Fund Description: AdvisorShares Gartman Gold/Yen 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 AdvisorShares Gartman Gold/Yen ETF seeks to provide positive returns. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index. Accordingly, Treesdale Partners, LLC, the Sub-Advisor, has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: In seeking to achieve the Fund’s investment objective the Sub-Advisor will invest the Fund’s assets in instruments that provide exposure to the international gold market utilizing the Japanese Yen. This strategy provides an investment vehicle for investors who believe that the value of the Fund’s investments in gold purchased in Japanese Yen will appreciate. In managing the Fund, the Sub-Advisor will use the Japanese Yen, obtained synthetically through the sale of either exchange-traded currency futures or over-the-counter foreign exchange forward contracts, as the currency in which purchases of gold are made. This Gold Financed in Yen investment strategy enables the Sub-Advisor to provide an alternate gold investment vehicle that seeks to reduce U.S. dollar exposure. The Sub-Advisor seeks to gain additional exposure to gold through its investment in a wholly-owned and controlled subsidiary organized in the Cayman Islands (the Subsidiary). The Fund’s investment in the Subsidiary may not exceed 25% of the Fund’s total assets at each quarter end of the Fund’s fiscal year. The purpose of the Fund’s investment in the Subsidiary is to provide the Fund with additional exposure to commodity returns within the limits of the federal tax requirements applicable to investment companies, such as the Fund. The Subsidiary’s investments in commodity-linked derivative instruments are subject to limits. The Fund will primarily holding exchange-traded Japanese Yen futures, Japanese Yen forward contracts, swaps, and cash and cash equivalents and investing up to 25% of the Fund’s total assets in the Subsidiary. Through its investment in the Subsidiary, the Fund will obtain long exposure to the international gold market. The Fund may also invest in exchange-traded funds and other types of exchange-traded vehicles. The Sub-Advisor will rebalance its positions in the Fund and in the Subsidiary periodically as the value of gold relative to the value of the Japanese Yen fluctuates in international markets. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the advisor to the Fund. Treesdale Partners, LLC serves as the Sub-Advisor to the Fund.