Fund Description: AdvisorShares Madrona Domestic 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 Domestic ETF seeks to provide long-term capital appreciation above the capital appreciation of its benchmark, the S&P 500 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 up to 500 of the largest U.S. traded equity securities. The Sub-Advisor selects the securities for the Fund’s portfolio using a weighted allocation system based on consensus analyst estimates of the present value of future expected earnings relative to the share price of each security. The Sub-Advisor’s investment committee meets on a bi-weekly basis to monitor the portfolio and make allocation decisions. The investment committee uses third party analyst research and a proprietary fundamental process to make allocation decisions and employs guidelines to protect against dramatic over or under weighting of individual securities in the Fund’s portfolio. The investment committee relies heavily on a stock’s price and market cap relative to its future expected earnings in its analysis of individual securities. 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.