Fund Description: AdvisorShares Madrona Global Bond ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the AdvisorShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Madrona Global Bond ETF seeks investment results that exceed the price and yield performance of its benchmark, the Barclays Capital Aggregate Bond Index. The Fund is an actively managed exchange-traded fund (ETF) and thus does not seek to replicate the performance of a specified Index, however, may have an index-based benchmark. An actively managed ETF uses an active investment strategy to meet its investment objective. Accordingly, the Sub-Advisor, Madrona Funds, LLC, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Sub-Advisor seeks to achieve the Fund’s investment objective by selecting a portfolio of fixed income (bond) exchange-traded funds and other exchange-traded products (ETPs), including but not limited to, exchange-traded notes (ETNs), exchange-traded currency trusts and exchange-traded commodity pools. The Fund invests in ETFs that provide exposure to at least 12 distinct bond classes, including but not limited to short-term treasury bonds, municipal bonds, and high yield U.S. corporate bonds (sometimes referred to as junk bonds). The Sub-Advisor will construct the Fund’s portfolio using a weighted allocation system based on yield curve analysis of each bond category. The investment committee meets on a bi-weekly basis to monitor the Fund’s portfolio and make allocation decisions. The investment committee uses third party analyst research and a proprietary fundamental process to make allocation decisions. Each major bond category will have a three percent minimum percentage inclusion in the Fund’s portfolio. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as Advisor to the Fund. Madrona Funds, LLC serves as the Sub-Advisor and Portfolio Manager to the Fund.