Fund Description: AdvisorShares Newfleet Multi - Sector Income 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 Newfleet Multi - Sector Income ETF seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value due to changes in interest rates. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. Newfleet Asset Management, LLC, the Sub-Advisor, subject to the oversight of the Advisor and the Board, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: In seeking to achieve the Fund’s investment objective, the Sub-Advisor applies a time-tested approach and extensive credit research to capitalize on opportunities across undervalued areas of the bond markets. The Fund principally invests in investment-grade securities, which are securities with credit ratings within the four highest rating nationally recognized statistical rating organization or, if unrated, those securities that the Sub-Advisor determines to be of comparable quality. The Sub-Advisor seeks to provide diversification by allocating the Fund’s investments among various sectors of the fixed income markets, which include: corporate investment-grade, corporate high-yield, bank loans, non-agency commercial mortgage-backed securities, agency and non-agency residential mortgage-backed securities, non-U.S. dollar securities, emerging market high-yield securities, Yankee investment-grade bonds, asset-backed securities, taxable municipal bonds, tax-exempt municipal bonds, and securities issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities. As a result, the Fund’s fixed income investments may be issued by various types of issuers and may include some or all of the following: Securities issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities, including collateralized mortgage obligations, real estate mortgage investment conduits and other pass-through securities; Debt securities issued by foreign issuers, including foreign governments; Investment-grade securities issued primarily by U.S. issuers and secondarily by non-U.S. issuers; and High-yield debt instruments, including bank loans, which are generally floating-rate loans. The average duration of the Fund’s fixed income investments will range from one to three years. The Fund may invest up to 20% of its total assets in securities that are rated below investment grade at the time of purchase. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as the Advisor to the Fund. Newfleet Asset Management, LLC serves as the Sub-Advisor to the Fund.