Fund Description: Ranger Equity Bear ETF, formerly AdvisorShares Active Bear 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 Ranger Equity Bear ETF seeks capital appreciation through short sales of domestically traded equity securities. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective. FUND STRATEGY: The Fund seeks to achieve its investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, exchange-traded funds, exchange-traded notes and other exchange-traded products. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process that seeks to identify securities with low earnings quality or aggressive accounting that may tend to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition to these issues, the Sub-Advisor seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward earnings outlook. On a day-to-day basis, the Fund may hold U.S. government securities, short-term high quality fixed income securities, money market instruments, overnight and fixed-term repurchase agreements, cash and cash equivalents with maturities of one year or less for investment purposes and to cover its short positions. The assessment of the management team, accounting practices, corporate governance and the company’s competitive advantage are all key items. Careful consideration is given to qualitative analysis. Once these quantitative and qualitative characteristics are thoroughly analyzed, the Sub-Advisor then determines if there is sufficient return to the stock price to warrant an investment. Once a position is included in the Fund’s portfolio, it is subject to regular fundamental and technical risk management review. This continual review process seeks to identify problem positions early and enhances performance by removing them before they become significant issues for the portfolio. FUND MANAGEMENT: AdvisorShares Investments, LLC, serves as investment advisor of the Fund. Ranger Alternative Management, L.P. serves as the Sub-Advisor to the Fund.