Fund Description: AdvisorShares STAR Global Buy-Write 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 STAR Global Buy-Write ETF seeks consistent repeatable returns across all market cycles. The Fund is an actively managed exchange-traded fund 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, Partnervest Advisory Services, LLC, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund is a fund of funds and intends to invest primarily in exchange-traded funds (ETFs) and exchange-traded notes (ETNs), collectively ETP's, that seek to track a diversified basket of global indices and investment sectors that meet certain selection criteria established by the Sub-Advisor. The Fund also may invest, subject to the same selection criteria, in exchange-traded pooled investment vehicles that invest directly in commodities or currencies. The selection criteria include size, historical track record, diversification among indices, the correlation of an index to other indices and an ability to write covered call options on the particular ETP. An ETP may be disposed of if it no longer meets the selection criteria. The Sub-Advisor seeks to achieve the Fund’s investment objective by using a proprietary overwrite strategy known as Volatility Enhanced Global Appreciation (VEGA). VEGA uses the Fund’s portfolio pivestments in ETPs in combination with call options on the Fund’s portfolio investments to seek cumulative price appreciation from the portfolio’s global exposure while generating an additional return stream from the sale of covered call and/or cash-secured put options. A covered call option involves holding a long position in a particular asset, in this case shares of an ETP, and writing a call option on that same asset with the goal of realizing additional income from the option premium. A put option is a contract that gives the writer of the option the right to sell a specified amount of the asset underlying the option at a specified price (the strike price) within a specified time. When a put option is exercised or assigned, the writer of the option is obligated to purchase the requisite amount of the asset underlying the option to complete the sale. A put option is considered cash-secured when the writer of the put option segregates an amount of cash or cash equivalents sufficient to cover the purchase price of the asset underlying the option. To the extent cash and cash equivalents in the Fund’s portfolio serve as collateral for cash-secured put options, such cash and cash equivalents may not be invested in ETPs, additional options or other similar investments in pursuit of the Fund’s investment objective. Rather, on a day-to-day basis, such collateral may be invested in U.S. government securities, short-term, high quality fixed income securities, money market instruments, cash, and other cash equivalents with maturities of one year or less, or ETFs that hold such investments. FUND MANAGEMENT: AdvisorShares Investments, LLC serves as Advisor to the Fund. Partnervest Advisory Services, LLC serves as the Sub-Advisor to the Fund.