-O"48PGD=_HS.LL MTL?0NCD/+Z:?PX$8R39,2Z4+HD#[5):6,YJ$T_"\+W7,)_CKX.:#J= M!NVO.Z@E8@>H=Q.S@T?H>?1*X6"=>+M#PKWHW"3/!O0!'N6*.&TYFV."[L>2$!C0&20]2+.T%L] MMU*]&)=T(,#="9)JV$3'WTY3`_5SN0F4I#<]IAPAT798M&V8&RKY^K61Y<("=KCS!?ZVM#UDY#6*74F6@NL?< M%EA>&+OX-XE\9=HHEM;M\$2V`K5A%*(XC8XE=&KE>TGL;?V,)QC_AP1O9%E) M80]:=&<*4*<\`HZ6O)?,3FQD/*S):%CS8.S/P+TR!(-W!KOS!U!+`P04```` M"`"$@"Q#<<%=,IH)```/S0``'0`<`&-K,#`P,30P.#DW,"TR,#$S,#DP-%]D M968N>&UL550)``,W'C)2-QXR4G5X"P`!!"4.```$.0$``.U=6U/CN!)^/U7[ M'W*RSR$WV`5J.%M`F+-3FP$J<&KV/$TI=B?1CB^4K$#X]RL9.[$3R38DD='2 M+Y#$;?G3U^W6K:7^]-O"]QJ/P"(:!F?-[D&GV8#`"5T:3,^:KU?@O!,`(![#7Z?GIX.GOH'(9NV>YU.M_WGU^&= M,P.?M&@0<1(XT&P(^=,H_G$8.H3'4#.W+\;,2POHMY?/TDK(;ZU4K"5_:G5[ MK7[W8!&YS02B\Z,CT!QVCD]^[>0>1MQ'&H4LFA$&T8$3^J+,;K]STCE,;Y4E M5\"7BB\VY!,ZNB0#G<#Z7`'D`;`"?4&A).C[4#E"LK"(LQ)D24?L^"6KQ`->-NE?CN1 MD9\AD$ZTY<*$S#U>#D_S&J=OIG1,1S%:1=F[11SZA`;[`9P4O0N\<5$M'_PQ ML%V"S9>[`Z3$\W:(+RYM!ZAF`@ISYF-H+=6S0Y3*TK.HA>G2@$KW/11?,3/SM]NA&=-I@"' MSZ-[,EZI=@5N34"%;*6W]&A,6^H4,)<\*]4A#Y@([:W8. M9&,0&^2I$P9 M&FK&/I>VNZ#1FEXJW+%_115XBZ7BE#I9::UR/1(UQH,/PQH9Y)H^A0)>!/;/ MMZXU?B&[,I5J]K.5V))L?9\J>^7[G?C<.>R>'/^2=)&_YIKMA.@JMQB@7M6Q MV.0]2^**YNI5L,/*N\;,/-]-WK&==VOA>PA3XKUT131^?4W"&C^NQ)TPW#/( M\`L$K3UG+[\'GZVD+<_L)F33'OHUKOF=^.1-TDH]@LDK7#!I?@3WONF>%]A4)JT0J)N=UQ*88YM-7HSGOE2 M?NYW^L.!-NY"WF7*]#GI[8ZZG@YQVU.]%L07#$7FY M;DLNGY52(ZZ1U5M@-'2O`G=`>!&].3F[>%9`KVT4,H(IE8@#?DU\%=\J,3OH MUB/?0T>C&MN70ON,>%\"%Q9_P+.6[C4YF_A60D\(/S1(^+EXTUSYMGWVR%1! M=.ZZ'00K("?$'M5![``BA]$'GAD*J/C-B%E&\P;RA.U?:F@6+QF\S"(6MXI9 M,3O8UB-/V/ZU!K:O)A/1*Z6/4$)W3LXNOA70$\*/S<][*&C>N/[^Z=5`3F@] M,6C']XS(X,>[9W\<>@K[S5U__\1J(*>CE,Z*V4_M-?A#\76_`1R9`#J,UL!H M#8S6P&@-C-;`:`V,UL!H#8S6P&@-C-;`:`V,UO@'16NLQ@Z_0SPD+1J`)2+O M?XBM1VV:WYOQ7R\34UIZUR6L8%<->@_M635R;QF5O<5[,7"]$$7_*&!Y7=0N MNM7H38<:72T>A/?3FW3^NA4,JR#O89VO"JW7A#$BE5U@SEI1F\C6H=_#,F!Y MN-$L],13/P-$ET2U"JB5LX+Q(NA[6`7%X/>P M'%A(^GD0S(GW>1ZX&[CB,6N!KZE\JQ5J>65M3*\B)EBN%D3N_"UK8?-B5O!? M@'P/2XNOX/H5S:[V#@LU4-((9Y(>.3T*/AO:A(^`A,ZZATDE;HH1A\RKJQX>X&G((W0B]K)_,:BS>WNX;+ M4[:FSUI#7Q.P@F4EYI1:8\/>%$65!E@O:Q7A98VNL:&O1%TX\6N3.6_@3>DT M-K25"*J8L5K.&I++S-?8J/:"L,L98?*XH5M@\7)WX$#<1=):=?D]5NBA:C52 MG9B+@UVAJ?(J%(I;H8D*-4B5<%)W;.?R*$(,[L3@3@SNQ.!.#.[$X$X,[L3@ M3@SNQ.!.#.[$X$X,[OP'!7?B45SUQ,?A45QX%!<>Q85'<6T5%:>?--.*UFW? M;XN+R\N:YOTK"<@TG@Z3@9$WC\#.HPBXHHW42=;->@FA.?*+ZV":^X$\RXJ. MYS%/@7L'[)$ZT.V-NV6ZJ'IGW;JI]$:\KC*F-UEH_&-?`JAJ\4LX+X`N2;&S1J73P^Q,5C7#S&Q>.Z%QUP\1@7CW'QV"(K MKW_5`A>/WZ$?Q\5C7#S&Q6-AZYZ]P%EHG(7&66B+K+S^Z0^A<1:ZT'1Q%AIGH7$6 M&F>A<1;ZH\Y"5VL%/WAB<$S>LM_D+>;SBWR@Y"W&>AB8O*6>S2T?*WF+L0TJ MF+Q%MUG%0._NPR=O,7;B*B9O69%N[$A5/!L@Q[NQ!"'VGPU0B?5JAP(82P2" MIP*\_50`@;VL*[K-!']8H83S22 MZWY=PY-$=4$B<&^"JXA3GW!0:*;*759HIGI%%-E'3.Z2^)!)3'LUYM87<-<4JJL3$E)A2MFE"T9VPTB0E%M=ZF;VR4 MF<%T$\3=T1LVA$BU#T,C:1OU"O`IZ^9VOZS@G#\2*DBF'N7/WV!\1SF,E)U M>`L``00E#@``!#D!``#M75UOVS@6?=X%]C_2Y]#D415'2AS\> M%S:L*?,LU_EXT#YJ'0!UIN[,V]1#QH-$6=;SO?WXI\)\2CPUASO M_:-G?3R8^_[R?;/Y\/!P]-`Y_7%^-IG.Z(`W+\7SB3.D!T3TY. MFD'I!LHKL@Q5;WJ,=SQ`V/7,M>F0WH'X_W9XJ8T^:0I$TZ'WX@>^(A-J\V:# M*ORG)?UXX%F+I4WC[^:,WJGKLAE+524Z^$1T3KI/2^CMYT9VT,M\@*8E]'*B MF21I6WQUQ3^E&J>//G5F=!8W+QHP#$Y!^\%H%M2\J=N=IFJUQ0COLG1.R=&X M$8^W`?-DR;YC**FW1S@-WMB*^FGN//#E;MB4[K5SY6D7*070RK\ M:,718@9!G<;MZ.#W,]C@X&N(_,^'YG.M>Z#N2Y9Y`?]N>-`?!0=]&#-*O1FQ M*0RM8!XTY.;QH#>^V'-.,W>Z6E#'#Z9`F&DEOQ#CPD\X5HSXY];;]LF[W_+' M"AF+/5;HV$MC11:(.%:HJ4BB',$&5ZVQHB#_GVVLV'=:M1HK1JL%/^=]VF;( MR(149^10YF(80%+X2HPC"D;&X23"5W58*9).41O"FQOF>DLZ]5=>G/>OF7S_ MLLMDUY1-W)VG6[U!MQH MM:/%M5_X5]^ZO,-GHM//J3=EUE+1]7H8PNB9QUF,F#I,N:.DF86LTA@*">SK MD=^%3>Y-'1B68PLNR5)2FBA$E-AS\P9M"5#M174>'4?.&`T.)>=\A%?TG!J& M)#$3YUAI*DSY@M.SD'070R'&@@"_&OV=NPMBJ8ZF60"RYM(\LVH+2_%TEFQ? MK["O(0SM)&*'C.MJA][='9]<6VN:,QYG<,CF4++.>B0%PK.*@H9>?QOPZQJ4 M+YT[ERW"(U?T5??1\@R]JHU`5F9.)EF-:N!X:C42TNLV$78(SZ.I"*W$Z%]& M6G4UYV9+1\XA(H-#-J*2==9^*1">Z10T])H,P<#1K^L8,>;5&OHP+$8679)C M5FNB#$]BSZWKE24PM9=3S_$M_^F,Y\N(?,!0&NO?ZNZ#VQP]PU"PT2 M`DEU&J:QX#+%Y6M-24"268"">)1#7Q;8'>FZ&6/,B+BQ:?2TF+BJGLN4(YE" MR3*V1*JP?$,HFI>4%6$@!/WTHF(LU!1C64DQ]JWK."MB7ZR?<> ME]3QJ#1^+Q*#8^+BV43N MS0\HW;9%*4ERYH$01`+A@D[$0A`,7Z-P3,LB)% M$'I?;GK]46]4;_>=BX45:[(2%Y'Y"#:B;&U-:?MXTKZ@9A,6C\3QXK:9198L M&E:Z,[Y6@\O#R]'5\.^L\I]>IN MWVA,ZST2\1P![?16`\,QII%SY$(EIG3+&5C(2]4A%B)P)::F^^%?8P/U"1.G MS&O3LD]^1!5LI<]$Z3`9CFPV':%TKBD0V<3YU/)D?PBB#GBNI`)KM'@YUMC<_Z:$M=IY MG1VCJF#8-&.E-4,(L@F3)/*E^)"6XB&T0510&;OM)YNZ&ZM3J%L[%3)6)]]8 MG2H8J_/#4NP$4L1<!$]$1Z>>%5BYEE^DG6T<=YR:37628T+I,@K MH\66%"NT%/I2PG6TP1:+GI5;[2RZS%F=]$%A2WK[C$S[U<>\@C)2?U;=C%TG/UO^!/,:#B5[5"XH_4SXN,$&;$BMQ63%QR9Q2[#)5$5B M<$Q6/)O(=/D!I9NP*"5)S#P0PDAP&:1B]^5%PWM1=I%0KP>?NY?_Z@VY1<^; M@\V^,1CV+J]/;X>CWG6O/ZZW0:^)P\?5X(F".9O&]$@<,^8QCRRH@Y5N/#,1 M29W/\&![%^:AT#"AW#:I;K_[*7#5*]C@U:=^D3FD!H9C*B/GR%%*3.EV,K"0 M9,>Q4/$YY3;I%)E60O=BS`]L_S_&\;X=3/X;/OM.NVHH(W#LIV,:.2];7+KI MU`3D7?@QK!+KASLD74];W#!+//[>L(9H@"(;1<<]ZY@L#L\Z:B9Z.1Y"%%&5 M1<1]9U(ODV7O!>Y.Q.-0IKZB7_50))/E<8]-IL.5;S(S$UF:TGW6[S&-M27[ MG!G@&QI/>?TY\>')7<&2/`$ETSD\4<)`,1'VYQ36Q%X%?_`(!I:SIIXOSO!^ M_M>C;.?4,Z)Z/XH161&?9ICK;!K!\%V:(E+`I!`%X&_KV'LJ];)8\E[>/GT0 M.UA.B4=G`Z?G^7QJX%/%`DFQ*"3K;9%1;,,"(>5;LC`I6=.I>\8/@4<'6Y,. M(:@`N+8W553`L+B)ULK.B>=>=-?$X@E8MN4_?::3D>73[FS&?SR%GPN&X1AZ MJYPB1Q>**=W26["2I)Y\HDDR&'BTQZ,A"L?W,V:6=35SD5UE.7!T\^;N+C-B M,'-64KZ5VVE64D)UM>#`"6[J&+"KO$-H!HEN/"5SV7,I&*;=%$2,PN3X MX'89L0GFJFJ'P'TE4U>;W1#//W?YB8#K7SHSB]=.+U;^BF4?&5XX"MU^N1G) M5M2&8-HRAY11U2(61##P:(C#(8ROE%]+S[)>1G:9?^?:ECM>,<==4Z:]OJ]' M(ADVAWEL4@VL?&,:B<@RC>$0XRNQ$6"?6=3;6*8300.V(N;2G@)J@?@&RSU7 M4HBS(F=^^TZE7E9CKK>D4W_E*5Z"J"A'LI2296RC5&'YUE$T+VML`ZK'NPT+ M:FHT)XR>V<3S%"^C,2*Q=:9F+BDN#4/4GHJ(I,(`!`$*^5TU>^%>4Q,%3_0R M]5\$P+9,BJ?DE*`4T2")]@VCL[S]JE:B&EK>=^U):JH01TP*?I&0$B6EBTAJ M6Q*00%3B%//%5&LG]RO7H]>N([T*5R[&D[S$,2'Z31F*[#.MJ]4D0!"@\!-?*(,^+1N&KY>7.DQ$X]M`QC=R1+2[='&H"I@4XU+<][81N_:PP=^T99>(I M*-K[QG0X1%MH62?-(8%P+**AH59>"`X?G5.9N\7VFD:]+,5GH3Z]?]).OB0` MDHG4/&/WI$O+MXVJ?5EH$:H2,ZZ=4:ZE'8JL()FPN";)74G2`]&L4W@Y9B/) MRJTJ[3T5A=7BK_@_$^)1_LW_`%!+`P04````"`"$@"Q#PQ?HN>\)``#CV@`` M'0`<`&-K,#`P,30P.#DW,"TR,#$S,#DP-%]P&UL550)``,W'C)2-QXR M4G5X"P`!!"4.```$.0$``.U=VW+;.!)]WZK]!XWG6=;-D[%2\4XYMK.36L5V M29[*[%,*$EL2-[RH`,J6_WX!ZD:*`$A9%ZJ3?K%DL4F<[D,TP6X`_>&/F>]5 MGH$+-PRNSAKG];,*!(/0<8/1U=DT&E8OSRI__.N?__CP2[5:^3<$P%D$3F4J MI$"EYS,>_?VQVZGT7RL?;SJ5)QB,@]`+1RZ(2K6JSO/U9KW>J/W]I=,;C,%G53<0$0L&<%:1\N]% M_&,G'+`HAIHX?=;GWO("K=JJ+:.$^J^Z%*NJGZJ-9K75.)\)YVP!L]&JM^L7RU/5E0O@6XK/,O(+64P:OE*9FYZ''G1A6%&??W4_&\]NUY1$+8"1(KC#^N#)9N-+ M1*\3N#H3KC_Q8/G;F,-0?RV/\]2EE(';RL"-=\K`OZ9;J.T,]1&X&SIWP1$P M;S:U+_"]2/:C8\%/-K:[`D]AQ+S#0T\VLSOH>SB"M=>-[,'*TD'#$:R<:*8( MZ/CZ`@;GH_"YMFRBZXKO78BF/+B%B+G>+8M88=2;5Y2^M2D_J^JS6F\LG/2O M^C:*VCGKPF/@M^%@ZD,070>RBT=N]/HY&(;AVKV;Q*TOV_?"0:I)3XW>0KY+S^?\ MVR,/Q00&T50\L?[:3I[R6U=G68%O7G_ESW9&YH`[AR:_;&*3/WU;6B=AE)7! M9J[8`%O@#!WZ)*_7/*T)XX-E(_)KAM3T@'$A49M(BH.H.AB[WNI^&/+0-YMS MT62XA0Y3(:&$$W60R7]#[@!?O'(Z5MW-')^*&L%7.]$!;W4W#0UU/CT1N/":%Q0A;)DW=&N=CUY+7VZ)2L M%*PA:;V21N*43*XS:,KV>O"E^*@;];U5;UVV\WW4IFSY-M<;TN"F]/#1NJEU M8.JZ+R+.!E&VEV1ERNY)7M;R3J<.EV]HDQGU[W!KS*?S M\KQ*@MRRR&;OE!PVPVO`G\HK01=&KE(@B.Z9KR-`)X;%_F;LAQ_\%#/_C521 M,^]SX,#L/_!JM/^&'"X"M.#+]_37LFLZJGM^\MA(8_G4<2P6UX#66_JW,BQ] M"V+`W1B*S>`),71VSV#7F_]="<_:&P[SF*_]49L4PV)^,W:]^7\OP?QWPZ$< M$[O/D&/_E!PV`C3@]0Q<'BO0L'X9T=@]^"4N>4.J?4.:7.*75.J7,< MOHM2YY0ZSW5')^.'?M;4.>6DCIPH7\/Z$^(W$9N]%R+EF[O06ZP!-]J^\=#_ MWSSX861J4P()47K8EFN:O&A4_R??NCO/1W"V&;HMB8T^.W^+;3IO!N M-H%`F#M:^C@2LG2@+7DR%`S=,\Z9N@$MG0QX- M0\\-GZ1%PF?@1D]LDD1"J1V^@4`$P9V,7I9^:I;%2F*Q?H@@P-.+U-Y@HU=C M]]L00$*8%K6!)01!GJ4Z1<8]9EEDW&TYUD$0Z%'J6[-+N#I9!K&!&02!'*5* MD24-ZEZM74-6U)1EN2T99D^_!1M"495C=%RS_VOU'-=C/YS'8WBI9O M_K?-Y2M"!((^\X4%;`3QICP`XD&^VEP+`9'FT6Z2+)_`'&Y2/-JU0$OCK=I% MS.U/8X,'3@_XLSN`1K/?R*.UZ)GETURHGVZG#MI50C>A/PD#::O&0S0&OKSQ M;43GGH*$X8)Z8%\]9.42+7G;L?6622:9\EF'94MZE:_,E=H\\"ZX?G\J;Q;U M=+&QEW\.$C:+*K+[(B-MS;YC\'L/49$.J15#PJ(%^_[6&&6KVI6=,+V@A"DE M3"EA2@E32IA2PA2-]Z*$*25,.6&: M7JK\7V"\WLB:7"=5OM'?L!8["1UM)]&HU"K$60LO9ZV#I\=*"_\E2\A3`)`" M@!0`I``@!0!I'WH4S6T-RD;.0D%Q,F:7CB.[3D<44:@GDX5)2TB6"J#14ES7^L(9B/\W,6)6TB",E045(] M=0C",$JK3BC@2QADYL1O'D9$U`9F`S\((BA4-/;-16.;"&(G5#2VN#MM(8BI M))1[".*7G`?>`:%;A6J0Q,>B!KZ!0`2QDX1>U\_,E7RYGAN]?H5^SXW@VG%X M'IOFT_!1FZ>+@6<$X9:$DH],1+E.H8>U+M;]WO@9?)=F&D9DNR(+IG_F87,(EA MN.?MV,O?>XI6*6L'\27L_G7#8;Z1EG2$&@)T8ECL;\9^^+U#BIK_;CB,E)U>`L``00E#@``!#D!``#M6$MOVS@0OB^P_X'5 M:?<@2XJ=;FS$*=(F*0*X+6"[0&\%+8T=(A2I):G$0=#_OD-*LF4E?L1)L5UL M3J)&\\U\P^%C1L?OYBDG-Z`TDZ+O1:W0(R!BF3`QZWNYF?I''GEW\OMOQV]\ MGWP$`8H:2$BN48&,4JK,M_?#`9G(1#$#HWEROV+MMMZ2:H9$P"KY]&HP<@THWO@Y1 MW@F/NG^%.[,HH+GVS5T&2V=3JB?.5?7%0?PP\MM1!>),7*_XF4\4K_BU`_MY M0C4L0GF@7T83=;O=P'U=J*(AML$T$]I0$4-=/S$+0%WY,"@^5JHB3Q\WG!@5 MV$@#U`#%X@5`BATP4O@-G%*K?#3$K9F\"92R4WE03B4N)4+L8J)"2$,-+E9FG&[9PXV96":=^KKPF_ROIW3BV+((7CRM3\-2X$*)Q M%[J9_]7#BRE_:G@(B7/^GX@N@>E3HT,($^SG!V?MC#$<8@=?AY=;3E?'[4S& MN3W?3T5R+@PS=Y>XDU7J4H%'*$OZWF:5!8>*Q3+:DS#""20^J2S4AU0DI#!' M:O;(_7EQW^@?QT'37--3KB'Y(D[8&$ M#8>C/,6;_^Z@R$[M?5LJ#E93,63Z.AB"R94@I0WRQVGA=>2\DK$"T`GE8)5M MS3'$^D.3\_'%G^3^JW"G+22OJ5J;*JQ\DIQ#>Y&KA6!;LMJ8H4H;AZ=XO5-. M+G+<-E\R6P?:=)S/,Q`:]&L"MB2@TTQ`9VL".JL)**<:G]1>%>1^K*C0F=2O MZW_]])^!H8R?44,/JP341=M2<&@/+*9C+G6NH'%D%8:(M?3_N#6.@T:M70A6 M*W);CV,M(Y4AXM%>;UV+4K2)`QD[6QL@]LVO<+X5^=@GM*/67"=53;*1Q>-] MSX[^*X!U?+BSRRTMU"Z^FRA+H&LCC]X^ET:]*WL:%2D^[\]F<_.\AH@C44?. M*,T<,`!N],*6O[2U%R&[]E^*D+/U7$(+L\_G8R7[T%EIT!-@]0Y](YTFQ@[\ M)7@_`JM_"';R7T+PN8_WYE'0+6X9`3/[4VRWK<.10AVU8=^4/[X]3WW>ZG'4`5[13?&NH_)9.SL)+ER<7I$,(Z%N&TACM\> MT@ZQ_*I!?+!LVV'[J+LVB(`Q0````( M`(2`+$/1.[<3-P(``*8(```=`!@```````$```"D@;0<``!C:S`P,#$T,#@Y M-S`M,C`Q,S`Y,#1?8V%L+GAM;%54!0`#-QXR4G5X"P`!!"4.```$.0$``%!+ M`0(>`Q0````(`(2`+$-QP5TRF@D```_-```=`!@```````$```"D@4(?``!C M:S`P,#$T,#@Y-S`M,C`Q,S`Y,#1?9&5F+GAM;%54!0`#-QXR4G5X"P`!!"4. M```$.0$``%!+`0(>`Q0````(`(2`+$.W\F59^0L``.ZX```=`!@```````$` M``"D@3,I``!C:S`P,#$T,#@Y-S`M,C`Q,S`Y,#1?;&%B+GAM;%54!0`#-QXR M4G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`(2`+$/#%^BY[PD``./:```= M`!@```````$```"D@8,U``!C:S`P,#$T,#@Y-S`M,C`Q,S`Y,#1?<')E+GAM M;%54!0`#-QXR4G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`(2`+$-!?SO` M-00```(6```9`!@```````$```"D@'-D550%``,W'C)2=7@+``$$)0X```0Y`0``4$L%!@`````&``8`2@(` '`%%$```````` ` end XML 18 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 04, 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 Sep. 04, 2013
Document Effective Date dei_DocumentEffectiveDate Sep. 04, 2013
Prospectus Date rr_ProspectusDate Sep. 04, 2013
AdvisorShares Treesdale Rising Rates ETF (Prospectus Summary) | AdvisorShares Treesdale Rising Rates ETF | AdvisorShares Treesdale Rising Rates ETF
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol HDGB
XML 20 R1.xml IDEA: Document and Entity Information 2.4.0.801001 - Document - Document and Entity Information {Elements}truetruefalse1false falsefalseContext1http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:001true 2rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 3dei_DocumentTypedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00485BPOSfalsefalsefalsedei:submissionTypeItemTypestringThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".No definition available.false03false 3dei_DocumentPeriodEndDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.No definition available.false04false 3dei_EntityRegistrantNamedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00AdvisorShares Trustfalsefalsefalsexbrli:normalizedStringItemTypenormalizedstringThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false05false 3dei_EntityCentralIndexKeydei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse000001408970falsefalsefalsedei:centralIndexKeyItemTypenaA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false06false 3dei_AmendmentFlagdei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsexbrli:booleanItemTypenaIf the value is true, then the document is an amendment to previously-filed/accepted document.No definition available.false07false 3dei_DocumentCreationDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.No definition available.false08false 3dei_DocumentEffectiveDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.No definition available.false09false 3rr_ProspectusDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-09-04falsefalsetruexbrli:dateItemTypedateThe date of the prospectus.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 1 -Subsection a -Paragraph 3 false010false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2false truefalseContext2http://www.sec.gov/CIK0001408970duration2013-09-04T00:00:002013-09-04T00:00:00falsefalseAdvisorShares Treesdale Rising Rates ETF (Prospectus Summary)dei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986SummaryMemberdei_DocumentInformationDocumentAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_S000041986Memberdei_LegalEntityAxisexplicitMemberfalsefalseAdvisorShares Treesdale Rising Rates ETFrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001408970_C000130389Memberrr_ProspectusShareClassAxisexplicitMembernanafalse011true 2rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse012false 3dei_TradingSymboldei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00HDGBfalsefalsefalsexbrli:normalizedStringItemTypenormalizedstringTrading symbol of an instrument as listed on an exchange.No definition available.false0falseDocument and Entity InformationUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.advisorshares.com/role/DocumentAndEntityInformation1112